# EDGAR Filing Document

**Accession Number:** 0001659326
**File Stem:** 0001193125-26-211760
**Filing Date:** 2026-5
**Character Count:** 1541980
**Document Hash:** 43267ad72baef0181c714c099f1d05a6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-211760.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-211760

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** JPMORGAN TRUST IV
- **CENTRAL INDEX KEY:** 0001659326

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23117
- **FILM NUMBER:** 26952819

**BUSINESS ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017
- **BUSINESS PHONE:** 800-480-4111

**MAIL ADDRESS:**
- **STREET 1:** 390 MADISON AVENUE
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10017

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JPMorgan Trust IV
- **DATE OF NAME CHANGE:** 20151124

## Series and Classes Contracts Data

### JPMorgan Ultra-Short Municipal Fund (Series ID: S000052823)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000166084 | Class A      | USMSX           |
| C000166085 | Class I      | USMTX           |

### JPMorgan Institutional Tax Free Money Market Fund (Series ID: S000061245)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000198351 | Agency              | JOAXX           |
| C000198352 | Capital             | JOCXX           |
| C000198353 | IM                  | JOIXX           |
| C000198354 | Institutional Class | JOFXX           |

### JPMorgan Securities Lending Money Market Fund (Series ID: S000063113)

| Class ID   | Class Name      | Ticker Symbol   |
|:---|:---|:---|
| C000204674 | Agency SL Class | VSLXX           |

?xml version='1.0' encoding='ASCII'? JPMorgan Trust IV

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number

#### 811-23117

#### JPMorgan Trust IV
(Exact name of registrant as specified in charter)

------

390 Madison Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

390 Madison Avenue

New York, NY 10017

(Name and Address of Agent for Service)

With copies to: <br> Elizabeth A. Davin, Esq.JPMorgan Chase & Co.1111 Polaris ParkwayColumbus, OH 43240 Alison M. Fumai, Esq.Dechert LLP1905 Avenue of the AmericasNew York, NY 10036

#### Registrant's telephone number, including area code:
&nbsp;&nbsp;&nbsp;&nbsp;(800) 480-4111

#### Date of fiscal year end:

#### Last Day of February

#### Date of reporting period:

#### February 28, 2026

#### Item 1. Report to Stockholders.
a.) The following is a copy of the report transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).

b.) A copy of the notice transmitted to shareholders in reliance on Rule 30e-3 under the 1940 Act that contains disclosures specified by paragraph (c)(3) of that rule is included in the Annual Report. Not Applicable. Notices do not incorporate disclosures from the shareholder reports.

ANNUAL SHAREHOLDER REPORT \| February 28, 2026 (Unaudited)

JPMorgan Institutional Tax Free Money Market Fund

![FrontCoverImage](g116753images_2737.jpg)

Agency Shares/Ticker: JOAXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Institutional Tax Free Money Market Fund<br>(Agency Shares) | $26 | 0.26% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2954314 |
| **Total number of portfolio holdings** | 282 |
| **Total advisory fees paid (000's)** | $2028 |

---

EFFECTIVE MATURITY

(% of total investments)

2–7 calendar days 100.0

**Availability of Additional Information**

![QRCode](g116753images_2736.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Institutional Tax Free Money Market Fund - Agency Class

ANNUAL SHAREHOLDER REPORT \| February 28, 2026 (Unaudited)

JPMorgan Institutional Tax Free Money Market Fund

![FrontCoverImage](g116753images_2737.jpg)

Capital Shares/Ticker: JOCXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Institutional Tax Free Money Market Fund<br>(Capital Shares) | $18 | 0.18% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2954314 |
| **Total number of portfolio holdings** | 282 |
| **Total advisory fees paid (000's)** | $2028 |

---

EFFECTIVE MATURITY

(% of total investments)

2–7 calendar days 100.0

**Availability of Additional Information**

![QRCode](g116753images_2736.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Institutional Tax Free Money Market Fund - Capital Class

ANNUAL SHAREHOLDER REPORT \| February 28, 2026 (Unaudited)

JPMorgan Institutional Tax Free Money Market Fund

![FrontCoverImage](g116753images_2737.jpg)

IM Shares/Ticker: JOIXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/jpmfpages/imshares. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Institutional Tax Free Money Market Fund<br>(IM Shares) | $14 | 0.14% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2954314 |
| **Total number of portfolio holdings** | 282 |
| **Total advisory fees paid (000's)** | $2028 |

---

EFFECTIVE MATURITY

(% of total investments)

2–7 calendar days 100.0

**Availability of Additional Information**

![QRCode](g116753images_2736.jpg)

At www.jpmorganfunds.com/jpmfpages/imshares, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Institutional Tax Free Money Market Fund - IM Class

ANNUAL SHAREHOLDER REPORT \| February 28, 2026 (Unaudited)

JPMorgan Institutional Tax Free Money Market Fund

![FrontCoverImage](g116753images_2737.jpg)

Institutional Class Shares/Ticker: JOFXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Institutional Tax Free Money Market Fund<br>(Institutional Class Shares) | $21 | 0.21% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2954314 |
| **Total number of portfolio holdings** | 282 |
| **Total advisory fees paid (000's)** | $2028 |

---

EFFECTIVE MATURITY

(% of total investments)

2–7 calendar days 100.0

**Availability of Additional Information**

![QRCode](g116753images_2736.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Institutional Tax Free Money Market Fund - Institutional Class

ANNUAL SHAREHOLDER REPORT \| February 28, 2026 (Unaudited)

JPMorgan Securities Lending Money Market Fund

![FrontCoverImage](g116753images_2737.jpg)

Agency SL Shares/Ticker: VSLXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Securities Lending Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Securities Lending Money Market Fund<br>(Agency SL Shares) | $6 | 0.06% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $3000138 |
| **Total number of portfolio holdings** | 111 |
| **Total advisory fees paid (000's)** | $529 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 82.9 |
| 8–30 calendar days | 3.4 |
| 31–60 calendar days | 6.3 |
| 61–90 calendar days | 1.8 |
| 91–180 calendar days | 5.3 |
| 181+ calendar days | 0.3 |

---

**Availability of Additional Information**

![QRCode](g116753images_2736.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Securities Lending Money Market Fund - Agency SL Class

ANNUAL SHAREHOLDER REPORT \| February 28, 2026 (Unaudited)

JPMorgan Ultra-Short Municipal Fund

![FrontCoverImage](g116753images_2737.jpg)

Class A Shares/Ticker: USMSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Ultra-Short Municipal Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Ultra-Short Municipal Fund<br>(Class A Shares) | $39 | 0.38% |

---

**How did the Fund Perform?**

The Fund's Class A Shares, without a sales charge, returned 2.92% for the twelve months ended February 28, 2026. The Bloomberg US Municipal Index returned 4.96% and the Bloomberg 1-Year Municipal Bond Index (the "Index") returned 3.49% for the twelve months ended February 28, 2026.

* The Fund's underweight to effective duration detracted from relative performance as front-end municipal rates rallied for the year. 

* The underweight to the IDR/PCR sector also detracted from relative performance as this sector outperformed for the year. 

* The overweight to out-of-Index 2-5-year maturity bonds contributed to relative performance as they outperformed for the year. 

* The Fund's underweight to AA-rated bonds also contributed to relative performance as they underperformed on the year. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116753chartimages_5202326.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Ultra-Short Municipal Fund (Class A Shares)\*** | May 31, 2016 | 2.92% | 1.77% | 14.06% |
| **Bloomberg US Municipal Index** |  | 4.96 | 1.44 | 2.35 |
| **Bloomberg 1-Year Municipal Bond Index** |  | 3.49 | 1.90 | 1.67 |

---

<sup>\*</sup> Performance of Class A Shares reflects no initial sales charge. Prior to September 15, 2020, the maximum initial sales charge applicable to Class A Shares was 2.25%, which is not reflected in the performance shown in the table above.

 ***The performance quoted is past performance and is not a guarantee of future results.*** Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the Fund, the Bloomberg US Municipal Index and the Bloomberg 1-Year Municipal Bond Index from May 31, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg US Municipal Index and the Bloomberg 1-Year Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg 1-Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. Investors cannot invest directly in an index.

Capital gain distributions are subject to Federal income tax; a portion of the Fund's income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America.

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2543534 |
| **Total number of portfolio holdings** | 1016 |
| **Portfolio turnover rate** | 58% |
| **Total advisory fees paid (000's)** | $0 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116753chartimages_5202245.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

#### Material changes to the Fund during the period
Effective April 16, 2025, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed 0.45% of the Fund's Class A Shares average daily net assets to 0.38% of the Fund's Class A Shares average daily net assets.

This is a summary of certain changes to the Fund since March 1, 2025. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g116753images_2736.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Ultra-Short Municipal Fund - Class A

ANNUAL SHAREHOLDER REPORT \| February 28, 2026 (Unaudited)

JPMorgan Ultra-Short Municipal Fund

![FrontCoverImage](g116753images_2737.jpg)

Class I Shares/Ticker: USMTX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Ultra-Short Municipal Fund (the "Fund") for the period of March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, by sending an e-mail request to Funds.Website.Support@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

#### This report describes material changes to the Fund that occurred during the reporting period.

#### What were the Fund costs for the last year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Ultra-Short Municipal Fund<br>(Class I Shares) | $18 | 0.18% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 3.14% for the twelve months ended February 28, 2026. The Bloomberg US Municipal Index returned 4.96% and the Bloomberg 1-Year Municipal Bond Index (the "Index") returned 3.49% for the twelve months ended February 28, 2026.

* The Fund's underweight to effective duration detracted from relative performance as front-end municipal rates rallied for the year. 

* The underweight to the IDR/PCR sector also detracted from relative performance as this sector outperformed for the year. 

* The overweight to out-of-Index 2-5-year maturity bonds contributed to relative performance as they outperformed for the year. 

* The Fund's underweight to AA-rated bonds also contributed to relative performance as they underperformed on the year. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116753chartimages_5202327.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **SINCE<br>INCEPTION** |
| **JPMorgan Ultra-Short Municipal Fund (Class I Shares)** | May 31, 2016 | 3.14% | 1.99% | 16.34% |
| **Bloomberg US Municipal Index** |  | 4.96 | 1.44 | 2.35 |
| **Bloomberg 1-Year Municipal Bond Index** |  | 3.49 | 1.90 | 1.67 |

---

 ***The performance quoted is past performance and is not a guarantee of future results.*** Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. Updated performance information is available by visiting www.jpmorganfunds.com or by calling 1-800-480-4111.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the Fund, the Bloomberg US Municipal Index and the Bloomberg 1-Year Municipal Bond Index from May 31, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg US Municipal Index and the Bloomberg 1-Year Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg 1-Year Municipal Bond Index is an unmanaged index that includes bonds with a minimum credit rating of BAA3, are issued as part of a deal of at least $50 million, have an amount outstanding of at least $5 million, and have maturities of 1 to 2 years. Investors cannot invest directly in an index.

Capital gain distributions are subject to Federal income tax; a portion of the Fund's income distributions may be subject to the alternative minimum tax and some investors may be subject to certain state and local taxes.

Fund performance may reflect the waiver of the Fund's fees and reimbursement of expenses for certain periods. Without these waivers and reimbursements, performance would have been lower. Also, performance shown in this section does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or on gains resulting from redemption or sale of Fund shares.

The returns shown are based on NAVs calculated for shareholder transactions and may differ from the returns shown in the financial highlights, which reflect adjustments made to the NAVs in accordance with accounting principles generally accepted in the United States of America.

*Source: Bloomberg Index Services Limited. BLOOMBERG<sup>®</sup> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively "Bloomberg"). Bloomberg or Bloomberg's licensors own all proprietary rights in the Bloomberg Indices. Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or make any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, shall have any liability or responsibility for injury or damages arising in connection therewith.*

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2543534 |
| **Total number of portfolio holdings** | 1016 |
| **Portfolio turnover rate** | 58% |
| **Total advisory fees paid (000's)** | $0 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116753chartimages_5202246.jpg)

The Portfolio manager uses credit quality ratings on underlying securities of the portfolio from three major ratings agencies - S&P, Moody's and Fitch. When calculating the credit quality breakdown, the Portfolio manager selects the middle rating of the agencies when all three agencies rate a security. The Portfolio manager will use the lower of the two ratings if only two agencies rate a security and will use one rating if that is all that is provided. Securities that are not rated by any of the three agencies are reflected as not rated.

#### Material changes to the Fund during the period
Effective April 16, 2025, the Fund's Adviser, Administrator and/or Principal Underwriter reduced the amount they have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed 0.25% of the Fund's Class I Shares average daily net assets to 0.18% of the Fund's Class I Shares average daily net assets.

This is a summary of certain changes to the Fund since March 1, 2025. For more complete information, you may review the Fund's prospectus at www.jpmorganfunds.com/funddocuments or upon request at 1-800-480-4111.

**Availability of Additional Information**

![QRCode](g116753images_2736.jpg)

At www.jpmorganfunds.com/funddocuments, you can find additional information about the Fund, including the Fund's:

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Ultra-Short Municipal Fund - Class I

------

ITEM 2. CODE OF ETHICS.

Disclose whether, as of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, explain why it has not done so.

The registrant must briefly describe the nature of any amendment, during the period covered by the report, to a provision of its code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or a third party, and that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item. The registrant must file a copy of any such amendment as an exhibit pursuant to Item 13(a)(1), unless the registrant has elected to satisfy paragraph (f) of this Item by positing its code of ethics on its website pursuant to paragraph (f)(2) of this Item, or by undertaking to provide its code of ethics to any person without charge, upon request, pursuant to paragraph (f)(3) of this Item.

If the registrant has, during the period covered by the report, granted a waiver, including an implicit waiver, from a provision of the code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these individuals are employed by the registrant or third party, that relates to one or more items set forth in paragraph (b) of this Item, the registrant must briefly describe the nature of the waiver, the name of the person to whom the waiver was granted, and the date of the waiver.

**The Registrant has adopted a code of ethics that applies to the Registrant's principal executive officer and principal financial officer. There were no amendments to the code of ethics or waivers granted with respect to the code of ethics in the period covered by the report.** 

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a) (1) Disclose that the registrant's board of directors has determined that the registrant either:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Has at least one audit committee financial expert serving on its audit committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Does not have an audit committee financial expert serving on its audit committee.

**The Registrant's Board of Trustees has determined that the Registrant has at least one audit committee financial expert serving on its audit committee. The Securities and Exchange Commission has stated that the designation or identification of a person as an audit committee financial expert pursuant to this Item 3 of Form N-CSR does not impose on such person any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such person as a member of the Audit Committee and the Board of Trustees in the absence of such designation or identification.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If the registrant provides the disclosure required by paragraph (a)(1)(i) of this Item, it must disclose the name of the audit committee financial expert and whether that person is "independent." In order to be considered "independent" for purposes of this Item, a member of an audit committee may not, other than in his or her capacity as a member of the audit committee, the board of directors, or any other board committee:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Accept directly or indirectly any consulting, advisory, or other compensatory fee from the issuer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Be an "interested person" of the investment company as defined in Section 2(a)(19) of the Act (15 U.S.C. 80a-2(a)(19)).

**The Audit committee financial experts are Gary L. French, Kathleen M. Gallagher, Raymond Kanner and Shaun Real, each of whom is not an "interested person" of the Registrant and is also "independent" as defined by the U.S. Securities and Exchange Commission for the purposes of the audit committee financial expert determination.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) If the registrant provides the disclosure required by paragraph (a)(1)(ii) of this Item, it must explain why it does not have an audit committee financial expert.

**Not applicable**.

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ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Disclose, under the caption Audit Fees, the aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years.

#### AUDIT FEES

#### 2026 – $125,114

#### 2025 – $116,067
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### AUDIT-RELATED FEES

#### 2026 – $17,697

#### 2025 – $17,523
**Audit-related fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant's fiscal year**.

(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### TAX FEES

#### 2026 – $26,760

#### 2025 – $26,495
**The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended February 28, 2026 and 2025, respectively.** 

#### For the last fiscal year, no tax fees were required to be approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X.
(d) Disclose, under the caption All Other Fees, the aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### ALL OTHER FEES

#### 2026 – Not applicable

#### 2025 – Not applicable
(e) (1) Disclose the audit committee's pre-approval policies and procedures described in paragraph (c)(7) of Rule 2-01 of Regulation S-X.

**Pursuant to the Registrant's Audit Committee Charter and written policies and procedures for the pre-approval of audit and non-audit services (the "Pre-approval Policy"), the Audit Committee pre-approves all audit and non-audit services performed by the Registrant's independent public registered accounting firm for the Registrant. In addition, the Audit Committee pre-approves the auditor's engagement for non-audit services with the Registrant's investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any Service Affiliate in accordance with paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, if the engagement relates directly to the operations and financial reporting of the Registrant. Proposed services may be pre-approved either 1) without consideration of specific case-by-case services or 2) require the specific pre-approval of the Audit Committee. Therefore, initially the Pre-approval Policy listed a number of audit and non-audit services that have been approved by the Audit Committee, or which were not subject to pre-approval under the transition provisions of Sarbanes-Oxley Act of 2002 (the** 

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 **"Pre-approval List"). The Audit Committee annually reviews and pre-approves the services included on the Pre-approval List that may be provided by the independent public registered accounting firm without obtaining additional specific pre-approval of individual services from the Audit Committee. The Audit Committee adds to, or subtracts from, the list of general pre-approved services from time to time, based on subsequent determinations. All other audit and non-audit services not on the Pre-approval List must be specifically pre-approved by the Audit Committee.** 

**One or more members of the Audit Committee may be appointed as the Committee's delegate for the purposes of considering whether to approve such services. Any pre-approvals granted by the delegate will be reported, for informational purposes only, to the Audit Committee at its next scheduled meeting. The Audit Committee's responsibilities to pre-approve services performed by the independent public registered accounting firm are not delegated to management.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Disclose the percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

#### 2026 – 0.0%

#### 2025 – 0.0%
(f) If greater than 50 percent, disclose the percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

#### Not applicable - Less than 50%.
(g) Disclose the aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant.

**The aggregate non-audit fees billed by the independent registered public accounting firm for services rendered to the Registrant, and rendered to Service Affiliates, for the last two calendar year ends were:** 

#### 2025 - $41.0 million

#### 2024 - $34.9 million
(h) Disclose whether the registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

**The Registrant's Audit Committee has considered whether the provision of the non-audit services that were rendered to Service Affiliates that were not pre-approved (not requiring pre-approval) is compatible with maintaining the independent public registered accounting firm's independence. All services provided by the independent public registered accounting firm to the Registrant or to Service Affiliates that were required to be pre-approved were pre-approved as required.** 

(i) A registrant identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form NCSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction must electronically submit to the Commission on a supplemental basis documentation that establishes that the registrant is not owned or controlled by a governmental entity in the foreign jurisdiction. The registrant must submit this documentation on or before the due date for this form. A registrant that is owned or controlled by a foreign governmental entity is not required to submit such documentation.

#### Not applicable.
(j) A registrant that is a foreign issuer, as defined in 17 CFR 240.3b-4, identified by the Commission pursuant to Section 104(i)(2)(A) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7214(i)(2)(A)), as having retained, for the preparation of the audit report on its financial statements included in the Form N-CSR, a registered public accounting firm that has a branch or office that is located in a foreign jurisdiction and that the Public Company Accounting Oversight Board has determined it is unable to inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction, for each year in which the registrant is so identified, must

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provide the below disclosures. Also, any such identified foreign issuer that uses a variable-interest entity or any similar structure that results in additional foreign entities being consolidated in the financial statements of the registrant is required to provide the below disclosures for itself and its consolidated foreign operating entity or entities. A registrant must disclose:

(1) That, for the immediately preceding annual financial statement period, a registered public accounting firm that the PCAOB was unable to inspect or investigate completely, because of a position taken by an authority in the foreign jurisdiction, issued an audit report for the registrant;

(2) The percentage of shares of the registrant owned by governmental entities in the foreign jurisdiction in which the registrant is incorporated or otherwise organized;

(3) Whether governmental entities in the applicable foreign jurisdiction with respect to that registered public accounting firm have a controlling financial interest with respect to the registrant;

(4) The name of each official of the Chinese Communist Party who is a member of the board of directors of the registrant or the operating entity with respect to the registrant; and

(5) Whether the articles of incorporation of the registrant (or equivalent organizing document) contains any charter of the Chinese Communist Party, including the text of any such charter.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

(a) If the registrant is a listed issuer as defined in Rule 10A-3 under the Exchange Act (17CFR 240.10A-3), state whether or not the registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Exchange Act (15 U.S.C. 78c(a)(58)(A)). If the registrant has such a committee, however designated, identify each committee member. If the entire board of directors is acting as the registrant's audit committee as specified in Section 3(a)(58)(B) of the Exchange Act (15 U.S.C. 78c(a)(58)(B)), so state.

(b) If applicable, provide the disclosure required by Rule 10A-3(d) under the Exchange Act (17CFR 240.10A-3(d)) regarding an exemption from the listing standards for all audit committees.

ITEM 6. INVESTMENTS.

File Schedule I – Investments in securities of unaffiliated issuers as of the close of the reporting period as set forth in Section 210.12-12 of Regulation S-X, unless the schedule is included in the financial statements filed under Item 7 of this Form.

#### Included in Item 7.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES

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Annual Financial Statements

J.P. Morgan Money Market Funds

February 28, 2026

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| |
|:---|
| JPMorgan Prime Money Market Fund |
| JPMorgan Institutional Tax Free Money Market Fund |
| JPMorgan Liquid Assets Money Market Fund |
| JPMorgan Securities Lending Money Market Fund |
| JPMorgan U.S. Government Money Market Fund |
| JPMorgan U.S. Treasury Plus Money Market Fund |
| JPMorgan Federal Money Market Fund |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund |
| JPMorgan Tax Free Money Market Fund |
| JPMorgan Municipal Money Market Fund |
| JPMorgan California Municipal Money Market Fund |
| JPMorgan New York Municipal Money Market Fund |

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![](g48014img915cc2461.jpg)

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**CONTENTS** 

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| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_a29328ef-ee0e-4a93-bd27-3b4d58ed5fa0_SOI-TOC-ScheduleofInvestments-811_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_a29328ef-ee0e-4a93-bd27-3b4d58ed5fa0_FS-TOC-FinancialStatement-811_1) | &nbsp;&nbsp; **95** |
| [Financial Highlights](#xx_a29328ef-ee0e-4a93-bd27-3b4d58ed5fa0_FIHI-TOC-FinancialHighlights-811_1) | &nbsp;&nbsp; **130** |
| [Notes to Financial Statements](#xx_a29328ef-ee0e-4a93-bd27-3b4d58ed5fa0_NTF-NTFRunningFooter-811_1) | &nbsp;&nbsp; **164** |
| [Report of Independent Registered Public Accounting Firm](#xx_a29328ef-ee0e-4a93-bd27-3b4d58ed5fa0_AUD-TOC-AuditorsReport-811_1) | &nbsp;&nbsp; **181** |
| [Tax Letter](#xx_a29328ef-ee0e-4a93-bd27-3b4d58ed5fa0_TL-TAXLETTERCC-811_1) | &nbsp;&nbsp; **182** |

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***The following disclosure applies to the JPMorgan Liquid Assets Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund.***

**You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. A Fund may impose a fee upon the sale of your shares. An investment in a Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds' sponsor is not required to reimburse a Fund for losses, and you should not expect that the sponsor will provide financial support to the Funds at any time, including during periods of market stress.**

***The following disclosure applies to the JPMorgan Prime Money Market Fund and JPMorgan Institutional Tax Free Money Market Fund.***

**You could lose money by investing in a Fund. Because the share price of each Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. A Fund generally must impose a fee when net sales of Fund shares exceed certain levels. An investment in a Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds' sponsor is not required to reimburse a Fund for losses, and you should not expect that the sponsor will provide financial support to the Funds at any time, including during periods of market stress.**

**Any gain resulting from the sale or exchange of Fund shares will be taxable as long-term or short-term gain, depending upon how long you have held your shares.**

***The following disclosure applies to the JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund and JPMorgan Securities Lending Money Market Fund.***

**You could lose money by investing in a Fund. Although each Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds' sponsor is not required to reimburse a Fund for losses, and you should not expect that the sponsor will provide financial support to the Funds at any time, including during periods of market stress.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

Prospective investors should refer to the Funds' prospectuses for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors) for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

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JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 26.0%** | **Repurchase Agreements — 26.0%** | **Repurchase Agreements — 26.0%** |
| Barclays Capital, Inc., 3.77%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $200,147, <br> collateralized by Asset-Backed Securities, <br> 0.00% - 11.25%, due 7/17/2026 - <br> 5/25/2063 and Collateralized Mortgage <br> Obligations, 0.00% - 7.19%, due 5/15/2028 - <br> 12/25/2070, with a value of $217,349.<br>| 200000 | 200000 |
| BMO Capital Markets Corp., 3.73%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $75,023, collateralized by Corporate Notes and <br> Bonds, 1.65% - 7.00%, due 12/7/2026 - <br> 10/15/2055, with a value of $78,775.<br>| 75000 | 75000 |
| BMO Capital Markets Corp., 3.73%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $250,078, collateralized by Asset-Backed <br> Securities, 0.00% - 12.00%, due 10/25/2031 <br> - 10/25/2055 and Collateralized Mortgage <br> Obligations, 0.00% - 13.45%, due 2/25/2029 <br> - 2/25/2071, with a value of $273,018.<br>| 250000 | 250000 |
| BMO Capital Markets Corp., 3.70%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $60,043, collateralized by Corporate Notes and <br> Bonds, 1.64% - 7.00%, due 8/27/2026 - <br> 3/1/2056, with a value of $63,181.<br>| 60000 | 60000 |
| BMO Capital Markets Corp., 3.70%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $80,058, collateralized by Corporate Notes and <br> Bonds, 1.25% - 8.25%, due 4/18/2026 - <br> 5/1/2056, with a value of $84,242.<br>| 80000 | 80000 |
| BMO Capital Markets Corp., 3.73%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $110,080, collateralized by Collateralized <br> Mortgage Obligations, 1.50% - 6.15%, due <br> 8/16/2038 - 9/25/2065, with a value of <br> $119,145.<br>| 110000 | 110000 |
| BMO Capital Markets Corp., 3.74%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $240,175, collateralized by Collateralized <br> Mortgage Obligations, 0.00% - 9.04%, due <br> 6/25/2028 - 8/25/2070 and Corporate Notes <br> and Bonds, 2.88% - 9.63%, due 9/30/2026 - <br> 3/15/2082, with a value of $259,982.<br>| 240000 | 240000 |
| BNP Paribas SA, 3.74%, dated 2/27/2026, due <br> 3/4/2026, repurchase price $170,088, <br> collateralized by Asset-Backed Securities, <br> 2.95% - 6.83%, due 7/17/2028 - 1/20/2039, <br> Collateralized Mortgage Obligations, 0.22% - <br> 5.51%, due 9/15/2031 - 7/25/2052, <br> Corporate Notes and Bonds, 2.00% - 7.62%, <br> due 12/17/2026 - 2/4/2066 and FNMA, <br> 4.25% - 14.28%, due 2/27/2040 - <br> 4/25/2062, with a value of $180,901.<br>| 170000 | 170000 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| BNP Paribas SA, 3.78%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $275,202, <br> collateralized by Collateralized Mortgage <br> Obligations, 0.00% - 8.31%, due 8/15/2041 - <br> 10/25/2065 and Corporate Notes and Bonds, <br> 0.00% - 12.00%, due 7/1/2026 - <br> 3/25/2036^^, with a value of $296,823.<br>| 275000 | 275000 |
| BNP Paribas SA, 3.83%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $463,345, <br> collateralized by Asset-Backed Securities, <br> 5.57% - 5.62%, due 7/21/2036 - <br> 10/30/2036, Collateralized Mortgage <br> Obligations, 4.20% - 5.14%, due 4/12/2051 - <br> 11/25/2065, Corporate Notes and Bonds, <br> 0.00% - 8.00%, due 11/25/2026 - <br> 2/15/2066^^, FNMA, 4.25% - 15.17%, due <br> 1/25/2034 - 4/25/2062 and Municipal Debt <br> Securities, 1.88%, due 7/25/2037, with a <br> value of $495,159.<br>| 463000 | 463000 |
| BNP Paribas SA, 3.84%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $537,401, <br> collateralized by Asset-Backed Securities, <br> 5.42%, due 10/20/2037, Collateralized <br> Mortgage Obligations, 0.00% - 10.00%, due <br> 6/25/2028 - 2/25/2071, Corporate Notes and <br> Bonds, 3.63% - 5.05%, due 11/3/2027 - <br> 12/15/2047, FHLMC, 1.47% - 6.79%, due <br> 4/25/2026 - 5/25/2051 and FNMA, 10.38%, <br> due 2/27/2040, with a value of $575,375.<br>| 537000 | 537000 |
| BNP Paribas SA, 3.88%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $500,377, <br> collateralized by Asset-Backed Securities, <br> 3.92% - 6.47%, due 9/15/2028 - 9/25/2037, <br> Collateralized Mortgage Obligations, 0.22% - <br> 8.31%, due 11/15/2027 - 10/26/2065 and <br> Corporate Notes and Bonds, 0.00% - 13.50%, <br> due 1/15/2027 - 3/7/2087^^, with a value of <br> $549,752.<br>| 500000 | 500000 |
| BNP Paribas SA, 4.05%, dated 2/27/2026, due <br> 4/3/2026, repurchase price $25,098, <br> collateralized by Asset-Backed Securities, <br> 3.92% - 6.50%, due 12/25/2035 - <br> 2/25/2056, Collateralized Mortgage <br> Obligations, 0.22% - 8.31%, due 11/15/2027 <br> - 10/25/2069 and Corporate Notes and Bonds, <br> 0.00% - 13.00%, due 8/16/2026 - <br> 3/7/2087^^, with a value of $27,502.<br>| 25000 | 25000 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 1

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JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| BNP Paribas SA, 4.05%, dated 2/27/2026, due <br> 4/3/2026, repurchase price $200,788, <br> collateralized by Asset-Backed Securities, <br> 0.00% - 6.83%, due 12/10/2028 - <br> 2/25/2059, Collateralized Mortgage <br> Obligations, 0.00% - 8.31%, due 5/17/2038 - <br> 11/25/2065, Corporate Notes and Bonds, <br> 0.00% - 14.50%, due 11/5/2026 - <br> 6/15/2076^^ and Sovereign Government <br> Securities, 0.00% - 4.00%, due 3/15/2029 - <br> 12/15/2035, with a value of $220,326.<br>| 200000 | 200000 |
| BNP Paribas SA, 4.05%, dated 2/27/2026, due <br> 4/3/2026, repurchase price $250,984, <br> collateralized by Asset-Backed Securities, <br> 4.03% - 6.50%, due 1/25/2035 - 2/25/2056, <br> Collateralized Mortgage Obligations, 4.92% - <br> 8.31%, due 11/15/2027 - 10/25/2065 and <br> Corporate Notes and Bonds, 0.01% - 14.50%, <br> due 11/5/2026 - 3/7/2087^^, with a value of <br> $274,952.<br>| 250000 | 250000 |
| BofA Securities, Inc., 3.74%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $300,094, <br> collateralized by Asset-Backed Securities, <br> 0.00% - 7.50%, due 7/17/2026 - 11/9/2042, <br> Collateralized Mortgage Obligations, 0.00% - <br> 9.99%, due 10/25/2033 - 9/25/2070, <br> Corporate Notes and Bonds, 0.00%, due <br> 7/1/2026 - 5/29/2049 and FNMA, 7.03%, due <br> 10/25/2049, with a value of $324,006.<br>| 300000 | 300000 |
| BofA Securities, Inc., 4.09%, dated 2/27/2026, <br> due 6/2/2026, repurchase price $389,155, <br> collateralized by Collateralized Mortgage <br> Obligations, 0.00% - 12.34%, due <br> 11/25/2026 - 9/25/2070, Corporate Notes <br> and Bonds, 0.00%, due 11/1/2029 - <br> 8/1/2044 and FNMA, 7.42% - 9.03%, due <br> 12/26/2041 - 1/25/2050, with a value of <br> $415,800.<br>| 385000 | 385000 |
| Citigroup Global Markets Holdings, Inc., 3.72%, <br> dated 2/27/2026, due 3/2/2026, repurchase <br> price $750,233, collateralized by U.S. Treasury <br> Securities, 1.13% - 4.50%, due 11/15/2032 - <br> 1/15/2035, with a value of $765,000.<br>| 750000 | 750000 |
| Citigroup Global Markets Holdings, Inc., 3.70%, <br> dated 2/27/2026, due 3/6/2026, repurchase <br> price $150,108, collateralized by Sovereign <br> Government Securities, 3.13% - 5.00%, due <br> 4/15/2031 - 5/15/2051, with a value of <br> $162,000.<br>| 150000 | 150000 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Citigroup Global Markets Holdings, Inc., 4.10%, <br> dated 2/27/2026, due 5/29/2026, repurchase <br> price $202,073, collateralized by Common <br> Stocks, with a value of $216,000.<br>| 200000 | 200000 |
| Citigroup Global Markets Holdings, Inc., 4.10%, <br> dated 2/27/2026, due 5/29/2026, repurchase <br> price $202,073, collateralized by Common <br> Stocks, with a value of $216,000.<br>| 200000 | 200000 |
| Citigroup Global Markets Holdings, Inc., 4.10%, <br> dated 2/27/2026, due 5/29/2026, repurchase <br> price $227,332, collateralized by Common <br> Stocks, with a value of $243,000.<br>| 225000 | 225000 |
| Credit Agricole Corporate and Investment Bank, <br> 3.70%, dated 2/27/2026, due 3/3/2026, <br> repurchase price $430,177, collateralized by <br> Asset-Backed Securities, 3.85% - 7.83%, due <br> 11/10/2028 - 11/25/2034, Collateralized <br> Mortgage Obligations, 5.10% - 5.93%, due <br> 2/18/2042 - 8/12/2042, Commercial Paper, <br> 0.00% - 3.93%, due 3/24/2026 - 2/11/2027, <br> Corporate Notes and Bonds, 1.90% - 12.25%, <br> due 4/22/2026 - 8/6/2061^^ Sovereign <br> Government Securities, 3.00% - 5.13%, due <br> 5/20/2027 - 9/18/2034 and U.S. Treasury <br> Securities, 4.25%, due 2/28/2029, with a <br> value of $453,895.<br>| 430000 | 430000 |
| Credit Agricole Corporate and Investment Bank, <br> 3.70%, dated 2/27/2026, due 3/6/2026, <br> repurchase price $90,065, collateralized by <br> Asset-Backed Securities, 2.24% - 6.66%, due <br> 12/16/2030 - 6/25/2055, Collateralized <br> Mortgage Obligations, 5.44% - 6.41%, due <br> 11/20/2037 - 12/15/2044, Commercial Paper, <br> 0.00%, due 3/27/2026 - 10/30/2026, <br> Corporate Notes and Bonds, 3.15% - 7.88%, <br> due 10/1/2026 - 9/15/2055^^ and Sovereign <br> Government Securities, 3.75% - 5.44%, due <br> 7/15/2030 - 2/14/2037, with a value of <br> $96,039.<br>| 90000 | 90000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Money Market Funds February 28, 2026

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Credit Agricole Corporate and Investment Bank, <br> 3.76%, dated 2/27/2026, due 3/6/2026, <br> repurchase price $305,223, collateralized by <br> Asset-Backed Securities, 2.79% - 6.99%, due <br> 8/15/2029 - 10/17/2072, Collateralized <br> Mortgage Obligations, 2.31% - 6.41%, due <br> 11/15/2034 - 11/25/2061, Commercial Paper, <br> 0.00%, due 8/24/2026, Corporate Notes and <br> Bonds, 1.16% - 8.50%, due 4/3/2026 - <br> 3/1/2055^^ Sovereign Government Securities, <br> 3.00% - 6.25%, due 11/16/2027 - <br> 10/20/2033 and U.S. Treasury Securities, <br> 4.25%, due 2/28/2029, with a value of <br> $322,940.<br>| 305000 | 305000 |
| Credit Agricole Corporate and Investment Bank, <br> 3.76%, dated 2/27/2026, due 3/6/2026, <br> repurchase price $500,366, collateralized by <br> Asset-Backed Securities, 2.48% - 6.62%, due <br> 8/15/2029 - 10/15/2075, Collateralized <br> Mortgage Obligations, 3.52% - 5.81%, due <br> 11/20/2037 - 8/25/2070, Commercial Paper, <br> 0.00%, due 4/16/2026, Corporate Notes and <br> Bonds, 1.25% - 9.50%, due 4/1/2026 - <br> 10/27/2081^^ Sovereign Government <br> Securities, 0.75% - 6.25%, due 6/28/2027 - <br> 1/12/2036 and U.S. Treasury Securities, <br> 4.25%, due 2/28/2029, with a value of <br> $529,528.<br>| 500000 | 500000 |
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $1,150,351, collateralized by U.S. Treasury <br> Securities, 1.13% - 4.00%, due 4/15/2028 - <br> 8/15/2049, with a value of $1,173,000.<br>| 1150000 | 1150000 |
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $2,000,610, collateralized by U.S. Treasury <br> Securities, 0.63% - 5.00%, due 8/15/2027 - <br> 8/15/2052, with a value of $2,040,000.<br>| 2000000 | 2000000 |
| Fixed Income Clearing Corp., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $2,650,810, collateralized by FHLMC, 2.50% - <br> 7.00%, due 4/1/2032 - 10/1/2055 and FNMA, <br> 1.50% - 8.00%, due 10/1/2030 - 3/1/2062, <br> with a value of $2,703,000.<br>| 2650000 | 2650000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Goldman Sachs & Co. LLC, 4.05%, dated <br> 2/27/2026, due 4/27/2026, repurchase price <br> $578,817, collateralized by Asset-Backed <br> Securities, 4.19% - 11.48%, due 10/15/2030 <br> - 6/25/2065, Collateralized Mortgage <br> Obligations, 1.50% - 11.09%, due 5/7/2030 - <br> 12/16/2072, Corporate Notes and Bonds, <br> 0.00% - 15.20%, due 3/5/2026 - 3/15/2042 <br> and Sovereign Government Securities, 0.00% - <br> 8.75%, due 2/1/2030 - 1/12/2056, with a <br> value of $620,474.<br>| 575000 | 575000 |
| Goldman Sachs & Co. LLC, 4.08%, dated <br> 2/27/2026, due 4/27/2026, repurchase price <br> $654,346, collateralized by Asset-Backed <br> Securities, 0.00% - 12.31%, due 11/20/2026 <br> - 6/25/2065, Collateralized Mortgage <br> Obligations, 0.00% - 9.43%, due 8/17/2026 - <br> 10/25/2065, Commercial Paper, 0.00%, due <br> 3/2/2026 - 7/8/2026, Corporate Notes and <br> Bonds, 0.00% - 13.75%, due 5/1/2026 - <br> 3/31/2055 Sovereign Government Securities, <br> 1.00% - 8.50%, due 7/9/2029 - 9/10/2060 <br> and U.S. Treasury Securities, 0.00% - 2.13%, <br> due 1/15/2034 - 8/15/2051, with a value of <br> $698,331.<br>| 650000 | 650000 |
| HSBC Securities USA, Inc., 3.74%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $20,006, collateralized by Asset-Backed <br> Securities, 4.38% - 4.97%, due 6/15/2033 - <br> 4/20/2062, with a value of $21,207.<br>| 20000 | 20000 |
| HSBC Securities USA, Inc., 3.74%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $800,249, collateralized by Corporate Notes <br> and Bonds, 1.75% - 8.75%, due 12/15/2026 - <br> 12/31/2079^^, FNMA, 4.00%, due <br> 3/25/2026, GNMA, 3.00% - 5.00%, due <br> 1/20/2030 - 12/20/2048 and U.S. Treasury <br> Securities, 0.00% - 3.38%, due 2/28/2026 - <br> 11/15/2048, with a value of $840,261.<br>| 800000 | 800000 |
| ING Financial Markets LLC, 3.74%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $100,031, collateralized by Corporate Notes <br> and Bonds, 1.70% - 5.89%, due 1/5/2027 - <br> 2/23/2032, FHLMC, 5.50%, due 6/1/2040 <br> and FNMA, 3.50% - 6.00%, due 6/1/2043 - <br> 7/1/2056, with a value of $104,958.<br>| 100000 | 100000 |
| ING Financial Markets LLC, 3.74%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $100,031, collateralized by Common Stocks, <br> with a value of $108,034.<br>| 100000 | 100000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 3

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| ING Financial Markets LLC, 3.74%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $230,072, collateralized by Corporate Notes <br> and Bonds, 1.92% - 6.75%, due 7/1/2026 - <br> 6/1/2040, FHLMC, 5.50%, due 6/1/2040 and <br> FNMA, 4.68% - 6.00%, due 7/1/2034 - <br> 10/1/2055, with a value of $241,575.<br>| 230000 | 230000 |
| ING Financial Markets LLC, 3.74%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $300,094, collateralized by Common Stocks, <br> with a value of $324,101.<br>| 300000 | 300000 |
| ING Financial Markets LLC, 4.11%, dated <br> 2/27/2026, due 3/23/2026, repurchase price <br> $551,507, collateralized by Common Stocks, <br> with a value of $598,206.<br>| 550000 | 550000 |
| Mitsubishi UFJ Trust & Banking Corp., 3.74%, <br> dated 2/27/2026, due 3/5/2026, repurchase <br> price $1,000,623, collateralized by Corporate <br> Notes and Bonds, 0.00% - 5.25%, due <br> 9/11/2026 - 5/19/2033, with a value of <br> $1,050,218.<br>| 1000000 | 1000000 |
| MUFG Securities Americas, Inc., 3.71%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $150,046, collateralized by Corporate Notes <br> and Bonds, 2.50% - 7.75%, due 11/21/2026 - <br> 2/1/2065, with a value of $157,549.<br>| 150000 | 150000 |
| Natixis SA, 3.77%, dated 2/27/2026, due <br> 3/2/2026, repurchase price $50,016, <br> collateralized by Asset-Backed Securities, <br> 5.17% - 6.82%, due 8/15/2031 - 4/15/2038, <br> Collateralized Mortgage Obligations, 5.08% - <br> 6.45%, due 6/16/2036 - 2/25/2064 and <br> Corporate Notes and Bonds, 0.00% - 9.50%, <br> due 10/20/2028 - 8/15/2051^^, with a value <br> of $53,178.<br>| 50000 | 50000 |
| Natixis SA, 3.82%, dated 2/27/2026, due <br> 3/3/2026, repurchase price $510,216, <br> collateralized by Asset-Backed Securities, <br> 2.75% - 10.90%, due 4/1/2028 - 5/9/2039, <br> Collateralized Mortgage Obligations, 2.00% - <br> 7.47%, due 3/17/2036 - 2/25/2064, <br> Corporate Notes and Bonds, 1.00% - 12.25%, <br> due 3/15/2026 - 10/27/2082^^ and <br> Sovereign Government Securities, 5.75% - <br> 7.25%, due 6/26/2031 - 5/11/2047, with a <br> value of $544,086.<br>| 510000 | 510000 |
| Natixis SA, 3.79%, dated 2/27/2026, due <br> 3/4/2026, repurchase price $350,184, <br> collateralized by Common Stocks, with a value of <br> $378,199.<br>| 350000 | 350000 |

---

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Natixis SA, 3.77%, dated 2/27/2026, due <br> 3/5/2026, repurchase price $125,079, <br> collateralized by Asset-Backed Securities, <br> 2.82% - 9.88%, due 7/15/2031 - 2/22/2039, <br> Collateralized Mortgage Obligations, 3.90% - <br> 8.45%, due 6/16/2036 - 3/17/2062, <br> Corporate Notes and Bonds, 2.62% - 12.25%, <br> due 6/15/2027 - 3/15/2082^^ and Sovereign <br> Government Securities, 6.50%, due 1/3/2035, <br> with a value of $134,290.<br>| 125000 | 125000 |
| Natixis SA, 3.81%, dated 2/27/2026, due <br> 3/5/2026, repurchase price $470,298, <br> collateralized by Asset-Backed Securities, <br> 2.70% - 9.68%, due 4/1/2029 - 9/25/2055, <br> Collateralized Mortgage Obligations, 1.05% - <br> 7.69%, due 6/16/2036 - 2/25/2067, <br> Corporate Notes and Bonds, 1.90% - 11.25%, <br> due 10/5/2026 - 12/31/2079^^ and <br> Sovereign Government Securities, 5.75% - <br> 7.25%, due 2/12/2032 - 5/11/2047, with a <br> value of $503,875.<br>| 470000 | 470000 |
| Natixis SA, 3.77%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $50,037, <br> collateralized by Asset-Backed Securities, <br> 3.50% - 5.73%, due 2/15/2029 - 4/20/2038, <br> Collateralized Mortgage Obligations, 2.86% - <br> 8.45%, due 5/12/2034 - 10/15/2041, <br> Corporate Notes and Bonds, 3.13% - 12.25%, <br> due 3/15/2027 - 1/15/2067^^ and Sovereign <br> Government Securities, 7.25%, due <br> 5/29/2032, with a value of $53,840.<br>| 50000 | 50000 |
| Natixis SA, 3.77%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $115,084, <br> collateralized by Asset-Backed Securities, <br> 3.50% - 11.08%, due 10/23/2030 - <br> 10/20/2038, Collateralized Mortgage <br> Obligations, 5.29% - 6.54%, due 5/18/2040 - <br> 8/15/2042, Corporate Notes and Bonds, <br> 1.15% - 10.50%, due 5/13/2026 - <br> 12/31/2079^^ and Sovereign Government <br> Securities, 4.40% - 7.25%, due 2/12/2032 - <br> 2/12/2052, with a value of $121,801.<br>| 115000 | 115000 |
| Natixis SA, 3.77%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $120,088, <br> collateralized by Asset-Backed Securities, <br> 4.85% - 9.68%, due 7/18/2031 - 5/9/2039, <br> Collateralized Mortgage Obligations, 4.83% - <br> 6.45%, due 11/18/2036 - 2/25/2064, <br> Corporate Notes and Bonds, 1.50% - 12.25%, <br> due 3/15/2027 - 12/31/2079^^ and <br> Sovereign Government Securities, 6.50%, due <br> 1/3/2035, with a value of $127,725.<br>| 120000 | 120000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Natixis SA, 3.81%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $100,074, <br> collateralized by Asset-Backed Securities, <br> 3.50% - 6.67%, due 7/25/2031 - 1/15/2038, <br> Collateralized Mortgage Obligations, 4.27%, <br> due 12/25/2046 and Corporate Notes and <br> Bonds, 3.65% - 9.25%, due 7/31/2027 - <br> 3/15/2044^^, with a value of $105,991.<br>| 100000 | 100000 |
| Pershing LLC, 4.03%, dated 2/27/2026, due <br> 5/6/2026, repurchase price $251,903, <br> collateralized by Asset-Backed Securities, <br> 4.25% - 12.17%, due 2/15/2033 - <br> 1/25/2066, Certificates of Deposit, 3.90% - <br> 3.95%, due 2/11/2030 - 2/11/2031, <br> Collateralized Mortgage Obligations, 1.31% - <br> 5.38%, due 12/25/2030 - 2/16/2057, <br> Corporate Notes and Bonds, 0.00% - 12.75%, <br> due 3/9/2026 - 12/31/2079^^, FNMA, <br> 4.00%, due 10/25/2041, GNMA, 4.50% - <br> 4.50%, due 11/20/2055 - 4/20/2069, <br> Municipal Debt Securities, 5.00%, due <br> 6/1/2047 and U.S. Treasury Securities, 0.00% <br> - 6.25%, due 3/31/2026 - 11/15/2053, with a <br> value of $265,927.<br>| 250000 | 250000 |
| RBC Capital Markets LLC, 3.73%, dated <br> 2/27/2026, due 3/4/2026, repurchase price <br> $300,155, collateralized by Certificates of <br> Deposit, 3.60% - 5.15%, due 3/4/2026 - <br> 2/28/2035, Commercial Paper, 0.00%, due <br> 3/2/2026 - 6/4/2026 and Corporate Notes and <br> Bonds, 0.00% - 13.00%, due 5/9/2026 - <br> 4/20/2067^^, with a value of $316,708.<br>| 300000 | 300000 |
| Societe Generale SA, 3.71%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $550,170, <br> collateralized by Collateralized Mortgage <br> Obligations, 3.24% - 7.55%, due 6/11/2037 - <br> 12/15/2044, Corporate Notes and Bonds, <br> 1.45% - 9.40%, due 3/1/2026 - <br> 5/24/2086^^ and U.S. Treasury Securities, <br> 0.00%, due 10/29/2026, with a value of <br> $580,378.<br>| 550000 | 550000 |
| Societe Generale SA, 3.75%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $140,044, <br> collateralized by Asset-Backed Securities, <br> 4.88% - 9.77%, due 6/16/2031 - 9/25/2035, <br> Collateralized Mortgage Obligations, 3.83% - <br> 9.85%, due 7/25/2034 - 7/12/2050, <br> Corporate Notes and Bonds, 1.16% - 10.75%, <br> due 4/3/2026 - 12/4/2065 and Sovereign <br> Government Securities, 5.88% - 6.63%, due <br> 3/15/2035 - 10/28/2035, with a value of <br> $150,965.<br>| 140000 | 140000 |

---

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Societe Generale SA, 3.72%, dated 2/27/2026, <br> due 3/3/2026, repurchase price $250,103, <br> collateralized by Asset-Backed Securities, <br> 5.01%, due 1/15/2038, Collateralized <br> Mortgage Obligations, 5.10% - 7.74%, due <br> 11/15/2035 - 12/15/2044 and Corporate <br> Notes and Bonds, 1.85% - 6.45%, due <br> 3/15/2027 - 12/31/2079^^, with a value of <br> $262,980.<br>| 250000 | 250000 |
| Societe Generale SA, 3.72%, dated 2/27/2026, <br> due 3/4/2026, repurchase price $400,207, <br> collateralized by Asset-Backed Securities, <br> 5.01%, due 1/15/2038, Collateralized <br> Mortgage Obligations, 3.24% - 7.74%, due <br> 11/15/2035 - 6/20/2042, Corporate Notes <br> and Bonds, 3.38% - 6.95%, due 5/12/2026 - <br> 8/3/2055 and Sovereign Government <br> Securities, 1.00% - 7.13%, due 4/6/2026 - <br> 5/24/2061, with a value of $420,962.<br>| 400000 | 400000 |
| Societe Generale SA, 3.76%, dated 2/27/2026, <br> due 3/4/2026, repurchase price $130,068, <br> collateralized by Asset-Backed Securities, <br> 4.88%, due 9/25/2035, Collateralized <br> Mortgage Obligations, 3.24% - 7.74%, due <br> 11/15/2035 - 12/15/2044, Corporate Notes <br> and Bonds, 2.55% - 7.20%, due 1/15/2027 - <br> 2/4/2056 and Sovereign Government <br> Securities, 5.88% - 6.63%, due 3/15/2035 - <br> 10/28/2035, with a value of $138,941.<br>| 130000 | 130000 |
| Societe Generale SA, 3.72%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $260,188, <br> collateralized by Corporate Notes and Bonds, <br> 1.93% - 7.80%, due 6/15/2026 - <br> 11/28/2053^^, with a value of $273,198.<br>| 260000 | 260000 |
| Societe Generale SA, 3.76%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $475,347, <br> collateralized by Asset-Backed Securities, <br> 4.19% - 9.62%, due 1/19/2033 - 1/25/2037, <br> Corporate Notes and Bonds, 5.00%, due <br> 8/15/2052 and Sovereign Government <br> Securities, 2.72% - 10.38%, due 4/7/2026 - <br> 1/30/2060, with a value of $513,322.<br>| 475000 | 475000 |
| Societe Generale SA, 4.03%, dated 2/27/2026, <br> due 5/11/2026, repurchase price $378,064, <br> collateralized by Corporate Notes and Bonds, <br> 3.38% - 14.38%, due 8/1/2026 - <br> 6/19/2047^^, with a value of $408,561.<br>| 375000 | 375000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 5

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| TD Securities USA LLC, 3.73%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $600,187, <br> collateralized by Corporate Notes and Bonds, <br> 1.90% - 7.47%, due 7/14/2026 - 2/4/2066 <br> and Municipal Debt Securities, 4.75% - 5.25%, <br> due 10/15/2050 - 1/1/2055, with a value of <br> $630,196.<br>| 600000 | 600000 |
| TD Securities USA LLC, 3.76%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $950,695, <br> collateralized by Asset-Backed Securities, <br> 2.88% - 5.88%, due 10/11/2027 - <br> 1/11/2036 and Municipal Debt Securities, <br> 0.00% - 8.00%, due 7/1/2027 - 12/31/2065, <br> with a value of $1,003,793.<br>| 950000 | 950000 |
| TD Securities USA LLC, 3.78%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $475,349, <br> collateralized by Corporate Notes and Bonds, <br> 3.88% - 9.88%, due 8/15/2026 - 5/30/2049, <br> with a value of $505,529.<br>| 475000 | 475000 |
| TD Securities USA LLC, 4.05%, dated 2/27/2026, <br> due 3/30/2026, repurchase price $225,785, <br> collateralized by Asset-Backed Securities, <br> 3.38%, due 11/1/2028, Commercial Paper, <br> 0.00%, due 3/10/2026 - 3/17/2026, <br> Corporate Notes and Bonds, 2.25% - 11.13%, <br> due 11/15/2026 - 11/15/2066 and Municipal <br> Debt Securities, 2.27% - 6.60%, due <br> 11/1/2034 - 4/1/2041, with a value of <br> $239,371.<br>| 225000 | 225000 |
| UBS Securities LLC, 3.81%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $300,222, <br> collateralized by Certificates of Deposit, 2.60%, <br> due 10/4/2027, Corporate Notes and Bonds, <br> 1.25% - 12.25%, due 3/1/2026 - <br> 1/15/2083^^, Sovereign Government <br> Securities, 3.50%, due 7/9/2041 and <br> U.S. Treasury Securities, 0.00% - 4.13%, due <br> 4/7/2026 - 2/15/2056, with a value of <br> $320,430.<br>| 300000 | 300000 |
| Wells Fargo Securities LLC, 3.78%, dated <br> 2/27/2026, due 3/3/2026, repurchase price <br> $230,097, collateralized by Commercial Paper, <br> 0.00%, due 3/4/2026 - 8/10/2026, with a <br> value of $241,678.<br>| 230000 | 230000 |
| Wells Fargo Securities LLC, 3.78%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $125,092, collateralized by Commercial Paper, <br> 0.00% - 3.93%, due 3/5/2026 - 2/11/2027, <br> with a value of $131,346.<br>| 125000 | 125000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Wells Fargo Securities LLC, 4.09%, dated <br> 2/27/2026, due 4/24/2026, repurchase price <br> $226,433, collateralized by Municipal Debt <br> Securities, 0.00% - 6.88%, due 12/1/2026 - <br> 6/1/2066, with a value of $239,465.<br>| 225000 | 225000 |
| Wells Fargo Securities LLC, 4.03%, dated <br> 2/27/2026, due 5/26/2026, repurchase price <br> $328,202, collateralized by Commercial Paper, <br> 0.00% - 3.93%, due 3/4/2026 - 2/11/2027 <br> and Corporate Notes and Bonds, 2.68% - <br> 6.40%, due 4/23/2027 - 4/15/2058, with a <br> value of $344,688.<br>| 325000 | 325000 |
| Wells Fargo Securities LLC, 4.03%, dated <br> 2/27/2026, due 5/27/2026, repurchase price <br> $302,989, collateralized by Commercial Paper, <br> 0.00%, due 3/12/2026 - 8/26/2026, with a <br> value of $318,174.<br>| 300000 | 300000 |
| Total Repurchase Agreements <br>(Cost $26,020,000)<br>|  | 26020000 |
| **Municipal Bonds — 1.0%** | **Municipal Bonds — 1.0%** | **Municipal Bonds — 1.0%** |
| **Alaska — 0.2%** | **Alaska — 0.2%** | **Alaska — 0.2%** |
| Alaska Housing Finance Corp., State Capital Project <br> Series 2022A, Rev., VRDO, LOC : Barclays Bank <br> plc, 3.70%, 3/6/2026 (a)<br>| 167000 | 167000 |
| **Colorado — 0.1%** | **Colorado — 0.1%** | **Colorado — 0.1%** |
| Colorado Housing and Finance Authority, Single <br> Family Mortgage<br>|  |  |
| Series 2024E-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : TD Bank NA, 3.72%, <br> 3/6/2026 (a)<br>| 28000 | 28000 |
| Series 2024G-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 3.72%, 3/6/2026 (a)<br>| 20000 | 20000 |
| Series 2025L-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 3.72%, 3/6/2026 (a)<br>| 25000 | 25000 |
| Series 2025N-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 3.75%, 3/6/2026 (a)<br>| 19000 | 19000 |
| **Total Colorado** |  | 92000 |
| **Illinois — 0.0% ^** | **Illinois — 0.0% ^** | **Illinois — 0.0% ^** |
| Illinois Finance Authority, University of Chicago <br> Series 2025A, Rev., VRDO, LIQ : Northern Trust <br> Co. (The), 3.72%, 3/6/2026 (a)<br>| 33500 | 33500 |
| **Iowa — 0.1%** | **Iowa — 0.1%** | **Iowa — 0.1%** |
| Iowa Student Loan Liquidity Corp., Student Loan <br> Series 2023-1, Rev., VRDO, LOC : Royal Bank of <br> Canada, 3.72%, 3/6/2026 (a)<br>| 62415 | 62415 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — 0.1%** | **Massachusetts — 0.1%** | **Massachusetts — 0.1%** |
| Massachusetts Housing Finance Agency, Single <br> Family<br>|  |  |
| Series 244, Rev., VRDO, GNMA / FNMA / FHLMC, <br> LIQ : Royal Bank of Canada, 3.72%, <br> 3/6/2026 (a)<br>| 36000 | 36000 |
| Series 248, Rev., VRDO, GNMA / FNMA / FHLMC, <br> LIQ : State Street Bank & Trust Co., 3.72%, <br> 3/6/2026 (a)<br>| 25000 | 25000 |
| **Total Massachusetts** |  | 61000 |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** | **Minnesota — 0.2%** |
| Ecmc Group, Inc. Series 23-1, VRDO, 3.77%, <br> 3/6/2026 (a)<br>| 76318 | 76318 |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance<br>|  |  |
| Series 2024Q, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : State Street Bank & Trust Co., <br> 3.72%, 3/6/2026 (a)<br>| 33710 | 33710 |
| Series 2024S, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : State Street Bank & Trust Co., <br> 3.72%, 3/6/2026 (a)<br>| 14930 | 14930 |
| Series 2024W, Rev., VRDO, LIQ : State Street <br> Bank & Trust Co., 3.72%, 3/6/2026 (a)<br>| 20000 | 20000 |
| Series 2025B, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 3.72%, 3/6/2026 (a)<br>| 9935 | 9935 |
| Series 2025E, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 3.72%, 3/6/2026 (a)<br>| 33955 | 33955 |
| **Total Minnesota** |  | 188848 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| New Hampshire Business Finance Authority, Hanwa <br> Q Cells USA, Inc., Project Series 2024A, Rev., <br> VRDO, LOC : Kookmin Bank, 3.97%, <br> 3/6/2026 (a) (b)<br>| 125000 | 125000 |
| New Hampshire Business Finance Authority, <br> University of Nevada Reno Project Series 2023, <br> Rev., VRDO, LOC : Korea Development Bank, <br> 3.84%, 3/6/2026 (a) (b)<br>| 27705 | 27705 |
| **Total New Hampshire** |  | 152705 |
| **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** | **Pennsylvania — 0.1%** |
| Pennsylvania Higher Education Assistance Agency |  |  |
| Series 2024A, Rev., VRDO, LOC : Bank of <br> America NA, 3.72%, 3/6/2026 (a)<br>| 29694 | 29694 |
| Series 2025A, Rev., VRDO, LOC : Bank of <br> America NA, 3.72%, 3/6/2026 (a)<br>| 47241 | 47241 |
| **Total Pennsylvania** |  | 76935 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| North Texas Higher Education Authority, Inc. Series <br> 2023-1, Rev., VRDO, LOC : Royal Bank of <br> Canada, 3.72%, 3/6/2026 (a)<br>| 20300 | 20300 |
| North Texas Higher Education Authority, Inc., <br> Student Loan Asset Backed Notes, Rev., VRDO, <br> LOC : Royal Bank of Canada, 3.72%, <br> 3/6/2026 (a)<br>| 50000 | 50000 |
| State of Texas, Public Finance Authority Series <br> 2024A, GO, VRDO, LIQ : FHLB, 3.75%, <br> 3/6/2026 (a)<br>| 44300 | 44300 |
| State of Texas, Veterans Series 2023A, GO, VRDO, <br> LIQ : Texas State Comptroller, 3.76%, <br> 3/6/2026 (a)<br>| 32300 | 32300 |
| **Total Texas** |  | 146900 |
| Total Municipal Bonds <br>(Cost $981,303)<br>|  | 981303 |
| **Short Term Investments — 72.6%** | **Short Term Investments — 72.6%** | **Short Term Investments — 72.6%** |
| **Commercial Paper — 37.0%** | **Commercial Paper — 37.0%** | **Commercial Paper — 37.0%** |
| Antalis SA (France) |  |  |
| 4.25%, 3/3/2026 (b) (c) | 42000 | 41983 |
| 3.83%, 5/7/2026 (b) (c) | 44000 | 43680 |
| ANZ New Zealand International Ltd. (New <br> Zealand), 3.78%, 8/26/2026 (b) (c)<br>| 100000 | 98165 |
| ASB Bank Ltd. (New Zealand) |  |  |
| (SOFR + 0.21%), 3.88%, 3/2/2026 (b) (d) | 125000 | 125001 |
| 3.76%, 4/28/2026 (b) (c) | 73000 | 72552 |
| 3.77%, 5/26/2026 (b) (c) | 76000 | 75318 |
| Australia & New Zealand Banking Group Ltd. <br> (Australia)<br>|  |  |
| 4.26%, 3/2/2026 (b) (c) | 100000 | 99970 |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (b) (d) | 254000 | 254050 |
| 4.16%, 3/19/2026 (b) (c) | 40000 | 39918 |
| 4.21%, 4/20/2026 (b) (c) | 43805 | 43572 |
| 4.22%, 4/28/2026 (b) (c) | 200000 | 198773 |
| 4.06%, 5/11/2026 (b) (c) | 100000 | 99255 |
| 3.89%, 7/2/2026 (b) (c) | 115000 | 113544 |
| 3.85%, 7/10/2026 (b) (c) | 350000 | 345292 |
| 3.73%, 7/30/2026 (b) (c) | 68000 | 66951 |
| 3.70%, 8/5/2026 (b) (c) | 150000 | 147595 |
| 3.72%, 8/7/2026 (b) (c) | 67000 | 65912 |
| 3.72%, 10/28/2026 (b) (c) | 31000 | 30246 |
| 3.72%, 10/29/2026 (b) (c) | 67000 | 65365 |
| 3.70%, 11/4/2026 (b) (c) | 30000 | 29251 |
| 3.75%, 11/27/2026 (b) (c) | 120000 | 116743 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 7

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Automatic Data Processing, Inc., 3.67%, <br> 3/4/2026 (b) (c)<br>| 400000 | 399795 |
| Banco Santander SA (Spain), 3.87%, <br> 5/4/2026 (b) (c)<br>| 170000 | 168835 |
| Bank of Montreal (Canada) |  |  |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (d) | 80000 | 80004 |
| (SOFR + 0.32%), 3.99%, 3/2/2026 (b) (d) | 52000 | 52013 |
| (SOFR + 0.35%), 4.02%, 3/2/2026 (b) (d) | 110000 | 110055 |
| (SOFR + 0.36%), 4.03%, 3/2/2026 (b) (d) | 128000 | 128104 |
| (SOFR + 0.37%), 4.04%, 3/2/2026 (b) (d) | 123000 | 123021 |
| (SOFR + 0.38%), 4.05%, 3/2/2026 (b) (d) | 72000 | 72044 |
| 4.25%, 6/8/2026 (c) | 63000 | 62344 |
| 4.26%, 7/7/2026 (c) | 65000 | 64126 |
| 4.02%, 9/3/2026 (c) | 115000 | 112793 |
| 3.84%, 12/4/2026 (b) (c) | 100000 | 97181 |
| Bank of New Zealand (New Zealand) |  |  |
| 3.98%, 4/2/2026 (b) (c) | 39000 | 38865 |
| 3.91%, 4/16/2026 (b) (c) | 100000 | 99509 |
| 3.94%, 5/1/2026 (b) (c) | 60000 | 59614 |
| 3.88%, 6/9/2026 (b) (c) | 25000 | 24740 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) (d) | 76000 | 76014 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) (d) | 130000 | 130045 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) (d) | 130000 | 130045 |
| (SOFR + 0.29%), 3.96%, 3/2/2026 (b) (d) | 184000 | 183974 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) (d) | 138000 | 137998 |
| (SOFR + 0.31%), 3.98%, 3/2/2026 (b) (d) | 15000 | 15007 |
| (SOFR + 0.32%), 3.99%, 3/2/2026 (b) (d) | 125000 | 125026 |
| 4.08%, 3/3/2026 (b) (c) | 36600 | 36585 |
| 4.05%, 6/2/2026 (b) (c) | 134000 | 132676 |
| 4.05%, 6/9/2026 (b) (c) | 125000 | 123679 |
| 3.79%, 11/30/2026 (b) (c) | 110000 | 106967 |
| 3.74%, 2/12/2027 (b) (c) | 131000 | 126470 |
| Barclays Bank plc (United Kingdom) |  |  |
| 4.03%, 3/12/2026 (b) (c) | 50000 | 49933 |
| 4.01%, 3/26/2026 (b) (c) | 130000 | 129629 |
| 3.89%, 4/23/2026 (b) (c) | 80170 | 79702 |
| Barton Capital SA (France) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (b) (d) | 75000 | 74996 |
| 3.80%, 8/5/2026 (b) (c) | 50000 | 49181 |
| Bedford Row Funding Corp. |  |  |
| 4.10%, 5/14/2026 (b) (c) | 52000 | 51594 |
| 3.77%, 11/20/2026 (b) (c) | 200000 | 194623 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Bennington Stark Capital Co. LLC |  |  |
| 3.81%, 4/10/2026 (b) (c) | 46279 | 46078 |
| 3.80%, 5/6/2026 (b) (c) | 180000 | 178731 |
| BNP Paribas SA (France) |  |  |
| 4.34%, 3/3/2026 (c) | 267000 | 266892 |
| 4.29%, 4/8/2026 (c) | 87000 | 86641 |
| 4.16%, 5/1/2026 (c) | 70000 | 69546 |
| 4.15%, 5/15/2026 (c) | 65000 | 64486 |
| Britannia Funding Co. LLC |  |  |
| (SOFR + 0.34%), 4.01%, 3/2/2026 (b) (d) | 125000 | 125002 |
| (SOFR + 0.40%), 4.07%, 3/2/2026 (b) (d) | 50000 | 50008 |
| 3.92%, 4/21/2026 (b) (c) | 79700 | 79262 |
| 3.92%, 4/24/2026 (b) (c) | 165400 | 164440 |
| 3.98%, 6/4/2026 (b) (c) | 30000 | 29699 |
| Canadian Imperial Bank of Commerce (Canada) |  |  |
| (SOFR + 0.29%), 3.96%, 3/2/2026 (b) (d) | 137000 | 136994 |
| (SOFR + 0.32%), 3.99%, 3/2/2026 (b) (d) | 255000 | 255130 |
| (SOFR + 0.36%), 4.03%, 3/2/2026 (b) (d) | 63000 | 63009 |
| (SOFR + 0.36%), 4.03%, 3/2/2026 (b) (d) | 100000 | 100014 |
| (SOFR + 0.38%), 4.05%, 3/2/2026 (b) (d) | 120000 | 120141 |
| 4.15%, 4/24/2026 (b) (c) | 191000 | 189893 |
| 4.25%, 6/5/2026 (b) (c) | 223000 | 220740 |
| 4.26%, 6/10/2026 (b) (c) | 126000 | 124656 |
| 4.18%, 7/7/2026 (b) (c) | 226000 | 222951 |
| 3.89%, 9/30/2026 (b) (c) | 65000 | 63588 |
| 3.77%, 10/28/2026 (b) (c) | 120000 | 117069 |
| CDP Financial, Inc. (Canada) |  |  |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) (d) | 25000 | 24996 |
| 4.08%, 7/1/2026 (b) (c) | 85000 | 83923 |
| 4.08%, 7/2/2026 (b) (c) | 25000 | 24681 |
| Charta LLC, (SOFR + 0.23%), 3.90%, <br> 3/2/2026 (b) (d)<br>| 100000 | 100022 |
| Chesham Finance Ltd. (Cayman Islands) |  |  |
| Series 2, 3.71%, 3/2/2026 (b) (c) | 517000 | 516893 |
| Series 2, 3.72%, 3/6/2026 (b) (c) | 80000 | 79950 |
| Series 1, 3.76%, 4/30/2026 (b) (c) | 150000 | 149042 |
| China Construction Bank Corp. (China), 3.65%, <br> 3/2/2026 (b) (c)<br>| 151000 | 150954 |
| Citigroup Global Markets Holdings, Inc., (SOFR + <br> 0.27%), 3.94%, 3/2/2026 (b) (d)<br>| 160000 | 160021 |
| Concord Minutemen Capital Co. LLC Series C, <br> (SOFR + 0.32%), 3.99%, 3/2/2026 (b) (d)<br>| 50000 | 50004 |
| Constellation Funding Co. LLC |  |  |
| 3.99%, 6/2/2026 (b) (c) | 73000 | 72278 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| 3.84%, 7/22/2026 (b) (c) | 160000 | 157596 |
| Cooperatieve Rabobank UA (Netherlands), 4.04%, <br> 5/29/2026 (c)<br>| 60000 | 59432 |
| Credit Agricole Corporate and Investment Bank <br> (France)<br>|  |  |
| 4.25%, 4/20/2026 (c) | 300000 | 298428 |
| 3.95%, 5/6/2026 (c) | 45000 | 44692 |
| 3.81%, 7/31/2026 (c) | 250000 | 246130 |
| 3.81%, 10/23/2026 (c) | 131000 | 127814 |
| 3.80%, 10/30/2026 (c) | 80000 | 77999 |
| 3.69%, 11/6/2026 (c) | 87000 | 84763 |
| Credit Industriel et Commercial (France) |  |  |
| 3.77%, 7/6/2026 (b) (c) | 130000 | 128284 |
| 3.78%, 8/3/2026 (b) (c) | 200000 | 196771 |
| DBS Bank Ltd. (Singapore) |  |  |
| 3.97%, 3/3/2026 (b) (c) | 200000 | 199919 |
| 3.71%, 3/20/2026 (b) (c) | 50000 | 49893 |
| 3.73%, 5/12/2026 (b) (c) | 44000 | 43664 |
| 3.73%, 5/13/2026 (b) (c) | 90000 | 89302 |
| DNB Bank ASA (Norway) |  |  |
| (SOFR + 0.21%), 3.88%, 3/2/2026 (b) (d) | 54000 | 54001 |
| 4.14%, 3/17/2026 (b) (c) | 100000 | 99820 |
| 4.17%, 3/18/2026 (b) (c) | 40000 | 39924 |
| 3.84%, 4/22/2026 (b) (c) | 138000 | 137250 |
| 3.72%, 9/29/2026 (b) (c) | 300000 | 293530 |
| 3.73%, 10/9/2026 (b) (c) | 300000 | 293231 |
| DZ Bank AG (Germany) |  |  |
| 3.77%, 8/6/2026 (b) (c) | 49000 | 48194 |
| 3.77%, 8/7/2026 (b) (c) | 197430 | 194163 |
| 3.77%, 8/13/2026 (b) (c) | 50000 | 49142 |
| Fairway Finance Co. LLC, 4.01%, 3/12/2026 (b) <br> (c)<br>| 46000 | 45939 |
| Federation des Caisses Desjardins du Quebec <br> (Canada)<br>|  |  |
| 3.74%, 7/17/2026 (b) (c) | 205000 | 202087 |
| 3.72%, 12/18/2026 (b) (c) | 200000 | 194112 |
| 3.76%, 2/25/2027 (b) (c) | 130000 | 125294 |
| First Abu Dhabi Bank PJSC (United Arab Emirates) |  |  |
| 4.00%, 3/9/2026 (b) (c) | 80000 | 79919 |
| 3.90%, 4/29/2026 (b) (c) | 185000 | 183831 |
| 3.98%, 6/2/2026 (b) (c) | 75000 | 74262 |
| 3.85%, 7/7/2026 (b) (c) | 350000 | 345303 |
| 3.84%, 7/10/2026 (b) (c) | 260000 | 256431 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Glencove Funding LLC (Ireland), 3.99%, <br> 3/9/2026 (b) (c)<br>| 51000 | 50948 |
| Great Bear Funding LLC |  |  |
| (SOFR + 0.23%), 3.89%, 3/2/2026 (b) (d) | 100000 | 100001 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (b) (d) | 50000 | 50000 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (b) (d) | 100000 | 100002 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (b) (d) | 100000 | 100003 |
| 3.68%, 3/4/2026 (b) (c) | 100000 | 99949 |
| ING US Funding LLC (Netherlands) |  |  |
| (SOFR + 0.22%), 3.89%, 3/2/2026 (b) (d) | 50000 | 50010 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (b) (d) | 125000 | 125025 |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (b) (d) | 147000 | 146977 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) (d) | 76000 | 76012 |
| 3.84%, 5/4/2026 (b) (c) | 130000 | 129116 |
| 4.10%, 5/18/2026 (b) (c) | 105000 | 104136 |
| 4.10%, 5/19/2026 (b) (c) | 112000 | 111067 |
| 4.10%, 5/26/2026 (b) (c) | 65000 | 64412 |
| 3.91%, 7/2/2026 (b) (c) | 62000 | 61205 |
| Intrepid Funding Co. LLC |  |  |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (d) | 121000 | 121012 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (d) | 50000 | 50003 |
| 4.01%, 4/7/2026 (b) (c) | 100000 | 99597 |
| 3.98%, 4/10/2026 (b) (c) | 31000 | 30866 |
| 3.98%, 4/16/2026 (b) (c) | 205000 | 203985 |
| 4.00%, 4/24/2026 | 100000 | 100017 |
| Ionic Funding LLC |  |  |
| Series IIIA, (SOFR + 0.26%), 3.93%, <br> 3/2/2026 (d)<br>| 215000 | 215023 |
| Series IIIA, 4.05%, 3/19/2026 (c) | 120000 | 119749 |
| Series IIIA, 3.80%, 4/24/2026 (c) | 200000 | 198830 |
| Series IIIA, 3.82%, 5/28/2026 (c) | 100000 | 99060 |
| Korea Development Bank (South Korea) |  |  |
| 3.99%, 3/9/2026 (c) | 30000 | 29969 |
| 4.01%, 4/1/2026 (c) | 50000 | 49829 |
| Kreditanstalt fuer Wiederaufbau (Germany) |  |  |
| 4.04%, 3/9/2026 (b) (c) | 148000 | 147852 |
| 4.01%, 3/10/2026 (b) (c) | 81000 | 80911 |
| 3.96%, 3/11/2026 (b) (c) | 163000 | 162805 |
| Landesbank Baden-Wuerttemberg (Germany), <br> 3.66%, 3/2/2026 (c)<br>| 1200000 | 1199633 |
| Lexington Parker Capital Co. LLC Series A, 3.70%, <br> 3/5/2026 (b) (c)<br>| 200146 | 200021 |
| Liberty Street Funding LLC |  |  |
| 3.86%, 4/21/2026 (b) (c) | 21000 | 20885 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 9

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| 3.86%, 4/23/2026 (b) (c) | 71000 | 70598 |
| 3.87%, 5/1/2026 (b) (c) | 22300 | 22156 |
| 3.93%, 5/27/2026 (b) (c) | 100000 | 99083 |
| Lion Bay Funding LLC, 3.69%, 3/6/2026 (b) (c) | 275000 | 274803 |
| Lloyds Bank plc (United Kingdom) |  |  |
| 3.99%, 3/2/2026 (c) | 195000 | 194940 |
| (SOFR + 0.18%), 3.85%, 3/2/2026 (d) | 100000 | 100013 |
| 4.12%, 3/4/2026 (c) | 144000 | 143926 |
| 4.12%, 3/5/2026 (c) | 144000 | 143911 |
| 3.87%, 4/20/2026 (c) | 122000 | 121353 |
| 3.78%, 4/22/2026 (c) | 135000 | 134258 |
| 3.78%, 6/22/2026 (c) | 198000 | 195668 |
| 3.80%, 7/2/2026 (c) | 250000 | 246791 |
| 3.80%, 7/6/2026 (c) | 200000 | 197353 |
| 3.78%, 8/3/2026 (c) | 155000 | 152514 |
| 3.79%, 8/10/2026 (c) | 127000 | 124874 |
| 3.78%, 8/21/2026 (c) | 100000 | 98215 |
| LMA-Americas LLC |  |  |
| 3.96%, 3/12/2026 (b) (c) | 50000 | 49933 |
| 3.95%, 5/6/2026 (b) (c) | 50000 | 49648 |
| Longship Funding LLC (Ireland), 3.78%, <br> 3/23/2026 (b) (c)<br>| 80000 | 79802 |
| Mackinac Funding Co. LLC |  |  |
| 3.96%, 6/12/2026 (b) (c) | 105100 | 103961 |
| 3.81%, 8/4/2026 (b) (c) | 100000 | 98382 |
| 3.84%, 9/3/2026 (b) (c) | 97000 | 95137 |
| Macquarie Bank Ltd. (Australia) |  |  |
| 3.99%, 3/10/2026 (b) (c) | 25000 | 24972 |
| 3.86%, 4/1/2026 (b) (c) | 200000 | 199325 |
| 3.96%, 5/5/2026 (b) (c) | 100000 | 99314 |
| 3.78%, 7/20/2026 (b) (c) | 77000 | 75877 |
| Mainbeach Funding LLC, (SOFR + 0.15%), 3.82%, <br> 3/2/2026 (b) (d)<br>| 50000 | 50000 |
| MetLife Short Term Funding LLC, 3.98%, <br> 3/17/2026 (b) (c)<br>| 59000 | 58891 |
| Mitsubishi UFJ Trust & Banking Corp. (Japan), <br> 3.78%, 7/8/2026 (b) (c)<br>| 142000 | 140050 |
| Mizuho Bank Ltd. (Japan) |  |  |
| 4.00%, 3/13/2026 (b) (c) | 213000 | 212697 |
| 3.94%, 4/10/2026 (c) | 112000 | 111521 |
| National Australia Bank Ltd. (Australia) |  |  |
| Series B, (SOFR + 0.24%), 3.91%, <br> 3/2/2026 (b) (d)<br>| 117000 | 116983 |
| Series B, (SOFR + 0.28%), 3.95%, <br> 3/2/2026 (b) (d)<br>| 100000 | 100010 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Series B, (SOFR + 0.30%), 3.97%, <br> 3/2/2026 (b) (d)<br>| 115000 | 115050 |
| Series B, (SOFR + 0.30%), 3.97%, <br> 3/2/2026 (b) (d)<br>| 53000 | 53022 |
| National Bank of Canada (Canada), (SOFR + <br> 0.30%), 3.97%, 3/2/2026 (b) (d)<br>| 650000 | 650040 |
| National Westminster Bank plc (United Kingdom) |  |  |
| 3.65%, 3/4/2026 (b) (c) | 200000 | 199897 |
| 3.77%, 7/27/2026 (b) (c) | 92700 | 91282 |
| Natixis SA (France) |  |  |
| 3.76%, 4/7/2026 (c) | 150000 | 149395 |
| 3.78%, 8/3/2026 (c) | 321000 | 315796 |
| Nieuw Amsterdam Receivables Corp., 3.98%, <br> 3/17/2026 (b) (c)<br>| 72000 | 71865 |
| Nordea Bank Abp (Finland) |  |  |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (b) (d) | 15000 | 15008 |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (b) (d) | 50000 | 50026 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) (d) | 75000 | 75050 |
| 4.26%, 3/25/2026 (b) (c) | 275000 | 274263 |
| 4.24%, 3/26/2026 (b) (c) | 100000 | 99721 |
| Norfina Ltd. (Australia) |  |  |
| 3.95%, 3/4/2026 (b) (c) | 30000 | 29985 |
| 3.77%, 6/10/2026 (b) (c) | 59990 | 59358 |
| 3.89%, 7/8/2026 (b) (c) | 55000 | 54264 |
| 3.77%, 7/22/2026 (b) (c) | 75000 | 73891 |
| 3.77%, 8/4/2026 (b) (c) | 40000 | 39356 |
| 3.79%, 8/19/2026 (b) (c) | 25000 | 24559 |
| NRW Bank (Germany) |  |  |
| 3.91%, 3/25/2026 (b) (c) | 66000 | 65829 |
| 3.91%, 3/26/2026 (b) (c) | 100000 | 99730 |
| 3.90%, 4/1/2026 (b) (c) | 227000 | 226253 |
| Old Line Funding LLC, 4.10%, 5/15/2026 (b) (c) | 25000 | 24801 |
| Oversea-Chinese Banking Corp. Ltd. (Singapore) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (b) (d) | 150000 | 150015 |
| 3.77%, 5/22/2026 (b) (c) | 100000 | 99126 |
| 3.78%, 6/1/2026 (b) (c) | 50000 | 49513 |
| 3.78%, 6/2/2026 (b) (c) | 200000 | 198030 |
| Paradelle Funding LLC |  |  |
| (SOFR + 0.32%), 3.99%, 3/2/2026 (d) | 132000 | 132001 |
| 3.79%, 12/31/2026 (c) | 136000 | 131788 |
| 3.78%, 1/15/2027 (c) | 100000 | 96762 |
| Province of Ontario Canada (Canada) |  |  |
| 4.06%, 3/4/2026 (c) | 49400 | 49375 |
| 3.71%, 4/1/2026 (c) | 200000 | 199336 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Ridgefield Funding Co. LLC Series A1, 3.95%, <br> 6/16/2026 (b) (c)<br>| 100000 | 98879 |
| Royal Bank of Canada (Canada) |  |  |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) (d) | 230000 | 230037 |
| (SOFR + 0.32%), 3.99%, 3/2/2026 (b) (d) | 140000 | 140095 |
| (SOFR + 0.35%), 4.02%, 3/2/2026 (b) (d) | 130000 | 130096 |
| 4.25%, 5/27/2026 (b) (c) | 190000 | 188239 |
| 4.19%, 7/7/2026 (b) (c) | 182000 | 179581 |
| Sheffield Receivables Co. LLC (United Kingdom), <br> (SOFR + 0.22%), 3.89%, 3/2/2026 (b) (d)<br>| 67000 | 67003 |
| Skandinaviska Enskilda Banken AB (Sweden) |  |  |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) (d) | 49000 | 49022 |
| 3.96%, 3/26/2026 (b) (c) | 100000 | 99721 |
| 4.26%, 4/1/2026 (b) (c) | 120000 | 119590 |
| 4.25%, 4/2/2026 (b) (c) | 69000 | 68757 |
| 3.92%, 5/5/2026 (b) (c) | 72000 | 71503 |
| 4.08%, 5/20/2026 (b) (c) | 51000 | 50571 |
| 3.91%, 6/25/2026 (b) (c) | 50000 | 49402 |
| 3.90%, 6/29/2026 (b) (c) | 51000 | 50370 |
| 4.18%, 7/8/2026 (b) (c) | 77000 | 75978 |
| 3.87%, 9/25/2026 (b) (c) | 50000 | 48935 |
| 3.72%, 10/2/2026 (b) (c) | 125000 | 122256 |
| Starbird Funding Corp. |  |  |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) (d) | 91000 | 91018 |
| 3.79%, 8/5/2026 (b) (c) | 40000 | 39345 |
| Sumitomo Mitsui Banking Corp. (Japan) |  |  |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (b) (d) | 255000 | 255035 |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (b) (d) | 130000 | 130035 |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (b) (d) | 100000 | 100034 |
| 3.99%, 3/9/2026 (b) (c) | 25000 | 24975 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |
| 4.06%, 3/5/2026 (b) (c) | 305000 | 304816 |
| 3.82%, 3/30/2026 (b) (c) | 175000 | 174437 |
| Svenska Handelsbanken AB (Sweden) |  |  |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) (d) | 49000 | 49027 |
| 4.23%, 4/28/2026 (b) (c) | 100000 | 99384 |
| 3.90%, 5/11/2026 (b) (c) | 220000 | 218362 |
| 4.10%, 5/19/2026 (b) (c) | 104000 | 103145 |
| 4.09%, 5/28/2026 (b) (c) | 130000 | 128818 |
| 4.05%, 6/1/2026 (b) (c) | 110000 | 108956 |
| 4.23%, 6/10/2026 (b) (c) | 127000 | 125683 |
| 3.90%, 6/29/2026 (b) (c) | 117000 | 115568 |
| 4.18%, 7/7/2026 (b) (c) | 122000 | 120400 |
| 3.75%, 7/15/2026 (b) (c) | 150000 | 147900 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Swedbank AB (Sweden) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (b) (d) | 98000 | 98002 |
| 4.25%, 5/1/2026 (b) (c) | 229000 | 227503 |
| 4.01%, 5/11/2026 (b) (c) | 102000 | 101235 |
| 3.90%, 5/13/2026 (b) (c) | 90000 | 89308 |
| 4.08%, 5/26/2026 (b) (c) | 78000 | 77305 |
| 4.05%, 6/3/2026 (b) (c) | 137000 | 135671 |
| 3.75%, 7/13/2026 (b) (c) | 100000 | 98617 |
| 3.72%, 9/29/2026 (b) (c) | 140000 | 136969 |
| Texas Public Finance Authority |  |  |
| Series 09-A, 3.75%, 3/12/2026 | 72600 | 72603 |
| 3.80%, 3/25/2026 | 44325 | 44327 |
| Thunder Bay Funding LLC |  |  |
| (SOFR + 0.22%), 3.89%, 3/2/2026 (b) (d) | 51000 | 51002 |
| (SOFR + 0.29%), 3.96%, 3/2/2026 (b) (d) | 91000 | 91036 |
| 4.10%, 5/14/2026 (b) (c) | 92000 | 91279 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| (SOFR + 0.35%), 4.02%, 3/2/2026 (b) (d) | 195000 | 195089 |
| (SOFR + 0.36%), 4.03%, 3/2/2026 (b) (d) | 250000 | 250039 |
| (SOFR + 0.37%), 4.04%, 3/2/2026 (b) (d) | 161000 | 161158 |
| 4.16%, 4/14/2026 (b) (c) | 226000 | 224916 |
| 4.14%, 4/16/2026 (b) (c) | 192000 | 191039 |
| 4.10%, 5/4/2026 (b) (c) | 100000 | 99311 |
| TotalEnergies Capital SA (France) |  |  |
| 3.90%, 4/15/2026 (b) (c) | 60000 | 59710 |
| 3.75%, 6/26/2026 (b) (c) | 40000 | 39511 |
| 3.75%, 6/30/2026 (b) (c) | 150000 | 148104 |
| Toyota Motor Credit Corp. |  |  |
| 4.22%, 4/15/2026 (c) | 50000 | 49759 |
| 4.09%, 5/26/2026 (c) | 40000 | 39638 |
| 3.93%, 8/3/2026 (c) | 40000 | 39360 |
| UBS AG (Switzerland) |  |  |
| (SOFR + 0.29%), 3.96%, 3/2/2026 (b) (d) | 150000 | 150022 |
| 4.02%, 5/5/2026 (b) (c) | 200000 | 198614 |
| United Overseas Bank Ltd. (Singapore), (SOFR + <br> 0.18%), 3.86%, 3/2/2026 (b) (d)<br>| 240000 | 239971 |
| Versailles Commercial Paper LLC, 3.76%, <br> 5/4/2026 (c)<br>| 250000 | 248282 |
| Verto Capital I Compartment A (Luxembourg) |  |  |
| 3.82%, 4/24/2026 (b) (c) | 200000 | 198805 |
| 3.83%, 5/1/2026 (b) (c) | 110000 | 109261 |
| Verto Capital I Compartment C (Luxembourg) |  |  |
| 3.70%, 3/3/2026 (b) (c) | 50000 | 49979 |
| 3.82%, 4/24/2026 (b) (c) | 100000 | 99402 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 11

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Victory Receivables Corp., 3.69%, 3/4/2026 (b) <br> (c)<br>| 165000 | 164915 |
| Westpac Banking Corp. (Australia) |  |  |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (b) (d) | 125000 | 124989 |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (b) (d) | 90000 | 89984 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) (d) | 200000 | 200005 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) (d) | 98000 | 98002 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) (d) | 60000 | 60037 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) (d) | 47750 | 47775 |
| 4.22%, 6/5/2026 (b) (c) | 102000 | 100970 |
| 4.16%, 7/2/2026 (b) (c) | 128000 | 126332 |
| 3.83%, 7/7/2026 (b) (c) | 100000 | 98652 |
| 3.74%, 8/31/2026 (b) (c) | 110000 | 107906 |
| 3.78%, 11/25/2026 (b) (c) | 100000 | 97297 |
| 3.72%, 12/17/2026 (b) (c) | 175000 | 169887 |
| 3.74%, 1/20/2027 (b) (c) | 37000 | 35794 |
| 3.74%, 1/21/2027 (b) (c) | 41850 | 40482 |
| 3.74%, 1/25/2027 (b) (c) | 103000 | 99592 |
| 3.77%, 1/29/2027 (b) (c) | 62000 | 59924 |
| Total Commercial Paper <br>(Cost $36,980,573)<br>|  | 36985776 |
| **Certificates of Deposits — 15.1%** | **Certificates of Deposits — 15.1%** | **Certificates of Deposits — 15.1%** |
| ABN AMRO Bank NV (Netherlands) , 4.13%, <br> 3/4/2026 (c)<br>| 196000 | 195901 |
| Banco Santander SA (Spain) |  |  |
| 3.92%, 4/27/2026 | 13000 | 13001 |
| 4.00%, 5/5/2026 | 120000 | 120035 |
| 3.98%, 5/11/2026 | 230000 | 230074 |
| Bank of America NA |  |  |
| 4.26%, 4/23/2026 | 230000 | 230137 |
| 3.96%, 5/6/2026 | 187000 | 187057 |
| 4.20%, 5/28/2026 | 135000 | 135130 |
| Bank of Montreal (Canada) |  |  |
| (SOFR + 0.34%), 4.01%, 3/2/2026 (d) | 50000 | 50023 |
| (SOFR + 0.37%), 4.04%, 3/2/2026 (d) | 25000 | 25008 |
| 4.42%, 5/21/2026 | 100000 | 100116 |
| 4.41%, 5/28/2026 | 40000 | 40054 |
| 4.32%, 7/22/2026 | 100000 | 100179 |
| 3.79%, 2/4/2027 (c) | 140000 | 135215 |
| Barclays Bank plc (United Kingdom) |  |  |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (d) | 170000 | 170032 |
| 4.00%, 4/10/2026 | 192000 | 192022 |
| 4.06%, 5/18/2026 | 200000 | 200083 |
| 3.88%, 6/23/2026 | 275000 | 275021 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| Canadian Imperial Bank of Commerce (Canada) |  |  |
| 3.75%, 2/26/2027 | 250000 | 250120 |
| 3.75%, 3/3/2027 | 69000 | 69000 |
| China Construction Bank Corp. (China) |  |  |
| 3.68%, 3/3/2026 | 250000 | 250000 |
| 3.68%, 3/5/2026 | 500000 | 500000 |
| Cooperatieve Rabobank UA (Netherlands) , <br> 4.40%, 3/10/2026<br>| 100000 | 100019 |
| Credit Agricole Corporate and Investment Bank <br> (France)<br>|  |  |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (d) | 50000 | 50033 |
| 4.44%, 3/12/2026 | 266000 | 266047 |
| 4.08%, 3/31/2026 | 55000 | 55017 |
| 4.35%, 4/8/2026 | 131000 | 131060 |
| 4.19%, 5/26/2026 | 163000 | 163175 |
| Credit Agricole SA (France) |  |  |
| 4.00%, 4/1/2026 (c) | 275000 | 274038 |
| 4.12%, 5/14/2026 (c) | 185000 | 183530 |
| 3.82%, 10/29/2026 (c) | 140000 | 136520 |
| Credit Industriel et Commercial (France) |  |  |
| 4.03%, 3/3/2026 (c) | 75000 | 74969 |
| 3.97%, 5/14/2026 (c) | 230000 | 228188 |
| 3.82%, 6/29/2026 (c) | 250000 | 246833 |
| 3.79%, 7/13/2026 (c) | 210000 | 207035 |
| 3.83%, 8/5/2026 (c) | 260000 | 255708 |
| DNB Bank ASA (Norway) , 3.75%, 12/31/2026 | 100000 | 100015 |
| DZ Bank AG (Germany) , 3.78%, 7/23/2026 (c) | 400000 | 393982 |
| Industrial & Commercial Bank of China Ltd. (China) |  |  |
| 3.80%, 3/2/2026 | 180000 | 180002 |
| 3.80%, 3/2/2026 | 100000 | 100001 |
| 3.80%, 3/31/2026 | 103000 | 102998 |
| 3.80%, 5/1/2026 | 192000 | 192004 |
| 3.80%, 5/1/2026 | 192000 | 192004 |
| ING Bank NV (Netherlands) |  |  |
| 3.88%, 7/23/2026 | 235000 | 235060 |
| 3.75%, 10/9/2026 | 150000 | 150005 |
| 3.80%, 10/27/2026 | 165000 | 165078 |
| Korea Development Bank (South Korea) |  |  |
| 4.00%, 5/6/2026 | 30000 | 30011 |
| 3.78%, 6/26/2026 | 50000 | 50001 |
| 3.81%, 8/26/2026 | 50000 | 50000 |
| Mitsubishi UFJ Trust & Banking Corp. (Japan) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (d) | 117000 | 116995 |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (d) | 100000 | 100026 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (d) | 50000 | 50013 |
| 4.20%, 3/5/2026 | 148000 | 148012 |
| 4.04%, 4/1/2026 (c) | 50000 | 49827 |
| 3.94%, 4/14/2026 (c) | 10000 | 9952 |
| 3.83%, 8/12/2026 | 100000 | 100011 |
| Mizuho Bank Ltd. (Japan) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (d) | 169000 | 168998 |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (d) | 24000 | 23999 |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (d) | 200000 | 199991 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (d) | 204000 | 204002 |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (d) | 220000 | 220062 |
| 3.95%, 6/3/2026 | 108000 | 108042 |
| 3.80%, 7/6/2026 | 184000 | 183991 |
| 3.75%, 8/25/2026 | 139000 | 138973 |
| MUFG Bank Ltd. (Japan) |  |  |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (d) | 220000 | 220003 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (d) | 183000 | 183003 |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (d) | 50000 | 50017 |
| National Australia Bank Ltd. (Australia) |  |  |
| 3.98%, 3/10/2026 (c) | 200000 | 199767 |
| 3.84%, 4/23/2026 (c) | 169000 | 168019 |
| 3.77%, 9/1/2026 (c) | 150000 | 147129 |
| 3.76%, 10/26/2026 (c) | 150000 | 146342 |
| 3.75%, 11/27/2026 (c) | 120000 | 116716 |
| 3.75%, 11/30/2026 (c) | 250000 | 243088 |
| 3.71%, 12/22/2026 (c) | 150000 | 145545 |
| Nordea Bank Abp (Finland) (SOFR + 0.26%), <br> 3.93%, 3/2/2026 (d)<br>| 55000 | 55006 |
| Norinchukin Bank (The) (Japan) |  |  |
| 3.68%, 3/4/2026 | 180000 | 180000 |
| 3.68%, 3/5/2026 | 125000 | 125000 |
| Oversea-Chinese Banking Corp. Ltd. (Singapore) |  |  |
| 3.75%, 8/4/2026 | 200000 | 199952 |
| 3.72%, 8/11/2026 | 200000 | 199936 |
| Skandinaviska Enskilda Banken AB (Sweden) , <br> 3.75%, 10/13/2026<br>| 100000 | 99996 |
| Standard Chartered Bank (United Kingdom) (SOFR <br> + 0.25%), 3.92%, 3/2/2026 (d)<br>| 125000 | 125000 |
| Sumitomo Mitsui Banking Corp. (Japan) |  |  |
| (SOFR + 0.21%), 3.88%, 3/2/2026 (d) | 100000 | 100005 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (d) | 200000 | 200020 |
| 3.79%, 7/13/2026 (c) | 145000 | 142963 |
| 3.81%, 8/4/2026 (c) | 154000 | 151492 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (d) | 192000 | 192025 |
| 4.18%, 3/3/2026 | 247000 | 247014 |
| 4.00%, 3/10/2026 (c) | 111000 | 110876 |
| Svenska Handelsbanken AB (Sweden) |  |  |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (d) | 69000 | 69006 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (d) | 53000 | 53029 |
| Toronto-Dominion Bank (The) (Canada) , 3.82%, <br> 7/24/2026 (c)<br>| 185000 | 182195 |
| UBS AG (Switzerland) , 4.10%, 6/5/2026 | 260000 | 260189 |
| Wells Fargo Bank NA |  |  |
| (SOFR + 0.31%), 3.98%, 3/2/2026 (d) | 100000 | 100047 |
| 3.80%, 9/22/2026 | 130000 | 130039 |
| 3.75%, 10/27/2026 | 140000 | 140023 |
| 3.75%, 10/29/2026 | 112000 | 112016 |
| 3.78%, 11/24/2026 | 110000 | 110031 |
| 3.76%, 11/30/2026 | 137000 | 137006 |
| 3.75%, 1/20/2027 | 100000 | 99983 |
| 3.75%, 1/25/2027 | 57000 | 56992 |
| 3.75%, 1/29/2027 | 112000 | 111985 |
| Westpac Banking Corp. (Australia) (SOFR + <br> 0.30%), 3.97%, 3/2/2026 (d)<br>| 100000 | 100050 |
| Woori Bank (South Korea) |  |  |
| 4.10%, 3/26/2026 (b) | 40000 | 40010 |
| 3.85%, 3/27/2026 (b) | 25000 | 25002 |
| Total Certificates of Deposit <br>(Cost $15,078,952)<br>|  | 15080952 |
| **Time Deposits — 11.0%** | **Time Deposits — 11.0%** | **Time Deposits — 11.0%** |
| ABN AMRO Bank NV (Netherlands) |  |  |
| 3.66%, 3/4/2026 | 700000 | 700000 |
| 3.66%, 3/5/2026 | 1000000 | 1000000 |
| 3.66%, 3/6/2026 | 100000 | 100000 |
| Agricultural Bank of China Ltd. 3.65%, 3/2/2026 | 150000 | 150000 |
| Bank of America NA |  |  |
| 3.68%, 3/3/2026 | 400000 | 400000 |
| 3.68%, 3/4/2026 | 350000 | 350000 |
| 3.68%, 3/6/2026 | 1000000 | 1000000 |
| China Construction Bank Corp. |  |  |
| 3.65%, 3/2/2026 | 500000 | 500000 |
| 3.65%, 3/2/2026 | 150000 | 150000 |
| Credit Agricole Corporate and Investment Bank <br> (France) 3.67%, 3/6/2026<br>| 250000 | 250000 |
| DBS Bank Ltd. (Singapore) |  |  |
| 3.66%, 3/2/2026 | 50000 | 50000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 13

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Time Deposits — continued** | **Time Deposits — continued** | **Time Deposits — continued** |
| 3.66%, 3/3/2026 | 50000 | 50000 |
| 3.67%, 3/4/2026 | 200000 | 200000 |
| 3.67%, 3/4/2026 | 200000 | 200000 |
| 3.67%, 3/6/2026 | 100000 | 100000 |
| 3.67%, 3/6/2026 | 100000 | 100000 |
| First Abu Dhabi Bank USA NV (United Arab <br> Emirates) 3.62%, 3/2/2026<br>| 700000 | 700000 |
| Mizuho Bank Ltd. (Japan) 3.64%, 3/2/2026 | 1000000 | 1000000 |
| National Bank of Canada (Canada) |  |  |
| 3.67%, 3/2/2026 (a) | 640000 | 640000 |
| 3.67%, 3/3/2026 | 375000 | 375000 |
| NRW Bank (Germany) |  |  |
| 3.65%, 3/3/2026 | 100000 | 100000 |
| 3.66%, 3/4/2026 | 450000 | 450000 |
| Royal Bank of Canada |  |  |
| 3.70%, 3/2/2026 | 350000 | 350000 |
| 3.70%, 3/4/2026 | 850000 | 850000 |
| Skandinaviska Enskilda Banken AB (Sweden) |  |  |
| 3.63%, 3/2/2026 | 1000000 | 1000000 |
| 3.65%, 3/4/2026 | 200000 | 200000 |
| Total Time Deposits <br>(Cost $10,965,000)<br>|  | 10965000 |
| **U.S. Treasury Obligations — 9.5%** | **U.S. Treasury Obligations — 9.5%** | **U.S. Treasury Obligations — 9.5%** |
| U.S. Treasury Bills |  |  |
| 3.64%, 3/24/2026 (c) | 600000 | 598675 |
| 3.64%, 3/26/2026 (c) | 1070000 | 1067402 |
| 3.65%, 3/31/2026 (c) | 1910000 | 1904415 |
| 3.64%, 4/7/2026 (c) | 1537150 | 1531578 |
| 3.65%, 4/14/2026 (c) | 1100000 | 1095231 |
| 3.89%, 4/16/2026 (c) | 375000 | 373302 |
| 3.65%, 4/21/2026 (c) | 945000 | 940246 |
| 3.63%, 4/28/2026 (c) | 945000 | 939572 |
| 3.53%, 6/25/2026 (c) | 1050000 | 1038067 |
| Total U.S. Treasury Obligations <br>(Cost $9,487,818)<br>|  | 9488488 |
| Total Short Term Investments <br>(Cost $72,512,343)<br>|  | 72520216 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 99.6%** <br>**(Cost $99,513,646)**<br>|  | **99521519** |
| **Other Assets in Excess of Liabilities — 0.4%** |  | **433861** |
| **NET ASSETS — 100.0%** |  | **99955380** |

---

&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** |  |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| PJSC | Public Joint Stock Company |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| ^^ | Certain securities are perpetual and thus, do not have <br> predetermined maturity dates. The coupon rates for <br> these securities are fixed for a period of time and may <br> be structured to adjust thereafter. The coupon rates <br> shown are the rates in effect as of February 28, <br> 2026.<br>|
| (a) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | The rate shown is the effective yield as of February <br> 28, 2026. <br>|
| (d) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Money Market Funds February 28, 2026

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 92.9%** | **Municipal Bonds — 92.9%** | **Municipal Bonds — 92.9%** |
| **Alabama — 0.1%** | **Alabama — 0.1%** | **Alabama — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-YX1319, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 4050 | 4050 |
| **Alaska — 1.2%** | **Alaska — 1.2%** | **Alaska — 1.2%** |
| Alaska Housing Finance Corp., Home Mortgage <br> Series 2009B, Rev., VRDO, LIQ : FHLB, 1.85%, <br> 3/6/2026 (b)<br>| 29525 | 29525 |
| City of Valdez, Exxon Pipeline Co. Project Series <br> 1993C, Rev., VRDO, 2.00%, 3/2/2026 (b)<br>| 7190 | 7190 |
| **Total Alaska** |  | 36715 |
| **Arizona — 2.9%** | **Arizona — 2.9%** | **Arizona — 2.9%** |
| Arizona Board of Regents, State University Series <br> 2025C, Rev., VRDO, 1.85%, 3/6/2026 (b)<br>| 82125 | 82125 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6037, Rev., VRDO, LOC : Bank <br> of America NA, 2.10%, 3/2/2026 (a) (b)<br>| 2835 | 2835 |
| Series 2023-BAML6007, Rev., VRDO, LOC : Bank <br> of America NA, 2.03%, 3/6/2026 (a) (b)<br>| 1000 | 1000 |
| **Total Arizona** |  | 85960 |
| **Arkansas — 0.3%** | **Arkansas — 0.3%** | **Arkansas — 0.3%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2026-XF3503, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 7960 | 7960 |
| **California — 4.3%** | **California — 4.3%** | **California — 4.3%** |
| Metropolitan Water District of Southern California <br> Series 2025B, Rev., VRDO, LIQ : PNC Bank NA, <br> 1.35%, 3/6/2026 (b)<br>| 34025 | 34025 |
| Public Finance Authority Series 25-VRS213, Class A, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 25000 | 25000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XF3029, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 19238 | 19238 |
| Series 2022-XF3030, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 18655 | 18655 |
| Series 2025-XF3470, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.88%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2023-ZF3175, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.89%, 3/6/2026 (a) (b)<br>| 6795 | 6795 |
| Series 2022-XX1237, GO, VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 6665 | 6665 |
| Series 2022-XX1239, GO, VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 2250 | 2250 |
| Series 2025-XF3493, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| Series XG0100, Rev., VRDO, AMBAC, LOC : <br> Deutsche Bank AG, 1.92%, 3/6/2026 (a) (b)<br>| 5900 | 5900 |
| Series 2025-CF7014, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 5006 | 5006 |
| **Total California** |  | 127409 |
| **Colorado — 0.7%** | **Colorado — 0.7%** | **Colorado — 0.7%** |
| County of Arapahoe, Multi-Family Rental Housing, <br> Hunter's Run Holdings LP, Rev., VRDO, LOC : <br> FHLMC, 1.90%, 3/6/2026 (b)<br>| 11100 | 11100 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XG0420, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2023-XF1619, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| **Total Colorado** |  | 19100 |
| **Connecticut — 3.1%** | **Connecticut — 3.1%** | **Connecticut — 3.1%** |
| Capital Region Development Authority, Parking and <br> Energy Fee Series 2004B, Rev., VRDO, LIQ : Bank <br> of America NA, 2.08%, 3/6/2026 (b)<br>| 10965 | 10965 |
| Connecticut Housing Finance Authority, Housing <br> Mortgage Finance Program<br>|  |  |
| Series 2022, Subseries E-2, Rev., VRDO, GNMA / <br> FNMA / FHLMC COLL, LOC : Sumitomo Mitsui <br> Banking Corp., 1.86%, 3/6/2026 (b)<br>| 14500 | 14500 |
| Subseries 2020A-3, Rev., VRDO, LIQ : Sumitomo <br> Mitsui Banking Corp., 1.86%, 3/6/2026 (b)<br>| 10000 | 10000 |
| Connecticut State Health and Educational Facilities <br> Authority, New Haven Hospital Series D, Rev., <br> VRDO, 1.70%, 3/6/2026 (b)<br>| 15250 | 15250 |
| Connecticut State Health and Educational Facilities <br> Authority, Yale University Series 2017A-2, Rev., <br> VRDO, 1.50%, 3/6/2026 (b)<br>| 38660 | 38660 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2022-YX1255, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3010 | 3010 |
| **Total Connecticut** |  | 92385 |
| **District of Columbia — 1.6%** | **District of Columbia — 1.6%** | **District of Columbia — 1.6%** |
| Metropolitan Washington Airports Authority Aviation <br> Series 2009D-2, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 2660 | 2660 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3133, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 3800 | 3800 |
| Series 2025-XG0601, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 25140 | 25140 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 15

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| Series 2022-YX1195, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 1790 | 1790 |
| Series 2023-ZL0506, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1360 | 1360 |
| Series 2025-XF3433, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2415 | 2415 |
| Series 2025-YX1438, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 6970 | 6970 |
| Series 2024-XL0561, Rev., VRDO, LIQ : Bank of <br> America NA, 1.93%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| **Total District of Columbia** |  | 46635 |
| **Florida — 8.5%** | **Florida — 8.5%** | **Florida — 8.5%** |
| City of Jacksonville, Health Care Facilities, Baptist <br> Health Series 2019C, Rev., VRDO, 1.88%, <br> 3/6/2026 (b)<br>| 16930 | 16930 |
| County of Escambia, Gulf Power Co., Project Series <br> R, Rev., VRDO, 2.15%, 3/6/2026 (b)<br>| 10000 | 10000 |
| County of Martin, Florida Power and Light Co., <br> Project, Rev., VRDO, 2.00%, 3/6/2026 (b)<br>| 27875 | 27875 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 1.90%, 3/6/2026 (b)<br>| 58400 | 58400 |
| Deutsche Bank Spears Series DB-8160, Rev., VRDO, <br> LIQ : Deutsche Bank AG, 1.91%, 3/6/2026 (a) <br> (b)<br>| 6015 | 6015 |
| Highlands County Health Facilities Authority, <br> Adventist Health System<br>|  |  |
| Series 2012I-2, Rev., VRDO, 1.85%, <br> 3/6/2026 (b)<br>| 26175 | 26175 |
| Series 2012I-4, Rev., VRDO, 1.90%, <br> 3/6/2026 (b)<br>| 2100 | 2100 |
| Public Finance Authority |  |  |
| Series 2025-VRS202, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 16000 | 16000 |
| Series 2026-VRS224, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 14900 | 14900 |
| Series 2025-VRS215, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 19900 | 19900 |
| Series 25-VRS214, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 10000 | 10000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3223, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 8000 | 8000 |
| Series 2021-XG0345, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2850 | 2850 |
| Series 2022-XL0324, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 4650 | 4650 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Series 2023-XF3080, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5995 | 5995 |
| Series 2023-ZL0485, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-XF1808, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2670 | 2670 |
| Series 2025-ZF3457, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3945 | 3945 |
| Series 2023-XF1666, Rev., VRDO, LIQ : TD Bank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 4960 | 4960 |
| Series 2024-BAML6018, Rev., VRDO, LOC : Bank <br> of America NA, 2.00%, 3/6/2026 (a) (b)<br>| 7240 | 7240 |
| **Total Florida** |  | 251105 |
| **Georgia — 1.8%** | **Georgia — 1.8%** | **Georgia — 1.8%** |
| Development Authority of Monroe County (The), <br> Gulf Power Co. Project Series 2002-1, Rev., <br> VRDO, 2.00%, 3/6/2026 (b)<br>| 14000 | 14000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-BAML6042, Rev., VRDO, LOC : Bank <br> of America NA, 2.10%, 3/2/2026 (a) (b)<br>| 8220 | 8220 |
| Series 2024-XF3232, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 17600 | 17600 |
| Series 2025-ZF1829, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4445 | 4445 |
| Series 2024-XF1786, Rev., VRDO, LIQ : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 7595 | 7595 |
| **Total Georgia** |  | 51860 |
| **Hawaii — 0.1%** | **Hawaii — 0.1%** | **Hawaii — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XL0590, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2670 | 2670 |
| **Idaho — 0.7%** | **Idaho — 0.7%** | **Idaho — 0.7%** |
| Idaho Health Facilities Authority, St. Luke's Health <br> System Project Series 2018C, Rev., VRDO, LOC : <br> US Bank NA, 1.95%, 3/2/2026 (b)<br>| 3675 | 3675 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-ZF1654, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1705 | 1705 |
| Series 2026-CF7072, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 13746 | 13746 |
| **Total Idaho** |  | 19126 |
| **Illinois — 3.9%** | **Illinois — 3.9%** | **Illinois — 3.9%** |
| Illinois Finance Authority, Northwestern University <br> Series 2008-B, Rev., VRDO, 1.87%, <br> 3/6/2026 (b)<br>| 23240 | 23240 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Illinois Finance Authority, University of Chicago <br> Medical Center (The) Series 2009E-1, Rev., <br> VRDO, LOC : Sumitomo Mitsui Banking Corp., <br> 1.89%, 3/6/2026 (b)<br>| 8100 | 8100 |
| Illinois Housing Development Authority, 400 Lake <br> Shore Drive Series 2025C6, Rev., VRDO, LOC : <br> Wells Fargo Bank NA, 1.88%, 3/6/2026 (b)<br>| 11065 | 11065 |
| Public Finance Authority Series 2025-VRS207, Rev., <br> VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 40000 | 40000 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series 2025-E-169, GO, VRDO, LOC : <br> Royal Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 20000 | 20000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2022-XX1264, GO, VRDO, LOC : Barclays <br> Bank plc, 1.94%, 3/6/2026 (a) (b)<br>| 14065 | 14065 |
| **Total Illinois** |  | 116470 |
| **Indiana — 0.9%** | **Indiana — 0.9%** | **Indiana — 0.9%** |
| Indiana Finance Authority, Ascension Senior Credit <br> Group Series 2025D-1, Rev., VRDO, 1.85%, <br> 3/6/2026 (b)<br>| 25000 | 25000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XF3498, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2425 | 2425 |
| **Total Indiana** |  | 27425 |
| **Iowa — 2.1%** | **Iowa — 2.1%** | **Iowa — 2.1%** |
| Iowa Finance Authority, CJ Bio America, Inc., <br> Project, Rev., VRDO, LOC : Korea Development <br> Bank, 2.14%, 3/6/2026 (a) (b)<br>| 3100 | 3100 |
| Iowa Finance Authority, Midwestern Disaster Area, <br> Cargill, Inc., Project Series 2011A, Rev., VRDO, <br> 1.91%, 3/6/2026 (b)<br>| 29300 | 29300 |
| Iowa Finance Authority, Single Family <br> Mortgage-Backed Securities Program<br>|  |  |
| Series 2020B, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : TD Bank NA, 1.87%, <br> 3/6/2026 (b)<br>| 5170 | 5170 |
| Series 2022E, Rev., VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : FHLB, 1.88%, <br> 3/6/2026 (b)<br>| 6665 | 6665 |
| Series 2021E, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 1.89%, 3/6/2026 (b)<br>| 6650 | 6650 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Iowa — continued** | **Iowa — continued** | **Iowa — continued** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XG0522, Rev., VRDO, GNMA / FNMA <br> / FHLMC COLL, LIQ : Royal Bank of Canada, <br> 1.91%, 3/6/2026 (a) (b)<br>| 4300 | 4300 |
| Series 2025-XG0599, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| **Total Iowa** |  | 60810 |
| **Kansas — 0.5%** | **Kansas — 0.5%** | **Kansas — 0.5%** |
| University of Kansas Hospital Authority, Health <br> System, Rev., VRDO, LOC : US Bank NA, 1.95%, <br> 3/2/2026 (b)<br>| 16000 | 16000 |
| **Kentucky — 2.5%** | **Kentucky — 2.5%** | **Kentucky — 2.5%** |
| Kentucky Economic Development Finance Authority, <br> Goodwill Industries of Kentucky, Inc., Project, <br> Rev., VRDO, LOC : PNC Bank NA, 1.88%, <br> 3/6/2026 (b)<br>| 44000 | 44000 |
| Louisville, Norton Healthcare, Inc. Series 2013C, <br> Rev., VRDO, LOC : PNC Bank NA, 1.90%, <br> 3/6/2026 (b)<br>| 7475 | 7475 |
| Public Finance Authority Series 2025-VRS203, Rev., <br> VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 10950 | 10950 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2026-BAML5070, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 11040 | 11040 |
| **Total Kentucky** |  | 73465 |
| **Louisiana — 4.1%** | **Louisiana — 4.1%** | **Louisiana — 4.1%** |
| East Baton Rouge Parish Industrial Development <br> Board, Inc., ExxonMobil Project, Gulf Opportunity <br> Zone<br>|  |  |
| Series 2010, Rev., VRDO, 2.00%, 3/2/2026 (b) | 15625 | 15625 |
| Series 2010B, Rev., VRDO, 2.00%, 3/2/2026 (b) | 50000 | 50000 |
| Louisiana Public Facilities Authority Multifamily, <br> Linlake Ventures Project Series 2006, Rev., <br> VRDO, LIQ : FHLMC, 1.90%, 3/6/2026 (b)<br>| 4750 | 4750 |
| Public Finance Authority Series 2025-VRS209, Rev., <br> VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 50000 | 50000 |
| **Total Louisiana** |  | 120375 |
| **Maryland — 0.2%** | **Maryland — 0.2%** | **Maryland — 0.2%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-XF3152, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 5615 | 5615 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 17

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — 0.3%** | **Massachusetts — 0.3%** | **Massachusetts — 0.3%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-ZL0339, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 6000 | 6000 |
| Series 2024-XG0582, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1215 | 1215 |
| **Total Massachusetts** |  | 7215 |
| **Michigan — 1.8%** | **Michigan — 1.8%** | **Michigan — 1.8%** |
| Michigan Finance Authority, Corewell Health Series <br> 2025D, Rev., VRDO, 1.84%, 3/6/2026 (b)<br>| 26665 | 26665 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XX1259, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3605 | 3605 |
| Series 2023-XF1667, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 4550 | 4550 |
| Series 2024-XM1171, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-XF1874, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2670 | 2670 |
| Series 2025-XF3362, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3560 | 3560 |
| Series 2025-XF3385, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4600 | 4600 |
| Series 2023-XF1581, Rev., VRDO, LIQ : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| **Total Michigan** |  | 53150 |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** | **Minnesota — 0.2%** |
| Midwest Consortium of Municipal Utilities, Draw <br> Down Assignment Financing Program Series <br> 2005B, Rev., VRDO, LOC : US Bank NA, 1.95%, <br> 3/6/2026 (b)<br>| 3195 | 3195 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-CF7001, GO, VRDO, LIQ : Citibank <br> NA, 1.90%, 3/6/2026 (a) (b)<br>| 3400 | 3400 |
| **Total Minnesota** |  | 6595 |
| **Mississippi — 4.0%** | **Mississippi — 4.0%** | **Mississippi — 4.0%** |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project<br>|  |  |
| Series 2007B, Rev., VRDO, 2.07%, 3/2/2026 (b) | 11100 | 11100 |
| Series 2007C, Rev., VRDO, 2.07%, 3/2/2026 (b) | 7135 | 7135 |
| Series 2009A, Rev., VRDO, 2.07%, 3/2/2026 (b) | 2670 | 2670 |
| Series 2009B, Rev., VRDO, 2.07%, 3/2/2026 (b) | 18185 | 18185 |
| Series 2009G, Rev., VRDO, 2.07%, 3/2/2026 (b) | 25055 | 25055 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mississippi — continued** | **Mississippi — continued** | **Mississippi — continued** |
| Series 2010I, Rev., VRDO, 2.07%, 3/2/2026 (b) | 45000 | 45000 |
| Series 2011G, Rev., VRDO, 2.07%, 3/2/2026 (b) | 9400 | 9400 |
| **Total Mississippi** |  | 118545 |
| **Missouri — 2.7%** | **Missouri — 2.7%** | **Missouri — 2.7%** |
| City of Kansas City, H ROE Bartle Convention Center <br> Series 2008E, Rev., VRDO, LOC : Sumitomo Mitsui <br> Banking Corp., 1.97%, 3/6/2026 (b)<br>| 5650 | 5650 |
| Health and Educational Facilities Authority of the <br> State of Missouri, BJC Health System Series C, <br> Rev., VRDO, LIQ : BJC Health System, 1.85%, <br> 3/6/2026 (b)<br>| 22585 | 22585 |
| Industrial Development Authority of the City of St. <br> Louis Missouri (The), Mid-America Transplant <br> Services Project, Rev., VRDO, LOC : BMO Harris <br> Bank NA, 1.97%, 3/2/2026 (b)<br>| 5855 | 5855 |
| Industrial Development Authority of the City of St. <br> Louis Missouri (The), Multi-Family Housing <br> Minerva Place Apartments Series 2012, Rev., <br> VRDO, LOC : FHLMC, 1.93%, 3/6/2026 (b)<br>| 1330 | 1330 |
| Missouri Development Finance Board, St. Louis <br> Convention Center Hotel Garage Project Series <br> 2020C, Rev., VRDO, LOC : US Bank NA, 1.95%, <br> 3/2/2026 (b)<br>| 1025 | 1025 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series C-23, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.92%, 3/6/2026 (a) (b)<br>| 16760 | 16760 |
| Series C-16, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.93%, 3/6/2026 (a) (b)<br>| 11450 | 11450 |
| St. Charles County Industrial Development Authority, <br> Casalon Apartments Project Series 1995, Rev., <br> VRDO, FNMA, LOC : FNMA, 1.93%, 3/6/2026 (b)<br>| 2770 | 2770 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-ZF3236, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Wells Fargo Bank NA, 1.91%, <br> 3/6/2026 (a) (b)<br>| 4990 | 4990 |
| Series 2025-XF1839, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2950 | 2950 |
| Series 2025-YX1436, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3730 | 3730 |
| **Total Missouri** |  | 79095 |
| **Montana — 0.3%** | **Montana — 0.3%** | **Montana — 0.3%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XF3447, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 10000 | 10000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nebraska — 1.0%** | **Nebraska — 1.0%** | **Nebraska — 1.0%** |
| County of Washington, Cargill, Inc., Recovery Zone <br> Facility Project Series 2010B, Rev., VRDO, <br> 1.91%, 3/6/2026 (b)<br>| 11300 | 11300 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-ZF3191, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 9335 | 9335 |
| Series 2023-ZF3168, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 7980 | 7980 |
| Series 2024-YX1335, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Barclays Bank plc, 1.91%, <br> 3/6/2026 (a) (b)<br>| 1910 | 1910 |
| **Total Nebraska** |  | 30525 |
| **New York — 12.0%** | **New York — 12.0%** | **New York — 12.0%** |
| City of New York, Fiscal Year 2023 |  |  |
| Series 2023A, Subseries A-3, GO, VRDO, LIQ : <br> Bank of Montreal, 1.90%, 3/2/2026 (b)<br>| 43800 | 43800 |
| Series 2023A, Subseries A-4, GO, VRDO, LIQ : TD <br> Bank NA, 1.90%, 3/2/2026 (b)<br>| 8800 | 8800 |
| City of New York, Fiscal Year 2025 Series 2025, <br> Subseries G-3, GO, VRDO, LIQ : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 5000 | 5000 |
| Deutsche Bank Spears |  |  |
| Series DB-8139, GO, VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 1900 | 1900 |
| Series DB-8175, GO, VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 5395 | 5395 |
| Metropolitan Transportation Authority Series <br> 2002D, Subseries2B, Rev., VRDO, LOC : Truist <br> Bank, 1.90%, 3/2/2026 (b)<br>| 14300 | 14300 |
| Metropolitan Transportation Authority Dedicated <br> Tax Fund<br>|  |  |
| Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 2075 | 2075 |
| Series 2008A-2A, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 700 | 700 |
| New York City Housing Development Corp., <br> Multi-Family Rental Housing, West 89th Street <br> Development Series 2006A, Rev., VRDO, LOC : <br> FNMA, 2.05%, 3/6/2026 (b)<br>| 29050 | 29050 |
| New York City Housing Development Corp., <br> Multi-Family, 201 Pearl LLC Series 2006A, Rev., <br> VRDO, LOC : FNMA, 1.90%, 3/6/2026 (b)<br>| 3550 | 3550 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution Series 2009BB-1, Rev., VRDO, LIQ : <br> UBS AG, 1.95%, 3/2/2026 (b)<br>| 13470 | 13470 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2010 Series 2010CC, <br> Rev., VRDO, LIQ : State Street Bank & Trust Co., <br> 1.90%, 3/2/2026 (b)<br>| 44390 | 44390 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2014 Series AA-5, Rev., <br> VRDO, LIQ : Mizuho Bank Ltd., 1.90%, <br> 3/2/2026 (b)<br>| 335 | 335 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2023 Series 2023, <br> Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank <br> Ltd., 2.00%, 3/2/2026 (b)<br>| 7830 | 7830 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2015 Series A-4, Rev., <br> VRDO, LIQ : Mizuho Bank Ltd., 2.02%, <br> 3/2/2026 (b)<br>| 13000 | 13000 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2023 Series 2023, <br> Subseries A-2, Rev., VRDO, LIQ : UBS AG, 1.90%, <br> 3/2/2026 (b)<br>| 60805 | 60805 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025 <br> Series 2025H, Subseries H-1, Rev., VRDO, LIQ : <br> TD Bank NA, 1.90%, 3/2/2026 (b)<br>| 29450 | 29450 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-118, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.05%, 3/2/2026 (a) (b)<br>| 10000 | 10000 |
| Series E-120, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.05%, 3/2/2026 (a) (b)<br>| 19800 | 19800 |
| Series E-146, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3275 | 3275 |
| Series E-159, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2675 | 2675 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF8037, Rev., VRDO, LIQ : Bank of <br> America NA, 2.07%, 3/2/2026 (a) (b)<br>| 5330 | 5330 |
| Series 2026-XL0731, Rev., VRDO, LIQ : Bank of <br> America NA, 2.07%, 3/2/2026 (a) (b)<br>| 3335 | 3335 |
| Series 2020-XF2878, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 7355 | 7355 |
| Series 2023-XF3169, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4500 | 4500 |
| Series 2025-XL0617, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3975 | 3975 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 19

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-ZF3465, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3285 | 3285 |
| Series 2026-XF3509, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2140 | 2140 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels<br>|  |  |
| Series 2003B-2, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 800 | 800 |
| Series 2005B-4A, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 4155 | 4155 |
| Series 2003B1, Rev., VRDO, LOC : US Bank NA, <br> 1.95%, 3/2/2026 (b)<br>| 700 | 700 |
| **Total New York** |  | 355175 |
| **North Carolina — 0.0% ^** | **North Carolina — 0.0% ^** | **North Carolina — 0.0% ^** |
| North Carolina Capital Facilities Finance Agency, <br> Rocky Mountain Prep School Series 2007, Rev., <br> VRDO, LOC : Truist Bank, 2.60%, 3/6/2026 (b)<br>| 760 | 760 |
| **Ohio — 6.7%** | **Ohio — 6.7%** | **Ohio — 6.7%** |
| Cleveland-Cuyahoga County Port Authority, Museum <br> of Natural History Project<br>|  |  |
| Series 2005B, Rev., VRDO, LIQ : PNC Bank NA, <br> 1.88%, 3/6/2026 (b)<br>| 20000 | 20000 |
| Series D, Rev., VRDO, LIQ : PNC Bank NA, 1.88%, <br> 3/6/2026 (b)<br>| 4580 | 4580 |
| Ohio State University (The), General Receipts Series <br> 2023D-1, Rev., VRDO, 1.85%, 3/6/2026 (b)<br>| 24950 | 24950 |
| Ohio Water Development Authority Water Pollution <br> Control Loan Fund Series 2024C, Rev., VRDO, LIQ <br> : TD Bank NA, 1.90%, 3/2/2026 (b)<br>| 6550 | 6550 |
| Public Finance Authority |  |  |
| Series 2026-VRS222, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 15190 | 15190 |
| Series 2025-VRS216, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 24950 | 24950 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E132, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2065 | 2065 |
| Series C-18, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.92%, 3/6/2026 (a) (b)<br>| 9000 | 9000 |
| Series C-22, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.92%, 3/6/2026 (a) (b)<br>| 10000 | 10000 |
| State of Ohio, Adult Correctional Capital Facilities <br> Lease Appropriation Series 2025B, Rev., VRDO, <br> 1.85%, 3/6/2026 (b)<br>| 57175 | 57175 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0570, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 4625 | 4625 |
| Series 2023-XG0525, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 6775 | 6775 |
| Series 2022-ZL0355, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3815 | 3815 |
| Series 2024-XF1711, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3950 | 3950 |
| Series 2025-XF3484, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4970 | 4970 |
| **Total Ohio** |  | 198595 |
| **Oklahoma — 0.9%** | **Oklahoma — 0.9%** | **Oklahoma — 0.9%** |
| Public Finance Authority Series 2025-VRS401, <br> Class A, Rev., VRDO, LOC : Bank of America NA, <br> 2.10%, 3/2/2026 (a) (b)<br>| 25000 | 25000 |
| **Oregon — 0.1%** | **Oregon — 0.1%** | **Oregon — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2026-CF7080, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 3500 | 3500 |
| **Other — 0.3%** | **Other — 0.3%** | **Other — 0.3%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-CF7004, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 5885 | 5885 |
| Series 2024-CF7008, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| **Total Other** |  | 9885 |
| **Pennsylvania — 3.2%** | **Pennsylvania — 3.2%** | **Pennsylvania — 3.2%** |
| Allegheny County Higher Education Building <br> Authority, Carnegie Mellon University Series <br> 2008A, Rev., VRDO, LIQ : Bank of New York <br> Mellon (The), 1.80%, 3/2/2026 (b)<br>| 6300 | 6300 |
| Montgomery County Redevelopment Authority, <br> Multi-Family Housing, Brookside Manors <br> Apartments Project Series 2001A, Rev., VRDO, <br> LOC : FNMA, 1.88%, 3/6/2026 (b)<br>| 11710 | 11710 |
| Pennsylvania Turnpike Commission Series 2023B, <br> Rev., VRDO, LOC : TD Bank NA, 1.88%, <br> 3/6/2026 (b)<br>| 23460 | 23460 |
| Philadelphia Gas Works Co. Series C, Rev., VRDO, <br> LOC : TD Bank NA, 1.88%, 3/6/2026 (b)<br>| 10855 | 10855 |
| RIB Floater Trust Various States Series 2022-044, <br> Rev., VRDO, LIQ : Barclays Bank plc, 2.03%, <br> 3/2/2026 (a) (b)<br>| 2180 | 2180 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XL0673, Rev., VRDO, LIQ : Bank of <br> America NA, 2.08%, 3/2/2026 (a) (b)<br>| 4270 | 4270 |
| Series 2023-ZF3186, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1350 | 1350 |
| Series 2023-ZL0514, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3125 | 3125 |
| Series 2024-XF1769, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2025-XF3360, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2935 | 2935 |
| Series 2025-XG0626, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2025-XL0697, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3375 | 3375 |
| Series 2025-XM1218, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 910 | 910 |
| Series 2025-XM1300, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 2500 | 2500 |
| Series 2025-YX1435, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3325 | 3325 |
| Series 2025-ZF3365, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2025-ZF3366, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1885 | 1885 |
| Series 2024-XF1707, Rev., VRDO, LIQ : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 5330 | 5330 |
| **Total Pennsylvania** |  | 93135 |
| **South Dakota — 0.4%** | **South Dakota — 0.4%** | **South Dakota — 0.4%** |
| South Dakota Housing Development Authority, <br> Homeownership Mortgage Series 2022D, Rev., <br> VRDO, LIQ : FHLB, 1.88%, 3/6/2026 (b)<br>| 12110 | 12110 |
| **Tennessee — 3.3%** | **Tennessee — 3.3%** | **Tennessee — 3.3%** |
| Metropolitan Knoxville Airport Authority, Rev., <br> VRDO, LOC : Truist Bank, 1.95%, 3/2/2026 (b)<br>| 35575 | 35575 |
| Public Building Authority of Sevier County, Local <br> Government Public Improvement Series VII-Q-1, <br> Rev., VRDO, LOC : Truist Bank, 1.95%, <br> 3/2/2026 (b)<br>| 42850 | 42850 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XL0369, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-XG0611, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 1970 | 1970 |
| Series 2018-XF2576, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 1100 | 1100 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Series 2023-XF1625, Rev., VRDO, LIQ : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2024-XG0548, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 2400 | 2400 |
| Series 2024-XF1698, Rev., VRDO, LIQ : TD Bank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 3720 | 3720 |
| **Total Tennessee** |  | 96615 |
| **Texas — 9.5%** | **Texas — 9.5%** | **Texas — 9.5%** |
| City of Austin, Texas Hotel Occupancy Tax, <br> Subordinate Lien Series 2008A, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 1.88%, <br> 3/6/2026 (b)<br>| 5310 | 5310 |
| Deutsche Bank Spears Series 2025-DBE8159, Rev., <br> VRDO, LOC : Deutsche Bank AG, 2.10%, <br> 3/2/2026 (a) (b)<br>| 4300 | 4300 |
| Harris County Cultural Education Facilities Finance <br> Corp., Houston Methodist Series 2025G, Rev., <br> VRDO, LIQ : PNC Bank NA, 2.00%, 3/2/2026 (b)<br>| 30000 | 30000 |
| Harris County Cultural Education Facilities Finance <br> Corp., Memorial Hermann Health System Series <br> 2024F, Rev., VRDO, 1.70%, 3/6/2026 (b)<br>| 12225 | 12225 |
| Lower Neches Valley Authority Industrial <br> Development Corp., ExxonMobil Project, Rev., <br> VRDO, 2.00%, 3/2/2026 (b)<br>| 12592 | 12592 |
| Lubbock Independent School District Series 2006, <br> GO, VRDO, PSF-GTD, LIQ : Wells Fargo Bank NA, <br> 1.93%, 3/6/2026 (b)<br>| 5960 | 5960 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Ascension Senior Credit Series 2025 E-1, <br> Rev., VRDO, 1.87%, 3/6/2026 (b)<br>| 33200 | 33200 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3259, Rev., VRDO, LIQ : Bank of <br> America NA, 2.08%, 3/2/2026 (a) (b)<br>| 9675 | 9675 |
| Series 2023-XF3121, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 11727 | 11727 |
| Series 2024-XG0588, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 8175 | 8175 |
| Series 2023-XF3165, GO, VRDO, PSF-GTD, LIQ : <br> Morgan Stanley Bank NA, 1.90%, <br> 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2023-ZF3201, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 3000 | 3000 |
| Series 2022-XL0360, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2760 | 2760 |
| Series 2022-XM1050, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2675 | 2675 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 21

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JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2023-XF3128, GO, VRDO, PSF-GTD, LIQ : <br> Wells Fargo Bank NA, 1.91%, 3/6/2026 (a) <br> (b)<br>| 700 | 700 |
| Series 2023-XF3154, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2023-XG0530, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5200 | 5200 |
| Series 2023-XG0534, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5335 | 5335 |
| Series 2023-XL0500, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4340 | 4340 |
| Series 2023-XM1125, GO, VRDO, PSF-GTD, LIQ : <br> Wells Fargo Bank NA, 1.91%, 3/6/2026 (a) <br> (b)<br>| 2800 | 2800 |
| Series 2025-XF3431, GO, VRDO, PSF-GTD, LIQ : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 1800 | 1800 |
| Series 2025-XF3432, GO, VRDO, PSF-GTD, LIQ : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XF3437, GO, VRDO, PSF-GTD, LIQ : <br> Wells Fargo Bank NA, 1.91%, 3/6/2026 (a) <br> (b)<br>| 2670 | 2670 |
| Series 2025-XF8021, GO, VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2025-XG0596, GO, VRDO, PSF-GTD, LIQ : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 3410 | 3410 |
| Series 2025-XL0686, GO, VRDO, LIQ : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2025-XM1343, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4725 | 4725 |
| Series 2025-YX1412, GO, VRDO, PSF-GTD, LIQ : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3035 | 3035 |
| Series 2025-ZF3369, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF3370, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF3461, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4250 | 4250 |
| Series 2025-ZF3467, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1500 | 1500 |
| Series 2026-CF7075, GO, VRDO, PSF-GTD, LIQ : <br> Citibank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4945 | 4945 |
| Series 2026-CF7081, GO, VRDO, PSF-GTD, LIQ : <br> Citibank NA, 1.91%, 3/6/2026 (a) (b)<br>| 9235 | 9235 |
| Series 2026-XF3510, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2026-XM1345, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2300 | 2300 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2023-XG0505, GO, VRDO, PSF-GTD, LIQ : <br> TD Bank NA, 1.92%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2023-XF3147, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 2805 | 2805 |
| Series 2025-XL0692, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 14200 | 14200 |
| Series 2026-XF3504, GO, VRDO, PSF-GTD, LIQ : <br> Morgan Stanley Bank NA, 1.93%, <br> 3/6/2026 (a) (b)<br>| 8800 | 8800 |
| Texas Department of Transportation State Highway <br> Fund, First Tier Series 2014-B, Rev., VRDO, LIQ : <br> Sumitomo Mitsui Banking Corp., 1.90%, <br> 3/6/2026 (b)<br>| 29825 | 29825 |
| **Total Texas** |  | 279974 |
| **Utah — 0.1%** | **Utah — 0.1%** | **Utah — 0.1%** |
| County of Utah, IHC Health Services, Inc. Series <br> 2014C, Rev., VRDO, LIQ : US Bank NA, 2.00%, <br> 3/6/2026 (b)<br>| 2460 | 2460 |
| **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |
| Vermont Educational and Health Buildings Financing <br> Agency, Landmark College Project Series A, Rev., <br> VRDO, LOC : TD Bank NA, 2.08%, 3/2/2026 (b)<br>| 2675 | 2675 |
| **Virginia — 1.3%** | **Virginia — 1.3%** | **Virginia — 1.3%** |
| City of Norfolk Series 2007, GO, VRDO, LIQ : Bank of <br> America NA, 1.90%, 3/6/2026 (b)<br>| 2440 | 2440 |
| Loudoun County Economic Development Authority, <br> Jack Kent Cooke Foundation Project Series 2004, <br> Rev., VRDO, LOC : Northern Trust Co. (The), <br> 2.00%, 3/6/2026 (b)<br>| 5540 | 5540 |
| Public Finance Authority Series 2025-VRS204, Rev., <br> VRDO, LOC : Bank of America NA, 1.94%, <br> 3/6/2026 (a) (b)<br>| 5950 | 5950 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series C-19, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XL0489, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1800 | 1800 |
| Series 2024-XG0560, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2024-XM1176, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3300 | 3300 |
| Series 2024-XX1356, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3550 | 3550 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| Series 2025-XX1394, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4125 | 4125 |
| Series 2025-XF8057, Rev., VRDO, LOC : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| **Total Virginia** |  | 38205 |
| **Washington — 1.8%** | **Washington — 1.8%** | **Washington — 1.8%** |
| Deutsche Bank Spears Series 2025-DB8163, GO, <br> VRDO, LIQ : Deutsche Bank AG, 1.91%, <br> 3/6/2026 (a) (b)<br>| 11875 | 11875 |
| State of Washington Series 2023-0012, Class A, GO, <br> VRDO, LIQ : Citibank NA, 1.92%, 3/6/2026 (a) <br> (b)<br>| 6000 | 6000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-ZL0490, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1670 | 1670 |
| Series 2023-ZL0491, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1670 | 1670 |
| Series 2025-ZF1820, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1250 | 1250 |
| Series 2026-CF7074, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 20065 | 20065 |
| Series 2026-CF7077, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 11650 | 11650 |
| **Total Washington** |  | 54180 |
| **Wisconsin — 3.4%** | **Wisconsin — 3.4%** | **Wisconsin — 3.4%** |
| Public Finance Authority |  |  |
| Series 2025-VRS221, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 25000 | 25000 |
| Series 2025-VRS301, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 13000 | 13000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2026-BAML6047, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 28425 | 28425 |
| Series 2024-XG0571, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 1785 | 1785 |
| Series 2022-XL0296, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5530 | 5530 |
| Series 2023-XF3076, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3895 | 3895 |
| Series 2023-XL0483, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2245 | 2245 |
| Series 2024-XF1696, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Royal Bank of Canada, 1.91%, <br> 3/6/2026 (a) (b)<br>| 4440 | 4440 |
| Series 2024-XG0553, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 1455 | 1455 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Series 2024-XL0554, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Royal Bank of Canada, 1.91%, <br> 3/6/2026 (a) (b)<br>| 7500 | 7500 |
| Series 2026-XF3508, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5820 | 5820 |
| Wisconsin Housing and Economic Development <br> Authority Home Ownership Series 2016C, Rev., <br> AMT, VRDO, FNMA COLL, LIQ : Royal Bank of <br> Canada, 1.88%, 3/6/2026 (b)<br>| 2190 | 2190 |
| **Total Wisconsin** |  | 101285 |
| Total Municipal Bonds <br>(Cost $2,743,814)<br>|  | 2743814 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 6.5%** | **Variable Rate Demand Preferred Shares — 6.5%** | **Variable Rate Demand Preferred Shares — 6.5%** |
| **California — 0.3%** | **California — 0.3%** | **California — 0.3%** |
| Nuveen California AMT - Free Quality Municipal <br> Income Fund Series 6, LIQ : Sumitomo Mitsui <br> Banking Corp., 1.91%, 3/6/2026# (a)<br>| 9000 | 9000 |
| **New York — 1.6%** | **New York — 1.6%** | **New York — 1.6%** |
| Nuveen New York AMT - Free Quality Municipal <br> Income Fund<br>|  |  |
| Series 2, LIQ : Royal Bank of Canada, 1.93%, <br> 3/6/2026# (a)<br>| 13600 | 13600 |
| Series 5, LIQ : TD Bank NA, 1.95%, 3/6/2026# <br> (a)<br>| 34200 | 34200 |
| Total New York |  | 47800 |
| **Other — 4.6%** | **Other — 4.6%** | **Other — 4.6%** |
| Nuveen AMT - Free Municipal Credit Income Fund |  |  |
| Series 6, LIQ : Sumitomo Mitsui Banking Corp., <br> 1.93%, 3/6/2026# (a)<br>| 46700 | 46700 |
| Series 5, LIQ : Societe Generale, 1.93%, <br> 3/6/2026# (a)<br>| 17400 | 17400 |
| Nuveen AMT - Free Quality Municipal Income Fund |  |  |
| Series 4-4895, LIQ : Barclays Bank plc, 1.96%, <br> 3/5/2026# (a)<br>| 34400 | 34400 |
| Series 5-1000, LOC : Sumitomo Mitsui Banking <br> Corp., 1.94%, 3/6/2026# (a)<br>| 25000 | 25000 |
| Series 3-PFD, LIQ : TD Bank NA, 1.97%, <br> 3/6/2026# (a)<br>| 13400 | 13400 |
| Total Other |  | 136900 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $193,700)<br>|  | 193700 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 23

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JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 99.4%** <br>**(Cost $2,937,514)** \*<br>|  | **2937514** |
| **Other Assets in Excess of Liabilities — 0.6%** |  | **16800** |
| **NET ASSETS — 100.0%** |  | **2954314** |

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

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| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |

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| | |
|:---|:---|
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| Rev. | Revenue |
| VRDO | Variable Rate Demand Obligation |

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| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| # | Variable Rate Demand Preferred Shares of a <br> closed-end investment company which has a weekly <br> demand feature. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Money Market Funds February 28, 2026

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JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 18.0%** | **Repurchase Agreements — 18.0%** | **Repurchase Agreements — 18.0%** |
| BMO Capital Markets Corp., 3.73%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $50,016, collateralized by Corporate Notes and <br> Bonds, 4.15% - 6.56%, due 10/18/2027 - <br> 1/25/2036, with a value of $52,517.<br>| 50000 | 50000 |
| BMO Capital Markets Corp., 3.73%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $150,047, collateralized by Collateralized <br> Mortgage Obligations, 0.69% - 7.16%, due <br> 11/25/2055 - 10/25/2066, Corporate Notes <br> and Bonds, 3.88% - 10.00%, due 2/15/2028 - <br> 11/30/2054 and FNMA, 4.52% - 4.96%, due <br> 12/26/2041 - 2/25/2046, with a value of <br> $162,050.<br>| 150000 | 150000 |
| BMO Capital Markets Corp., 3.70%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $20,014, collateralized by Corporate Notes and <br> Bonds, 1.95% - 5.70%, due 10/21/2027 - <br> 5/30/2041, with a value of $21,061.<br>| 20000 | 20000 |
| BMO Capital Markets Corp., 3.70%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $40,029, collateralized by Corporate Notes and <br> Bonds, 1.51% - 6.42%, due 7/20/2027 - <br> 11/1/2054, with a value of $42,121.<br>| 40000 | 40000 |
| BMO Capital Markets Corp., 3.73%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $90,065, collateralized by Collateralized <br> Mortgage Obligations, 5.15% - 6.15%, due <br> 5/18/2042 - 9/25/2065 and Corporate Notes <br> and Bonds, 1.59% - 7.39%, due 3/15/2026 - <br> 2/15/2056, with a value of $96,933.<br>| 90000 | 90000 |
| BMO Capital Markets Corp., 3.74%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $125,091, collateralized by Collateralized <br> Mortgage Obligations, 0.92% - 5.74%, due <br> 9/17/2037 - 2/25/2071, with a value of <br> $135,407.<br>| 125000 | 125000 |
| BNP Paribas SA, 3.74%, dated 2/27/2026, due <br> 3/4/2026, repurchase price $130,067, <br> collateralized by Asset-Backed Securities, <br> 5.19% - 5.52%, due 10/20/2036 - <br> 4/15/2038, Collateralized Mortgage <br> Obligations, 4.93% - 7.71%, due 12/25/2063 <br> - 9/25/2070, Corporate Notes and Bonds, <br> 1.15% - 7.50%, due 8/13/2026 - <br> 7/28/2086^^ and FHLMC, 2.79%, due <br> 6/25/2029, with a value of $137,280.<br>| 130000 | 130000 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| BNP Paribas SA, 3.78%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $125,092, <br> collateralized by Collateralized Mortgage <br> Obligations, 6.75% - 8.31%, due 11/15/2027 <br> - 8/15/2041, Corporate Notes and Bonds, <br> 0.00% - 13.00%, due 10/31/2026 - <br> 3/15/2042 and Sovereign Government <br> Securities, 0.00%, due 12/15/2035, with a <br> value of $135,079.<br>| 125000 | 125000 |
| BNP Paribas SA, 3.83%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $317,236, <br> collateralized by Asset-Backed Securities, <br> 5.42% - 5.52%, due 10/20/2036 - <br> 10/20/2037, Collateralized Mortgage <br> Obligations, 0.22% - 5.87%, due 7/15/2039 - <br> 11/25/2065 and Corporate Notes and Bonds, <br> 1.15% - 7.25%, due 4/16/2026 - <br> 11/15/2065, with a value of $336,170.<br>| 317000 | 317000 |
| BNP Paribas SA, 3.84%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $375,280, <br> collateralized by Asset-Backed Securities, <br> 0.01% - 7.42%, due 2/25/2028 - <br> 10/20/2054, Collateralized Mortgage <br> Obligations, 5.14%, due 7/25/2065, Corporate <br> Notes and Bonds, 2.57% - 6.58%, due <br> 2/24/2028 - 3/22/2053, FNMA, 4.25% - <br> 13.13%, due 1/25/2034 - 5/25/2060 <br> Municipal Debt Securities, 1.88%, due <br> 7/25/2037 and Sovereign Government <br> Securities, 1.38% - 6.00%, due 8/7/2026 - <br> 1/12/2062, with a value of $400,698.<br>| 375000 | 375000 |
| BNP Paribas SA, 4.05%, dated 2/27/2026, due <br> 4/3/2026, repurchase price $115,453, <br> collateralized by Asset-Backed Securities, <br> 4.03% - 4.84%, due 9/15/2028 - 4/25/2037, <br> Collateralized Mortgage Obligations, 5.02% - <br> 8.31%, due 8/15/2041 - 10/25/2065, <br> Corporate Notes and Bonds, 0.00% - 13.50%, <br> due 11/5/2026 - 3/7/2087^^ and Sovereign <br> Government Securities, 0.00%, due <br> 12/15/2035, with a value of $126,808.<br>| 115000 | 115000 |
| BNP Paribas SA, 4.05%, dated 2/27/2026, due <br> 4/3/2026, repurchase price $702,756, <br> collateralized by Asset-Backed Securities, <br> 0.00% - 12.28%, due 4/15/2026 - <br> 12/25/2060^^, Collateralized Mortgage <br> Obligations, 5.01%, due 10/26/2065 and <br> Corporate Notes and Bonds, 4.20% - 12.00%, <br> due 6/1/2029 - 1/15/2084^^, with a value of <br> $784,415.<br>| 700000 | 700000 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 25

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JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| BofA Securities, Inc., 3.74%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $200,062, <br> collateralized by Asset-Backed Securities, <br> 0.00% - 5.09%, due 10/20/2034 - <br> 11/25/2036 and Collateralized Mortgage <br> Obligations, 0.00% - 9.59%, due 11/15/2027 <br> - 12/25/2065, with a value of $216,003.<br>| 200000 | 200000 |
| BofA Securities, Inc., 4.09%, dated 2/27/2026, <br> due 6/2/2026, repurchase price $505,397, <br> collateralized by Asset-Backed Securities, <br> 4.00%, due 4/15/2028, Collateralized <br> Mortgage Obligations, 0.00% - 11.53%, due <br> 7/25/2026 - 1/25/2066, Corporate Notes and <br> Bonds, 0.00%, due 7/15/2027 - 11/24/2028, <br> FNMA, 3.00% - 10.52%, due 1/25/2040 - <br> 4/25/2062 and Sovereign Government <br> Securities, 6.00%, due 11/15/2026, with a <br> value of $540,002.<br>| 500000 | 500000 |
| Citigroup Global Markets Holdings, Inc., 3.72%, <br> dated 2/27/2026, due 3/2/2026, repurchase <br> price $500,155, collateralized by U.S. Treasury <br> Securities, 0.63% - 4.38%, due 1/31/2032 - <br> 2/15/2033, with a value of $510,000.<br>| 500000 | 500000 |
| Citigroup Global Markets Holdings, Inc., 3.70%, <br> dated 2/27/2026, due 3/6/2026, repurchase <br> price $100,072, collateralized by Sovereign <br> Government Securities, 0.00% - 8.88%, due <br> 9/30/2027 - 1/19/2063, with a value of <br> $107,439.<br>| 100000 | 100000 |
| Citigroup Global Markets Holdings, Inc., 4.10%, <br> dated 2/27/2026, due 5/29/2026, repurchase <br> price $101,036, collateralized by Common <br> Stocks, with a value of $108,000.<br>| 100000 | 100000 |
| Citigroup Global Markets Holdings, Inc., 4.10%, <br> dated 2/27/2026, due 5/29/2026, repurchase <br> price $227,332, collateralized by Common <br> Stocks and Preferred Stocks, 6.50%, with a <br> value of $243,000.<br>| 225000 | 225000 |
| Credit Agricole Corporate and Investment Bank, <br> 3.76%, dated 2/27/2026, due 3/6/2026, <br> repurchase price $300,219, collateralized by <br> Asset-Backed Securities, 3.85% - 6.52%, due <br> 8/15/2029 - 12/20/2064, Collateralized <br> Mortgage Obligations, 3.18% - 6.38%, due <br> 11/20/2037 - 10/25/2056, Commercial Paper, <br> 0.00%, due 3/27/2026 - 10/30/2026, <br> Corporate Notes and Bonds, 1.16% - 11.13%, <br> due 4/3/2026 - 2/15/2056^^ and Sovereign <br> Government Securities, 3.10% - 9.25%, due <br> 6/28/2027 - 5/7/2041, with a value of <br> $319,012.<br>| 300000 | 300000 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Credit Agricole Corporate and Investment Bank, <br> 3.76%, dated 2/27/2026, due 3/6/2026, <br> repurchase price $435,318, collateralized by <br> Asset-Backed Securities, 2.79% - 6.66%, due <br> 10/15/2029 - 9/15/2072, Collateralized <br> Mortgage Obligations, 3.50% - 6.25%, due <br> 11/20/2037 - 12/25/2058, Commercial Paper, <br> 0.00%, due 3/24/2026 - 10/30/2026, <br> Corporate Notes and Bonds, 1.65% - 12.25%, <br> due 6/1/2026 - 12/31/2079^^ Sovereign <br> Government Securities, 2.50% - 6.25%, due <br> 6/17/2026 - 2/14/2037 and U.S. Treasury <br> Securities, 4.38%, due 12/31/2029, with a <br> value of $460,582.<br>| 435000 | 435000 |
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $850,259, collateralized by U.S. Treasury <br> Securities, 1.13% - 4.13%, due 3/31/2027 - <br> 8/15/2044, with a value of $867,000.<br>| 850000 | 850000 |
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $2,000,610, collateralized by U.S. Treasury <br> Securities, 0.50% - 4.38%, due 1/31/2027 - <br> 2/15/2055, with a value of $2,040,000.<br>| 2000000 | 2000000 |
| Fixed Income Clearing Corp., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $1,000,306, collateralized by FHLMC, 2.00% - <br> 6.50%, due 11/1/2034 - 10/1/2055 and <br> FNMA, 2.00% - 6.50%, due 9/1/2045 - <br> 12/1/2055, with a value of $1,020,000.<br>| 1000000 | 1000000 |
| Goldman Sachs & Co. LLC, 4.05%, dated <br> 2/27/2026, due 4/27/2026, repurchase price <br> $427,821, collateralized by Asset-Backed <br> Securities, 3.64% - 12.03%, due 7/15/2026 - <br> 6/25/2065, Collateralized Mortgage <br> Obligations, 1.17% - 5.00%, due 6/15/2034 - <br> 12/16/2072, Corporate Notes and Bonds, <br> 0.00% - 15.00%, due 3/9/2026 - 2/13/2047 <br> and Sovereign Government Securities, 5.50% - <br> 6.75%, due 2/4/2033 - 4/30/2043, with a <br> value of $458,297.<br>| 425000 | 425000 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Money Market Funds February 28, 2026

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Goldman Sachs & Co. LLC, 4.08%, dated <br> 2/27/2026, due 4/27/2026, repurchase price <br> $573,811, collateralized by Asset-Backed <br> Securities, 0.00% - 17.01%, due 4/20/2027 - <br> 9/15/2069, Collateralized Mortgage <br> Obligations, 0.00% - 10.02%, due 3/26/2029 <br> - 10/25/2065, Commercial Paper, 0.00%, due <br> 4/2/2026, Corporate Notes and Bonds, 0.00% <br> - 14.40%, due 11/19/2026 - 5/15/2067 and <br> Sovereign Government Securities, 0.00% - <br> 4.25%, due 9/9/2030 - 12/15/2035, with a <br> value of $613,320.<br>| 570000 | 570000 |
| ING Financial Markets LLC, 3.74%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $46,014, collateralized by Corporate Notes and <br> Bonds, 2.22% - 6.38%, due 9/19/2027 - <br> 2/4/2051, with a value of $48,315.<br>| 46000 | 46000 |
| ING Financial Markets LLC, 3.74%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $100,031, collateralized by Common Stocks, <br> with a value of $108,034.<br>| 100000 | 100000 |
| ING Financial Markets LLC, 3.74%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $170,053, collateralized by Corporate Notes <br> and Bonds, 0.90% - 10.75%, due 11/15/2026 <br> - 8/1/2069, with a value of $178,556.<br>| 170000 | 170000 |
| ING Financial Markets LLC, 3.74%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $200,062, collateralized by Common Stocks, <br> with a value of $216,067.<br>| 200000 | 200000 |
| ING Financial Markets LLC, 4.11%, dated <br> 2/27/2026, due 3/23/2026, repurchase price <br> $300,822, collateralized by Common Stocks, <br> with a value of $326,294.<br>| 300000 | 300000 |
| Natixis SA, 3.77%, dated 2/27/2026, due <br> 3/2/2026, repurchase price $50,016, <br> collateralized by Asset-Backed Securities, <br> 4.96% - 8.32%, due 5/19/2031 - 4/20/2038, <br> Collateralized Mortgage Obligations, 2.97% - <br> 5.46%, due 6/16/2036 - 5/25/2060, <br> Corporate Notes and Bonds, 1.90% - 10.50%, <br> due 10/5/2026 - 1/15/2067^^ and Sovereign <br> Government Securities, 5.95% - 7.25%, due <br> 1/15/2031 - 1/3/2035, with a value of <br> $53,402.<br>| 50000 | 50000 |
| Natixis SA, 3.79%, dated 2/27/2026, due <br> 3/3/2026, repurchase price $110,046, <br> collateralized by Common Stocks, with a value of <br> $118,875.<br>| 110000 | 110000 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Natixis SA, 3.82%, dated 2/27/2026, due <br> 3/3/2026, repurchase price $440,187, <br> collateralized by Asset-Backed Securities, <br> 2.70% - 12.28%, due 4/15/2030 - <br> 2/25/2056, Collateralized Mortgage <br> Obligations, 2.00% - 6.92%, due 11/25/2035 <br> - 2/25/2067, Corporate Notes and Bonds, <br> 1.50% - 11.25%, due 3/15/2027 - <br> 12/31/2079^^ and Sovereign Government <br> Securities, 5.95% - 6.50%, due 1/15/2031 - <br> 1/3/2035, with a value of $469,129.<br>| 440000 | 440000 |
| Natixis SA, 3.79%, dated 2/27/2026, due <br> 3/4/2026, repurchase price $300,158, <br> collateralized by Common Stocks, with a value of <br> $324,171.<br>| 300000 | 300000 |
| Natixis SA, 3.77%, dated 2/27/2026, due <br> 3/5/2026, repurchase price $75,047, <br> collateralized by Asset-Backed Securities, <br> 2.82% - 9.17%, due 9/1/2031 - 2/22/2039, <br> Collateralized Mortgage Obligations, 2.86% - <br> 7.47%, due 5/12/2034 - 2/25/2064, <br> Corporate Notes and Bonds, 2.65% - 11.00%, <br> due 3/15/2027 - 10/30/2056^^ and <br> Sovereign Government Securities, 6.50%, due <br> 1/3/2035, with a value of $80,310.<br>| 75000 | 75000 |
| Natixis SA, 3.77%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $50,037, <br> collateralized by Asset-Backed Securities, <br> 3.50% - 7.92%, due 9/1/2031 - 1/15/2038, <br> Collateralized Mortgage Obligations, 3.45% - <br> 6.70%, due 11/25/2035 - 2/25/2064 and <br> Corporate Notes and Bonds, 3.30% - 8.75%, <br> due 6/15/2027 - 1/15/2067^^, with a value of <br> $53,184.<br>| 50000 | 50000 |
| Natixis SA, 3.77%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $80,059, <br> collateralized by Asset-Backed Securities, <br> 3.50% - 8.52%, due 4/25/2031 - 5/9/2039, <br> Collateralized Mortgage Obligations, 2.41% - <br> 6.45%, due 5/12/2034 - 4/25/2064, <br> Corporate Notes and Bonds, 2.65% - 10.50%, <br> due 5/25/2027 - 12/31/2079^^ and <br> Sovereign Government Securities, 6.50%, due <br> 1/3/2035, with a value of $85,723.<br>| 80000 | 80000 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 27

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JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Natixis SA, 3.77%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $85,062, <br> collateralized by Asset-Backed Securities, <br> 3.50% - 11.08%, due 9/1/2031 - <br> 10/25/2038, Collateralized Mortgage <br> Obligations, 5.07% - 7.47%, due 3/17/2036 - <br> 2/25/2064, Corporate Notes and Bonds, <br> 2.90% - 9.50%, due 6/15/2027 - <br> 11/3/2042^^ and Sovereign Government <br> Securities, 6.50%, due 1/3/2035, with a value <br> of $91,433.<br>| 85000 | 85000 |
| Natixis SA, 3.81%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $75,056, <br> collateralized by Asset-Backed Securities, <br> 4.85% - 10.17%, due 10/22/2030 - <br> 7/15/2039, Collateralized Mortgage <br> Obligations, 1.17% - 6.85%, due 8/15/2036 - <br> 2/25/2067 and Corporate Notes and Bonds, <br> 3.13% - 10.00%, due 3/15/2027 - <br> 12/31/2079^^, with a value of $80,025.<br>| 75000 | 75000 |
| Pershing LLC, 4.03%, dated 2/27/2026, due <br> 5/6/2026, repurchase price $151,142, <br> collateralized by Asset-Backed Securities, <br> 0.00% - 11.44%, due 12/15/2027 - <br> 1/25/2066, Certificates of Deposit, 3.55% - <br> 5.05%, due 10/7/2026 - 2/18/2031, <br> Collateralized Mortgage Obligations, 0.81% - <br> 5.38%, due 12/25/2030 - 12/15/2056, <br> Corporate Notes and Bonds, 0.00% - 10.38%, <br> due 11/20/2026 - 3/15/2087^^, FHLMC, <br> 3.98% - 5.50%, due 12/26/2030 - <br> 10/25/2055, FNMA, 4.00% - 4.97%, due <br> 11/1/2052 - 3/25/2055, GNMA, 3.00% - <br> 4.81%, due 1/20/2048 - 3/20/2074, <br> Municipal Debt Securities, 2.00% - 7.24%, due <br> 6/1/2027 - 7/1/2059 and U.S. Treasury <br> Securities, 3.50% - 4.75%, due 1/31/2027 - <br> 11/15/2043, with a value of $161,324.<br>| 150000 | 150000 |
| RBC Capital Markets LLC, 3.73%, dated <br> 2/27/2026, due 3/4/2026, repurchase price <br> $200,104, collateralized by Commercial Paper, <br> 0.00%, due 4/27/2026, Corporate Notes and <br> Bonds, 0.00% - 8.75%, due 3/15/2029 - <br> 8/1/2044 and U.S. Treasury Securities, 3.50% <br> - 3.75%, due 9/30/2029 - 11/30/2032, with a <br> value of $206,225.<br>| 200000 | 200000 |
| Societe Generale SA, 3.71%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $300,093, <br> collateralized by Corporate Notes and Bonds, <br> 1.50% - 9.25%, due 9/1/2026 - 11/24/2085, <br> with a value of $315,097.<br>| 300000 | 300000 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Societe Generale SA, 3.75%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $60,019, <br> collateralized by Collateralized Mortgage <br> Obligations, 4.25% - 6.37%, due 4/15/2041 - <br> 9/25/2047, Corporate Notes and Bonds, <br> 2.67% - 11.50%, due 5/20/2027 - <br> 11/15/2066^^ and Sovereign Government <br> Securities, 4.88% - 9.88%, due 4/7/2026 - <br> 4/16/2043, with a value of $64,470.<br>| 60000 | 60000 |
| Societe Generale SA, 3.72%, dated 2/27/2026, <br> due 3/3/2026, repurchase price $200,083, <br> collateralized by Corporate Notes and Bonds, <br> 1.16% - 7.30%, due 4/3/2026 - 4/22/2056 <br> and U.S. Treasury Securities, 0.00%, due <br> 10/29/2026, with a value of $210,152.<br>| 200000 | 200000 |
| Societe Generale SA, 3.72%, dated 2/27/2026, <br> due 3/4/2026, repurchase price $300,155, <br> collateralized by Collateralized Mortgage <br> Obligations, 5.36% - 7.74%, due 11/15/2035 <br> - 12/15/2044, Corporate Notes and Bonds, <br> 1.90% - 7.02%, due 5/1/2026 - <br> 12/31/2079^^ and Sovereign Government <br> Securities, 3.38%, due 1/15/2050, with a <br> value of $315,431.<br>| 300000 | 300000 |
| Societe Generale SA, 3.76%, dated 2/27/2026, <br> due 3/4/2026, repurchase price $150,078, <br> collateralized by Asset-Backed Securities, <br> 4.88%, due 9/25/2035 and Corporate Notes <br> and Bonds, 2.05% - 7.50%, due 2/15/2027 - <br> 8/15/2056, with a value of $157,619.<br>| 150000 | 150000 |
| Societe Generale SA, 3.72%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $200,145, <br> collateralized by Corporate Notes and Bonds, <br> 2.24% - 7.50%, due 8/1/2026 - 12/4/2065, <br> with a value of $210,152.<br>| 200000 | 200000 |
| Societe Generale SA, 3.76%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $75,055, <br> collateralized by Corporate Notes and Bonds, <br> 4.63% - 14.38%, due 3/22/2030 - <br> 3/31/2032, with a value of $81,059.<br>| 75000 | 75000 |
| Societe Generale SA, 4.03%, dated 2/27/2026, <br> due 5/11/2026, repurchase price $226,839, <br> collateralized by Corporate Notes and Bonds, <br> 3.38% - 11.75%, due 3/7/2027 - <br> 8/15/2052^^, with a value of $245,400.<br>| 225000 | 225000 |
| TD Securities USA LLC, 3.73%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $400,124, <br> collateralized by Corporate Notes and Bonds, <br> 2.51% - 7.96%, due 11/15/2028 - 9/1/2053, <br> with a value of $420,132.<br>| 400000 | 400000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| TD Securities USA LLC, 3.76%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $550,402, <br> collateralized by Municipal Debt Securities, <br> 0.00% - 8.36%, due 12/15/2033 - 9/1/2066, <br> with a value of $581,063.<br>| 550000 | 550000 |
| TD Securities USA LLC, 3.78%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $125,092, <br> collateralized by Corporate Notes and Bonds, <br> 3.63% - 13.25%, due 8/15/2026 - <br> 2/15/2034, with a value of $135,837.<br>| 125000 | 125000 |
| TD Securities USA LLC, 4.05%, dated 2/27/2026, <br> due 3/30/2026, repurchase price $75,262, <br> collateralized by Asset-Backed Securities, <br> 3.38%, due 11/1/2028, Corporate Notes and <br> Bonds, 3.50% - 10.25%, due 6/15/2026 - <br> 11/15/2066 and Municipal Debt Securities, <br> 2.51% - 7.63%, due 2/1/2035 - 10/1/2046, <br> with a value of $80,567.<br>| 75000 | 75000 |
| Wells Fargo Securities LLC, 3.78%, dated <br> 2/27/2026, due 3/3/2026, repurchase price <br> $170,071, collateralized by Commercial Paper, <br> 0.00%, due 3/2/2026 - 5/29/2026, with a <br> value of $178,631.<br>| 170000 | 170000 |
| Wells Fargo Securities LLC, 3.78%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $75,055, collateralized by Certificates of <br> Deposit, 0.00% - 4.07%, due 3/4/2026 - <br> 7/3/2031, with a value of $78,809.<br>| 75000 | 75000 |
| Wells Fargo Securities LLC, 4.09%, dated <br> 2/27/2026, due 4/24/2026, repurchase price <br> $176,114, collateralized by Collateralized <br> Mortgage Obligations, 3.70% - 7.09%, due <br> 2/7/2035 - 6/17/2049 and Municipal Debt <br> Securities, 0.00% - 7.25%, due 9/1/2026 - <br> 6/1/2062, with a value of $186,309.<br>| 175000 | 175000 |
| Wells Fargo Securities LLC, 4.03%, dated <br> 2/27/2026, due 5/26/2026, repurchase price <br> $176,724, collateralized by Certificates of <br> Deposit, 0.00% - 7.50%, due 3/4/2026 - <br> 11/1/2030 and Sovereign Government <br> Securities, 1.25% - 5.48%, due 10/26/2026 - <br> 3/12/2071, with a value of $185,602.<br>| 175000 | 175000 |
| Wells Fargo Securities LLC, 4.03%, dated <br> 2/27/2026, due 5/27/2026, repurchase price <br> $100,996, collateralized by Commercial Paper, <br> 0.00%, due 3/5/2026 - 7/13/2026, with a <br> value of $106,058.<br>| 100000 | 100000 |
| Total Repurchase Agreements <br>(Cost $15,228,000)<br>|  | 15228000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — 0.7%** | **Corporate Bonds — 0.7%** | **Corporate Bonds — 0.7%** |
| **Banks — 0.5%** | **Banks — 0.5%** | **Banks — 0.5%** |
| Barclays Bank plc (United Kingdom) |  |  |
| (OBFR + 0.25%), 3.88%, 3/2/2026 (a) (b) | 200000 | 200000 |
| (SOFR + 0.21%), 3.88%, 3/2/2026 (a) (b) | 75000 | 75000 |
| (SOFR + 0.21%), 3.88%, 3/2/2026 (a) (b) | 200000 | 200000 |
|  |  | 475000 |
| **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** | **Consumer Finance — 0.2%** |
| Toyota Motor Credit Corp.(SOFR + 0.30%), <br> 3.97%, 3/2/2026 (b)<br>| 162000 | 162000 |
| Total Corporate Bonds <br>(Cost $637,000)<br>|  | 637000 |
| **Municipal Bonds — 0.3%** | **Municipal Bonds — 0.3%** | **Municipal Bonds — 0.3%** |
| **Colorado — 0.0% ^** | **Colorado — 0.0% ^** | **Colorado — 0.0% ^** |
| Colorado Housing and Finance Authority, Single <br> Family Mortgage<br>|  |  |
| Series 2023N-2, Rev., VRDO, GNMA COLL, LIQ : <br> Royal Bank of Canada, 3.72%, 3/6/2026 (c)<br>| 8000 | 8000 |
| Series 2025C, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : Zions Bancorp. NA, 3.75%, <br> 3/6/2026 (c)<br>| 15355 | 15355 |
| **Total Colorado** |  | 23355 |
| **Illinois — 0.0% ^** | **Illinois — 0.0% ^** | **Illinois — 0.0% ^** |
| Illinois Housing Development Authority Series <br> 2023M, Rev., VRDO, GNMA / FNMA / FHLMC, <br> LIQ : TD Bank NA, 3.70%, 3/6/2026 (c)<br>| 20000 | 20000 |
| **Iowa — 0.1%** | **Iowa — 0.1%** | **Iowa — 0.1%** |
| Iowa Student Loan Liquidity Corp., Student Loan <br> Series 2023-1, Rev., VRDO, LOC : Royal Bank of <br> Canada, 3.72%, 3/6/2026 (c)<br>| 31200 | 31200 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| New Hampshire Business Finance Authority, Hanwa <br> Q Cells USA, Inc., Project Series 2024A, Rev., <br> VRDO, LOC : Kookmin Bank, 3.97%, <br> 3/6/2026 (a) (c)<br>| 89000 | 89000 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| North Texas Higher Education Authority, Inc. Series <br> 2023-1, Rev., VRDO, LOC : Royal Bank of <br> Canada, 3.72%, 3/6/2026 (c)<br>| 13700 | 13700 |
| State of Texas, Veterans Series 2023A, GO, VRDO, <br> LIQ : Texas State Comptroller, 3.76%, <br> 3/6/2026 (c)<br>| 19500 | 19500 |
| State of Texas, Veterans Lands Series 2025A, GO, <br> VRDO, LIQ : Texas State Comptroller, 3.75%, <br> 3/6/2026 (c)<br>| 25000 | 25000 |
| **Total Texas** |  | 58200 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 29

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Utah — 0.0% ^** | **Utah — 0.0% ^** | **Utah — 0.0% ^** |
| Utah Housing Corp., Single Family Mortgage Series <br> 2024K, Rev., VRDO, GNMA / FNMA / FHLMC, LIQ <br> : FHLB, 3.72%, 3/6/2026 (c)<br>| 28000 | 28000 |
| Total Municipal Bonds <br>(Cost $249,755)<br>|  | 249755 |
| **Short Term Investments — 79.2%** | **Short Term Investments — 79.2%** | **Short Term Investments — 79.2%** |
| **Commercial Paper — 36.6%** | **Commercial Paper — 36.6%** | **Commercial Paper — 36.6%** |
| Antalis SA (France), 4.25%, 3/3/2026 (a) (d) | 39000 | 38991 |
| ANZ New Zealand International Ltd. (New <br> Zealand), 3.78%, 8/26/2026 (a) (d)<br>| 100000 | 98166 |
| ASB Bank Ltd. (New Zealand), (SOFR + 0.21%), <br> 3.88%, 3/2/2026 (a) (b)<br>| 75000 | 75000 |
| Atlantic Asset Securitization LLC |  |  |
| (SOFR + 0.24%), 3.91%, 3/2/2026 (a) (b) | 50000 | 50000 |
| 4.10%, 5/21/2026 (a) (d) | 25000 | 24772 |
| Australia & New Zealand Banking Group Ltd. <br> (Australia)<br>|  |  |
| 4.26%, 3/2/2026 (a) (d) | 100000 | 99988 |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (a) (b) | 240000 | 240000 |
| 4.16%, 3/19/2026 (a) (d) | 36000 | 35925 |
| 4.06%, 5/11/2026 (a) (d) | 100000 | 99205 |
| 3.89%, 7/2/2026 (a) (d) | 103000 | 101649 |
| 3.85%, 7/10/2026 (a) (d) | 145000 | 142995 |
| 3.73%, 7/30/2026 (a) (d) | 57000 | 56123 |
| 3.72%, 8/7/2026 (a) (d) | 56000 | 55095 |
| 3.70%, 8/12/2026 (a) (d) | 135000 | 132761 |
| 3.74%, 8/18/2026 (a) (d) | 150000 | 147400 |
| 3.72%, 10/28/2026 (a) (d) | 26000 | 25368 |
| 3.72%, 10/29/2026 (a) (d) | 56000 | 54634 |
| 3.70%, 11/4/2026 (a) (d) | 14900 | 14530 |
| 3.75%, 11/27/2026 (a) (d) | 93000 | 90445 |
| Automatic Data Processing, Inc., 3.67%, <br> 3/4/2026 (a) (d)<br>| 153000 | 152953 |
| Bank of Montreal (Canada) |  |  |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) | 66000 | 66000 |
| (SOFR + 0.32%), 3.99%, 3/2/2026 (a) (b) | 47000 | 47000 |
| (SOFR + 0.35%), 4.02%, 3/2/2026 (a) (b) | 100000 | 100000 |
| (SOFR + 0.36%), 4.03%, 3/2/2026 (a) (b) | 103000 | 103000 |
| (SOFR + 0.37%), 4.04%, 3/2/2026 (a) (b) | 119000 | 119000 |
| (SOFR + 0.38%), 4.05%, 3/2/2026 (a) (b) | 65000 | 65000 |
| 4.25%, 6/8/2026 (d) | 62000 | 61282 |
| 4.26%, 7/7/2026 (d) | 60000 | 59117 |
| 4.02%, 9/3/2026 (d) | 107000 | 104822 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Bank of New Zealand (New Zealand) |  |  |
| 3.98%, 4/2/2026 (a) (d) | 38000 | 37866 |
| 3.94%, 5/1/2026 (a) (d) | 43431 | 43143 |
| 3.88%, 6/9/2026 (a) (d) | 25000 | 24734 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (a) (b) | 110000 | 110000 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (a) (b) | 118000 | 118000 |
| (SOFR + 0.29%), 3.96%, 3/2/2026 (a) (b) | 153000 | 153000 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (a) (b) | 112000 | 112000 |
| (SOFR + 0.31%), 3.98%, 3/2/2026 (a) (b) | 25000 | 25000 |
| (SOFR + 0.32%), 3.99%, 3/2/2026 (a) (b) | 113000 | 113000 |
| 4.08%, 3/3/2026 (a) (d) | 25000 | 24994 |
| 4.05%, 6/2/2026 (a) (d) | 124000 | 122715 |
| 4.05%, 6/9/2026 (a) (d) | 124000 | 122619 |
| 3.79%, 11/30/2026 (a) (d) | 82000 | 79700 |
| 3.79%, 12/1/2026 (a) (d) | 145000 | 140924 |
| 3.74%, 2/12/2027 (a) (d) | 109000 | 105196 |
| Barclays Bank plc (United Kingdom) |  |  |
| 4.03%, 3/12/2026 (a) (d) | 50000 | 49939 |
| 3.99%, 3/13/2026 (a) (d) | 55000 | 54927 |
| 4.01%, 3/26/2026 (a) (d) | 120000 | 119667 |
| Barton Capital SA (France), 3.64%, 3/2/2026 (a) <br> (d)<br>| 350000 | 349965 |
| Bedford Row Funding Corp., 4.10%, <br> 5/14/2026 (a) (d)<br>| 50000 | 49582 |
| Bennington Stark Capital Co. LLC, 3.80%, <br> 5/6/2026 (a) (d)<br>| 99337 | 98650 |
| BNP Paribas SA (France) |  |  |
| 4.34%, 3/3/2026 (d) | 257000 | 256939 |
| 4.29%, 4/8/2026 (d) | 83000 | 82631 |
| 4.16%, 5/1/2026 (d) | 100000 | 99309 |
| 4.15%, 5/15/2026 (d) | 62000 | 61476 |
| Britannia Funding Co. LLC |  |  |
| (SOFR + 0.34%), 4.01%, 3/2/2026 (a) (b) | 100000 | 100000 |
| (SOFR + 0.40%), 4.07%, 3/2/2026 (a) (b) | 25000 | 25000 |
| 3.92%, 4/22/2026 (a) (d) | 21000 | 20882 |
| 3.92%, 4/24/2026 (a) (d) | 100000 | 99415 |
| 3.98%, 6/4/2026 (a) (d) | 25000 | 24740 |
| Caisse des Depots et Consignations (France) |  |  |
| 3.84%, 4/14/2026 (a) (d) | 100000 | 99533 |
| 3.73%, 5/14/2026 (a) (d) | 130000 | 129011 |
| Canadian Imperial Bank of Commerce (Canada) |  |  |
| (SOFR + 0.29%), 3.96%, 3/2/2026 (a) (b) | 115000 | 115000 |
| (SOFR + 0.32%), 3.99%, 3/2/2026 (a) (b) | 225000 | 225000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| (SOFR + 0.36%), 4.03%, 3/2/2026 (a) (b) | 58000 | 58000 |
| (SOFR + 0.36%), 4.03%, 3/2/2026 (a) (b) | 100000 | 100000 |
| (SOFR + 0.38%), 4.05%, 3/2/2026 (a) (b) | 114000 | 114000 |
| 4.15%, 4/24/2026 (a) (d) | 170000 | 168948 |
| 4.25%, 6/5/2026 (a) (d) | 215000 | 212586 |
| 4.26%, 6/10/2026 (a) (d) | 129000 | 127476 |
| 4.18%, 7/7/2026 (a) (d) | 212000 | 208894 |
| 4.25%, 8/3/2026 (d) | 55000 | 54009 |
| 3.89%, 9/30/2026 (a) (d) | 60000 | 58649 |
| 3.77%, 10/28/2026 (a) (d) | 80000 | 78030 |
| CDP Financial, Inc. (Canada) |  |  |
| 4.08%, 7/1/2026 (a) (d) | 50000 | 49317 |
| 4.08%, 7/2/2026 (a) (d) | 25000 | 24656 |
| Charta LLC, (SOFR + 0.23%), 3.90%, <br> 3/2/2026 (a) (b)<br>| 63000 | 63000 |
| Chesham Finance Ltd. (Cayman Islands) |  |  |
| Series 4, 3.69%, 3/2/2026 (a) (d) | 311000 | 310968 |
| Series 2, 3.72%, 3/3/2026 (a) (d) | 100000 | 99979 |
| Series 2, 3.72%, 3/6/2026 (a) (d) | 50000 | 49974 |
| Series 1, 3.76%, 4/30/2026 (a) (d) | 100000 | 99377 |
| China Construction Bank Corp. (China), 3.65%, <br> 3/2/2026 (a) (d)<br>| 179000 | 178982 |
| Citigroup Global Markets Holdings, Inc., (SOFR + <br> 0.27%), 3.94%, 3/2/2026 (a) (b)<br>| 150000 | 150000 |
| Concord Minutemen Capital Co. LLC |  |  |
| Series C, (SOFR + 0.32%), 3.99%, <br> 3/2/2026 (a) (b)<br>| 20000 | 20000 |
| Series C, 4.12%, 5/22/2026 (a) | 80000 | 80000 |
| Constellation Funding Co. LLC, 3.99%, <br> 6/2/2026 (a) (d)<br>| 65000 | 64337 |
| Cooperatieve Rabobank UA (Netherlands), 4.04%, <br> 5/29/2026 (d)<br>| 40000 | 39604 |
| Credit Agricole Corporate and Investment Bank <br> (France)<br>|  |  |
| 3.95%, 5/6/2026 (d) | 35000 | 34749 |
| 3.91%, 6/1/2026 (d) | 150000 | 148517 |
| 3.81%, 7/31/2026 (d) | 200000 | 196833 |
| 3.81%, 10/23/2026 (d) | 107000 | 104391 |
| 3.80%, 10/30/2026 (d) | 65000 | 63377 |
| Credit Industriel et Commercial (France), 3.95%, <br> 5/22/2026 (a) (d)<br>| 85000 | 84241 |
| DBS Bank Ltd. (Singapore) |  |  |
| 3.97%, 3/3/2026 (a) (d) | 100000 | 99978 |
| 3.96%, 3/24/2026 (a) (d) | 25000 | 24937 |
| 3.73%, 5/13/2026 (a) (d) | 110000 | 109175 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| DNB Bank ASA (Norway) |  |  |
| (SOFR + 0.21%), 3.88%, 3/2/2026 (a) (b) | 47000 | 47000 |
| 4.14%, 3/17/2026 (a) (d) | 125000 | 124770 |
| 4.17%, 3/18/2026 (a) (d) | 36000 | 35929 |
| 3.84%, 4/22/2026 (a) (d) | 126000 | 125306 |
| 3.90%, 6/29/2026 (a) (d) | 100000 | 98717 |
| 4.22%, 7/31/2026 (a) (d) | 75000 | 73686 |
| 3.72%, 10/2/2026 (a) (d) | 150000 | 146744 |
| 3.73%, 10/9/2026 (a) (d) | 200000 | 195498 |
| DZ Bank AG (Germany) |  |  |
| 3.76%, 8/12/2026 (a) (d) | 175000 | 172050 |
| 3.74%, 8/17/2026 (a) (d) | 100000 | 98277 |
| Fairway Finance Co. LLC, 4.01%, 3/12/2026 (a) <br> (d)<br>| 42000 | 41949 |
| Federation des Caisses Desjardins du Quebec <br> (Canada)<br>|  |  |
| 3.74%, 7/16/2026 (a) (d) | 180000 | 177472 |
| 3.72%, 12/18/2026 (a) (d) | 150000 | 145608 |
| 3.76%, 2/25/2027 (a) (d) | 109000 | 105038 |
| First Abu Dhabi Bank PJSC (United Arab Emirates) |  |  |
| 4.00%, 3/9/2026 (a) (d) | 500000 | 499556 |
| 3.90%, 4/29/2026 (a) (d) | 365000 | 362685 |
| 3.98%, 6/2/2026 (a) (d) | 50000 | 49491 |
| 3.85%, 7/7/2026 (a) (d) | 300000 | 295947 |
| 3.84%, 7/10/2026 (a) (d) | 230000 | 226828 |
| Gotham Funding Corp., 4.10%, 3/3/2026 (a) (d) | 100000 | 99977 |
| Great Bear Funding LLC |  |  |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (a) (b) | 100000 | 100000 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (a) (b) | 50000 | 50000 |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (a) (b) | 157500 | 157500 |
| ING US Funding LLC (Netherlands) |  |  |
| (SOFR + 0.22%), 3.89%, 3/2/2026 (a) (b) | 50000 | 50000 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (a) (b) | 25000 | 25000 |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (a) (b) | 123000 | 123000 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (a) (b) | 69000 | 69000 |
| 3.84%, 5/4/2026 (a) (d) | 120000 | 119187 |
| 4.10%, 5/18/2026 (a) (d) | 100000 | 99118 |
| 4.10%, 5/19/2026 (a) (d) | 106000 | 105053 |
| 4.10%, 5/26/2026 (a) (d) | 61000 | 60408 |
| 3.91%, 7/2/2026 (a) (d) | 59000 | 58222 |
| 3.85%, 9/2/2026 (a) (d) | 125000 | 122572 |
| Intrepid Funding Co. LLC |  |  |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) | 114000 | 114000 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) | 50000 | 50000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 31

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| 4.01%, 4/7/2026 (a) (d) | 55000 | 54774 |
| 3.98%, 4/10/2026 (a) (d) | 230000 | 228988 |
| 4.00%, 4/24/2026 | 60000 | 60000 |
| Ionic Funding LLC |  |  |
| Series IIIA, (SOFR + 0.26%), 3.93%, <br> 3/2/2026 (b)<br>| 75000 | 75000 |
| Series IIIA, 3.82%, 4/17/2026 (d) | 100000 | 99504 |
| Series IIIA, 3.82%, 5/28/2026 (d) | 70000 | 69353 |
| Kreditanstalt fuer Wiederaufbau (Germany) |  |  |
| 4.04%, 3/9/2026 (a) (d) | 137000 | 136877 |
| 3.96%, 3/11/2026 (a) (d) | 156000 | 155829 |
| Landesbank Baden-Wuerttemberg (Germany), <br> 3.66%, 3/2/2026 (d)<br>| 1000000 | 999898 |
| Liberty Street Funding LLC |  |  |
| (SOFR + 0.21%), 3.88%, 3/2/2026 (a) (b) | 30000 | 30000 |
| 3.86%, 4/21/2026 (a) (d) | 75000 | 74592 |
| 3.86%, 4/23/2026 (a) (d) | 29000 | 28836 |
| 3.93%, 5/27/2026 (a) (d) | 40000 | 39624 |
| Lion Bay Funding LLC (Ireland), 3.69%, <br> 3/5/2026 (a) (d)<br>| 170000 | 169930 |
| Lloyds Bank plc (United Kingdom) |  |  |
| 3.99%, 3/2/2026 (d) | 178000 | 177980 |
| (SOFR + 0.18%), 3.85%, 3/2/2026 (b) | 75000 | 75000 |
| 4.12%, 3/4/2026 (d) | 133000 | 132954 |
| 4.12%, 3/5/2026 (d) | 133000 | 132939 |
| 3.87%, 4/20/2026 (d) | 113000 | 112397 |
| 3.78%, 4/22/2026 (d) | 115000 | 114376 |
| 3.79%, 6/22/2026 (d) | 310000 | 306358 |
| 3.80%, 7/6/2026 (d) | 100000 | 98677 |
| 3.78%, 8/3/2026 (d) | 260000 | 255833 |
| 3.78%, 8/21/2026 (d) | 100000 | 98217 |
| LMA-Americas LLC |  |  |
| 3.66%, 3/2/2026 (a) (d) | 237200 | 237176 |
| 3.95%, 5/6/2026 (a) (d) | 25000 | 24820 |
| Longship Funding LLC (Ireland), 3.78%, <br> 3/23/2026 (a) (d)<br>| 67000 | 66846 |
| LVMH Moet Hennessy Louis Vuitton SE (France), <br> 4.15%, 3/16/2026 (a) (d)<br>| 50000 | 49914 |
| Mackinac Funding Co. LLC |  |  |
| 3.96%, 6/12/2026 (a) (d) | 100000 | 98880 |
| 3.81%, 8/4/2026 (a) (d) | 66000 | 64928 |
| Macquarie Bank Ltd. (Australia) |  |  |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (a) (b) | 100000 | 100000 |
| 3.99%, 3/10/2026 (a) (d) | 25000 | 24975 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Mainbeach Funding LLC |  |  |
| (SOFR + 0.15%), 3.82%, 3/2/2026 (a) (b) | 50000 | 50000 |
| (SOFR + 0.15%), 3.82%, 3/2/2026 (a) (b) | 100000 | 100000 |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (a) (b) | 192000 | 192000 |
| MetLife Short Term Funding LLC, 3.98%, <br> 3/17/2026 (a) (d)<br>| 54000 | 53905 |
| Mitsubishi UFJ Trust & Banking Corp. (Japan) |  |  |
| 3.81%, 5/18/2026 (a) (d) | 125000 | 123976 |
| 3.78%, 7/8/2026 (a) (d) | 125000 | 123329 |
| Mizuho Bank Ltd. (Japan) |  |  |
| 4.00%, 3/13/2026 (a) (d) | 195000 | 194741 |
| 3.94%, 4/10/2026 (d) | 107000 | 106533 |
| National Australia Bank Ltd. (Australia) |  |  |
| Series B, (SOFR + 0.24%), 3.91%, <br> 3/2/2026 (a) (b)<br>| 98000 | 98000 |
| Series B, (SOFR + 0.28%), 3.95%, <br> 3/2/2026 (a) (b)<br>| 50000 | 50000 |
| Series B, (SOFR + 0.30%), 3.97%, <br> 3/2/2026 (a) (b)<br>| 108000 | 108000 |
| Series B, (SOFR + 0.30%), 3.97%, <br> 3/2/2026 (a) (b)<br>| 51000 | 51000 |
| National Bank of Canada (Canada) |  |  |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (a) (b) | 80000 | 80000 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (a) (b) | 470000 | 470000 |
| 3.91%, 3/25/2026 (a) (d) | 35000 | 34909 |
| National Westminster Bank plc (United Kingdom) |  |  |
| 3.66%, 3/4/2026 (a) (d) | 325000 | 324901 |
| 3.65%, 3/5/2026 (a) (d) | 200000 | 199919 |
| 3.65%, 3/6/2026 (a) (d) | 500000 | 499747 |
| 3.76%, 5/13/2026 (a) (d) | 100000 | 99244 |
| 3.77%, 7/27/2026 (a) (d) | 25000 | 24618 |
| Natixis SA (France), 3.78%, 8/3/2026 (d) | 271000 | 266660 |
| Nieuw Amsterdam Receivables Corp., 3.98%, <br> 3/17/2026 (a) (d)<br>| 61000 | 60892 |
| Nordea Bank Abp (Finland), (SOFR + 0.25%), <br> 3.92%, 3/2/2026 (a) (b)<br>| 48000 | 48000 |
| Norfina Ltd. (Australia) |  |  |
| 3.95%, 3/4/2026 (a) (d) | 20000 | 19993 |
| 3.89%, 7/8/2026 (a) (d) | 40000 | 39450 |
| 3.77%, 8/4/2026 (a) (d) | 25000 | 24598 |
| NRW Bank (Germany) |  |  |
| 3.91%, 3/25/2026 (a) (d) | 157000 | 156592 |
| 3.90%, 4/1/2026 (a) (d) | 110000 | 109632 |
| 3.90%, 4/2/2026 (a) (d) | 100000 | 99655 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Old Line Funding LLC |  |  |
| 4.10%, 5/15/2026 (a) (d) | 25000 | 24788 |
| 3.91%, 6/10/2026 (a) (d) | 85000 | 84077 |
| 3.93%, 6/24/2026 (a) (d) | 35000 | 34566 |
| Oversea-Chinese Banking Corp. Ltd. (Singapore) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (a) (b) | 100000 | 100000 |
| 3.77%, 5/22/2026 (a) (d) | 100000 | 99148 |
| 3.78%, 6/1/2026 (a) (d) | 150000 | 148566 |
| Paradelle Funding LLC |  |  |
| (SOFR + 0.32%), 3.99%, 3/2/2026 (b) | 113000 | 113000 |
| 3.79%, 12/31/2026 (d) | 123000 | 119176 |
| 3.78%, 1/15/2027 (d) | 70000 | 67723 |
| Ridgefield Funding Co. LLC Series A1, 3.95%, <br> 6/9/2026 (a) (d)<br>| 50000 | 49457 |
| Royal Bank of Canada (Canada) |  |  |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (a) (b) | 200000 | 200000 |
| (SOFR + 0.32%), 3.99%, 3/2/2026 (a) (b) | 135000 | 135000 |
| (SOFR + 0.35%), 4.02%, 3/2/2026 (a) (b) | 110000 | 110000 |
| 4.25%, 5/27/2026 (a) (d) | 183000 | 181136 |
| 4.19%, 7/7/2026 (a) (d) | 172000 | 169474 |
| Sheffield Receivables Co. LLC (United Kingdom) |  |  |
| (SOFR + 0.22%), 3.89%, 3/2/2026 (a) (b) | 61000 | 61000 |
| 4.03%, 3/10/2026 (a) (d) | 125000 | 124874 |
| Skandinaviska Enskilda Banken AB (Sweden) |  |  |
| (SOFR + 0.24%), 3.91%, 3/2/2026 (a) (b) | 50000 | 50000 |
| (SOFR + 0.26%), 3.93%, 3/2/2026 (a) (b) | 100000 | 100000 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (a) (b) | 50000 | 50000 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (a) (b) | 46000 | 46000 |
| 4.26%, 4/1/2026 (a) (d) | 40000 | 39854 |
| 4.25%, 4/2/2026 (a) (d) | 64000 | 63759 |
| 3.92%, 5/5/2026 (a) (d) | 66000 | 65536 |
| 4.08%, 5/20/2026 (a) (d) | 49000 | 48559 |
| 3.91%, 6/25/2026 (a) (d) | 45000 | 44440 |
| 3.90%, 6/29/2026 (a) (d) | 47000 | 46397 |
| 4.18%, 7/8/2026 (a) (d) | 73000 | 71922 |
| 3.87%, 9/25/2026 (a) (d) | 45000 | 44015 |
| 3.72%, 10/2/2026 (a) (d) | 75000 | 73372 |
| 3.71%, 10/6/2026 (a) (d) | 50000 | 48896 |
| Starbird Funding Corp. |  |  |
| (SOFR + 0.21%), 3.88%, 3/2/2026 (a) (b) | 100000 | 100000 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (a) (b) | 83000 | 83000 |
| Sumitomo Mitsui Banking Corp. (Japan) |  |  |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (a) (b) | 175000 | 175000 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (a) (b) | 67000 | 67000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (a) (b) | 120000 | 120000 |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (a) (b) | 100000 | 100000 |
| 3.99%, 3/9/2026 (a) (d) | 175000 | 174845 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |
| 4.06%, 3/5/2026 (a) (d) | 195000 | 194912 |
| 4.06%, 3/6/2026 (a) (d) | 78000 | 77956 |
| 3.82%, 3/30/2026 (a) (d) | 100000 | 99693 |
| 3.77%, 8/14/2026 (a) (d) | 150000 | 147441 |
| Sutter Health Series TA-A, 3.86%, 5/19/2026 (d) | 45000 | 44622 |
| Svenska Handelsbanken AB (Sweden) |  |  |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (a) (b) | 46000 | 46000 |
| 3.97%, 3/17/2026 (a) (d) | 130000 | 129771 |
| 3.90%, 5/11/2026 (a) (d) | 200000 | 198474 |
| 4.10%, 5/19/2026 (a) (d) | 98000 | 97125 |
| 4.09%, 5/28/2026 (a) (d) | 121000 | 119802 |
| 4.05%, 6/1/2026 (a) (d) | 100000 | 98975 |
| 4.23%, 6/10/2026 (a) (d) | 124000 | 122542 |
| 3.90%, 6/29/2026 (a) (d) | 110000 | 108588 |
| 4.18%, 7/7/2026 (a) (d) | 115000 | 113315 |
| 3.75%, 7/15/2026 (a) (d) | 50000 | 49301 |
| Swedbank AB (Sweden) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (a) (b) | 92000 | 92000 |
| 4.25%, 5/1/2026 (a) (d) | 213000 | 211477 |
| 4.10%, 5/11/2026 (a) (d) | 49000 | 48607 |
| 3.90%, 5/13/2026 (a) (d) | 60000 | 59530 |
| 4.08%, 5/26/2026 (a) (d) | 73000 | 72295 |
| 4.05%, 6/3/2026 (a) (d) | 127000 | 125670 |
| 3.75%, 7/13/2026 (a) (d) | 50000 | 49311 |
| 3.72%, 9/29/2026 (a) (d) | 100000 | 97859 |
| 3.73%, 11/13/2026 (a) (d) | 75000 | 73056 |
| Thunder Bay Funding LLC |  |  |
| (SOFR + 0.22%), 3.89%, 3/2/2026 (a) (b) | 46000 | 46000 |
| (SOFR + 0.29%), 3.96%, 3/2/2026 (a) (b) | 86000 | 86000 |
| 4.10%, 5/15/2026 (a) (d) | 85000 | 84279 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| (SOFR + 0.35%), 4.02%, 3/2/2026 (a) (b) | 170000 | 170000 |
| (SOFR + 0.36%), 4.03%, 3/2/2026 (a) (b) | 240000 | 240000 |
| (SOFR + 0.37%), 4.04%, 3/2/2026 (a) (b) | 153000 | 153000 |
| 4.16%, 4/14/2026 (a) (d) | 214000 | 212917 |
| 4.14%, 4/16/2026 (a) (d) | 170000 | 169105 |
| 4.10%, 5/4/2026 (a) (d) | 100000 | 99276 |
| TotalEnergies Capital SA (France) |  |  |
| 3.90%, 4/15/2026 (a) (d) | 40000 | 39806 |
| 3.75%, 6/30/2026 (a) (d) | 25000 | 24689 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 33

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| TotalEnergies SE (France), 3.77%, 7/29/2026 (a) <br> (d)<br>| 50000 | 49227 |
| Toyota Motor Credit Corp., 4.09%, 5/26/2026 (d) | 37000 | 36642 |
| UBS AG (Switzerland) |  |  |
| (SOFR + 0.29%), 3.96%, 3/2/2026 (a) (b) | 50000 | 50000 |
| 4.02%, 5/5/2026 (a) (d) | 125000 | 124100 |
| United Overseas Bank Ltd. (Singapore), (SOFR + <br> 0.18%), 3.86%, 3/2/2026 (a) (b)<br>| 200000 | 200000 |
| Verto Capital I Compartment A (Luxembourg) |  |  |
| 3.82%, 4/24/2026 (a) (d) | 50000 | 49715 |
| 3.83%, 5/1/2026 (a) (d) | 40000 | 39742 |
| Victory Receivables Corp., 3.69%, 3/6/2026 (a) <br> (d)<br>| 150000 | 149923 |
| Westpac Banking Corp. (Australia) |  |  |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (a) (b) | 75000 | 75000 |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (a) (b) | 60000 | 60000 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (a) (b) | 100000 | 100000 |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (a) (b) | 78000 | 78000 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (a) (b) | 50000 | 50000 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (a) (b) | 40000 | 40000 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (a) (b) | 180000 | 180000 |
| 4.22%, 6/5/2026 (a) (d) | 99000 | 97898 |
| 4.16%, 7/2/2026 (a) (d) | 121000 | 119301 |
| 3.74%, 8/31/2026 (a) (d) | 90000 | 88321 |
| 3.78%, 11/25/2026 (a) (d) | 96000 | 93360 |
| 3.72%, 12/17/2026 (a) (d) | 125000 | 121352 |
| 3.74%, 1/20/2027 (a) (d) | 30000 | 29021 |
| 3.74%, 1/25/2027 (a) (d) | 86000 | 83146 |
| 3.77%, 1/29/2027 (a) (d) | 52000 | 50244 |
| Total Commercial Paper <br>(Cost $30,967,085)<br>|  | 30967085 |
| **Time Deposits — 17.8%** | **Time Deposits — 17.8%** | **Time Deposits — 17.8%** |
| ABN AMRO Bank NV (Netherlands) |  |  |
| 3.66%, 3/4/2026 | 500000 | 500000 |
| 3.66%, 3/5/2026 | 1250000 | 1250000 |
| 3.66%, 3/6/2026 | 900000 | 900000 |
| Agricultural Bank of China Ltd. 3.65%, 3/2/2026 | 200000 | 200000 |
| Australia & New Zealand Banking Group Ltd. <br> (Australia) 3.67%, 3/4/2026<br>| 1200000 | 1200000 |
| China Construction Bank Corp. |  |  |
| 3.65%, 3/2/2026 | 450000 | 450000 |
| 3.65%, 3/2/2026 | 150000 | 150000 |
| Credit Agricole Corporate and Investment Bank <br> (France) 3.67%, 3/6/2026<br>| 250000 | 250000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Time Deposits — continued** | **Time Deposits — continued** | **Time Deposits — continued** |
| DBS Bank Ltd. (Singapore) |  |  |
| 3.66%, 3/2/2026 | 50000 | 50000 |
| 3.66%, 3/3/2026 | 50000 | 50000 |
| 3.67%, 3/4/2026 | 150000 | 150000 |
| 3.67%, 3/4/2026 | 150000 | 150000 |
| 3.67%, 3/6/2026 | 100000 | 100000 |
| 3.67%, 3/6/2026 | 100000 | 100000 |
| First Abu Dhabi Bank USA NV (United Arab <br> Emirates) 3.62%, 3/2/2026<br>| 1000000 | 1000000 |
| ING Bank NV |  |  |
| 3.68%, 3/3/2026 | 500000 | 500000 |
| 3.68%, 3/4/2026 | 300000 | 300000 |
| 3.68%, 3/6/2026 | 1000000 | 1000000 |
| KBC Bank NV 3.63%, 3/2/2026 | 250000 | 250000 |
| Mizuho Bank Ltd. (Japan) 3.64%, 3/2/2026 | 780000 | 780000 |
| National Bank of Canada (Canada) |  |  |
| 3.67%, 3/2/2026 (c) | 275000 | 275000 |
| 3.67%, 3/3/2026 | 375000 | 375000 |
| NRW Bank (Germany) |  |  |
| 3.65%, 3/3/2026 | 750000 | 750000 |
| 3.66%, 3/4/2026 | 450000 | 450000 |
| Royal Bank of Canada |  |  |
| 3.70%, 3/2/2026 | 850000 | 850000 |
| 3.70%, 3/4/2026 | 1000000 | 1000000 |
| Skandinaviska Enskilda Banken AB (Sweden) |  |  |
| 3.63%, 3/2/2026 | 750000 | 750000 |
| 3.65%, 3/4/2026 | 550000 | 550000 |
| Toronto-Dominion Bank (The) |  |  |
| 3.64%, 3/2/2026 | 350000 | 350000 |
| 3.67%, 3/4/2026 | 350000 | 350000 |
| Total Time Deposits <br>(Cost $15,030,000)<br>|  | 15030000 |
| **Certificates of Deposits — 15.4%** | **Certificates of Deposits — 15.4%** | **Certificates of Deposits — 15.4%** |
| ABN AMRO Bank NV (Netherlands) , 4.13%, <br> 3/4/2026 (d)<br>| 181000 | 180938 |
| Banco Santander SA (Spain) |  |  |
| 3.92%, 4/27/2026 | 168000 | 168000 |
| 4.00%, 5/5/2026 | 80000 | 80000 |
| 3.98%, 5/21/2026 | 200000 | 200000 |
| 3.80%, 7/6/2026 | 100000 | 100000 |
| Bank of America NA |  |  |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) | 100000 | 100000 |
| 4.26%, 4/23/2026 | 170000 | 170000 |
| 4.26%, 4/27/2026 | 35000 | 35000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| 3.96%, 5/6/2026 | 177000 | 177000 |
| 4.20%, 5/28/2026 | 126000 | 126000 |
| 3.90%, 9/1/2026 | 100000 | 100000 |
| Bank of China Ltd. (China) |  |  |
| 3.80%, 4/15/2026 | 157000 | 157000 |
| 3.80%, 4/16/2026 | 160000 | 160000 |
| 3.80%, 4/17/2026 | 25000 | 25000 |
| Bank of Montreal (Canada) |  |  |
| (SOFR + 0.34%), 4.01%, 3/2/2026 (b) | 15000 | 15000 |
| 4.42%, 5/21/2026 | 75000 | 75000 |
| 4.41%, 5/28/2026 | 39000 | 39000 |
| 3.79%, 2/4/2027 (d) | 116000 | 111991 |
| Barclays Bank plc (United Kingdom) |  |  |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (b) | 150000 | 150000 |
| 4.00%, 4/10/2026 | 181000 | 181000 |
| 4.06%, 5/18/2026 | 250000 | 250000 |
| 3.88%, 6/23/2026 | 200000 | 200000 |
| Canadian Imperial Bank of Commerce (Canada) , <br> 3.75%, 3/3/2027<br>| 58000 | 58000 |
| China Construction Bank Corp. (China) |  |  |
| 3.68%, 3/3/2026 | 250000 | 250000 |
| 3.68%, 3/5/2026 | 490000 | 490000 |
| Cooperatieve Rabobank UA (Netherlands) |  |  |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (b) | 25000 | 25000 |
| 4.40%, 3/10/2026 | 100000 | 100000 |
| 4.27%, 5/29/2026 (d) | 100000 | 98954 |
| 3.83%, 12/1/2026 | 150000 | 150000 |
| Credit Agricole Corporate and Investment Bank <br> (France)<br>|  |  |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (b) | 75000 | 75000 |
| 4.44%, 3/12/2026 | 260000 | 260000 |
| 4.08%, 3/31/2026 | 50000 | 50000 |
| 4.35%, 4/8/2026 | 127000 | 127000 |
| 4.19%, 5/26/2026 | 152000 | 152000 |
| 3.70%, 11/6/2026 | 77000 | 77000 |
| Credit Agricole SA (France) |  |  |
| 4.00%, 3/30/2026 (d) | 25000 | 24920 |
| 4.00%, 4/1/2026 (d) | 225000 | 224227 |
| 3.82%, 10/29/2026 (d) | 120000 | 116998 |
| Credit Industriel et Commercial (France) |  |  |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (b) | 75000 | 75000 |
| 4.03%, 3/3/2026 (d) | 50000 | 49989 |
| 3.97%, 5/14/2026 (d) | 205000 | 203340 |
| 3.79%, 7/6/2026 | 114000 | 114000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| 3.79%, 7/13/2026 (d) | 190000 | 187356 |
| 3.83%, 8/5/2026 (d) | 215000 | 211468 |
| DNB Bank ASA (Norway) , 4.26%, 3/12/2026 (d) | 120000 | 119844 |
| DZ Bank AG (Germany) , 3.78%, 7/23/2026 (d) | 100000 | 98510 |
| Industrial & Commercial Bank of China Ltd. (China) |  |  |
| 3.80%, 3/31/2026 | 86000 | 86000 |
| 3.80%, 5/1/2026 | 162000 | 162000 |
| 3.80%, 5/1/2026 | 162000 | 162000 |
| ING Bank NV (Netherlands) |  |  |
| 3.88%, 7/23/2026 | 217000 | 217000 |
| 3.80%, 10/27/2026 | 25000 | 25000 |
| Korea Development Bank (South Korea) |  |  |
| 4.09%, 3/10/2026 | 50000 | 50000 |
| 4.00%, 5/6/2026 | 20000 | 20000 |
| 4.00%, 5/11/2026 | 25000 | 25000 |
| 3.81%, 8/26/2026 | 25000 | 25000 |
| Mitsubishi UFJ Trust & Banking Corp. (Japan) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (b) | 98000 | 98000 |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (b) | 100000 | 100000 |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (b) | 25000 | 25000 |
| 4.20%, 3/5/2026 | 137000 | 137000 |
| 4.04%, 4/1/2026 (d) | 50000 | 49827 |
| 3.80%, 7/6/2026 | 200000 | 200000 |
| Mizuho Bank Ltd. (Japan) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (b) | 140000 | 140000 |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (b) | 180000 | 180000 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (b) | 191500 | 191500 |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (b) | 30000 | 30000 |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (b) | 170000 | 170000 |
| 3.95%, 6/3/2026 | 100000 | 100000 |
| 3.80%, 7/6/2026 | 168000 | 168000 |
| 3.75%, 8/25/2026 | 115000 | 115000 |
| MUFG Bank Ltd. (Japan) |  |  |
| (SOFR + 0.26%), 3.93%, 3/2/2026 (b) | 100000 | 100000 |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (b) | 50000 | 50000 |
| National Australia Bank Ltd. (Australia) |  |  |
| 3.98%, 3/10/2026 (d) | 180000 | 179821 |
| 3.84%, 4/23/2026 (d) | 157000 | 156118 |
| 3.77%, 9/1/2026 (d) | 100000 | 98110 |
| 3.75%, 11/27/2026 (d) | 80000 | 77804 |
| 3.75%, 11/30/2026 (d) | 200000 | 194451 |
| 3.71%, 12/22/2026 (d) | 200000 | 194074 |
| Nordea Bank Abp (Finland) |  |  |
| (SOFR + 0.26%), 3.93%, 3/2/2026 (b) | 50000 | 50000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 35

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) | 50000 | 50000 |
| 4.37%, 3/25/2026 | 100000 | 100000 |
| Norinchukin Bank (The) (Japan) , 3.68%, <br> 3/5/2026<br>| 125000 | 125000 |
| Oversea-Chinese Banking Corp. Ltd. (Singapore) , <br> 3.75%, 8/19/2026<br>| 100000 | 100000 |
| Shinhan Bank (South Korea) (SOFR + 0.31%), <br> 3.98%, 3/2/2026 (b)<br>| 75000 | 75000 |
| Skandinaviska Enskilda Banken AB (Sweden) |  |  |
| 3.99%, 6/11/2026 | 25000 | 25000 |
| 4.37%, 8/5/2026 | 35000 | 35000 |
| Standard Chartered Bank (United Kingdom) |  |  |
| (SOFR + 0.25%), 3.92%, 3/2/2026 (b) | 115000 | 115000 |
| (SOFR + 0.27%), 3.94%, 3/2/2026 (b) | 75000 | 75000 |
| Sumitomo Mitsui Banking Corp. (Japan) |  |  |
| (SOFR + 0.21%), 3.88%, 3/2/2026 (b) | 50000 | 50000 |
| (SOFR + 0.23%), 3.90%, 3/2/2026 (b) | 100000 | 100000 |
| 3.79%, 7/13/2026 (d) | 125000 | 123261 |
| 3.81%, 8/4/2026 (d) | 129000 | 126905 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |
| (SOFR + 0.20%), 3.87%, 3/2/2026 (b) | 165000 | 165000 |
| 4.18%, 3/3/2026 | 228000 | 228000 |
| 4.00%, 3/10/2026 (d) | 102000 | 101898 |
| Svenska Handelsbanken AB (Sweden) |  |  |
| (SOFR + 0.28%), 3.95%, 3/2/2026 (b) | 58000 | 58000 |
| (SOFR + 0.30%), 3.97%, 3/2/2026 (b) | 75000 | 75000 |
| (SOFR + 0.34%), 4.01%, 3/2/2026 (b) | 75000 | 75000 |
| 4.36%, 4/16/2026 | 55000 | 55000 |
| Toronto-Dominion Bank (The) (Canada) , 3.82%, <br> 7/24/2026 (d)<br>| 25000 | 24621 |
| UBS AG (Switzerland) , 4.10%, 6/5/2026 | 240000 | 240000 |
| Wells Fargo Bank NA |  |  |
| (SOFR + 0.31%), 3.98%, 3/2/2026 (b) | 100000 | 100000 |
| 3.80%, 9/22/2026 | 70000 | 70000 |
| 3.75%, 10/27/2026 | 114000 | 114000 |
| 3.75%, 10/29/2026 | 93000 | 93000 |
| 3.78%, 11/24/2026 | 92000 | 92000 |
| 3.76%, 11/30/2026 | 115000 | 115000 |
| 3.75%, 12/18/2026 | 157000 | 157000 |
| 3.75%, 1/20/2027 | 65000 | 65000 |
| 3.75%, 1/25/2027 | 45000 | 45000 |
| 3.75%, 1/29/2027 | 93000 | 93000 |
| Woori Bank (South Korea) |  |  |
| 4.10%, 3/26/2026 (a) | 30000 | 30000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| 3.85%, 3/27/2026 (a) | 100000 | 100000 |
| 3.95%, 4/17/2026 (a) | 125000 | 125000 |
| Total Certificates of Deposit <br>(Cost $13,037,925)<br>|  | 13037925 |
| **U.S. Treasury Obligations — 9.4%** | **U.S. Treasury Obligations — 9.4%** | **U.S. Treasury Obligations — 9.4%** |
| U.S. Treasury Bills |  |  |
| 3.64%, 3/24/2026 (d) | 500000 | 498840 |
| 3.64%, 3/26/2026 (d) | 870000 | 867804 |
| 3.65%, 3/31/2026 (d) | 1590000 | 1585184 |
| 3.64%, 4/7/2026 (d) | 1295000 | 1290173 |
| 3.65%, 4/14/2026 (d) | 931320 | 927188 |
| 3.89%, 4/16/2026 (d) | 255000 | 253740 |
| 3.65%, 4/21/2026 (d) | 800000 | 795886 |
| 3.65%, 4/28/2026 (d) | 800000 | 795483 |
| 3.53%, 6/25/2026 (d) | 940000 | 929444 |
| Total U.S. Treasury Obligations <br>(Cost $7,943,742)<br>|  | 7943742 |
| Total Short Term Investments <br>(Cost $66,978,752)<br>|  | 66978752 |
| **Total Investments — 98.2%** <br>**(Cost $83,093,507)** \*<br>|  | **83093507** |
| **Other Assets in Excess of Liabilities — 1.8%** |  | **1523840** |
| **NET ASSETS — 100.0%** |  | **84617347** |

---

&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** |  |
| COLL | Collateral |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| OBFR | Overnight Bank Funding Rate |
| PJSC | Public Joint Stock Company |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | |
|:---|:---|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| ^^ | Certain securities are perpetual and thus, do not have <br> predetermined maturity dates. The coupon rates for <br> these securities are fixed for a period of time and may <br> be structured to adjust thereafter. The coupon rates <br> shown are the rates in effect as of February 28, <br> 2026.<br>|
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The rate shown is the effective yield as of February 28, 2026.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 37

------

JPMorgan Securities Lending Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 67.9%** | **Repurchase Agreements — 67.9%** | **Repurchase Agreements — 67.9%** |
| Agency Joint Trading Account I, J.P. Morgan <br> Investment Management Inc., as agent, 3.67%, <br> dated 2/27/2026, due 3/2/2026, repurchase <br> price $200,061. (a)<br>| 200000 | 200000 |
| Agency Joint Trading Account II, J.P. Morgan <br> Investment Management Inc., as agent, 3.68%, <br> dated 2/27/2026, due 3/2/2026, repurchase <br> price $161,755. (a)<br>| 161705 | 161705 |
| Agency Joint Trading Account III, J.P. Morgan <br> Investment Management Inc., as agent, 3.67%, <br> dated 2/27/2026, due 3/2/2026, repurchase <br> price $200,061. (a)<br>| 200000 | 200000 |
| Banco Santander SA, 3.67%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $125,038, <br> collateralized by FHLMC, 5.00% - 6.50%, due <br> 9/1/2054 - 1/1/2055, FNMA, 4.87%, due <br> 12/25/2055 and U.S. Treasury Securities, <br> 4.63%, due 6/15/2027, with a value of <br> $127,636.<br>| 125000 | 125000 |
| Bank of Montreal, 3.66%, dated 2/27/2026, due <br> 3/2/2026, repurchase price $50,015, <br> collateralized by U.S. Treasury Securities, 5.00%, <br> due 5/15/2045, with a value of $51,016.<br>| 50000 | 50000 |
| Citigroup Global Markets Holdings, Inc., 3.66%, <br> dated 2/27/2026, due 3/2/2026, repurchase <br> price $100,031, collateralized by U.S. Treasury <br> Securities, 1.13% - 4.13%, due 9/30/2032 - <br> 1/15/2033, with a value of $102,000.<br>| 100000 | 100000 |
| Citigroup Global Markets Holdings, Inc., 3.67%, <br> dated 2/27/2026, due 3/2/2026, repurchase <br> price $150,046, collateralized by U.S. Treasury <br> Securities, 0.63% - 4.38%, due 7/31/2026 - <br> 10/31/2027, with a value of $153,000.<br>| 150000 | 150000 |
| Credit Agricole Corporate and Investment Bank, <br> 3.67%, dated 2/27/2026, due 3/2/2026, <br> repurchase price $125,038, collateralized by <br> FHLMC, 2.00% - 6.50%, due 5/1/2030 - <br> 2/1/2056, FNMA, 2.00% - 7.50%, due <br> 9/1/2032 - 9/1/2055, GNMA, 2.00% - 7.50%, <br> due 10/15/2042 - 3/20/2065 and U.S. Treasury <br> Securities, 0.00% - 4.00%, due 3/31/2028 - <br> 11/15/2052, with a value of $127,500.<br>| 125000 | 125000 |
| Fixed Income Clearing Corp., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $50,015, collateralized by U.S. Treasury <br> Securities, 3.88%, due 8/15/2034, with a value <br> of $51,000.<br>| 50000 | 50000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Fixed Income Clearing Corp., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $100,031, collateralized by FHLMC, 3.00% - <br> 6.50%, due 11/1/2034 - 5/1/2055 and FNMA, <br> 2.00% - 6.00%, due 3/1/2049 - 12/1/2055, <br> with a value of $102,000.<br>| 100000 | 100000 |
| HSBC Securities USA, Inc., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $150,046, collateralized by FHLMC, 3.00% - <br> 6.50%, due 5/1/2049 - 6/1/2055 and FNMA, <br> 2.16% - 6.50%, due 5/1/2038 - 11/1/2055, <br> with a value of $153,047.<br>| 150000 | 150000 |
| ING Financial Markets LLC, 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $125,038, collateralized by FHLMC, 3.50% - <br> 7.00%, due 6/1/2040 - 8/1/2054 and FNMA, <br> 3.50% - 6.50%, due 7/1/2034 - 7/1/2056, <br> with a value of $127,539.<br>| 125000 | 125000 |
| Treasury Joint Trading Account II, J.P. Morgan <br> Investment Management Inc., as agent, 3.66%, <br> dated 2/27/2026, due 3/2/2026, repurchase <br> price $150,046. (a)<br>| 150000 | 150000 |
| Wells Fargo Securities LLC, 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $100,031, collateralized by U.S. Treasury <br> Securities, 0.00%, due 8/15/2026 - <br> 11/15/2047, with a value of $102,031.<br>| 100000 | 100000 |
| Wells Fargo Securities LLC, 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $150,046, collateralized by U.S. Treasury <br> Securities, 4.50%, due 5/31/2029, with a value <br> of $153,047.<br>| 150000 | 150000 |
| Westpac Banking Corp., 3.66%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $100,031, <br> collateralized by U.S. Treasury Securities, 3.75%, <br> due 4/15/2028, with a value of $102,032.<br>| 100000 | 100000 |
| Total Repurchase Agreements <br>(Cost $2,036,705)<br>|  | 2036705 |
| **U.S. Government Agency Securities — 22.8%** | **U.S. Government Agency Securities — 22.8%** | **U.S. Government Agency Securities — 22.8%** |
| FFCB |  |  |
| DN, 3.77%, 3/5/2026 (b) | 10000 | 9996 |
| DN, 3.58%, 3/24/2026 (b) | 10000 | 9977 |
| DN, 3.55%, 3/25/2026 (b) | 5000 | 4988 |
| DN, 3.55%, 3/30/2026 (b) | 5000 | 4986 |
| DN, 3.58%, 3/31/2026 (b) | 10000 | 9970 |
| DN, 3.63%, 4/1/2026 (b) | 20000 | 19938 |
| DN, 3.57%, 4/8/2026 (b) | 10000 | 9962 |
| DN, 3.63%, 4/29/2026 (b) | 10000 | 9941 |
| DN, 3.74%, 5/6/2026 (b) | 5000 | 4966 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Government Agency Securities — continued** | **U.S. Government Agency Securities — continued** | **U.S. Government Agency Securities — continued** |
| DN, 3.74%, 5/12/2026 (b) | 5000 | 4963 |
| DN, 3.59%, 6/17/2026 (b) | 15000 | 14840 |
| DN, 3.61%, 6/29/2026 (b) | 5000 | 4941 |
| DN, 3.60%, 7/1/2026 (b) | 10000 | 9879 |
| DN, 3.54%, 7/7/2026 (b) | 10000 | 9876 |
| DN, 3.61%, 7/24/2026 (b) | 10000 | 9857 |
| DN, 3.53%, 7/27/2026 (b) | 5000 | 4928 |
| DN, 3.55%, 8/12/2026 (b) | 10000 | 9841 |
| DN, 3.59%, 8/21/2026 (b) | 10000 | 9830 |
| FFCB Funding Corp. |  |  |
| (SOFR + 0.01%), 3.68%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.02%), 3.69%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.03%), 3.70%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.03%), 3.70%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.05%), 3.71%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.04%), 3.71%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.04%), 3.71%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.04%), 3.71%, 3/2/2026 (c) | 10000 | 10000 |
| (US Federal Funds Effective Rate (continuous series) <br> + 0.07%), 3.71%, 3/2/2026 (c)<br>| 10000 | 10000 |
| (SOFR + 0.04%), 3.71%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.04%), 3.71%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.05%), 3.71%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.05%), 3.71%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.05%), 3.71%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.04%), 3.71%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.05%), 3.72%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.05%), 3.72%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.06%), 3.72%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.06%), 3.73%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.06%), 3.73%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.06%), 3.73%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.07%), 3.73%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.10%), 3.76%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.10%), 3.77%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.10%), 3.77%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.12%), 3.79%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.13%), 3.80%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.14%), 3.80%, 3/2/2026 (c) | 5000 | 5000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.05%), 0.00%, 3/3/2026 (c) | 5000 | 5000 |
| FHLB |  |  |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.11%), 3.78%, 3/2/2026 (c) | 10000 | 10000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 5000 | 5000 |
| DN, 3.78%, 3/12/2026 (b) | 15000 | 14983 |
| DN, 3.64%, 3/20/2026 (b) | 17250 | 17217 |
| DN, 3.59%, 3/25/2026 (b) | 10000 | 9976 |
| DN, 3.61%, 4/13/2026 (b) | 25000 | 24893 |
| DN, 3.63%, 4/17/2026 (b) | 25300 | 25181 |
| DN, 3.60%, 4/22/2026 (b) | 10000 | 9948 |
| DN, 3.63%, 4/29/2026 (b) | 25000 | 24852 |
| DN, 3.62%, 5/22/2026 (b) | 40000 | 39673 |
| FHLMC |  |  |
| (SOFR + 0.10%), 3.76%, 3/2/2026 (c) | 7000 | 7000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 8000 | 8000 |
| FNMA |  |  |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 2000 | 2000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 4000 | 4000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 5000 | 5000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 4000 | 4000 |
| Total U.S. Government Agency Securities <br>(Cost $685,402)<br>|  | 685402 |
| **U.S. Treasury Obligations — 3.2%** | **U.S. Treasury Obligations — 3.2%** | **U.S. Treasury Obligations — 3.2%** |
| U.S. Treasury Floating Rate Notes |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.10%), 3.72%, 3/2/2026 (c)<br>| 10000 | 9999 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.10%), 3.72%, 3/2/2026 (c)<br>| 15000 | 15000 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 3.78%, 3/2/2026 (c)<br>| 15000 | 15002 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 3.78%, 3/2/2026 (c)<br>| 20000 | 19991 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.18%), 3.80%, 3/2/2026 (c)<br>| 17000 | 16997 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.19%), 3.81%, 3/2/2026 (c)<br>| 10000 | 10000 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.21%), 3.83%, 3/2/2026 (c)<br>| 8000 | 8000 |
| U.S. Treasury Notes, 1.13%, 10/31/2026 | 2000 | 1966 |
| Total U.S. Treasury Obligations <br>(Cost $96,955)<br>|  | 96955 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 39

------

JPMorgan Securities Lending Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — 6.4%** | **Short Term Investments — 6.4%** | **Short Term Investments — 6.4%** |
| **U.S. Treasury Obligations — 6.4%** | **U.S. Treasury Obligations — 6.4%** | **U.S. Treasury Obligations — 6.4%** |
| U.S. Treasury Bills |  |  |
| 3.73%, 3/12/2026 (b) | 10000 | 9989 |
| 3.76%, 3/17/2026 (b) | 5000 | 4992 |
| 3.64%, 3/24/2026 (b) | 25000 | 24942 |
| 3.70%, 3/31/2026 (b) | 45000 | 44861 |
| 3.73%, 4/2/2026 (b) | 5000 | 4983 |
| 3.84%, 4/16/2026 (b) | 5000 | 4976 |
| 3.96%, 5/14/2026 (b) | 5000 | 4960 |
| 3.98%, 7/9/2026 (b) | 5000 | 4929 |
| 3.54%, 7/16/2026 (b) | 25000 | 24668 |
| 3.57%, 7/23/2026 (b) | 20000 | 19718 |
| 3.58%, 8/6/2026 (b) | 10000 | 9845 |
| 3.56%, 8/20/2026 (b) | 10000 | 9833 |
| 3.59%, 8/27/2026 (b) | 15000 | 14737 |
| 3.61%, 10/1/2026 (b) | 3000 | 2937 |
| 3.48%, 12/24/2026 (b) | 5000 | 4860 |
| Total U.S. Treasury Obligations <br>(Cost $191,230)<br>|  | 191230 |
| Total Short Term Investments <br>(Cost $191,230)<br>|  | 191230 |
| **Total Investments — 100.3%** <br>**(Cost $3,010,292)** \*<br>|  | **3010292** |
| **Liabilities in Excess of Other Assets — (0.3)%** |  | **(10154)**<br>|
| **NET ASSETS — 100.0%** |  | **3000138** |

---

&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** |  |
| DN | Discount Notes |
| FFCB | Federal Farm Credit Bank |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| SOFR | Secured Overnight Financing Rate |

---

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

†† The date shown represents the earliest of the next put date, next demand date or final maturity date.

\* The cost of securities is substantially the same for federal income tax purposes. 

(a) Agency Joint Trading Account I, II, III and Treasury Joint Trading Account II - At February 28, 2026, the Fund had proportionate interests in the Agency Joint Trading Account I, II, III and Treasury Joint Trading Account II with a maturity date of March 2, 2026, as follows for JPMorgan Securities Lending Money Market Fund (amounts in thousands): 

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal** <br>**Amount**<br>| **Repurchase** <br>**Price**<br>| **Collateral Value** <br>**Allocation**<br>|
| Agency Joint Trading Account I | $200000 | $200061 | $206063 |
| Agency Joint Trading Account II | 161705 | 161755 | 164939 |
| Agency Joint Trading Account III | 200000 | 200061 | 204194 |
| Treasury Joint Trading Account II | 150000 | 150046 | 153000 |

---

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

Repurchase Agreements - At February 28, 2026, the Principal Amounts of the <br> Fund's interests in the Agency Joint Trading Account I, II, III and Treasury Joint <br> Trading Account II were as follows (amounts in thousands):<br>

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

---

| | | |
|:---|:---|:---|
| **Counterparty** | **Interest** <br>**Rate**<br>| **Securities**<br> **Lending**<br> **Money**<br> **Market**<br> **Fund**<br>|
| **Agency Joint Trading Account I** |  |  |
| TD Securities USA LLC | 3.67% | $200000 |
| **Agency Joint Trading Account II** |  |  |
| BofA Securities, Inc. | 3.68% | 161705 |
| **Agency Joint Trading Account III** |  |  |
| BNP Paribas SA | 3.67% | 200000 |
| **Treasury Joint Trading Account II** |  |  |
| Credit Agricole Corporate and Investment Bank | 3.66% | 150000 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan Money Market Funds February 28, 2026

------

At February 28, 2026, the Agency Joint Trading Account I, II, III and Treasury <br> Joint Trading Account II was fully collateralized by:<br>

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Interest** <br>**Rates**<br>| **Maturity** <br>**Dates**<br>|
| **Agency Joint Trading Account I** |  |  |
| FHLMC | 3.50% | 3/25/2051 |
| FNMA | 5.00% | 7/25/2051 |
| GNMA | 2.63%-7.50% | 12/20/2045-2/20/2056 |
| **Agency Joint Trading Account II** |  |  |
| FHLMC | 1.50%-7.50% | 4/1/2030-2/1/2056 |
| FNMA | 1.50%-7.00% | 7/1/2027-3/1/2061 |
| GNMA | 2.00%-7.00% | 12/15/2027-1/20/2076 |
| **Agency Joint Trading Account III** |  |  |
| FHLMC | 2.00%-7.50% | 4/25/2026-3/1/2056 |
| FNMA | 1.50%-7.00% | 6/25/2026-12/1/2055 |
| **Treasury Joint Trading Account II** |  |  |
| U.S. Treasury Securities | 0.00%-4.88% | 3/12/2026-11/15/2055 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 41

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 38.0%** | **Repurchase Agreements — 38.0%** | **Repurchase Agreements — 38.0%** |
| Agency Joint Trading Account I, J.P. Morgan <br> Investment Management Inc., as agent, <br> 3.67%, dated 2/27/2026, due 3/2/2026, <br> repurchase price $600,184. (a)<br>| 600000 | 600000 |
| Agency Joint Trading Account II, J.P. Morgan <br> Investment Management Inc., as agent, <br> 3.68%, dated 2/27/2026, due 3/2/2026, <br> repurchase price $1,555,808. (a)<br>| 1555331 | 1555331 |
| Agency Joint Trading Account III, J.P. Morgan <br> Investment Management Inc., as agent, <br> 3.67%, dated 2/27/2026, due 3/2/2026, <br> repurchase price $254,236. (a)<br>| 254158 | 254158 |
| Banco Santander SA, 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $800,244, collateralized by <br> U.S. Treasury Securities, 0.13% - 4.75%, <br> due 3/31/2026 - 8/15/2055, with a value of <br> $816,249.<br>| 800000 | 800000 |
| Banco Santander SA, 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $1,375,421, collateralized by FHLMC, <br> 2.00% - 7.00%, due 4/1/2028 - <br> 12/25/2055, FNMA, 1.50% - 7.50%, due <br> 5/1/2029 - 2/1/2056 and GNMA, 3.00% - <br> 5.50%, due 5/20/2051 - 2/20/2055, with a <br> value of $1,403,452.<br>| 1375000 | 1375000 |
| Bank of America NA, 3.68%, dated 2/27/2026, <br> due 3/2/2026, repurchase price <br> $1,200,368, collateralized by FNMA, 2.00% <br> - 4.50%, due 5/1/2040 - 9/1/2050, with a <br> value of $1,224,000.<br>| 1200000 | 1200000 |
| Bank of Montreal, 3.75%, dated 2/27/2026, <br> due 3/4/2026, repurchase price <br> $1,000,521, collateralized by GNMA, 2.50% <br> - 6.50%, due 5/20/2051 - 2/20/2066 and <br> U.S. Treasury Securities, 1.88%, due <br> 1/15/2036, with a value of $1,022,895.<br>| 1000000 | 1000000 |
| Bank of Montreal, 3.72%, dated 2/27/2026, <br> due 3/5/2026, repurchase price $500,310, <br> collateralized by GNMA, 2.00% - 4.76%, due <br> 8/20/2040 - 2/16/2064, with a value of <br> $515,373.<br>| 500000 | 500000 |
| BMO Capital Markets Corp., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $250,076, collateralized by GNMA, <br> 2.50% - 4.00%, due 7/20/2047 - <br> 1/20/2055, with a value of $255,078.<br>| 250000 | 250000 |
| BNP Paribas SA, 3.68%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $1,501,073, <br> collateralized by U.S. Treasury Securities, <br> 0.13% - 4.63%, due 9/15/2026 - <br> 2/15/2036, with a value of $1,548,767.<br>| 1500000 | 1500000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| BNP Paribas SA, 3.69%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $750,538, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.50%, due 7/15/2026 - <br> 11/15/2045, with a value of $779,182.<br>| 750000 | 750000 |
| BNP Paribas SA, 3.69%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $750,538, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 6.50%, due 3/31/2026 - <br> 2/15/2054, with a value of $779,183.<br>| 750000 | 750000 |
| BNP Paribas SA, 3.69%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $750,538, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 3.88%, due 6/16/2026 - <br> 2/15/2051, with a value of $779,184.<br>| 750000 | 750000 |
| BNP Paribas SA, 3.69%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $750,538, <br> collateralized by U.S. Treasury Securities, <br> 0.13% - 4.63%, due 10/15/2026 - <br> 2/15/2051, with a value of $779,189.<br>| 750000 | 750000 |
| BNP Paribas SA, 3.69%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $3,002,153, <br> collateralized by FHLMC, 1.50% - 7.50%, <br> due 4/25/2026 - 1/1/2056, FNMA, 1.24% - <br> 7.00%, due 9/25/2026 - 6/25/2060, <br> GNMA, 0.13% - 7.50%, due 11/15/2027 - <br> 9/20/2075 and U.S. Treasury Securities, <br> 0.00% - 4.38%, due 7/31/2027 - <br> 2/15/2056, with a value of $3,111,831.<br>| 3000000 | 3000000 |
| BNP Paribas SA, 3.70%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $300,216, <br> collateralized by FHLMC, 2.50% - 7.00%, <br> due 4/25/2026 - 1/1/2056, FNMA, 2.00% - <br> 7.00%, due 12/1/2033 - 2/1/2056, GNMA, <br> 2.00% - 7.00%, due 8/20/2032 - <br> 8/20/2065 and U.S. Treasury Securities, <br> 0.38% - 3.75%, due 6/30/2027 - <br> 7/15/2035, with a value of $313,467.<br>| 300000 | 300000 |
| BNP Paribas SA, 3.72%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $3,252,351, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.75%, due 6/15/2027 - <br> 8/15/2055, with a value of $3,437,630.<br>| 3250000 | 3250000 |
| BofA Securities, Inc., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $299,063, collateralized by <br> U.S. Treasury Securities, 0.00% - 4.38%, <br> due 5/15/2026 - 2/15/2044, with a value of <br> $304,951.<br>| 298972 | 298972 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| BofA Securities, Inc., 3.69%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $500,359, collateralized by FHLMC, <br> 4.00% - 10.08%, due 7/25/2031 - <br> 1/25/2055, FNMA, 1.44% - 6.00%, due <br> 10/25/2029 - 5/25/2055 and GNMA, <br> 3.50% - 5.75%, due 9/20/2052 - <br> 10/20/2075, with a value of $515,000.<br>| 500000 | 500000 |
| BofA Securities, Inc., 3.69%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $750,538, collateralized by <br> U.S. Treasury Securities, 0.00% - 4.13%, <br> due 9/3/2026 - 11/15/2035, with a value of <br> $765,000.<br>| 750000 | 750000 |
| BofA Securities, Inc., 3.69%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $1,501,076, collateralized by FHLMC, <br> 0.13% - 11.42%, due 6/25/2027 - <br> 10/25/2063, FNMA, 2.00% - 6.50%, due <br> 5/25/2027 - 3/25/2056 and GNMA, 1.25% <br> - 6.66%, due 8/20/2032 - 1/20/2075, with <br> a value of $1,545,000.<br>| 1500000 | 1500000 |
| BofA Securities, Inc., 3.72%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $750,543, collateralized by <br> U.S. Treasury Securities, 2.63% - 4.88%, <br> due 5/31/2026 - 12/31/2031, with a value <br> of $765,000.<br>| 750000 | 750000 |
| BofA Securities, Inc., 3.78%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $500,368, collateralized by FHLMC, <br> 3.46% - 4.75%, due 11/25/2032 - <br> 3/25/2056, FNMA, 5.12% - 5.64%, due <br> 5/25/2034 - 3/25/2055 and GNMA, 4.00% <br> - 5.50%, due 12/20/2044 - 2/20/2066, <br> with a value of $515,000.<br>| 500000 | 500000 |
| Canadian Imperial Bank of Commerce, 3.66%, <br> dated 2/27/2026, due 3/2/2026, <br> repurchase price $1,000,305, collateralized <br> by U.S. Treasury Securities, 0.00% - 4.75%, <br> due 4/30/2026 - 8/15/2055, with a value of <br> $1,020,311.<br>| 1000000 | 1000000 |
| Citigroup Global Markets Holdings, Inc., 3.66%, <br> dated 2/27/2026, due 3/2/2026, <br> repurchase price $630,192, collateralized by <br> U.S. Treasury Securities, 1.13% - 4.13%, <br> due 11/15/2032 - 8/15/2033, with a value <br> of $642,600.<br>| 630000 | 630000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Citigroup Global Markets Holdings, Inc., 3.66%, <br> dated 2/27/2026, due 3/2/2026, <br> repurchase price $1,000,305, collateralized <br> by U.S. Treasury Securities, 3.50% - 4.88%, <br> due 10/31/2028 - 8/31/2030, with a value <br> of $1,020,000.<br>| 1000000 | 1000000 |
| Citigroup Global Markets Holdings, Inc., 3.68%, <br> dated 2/27/2026, due 3/6/2026, <br> repurchase price $1,000,716, collateralized <br> by U.S. Treasury Securities, 0.13% - 4.50%, <br> due 3/31/2027 - 4/30/2027, with a value of <br> $1,020,000.<br>| 1000000 | 1000000 |
| Citigroup Global Markets Holdings, Inc., 3.68%, <br> dated 2/27/2026, due 3/6/2026, <br> repurchase price $6,504,651, collateralized <br> by U.S. Treasury Securities, 0.13% - 4.63%, <br> due 8/31/2026 - 10/31/2027, with a value <br> of $6,630,000.<br>| 6500000 | 6500000 |
| Citigroup Global Markets Holdings, Inc., 3.70%, <br> dated 2/27/2026, due 4/2/2026, <br> repurchase price $2,257,863, collateralized <br> by GNMA, 1.50% - 5.50%, due 12/20/2050 <br> - 3/20/2052, with a value of $2,295,000.<br>| 2250000 | 2250000 |
| Citigroup Global Markets Holdings, Inc., 3.70%, <br> dated 2/27/2026, due 4/13/2026, <br> repurchase price $3,013,875, collateralized <br> by GNMA, 2.00% - 7.50%, due 3/20/2052 - <br> 7/20/2053, with a value of $3,060,000.<br>| 3000000 | 3000000 |
| Citigroup Global Markets Holdings, Inc., 3.70%, <br> dated 2/27/2026, due 4/16/2026, <br> repurchase price $2,009,867, collateralized <br> by FHLMC, 1.00% - 13.61%, due <br> 6/15/2027 - 10/25/2058, FNMA, 0.50% - <br> 16.15%, due 9/25/2029 - 8/25/2059 and <br> GNMA, 0.85% - 5.25%, due 11/20/2055 - <br> 1/20/2076, with a value of $2,060,000.<br>| 2000000 | 2000000 |
| Citigroup Global Markets Holdings, Inc., 3.77%, <br> dated 2/27/2026, due 5/4/2026, <br> repurchase price $3,524,191, collateralized <br> by GNMA, 1.00% - 8.00%, due 9/20/2033 - <br> 2/20/2055, with a value of $3,592,663.<br>| 3500000 | 3500000 |
| Citigroup Global Markets Holdings, Inc., 3.75%, <br> dated 2/27/2026, due 5/31/2026, <br> repurchase price $2,019,375, collateralized <br> by GNMA, 0.01% - 8.00%, due 2/20/2055 - <br> 1/20/2066, with a value of $2,060,000.<br>| 2000000 | 2000000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 43

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Credit Agricole Corporate and Investment Bank, <br> 3.67%, dated 2/27/2026, due 3/2/2026, <br> repurchase price $1,075,329, collateralized <br> by FHLMC, 2.00% - 7.00%, due 12/1/2028 <br> - 2/1/2056, FNMA, 2.00% - 7.00%, due <br> 4/1/2031 - 3/1/2056 and GNMA, 0.50% - <br> 7.50%, due 4/20/2035 - 3/20/2065, with a <br> value of $1,096,500.<br>| 1075000 | 1075000 |
| Daiwa Capital Markets America, Inc., 3.67%, <br> dated 2/27/2026, due 3/2/2026, <br> repurchase price $4,001,223, collateralized <br> by FFCB, 3.38% - 5.15%, due 3/6/2026 - <br> 2/17/2039, FHLB, 0.00% - 4.60%, due <br> 6/26/2026 - 2/24/2034, FHLMC, 2.00% - <br> 7.00%, due 2/1/2029 - 3/1/2056, FNMA, <br> 2.00% - 8.00%, due 8/1/2033 - 6/1/2056 <br> GNMA, 1.50% - 7.50%, due 10/15/2032 - <br> 2/20/2066 and U.S. Treasury Securities, <br> 1.00% - 4.88%, due 7/15/2026 - <br> 8/15/2055, with a value of $4,087,036.<br>| 4000000 | 4000000 |
| Deutsche Bank Securities, Inc., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $1,400,427, collateralized by <br> U.S. Treasury Securities, 0.00% - 6.38%, <br> due 8/15/2027 - 11/15/2055, with a value <br> of $1,428,000.<br>| 1400000 | 1400000 |
| Deutsche Bank Securities, Inc., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $4,001,220, collateralized by <br> U.S. Treasury Securities, 0.13% - 2.38%, <br> due 7/15/2026 - 1/15/2036, with a value of <br> $4,080,000.<br>| 4000000 | 4000000 |
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $600,183, collateralized by <br> U.S. Treasury Securities, 3.63% - 4.75%, <br> due 5/31/2028 - 2/15/2054, with a value of <br> $612,000.<br>| 600000 | 600000 |
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $1,000,305, collateralized by <br> U.S. Treasury Securities, 1.25% - 4.25%, <br> due 9/30/2028 - 2/15/2042, with a value of <br> $1,020,000.<br>| 1000000 | 1000000 |
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $1,000,305, collateralized by <br> U.S. Treasury Securities, 0.75% - 3.00%, <br> due 3/31/2027 - 8/15/2048, with a value of <br> $1,020,000.<br>| 1000000 | 1000000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $9,002,745, collateralized by <br> U.S. Treasury Securities, 0.38% - 4.50%, <br> due 6/30/2027 - 11/15/2054, with a value <br> of $9,180,000.<br>| 9000000 | 9000000 |
| Fixed Income Clearing Corp., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $250,076, collateralized by FHLMC, <br> 2.00% - 7.00%, due 6/1/2029 - 5/1/2055 <br> and FNMA, 2.00% - 6.50%, due 4/1/2029 - <br> 1/1/2056, with a value of $255,000.<br>| 250000 | 250000 |
| Fixed Income Clearing Corp., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $350,107, collateralized by <br> U.S. Treasury Securities, 3.88% - 4.75%, <br> due 8/15/2034 - 11/15/2043, with a value <br> of $357,000.<br>| 350000 | 350000 |
| Fixed Income Clearing Corp., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $1,000,306, collateralized by FHLMC, <br> 2.00% - 6.00%, due 10/1/2030 - <br> 11/1/2055, FNMA, 2.00% - 6.50%, due <br> 4/1/2032 - 9/1/2055, GNMA, 2.50% - <br> 6.50%, due 12/20/2033 - 12/15/2064 and <br> U.S. Treasury Securities, 1.25% - 4.13%, <br> due 5/31/2032 - 5/15/2050, with a value of <br> $1,020,000.<br>| 1000000 | 1000000 |
| Fixed Income Clearing Corp., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $4,001,223, collateralized by FHLMC, <br> 1.00% - 7.00%, due 4/1/2032 - 1/1/2056 <br> and FNMA, 1.50% - 7.00%, due 2/1/2028 - <br> 3/1/2062, with a value of $4,080,000.<br>| 4000000 | 4000000 |
| Fixed Income Clearing Corp., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $6,001,835, collateralized by FHLMC, <br> 2.00% - 6.50%, due 8/1/2028 - 2/1/2056, <br> FNMA, 1.50% - 7.00%, due 9/1/2027 - <br> 3/1/2062, GNMA, 1.50% - 6.50%, due <br> 12/15/2026 - 6/15/2066 and U.S. Treasury <br> Securities, 0.00% - 3.50%, due 3/19/2026 <br> - 8/15/2050, with a value of $6,120,000.<br>| 6000000 | 6000000 |
| Goldman Sachs & Co. LLC, 3.69%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $1,000,718, collateralized by FHLMC, <br> 2.50% - 6.50%, due 2/1/2030 - 8/1/2055, <br> FNMA, 2.00% - 6.50%, due 1/1/2029 - <br> 5/1/2057, GNMA, 2.00% - 6.50%, due <br> 10/16/2039 - 8/20/2065 and U.S. Treasury <br> Securities, 0.00% - 3.50%, due 7/31/2029 <br> - 11/15/2036, with a value of $1,020,495.<br>| 1000000 | 1000000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Goldman Sachs & Co. LLC, 3.69%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $1,000,718, collateralized by FHLMC, <br> 2.50% - 6.00%, due 2/1/2032 - 3/1/2056, <br> FNMA, 3.00% - 6.00%, due 8/1/2033 - <br> 11/1/2052, GNMA, 1.25% - 6.50%, due <br> 11/20/2037 - 10/16/2057 and <br> U.S. Treasury Securities, 0.00%, due <br> 8/15/2043, with a value of $1,020,921.<br>| 1000000 | 1000000 |
| Goldman Sachs & Co. LLC, 3.69%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $1,000,718, collateralized by FHLMC, <br> 2.00% - 6.50%, due 3/1/2027 - 2/1/2056, <br> FNMA, 2.00% - 6.50%, due 2/1/2030 - <br> 10/1/2055 and GNMA, 2.50% - 6.50%, due <br> 5/20/2031 - 2/20/2056, with a value of <br> $1,020,982.<br>| 1000000 | 1000000 |
| Goldman Sachs & Co. LLC, 3.69%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $2,001,435, collateralized by FHLMC, <br> 1.50% - 6.50%, due 1/1/2030 - 3/1/2056, <br> FNMA, 2.00% - 7.50%, due 2/1/2029 - <br> 1/1/2056, GNMA, 2.25% - 6.50%, due <br> 12/15/2034 - 12/15/2060 and <br> U.S. Treasury Securities, 0.00% - 6.25%, <br> due 2/18/2027 - 5/15/2030, with a value of <br> $2,042,258.<br>| 2000000 | 2000000 |
| Goldman Sachs & Co. LLC, 3.83%, dated <br> 2/27/2026, due 5/28/2026, repurchase <br> price $1,514,363, collateralized by FFCB, <br> 1.87%, due 9/1/2033, FHLB, 5.50%, due <br> 10/9/2040, FHLMC, 1.00% - 10.08%, due <br> 7/27/2026 - 2/1/2056, FNMA, 1.50% - <br> 6.50%, due 12/1/2030 - 3/25/2056 and <br> GNMA, 5.00%, due 7/20/2053, with a value <br> of $1,538,881.<br>| 1500000 | 1500000 |
| HSBC Securities USA, Inc., 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $235,072, collateralized by FHLMC, <br> 2.37% - 6.00%, due 12/1/2035 - <br> 12/1/2055 and FNMA, 1.17% - 7.00%, due <br> 1/1/2028 - 1/1/2056, with a value of <br> $239,773.<br>| 235000 | 235000 |
| ING Financial Markets LLC, 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $275,084, collateralized by FHLMC, <br> 3.00% - 6.65%, due 9/1/2035 - 4/1/2055 <br> and FNMA, 2.50% - 6.50%, due 10/1/2035 <br> - 7/1/2056, with a value of $280,586.<br>| 275000 | 275000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Metropolitan Life Insurance Co., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $1,000,305, collateralized by <br> U.S. Treasury Securities, 1.13% - 4.50%, <br> due 1/31/2028 - 2/15/2054, with a value of <br> $1,020,104.<br>| 1000000 | 1000000 |
| Mitsubishi UFJ Trust & Banking Corp., 3.67%, <br> dated 2/27/2026, due 3/3/2026, <br> repurchase price $500,204, collateralized by <br> GNMA, 3.00% - 6.00%, due 8/15/2038 - <br> 12/20/2055, with a value of $510,208.<br>| 500000 | 500000 |
| Natixis SA, 3.67%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $2,001,427, <br> collateralized by FHLMC, 2.00% - 7.00%, <br> due 11/15/2034 - 9/1/2055, FNMA, 1.27% <br> - 6.50%, due 11/1/2028 - 10/1/2055, <br> GNMA, 3.00% - 6.50%, due 9/16/2039 - <br> 10/20/2055, Tennessee Valley Authority, <br> 0.00% - 5.38%, due 1/15/2038 - <br> 4/1/2056 and U.S. Treasury Securities, <br> 0.00% - 5.00%, due 3/19/2026 - <br> 11/15/2055, with a value of $2,051,289.<br>| 2000000 | 2000000 |
| Nomura Securities Co. Ltd., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $1,000,305, collateralized by <br> U.S. Treasury Securities, 0.13% - 4.88%, <br> due 5/15/2026 - 8/15/2053, with a value of <br> $1,020,318.<br>| 1000000 | 1000000 |
| Norinchukin Bank (The), 3.66%, dated <br> 2/27/2026, due 3/4/2026, repurchase <br> price $300,153, collateralized by <br> U.S. Treasury Securities, 3.38% - 4.50%, <br> due 5/31/2032 - 8/15/2039, with a value of <br> $306,000.<br>| 300000 | 300000 |
| Norinchukin Bank (The), 3.69%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $300,215, collateralized by <br> U.S. Treasury Securities, 3.38% - 4.50%, <br> due 5/31/2032 - 8/15/2039, with a value of <br> $306,000.<br>| 300000 | 300000 |
| Prudential Legacy Insurance Co. of New Jersey, <br> 3.66%, dated 2/27/2026, due 3/2/2026, <br> repurchase price $800,244, collateralized by <br> U.S. Treasury Securities, 0.00% - 4.75%, <br> due 6/30/2027 - 5/15/2054, with a value of <br> $816,083.<br>| 800000 | 800000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 45

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| RBC Capital Markets LLC, 3.70%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $3,602,590, collateralized by FFCB, <br> 1.20% - 4.75%, due 3/13/2028 - <br> 3/12/2029, FHLB, 3.80%, due 2/11/2028, <br> FHLMC, 0.75% - 6.50%, due 8/25/2026 - <br> 1/1/2056, FNMA, 1.00% - 6.00%, due <br> 9/1/2026 - 4/1/2055, GNMA, 0.75% - <br> 8.00%, due 4/20/2026 - 3/20/2064, <br> Tennessee Valley Authority, 4.70% - 5.25%, <br> due 7/15/2033 - 2/1/2055 and <br> U.S. Treasury Securities, 0.00% - 4.88%, <br> due 4/15/2026 - 11/15/2055, with a value <br> of $3,697,002.<br>| 3600000 | 3600000 |
| Royal Bank of Canada, 3.55%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $1,000,690, collateralized by FHLMC, <br> 2.50% - 6.50%, due 11/1/2034 - <br> 5/25/2055 and FNMA, 1.27% - 8.00%, due <br> 1/1/2027 - 7/1/2060, with a value of <br> $1,042,014.<br>| 1000000 | 1000000 |
| Royal Bank of Canada, 3.61%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $3,002,106, collateralized by FHLMC, <br> 2.00% - 8.00%, due 9/1/2026 - 2/1/2056 <br> and FNMA, 1.24% - 7.50%, due 10/1/2026 <br> - 1/1/2057, with a value of $3,121,449.<br>| 3000000 | 3000000 |
| Royal Bank of Canada, 3.63%, dated <br> 2/27/2026, due 3/6/2026, repurchase <br> price $2,001,412, collateralized by FHLMC, <br> 2.00% - 7.00%, due 1/1/2027 - 2/1/2056, <br> FNMA, 1.27% - 7.00%, due 10/1/2027 - <br> 12/1/2060 and U.S. Treasury Securities, <br> 0.00%, due 6/9/2026, with a value of <br> $2,077,587.<br>| 2000000 | 2000000 |
| Societe Generale SA, 3.67%, dated <br> 2/27/2026, due 3/4/2026, repurchase <br> price $1,500,765, collateralized by FHLMC, <br> 1.50% - 7.00%, due 4/1/2028 - 3/1/2056, <br> FNMA, 2.00% - 7.50%, due 5/1/2027 - <br> 6/1/2064 and U.S. Treasury Securities, <br> 0.00%, due 5/7/2026, with a value of <br> $1,530,002.<br>| 1500000 | 1500000 |
| Sumitomo Mitsui Banking Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $600,183, collateralized by <br> U.S. Treasury Securities, 0.63% - 4.63%, <br> due 11/30/2027 - 11/15/2055, with a <br> value of $612,187.<br>| 600000 | 600000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| The Northwestern Mutual Life Insurance Co., <br> 3.67%, dated 2/27/2026, due 3/2/2026, <br> repurchase price $1,300,398, collateralized <br> by FHLMC, 2.00% - 5.50%, due 9/1/2042 - <br> 8/1/2054 and FNMA, 0.00% - 5.50%, due <br> 12/1/2039 - 3/1/2053, with a value of <br> $1,326,135.<br>| 1300000 | 1300000 |
| Treasury Joint Trading Account I, J.P. Morgan <br> Investment Management Inc., as agent, <br> 3.66%, dated 2/27/2026, due 3/2/2026, <br> repurchase price $1,689,516. (a)<br>| 1689001 | 1689001 |
| UBS Securities LLC, 3.67%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $200,061, <br> collateralized by FHLMC, 3.00% - 6.00%, <br> due 3/1/2027 - 10/1/2039, FNMA, 3.00% - <br> 6.50%, due 11/1/2026 - 7/1/2049, GNMA, <br> 2.50% - 8.00%, due 4/15/2026 - <br> 1/20/2056 and U.S. Treasury Securities, <br> 2.88% - 4.75%, due 1/31/2028 - <br> 2/15/2056, with a value of $204,000.<br>| 200000 | 200000 |
| UBS Securities LLC, 3.67%, dated 2/27/2026, <br> due 3/4/2026, repurchase price $200,102, <br> collateralized by FHLMC, 2.00% - 8.50%, <br> due 5/1/2026 - 10/1/2053, FNMA, 2.00% - <br> 9.00%, due 4/1/2026 - 2/1/2053, GNMA, <br> 1.50% - 9.00%, due 3/15/2026 - <br> 11/20/2053 and U.S. Treasury Securities, <br> 1.75% - 4.00%, due 1/15/2028 - <br> 2/15/2053, with a value of $204,000.<br>| 200000 | 200000 |
| Wells Fargo Bank NA, 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $1,500,459, collateralized by GNMA, <br> 1.50% - 5.75%, due 1/16/2040 - <br> 2/20/2056, with a value of $1,545,473.<br>| 1500000 | 1500000 |
| Wells Fargo Securities LLC, 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $2,092,401, collateralized by <br> U.S. Treasury Securities, 0.00% - 4.25%, <br> due 3/31/2026 - 2/15/2056, with a value of <br> $2,134,249.<br>| 2091763 | 2091763 |
| Wells Fargo Securities LLC, 3.67%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $6,852,095, collateralized by GNMA, <br> 2.00% - 8.50%, due 6/15/2026 - <br> 2/20/2056 and U.S. Treasury Securities, <br> 0.75% - 4.50%, due 4/30/2026 - <br> 5/15/2034, with a value of $6,989,137.<br>| 6850000 | 6850000 |
| Wells Fargo Securities LLC, 3.67%, dated <br> 2/27/2026, due 3/3/2026, repurchase <br> price $2,501,019, collateralized by FNMA, <br> 1.50% - 7.50%, due 3/1/2027 - 7/1/2056, <br> with a value of $2,551,820.<br>| 2500000 | 2500000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Wells Fargo Securities LLC, 3.67%, dated <br> 2/27/2026, due 3/4/2026, repurchase <br> price $7,003,568, collateralized by FNMA, <br> 1.50% - 8.00%, due 8/1/2026 - 3/1/2063, <br> with a value of $7,145,095.<br>| 7000000 | 7000000 |
| Westpac Banking Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase <br> price $900,275, collateralized by <br> U.S. Treasury Securities, 3.75% - 3.88%, <br> due 4/15/2028 - 6/15/2028, with a value of <br> $918,280.<br>| 900000 | 900000 |
| Total Repurchase Agreements <br>(Cost $128,279,225)<br>|  | 128279225 |
| **U.S. Government Agency Securities — 18.5%** | **U.S. Government Agency Securities — 18.5%** | **U.S. Government Agency Securities — 18.5%** |
| FFCB |  |  |
| DN, 3.77%, 3/16/2026 (b) | 62000 | 61903 |
| DN, 3.77%, 4/7/2026 (b) | 187000 | 186279 |
| DN, 3.55%, 8/12/2026 (b) | 150000 | 147615 |
| FFCB Funding Corp. |  |  |
| (SOFR + 0.03%), 3.70%, 3/2/2026 (c) | 90000 | 90000 |
| (SOFR + 0.07%), 3.73%, 3/2/2026 (c) | 136000 | 136000 |
| (SOFR + 0.07%), 3.74%, 3/2/2026 (c) | 305000 | 305000 |
| (SOFR + 0.07%), 3.74%, 3/2/2026 (c) | 248000 | 248000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 365000 | 365000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 210000 | 210000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 530000 | 530000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 275000 | 275000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 135000 | 135000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 460000 | 460000 |
| (SOFR + 0.10%), 3.76%, 3/2/2026 (c) | 125000 | 125000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 80000 | 80000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 375000 | 375000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 345000 | 345000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 80000 | 80000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 330000 | 329972 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 360000 | 360000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 220000 | 220000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 170000 | 170000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 135000 | 135000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 205000 | 205000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 100000 | 100000 |
| (SOFR + 0.10%), 3.77%, 3/2/2026 (c) | 200000 | 200000 |
| (SOFR + 0.10%), 3.77%, 3/2/2026 (c) | 165000 | 165000 |
| (SOFR + 0.11%), 3.78%, 3/2/2026 (c) | 200000 | 200000 |
| (SOFR + 0.13%), 3.80%, 3/2/2026 (c) | 110000 | 110000 |
| (SOFR + 0.13%), 3.80%, 3/2/2026 (c) | 398000 | 398000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 275000 | 275000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 75000 | 75000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 275000 | 275000 |
| FHLB |  |  |
| DN, 3.48%, 3/2/2026 (b) | 51653 | 51648 |
| (SOFR + 0.01%), 3.67%, 3/2/2026 (c) | 500000 | 500000 |
| (SOFR + 0.01%), 3.67%, 3/2/2026 (c) | 500000 | 500000 |
| (SOFR + 0.02%), 3.68%, 3/2/2026 (c) | 1000000 | 1000000 |
| (SOFR + 0.02%), 3.68%, 3/2/2026 (c) | 250000 | 250000 |
| (SOFR + 0.01%), 3.68%, 3/2/2026 (c) | 1000000 | 1000000 |
| (SOFR + 0.02%), 3.68%, 3/2/2026 (c) | 500000 | 500000 |
| (SOFR + 0.01%), 3.68%, 3/2/2026 (c) | 950000 | 950000 |
| (SOFR + 0.02%), 3.68%, 3/2/2026 (c) | 250000 | 250000 |
| (SOFR + 0.02%), 3.68%, 3/2/2026 (c) | 705000 | 705000 |
| (SOFR + 0.01%), 3.68%, 3/2/2026 (c) | 344900 | 344900 |
| (SOFR + 0.02%), 3.68%, 3/2/2026 (c) | 955000 | 955000 |
| (SOFR + 0.02%), 3.68%, 3/2/2026 (c) | 250000 | 250000 |
| (SOFR + 0.01%), 3.68%, 3/2/2026 (c) | 250000 | 250000 |
| (SOFR + 0.02%), 3.69%, 3/2/2026 (c) | 250000 | 250000 |
| (SOFR + 0.02%), 3.69%, 3/2/2026 (c) | 955000 | 955000 |
| (SOFR + 0.02%), 3.69%, 3/2/2026 (c) | 2000000 | 2000000 |
| (SOFR + 0.02%), 3.69%, 3/2/2026 (c) | 120000 | 120000 |
| (SOFR + 0.03%), 3.70%, 3/2/2026 (c) | 945000 | 945000 |
| (SOFR + 0.03%), 3.70%, 3/2/2026 (c) | 500000 | 500000 |
| (SOFR + 0.03%), 3.70%, 3/2/2026 (c) | 250000 | 250000 |
| (SOFR + 0.05%), 3.72%, 3/2/2026 (c) | 395000 | 395000 |
| (SOFR + 0.07%), 3.73%, 3/2/2026 (c) | 300000 | 300000 |
| (SOFR + 0.07%), 3.73%, 3/2/2026 (c) | 54000 | 54000 |
| (SOFR + 0.06%), 3.73%, 3/2/2026 (c) | 450000 | 450000 |
| (SOFR + 0.07%), 3.74%, 3/2/2026 (c) | 250000 | 250000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 1000000 | 1000000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 500000 | 500000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 250000 | 250000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 750000 | 750000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 1000000 | 1000000 |
| (SOFR + 0.10%), 3.77%, 3/2/2026 (c) | 388665 | 388564 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 1495000 | 1495000 |
| DN, 3.92%, 3/3/2026 (b) | 500000 | 499891 |
| DN, 3.90%, 3/4/2026 (b) | 150000 | 149951 |
| DN, 3.76%, 3/9/2026 (b) | 150000 | 149875 |
| 3.85%, 3/10/2026 | 500000 | 499997 |
| DN, 3.77%, 3/11/2026 (b) | 200000 | 199791 |
| 3.85%, 3/11/2026 | 750000 | 749995 |
| 3.85%, 3/11/2026 | 1000000 | 999993 |
| DN, 3.77%, 3/12/2026 (b) | 425000 | 424511 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 47

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Government Agency Securities — continued** | **U.S. Government Agency Securities — continued** | **U.S. Government Agency Securities — continued** |
| DN, 3.77%, 3/13/2026 (b) | 250000 | 249686 |
| DN, 3.77%, 3/16/2026 (b) | 500000 | 499217 |
| DN, 3.77%, 3/17/2026 (b) | 250000 | 249582 |
| DN, 3.73%, 4/1/2026 (b) | 191700 | 191086 |
| DN, 3.75%, 4/2/2026 (b) | 450000 | 448504 |
| DN, 3.59%, 4/21/2026 (b) | 200000 | 198989 |
| DN, 3.55%, 6/18/2026 (b) | 1865000 | 1845185 |
| DN, 3.57%, 6/24/2026 (b) | 41000 | 40538 |
| DN, 3.54%, 6/25/2026 (b) | 3150000 | 3114456 |
| DN, 3.57%, 6/26/2026 (b) | 250000 | 247136 |
| DN, 3.56%, 7/1/2026 (b) | 500000 | 494036 |
| DN, 3.55%, 7/9/2026 (b) | 1400000 | 1382280 |
| DN, 3.57%, 7/16/2026 (b) | 100000 | 98659 |
| DN, 3.61%, 7/23/2026 (b) | 450000 | 443601 |
| DN, 3.61%, 7/24/2026 (b) | 300000 | 295698 |
| DN, 3.59%, 7/31/2026 (b) | 1000000 | 985075 |
| DN, 3.61%, 8/6/2026 (b) | 1250000 | 1230667 |
| DN, 3.58%, 8/12/2026 (b) | 567000 | 557894 |
| DN, 3.59%, 8/14/2026 (b) | 100000 | 98373 |
| FHLMC |  |  |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 970000 | 970000 |
| (SOFR + 0.10%), 3.76%, 3/2/2026 (c) | 1980000 | 1980000 |
| (SOFR + 0.10%), 3.76%, 3/2/2026 (c) | 2360000 | 2360000 |
| (SOFR + 0.11%), 3.78%, 3/2/2026 (c) | 790000 | 790000 |
| (SOFR + 0.12%), 3.79%, 3/2/2026 (c) | 1124048 | 1123949 |
| (SOFR + 0.13%), 3.80%, 3/2/2026 (c) | 427000 | 427014 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 1500000 | 1500000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 900000 | 900000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 500000 | 500000 |
| FNMA |  |  |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 1707000 | 1707000 |
| (SOFR + 0.08%), 3.75%, 3/2/2026 (c) | 1984000 | 1984000 |
| (SOFR + 0.09%), 3.76%, 3/2/2026 (c) | 1502000 | 1502000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 1206000 | 1206000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 362000 | 362000 |
| (SOFR + 0.14%), 3.81%, 3/2/2026 (c) | 275000 | 275000 |
| DN, 3.57%, 4/21/2026 (b) | 1000000 | 994971 |
| DN, 3.57%, 5/8/2026 (b) | 1000000 | 993313 |
| Total U.S. Government Agency Securities <br>(Cost $62,651,794)<br>|  | 62651794 |
| **U.S. Treasury Obligations — 8.4%** | **U.S. Treasury Obligations — 8.4%** | **U.S. Treasury Obligations — 8.4%** |
| U.S. Treasury Floating Rate Notes |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.15%), 3.77%, 3/2/2026 (c)<br>| 2906280 | 2906286 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 3.78%, 3/2/2026 (c)<br>| 7617200 | 7613964 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.18%), 3.80%, 3/2/2026 (c)<br>| 5575300 | 5574615 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.19%), 3.81%, 3/2/2026 (c)<br>| 1600000 | 1600540 |
| U.S. Treasury Notes |  |  |
| 2.25%, 3/31/2026 | 400000 | 399368 |
| 4.88%, 4/30/2026 | 719200 | 720157 |
| 1.63%, 5/15/2026 | 925000 | 920307 |
| 3.63%, 5/15/2026 | 470000 | 469459 |
| 1.88%, 6/30/2026 | 200000 | 198493 |
| 0.75%, 8/31/2026 | 380000 | 374286 |
| 1.38%, 8/31/2026 | 400000 | 395192 |
| 3.75%, 8/31/2026 | 2558000 | 2556782 |
| 1.13%, 10/31/2026 | 667000 | 655647 |
| 1.63%, 11/30/2026 | 629200 | 620154 |
| 4.38%, 12/15/2026 | 150000 | 150931 |
| 4.25%, 12/31/2026 | 205000 | 206142 |
| 1.88%, 2/28/2027 | 450000 | 442572 |
| 4.13%, 2/28/2027 | 2733000 | 2748129 |
| Total U.S. Treasury Obligations <br>(Cost $28,553,024)<br>|  | 28553024 |
| **Short Term Investments — 31.5%** | **Short Term Investments — 31.5%** | **Short Term Investments — 31.5%** |
| **U.S. Treasury Obligations — 31.5%** | **U.S. Treasury Obligations — 31.5%** | **U.S. Treasury Obligations — 31.5%** |
| U.S. Treasury Bills |  |  |
| 3.94%, 3/3/2026 (b) | 720000 | 719843 |
| 3.88%, 3/5/2026 (b) | 4648500 | 4646496 |
| 3.54%, 3/10/2026 (b) | 2932700 | 2930105 |
| 3.76%, 3/17/2026 (b) | 3171500 | 3166214 |
| 3.76%, 3/24/2026 (b) | 4548000 | 4537104 |
| 3.71%, 3/26/2026 (b) | 2347500 | 2341460 |
| 3.75%, 3/31/2026 (b) | 4790000 | 4775071 |
| 3.72%, 4/2/2026 (b) | 3841150 | 3828479 |
| 3.63%, 4/7/2026 (b) | 2526500 | 2517100 |
| 3.71%, 4/9/2026 (b) | 1361300 | 1355851 |
| 3.83%, 4/16/2026 (b) | 8591700 | 8549848 |
| 3.56%, 4/21/2026 (b) | 5343000 | 5316205 |
| 3.68%, 4/23/2026 (b) | 1488500 | 1480479 |
| 3.56%, 5/5/2026 (b) | 2050000 | 2036897 |
| 3.58%, 5/12/2026 (b) | 50000 | 49645 |
| 3.83%, 5/14/2026 (b) | 2981500 | 2958178 |
| 3.74%, 5/21/2026 (b) | 3116500 | 3090485 |
| 3.59%, 5/26/2026 (b) | 550000 | 545321 |
| 3.92%, 6/11/2026 (b) | 3626700 | 3586826 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 3.56%, 6/18/2026 (b) | 6501500 | 6432199 |
| 3.53%, 6/25/2026 (b) | 3850750 | 3807508 |
| 3.54%, 7/2/2026 (b) | 439000 | 433762 |
| 3.89%, 7/9/2026 (b) | 488050 | 481276 |
| 3.54%, 7/16/2026 (b) | 581000 | 573284 |
| 3.56%, 7/23/2026 (b) | 5876000 | 5793508 |
| 3.58%, 7/30/2026 (b) | 1600000 | 1576343 |
| 3.63%, 8/6/2026 (b) | 4344000 | 4275929 |
| 3.57%, 8/13/2026 (b) | 10683000 | 10511117 |
| 3.56%, 8/20/2026 (b) | 3134500 | 3082084 |
| 3.59%, 8/27/2026 (b) | 3400000 | 3340408 |
| 3.73%, 9/3/2026 (b) | 1328308 | 1303189 |
| 3.61%, 10/1/2026 (b) | 1550000 | 1517383 |
| 3.48%, 12/24/2026 (b) | 1593250 | 1548594 |
| 3.46%, 2/18/2027 (b) | 3297750 | 3189279 |
| Total U.S. Treasury Obligations <br>(Cost $106,297,470)<br>|  | 106297470 |
| Total Short Term Investments <br>(Cost $106,297,470)<br>|  | 106297470 |
| **Total Investments — 96.4%** <br>**(Cost $325,781,513)** \*<br>|  | **325781513** |
| **Other Assets in Excess of Liabilities — 3.6%** |  | **12152151** |
| **NET ASSETS — 100.0%** |  | **337933664** |

---

&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** |  |
| DN | Discount Notes |
| FFCB | Federal Farm Credit Bank |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Agency Joint Trading Account I, II, III and Treasury <br> Joint Trading Account I - At February 28, 2026, the <br> Fund had proportionate interests in the Agency Joint <br> Trading Account I, II, III and Treasury Joint Trading <br> Account I with a maturity date of March 2, 2026, as <br> follows for JPMorgan U.S. Government Money Market <br> Fund (amounts in thousands): <br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal** <br>**Amount**<br>| **Repurchase** <br>**Price**<br>| **Collateral Value** <br>**Allocation**<br>|
| Agency Joint Trading Account I | $600000 | $600184 | $618189 |
| Agency Joint Trading Account II | 1555331 | 1555808 | 1586438 |
| Agency Joint Trading Account III | 254158 | 254236 | 259488 |
| Treasury Joint Trading Account I | 1689001 | 1689516 | 1723285 |

---

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

Repurchase Agreements - At February 28, 2026, the Principal Amounts of the <br> Fund's interests in the Agency Joint Trading Account I, II, III and Treasury Joint <br> Trading Account I were as follows (amounts in thousands):<br>

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

---

| | | |
|:---|:---|:---|
| **Counterparty** | **Interest** <br>**Rate**<br>| **U.S.**<br> **Government**<br> **Money**<br> **Market**<br> **Fund**<br>|
| **Agency Joint Trading Account I** |  |  |
| TD Securities USA LLC | 3.67% | $600000 |
| **Agency Joint Trading Account II** |  |  |
| BofA Securities, Inc. | 3.68% | 1555331 |
| **Agency Joint Trading Account III** |  |  |
| BNP Paribas SA | 3.67% | 254158 |
| **Treasury Joint Trading Account I** |  |  |
| BNP Paribas SA | 3.66% | 1080961 |
| Citibank NA | 3.66% | 67560 |
| Wells Fargo Securities LLC | 3.66% | 540480 |
| Total |  | 1689001 |

---

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

At February 28, 2026, the Agency Joint Trading Account I, II, III and Treasury <br> Joint Trading Account I was fully collateralized by:<br>

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Interest** <br>**Rates**<br>| **Maturity** <br>**Dates**<br>|
| **Agency Joint Trading Account I** |  |  |
| FHLMC | 3.50% | 3/25/2051 |
| FNMA | 5.00% | 7/25/2051 |
| GNMA | 2.63%-7.50% | 12/20/2045-2/20/2056 |
| **Agency Joint Trading Account II** |  |  |
| FHLMC | 1.50%-7.50% | 4/1/2030-2/1/2056 |
| FNMA | 1.50%-7.00% | 7/1/2027-3/1/2061 |
| GNMA | 2.00%-7.00% | 12/15/2027-1/20/2076 |
| **Agency Joint Trading Account III** |  |  |
| FHLMC | 2.00%-7.50% | 4/25/2026-3/1/2056 |
| FNMA | 1.50%-7.00% | 6/25/2026-12/1/2055 |
| **Treasury Joint Trading Account I** |  |  |
| U.S. Treasury Securities | 0.00%-6.75% | 2/28/2026-2/15/2056 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown is the effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 49

------

JPMorgan U.S. Treasury Plus Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 51.6%** | **Repurchase Agreements — 51.6%** | **Repurchase Agreements — 51.6%** |
| BNP Paribas SA, 3.68%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $500,358, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.13%, due 6/15/2026 - 8/15/2051, <br> with a value of $516,256.<br>| 500000 | 500000 |
| BNP Paribas SA, 3.69%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $250,179, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.13%, due 1/31/2027 - 8/15/2035, <br> with a value of $259,727.<br>| 250000 | 250000 |
| BNP Paribas SA, 3.69%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $250,179, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 6.75%, due 2/28/2026 - 2/15/2054, <br> with a value of $259,728.<br>| 250000 | 250000 |
| BNP Paribas SA, 3.69%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $250,179, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.75%, due 5/21/2026 - 2/15/2055, <br> with a value of $259,728.<br>| 250000 | 250000 |
| BNP Paribas SA, 3.69%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $250,179, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.50%, due 3/5/2026 - 11/15/2035, <br> with a value of $259,730.<br>| 250000 | 250000 |
| BNP Paribas SA, 3.72%, dated 2/27/2026, due <br> 3/6/2026, repurchase price $750,542, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.88%, due 2/28/2026 - 2/15/2054, <br> with a value of $793,299.<br>| 750000 | 750000 |
| BofA Securities, Inc., 3.67%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $688,341, <br> collateralized by U.S. Treasury Securities, <br> 1.75% - 4.63%, due 6/30/2026 - <br> 11/15/2028, with a value of $701,894.<br>| 688131 | 688131 |
| BofA Securities, Inc., 3.69%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $250,179, <br> collateralized by U.S. Treasury Securities, <br> 3.78% - 4.13%, due 4/30/2027 - 2/29/2032, <br> with a value of $255,000.<br>| 250000 | 250000 |
| BofA Securities, Inc., 3.69%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $500,359, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.38%, due 3/24/2026 - 2/15/2055, <br> with a value of $510,000.<br>| 500000 | 500000 |
| BofA Securities, Inc., 3.69%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $500,359, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.88%, due 8/31/2026 - 2/15/2046, <br> with a value of $510,000.<br>| 500000 | 500000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| BofA Securities, Inc., 3.72%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $250,181, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.88%, due 7/15/2026 - 5/15/2031, <br> with a value of $255,000.<br>| 250000 | 250000 |
| BofA Securities, Inc., 3.74%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $250,182, <br> collateralized by U.S. Treasury Securities, <br> 3.88%, due 6/15/2028, with a value of <br> $255,000.<br>| 250000 | 250000 |
| Citigroup Global Markets Holdings, Inc., 3.66%, <br> dated 2/27/2026, due 3/2/2026, repurchase <br> price $200,061, collateralized by U.S. Treasury <br> Securities, 1.13% - 4.13%, due 9/30/2032 - <br> 1/15/2033, with a value of $204,000.<br>| 200000 | 200000 |
| Citigroup Global Markets Holdings, Inc., 3.67%, <br> dated 2/27/2026, due 4/2/2026, repurchase <br> price $501,733, collateralized by U.S. Treasury <br> Securities, 1.88% - 5.00%, due 5/31/2029 - <br> 8/15/2044, with a value of $510,000.<br>| 500000 | 500000 |
| Citigroup Global Markets Holdings, Inc., 3.68%, <br> dated 2/27/2026, due 4/16/2026, repurchase <br> price $502,453, collateralized by U.S. Treasury <br> Securities, 1.88% - 4.25%, due 8/15/2035 - <br> 2/15/2036, with a value of $510,000.<br>| 500000 | 500000 |
| Citigroup Global Markets Holdings, Inc., 3.73%, <br> dated 2/27/2026, due 5/31/2026, repurchase <br> price $504,818, collateralized by U.S. Treasury <br> Securities, 1.88% - 5.00%, due 8/15/2035 - <br> 2/15/2041, with a value of $510,000.<br>| 500000 | 500000 |
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $2,000,610, collateralized by U.S. Treasury <br> Securities, 1.25% - 6.38%, due 8/15/2027 - <br> 2/15/2045, with a value of $2,040,000.<br>| 2000000 | 2000000 |
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $4,401,342, collateralized by U.S. Treasury <br> Securities, 0.00% - 4.75%, due 5/28/2026 - <br> 8/15/2055, with a value of $4,488,000.<br>| 4400000 | 4400000 |
| Fixed Income Clearing Corp., 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $9,002,745, collateralized by U.S. Treasury <br> Securities, 1.75% - 4.75%, due 1/31/2029 - <br> 11/15/2043, with a value of $9,180,000.<br>| 9000000 | 9000000 |
| Natixis SA, 3.69%, dated 2/27/2026, due <br> 4/6/2026, repurchase price $501,948, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.88%, due 3/19/2026 - 5/15/2055, <br> with a value of $514,705.<br>| 500000 | 500000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Norinchukin Bank (The), 3.66%, dated <br> 2/27/2026, due 3/4/2026, repurchase price <br> $200,102, collateralized by U.S. Treasury <br> Securities, 3.38% - 4.50%, due 6/30/2030 - <br> 5/15/2041, with a value of $204,000.<br>| 200000 | 200000 |
| Norinchukin Bank (The), 3.69%, dated <br> 2/27/2026, due 3/6/2026, repurchase price <br> $200,144, collateralized by U.S. Treasury <br> Securities, 3.38% - 4.50%, due 6/30/2030 - <br> 5/15/2041, with a value of $204,000.<br>| 200000 | 200000 |
| Societe Generale SA, 3.67%, dated 2/27/2026, <br> due 3/6/2026, repurchase price $1,000,714, <br> collateralized by U.S. Treasury Securities, <br> 0.88% - 4.38%, due 6/30/2026 - <br> 11/15/2031, with a value of $1,020,000.<br>| 1000000 | 1000000 |
| TD Securities USA LLC, 3.66%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $750,229, <br> collateralized by U.S. Treasury Securities, <br> 4.38% - 5.00%, due 8/15/2043 - 2/15/2056, <br> with a value of $765,233.<br>| 750000 | 750000 |
| Treasury Joint Trading Account I, J.P. Morgan <br> Investment Management Inc., as agent, 3.66%, <br> dated 2/27/2026, due 3/2/2026, repurchase <br> price $2,351,525. (a)<br>| 2350808 | 2350808 |
| Wells Fargo Bank NA, 3.66%, dated 2/27/2026, <br> due 3/2/2026, repurchase price $1,000,305, <br> collateralized by U.S. Treasury Securities, <br> 0.25% - 2.38%, due 2/15/2045 - 2/15/2056, <br> with a value of $1,020,311.<br>| 1000000 | 1000000 |
| Wells Fargo Securities LLC, 3.66%, dated <br> 2/27/2026, due 3/2/2026, repurchase price <br> $2,250,686, collateralized by U.S. Treasury <br> Securities, 0.63% - 4.50%, due 5/15/2026 - <br> 5/15/2033, with a value of $2,295,700.<br>| 2250000 | 2250000 |
| Total Repurchase Agreements <br>(Cost $30,038,939)<br>|  | 30038939 |
| **U.S. Treasury Obligations — 24.2%** | **U.S. Treasury Obligations — 24.2%** | **U.S. Treasury Obligations — 24.2%** |
| U.S. Treasury Floating Rate Notes |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.10%), 3.72%, 3/2/2026 (b)<br>| 837500 | 837448 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.10%), 3.72%, 3/2/2026 (b)<br>| 450000 | 449999 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.15%), 3.77%, 3/2/2026 (b)<br>| 502000 | 501995 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 3.78%, 3/2/2026 (b)<br>| 240000 | 240039 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 3.78%, 3/2/2026 (b)<br>| 1628500 | 1627722 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.18%), 3.80%, 3/2/2026 (b)<br>| 850000 | 849897 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.19%), 3.81%, 3/2/2026 (b)<br>| 2980000 | 2981776 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.21%), 3.83%, 3/2/2026 (b)<br>| 1166000 | 1166107 |
| U.S. Treasury Notes |  |  |
| 4.88%, 4/30/2026 | 200000 | 200277 |
| 1.63%, 5/15/2026 | 124000 | 123372 |
| 3.63%, 5/15/2026 | 44000 | 43987 |
| 0.75%, 5/31/2026 | 93000 | 92295 |
| 2.13%, 5/31/2026 | 22000 | 21910 |
| 4.13%, 6/15/2026 | 13000 | 13007 |
| 0.88%, 6/30/2026 | 201000 | 198949 |
| 1.88%, 6/30/2026 | 50000 | 49623 |
| 4.63%, 6/30/2026 | 608000 | 609133 |
| 0.63%, 7/31/2026 | 83000 | 81937 |
| 1.88%, 7/31/2026 | 75000 | 74426 |
| 4.38%, 7/31/2026 | 150000 | 150210 |
| 1.38%, 8/31/2026 | 250000 | 246954 |
| 3.75%, 8/31/2026 | 450000 | 449821 |
| 0.88%, 9/30/2026 | 146000 | 143653 |
| 3.50%, 9/30/2026 | 193000 | 192793 |
| 4.63%, 10/15/2026 | 200000 | 201247 |
| 1.13%, 10/31/2026 | 150000 | 147452 |
| 1.63%, 11/30/2026 | 117000 | 115321 |
| 4.25%, 11/30/2026 | 810000 | 814099 |
| 1.25%, 12/31/2026 | 224750 | 220564 |
| 1.75%, 12/31/2026 | 100000 | 98544 |
| 4.25%, 12/31/2026 | 775000 | 779410 |
| 4.13%, 1/31/2027 | 400000 | 401967 |
| Total U.S. Treasury Obligations <br>(Cost $14,125,934)<br>|  | 14125934 |
| **Short Term Investments — 21.2%** | **Short Term Investments — 21.2%** | **Short Term Investments — 21.2%** |
| **U.S. Treasury Obligations — 21.2%** | **U.S. Treasury Obligations — 21.2%** | **U.S. Treasury Obligations — 21.2%** |
| U.S. Treasury Bills |  |  |
| 3.84%, 3/3/2026 (c) | 1155000 | 1154754 |
| 3.74%, 3/10/2026 (c) | 375000 | 374649 |
| 3.76%, 3/24/2026 (c) | 500000 | 498802 |
| 3.66%, 3/26/2026 (c) | 850000 | 847842 |
| 3.75%, 3/31/2026 (c) | 550000 | 548286 |
| 3.77%, 4/2/2026 (c) | 560000 | 558130 |
| 3.71%, 4/9/2026 (c) | 410000 | 408359 |
| 3.85%, 4/16/2026 (c) | 965000 | 960276 |
| 3.73%, 4/23/2026 (c) | 430000 | 427652 |
| 3.82%, 5/14/2026 (c) | 525000 | 520907 |
| 3.59%, 5/19/2026 (c) | 1850 | 1836 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 51

------

JPMorgan U.S. Treasury Plus Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 3.74%, 5/21/2026 (c) | 550000 | 545409 |
| 3.98%, 6/11/2026 (c) | 450000 | 444976 |
| 3.53%, 6/25/2026 (c) | 650000 | 642701 |
| 3.54%, 7/2/2026 (c) | 250000 | 247015 |
| 3.98%, 7/9/2026 (c) | 93000 | 91682 |
| 3.56%, 7/23/2026 (c) | 900000 | 887352 |
| 3.66%, 8/6/2026 (c) | 345000 | 339539 |
| 3.58%, 8/13/2026 (c) | 1575000 | 1549554 |
| 3.59%, 8/27/2026 (c) | 300000 | 294742 |
| 3.73%, 9/3/2026 (c) | 50000 | 49054 |
| 3.61%, 10/1/2026 (c) | 250000 | 244739 |
| 3.48%, 12/24/2026 (c) | 300000 | 291591 |
| 3.50%, 1/21/2027 (c) | 300000 | 290790 |
| 3.46%, 2/18/2027 (c) | 145000 | 140231 |
| Total U.S. Treasury Obligations <br>(Cost $12,360,868)<br>|  | 12360868 |
| Total Short Term Investments <br>(Cost $12,360,868)<br>|  | 12360868 |
| **Total Investments — 97.0%** <br>**(Cost $56,525,741)** \*<br>|  | **56525741** |
| **Other Assets in Excess of Liabilities — 3.0%** |  | **1735435** |
| **NET ASSETS — 100.0%** |  | **58261176** |

---

&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;

---

| | |
|:---|:---|
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Treasury Joint Trading Account I - At February 28, <br> 2026, the Fund had proportionate interests in the <br> Treasury Joint Trading Account I with a maturity date <br> of March 2, 2026, as follows for JPMorgan <br> U.S. Treasury Plus Money Market Fund (amounts in <br> thousands): <br>|

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Principal** <br>**Amount**<br>| **Repurchase** <br>**Price**<br>| **Collateral Value** <br>**Allocation**<br>|
| Treasury Joint Trading Account I | $2350808 | $2351525 | $2398526 |

---

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

Repurchase Agreements - At February 28, 2026, the Principal Amounts of the <br> Fund's interests in the Treasury Joint Trading Account I were as follows <br> (amounts in thousands):<br>

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

---

| | | |
|:---|:---|:---|
| **Counterparty** | **Interest** <br>**Rate**<br>| **U.S.**<br> **Treasury**<br> **Plus**<br> **Money**<br> **Market**<br> **Fund**<br>|
| **Treasury Joint Trading Account I** |  |  |
| BNP Paribas SA | 3.66% | $1504517 |
| Citibank NA | 3.66% | 94032 |
| Wells Fargo Securities LLC | 3.66% | 752259 |
| Total |  | 2350808 |

---

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

At February 28, 2026, the Treasury Joint Trading Account I was fully <br> collateralized by:<br>

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Interest** <br>**Rates**<br>| **Maturity** <br>**Dates**<br>|
| **Treasury Joint Trading Account I** |  |  |
| U.S. Treasury Securities | 0.00%-6.75% | 2/28/2026-2/15/2056 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown is the effective yield as of February 28, 2026.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 J.P. Morgan Money Market Funds February 28, 2026

------

JPMorgan Federal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Government Agency Securities — 31.9%** | **U.S. Government Agency Securities — 31.9%** | **U.S. Government Agency Securities — 31.9%** |
| FFCB |  |  |
| DN, 3.64%, 3/3/2026 (a) | 100000 | 99980 |
| DN, 4.04%, 3/4/2026 (a) | 25000 | 24992 |
| DN, 4.05%, 3/11/2026 (a) | 25000 | 24972 |
| DN, 3.74%, 6/22/2026 (a) | 30000 | 29652 |
| DN, 3.61%, 7/24/2026 (a) | 25000 | 24641 |
| FFCB Funding Corp., (SOFR + 0.14%), 3.81%, <br> 3/2/2026 (b)<br>| 100000 | 100000 |
| FHLB |  |  |
| DN, 3.48%, 3/2/2026 (a) | 1000 | 1000 |
| (SOFR + (0.01)%), 3.66%, 3/2/2026 (b) | 250000 | 250000 |
| (SOFR + (0.01)%), 3.67%, 3/2/2026 (b) | 250000 | 250000 |
| 3.67%, 3/2/2026 (c) | 250000 | 249998 |
| 3.67%, 3/2/2026 (c) | 250000 | 250000 |
| 3.67%, 3/2/2026 (c) | 250000 | 250000 |
| 3.67%, 3/2/2026 (c) | 250000 | 250000 |
| 3.67%, 3/2/2026 (c) | 250000 | 250000 |
| 3.67%, 3/2/2026 (c) | 250000 | 250000 |
| DN, 3.78%, 3/12/2026 (a) | 85000 | 84902 |
| DN, 3.80%, 4/16/2026 (a) | 75000 | 74637 |
| DN, 3.99%, 5/15/2026 (a) | 28000 | 27769 |
| DN, 4.05%, 7/31/2026 (a) | 32000 | 31461 |
| Total U.S. Government Agency Securities <br>(Cost $2,524,004)<br>|  | 2524004 |
| **U.S. Treasury Obligations — 1.6%** | **U.S. Treasury Obligations — 1.6%** | **U.S. Treasury Obligations — 1.6%** |
| U.S. Treasury Floating Rate Notes, (US Treasury 3 <br> Month Bill Money Market Yield + 0.21%), 3.83%, <br> 3/2/2026 (b)<br>| 100000 | 100002 |
| U.S. Treasury Notes, 0.88%, 6/30/2026 | 25000 | 24730 |
| Total U.S. Treasury Obligations <br>(Cost $124,732)<br>|  | 124732 |
| **Short Term Investments — 67.7%** | **Short Term Investments — 67.7%** | **Short Term Investments — 67.7%** |
| **U.S. Treasury Obligations — 67.7%** | **U.S. Treasury Obligations — 67.7%** | **U.S. Treasury Obligations — 67.7%** |
| U.S. Treasury Bills |  |  |
| 3.62%, 3/3/2026 (a) | 300000 | 299940 |
| 3.88%, 3/5/2026 (a) | 25000 | 24989 |
| 3.66%, 3/10/2026 (a) | 200000 | 199817 |
| 3.65%, 3/17/2026 (a) | 350000 | 349434 |
| 3.67%, 3/19/2026 (a) | 150000 | 149725 |
| 3.66%, 3/24/2026 (a) | 450000 | 448949 |
| 3.66%, 3/26/2026 (a) | 250000 | 249366 |
| 3.66%, 4/2/2026 (a) | 300000 | 299026 |
| 3.64%, 4/7/2026 (a) | 200000 | 199255 |
| 3.66%, 4/9/2026 (a) | 300000 | 298815 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 3.64%, 4/14/2026 (a) | 300000 | 298671 |
| 3.70%, 4/16/2026 (a) | 50000 | 49765 |
| 3.62%, 4/21/2026 (a) | 350000 | 348213 |
| 3.68%, 4/23/2026 (a) | 50000 | 49731 |
| 3.58%, 4/28/2026 (a) | 400000 | 397733 |
| 3.66%, 4/30/2026 (a) | 25000 | 24848 |
| 3.56%, 5/5/2026 (a) | 100000 | 99361 |
| 3.73%, 5/7/2026 (a) | 100000 | 99311 |
| 3.54%, 5/12/2026 (a) | 100000 | 99298 |
| 3.84%, 5/14/2026 (a) | 100000 | 99216 |
| 3.59%, 5/19/2026 (a) | 100000 | 99219 |
| 3.74%, 5/21/2026 (a) | 50000 | 49583 |
| 3.61%, 5/26/2026 (a) | 100000 | 99145 |
| 3.70%, 5/28/2026 (a) | 50000 | 49551 |
| 3.67%, 6/4/2026 (a) | 50000 | 49520 |
| 3.74%, 6/11/2026 (a) | 75000 | 74214 |
| 3.53%, 6/18/2026 (a) | 50000 | 49471 |
| 3.53%, 6/25/2026 (a) | 50000 | 49438 |
| 3.54%, 7/2/2026 (a) | 50000 | 49402 |
| 3.67%, 7/9/2026 (a) | 75000 | 74018 |
| 3.54%, 7/16/2026 (a) | 50000 | 49336 |
| 3.57%, 7/23/2026 (a) | 50000 | 49296 |
| 3.58%, 7/30/2026 (a) | 50000 | 49261 |
| 3.66%, 8/6/2026 (a) | 75000 | 73814 |
| 3.56%, 8/13/2026 (a) | 50000 | 49198 |
| 3.56%, 8/20/2026 (a) | 50000 | 49164 |
| 3.59%, 8/27/2026 (a) | 50000 | 49124 |
| 3.73%, 9/3/2026 (a) | 75000 | 73582 |
| 3.61%, 10/1/2026 (a) | 75000 | 73422 |
| 3.48%, 12/24/2026 (a) | 75000 | 72902 |
| 3.50%, 1/21/2027 (a) | 25000 | 24233 |
| 3.46%, 2/18/2027 (a) | 25000 | 24178 |
| Total U.S. Treasury Obligations <br>(Cost $5,366,534)<br>|  | 5366534 |
| Total Short Term Investments <br>(Cost $5,366,534)<br>|  | 5366534 |
| **Total Investments — 101.2%** <br>**(Cost $8,015,270)** \*<br>|  | **8015270** |
| **Liabilities in Excess of Other Assets — (1.2)%** |  | **(96159)**<br>|
| **NET ASSETS — 100.0%** |  | **7919111** |

---

&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;

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 53

------

JPMorgan Federal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| DN | Discount Notes |
| FFCB | Federal Farm Credit Bank |
| FHLB | Federal Home Loan Bank |
| SOFR | Secured Overnight Financing Rate |

---

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

†† The date shown represents the earliest of the next put date, next demand date or final maturity date. <br> \* The cost of securities is substantially the same for federal income tax purposes.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The rate shown is the effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2026.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan Money Market Funds February 28, 2026

------

JPMorgan 100% U.S. Treasury Securities Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 17.8%** | **U.S. Treasury Obligations — 17.8%** | **U.S. Treasury Obligations — 17.8%** |
| U.S. Treasury Floating Rate Notes |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.10%), 3.72%, 3/2/2026 (a)<br>| 6025000 | 6025048 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.10%), 3.72%, 3/2/2026 (a)<br>| 2934500 | 2934495 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.15%), 3.77%, 3/2/2026 (a)<br>| 2359000 | 2358976 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 3.78%, 3/2/2026 (a)<br>| 3635000 | 3635212 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 3.78%, 3/2/2026 (a)<br>| 6350000 | 6347168 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.18%), 3.80%, 3/2/2026 (a)<br>| 6145000 | 6143831 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.19%), 3.81%, 3/2/2026 (a)<br>| 8789500 | 8793919 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.21%), 3.83%, 3/2/2026 (a)<br>| 3877000 | 3877562 |
| U.S. Treasury Notes |  |  |
| 3.75%, 4/15/2026 | 150000 | 149952 |
| 0.75%, 4/30/2026 | 40000 | 39787 |
| 4.88%, 4/30/2026 | 250000 | 250347 |
| 1.63%, 5/15/2026 | 636000 | 632778 |
| 3.63%, 5/15/2026 | 212000 | 211939 |
| 0.75%, 5/31/2026 | 460000 | 456504 |
| 2.13%, 5/31/2026 | 106000 | 105568 |
| 4.13%, 6/15/2026 | 73384 | 73422 |
| 0.88%, 6/30/2026 | 108000 | 106893 |
| 4.63%, 6/30/2026 | 892000 | 893932 |
| 0.63%, 7/31/2026 | 70000 | 69101 |
| 1.88%, 7/31/2026 | 370000 | 367171 |
| 4.38%, 7/31/2026 | 474000 | 475233 |
| 3.75%, 8/31/2026 | 1070000 | 1069756 |
| 0.88%, 9/30/2026 | 605000 | 595274 |
| 1.63%, 9/30/2026 | 70000 | 69219 |
| 3.50%, 9/30/2026 | 675000 | 674502 |
| 4.63%, 10/15/2026 | 659750 | 663886 |
| 1.13%, 10/31/2026 | 360000 | 353879 |
| 4.13%, 10/31/2026 | 999875 | 1002905 |
| 4.25%, 11/30/2026 | 374875 | 376669 |
| 4.38%, 12/15/2026 | 800000 | 805171 |
| 1.25%, 12/31/2026 | 750000 | 735979 |
| 1.75%, 12/31/2026 | 449750 | 443151 |
| 4.25%, 12/31/2026 | 2149625 | 2161643 |
| 1.50%, 1/31/2027 | 600000 | 588796 |
| 4.13%, 1/31/2027 | 150000 | 150738 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 1.88%, 2/28/2027 | 250000 | 245936 |
| Total U.S. Treasury Obligations <br>(Cost $53,886,342)<br>|  | 53886342 |
| **Short Term Investments — 85.0%** | **Short Term Investments — 85.0%** | **Short Term Investments — 85.0%** |
| **U.S. Treasury Obligations — 85.0%** | **U.S. Treasury Obligations — 85.0%** | **U.S. Treasury Obligations — 85.0%** |
| U.S. Treasury Bills |  |  |
| 3.66%, 3/3/2026 (b) | 15997250 | 15994001 |
| 3.70%, 3/5/2026 (b) | 10598000 | 10593644 |
| 3.61%, 3/10/2026 (b) | 15241000 | 15227257 |
| 3.65%, 3/12/2026 (b) | 13701000 | 13685726 |
| 3.87%, 3/17/2026 (b) | 16964500 | 16936865 |
| 3.62%, 3/19/2026 (b) | 10247500 | 10228965 |
| 3.65%, 3/24/2026 (b) | 18444250 | 18401294 |
| 3.62%, 3/26/2026 (b) | 10289500 | 10263672 |
| 3.70%, 3/31/2026 (b) | 18425250 | 18370818 |
| 3.66%, 4/2/2026 (b) | 8800000 | 8771440 |
| 3.64%, 4/7/2026 (b) | 11100000 | 11058673 |
| 3.66%, 4/9/2026 (b) | 12696750 | 12646625 |
| 3.64%, 4/14/2026 (b) | 11601500 | 11550128 |
| 3.80%, 4/16/2026 (b) | 3700000 | 3682110 |
| 3.63%, 4/21/2026 (b) | 11048000 | 10991543 |
| 3.68%, 4/23/2026 (b) | 1300000 | 1292995 |
| 3.58%, 4/28/2026 (b) | 11097000 | 11034045 |
| 3.66%, 4/30/2026 (b) | 1300000 | 1292113 |
| 3.56%, 5/5/2026 (b) | 2875500 | 2857121 |
| 3.54%, 5/12/2026 (b) | 2899500 | 2879145 |
| 3.79%, 5/14/2026 (b) | 3800000 | 3770585 |
| 3.59%, 5/19/2026 (b) | 2899500 | 2876848 |
| 3.74%, 5/21/2026 (b) | 2700000 | 2677462 |
| 3.61%, 5/26/2026 (b) | 2899500 | 2874703 |
| 3.76%, 6/11/2026 (b) | 4590000 | 4541565 |
| 3.62%, 6/16/2026 (b) | 500000 | 494676 |
| 3.53%, 6/25/2026 (b) | 2800000 | 2768558 |
| 3.54%, 7/2/2026 (b) | 2800000 | 2766517 |
| 3.73%, 7/9/2026 (b) | 2700000 | 2664087 |
| 3.54%, 7/16/2026 (b) | 2900000 | 2861484 |
| 3.57%, 7/23/2026 (b) | 2900000 | 2859168 |
| 3.58%, 7/30/2026 (b) | 1444750 | 1423389 |
| 3.62%, 8/6/2026 (b) | 3512500 | 3457509 |
| 3.56%, 8/13/2026 (b) | 1492750 | 1468804 |
| 3.56%, 8/20/2026 (b) | 2950000 | 2900669 |
| 3.59%, 8/27/2026 (b) | 1511000 | 1484517 |
| 3.73%, 9/3/2026 (b) | 1800000 | 1765962 |
| 3.61%, 10/1/2026 (b) | 1300000 | 1272644 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 55

------

JPMorgan 100% U.S. Treasury Securities Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 3.48%, 12/24/2026 (b) | 1410000 | 1370485 |
| 3.50%, 1/21/2027 (b) | 725000 | 702744 |
| 3.46%, 2/18/2027 (b) | 2215000 | 2142143 |
| Total U.S. Treasury Obligations <br>(Cost $256,902,699)<br>|  | 256902699 |
| Total Short Term Investments <br>(Cost $256,902,699)<br>|  | 256902699 |
| **Total Investments — 102.8%** <br>**(Cost $310,789,041)** \*<br>|  | **310789041** |
| **Liabilities in Excess of Other Assets — (2.8)%** |  | **(8566956)**<br>|
| **NET ASSETS — 100.0%** |  | **302222085** |

---

&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;

†† The date shown represents the earliest of the next put date, next demand date or final maturity date.

\* The cost of securities is substantially the same for federal income tax purposes. 

(a) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026. 

(b) The rate shown is the effective yield as of February 28, 2026. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan Money Market Funds February 28, 2026

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 64.6%** | **Municipal Bonds — 64.6%** | **Municipal Bonds — 64.6%** |
| **Alabama — 1.3%** | **Alabama — 1.3%** | **Alabama — 1.3%** |
| Public Finance Authority Series 2025-VRS219, <br> Class A, Rev., VRDO, LOC : Bank of America NA, <br> 1.94%, 3/6/2026 (a) (b)<br>| 25000 | 25000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-BAML5061, Rev., VRDO, LOC : <br> Bank of America NA, 2.14%, 3/2/2026 (a) <br> (b)<br>| 12285 | 12285 |
| Series 2025-BAML5063, Rev., VRDO, LOC : <br> Bank of America NA, 2.08%, 7/9/2026 (a) <br> (b)<br>| 100000 | 100000 |
| **Total Alabama** |  | 137285 |
| **Alaska — 0.5%** | **Alaska — 0.5%** | **Alaska — 0.5%** |
| Alaska Housing Finance Corp., Home Mortgage <br> Series 2007B, Rev., VRDO, LIQ : FHLB, 1.85%, <br> 3/6/2026 (b)<br>| 27930 | 27930 |
| City of Valdez, Exxon Pipeline Co. Project |  |  |
| Series 1993B, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 10165 | 10165 |
| Series 1993C, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 10000 | 10000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-XG0518, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.00%, 3/6/2026 (a) (b)<br>| 4305 | 4305 |
| **Total Alaska** |  | 52400 |
| **Arizona — 1.4%** | **Arizona — 1.4%** | **Arizona — 1.4%** |
| Arizona Industrial Development Authority, 67 Flats <br> Project Series 2023A, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.80%, 3/6/2026 (b)<br>| 45110 | 45110 |
| Arizona Industrial Development Authority, Juniper <br> Square Project Series 2023A, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.80%, 3/6/2026 (b)<br>| 22880 | 22880 |
| Arizona Industrial Development Authority, <br> Multi-Family Housing Draw Down Sidney Village <br> Project<br>|  |  |
| Series 2025A, Rev., VRDO, LOC : Barclays Bank <br> plc, 1.80%, 3/6/2026 (b)<br>| 2265 | 2265 |
| Series 2025A, Rev., VRDO, LOC : Barclays Bank <br> plc, 1.80%, 3/6/2026 (b)<br>| 1335 | 1335 |
| Arizona Industrial Development Authority, <br> Multi-Family Housing Townhomes On Earley <br> Project Series 2025A, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.80%, 3/6/2026 (b)<br>| 15680 | 15680 |
| Deutsche Bank Spears |  |  |
| Series DB-8166, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 7010 | 7010 |
| Series DB-8222, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 9510 | 9510 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-147, Rev., VRDO, LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 21000 | 21000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF8042, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2670 | 2670 |
| Series 2025-XL0609, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 20625 | 20625 |
| **Total Arizona** |  | 148085 |
| **Arkansas — 0.3%** | **Arkansas — 0.3%** | **Arkansas — 0.3%** |
| Arkansas Development Finance Authority, Green <br> Bay Packaging, Inc., Project, Rev., AMT, VRDO, <br> LOC : Wells Fargo Bank NA, 1.93%, <br> 3/6/2026 (a) (b)<br>| 28900 | 28900 |
| **California — 1.2%** | **California — 1.2%** | **California — 1.2%** |
| Public Finance Authority |  |  |
| Series 2025-VRS212, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 32250 | 32250 |
| Series 25-VRS213, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 45000 | 45000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XF3028, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 17375 | 17375 |
| Series 2022-XF3030, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 17200 | 17200 |
| Series 2023-XG0502, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 5185 | 5185 |
| Series 2025-XM1245, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3975 | 3975 |
| Series 2025- CF7005, Rev., VRDO, LOC : <br> Citibank NA, 2.00%, 3/6/2026 (a) (b)<br>| 6975 | 6975 |
| **Total California** |  | 127960 |
| **Colorado — 0.3%** | **Colorado — 0.3%** | **Colorado — 0.3%** |
| Colorado State Education Loan Program, Rev., <br> TRAN, 5.00%, 6/30/2026<br>| 2920 | 2944 |
| Deutsche Bank Spears |  |  |
| Series DB-8148, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 8595 | 8595 |
| Series 2025-DB-8167, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 8960 | 8960 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-YX1254, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3905 | 3905 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 57

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Series 2024-XL0549, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2025-XF8032, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2665 | 2665 |
| **Total Colorado** |  | 30819 |
| **Connecticut — 1.8%** | **Connecticut — 1.8%** | **Connecticut — 1.8%** |
| City of Bristol, GO, BAN, 4.00%, 11/5/2026 | 25875 | 26130 |
| City of New London |  |  |
| Series A, GO, BAN, 4.00%, 3/12/2026 | 24954 | 24963 |
| GO, BAN, 3.75%, 3/11/2027 (c) | 27610 | 28019 |
| City of Torrington, GO, BAN, 4.00%, 3/12/2026 | 22350 | 22358 |
| Connecticut Housing Finance Authority, Housing <br> Mortgage Finance Program Series 2022, <br> Subseries E-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC COLL, LOC : Sumitomo Mitsui Banking <br> Corp., 1.86%, 3/6/2026 (b)<br>| 13500 | 13500 |
| State of Connecticut Special Tax Series 2022A, <br> Rev., 5.00%, 7/1/2026<br>| 1965 | 1981 |
| State of Connecticut Special Tax, Transportation <br> Infrastructure Purpose<br>|  |  |
| Series 2022B, Rev., 5.00%, 7/1/2026 | 1680 | 1693 |
| Series 2024B, Rev., 5.00%, 7/1/2026 | 7300 | 7358 |
| Series 2025A, Rev., 5.00%, 7/1/2026 | 5200 | 5242 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0558, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Bank of America NA, <br> 1.91%, 3/6/2026 (a) (b)<br>| 5705 | 5705 |
| Series 2024-XX1346, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 7000 | 7000 |
| Series 2025-CF7067, Rev., VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 7300 | 7300 |
| Town of Griswold, GO, BAN, 4.00%, 1/28/2027 | 2200 | 2231 |
| Town of Killingly Series B, GO, BAN, 4.00%, <br> 11/10/2026<br>| 15000 | 15148 |
| Town of North Haven, GO, BAN, 3.75%, <br> 10/29/2026<br>| 6250 | 6299 |
| Town of Oxford, GO, BAN, 3.75%, 3/10/2027 (c) | 15080 | 15302 |
| **Total Connecticut** |  | 190229 |
| **District of Columbia — 1.5%** | **District of Columbia — 1.5%** | **District of Columbia — 1.5%** |
| Deutsche Bank Spears |  |  |
| Series DB-8232, GO, VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 3165 | 3165 |
| Series 2025-DB8211, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4750 | 4750 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-108, GO, VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 50000 | 50000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3133, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 40000 | 40000 |
| Series 2022-ZL0319, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 13625 | 13625 |
| Series 2025-CF7046, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 17360 | 17360 |
| Series 2025-XF8012, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| Series 2025-XL0714, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 6350 | 6350 |
| Series 2025-XX1403, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3990 | 3990 |
| Series 2025-ZF3379, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3270 | 3270 |
| Series 2025-ZF3380, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4660 | 4660 |
| **Total District of Columbia** |  | 155170 |
| **Florida — 3.2%** | **Florida — 3.2%** | **Florida — 3.2%** |
| Alachua County Housing Finance Authority, <br> Multi-Family, Santa Fe Apartments Project <br> Series 2008, Rev., VRDO, LOC : FNMA, 1.93%, <br> 3/6/2026 (b)<br>| 1245 | 1245 |
| County of Broward, Power and Light Co. Project, <br> Rev., VRDO, 1.99%, 3/6/2026 (b)<br>| 43600 | 43600 |
| County of Martin, Florida Power and Light Co., <br> Project, Rev., VRDO, 2.00%, 3/6/2026 (b)<br>| 16025 | 16025 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 1.90%, 3/6/2026 (b)<br>| 24900 | 24900 |
| Deutsche Bank Spears Series DB-8165, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 1.91%, <br> 3/6/2026 (a) (b)<br>| 12435 | 12435 |
| Florida Housing Finance Corp., Multi-Family <br> Mortgage, Kings Terrace LLC Series 2013B, <br> Rev., VRDO, LIQ : FHLMC, 1.88%, 3/6/2026 (b)<br>| 12000 | 12000 |
| Lee County Industrial Development Authority, <br> Florida Power and Light Co., Project Series <br> 2016B, Rev., AMT, VRDO, 2.45%, 3/6/2026 (b)<br>| 15000 | 15000 |
| Miami-Dade County Industrial Development <br> Authority, Florida Power and Light Co. Project<br>|  |  |
| Series 2024B, Rev., AMT, VRDO, 2.03%, <br> 3/6/2026 (b)<br>| 32500 | 32500 |
| Series 2024A, Rev., AMT, VRDO, 2.15%, <br> 3/6/2026 (b)<br>| 20000 | 20000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Orange County Health Facilities Authority, The <br> Nemours Foundation Project<br>|  |  |
| Series 2009C-1, Rev., VRDO, LOC : TD Bank NA, <br> 1.88%, 3/6/2026 (b)<br>| 200 | 200 |
| Series 2009C-2, Rev., VRDO, LOC : TD Bank NA, <br> 1.88%, 3/6/2026 (b)<br>| 130 | 130 |
| Pinellas County Housing Finance Authority, Booker <br> Creek Apartments, Rev., VRDO, LOC : FHLMC, <br> 1.93%, 3/6/2026 (b)<br>| 3770 | 3770 |
| Public Finance Authority |  |  |
| Series 2025-VRS202, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 40000 | 40000 |
| Series 25-VRS214, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 16660 | 16660 |
| Sumter County Industrial Development Authority, <br> Solid Waste Disposal, American Cement Co., LLC <br> Project, Rev., VRDO, LOC : Bank of America NA, <br> 2.11%, 3/6/2026 (b)<br>| 6350 | 6350 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6040, Rev., VRDO, LOC : <br> Bank of America NA, 2.10%, 3/2/2026 (a) <br> (b)<br>| 8000 | 8000 |
| Series 2024-BAML6041, Rev., VRDO, LOC : <br> Bank of America NA, 2.10%, 3/2/2026 (a) <br> (b)<br>| 2560 | 2560 |
| Series 2024-XF3223, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 7750 | 7750 |
| Series 2026-XG0636, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 4365 | 4365 |
| Series 2021-XG0345, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1775 | 1775 |
| Series 2022-YX1182, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 22105 | 22105 |
| Series 2023-XM1155, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 10000 | 10000 |
| Series 2024-XL0548, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| Series 2024-YX1350, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 9100 | 9100 |
| Series 2025-XM1210, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 3590 | 3590 |
| Series 2025-ZL0675, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3335 | 3335 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Series 2025-CF7017, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 7580 | 7580 |
| Series 2025-CF7027, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 9515 | 9515 |
| **Total Florida** |  | 340115 |
| **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** |
| Bartow-Cartersville Joint Development Authority, <br> Hanwha Q Cells USA, Inc., Project Series 2023A, <br> Rev., AMT, VRDO, LOC : Korea Development <br> Bank, 2.16%, 3/6/2026 (a) (b)<br>| 222000 | 222000 |
| Development Authority of Monroe County (The), <br> Florida Power and Light Co., Project, Rev., AMT, <br> VRDO, 2.10%, 3/6/2026 (b)<br>| 30000 | 30000 |
| State of Georgia Series 2018A, GO, 5.00%, <br> 7/1/2026<br>| 500 | 504 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XX1341, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 9275 | 9275 |
| Series 2025-XF3475, Rev., VRDO, GTD, LIQ : <br> Morgan Stanley Bank NA, 1.91%, <br> 3/6/2026 (a) (b)<br>| 7720 | 7720 |
| Series 2025-XF3499, Rev., VRDO, GNMA / <br> FNMA COLL, LIQ : Morgan Stanley Bank NA, <br> 1.91%, 3/6/2026 (a) (b)<br>| 10480 | 10480 |
| **Total Georgia** |  | 279979 |
| **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** |
| Idaho Health Facilities Authority, St. Luke's Health <br> System Project Series 2025D, Rev., VRDO, LOC : <br> TD Bank NA, 1.90%, 3/2/2026 (b)<br>| 5500 | 5500 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XG0565, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Barclays Bank plc, 1.91%, <br> 3/6/2026 (a) (b)<br>| 100 | 100 |
| **Total Idaho** |  | 5600 |
| **Illinois — 4.7%** | **Illinois — 4.7%** | **Illinois — 4.7%** |
| County of Kane, Glenwood School for Boys, Rev., <br> VRDO, LOC : Northern Trust Co. (The), 2.16%, <br> 3/6/2026 (b)<br>| 855 | 855 |
| Illinois Finance Authority, American Youth Hostels <br> Project, Rev., VRDO, LOC : BMO Harris Bank NA, <br> 1.85%, 3/6/2026 (b)<br>| 1500 | 1500 |
| Illinois Finance Authority, University of Chicago <br> Medical Center (The)<br>|  |  |
| Series 2006E-2, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 1.89%, 3/6/2026 (b)<br>| 5000 | 5000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 59

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Series 2009E-1, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 1.89%, 3/6/2026 (b)<br>| 50600 | 50600 |
| Illinois Finance Authority, University of Wesleyan, <br> Rev., VRDO, LOC : PNC Bank NA, 1.98%, <br> 3/6/2026 (b)<br>| 10400 | 10400 |
| Illinois Housing Development Authority, Alden <br> Gardens Bloomingdale, Rev., VRDO, LOC : BMO <br> Harris Bank NA, 1.85%, 3/6/2026 (b)<br>| 6005 | 6005 |
| Illinois Housing Development Authority, <br> Homeowner Mortgage Series C-3, Rev., AMT, <br> VRDO, LIQ : FHLB, 2.10%, 3/6/2026 (b)<br>| 3415 | 3415 |
| Public Finance Authority |  |  |
| Series 2025-VRS206, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 80825 | 80825 |
| Series 2025-VRS207, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 127800 | 127800 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series 2025-E-169, GO, VRDO, LOC : <br> Royal Bank of Canada, 1.94%, 3/6/2026 (a) <br> (b)<br>| 75000 | 75000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-YX1338, GO, VRDO, LOC : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3960 | 3960 |
| Series 2025-XF1962, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2020-XL0145, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 1010 | 1010 |
| Series 2019-XL0105, GO, VRDO, LOC : Barclays <br> Bank plc, 1.94%, 3/6/2026 (a) (b)<br>| 6950 | 6950 |
| Series 2022-XF3042, GO, VRDO, LOC : Barclays <br> Bank plc, 1.94%, 3/6/2026 (a) (b)<br>| 9655 | 9655 |
| Series 2022-XF3045, GO, VRDO, LOC : Barclays <br> Bank plc, 1.94%, 3/6/2026 (a) (b)<br>| 81910 | 81910 |
| Series 2022-XX1264, GO, VRDO, LOC : Barclays <br> Bank plc, 1.94%, 3/6/2026 (a) (b)<br>| 25350 | 25350 |
| **Total Illinois** |  | 494235 |
| **Indiana — 0.8%** | **Indiana — 0.8%** | **Indiana — 0.8%** |
| Indiana Finance Authority, Ascension Senior Credit <br> Group Series 2025D-1, Rev., VRDO, 1.85%, <br> 3/6/2026 (b)<br>| 67000 | 67000 |
| Indiana Finance Authority, Parkview Health <br> System, Inc. Series 2009C, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 1.90%, <br> 3/6/2026 (b)<br>| 21950 | 21950 |
| **Total Indiana** |  | 88950 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Iowa — 1.2%** | **Iowa — 1.2%** | **Iowa — 1.2%** |
| Deutsche Bank Spears Series 2026-DB-8235, <br> Rev., VRDO, LOC : Deutsche Bank AG, 2.28%, <br> 3/6/2026 (a) (b)<br>| 8360 | 8360 |
| Iowa Finance Authority, CJ Bio America, Inc., <br> Project, Rev., VRDO, LOC : Korea Development <br> Bank, 2.14%, 3/6/2026 (a) (b)<br>| 117800 | 117800 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XF3500, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Morgan Stanley Bank NA, <br> 1.91%, 3/6/2026 (a) (b)<br>| 4005 | 4005 |
| **Total Iowa** |  | 130165 |
| **Kentucky — 0.7%** | **Kentucky — 0.7%** | **Kentucky — 0.7%** |
| Louisville Regional Airport Authority, UPS <br> Worldwide Forwarding, Inc.<br>|  |  |
| Series 1999A, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 25300 | 25300 |
| Series 1999C, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 9000 | 9000 |
| Public Finance Authority Series 2025-VRS203, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 39000 | 39000 |
| **Total Kentucky** |  | 73300 |
| **Louisiana — 1.4%** | **Louisiana — 1.4%** | **Louisiana — 1.4%** |
| Louisiana Public Facilities Authority, Christus <br> Health Series 2009B-1, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 1.85%, <br> 3/6/2026 (b)<br>| 10500 | 10500 |
| Public Finance Authority Series 2025-VRS209, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 109740 | 109740 |
| State of Louisiana Gasoline and Fuels Tax, Second <br> Lien Series 2025C, Rev., VRDO, LOC : TD Bank <br> NA, 1.90%, 3/2/2026 (b)<br>| 25000 | 25000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1971, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2750 | 2750 |
| Series 2024-XG0567, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Bank of America NA, <br> 1.96%, 3/6/2026 (a) (b)<br>| 4605 | 4605 |
| **Total Louisiana** |  | 152595 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| Kennebunk Sewer District, Rev., RAN, 4.00%, <br> 11/18/2026<br>| 11500 | 11606 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XX1348, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4500 | 4500 |
| **Total Maine** |  | 16106 |
| **Maryland — 0.4%** | **Maryland — 0.4%** | **Maryland — 0.4%** |
| Maryland Health and Higher Educational Facilities <br> Authority, The Johns Hopkins Health System <br> Series 2024A, Rev., VRDO, LOC : TD Bank NA, <br> 1.85%, 3/2/2026 (b)<br>| 11650 | 11650 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3258, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 10445 | 10445 |
| Series 2025-CF7049, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 14500 | 14500 |
| Series 2025-CF7060, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 7000 | 7000 |
| **Total Maryland** |  | 43595 |
| **Massachusetts — 1.5%** | **Massachusetts — 1.5%** | **Massachusetts — 1.5%** |
| Bristol-Plymouth Regional Vocational Technical <br> School District, GO, BAN, 4.00%, 2/17/2027<br>| 21920 | 22268 |
| City of Waltham, GO, BAN, 3.75%, 6/18/2026 | 15543 | 15579 |
| City of Westfield Series A, GO, BAN, 4.00%, <br> 6/4/2026<br>| 15955 | 15996 |
| Dennis-Yarmouth Regional School District, GO, <br> BAN, 4.00%, 11/4/2026<br>| 11556 | 11667 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB8199, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 5935 | 5935 |
| Series 2025-DB-8154, GO, VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 6790 | 6790 |
| Massachusetts Health and Educational Facilities <br> Authority, Capital Asset Program Series <br> 2002M-2, Rev., VRDO, LOC : Bank of America <br> NA, 1.86%, 3/6/2026 (b)<br>| 220 | 220 |
| Northborough-Southborough Regional School <br> District, GO, BAN, 3.75%, 7/23/2026<br>| 7500 | 7525 |
| Public Finance Authority Series 202A, Rev., VRDO, <br> LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 5000 | 5000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XF3218, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 9275 | 9275 |
| Town of Agawam, GO, BAN, 4.00%, 9/24/2026 | 4400 | 4435 |
| Town of Bourne, GO, BAN, 4.00%, 1/28/2027 | 2222 | 2255 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| Town of Monson, GO, BAN, 3.75%, 8/20/2026 | 5500 | 5534 |
| Town of Plymouth, GO, BAN, 4.00%, 4/24/2026 | 16175 | 16202 |
| Town of Southbridge, GO, BAN, 4.00%, <br> 5/28/2026<br>| 9127 | 9148 |
| Town of West Springfield, GO, BAN, 4.00%, <br> 6/18/2026<br>| 14196 | 14238 |
| Town of Westborough, GO, BAN, 4.00%, <br> 3/27/2026<br>| 4000 | 4004 |
| **Total Massachusetts** |  | 156071 |
| **Michigan — 0.7%** | **Michigan — 0.7%** | **Michigan — 0.7%** |
| Michigan Finance Authority Series 2025A-1, Rev., <br> 5.00%, 7/20/2026<br>| 3600 | 3630 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF3490, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.05%, 3/2/2026 (a) (b)<br>| 3140 | 3140 |
| Series 2024-XL0573, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.12%, 3/2/2026 (a) (b)<br>| 3565 | 3565 |
| Series 2018-ZF2716, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3615 | 3615 |
| Series 2023-XM1130, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 14250 | 14250 |
| Series 2023-YX1320, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 14130 | 14130 |
| Series 2024-XF3221, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 1755 | 1755 |
| Series 2025-XF1967, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4940 | 4940 |
| Series 2025-XF3468, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 18250 | 18250 |
| Series 2025-XF8087, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2625 | 2625 |
| Series 2025-XL0700, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4585 | 4585 |
| **Total Michigan** |  | 74485 |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance<br>|  |  |
| Series 2017F, Rev., AMT, VRDO, GNMA / FNMA / <br> FHLMC, LIQ : Royal Bank of Canada, 1.88%, <br> 3/6/2026 (b)<br>| 3660 | 3660 |
| Series 2016F, Rev., AMT, VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : FHLB, 1.93%, <br> 3/6/2026 (b)<br>| 13450 | 13450 |
| State of Minnesota, Various Purpose Series <br> 2025D, GO, 5.00%, 8/1/2026<br>| 1035 | 1045 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 61

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1876, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1435 | 1435 |
| Series 2023-XG0523, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 9665 | 9665 |
| **Total Minnesota** |  | 29255 |
| **Mississippi — 1.5%** | **Mississippi — 1.5%** | **Mississippi — 1.5%** |
| Mississippi Business Finance Corp., Chevron USA, <br> Inc., Project Series 2007D, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 5260 | 5260 |
| Mississippi Business Finance Corp., Gulf <br> Opportunity Zone Industrial Development, <br> Chevron USA, Inc., Project<br>|  |  |
| Series 2010G, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 1320 | 1320 |
| Series 2010J, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 25645 | 25645 |
| Series 2011B, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 880 | 880 |
| Series 2007B, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 6910 | 6910 |
| Series 2007C, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 11345 | 11345 |
| Series 2009B, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 6995 | 6995 |
| Series 2009C, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 16130 | 16130 |
| Series 2009E, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 28065 | 28065 |
| Series 2009G, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 12665 | 12665 |
| Series 2010I, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 27410 | 27410 |
| Series 2011G, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 9315 | 9315 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-XG0546, COP, VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 1540 | 1540 |
| **Total Mississippi** |  | 153480 |
| **Missouri — 1.2%** | **Missouri — 1.2%** | **Missouri — 1.2%** |
| Industrial Development Authority of the City of St. <br> Louis Missouri (The), St. Luke's Preservation <br> Partners LP, Rev., VRDO, LOC : FHLMC, 1.93%, <br> 3/6/2026 (b)<br>| 1550 | 1550 |
| Missouri Development Finance Board, Nelson <br> Gallery Foundation (The) Series 2008-A, Rev., <br> VRDO, LIQ : US Bank NA, 1.95%, 3/2/2026 (b)<br>| 31775 | 31775 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| Missouri Development Finance Board, St. Louis <br> Convention Center Hotel Garage Project Series <br> 2020C, Rev., VRDO, LOC : US Bank NA, 1.95%, <br> 3/2/2026 (b)<br>| 2305 | 2305 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series 2022-E154, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 21100 | 21100 |
| Series C-23, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.92%, 3/6/2026 (a) (b)<br>| 11875 | 11875 |
| Series C-16, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.93%, 3/6/2026 (a) (b)<br>| 43250 | 43250 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XG0382, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 9155 | 9155 |
| Series 2024-ZF1744, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3445 | 3445 |
| Series 2022-YX1193, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 6605 | 6605 |
| **Total Missouri** |  | 131060 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XF3447, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 10000 | 10000 |
| **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XX1431, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.03%, 3/2/2026 (a) (b)<br>| 10975 | 10975 |
| Series 2025-XG0604, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 10235 | 10235 |
| **Total Nebraska** |  | 21210 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3103, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 6660 | 6660 |
| Series 2025-XF1954, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2900 | 2900 |
| Series 2025-XG0627, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 5135 | 5135 |
| Series 2025-ZF3413, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| **Total Nevada** |  | 19695 |
| **New Hampshire — 1.0%** | **New Hampshire — 1.0%** | **New Hampshire — 1.0%** |
| City of Portsmouth, GO, BAN, 4.25%, 6/18/2026 | 7131 | 7157 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Hampshire — continued** | **New Hampshire — continued** | **New Hampshire — continued** |
| County of Merrimack, GO, TAN, 3.50%, <br> 12/23/2026 (c)<br>| 25000 | 25244 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-157, Rev., VRDO, LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 50925 | 50925 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2022-YX1190, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 21715 | 21715 |
| **Total New Hampshire** |  | 105041 |
| **New Jersey — 4.0%** | **New Jersey — 4.0%** | **New Jersey — 4.0%** |
| Borough of Avalon, Water and Sewer Utility, GO, <br> BAN, 4.00%, 2/2/2027<br>| 32286 | 32768 |
| Borough of Fairview, GO, BAN, 4.00%, 8/21/2026 | 14468 | 14565 |
| Borough of Raritan Series 2025A, GO, BAN, <br> 4.00%, 7/8/2026<br>| 11558 | 11596 |
| Borough of South Plainfield Series 2025A, GO, <br> BAN, 4.00%, 4/9/2026<br>| 8866 | 8876 |
| Borough of Woodland Park, GO, BAN, 4.00%, <br> 4/30/2026<br>| 9840 | 9850 |
| City of Linden, GO, BAN, 4.00%, 6/12/2026 | 10927 | 10957 |
| City of Ocean City Series 2025B, GO, BAN, 3.75%, <br> 10/8/2026<br>| 43000 | 43325 |
| County of Hudson, GO, BAN, 4.00%, 2/24/2027 | 1050 | 1068 |
| New Jersey Health Care Facilities Financing <br> Authority, Hackensack Meridian Health <br> Obligated Group Series 2017A, Rev., 5.00%, <br> 7/1/2026<br>| 1900 | 1916 |
| RIB Floater Trust Various States Series 20, Rev., <br> VRDO, LIQ : Barclays Bank plc, 1.94%, <br> 3/6/2026 (a) (b)<br>| 16785 | 16785 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF1480, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5440 | 5440 |
| Series 2023-XL0470, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3925 | 3925 |
| Series 2025-CF7019, Rev., VRDO, LOC : Citibank <br> NA, 1.98%, 3/6/2026 (a) (b)<br>| 9935 | 9935 |
| Series 2024-CF7010, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 7920 | 7920 |
| Town of Dover, GO, BAN, 3.50%, 7/20/2026 | 12350 | 12397 |
| Town of Phillipsburg, GO, BAN, 3.75%, <br> 10/22/2026<br>| 18253 | 18393 |
| Township of Berkeley Series 2025B, GO, BAN, <br> 4.00%, 8/20/2026<br>| 18549 | 18673 |
| Township of Bordentown, GO, BAN, 4.00%, <br> 3/27/2026<br>| 25000 | 25019 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Township of Bridgewater, Water Utility Series <br> 2025A, GO, BAN, 4.00%, 7/29/2026<br>| 24476 | 24588 |
| Township of Gloucester Series 2025A, GO, BAN, <br> 4.00%, 7/21/2026<br>| 2500 | 2514 |
| Township of Maplewood, GO, BAN, 3.75%, <br> 10/1/2026<br>| 20426 | 20578 |
| Township of River Vale, GO, BAN, 3.75%, <br> 9/30/2026<br>| 8200 | 8261 |
| Township of Robbinsville Series 2025A, GO, BAN, <br> 4.00%, 7/8/2026<br>| 4074 | 4087 |
| Township of South Orange Village |  |  |
| GO, BAN, 4.00%, 6/24/2026 (d) | 11033 | 11068 |
| GO, BAN, 4.00%, 6/24/2026 | 21772 | 21842 |
| Township of Union, GO, BAN, 4.00%, 2/26/2027 | 10577 | 10758 |
| Township of West Orange, GO, BAN, 3.75%, <br> 11/3/2026<br>| 62698 | 63211 |
| **Total New Jersey** |  | 420315 |
| **New Mexico — 0.3%** | **New Mexico — 0.3%** | **New Mexico — 0.3%** |
| County of Sandoval, Multi Family Sandoval Flats <br> Project Series 2024A, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.80%, 3/6/2026 (b)<br>| 23700 | 23700 |
| State of New Mexico Severance Tax Permanent <br> Fund Series 2021A, Rev., 5.00%, 7/1/2026<br>| 400 | 403 |
| University of New Mexico (The), Subordinate Lien <br> System Series 2002C, Rev., VRDO, LIQ : US Bank <br> NA, 2.00%, 3/6/2026 (b)<br>| 2500 | 2500 |
| **Total New Mexico** |  | 26603 |
| **New York — 15.5%** | **New York — 15.5%** | **New York — 15.5%** |
| City of New York, Fiscal Year 2015 Series <br> 2015F-5, GO, VRDO, LIQ : Barclays Bank plc, <br> 2.00%, 3/2/2026 (b)<br>| 7770 | 7770 |
| City of New York, Fiscal Year 2017 |  |  |
| Series 2017A, Subseries A-4, GO, VRDO, LIQ : <br> State Street Bank & Trust Co., 1.90%, <br> 3/2/2026 (b)<br>| 31835 | 31835 |
| Series 2017A-7, GO, VRDO, LOC : BMO Harris <br> Bank NA, 2.02%, 3/2/2026 (b)<br>| 5150 | 5150 |
| City of New York, Fiscal Year 2022 Subseries D-4, <br> GO, VRDO, LIQ : State Street Bank & Trust Co., <br> 1.95%, 3/2/2026 (b)<br>| 57550 | 57550 |
| City of New York, Fiscal Year 2023 Series 2023A, <br> Subseries A-3, GO, VRDO, LIQ : Bank of <br> Montreal, 1.90%, 3/2/2026 (b)<br>| 51105 | 51105 |
| Deutsche Bank Spears |  |  |
| Series 2024-DB-8147, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 5065 | 5065 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 63

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series DB-8164, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 22795 | 22795 |
| Series DB-8151, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 3555 | 3555 |
| Falconer Central School District, GO, BAN, 4.00%, <br> 7/15/2026<br>| 14750 | 14803 |
| Hamburg Central School District, GO, BAN, 4.00%, <br> 5/28/2026<br>| 35125 | 35199 |
| Medina Central School District, GO, BAN, 4.00%, <br> 6/25/2026<br>| 31607 | 31700 |
| Metropolitan Transportation Authority Series <br> 2002D, Subseries2B, Rev., VRDO, LOC : Truist <br> Bank, 1.90%, 3/2/2026 (b)<br>| 38800 | 38800 |
| Metropolitan Transportation Authority Dedicated <br> Tax Fund<br>|  |  |
| Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 1950 | 1950 |
| Series 2008A-2A, Rev., VRDO, LOC : TD Bank <br> NA, 1.90%, 3/2/2026 (b)<br>| 270 | 270 |
| Milford Central School District, GO, BAN, 3.75%, <br> 12/11/2026<br>| 11985 | 12090 |
| Nassau County Industrial Development Agency, <br> Cold Spring Harbor Laboratory Project Series <br> 2006, Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (b)<br>| 12950 | 12950 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2014 <br> Series 2014AA-4, Rev., VRDO, LIQ : State Street <br> Bank & Trust Co., 2.00%, 3/2/2026 (b)<br>| 16550 | 16550 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution<br>|  |  |
| Series 2007, Subseries CC-2, Rev., VRDO, LIQ : <br> State Street Bank & Trust Co., 1.95%, <br> 3/2/2026 (b)<br>| 34735 | 34735 |
| Series 2009BB-1, Rev., VRDO, LIQ : UBS AG, <br> 1.95%, 3/2/2026 (b)<br>| 28100 | 28100 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2010 Series 2010CC, <br> Rev., VRDO, LIQ : State Street Bank & Trust Co., <br> 1.90%, 3/2/2026 (b)<br>| 50410 | 50410 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2011 Series DD-1, Rev., <br> VRDO, LIQ : TD Bank NA, 1.90%, 3/2/2026 (b)<br>| 24160 | 24160 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2014 Series AA-5, Rev., <br> VRDO, LIQ : Mizuho Bank Ltd., 1.90%, <br> 3/2/2026 (b)<br>| 66805 | 66805 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2015 Series 2015BB-3, <br> Rev., VRDO, LIQ : Sumitomo Mitsui Banking <br> Corp., 1.89%, 3/6/2026 (b)<br>| 10310 | 10310 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2026 Series 2026CC, <br> Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (b)<br>| 72100 | 72100 |
| New York City Transitional Finance Authority <br> Future Tax Secured Fiscal Year 2014 Series <br> 2014B-3, Rev., VRDO, LIQ : Barclays Bank plc, <br> 2.00%, 3/2/2026 (b)<br>| 6105 | 6105 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2013 Series <br> 2013C-5, Rev., VRDO, LOC : Sumitomo Mitsui <br> Banking Corp., 1.86%, 3/6/2026 (b)<br>| 7620 | 7620 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2015 Series <br> 2015A-3, Rev., VRDO, LIQ : Mizuho Bank Ltd., <br> 2.01%, 3/2/2026 (b)<br>| 17185 | 17185 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2018 Series <br> 2018C-7, Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (b)<br>| 7755 | 7755 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2019 Series <br> B-5, Rev., VRDO, LIQ : US Bank NA, 1.95%, <br> 3/2/2026 (b)<br>| 11100 | 11100 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2023 Series <br> 2023, Subseries A-2, Rev., VRDO, LIQ : UBS AG, <br> 1.90%, 3/2/2026 (b)<br>| 115150 | 115150 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Subordinate, Fiscal Year <br> 2025<br>|  |  |
| Series 2025H, Subseries H-1, Rev., VRDO, LIQ : <br> TD Bank NA, 1.90%, 3/2/2026 (b)<br>| 28275 | 28275 |
| Series 2025 Subseries C-4, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 1.89%, <br> 3/6/2026 (b)<br>| 75860 | 75860 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Water and Sewer System, Second <br> General Resolution Series BB 1B, Rev., VRDO, <br> LIQ : State Street Bank & Trust Co., 2.00%, <br> 3/2/2026 (b)<br>| 2750 | 2750 |
| Port Byron Central School District, GO, BAN, <br> 3.75%, 6/26/2026<br>| 13845 | 13877 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-118, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.05%, 3/2/2026 (a) (b)<br>| 50800 | 50800 |
| Series 2018-E129, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 35000 | 35000 |
| Series E-86, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/5/2026 (a) (b)<br>| 19165 | 19165 |
| Series E-87, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/5/2026 (a) (b)<br>| 14600 | 14600 |
| Series E-88, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/5/2026 (a) (b)<br>| 25835 | 25835 |
| Series 2025-E-166, GO, VRDO, LOC : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 17000 | 17000 |
| Series E-146, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 53050 | 53050 |
| Series E-159, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 62050 | 62050 |
| Rome City School District, GO, BAN, 4.00%, <br> 6/25/2026<br>| 17198 | 17251 |
| Sachem Central School District, GO, TAN, 3.75%, <br> 6/25/2026<br>| 72000 | 72281 |
| Sherburne Earlville Central School District, GO, <br> BAN, 4.00%, 7/16/2026<br>| 26520 | 26615 |
| South Jefferson Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 17475 | 17532 |
| South Lewis Central School District, GO, BAN, <br> 4.00%, 7/24/2026<br>| 15000 | 15061 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XM1009, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4445 | 4445 |
| Series 2022-YX1208, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 12050 | 12050 |
| Series 2023-XF0524, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4110 | 4110 |
| Series 2023-XF1507, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 11110 | 11110 |
| Series 2023-XF1644, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 6470 | 6470 |
| Series 2023-XL0434, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 9025 | 9025 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2023-XL0441, GO, VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3800 | 3800 |
| Series 2025-XF1882, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3000 | 3000 |
| Series 2025-XF1942, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3520 | 3520 |
| Series 2025-XF3320, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 400 | 400 |
| Series 2025-XF3438, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3375 | 3375 |
| Series 2025-XF3456, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-XF3494, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 6665 | 6665 |
| Series 2025-XG0633, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 6450 | 6450 |
| Series 2025-XM1261, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-XM1262, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1250 | 1250 |
| Series 2025-ZF3418, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-MS0085, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.08%, 4/23/2026 (a) (b)<br>| 6500 | 6500 |
| Series 2025-MS0086, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.08%, 4/23/2026 (a) (b)<br>| 3200 | 3200 |
| Town of Colonie |  |  |
| Series 2025A, GO, BAN, 4.00%, 3/6/2026 | 6477 | 6478 |
| GO, BAN, 4.00%, 3/5/2027 | 1123 | 1142 |
| Town of Oyster Bay |  |  |
| GO, BAN, 4.00%, 8/21/2026 | 49845 | 50191 |
| GO, BAN, 4.00%, 3/5/2027 | 9662 | 9832 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels<br>|  |  |
| Series 2003B-2, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 2055 | 2055 |
| Series 2005B-4A, Rev., VRDO, LOC : TD Bank <br> NA, 1.90%, 3/2/2026 (b)<br>| 26175 | 26175 |
| Trust for Cultural Resources of The City of New <br> York (The), The Museum of Modern Art Series <br> 2006A-2, Rev., VRDO, 1.84%, 3/6/2026 (b)<br>| 32575 | 32575 |
| Union Endicott Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 19843 | 19905 |
| Yorkshire-Pioneer Central School District, GO, BAN, <br> 4.00%, 6/18/2026<br>| 32151 | 32241 |
| **Total New York** |  | 1626138 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 65

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — 0.7%** | **North Carolina — 0.7%** | **North Carolina — 0.7%** |
| Person County Industrial Facilities and Pollution <br> Control Financing Authority, Recovery Zone <br> Facility, Certainteed Gypsum, Inc., Rev., VRDO, <br> LOC : Credit Industriel et Commercial, 1.94%, <br> 3/6/2026 (b)<br>| 23985 | 23985 |
| Public Finance Authority Series 2025-VRS218, <br> Class A, Rev., VRDO, LOC : Bank of America NA, <br> 1.94%, 3/6/2026 (a) (b)<br>| 25000 | 25000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-CF7068, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 20000 | 20000 |
| **Total North Carolina** |  | 68985 |
| **Ohio — 3.4%** | **Ohio — 3.4%** | **Ohio — 3.4%** |
| Akron City School District, Unlimited Tax, GO, <br> 4.00%, 8/6/2026<br>| 5350 | 5376 |
| City of Hamilton, Limited Tax Various Purpose, GO, <br> BAN, 4.00%, 12/15/2026<br>| 12000 | 12130 |
| City of Sidney, GO, BAN, 3.75%, 10/7/2026 | 16220 | 16344 |
| County of Hamilton Sales Tax, Rev., BAN, 5.00%, <br> 12/1/2026<br>| 38000 | 38635 |
| Ohio State University (The), General Receipts <br> Series 2023A-2, Rev., VRDO, 1.80%, <br> 3/6/2026 (b)<br>| 50000 | 50000 |
| Public Finance Authority |  |  |
| Series 2025-VRS210, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-VRS216, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 24950 | 24950 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series 2019-E134, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 20280 | 20280 |
| Series E132, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 42350 | 42350 |
| Series E-164 29, Rev., VRDO, LOC : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 8650 | 8650 |
| Series C-18, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.92%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| State of Ohio, Adult Correctional Capital Facilities <br> Lease Appropriation Series 2025B, Rev., VRDO, <br> 1.85%, 3/6/2026 (b)<br>| 42645 | 42645 |
| State of Ohio, Cleveland Clinic Health System <br> Series 2019E, Rev., VRDO, LIQ : PNC Bank NA, <br> 1.80%, 3/2/2026 (b)<br>| 24750 | 24750 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0570, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 9470 | 9470 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| Series 2024-XG0586, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 36340 | 36340 |
| Series 2023-XG0507, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2800 | 2800 |
| Series 2024-XL0553, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 3635 | 3635 |
| Series 2025-XM1208, GO, VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 5200 | 5200 |
| **Total Ohio** |  | 356555 |
| **Oklahoma — 0.6%** | **Oklahoma — 0.6%** | **Oklahoma — 0.6%** |
| Public Finance Authority Series 2025-VRS401, <br> Class A, Rev., VRDO, LOC : Bank of America NA, <br> 2.10%, 3/2/2026 (a) (b)<br>| 55820 | 55820 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF1572, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2220 | 2220 |
| Series 2025-XF3305, Rev., VRDO, A.G., LIQ : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XF3491, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| **Total Oklahoma** |  | 68040 |
| **Oregon — 0.2%** | **Oregon — 0.2%** | **Oregon — 0.2%** |
| Oregon State Facilities Authority, Peacehealth <br> Series 2018B, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 3900 | 3900 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1929, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2026-CF7076, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 8515 | 8515 |
| **Total Oregon** |  | 16415 |
| **Other — 0.4%** | **Other — 0.4%** | **Other — 0.4%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-CF7004, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 20000 | 20000 |
| Series 2024-CF7008, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 15000 | 15000 |
| Series 2024-CF7009, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 7475 | 7475 |
| **Total Other** |  | 42475 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — 1.1%** | **Pennsylvania — 1.1%** | **Pennsylvania — 1.1%** |
| Allegheny County Higher Education Building <br> Authority, Carnegie Mellon University Series <br> 2008A, Rev., VRDO, LIQ : Bank of New York <br> Mellon (The), 1.80%, 3/2/2026 (b)<br>| 13515 | 13515 |
| Delaware Valley Regional Finance Authority, Local <br> Government Series 2024B, Rev., VRDO, LOC : TD <br> Bank NA, 1.90%, 3/2/2026 (b)<br>| 2500 | 2500 |
| Deutsche Bank Spears Series DB-8161, Rev., <br> VRDO, LOC : Deutsche Bank AG, 2.10%, <br> 3/2/2026 (a) (b)<br>| 19948 | 19948 |
| Montgomery County Redevelopment Authority, <br> Multi-Family Housing, Kingswood Apartments <br> Project Series 2001A, Rev., VRDO, LOC : FNMA, <br> 1.92%, 3/6/2026 (b)<br>| 11320 | 11320 |
| Public Finance Authority Series 2025-VRS302, <br> Rev., VRDO, LOC : Bank of America NA, 1.94%, <br> 3/6/2026 (a) (b)<br>| 26020 | 26020 |
| RIB Floater Trust Various States Series 2022-044, <br> Rev., VRDO, LIQ : Barclays Bank plc, 2.03%, <br> 3/2/2026 (a) (b)<br>| 3640 | 3640 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0594, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.12%, 3/2/2026 (a) (b)<br>| 2330 | 2330 |
| Series 2024-XG0595, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.12%, 3/2/2026 (a) (b)<br>| 3500 | 3500 |
| Series 2023-ZF3186, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2600 | 2600 |
| Series 2024-XF1700, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 10260 | 10260 |
| Series 2024-ZF1772, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 3580 | 3580 |
| Series 2025-XF1939, Rev., VRDO, A.G. - CR, LOC <br> : Royal Bank of Canada, 1.91%, <br> 3/6/2026 (a) (b)<br>| 6855 | 6855 |
| Series 2025-XF3344, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XX1404, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 12375 | 12375 |
| **Total Pennsylvania** |  | 120443 |
| **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** |
| Rhode Island Health and Educational Building <br> Corp., Educational Institution, International <br> Institute of Rhode Island, Rev., VRDO, LOC : Bank <br> of America NA, 1.98%, 3/6/2026 (b)<br>| 810 | 810 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **South Carolina — 0.5%** | **South Carolina — 0.5%** | **South Carolina — 0.5%** |
| Public Finance Authority Series 2025-VRS208, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 49200 | 49200 |
| **Tennessee — 0.2%** | **Tennessee — 0.2%** | **Tennessee — 0.2%** |
| Metropolitan Knoxville Airport Authority, Rev., <br> VRDO, LOC : Truist Bank, 1.95%, 3/2/2026 (b)<br>| 3025 | 3025 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XL0369, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 10000 | 10000 |
| Series 2018-XF2576, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 9620 | 9620 |
| **Total Tennessee** |  | 22645 |
| **Texas — 4.1%** | **Texas — 4.1%** | **Texas — 4.1%** |
| Austin Community College District Public Facility <br> Corp., Round Rock Campus, Rev., 5.00%, <br> 8/1/2026<br>| 1000 | 1010 |
| City of Austin, Texas Hotel Occupancy Tax, <br> Subordinate Lien<br>|  |  |
| Series 2008A, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 1.88%, 3/6/2026 (b)<br>| 10300 | 10300 |
| Series 2008-B, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 1.88%, 3/6/2026 (b)<br>| 100 | 100 |
| Deutsche Bank Spears |  |  |
| Series 2026BB, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-DBE8158, Rev., VRDO, LOC : <br> Deutsche Bank AG, 2.10%, 3/2/2026 (a) (b)<br>| 12435 | 12435 |
| Series 2025-DB-8156, GO, VRDO, PSF-GTD, LIQ <br> : Deutsche Bank AG, 1.91%, 3/6/2026 (a) <br> (b)<br>| 5645 | 5645 |
| Series 2025-DB8198, GO, VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 5935 | 5935 |
| Series DB-8186, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 3165 | 3165 |
| Series DB-8187, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series DB-8212, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 11870 | 11870 |
| Harris County Cultural Education Facilities Finance <br> Corp., Houston Methodist Series 2025G, Rev., <br> VRDO, LIQ : PNC Bank NA, 2.00%, <br> 3/2/2026 (b)<br>| 22450 | 22450 |
| Lower Neches Valley Authority Industrial <br> Development Corp., ExxonMobil Project, Rev., <br> VRDO, 2.00%, 3/2/2026 (b)<br>| 60305 | 60305 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 67

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Lubbock Independent School District Series <br> 2005A, GO, VRDO, PSF-GTD, LIQ : Wells Fargo <br> Bank NA, 1.93%, 3/6/2026 (b)<br>| 6965 | 6965 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-149, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/5/2026 (a) (b)<br>| 9800 | 9800 |
| Series E-150, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3272, Rev., VRDO, LIQ : Bank of <br> America NA, 2.08%, 3/2/2026 (a) (b)<br>| 2800 | 2800 |
| Series 2025-BAML6036, Rev., VRDO, LOC : <br> Bank of America NA, 2.10%, 3/2/2026 (a) <br> (b)<br>| 7560 | 7560 |
| Series 2025-BAML6043, Rev., VRDO, LOC : <br> Bank of America NA, 2.10%, 3/2/2026 (a) <br> (b)<br>| 7050 | 7050 |
| Series 2024-XG0588, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 7450 | 7450 |
| Series 2025-XG0610, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 20210 | 20210 |
| Series 2025-XG0629, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 1600 | 1600 |
| Series 2023-XG0535, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| Series 2023-XL0446, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5905 | 5905 |
| Series 2023-XM1105, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 6265 | 6265 |
| Series 2025-CF7036, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 11625 | 11625 |
| Series 2025-CF7065, GO, VRDO, PSF-GTD, LIQ : <br> Citibank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5700 | 5700 |
| Series 2025-XF1997, GO, VRDO, PSF-GTD, LIQ : <br> TD Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2650 | 2650 |
| Series 2025-XF3414, GO, VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2665 | 2665 |
| Series 2025-XG0616, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1600 | 1600 |
| Series 2025-XG0622, GO, VRDO, PSF-GTD, LIQ : <br> Bank of America NA, 1.91%, 3/6/2026 (a) <br> (b)<br>| 4000 | 4000 |
| Series 2025-XL0593, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2025-XL0668, GO, VRDO, PSF-GTD, LIQ : <br> Bank of America NA, 1.91%, 3/6/2026 (a) <br> (b)<br>| 4330 | 4330 |
| Series 2025-ZL0661, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1360 | 1360 |
| Series 2025-ZL0662, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1640 | 1640 |
| Series 2025-XF1902, GO, VRDO, LIQ : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 7685 | 7685 |
| Series 2023-XL0455, GO, VRDO, LIQ : Wells <br> Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 7435 | 7435 |
| Series 2023-BAML6013, Rev., VRDO, LOC : <br> Bank of America NA, 2.01%, 3/6/2026 (a) <br> (b)<br>| 7200 | 7200 |
| Texas A&M University, Financing System Series <br> 2025A, Rev., 5.00%, 5/15/2026<br>| 2250 | 2261 |
| Texas Department of Transportation State Highway <br> Fund, First Tier Series 2014-B, Rev., VRDO, LIQ : <br> Sumitomo Mitsui Banking Corp., 1.90%, <br> 3/6/2026 (b)<br>| 131975 | 131975 |
| **Total Texas** |  | 427946 |
| **Utah — 0.0% ^** | **Utah — 0.0% ^** | **Utah — 0.0% ^** |
| County of Utah, IHC Health Services, Inc. Series <br> 2014C, Rev., VRDO, LIQ : US Bank NA, 2.00%, <br> 3/6/2026 (b)<br>| 3215 | 3215 |
| **Virginia — 1.0%** | **Virginia — 1.0%** | **Virginia — 1.0%** |
| Harrisonburg Economic Development Authority, <br> Sentara Health, Rev., VRDO, LOC : US Bank NA, <br> 2.00%, 3/6/2026 (b)<br>| 20960 | 20960 |
| Public Finance Authority |  |  |
| Series 2025-VRS204, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 33725 | 33725 |
| Series 2025-VRS217, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 33300 | 33300 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series 2022C-20, Rev., VRDO, LOC : <br> Royal Bank of Canada, 1.92%, 3/6/2026 (a) <br> (b)<br>| 6000 | 6000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6039, Rev., VRDO, LOC : <br> Bank of America NA, 2.15%, 3/2/2026 (a) <br> (b)<br>| 7560 | 7560 |
| Series 2024-XX1356, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3350 | 3350 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| Series 2025-XF3472, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2018-XF0606, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 1705 | 1705 |
| **Total Virginia** |  | 110600 |
| **Washington — 0.3%** | **Washington — 0.3%** | **Washington — 0.3%** |
| Deutsche Bank Spears Series DB-8162, GO, VRDO, <br> LIQ : Deutsche Bank AG, 1.91%, 3/6/2026 (a) <br> (b)<br>| 9495 | 9495 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XG0400, GO, VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 10520 | 10520 |
| Series 2025-ZF1963, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 025-XF1955, Rev., VRDO, LIQ : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| **Total Washington** |  | 31765 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| West Virginia Economic Development Authority, <br> Solid Waste Disposal Facilities, Nucor Steel <br> Project Series 2025A-1, Rev., AMT, VRDO, <br> 2.20%, 3/6/2026 (b)<br>| 20500 | 20500 |
| **Wisconsin — 1.5%** | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** |
| Public Finance Authority Series 2025-VRS220, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 10000 | 10000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3117, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 18355 | 18355 |
| Series 2024-XG0571, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 8995 | 8995 |
| Series 2024-XG0576, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 5925 | 5925 |
| Series 2024-XL0570, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Royal Bank of Canada, <br> 1.91%, 3/6/2026 (a) (b)<br>| 3500 | 3500 |
| Series 2025-XM1216, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2024-XF1779, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 4360 | 4360 |
| Series 2025-YX1447, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 6700 | 6700 |
| Series 2024-XL0533, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 4095 | 4095 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Wisconsin Health and Educational Facilities <br> Authority, Hospital Sisters Credit Group Series <br> 2025B, Rev., VRDO, LOC : Truist Bank, 1.95%, <br> 3/6/2026 (b)<br>| 37880 | 37880 |
| Wisconsin Health and Educational Facilities <br> Authority, Marshfield Clinic Series 2018 A, Rev., <br> VRDO, LOC : Barclays Bank plc, 2.00%, <br> 3/2/2026 (b)<br>| 12995 | 12995 |
| Wisconsin Housing and Economic Development <br> Authority Home Ownership Series 2026 C, Rev., <br> VRDO, GNMA / FNMA / FHLMC, LIQ : Royal Bank <br> of Canada, 1.88%, 3/6/2026 (b)<br>| 5835 | 5835 |
| Wisconsin Housing and Economic Development <br> Authority Housing Series 2023C, Rev., VRDO, <br> LIQ : FHLB, 1.88%, 3/6/2026 (b)<br>| 10000 | 10000 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership<br>|  |  |
| Series 2019B, Rev., VRDO, FNMA COLL, LIQ : <br> FHLB, 1.88%, 3/6/2026 (b)<br>| 17400 | 17400 |
| Series 2021B, Rev., VRDO, LIQ : FHLB, 1.88%, <br> 3/6/2026 (b)<br>| 4000 | 4000 |
| Series 2025C, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 1.88%, 3/6/2026 (b)<br>| 9000 | 9000 |
| **Total Wisconsin** |  | 163040 |
| **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XG0598, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Wells Fargo Bank NA, <br> 1.91%, 3/6/2026 (a) (b)<br>| 5105 | 5105 |
| Wyoming Community Development Authority |  |  |
| Series 2023-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : TD Bank NA, 1.88%, <br> 3/6/2026 (b)<br>| 3200 | 3200 |
| Series 2024-2, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 1.88%, 3/6/2026 (b)<br>| 9000 | 9000 |
| **Total Wyoming** |  | 17305 |
| Total Municipal Bonds <br>(Cost $6,788,780)<br>|  | 6788780 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 9.9%** | **Variable Rate Demand Preferred Shares — 9.9%** | **Variable Rate Demand Preferred Shares — 9.9%** |
| **California — 1.3%** | **California — 1.3%** | **California — 1.3%** |
| Nuveen California AMT - Free Quality Municipal <br> Income Fund Series 6, LIQ : Sumitomo Mitsui <br> Banking Corp., 1.91%, 3/6/2026# (a)<br>| 7500 | 7500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 69

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Variable Rate Demand Preferred Shares — continued** | **Variable Rate Demand Preferred Shares — continued** | **Variable Rate Demand Preferred Shares — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Nuveen California Quality Municipal Income Fund |  |  |
| Series 7, LIQ : Royal Bank of Canada, 1.95%, <br> 3/6/2026# (a)<br>| 21000 | 21000 |
| Series 4, LIQ : Royal Bank of Canada, 1.95%, <br> 3/6/2026# (a)<br>| 72500 | 72500 |
| Series 1-1362, LIQ : Societe Generale, 1.97%, <br> 3/6/2026# (a)<br>| 41200 | 41200 |
| Total California |  | 142200 |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
| BlackRock MuniHoldings New Jersey Quality Fund, <br> Inc. Series W-7-1727, LIQ : Bank of America NA, <br> 2.04%, 3/6/2026# (a)<br>| 25000 | 25000 |
| **Other — 8.4%** | **Other — 8.4%** | **Other — 8.4%** |
| AllianceBernstein National Municipal Income Fund, <br> Inc. Series LIQ : Bank of America NA, 2.04%, <br> 3/6/2026# (a)<br>| 22500 | 22500 |
| BlackRock Municipal 2030 Target Term Trust <br> Series W-7, LIQ : Barclays Bank plc, 2.03%, <br> 3/6/2026# (a)<br>| 15000 | 15000 |
| BlackRock MuniYield Quality Fund, Inc. |  |  |
| Series W-7A, LIQ : Royal Bank of Canada, <br> 2.02%, 3/6/2026# (a)<br>| 50000 | 50000 |
| Series W-7, LIQ : TD Bank NA, 2.04%, <br> 3/6/2026# (a)<br>| 31100 | 31100 |
| Nuveen AMT - Free Municipal Credit Income Fund |  |  |
| Series 6, LIQ : Sumitomo Mitsui Banking Corp., <br> 1.93%, 3/6/2026# (a)<br>| 190300 | 190300 |
| Series 5, LIQ : Societe Generale, 1.93%, <br> 3/6/2026# (a)<br>| 110200 | 110200 |
| Nuveen AMT - Free Quality Municipal Income Fund |  |  |
| Series 4-4895, LIQ : Barclays Bank plc, 1.96%, <br> 3/5/2026# (a)<br>| 25000 | 25000 |
| Series 3-PFD, LIQ : TD Bank NA, 1.97%, <br> 3/6/2026# (a)<br>| 211000 | 211000 |
| Nuveen AMT-Free Quality Municipal Income Fund <br> Series LIQ : Bank of America NA, 1.95%, <br> 3/6/2026# (a)<br>| 20000 | 20000 |
| Nuveen Quality Municipal Income Fund |  |  |
| Series 2-2525, LIQ : Barclays Bank plc, 2.03%, <br> 3/5/2026# (a)<br>| 151900 | 151900 |
| Series 1-2118, LIQ : Barclays Bank plc, 2.03%, <br> 3/6/2026# (a)<br>| 51600 | 51600 |
| Total Other |  | 878600 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $1,045,800)<br>|  | 1045800 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short Term Investments — 24.6%** | **Short Term Investments — 24.6%** | **Short Term Investments — 24.6%** |
| **Commercial Paper — 24.6%** | **Commercial Paper — 24.6%** | **Commercial Paper — 24.6%** |
| Board of Regents of the University of Texas System |  |  |
| Series A, 2.71%, 3/4/2026 | 12500 | 12500 |
| Series A, 2.70%, 3/13/2026 | 15000 | 15000 |
| Series A, 2.68%, 3/19/2026 | 18000 | 18000 |
| Series A, 2.65%, 4/16/2026 | 25000 | 25000 |
| Series A, 2.62%, 5/12/2026 | 15000 | 15000 |
| Series A, 2.62%, 5/18/2026 | 25000 | 25000 |
| Series A, 2.62%, 5/18/2026 | 25000 | 25000 |
| Series A, 2.60%, 5/21/2026 | 25000 | 25000 |
| Series A, 2.57%, 6/2/2026 | 21800 | 21800 |
| Series A, 2.40%, 6/3/2026 | 25000 | 25000 |
| Series A, 2.57%, 6/3/2026 | 20000 | 20000 |
| Series A, 2.37%, 6/4/2026 | 25000 | 25000 |
| Series C-1, 2.53%, 6/4/2026 | 25000 | 25000 |
| Series C-2, 2.38%, 6/9/2026 | 25000 | 25000 |
| Series A, 2.58%, 6/9/2026 | 11000 | 11000 |
| Series A, 2.34%, 6/10/2026 | 8000 | 8000 |
| Series A, 2.37%, 6/23/2026 | 22400 | 22400 |
| Series A, 2.40%, 6/24/2026 | 23299 | 23299 |
| Series A, 2.40%, 7/1/2026 | 25000 | 25000 |
| Series A, 2.39%, 7/8/2026 | 23500 | 23500 |
| Series A, 2.40%, 7/9/2026 | 25000 | 25000 |
| Series A, 2.34%, 7/14/2026 | 25000 | 25000 |
| Board of Trustees of Michigan State University <br> Series TE-H, 2.35%, 3/24/2026<br>| 23244 | 23244 |
| City of Cape Coral |  |  |
| Series A, 2.42%, 3/9/2026 | 14000 | 14000 |
| Series A, 2.42%, 4/7/2026 | 16650 | 16650 |
| City of Houston |  |  |
| Series H-2, 2.43%, 3/12/2026 | 10000 | 10000 |
| Series H-2, 2.43%, 3/26/2026 | 10000 | 10000 |
| City of Jacksonville Series 92, 2.49%, 3/3/2026 | 28300 | 28300 |
| City of Los Angeles Community Facilities District <br> Series R-TE, 2.18%, 3/17/2026<br>| 10000 | 10000 |
| City of Memphis Series A, 2.45%, 3/6/2026 | 85000 | 85000 |
| City of Philadelphia Water & Wastewater Series C, <br> 2.40%, 6/4/2026<br>| 8200 | 8200 |
| City of Philadelphia Water and Wastewater Series <br> B, 2.68%, 5/7/2026<br>| 4330 | 4330 |
| City of Rochester |  |  |
| Series 2011, 2.38%, 3/10/2026 | 18000 | 18000 |
| Series 2014, 2.40%, 6/8/2026 | 60000 | 60000 |
| City of San Antonio |  |  |
| Series A, 2.65%, 5/12/2026 | 50000 | 50000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Series A, 2.65%, 5/12/2026 | 100000 | 100000 |
| County of Harris |  |  |
| Series C-2, 2.43%, 3/12/2026 | 100 | 100 |
| Series C-2, 2.45%, 3/12/2026 | 100 | 100 |
| Series C-2, 2.75%, 3/12/2026 | 270 | 270 |
| Series C, 2.43%, 3/26/2026 | 1910 | 1910 |
| 2.45%, 3/26/2026 | 1050 | 1050 |
| Series A-1, 2.45%, 3/26/2026 | 1200 | 1200 |
| Series B, 2.45%, 3/26/2026 | 300 | 300 |
| Series A-1, 2.45%, 3/26/2026 | 1360 | 1360 |
| Series A-1, 2.76%, 3/26/2026 | 40910 | 40910 |
| Series K-2, 2.35%, 4/2/2026 | 750 | 750 |
| Series K-2, 2.40%, 4/2/2026 | 470 | 470 |
| Series K-2, 2.40%, 4/2/2026 | 100 | 100 |
| Series C-2, 2.40%, 5/13/2026 | 100 | 100 |
| County of King Series A, 2.41%, 3/23/2026 | 15300 | 15300 |
| County of Maricopa |  |  |
| 2.40%, 3/4/2026 | 17220 | 17220 |
| 2.40%, 3/25/2026 | 44500 | 44500 |
| Dallas Area Rapid Transit Series I, 2.42%, <br> 3/12/2026<br>| 18378 | 18378 |
| Harris County Flood Control District |  |  |
| Series H-2, 2.38%, 3/17/2026 | 330 | 330 |
| Series H-2, 2.40%, 3/17/2026 | 6755 | 6755 |
| Health and Educational Facilities Authority of the <br> State of Missouri<br>|  |  |
| Series 14-B, 2.40%, 4/9/2026 | 50000 | 50000 |
| Series 14-E, 2.40%, 4/14/2026 | 50000 | 50000 |
| Series 14-C, 2.41%, 4/16/2026 | 50000 | 50000 |
| Indiana Finance Authority Series D-2, 2.38%, <br> 8/6/2026<br>| 91155 | 91155 |
| Long Island Power Authority |  |  |
| Series B, 2.35%, 3/16/2026 | 23750 | 23750 |
| Series B, 2.40%, 3/16/2026 | 21000 | 21000 |
| Louisville and Jefferson County Metropolitan Sewer <br> District Series A-1, 2.41%, 3/5/2026<br>| 97435 | 97435 |
| Lower Colorado River Authority |  |  |
| Series B, 2.43%, 3/4/2026 | 29193 | 29193 |
| Series B, 2.40%, 5/27/2026 | 5000 | 5000 |
| Metropolitan Government of Nashville and <br> Davidson County<br>|  |  |
| Series 2024, 2.33%, 3/5/2026 | 50000 | 50000 |
| Series 2024, 2.40%, 3/5/2026 | 34550 | 34550 |
| Series 2024, 2.43%, 3/5/2026 | 12000 | 12000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Municipal Improvement Corp. of Los Angeles |  |  |
| Series A-3, 2.18%, 3/3/2026 | 2000 | 2000 |
| Series A-3, 2.18%, 3/3/2026 | 4400 | 4400 |
| Series A-1, 2.20%, 3/3/2026 | 10000 | 10000 |
| Series A-3, 2.20%, 3/3/2026 | 5389 | 5389 |
| Series A-3, 2.20%, 3/3/2026 | 18860 | 18860 |
| Series A-1, 2.20%, 3/3/2026 | 10000 | 10000 |
| Omaha Public Power District |  |  |
| Series A, 2.62%, 3/2/2026 | 7450 | 7450 |
| 2.62%, 3/2/2026 | 5000 | 5000 |
| Series A, 2.40%, 3/3/2026 | 15000 | 15000 |
| Series A, 2.33%, 3/9/2026 | 14300 | 14300 |
| Series A, 2.40%, 3/17/2026 | 13700 | 13700 |
| Series A, 2.34%, 5/20/2026 | 12500 | 12500 |
| Series A, 2.34%, 6/4/2026 | 15000 | 15000 |
| Pennsylvania Higher Educational Facilities, 2.37%, <br> 5/5/2026<br>| 25000 | 25000 |
| Pennsylvania Higher Educational Facilities <br> Authority, 2.67%, 3/10/2026<br>| 25000 | 25000 |
| Rhode Island Health And Educational Building <br> Corp, 2.40%, 6/2/2026<br>| 20192 | 20192 |
| Rhode Island Health and Educational Building <br> Corp., 2.50%, 3/10/2026<br>| 22187 | 22187 |
| Rhode Island Health And Educational Building <br> Corp.<br>|  |  |
| 2.68%, 3/3/2026 | 24155 | 24155 |
| 2.41%, 6/10/2026 | 19400 | 19400 |
| San Francisco City and County Public Utilities <br> Commission Wastewater Series A-1, 2.32%, <br> 8/4/2026<br>| 3000 | 3000 |
| Southwestern Illinois Development Authority |  |  |
| Series 17-B, 2.39%, 3/4/2026 | 49870 | 49870 |
| Series 17-B, 2.44%, 3/24/2026 | 15000 | 15000 |
| State of Oregon Department of Transportation <br> Series A-2, 2.55%, 4/15/2026<br>| 66422 | 66422 |
| Texas A&M University |  |  |
| Series B, 2.35%, 6/23/2026 | 10000 | 10000 |
| Series B, 2.36%, 6/30/2026 | 86000 | 86000 |
| Texas Public Finance Authority |  |  |
| Series 19, 2.38%, 5/5/2026 | 82050 | 82050 |
| Series 19, 2.40%, 5/6/2026 | 86325 | 86325 |
| Series 19, 2.42%, 5/7/2026 | 58850 | 58850 |
| University Millennium Park LLC Series H, 2.37%, <br> 6/3/2026<br>| 14300 | 14300 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 71

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| University of California |  |  |
| Series A, 2.65%, 3/5/2026 | 20000 | 20000 |
| Series A, 2.40%, 3/12/2026 | 22500 | 22500 |
| Series A, 2.67%, 4/2/2026 | 20000 | 20000 |
| Series A, 2.60%, 4/6/2026 | 3430 | 3430 |
| University of Houston |  |  |
| Series TE-A, 2.40%, 5/7/2026 | 11000 | 11000 |
| Series TE-A, 2.40%, 5/18/2026 | 10020 | 10020 |
| University of Massachusetts Building Authority <br> Series 13B-1, 2.35%, 5/6/2026<br>| 20814 | 20814 |
| University of Minnesota |  |  |
| Series G, 2.62%, 3/2/2026 | 2146 | 2146 |
| Series H, 2.69%, 3/10/2026 | 16300 | 16300 |
| Series H, 2.38%, 3/17/2026 | 11600 | 11600 |
| Series H, 2.40%, 3/17/2026 | 17800 | 17800 |
| Series H, 2.41%, 5/12/2026 | 50000 | 50000 |
| Series F, 2.39%, 5/19/2026 | 32100 | 32100 |
| University of North Carolina System, 2.60%, <br> 5/6/2026<br>| 1000 | 1000 |
| Virginia Small Business Financing Authority |  |  |
| Series 2025, 2.46%, 4/1/2026 | 17250 | 17250 |
| Series 2025, 2.45%, 6/2/2026 | 15000 | 15000 |
| Total Commercial Paper <br>(Cost $2,580,719)<br>|  | 2580719 |
| Total Short Term Investments <br>(Cost $2,580,719)<br>|  | 2580719 |
| **Total Investments — 99.1%** <br>**(Cost $10,415,299)** \*<br>|  | **10415299** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | **93825** |
| **NET ASSETS — 100.0%** |  | **10509124** |

---

&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** |  |
| A.G. | Insured by Assured Guaranty Inc. |

---

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| Rev. | Revenue |
| TAN | Tax Anticipation Note |
| TRAN | Tax & Revenue Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| # | Variable Rate Demand Preferred Shares of a <br> closed-end investment company which has a weekly <br> demand feature. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (c) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (d) | Security is prerefunded or escrowed to maturity. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

72 J.P. Morgan Money Market Funds February 28, 2026

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 84.7%** | **Municipal Bonds — 84.7%** | **Municipal Bonds — 84.7%** |
| **Alabama — 1.2%** | **Alabama — 1.2%** | **Alabama — 1.2%** |
| Mobile County Industrial Development Authority, <br> Pollution Control, Exxon Mobil Corp. Project, Rev., <br> VRDO, 2.00%, 3/2/2026 (a)<br>| 6095 | 6095 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XM1131, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2025-BAML5063, Rev., VRDO, LOC : Bank <br> of America NA, 2.08%, 7/9/2026 (a) (b)<br>| 24600 | 24600 |
| **Total Alabama** |  | 34695 |
| **Alaska — 1.1%** | **Alaska — 1.1%** | **Alaska — 1.1%** |
| Alaska Housing Finance Corp., Home Mortgage <br> Series 2002A, Rev., AMT, VRDO, LIQ : FHLB, <br> 2.12%, 3/2/2026 (a)<br>| 19835 | 19835 |
| City of Valdez, Exxon Pipeline Co. Project |  |  |
| Series 1993A, Rev., VRDO, 2.00%, 3/2/2026 (a) | 1720 | 1720 |
| Series 1993B, Rev., VRDO, 2.00%, 3/2/2026 (a) | 3500 | 3500 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XF1788, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| **Total Alaska** |  | 30680 |
| **Arizona — 0.5%** | **Arizona — 0.5%** | **Arizona — 0.5%** |
| Deutsche Bank Spears Series 2026-DB-8230, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 1.91%, <br> 3/6/2026 (a) (b)<br>| 6620 | 6620 |
| RIB Floater Trust Various States Series 2025-1009, <br> Rev., VRDO, LIQ : Barclays Bank plc, 1.96%, <br> 3/6/2026 (a) (b)<br>| 3810 | 3810 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-YX1272, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 2755 | 2755 |
| **Total Arizona** |  | 13185 |
| **Arkansas — 2.4%** | **Arkansas — 2.4%** | **Arkansas — 2.4%** |
| Arkansas Development Finance Authority, Green Bay <br> Packaging, Inc., Project, Rev., AMT, VRDO, LOC : <br> Wells Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 68600 | 68600 |
| **California — 4.5%** | **California — 4.5%** | **California — 4.5%** |
| California Housing Finance Agency, Multi-Family <br> Housing 5032 Coliseum Street Project Series <br> 2025NN, Rev., VRDO, 2.95%, 10/1/2026 (a)<br>| 5000 | 5000 |
| City of Los Angeles Department of Airports Series <br> 2016A, Rev., AMT, 5.00%, 5/15/2026<br>| 950 | 953 |
| City of San Jose, Multi-Family Housing, Almaden <br> Lake Village Apartments<br>|  |  |
| Series 1997A, Rev., VRDO, LOC : FNMA, 1.87%, <br> 3/6/2026 (a)<br>| 8500 | 8500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| Series 2000A, Rev., VRDO, LOC : FNMA, 1.87%, <br> 3/6/2026 (a)<br>| 2000 | 2000 |
| RIB Floater Trust Various States |  |  |
| Series 2026-003, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.18%, 3/5/2026 (a) (b)<br>| 13250 | 13250 |
| Series 2022-010, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.13%, 4/3/2026 (a) (b)<br>| 1975 | 1975 |
| San Diego Housing Authority, Multi-Family Housing <br> Series 2006B, Rev., AMT, VRDO, LOC : Citibank <br> NA, 1.83%, 3/6/2026 (a)<br>| 5730 | 5730 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6023, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 12000 | 12000 |
| Series 2024-BAML6024, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 17955 | 17955 |
| Series 2025-BAML6045, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 15000 | 15000 |
| Series 2025-CF7069, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 17489 | 17490 |
| Series 2025-CF7071, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 7660 | 7660 |
| Series 2025-XF3473, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-ZF3388, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 1540 | 1540 |
| Series 2025-ZF3389, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 2010 | 2010 |
| Series 2025- CF7005, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 9815 | 9815 |
| **Total California** |  | 125878 |
| **Colorado — 3.9%** | **Colorado — 3.9%** | **Colorado — 3.9%** |
| Colorado Housing and Finance Authority, Single <br> Family Mortgage Series 2019D, Class I-S, Rev., <br> AMT, VRDO, LIQ : Royal Bank of Canada, 2.00%, <br> 3/6/2026 (a)<br>| 32880 | 32880 |
| County of Arapahoe, Multi-Family Rental Housing, <br> Hunter's Run Holdings LP, Rev., VRDO, LOC : <br> FHLMC, 1.90%, 3/6/2026 (a)<br>| 295 | 295 |
| Fort Collins-Loveland Water District, Rev., 5.00%, <br> 12/1/2026<br>| 1100 | 1119 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-ZF1826, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 4430 | 4430 |
| Series 2016-ZF0467, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 6875 | 6875 |
| Series 2022-XF3053, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 10125 | 10125 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 73

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Series 2022-XG0424, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 4800 | 4800 |
| Series 2022-XX1260, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 9120 | 9120 |
| Series 2022-ZF3061, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 1745 | 1745 |
| Series 2023-XF1621, Rev., VRDO, LIQ : Bank of <br> America NA, 1.93%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2023-XM1151, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2024-ZF1771, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 1670 | 1670 |
| Series 2025-CF7028, Rev., VRDO, LIQ : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 20610 | 20610 |
| Series XX1261, Rev., VRDO, LIQ : Barclays Bank <br> plc, 1.93%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2025-ZF3300, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.96%, 3/6/2026 (a) (b)<br>| 1000 | 1000 |
| Series 2025-ZF3462, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.96%, 3/6/2026 (a) (b)<br>| 3430 | 3430 |
| **Total Colorado** |  | 109349 |
| **District of Columbia — 2.3%** | **District of Columbia — 2.3%** | **District of Columbia — 2.3%** |
| Metropolitan Washington Airports Authority Aviation <br> Series A-1, Rev., AMT, VRDO, LOC : TD Bank NA, <br> 1.92%, 3/6/2026 (a)<br>| 16350 | 16350 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XL0650, Rev., VRDO, LIQ : Bank of <br> America NA, 2.15%, 3/2/2026 (a) (b)<br>| 4960 | 4960 |
| Series 2025-XG0601, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 355 | 355 |
| Series 025-XF1957, Rev., VRDO, LIQ : Royal Bank <br> of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 025-XL0652, Rev., VRDO, LIQ : Royal Bank <br> of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 3375 | 3375 |
| Series 025-XM1287, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 025-XM1288, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 6995 | 6995 |
| Series 2023-XL0454, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 4935 | 4935 |
| Series 2023-ZF3209, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 9835 | 9835 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| Series 2026-XX1454, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 6150 | 6150 |
| Series 025-ZF3422, Rev., VRDO, LIQ : Wells Fargo <br> Bank NA, 1.96%, 3/6/2026 (a) (b)<br>| 4575 | 4575 |
| **Total District of Columbia** |  | 65280 |
| **Florida — 7.6%** | **Florida — 7.6%** | **Florida — 7.6%** |
| Alachua County Housing Finance Authority, <br> Multi-Family, Santa Fe Apartments Project, Rev., <br> AMT, VRDO, LOC : Citibank NA, 2.01%, <br> 3/6/2026 (a)<br>| 2425 | 2425 |
| Collier County Industrial Development Authority, Ave <br> Maria Utility Co. Project Series 2024, Rev., AMT, <br> VRDO, LOC : Northern Trust Co. (The), 2.00%, <br> 3/6/2026 (a)<br>| 34600 | 34600 |
| County of Broward Series 2007A, Rev., AMT, VRDO, <br> LOC : Citibank NA, 1.95%, 3/6/2026 (a)<br>| 6050 | 6050 |
| County of Broward, Power and Light Co., Project <br> Series 2018A, Rev., AMT, VRDO, 1.95%, <br> 3/6/2026 (a)<br>| 20000 | 20000 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 1.95%, 3/6/2026 (a)<br>| 25000 | 25000 |
| Florida Housing Finance Corp., College Park <br> Holdings Ltd. Project Series 2006D, Rev., VRDO, <br> LIQ : FHLMC, 2.00%, 3/6/2026 (a)<br>| 6175 | 6175 |
| Miami-Dade County Industrial Development <br> Authority, Florida Power and Light Co. Project <br> Series 2024A, Rev., AMT, VRDO, 2.15%, <br> 3/6/2026 (a)<br>| 23500 | 23500 |
| Public Finance Authority Series 2025-VRS202, Rev., <br> VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 5000 | 5000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3223, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 1445 | 1445 |
| Series 2025-YX1371, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.25%, 3/2/2026 (a) (b)<br>| 4280 | 4280 |
| Series 2024-XF3239, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 8915 | 8915 |
| Series 2024-XF3242, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3340 | 3340 |
| Series 2023-XL0430, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2025-XF1849, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 3430 | 3430 |
| Series 2025-XG0614, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 3330 | 3330 |
| Series 2025-XL0592, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 5350 | 5350 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

74 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Series 2025-ZF1836, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 6660 | 6660 |
| Series 2023-XX1322, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 4085 | 4085 |
| Series 2025-ZF8050, Rev., VRDO, LIQ : Bank of <br> America NA, 1.93%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| Series 2026-XX1452, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2023-XF1523, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 2440 | 2440 |
| Series 2023-XF1637, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 3400 | 3400 |
| Series 2025-ZF3294, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.96%, 3/6/2026 (a) (b)<br>| 8025 | 8025 |
| Series 2025-ZF3383, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.96%, 3/6/2026 (a) (b)<br>| 4980 | 4980 |
| Series 2023-ZF3205, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.98%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2022-XL0290, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.02%, 3/6/2026 (a) (b)<br>| 13190 | 13190 |
| **Total Florida** |  | 213995 |
| **Georgia — 3.8%** | **Georgia — 3.8%** | **Georgia — 3.8%** |
| Bartow-Cartersville Joint Development Authority, <br> Hanwha Q Cells USA, Inc., Project Series 2023A, <br> Rev., AMT, VRDO, LOC : Korea Development Bank, <br> 2.16%, 3/6/2026 (a) (b)<br>| 66000 | 66000 |
| Development Authority of Monroe County (The), <br> Florida Power and Light Co. Project Series 2019, <br> Rev., AMT, VRDO, 2.15%, 3/6/2026 (a)<br>| 2720 | 2720 |
| Development Authority of Monroe County (The), <br> Gulf Power Co. Project, Rev., AMT, VRDO, 2.10%, <br> 3/6/2026 (a)<br>| 20000 | 20000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1967, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2025-XF1967, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 3330 | 3330 |
| Series 2025-XG0630, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.93%, 3/6/2026 (a) (b)<br>| 10050 | 10050 |
| **Total Georgia** |  | 106100 |
| **Hawaii — 1.1%** | **Hawaii — 1.1%** | **Hawaii — 1.1%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 025-XM1289, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 7965 | 7965 |
| Series 2025-XL0589, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hawaii — continued** | **Hawaii — continued** | **Hawaii — continued** |
| Series 2025-XL0631, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 4220 | 4220 |
| Series 2025-XM1308, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 2440 | 2440 |
| Series 2025-XX1443, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 3335 | 3335 |
| Series 2025-YX1376, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 2730 | 2730 |
| Series 2025-YX1377, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 2220 | 2220 |
| Series 2025-XF8031, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 3000 | 3000 |
| Series 2025-ZF1831, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 2705 | 2705 |
| **Total Hawaii** |  | 30615 |
| **Idaho — 0.4%** | **Idaho — 0.4%** | **Idaho — 0.4%** |
| Idaho Health Facilities Authority, St. Luke's Health <br> System Project Series 2018C, Rev., VRDO, LOC : <br> US Bank NA, 1.95%, 3/2/2026 (a)<br>| 8340 | 8340 |
| Idaho Health Facilities Authority, Trinity Health Corp. <br> Series 2013ID, Rev., VRDO, 2.62%, <br> 5/1/2026 (a)<br>| 4000 | 4000 |
| **Total Idaho** |  | 12340 |
| **Illinois — 2.0%** | **Illinois — 2.0%** | **Illinois — 2.0%** |
| Public Finance Authority Series 2026-VRS223, Rev., <br> VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 10000 | 10000 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series 2025-G-128, Rev., VRDO, LOC : Royal Bank <br> of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 5930 | 5930 |
| Series 2025-E-169, GO, VRDO, LOC : Royal Bank <br> of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 10000 | 10000 |
| RIB Floater Trust Various States Series 2025-002, <br> Rev., VRDO, LOC : Barclays Bank plc, 2.18%, <br> 4/3/2026 (a) (b)<br>| 6415 | 6415 |
| State of Illinois Series 2022B, GO, 5.00%, <br> 3/1/2026<br>| 5620 | 5620 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF3311, GO, VRDO, LIQ : Bank of <br> America NA, 2.08%, 3/2/2026 (a) (b)<br>| 7080 | 7080 |
| Series 2023-XG0434, GO, VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 250 | 250 |
| Series 2022-XX1243, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 75

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Series 2025-ZF1923, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2023-XG0538, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 3765 | 3765 |
| **Total Illinois** |  | 57185 |
| **Indiana — 0.1%** | **Indiana — 0.1%** | **Indiana — 0.1%** |
| Indiana Finance Authority, Parkview Health System, <br> Inc. Series 2009C, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 1.90%, 3/6/2026 (a)<br>| 2550 | 2550 |
| **Kentucky — 2.3%** | **Kentucky — 2.3%** | **Kentucky — 2.3%** |
| Kentucky Higher Education Student Loan Corp., <br> Student Loan Series 2023-1A-1, Rev., AMT, <br> VRDO, LOC : Bank of America NA, 2.07%, <br> 3/6/2026 (a)<br>| 21990 | 21990 |
| Louisville Regional Airport Authority, UPS Worldwide <br> Forwarding, Inc. Series 1999C, Rev., VRDO, <br> 2.07%, 3/2/2026 (a)<br>| 27800 | 27800 |
| Louisville, Norton Healthcare, Inc. Series 2013C, <br> Rev., VRDO, LOC : PNC Bank NA, 1.90%, <br> 3/6/2026 (a)<br>| 5180 | 5180 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3181, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 4380 | 4380 |
| Series 2024-XG0578, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Bank of America NA, 1.96%, <br> 3/6/2026 (a) (b)<br>| 5470 | 5470 |
| **Total Kentucky** |  | 64820 |
| **Louisiana — 1.9%** | **Louisiana — 1.9%** | **Louisiana — 1.9%** |
| Consolidated Government of the City of Baton Rouge <br> and Parish of East Baton Rouge, Exxon Mobil <br> Corp., Rev., VRDO, 2.05%, 3/2/2026 (a)<br>| 9000 | 9000 |
| Louisiana Public Facilities Authority, Chevron USA, <br> Inc., Projects, Rev., AMT, VRDO, 2.05%, <br> 3/2/2026 (a)<br>| 38305 | 38305 |
| State of Louisiana Gasoline and Fuels Tax, Second <br> Lien Series 2025C, Rev., VRDO, LOC : TD Bank <br> NA, 1.90%, 3/2/2026 (a)<br>| 4500 | 4500 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XG0612, Rev., VRDO, A.G. - CR, LOC : <br> Royal Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| **Total Louisiana** |  | 53805 |
| **Maryland — 2.7%** | **Maryland — 2.7%** | **Maryland — 2.7%** |
| Deutsche Bank Spears Series 2023-DB-8096, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 2.00%, <br> 3/2/2026 (a) (b)<br>| 5600 | 5600 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| Maryland Community Development Administration, <br> Housing and Community Development<br>|  |  |
| Series 2006G, Rev., AMT, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a)<br>| 4445 | 4445 |
| Series 2006J, Rev., AMT, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a)<br>| 28060 | 28060 |
| Montgomery County Housing Opportunities <br> Commission, Single Family Mortgage Series <br> 2018B, Rev., AMT, VRDO, LOC : PNC Bank NA, <br> 1.96%, 3/6/2026 (a)<br>| 6130 | 6130 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6033, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 16125 | 16125 |
| Series 2024-BAML6034, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 10100 | 10100 |
| Series 2024-BAML6035, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 5510 | 5510 |
| **Total Maryland** |  | 75970 |
| **Massachusetts — 1.2%** | **Massachusetts — 1.2%** | **Massachusetts — 1.2%** |
| City of Beverly, GO, BAN, 4.00%, 6/26/2026 | 5750 | 5764 |
| City of Brockton, GO, BAN, 5.00%, 10/8/2026 | 7050 | 7145 |
| Deutsche Bank Spears |  |  |
| Series 2025-DBE-8183, GO, VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4765 | 4765 |
| Series 2026-DB-8228, GO, VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 3000 | 3000 |
| RIB Floater Trust Various States Series 39, Rev., <br> VRDO, LIQ : Barclays Bank plc, 2.03%, <br> 3/2/2026 (a) (b)<br>| 1235 | 1235 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XF3218, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 3775 | 3775 |
| Town of Groveland, GO, BAN, 4.25%, 5/29/2026 | 4317 | 4327 |
| Town of Mashpee, GO, BAN, 4.00%, 5/27/2026 | 335 | 336 |
| Town of Topsfield, GO, BAN, 4.00%, 4/15/2026 | 3000 | 3004 |
| **Total Massachusetts** |  | 33351 |
| **Michigan — 2.4%** | **Michigan — 2.4%** | **Michigan — 2.4%** |
| Michigan State Housing Development Authority, <br> Rental Housing Series 2016C, Rev., AMT, VRDO, <br> LIQ : FHLB, 1.95%, 3/6/2026 (a)<br>| 44350 | 44350 |
| Michigan State Housing Development Authority, <br> Single Family Mortgage Series 2006C, Rev., <br> VRDO, LIQ : FHLB, 1.87%, 3/6/2026 (a)<br>| 4100 | 4100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

76 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Michigan Strategic Fund, Chevron USA, Inc., Project <br> Series 2024, Rev., VRDO, 2.05%, 3/2/2026 (a)<br>| 11050 | 11050 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2021-XF1115, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.94%, 3/6/2026 (a) (b)<br>| 7990 | 7990 |
| **Total Michigan** |  | 67490 |
| **Minnesota — 0.8%** | **Minnesota — 0.8%** | **Minnesota — 0.8%** |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance<br>|  |  |
| Series 2016F, Rev., AMT, VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : FHLB, 1.93%, <br> 3/6/2026 (a)<br>| 19200 | 19200 |
| Series 2017C, Rev., AMT, VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : FHLB, 1.93%, <br> 3/6/2026 (a)<br>| 2500 | 2500 |
| **Total Minnesota** |  | 21700 |
| **Mississippi — 0.5%** | **Mississippi — 0.5%** | **Mississippi — 0.5%** |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project<br>|  |  |
| Series 2010H, Rev., VRDO, 2.00%, 3/2/2026 (a) | 6535 | 6535 |
| Series 2010K, Rev., VRDO, 2.00%, 3/2/2026 (a) | 3750 | 3750 |
| Series 2011F, Rev., VRDO, 2.00%, 3/2/2026 (a) | 3000 | 3000 |
| **Total Mississippi** |  | 13285 |
| **Missouri — 0.0% ^** | **Missouri — 0.0% ^** | **Missouri — 0.0% ^** |
| Health and Educational Facilities Authority of the <br> State of Missouri, BJC Health System Series <br> 2021B, Rev., 4.03%, 5/1/2026 (a)<br>| 1265 | 1270 |
| **Nebraska — 1.0%** | **Nebraska — 1.0%** | **Nebraska — 1.0%** |
| County of Washington, Rev., AMT, VRDO, 1.93%, <br> 3/6/2026 (a)<br>| 11665 | 11665 |
| Deutsche Bank Spears |  |  |
| Series DB-8193, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 11255 | 11255 |
| Series 2025-DB-8227, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| **Total Nebraska** |  | 27920 |
| **Nevada — 0.4%** | **Nevada — 0.4%** | **Nevada — 0.4%** |
| Clark County School District, Limited Tax, Various <br> Purpose Series 2024C, GO, 5.00%, 6/15/2026<br>| 4650 | 4680 |
| Deutsche Bank Spears Series 2025-DB-8190, GO, <br> VRDO, 1.91%, 3/6/2026 (a) (b)<br>| 5930 | 5930 |
| **Total Nevada** |  | 10610 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-157, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 4075 | 4075 |
| **New Jersey — 5.0%** | **New Jersey — 5.0%** | **New Jersey — 5.0%** |
| Borough of Hopatcong, GO, BAN, 4.00%, <br> 7/15/2026<br>| 4341 | 4353 |
| Borough of Seaside Heights Series 2025A, GO, BAN, <br> 4.00%, 3/24/2026<br>| 6752 | 6756 |
| Borough of Seaside Park Series 2025A, GO, BAN, <br> 4.00%, 4/10/2026<br>| 2925 | 2928 |
| Borough of Stone Harbor, GO, BAN, 4.00%, <br> 7/24/2026<br>| 6942 | 6964 |
| Borough of Watchung, GO, BAN, 4.00%, <br> 11/10/2026<br>| 5129 | 5174 |
| City of Burlington Series 2025A, GO, BAN, 4.25%, <br> 6/4/2026<br>| 9678 | 9704 |
| City of Hoboken Series 2025A, GO, BAN, 4.00%, <br> 3/10/2026<br>| 1170 | 1170 |
| Jersey City Redevelopment Agency, Bayfront <br> Redevelopment Project Series 2025A, Rev., GTD, <br> 5.00%, 12/9/2026<br>| 15000 | 15236 |
| New Jersey Higher Education Student Assistance <br> Authority, Senior Student Loan Immediate <br> Delivery Series 2025-2, Rev., AMT, 4.95%, <br> 6/2/2026 (a)<br>| 18000 | 18204 |
| Penns Grove-Carneys Point Regional School District, <br> GO, GAN, 4.00%, 7/2/2026<br>| 6478 | 6489 |
| RIB Floater Trust Various States Series 20, Rev., <br> VRDO, LIQ : Barclays Bank plc, 1.94%, <br> 3/6/2026 (a) (b)<br>| 24185 | 24185 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2020-XF0957, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-CF7019, Rev., VRDO, LOC : Citibank <br> NA, 1.98%, 3/6/2026 (a) (b)<br>| 5700 | 5700 |
| Township of Florence, GO, BAN, 3.75%, <br> 11/20/2026<br>| 3344 | 3367 |
| Township of Hopewell, GO, BAN, 4.00%, <br> 9/21/2026<br>| 1739 | 1752 |
| Township of Mendham, GO, BAN, 5.00%, <br> 4/28/2026<br>| 4754 | 4765 |
| Township of Pennsauken Series 2025A, GO, BAN, <br> 4.75%, 5/22/2026<br>| 18719 | 18780 |
| Township of Pequannock, GO, BAN, 4.00%, <br> 3/27/2026<br>| 3005 | 3007 |
| **Total New Jersey** |  | 141034 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 77

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Mexico — 1.1%** | **New Mexico — 1.1%** | **New Mexico — 1.1%** |
| New Mexico Mortgage Finance Authority, Single <br> Family Mortgage Program<br>|  |  |
| Series 2025G-1, Rev., VRDO, GNMA / FNMA / <br> FHLMC, 3.00%, 12/1/2026 (a)<br>| 15000 | 15000 |
| Series 2025G-1, Rev., VRDO, GNMA / FNMA / <br> FHLMC, 3.00%, 12/1/2026 (a)<br>| 10000 | 10000 |
| State of New Mexico Severance Tax Permanent Fund |  |  |
| Series 2021A, Rev., 5.00%, 7/1/2026 | 1000 | 1008 |
| Series 2025A, Rev., 5.00%, 7/1/2026 | 4100 | 4131 |
| **Total New Mexico** |  | 30139 |
| **New York — 13.5%** | **New York — 13.5%** | **New York — 13.5%** |
| Babylon Union Free School District, GO, TAN, <br> 3.25%, 6/24/2026<br>| 7000 | 7013 |
| Barker Central School District Series 2025A, GO, <br> BAN, 4.00%, 6/18/2026<br>| 2500 | 2509 |
| Canastota Central School District, GO, BAN, 3.50%, <br> 7/23/2026<br>| 8500 | 8528 |
| Candor Central School District, GO, BAN, 4.00%, <br> 6/26/2026<br>| 3000 | 3008 |
| City of Albany, GO, BAN, 4.00%, 3/20/2026 | 10000 | 10004 |
| City of Geneva, GO, BAN, 4.75%, 4/30/2026 | 6500 | 6513 |
| City of New York, Fiscal Year 2014 Series 2014D-4, <br> GO, VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 3300 | 3300 |
| City of New York, Fiscal Year 2017 |  |  |
| Series 2017A, Subseries A-4, GO, VRDO, LIQ : <br> State Street Bank & Trust Co., 1.90%, <br> 3/2/2026 (a)<br>| 11275 | 11275 |
| Series 2017A-7, GO, VRDO, LOC : BMO Harris <br> Bank NA, 2.02%, 3/2/2026 (a)<br>| 1815 | 1815 |
| City of New York, Fiscal Year 2018 Series 2018E, <br> GO, VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 2025 | 2025 |
| City of New York, Fiscal Year 2022 Subseries D-4, <br> GO, VRDO, LIQ : State Street Bank & Trust Co., <br> 1.95%, 3/2/2026 (a)<br>| 4175 | 4175 |
| City of Newburgh Series 2025A, GO, BAN, 4.00%, <br> 3/5/2026<br>| 4000 | 4000 |
| City of Olean Series 2025A, GO, BAN, 3.75%, <br> 7/22/2026<br>| 7262 | 7268 |
| City of Oneonta, GO, BAN, 4.00%, 5/15/2026 | 6000 | 6015 |
| City of Rome, GO, BAN, 4.00%, 6/10/2026 | 7475 | 7492 |
| City of Syracuse, GO, BAN, 3.50%, 1/22/2027 | 4000 | 4031 |
| Cuba-Rushford Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 4880 | 4890 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Deutsche Bank Spears |  |  |
| Series 2025-DB8210, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 400 | 400 |
| Series 2025-DB-8217, GO, VRDO, LIQ : Deutsche <br> Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 3165 | 3165 |
| Series 2025-DBE-8213, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 4735 | 4735 |
| Series DB-8185, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 16230 | 16230 |
| Dundee Central School District, GO, BAN, 4.00%, <br> 6/18/2026<br>| 3615 | 3622 |
| East Moriches Union Free School District, GO, TAN, <br> 3.75%, 3/6/2026<br>| 3000 | 3000 |
| Enlarged City School District of the City of Troy, GO, <br> BAN, 4.00%, 6/5/2026<br>| 8000 | 8017 |
| Gananda Central School District, GO, BAN, 3.50%, <br> 6/26/2026<br>| 5000 | 5013 |
| Greenport Union Free School District, GO, TAN, <br> 3.50%, 5/13/2026<br>| 3500 | 3505 |
| Hoosic Valley Central School District, GO, BAN, <br> 4.00%, 6/24/2026<br>| 9770 | 9793 |
| Hunter-Tannersville Central School District, GO, BAN, <br> 4.00%, 6/25/2026<br>| 3850 | 3858 |
| Metropolitan Transportation Authority Series <br> 2012G4, Rev., VRDO, LOC : Bank of America NA, <br> 2.00%, 3/2/2026 (a)<br>| 50 | 50 |
| Montauk Union Free School District, GO, TAN, <br> 4.00%, 6/25/2026<br>| 2500 | 2511 |
| New York City Housing Development Corp., 92nd <br> Realty LLC Series 1999A, Rev., VRDO, FNMA, LOC <br> : FNMA, 2.19%, 3/6/2026 (a)<br>| 13600 | 13600 |
| New York City Housing Development Corp., Multi <br> Family Housing, Westport Development Series <br> 2004A, Rev., VRDO, LOC : FNMA, 2.19%, <br> 3/6/2026 (a)<br>| 29225 | 29225 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 89 Murray Street Series <br> 2005A, Rev., VRDO, LOC : FNMA, 2.19%, <br> 3/6/2026 (a)<br>| 10000 | 10000 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2025 <br> Series 2025, Subseries EE-2, Rev., VRDO, LIQ : TD <br> Bank NA, 1.90%, 3/2/2026 (a)<br>| 2925 | 2925 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution Series 2009BB-1, Rev., VRDO, LIQ : <br> UBS AG, 1.95%, 3/2/2026 (a)<br>| 2450 | 2450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

78 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2011 Series DD-1, Rev., <br> VRDO, LIQ : TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 250 | 250 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2014<br>|  |  |
| Series 2014AA-3, Rev., VRDO, LIQ : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 2365 | 2365 |
| Series AA-5, Rev., VRDO, LIQ : Mizuho Bank Ltd., <br> 1.90%, 3/2/2026 (a)<br>| 10750 | 10750 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2015 Series 2015A-3, <br> Rev., VRDO, LIQ : Mizuho Bank Ltd., 2.01%, <br> 3/2/2026 (a)<br>| 1000 | 1000 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025 <br> Series 2025H, Subseries H-1, Rev., VRDO, LIQ : <br> TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 4400 | 4400 |
| New York State Housing Finance Agency, 435 East <br> 13th Street Housing Series 2016A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 1.90%, 3/6/2026 (a)<br>| 100 | 100 |
| New York State Housing Finance Agency, Tribeca <br> Park Series ADJ A, Rev., AMT, VRDO, LOC : FNMA, <br> 2.10%, 3/6/2026 (a)<br>| 5000 | 5000 |
| New York State Housing Finance Agency, West 23rd <br> Street Housing Series 2002A, Rev., VRDO, LOC : <br> FNMA, 1.83%, 3/6/2026 (a)<br>| 8000 | 8000 |
| Oneida City School District, GO, BAN, 3.50%, <br> 6/26/2026<br>| 3000 | 3008 |
| Oswego City School District Series 2025B, GO, BAN, <br> 4.00%, 7/17/2026<br>| 4690 | 4703 |
| Penn Yan Central School District Series 2025B, GO, <br> BAN, 4.00%, 9/11/2026<br>| 1260 | 1268 |
| Pine Valley Central School District, GO, BAN, 3.75%, <br> 8/20/2026<br>| 7360 | 7392 |
| Red Hook Central School District, GO, BAN, 3.75%, <br> 6/25/2026<br>| 5000 | 5016 |
| Schoharie Central School District Series 2025A, GO, <br> BAN, 4.00%, 7/10/2026<br>| 10025 | 10055 |
| Springville-Griffith Institute Central School District <br> Series 2025A, GO, BAN, 4.00%, 8/14/2026<br>| 2030 | 2039 |
| Susquehanna Valley Central School District, GO, <br> BAN, 3.75%, 9/18/2026<br>| 1791 | 1799 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-ZL0350, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1700 | 1700 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-MS0087E, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.05%, 5/21/2026 (a) (b)<br>| 225 | 225 |
| Town of Greece, GO, BAN, 4.00%, 10/30/2026 | 3977 | 4012 |
| Town of Lansing Series 2025A, GO, BAN, 3.75%, <br> 8/19/2026<br>| 1770 | 1777 |
| Town of Putnam Valley Series 2025C, GO, BAN, <br> 3.25%, 11/4/2026<br>| 1800 | 1807 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels Series 2005B-4A, Rev., <br> VRDO, LOC : TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 3325 | 3325 |
| Union Endicott Central School District, GO, BAN, <br> 4.00%, 10/16/2026<br>| 2186 | 2204 |
| Valley Central School District, GO, BAN, 4.00%, <br> 6/23/2026<br>| 7700 | 7732 |
| Village of Clinton, GO, BAN, 3.50%, 2/4/2027 | 2572 | 2591 |
| Village of Freeport |  |  |
| Series 2025C, GO, BAN, 4.75%, 4/24/2026 | 6000 | 6011 |
| Series 2025E, GO, BAN, 3.75%, 10/16/2026 | 9500 | 9564 |
| Series 2025F, GO, BAN, 3.75%, 11/12/2026 | 10000 | 10072 |
| Series 2026A, GO, BAN, 3.50%, 2/26/2027 | 2317 | 2341 |
| Village of Hempstead Series 2025A, GO, BAN, <br> 4.75%, 5/1/2026<br>| 20000 | 20040 |
| Village of Lake Success |  |  |
| Series 2025A, GO, BAN, 4.00%, 6/12/2026 | 2000 | 2004 |
| Series 2025B, GO, BAN, 3.75%, 10/28/2026 | 4340 | 4371 |
| Village of New Paltz Series 2026A, GO, BAN, <br> 3.50%, 2/26/2027<br>| 1000 | 1010 |
| Village of South Blooming Grove Series 2026A, GO, <br> BAN, 3.50%, 2/18/2027<br>| 3235 | 3256 |
| Warrensburg Central School District, GO, BAN, <br> 4.00%, 6/23/2026<br>| 7000 | 7015 |
| West Genesee Central School District Series 2025B, <br> GO, BAN, 4.00%, 7/17/2026<br>| 5357 | 5374 |
| **Total New York** |  | 379536 |
| **North Carolina — 0.2%** | **North Carolina — 0.2%** | **North Carolina — 0.2%** |
| Charlotte-Mecklenburg Hospital Authority (The), <br> Atrium Health Obligated Group Series 2007E, <br> Rev., VRDO, A.G., LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 2475 | 2475 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2022-XM1011, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 4200 | 4200 |
| **Total North Carolina** |  | 6675 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 79

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — 1.9%** | **Ohio — 1.9%** | **Ohio — 1.9%** |
| County of Franklin, CHE Trinity Health Credit Group <br> Series 2013OH, Rev., VRDO, 2.62%, <br> 5/1/2026 (a)<br>| 6500 | 6500 |
| Springboro Community City School District, <br> Unlimited Tax, GO, BAN, 4.00%, 12/22/2026<br>| 4000 | 4031 |
| State of Ohio, Cleveland Clinic Health System Series <br> 2019E, Rev., VRDO, LIQ : PNC Bank NA, 1.80%, <br> 3/2/2026 (a)<br>| 6250 | 6250 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-YX1342, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 2815 | 2815 |
| Series 2025-XL0588, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 7500 | 7500 |
| Series 2025-XL0595, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 535 | 535 |
| Series 2025-ZF1835, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2025-ZF1973, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF8062, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 7500 | 7500 |
| Series 2026-CF7078, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 12540 | 12540 |
| **Total Ohio** |  | 54171 |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XG0581, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Barclays Bank plc, 1.91%, <br> 3/6/2026 (a) (b)<br>| 3615 | 3615 |
| **Oregon — 1.7%** | **Oregon — 1.7%** | **Oregon — 1.7%** |
| Marion County Housing Authority, Residence at <br> Marian, Rev., VRDO, LOC : US Bank NA, 2.45%, <br> 3/6/2026 (a)<br>| 255 | 255 |
| Oregon State Facilities Authority, Peacehealth Series <br> 2018B, Rev., VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 2600 | 2600 |
| Port of Portland, International Airport Subseries <br> 18A, Rev., AMT, VRDO, LOC : Industrial & <br> Commercial Bank of China, 2.10%, 3/4/2026 (a)<br>| 3100 | 3100 |
| Port of Portland, Special Obligation, Horizon Air <br> Industries, Inc., Project, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a)<br>| 6325 | 6325 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series 2025-E-163, Rev., VRDO, LOC : <br> Royal Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 12475 | 12475 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oregon — continued** | **Oregon — continued** | **Oregon — continued** |
| RIB Floater Trust Various States Series 2025-1011, <br> Rev., VRDO, LOC : Barclays Bank plc, 2.23%, <br> 4/3/2026 (a) (b)<br>| 5285 | 5285 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-ZL0472, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 6355 | 6355 |
| Series 2025-XF8053, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 3160 | 3160 |
| Series 2023-ZL0520, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.98%, 3/6/2026 (a) (b)<br>| 4190 | 4190 |
| Series 2025-ZF3386, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.98%, 3/6/2026 (a) (b)<br>| 2975 | 2975 |
| **Total Oregon** |  | 46720 |
| **Other — 0.6%** | **Other — 0.6%** | **Other — 0.6%** |
| FHLMC, Multi-Family VRD Certificates Series M026, <br> Class A, Rev., VRDO, LIQ : FHLMC, 2.54%, <br> 3/6/2026 (a) (b)<br>| 6360 | 6360 |
| RIB Floater Trust Various States Series 2025-1010, <br> Rev., VRDO, LOC : Barclays Bank plc, 2.23%, <br> 4/3/2026 (a) (b)<br>| 9625 | 9625 |
| **Total Other** |  | 15985 |
| **Pennsylvania — 2.0%** | **Pennsylvania — 2.0%** | **Pennsylvania — 2.0%** |
| Delaware Valley Regional Finance Authority, Local <br> Government Series 2024B, Rev., VRDO, LOC : TD <br> Bank NA, 1.90%, 3/2/2026 (a)<br>| 4570 | 4570 |
| Northampton County General Purpose Authority, St. <br> Luke's Hospital Obligated Group Series 2024B, <br> Rev., VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 6775 | 6775 |
| RIB Floater Trust Various States |  |  |
| Series 2023-013, Rev., VRDO, LIQ : Barclays Bank <br> plc, 1.91%, 3/6/2026 (a) (b)<br>| 8805 | 8805 |
| Series 2025-1007, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.96%, 3/6/2026 (a) (b)<br>| 3290 | 3290 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XG0536, GO, VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-XF1911, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.92%, 3/6/2026 (a) <br> (b)<br>| 5475 | 5475 |
| Series 2025-XF1912, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 1995 | 1995 |
| Series 2025-ZF1832, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 2225 | 2225 |
| Series 2022-XG0437, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

80 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Series 2023-XF1634, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.94%, 3/6/2026 (a) <br> (b)<br>| 2665 | 2665 |
| Series 2022-XM1083, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.96%, 3/6/2026 (a) <br> (b)<br>| 11375 | 11375 |
| **Total Pennsylvania** |  | 54675 |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| South Carolina Jobs-Economic Development <br> Authority, Prisma Health Obligated Group Series <br> 2018C, Rev., VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 9450 | 9450 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1810, Rev., VRDO, LOC : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 6300 | 6300 |
| Series 2024-XG0552, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 2590 | 2590 |
| **Total South Carolina** |  | 18340 |
| **Tennessee — 0.6%** | **Tennessee — 0.6%** | **Tennessee — 0.6%** |
| RIB Floater Trust Various States Series 2025-1008, <br> Rev., VRDO, LIQ : Barclays Bank plc, 1.96%, <br> 3/6/2026 (a) (b)<br>| 6910 | 6910 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-YX1289, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 5210 | 5210 |
| Series 2022-XL0382, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 5055 | 5055 |
| **Total Tennessee** |  | 17175 |
| **Texas — 7.0%** | **Texas — 7.0%** | **Texas — 7.0%** |
| City of Houston Airport System, Subordinate Lien |  |  |
| Series 2018A, Rev., AMT, 5.00%, 7/1/2026 | 375 | 377 |
| Series 2021A, Rev., AMT, 5.00%, 7/1/2026 | 1010 | 1017 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB-8194, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-DB-8195, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 5205 | 5205 |
| Series 2026-DB-8235, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 3165 | 3165 |
| Series 2025-DBE8158, Rev., VRDO, LOC : <br> Deutsche Bank AG, 2.10%, 3/2/2026 (a) (b)<br>| 6000 | 6000 |
| Series 2025-DBE8159, Rev., VRDO, LOC : <br> Deutsche Bank AG, 2.10%, 3/2/2026 (a) (b)<br>| 9780 | 9780 |
| Series 2025-DB8157, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4010 | 4010 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2025-DB-8189, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 3560 | 3560 |
| Series 2025-DB-8191, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 5995 | 5995 |
| Series 2025-DBE-8214, GO, VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 11705 | 11705 |
| Series 2026-DB-8229, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series DB-8174, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4495 | 4495 |
| Series DB-8188, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 5935 | 5935 |
| Gilmer Industrial Development Corp., Duoline <br> Technologies LP Series 2008-A, Rev., AMT, VRDO, <br> LOC : Wells Fargo Bank NA, 1.98%, 3/6/2026 (a)<br>| 3475 | 3475 |
| Gulf Coast Authority, American Acryl LP Project, <br> Rev., AMT, VRDO, LOC : Bank of Tokyo-Mitsubishi <br> UFJ Ltd., 1.93%, 3/6/2026 (a)<br>| 12000 | 12000 |
| Gulf Coast Authority, Waste Disposal Environmental <br> Facilities, ExxonMobil Project<br>|  |  |
| Rev., VRDO, 2.05%, 3/2/2026 (a) | 1525 | 1525 |
| Rev., AMT, VRDO, 2.05%, 3/2/2026 (a) | 12500 | 12500 |
| Harris County Industrial Development Corp., Exxon <br> Corp. Project, Rev., VRDO, 2.05%, 3/2/2026 (a)<br>| 7700 | 7700 |
| Lower Neches Valley Authority Industrial <br> Development Corp., Exxon Capital Ventures, Inc. <br> Series B-4, Rev., VRDO, 2.05%, 3/2/2026 (a)<br>| 7825 | 7825 |
| Lower Neches Valley Authority Industrial <br> Development Corp., ExxonMobil Project<br>|  |  |
| Rev., VRDO, 2.00%, 3/2/2026 (a) | 645 | 645 |
| Series 2001B3, Rev., VRDO, 2.05%, <br> 3/2/2026 (a)<br>| 5835 | 5835 |
| RIB Floater Trust Various States |  |  |
| Series 2025-1012, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.96%, 3/6/2026 (a) (b)<br>| 8615 | 8615 |
| Series 2022-006, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.18%, 4/10/2026 (a) (b)<br>| 28280 | 28280 |
| San Antonio Water System, Subordinate Lien Series <br> 2025D, Rev., VRDO, LIQ : TD Bank NA, 1.85%, <br> 3/2/2026 (a)<br>| 1150 | 1150 |
| State of Texas, College Student Loan Series 2019, <br> GO, AMT, 5.00%, 8/1/2026<br>| 1630 | 1647 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-BAML6043, Rev., VRDO, LOC : Bank <br> of America NA, 2.10%, 3/2/2026 (a) (b)<br>| 600 | 600 |
| Series 2024-XG0588, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 725 | 725 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 81

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2025-XG0629, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 5605 | 5605 |
| Series 2022-XM1050, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 950 | 950 |
| Series 2022-XF1140, Rev., VRDO, LOC : Deutsche <br> Bank AG, 1.92%, 3/6/2026 (a) (b)<br>| 9750 | 9750 |
| Series 2026-CF7073, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 16680 | 16680 |
| **Total Texas** |  | 195751 |
| **Utah — 0.7%** | **Utah — 0.7%** | **Utah — 0.7%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XX1249, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 2920 | 2920 |
| Series 2025-ZF1833, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 2225 | 2225 |
| Series 2025-ZF1848, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 3285 | 3285 |
| Series 2023-XM1146, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 6750 | 6750 |
| Series 2025-XL0577, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 3500 | 3500 |
| **Total Utah** |  | 18680 |
| **Virginia — 0.3%** | **Virginia — 0.3%** | **Virginia — 0.3%** |
| City of Norfolk Series 2007, GO, VRDO, LIQ : Bank of <br> America NA, 1.90%, 3/6/2026 (a)<br>| 5550 | 5550 |
| Public Finance Authority Series 2025-VRS204, Rev., <br> VRDO, LOC : Bank of America NA, 1.94%, <br> 3/6/2026 (a) (b)<br>| 275 | 275 |
| Richmond Redevelopment and Housing Authority, <br> Joyfield at German School Road, Rev., VRDO, <br> 3.10%, 12/1/2026 (a)<br>| 2000 | 2000 |
| **Total Virginia** |  | 7825 |
| **Washington — 2.5%** | **Washington — 2.5%** | **Washington — 2.5%** |
| Deutsche Bank Spears |  |  |
| Series 2025-DB-81, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 5580 | 5580 |
| Series 2025-DBE-8219, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 1.97%, 3/6/2026 (a) (b)<br>| 5695 | 5695 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XL0647, Rev., VRDO, LIQ : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 3500 | 3500 |
| Series 2025-XL0648, Rev., VRDO, LIQ : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 2240 | 2240 |
| Series 2023-ZL0513, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 2745 | 2745 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| Series 2025-CF7070, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 12896 | 12896 |
| Series 2025-XF1967, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 4490 | 4490 |
| Series 2025-XF3452, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 6375 | 6375 |
| Series 2025-XM1307, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2025-ZF3364, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 4375 | 4375 |
| Series 2025-ZF3455, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 3735 | 3735 |
| Series 2026-CF7079, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 13300 | 13300 |
| **Total Washington** |  | 68681 |
| **West Virginia — 1.2%** | **West Virginia — 1.2%** | **West Virginia — 1.2%** |
| County of Putnam, Solid Waste Disposal Toyota <br> Motor Manufacturing Series 1998 A, Rev., VRDO, <br> 2.24%, 3/6/2026 (a)<br>| 20000 | 20000 |
| West Virginia Economic Development Authority, <br> Solid Waste Disposal Facilities, Nucor Steel <br> Project Series 2025A-1, Rev., AMT, VRDO, <br> 2.20%, 3/6/2026 (a)<br>| 13500 | 13500 |
| **Total West Virginia** |  | 33500 |
| **Wisconsin — 1.4%** | **Wisconsin — 1.4%** | **Wisconsin — 1.4%** |
| County of Milwaukee Series 2025D, GO, 3.00%, <br> 10/1/2026<br>| 1420 | 1420 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XL0447, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 6750 | 6750 |
| Series 2025-XF8059, Rev., VRDO, LOC : TD Bank <br> NA, 1.96%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| Series 2025-XL0679, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.98%, 3/6/2026 (a) (b)<br>| 7500 | 7500 |
| Series 2025-XL0680, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.98%, 3/6/2026 (a) (b)<br>| 15000 | 15000 |
| Wisconsin Housing and Economic Development <br> Authority Housing Series 2007G, Rev., AMT, <br> VRDO, LOC : Bank of America NA, 1.98%, <br> 3/6/2026 (a)<br>| 3420 | 3420 |
| **Total Wisconsin** |  | 39715 |
| Total Municipal Bonds <br>(Cost $2,376,965)<br>|  | 2376965 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

82 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Variable Rate Demand Preferred Shares — 9.1%** | **Variable Rate Demand Preferred Shares — 9.1%** | **Variable Rate Demand Preferred Shares — 9.1%** |
| **California — 0.9%** | **California — 0.9%** | **California — 0.9%** |
| Nuveen California Quality Municipal Income Fund <br> Series 1-1362, LIQ : Societe Generale, 1.97%, <br> 3/6/2026# (b)<br>| 25000 | 25000 |
| **Other — 8.2%** | **Other — 8.2%** | **Other — 8.2%** |
| BlackRock MuniAssets Fund, Inc. Series LIQ : Bank of <br> America NA, 2.04%, 3/6/2026# (b)<br>| 45000 | 45000 |
| BlackRock Municipal 2030 Target Term Trust Series <br> W-7, LIQ : Barclays Bank plc, 2.03%, 3/6/2026# <br> (b)<br>| 66500 | 66500 |
| BlackRock MuniYield Quality Fund, Inc. |  |  |
| Series W-7A, LIQ : Royal Bank of Canada, 2.02%, <br> 3/6/2026# (b)<br>| 30000 | 30000 |
| Series W-7, LIQ : TD Bank NA, 2.04%, <br> 3/6/2026# (b)<br>| 30000 | 30000 |
| Series W-7B, LIQ : Bank of America NA, 2.38%, <br> 3/6/2026# (b)<br>| 10000 | 10000 |
| Nuveen AMT - Free Municipal Credit Income Fund <br> Series 6, LIQ : Sumitomo Mitsui Banking Corp., <br> 1.93%, 3/6/2026# (b)<br>| 20000 | 20000 |
| Nuveen AMT - Free Quality Municipal Income Fund <br> Series 3-PFD, LIQ : TD Bank NA, 1.97%, <br> 3/6/2026# (b)<br>| 7500 | 7500 |
| Nuveen Quality Municipal Income Fund Series <br> 2-2525, LIQ : Barclays Bank plc, 2.03%, <br> 3/5/2026# (b)<br>| 20000 | 20000 |
| Total Other |  | 229000 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $254,000)<br>|  | 254000 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Short Term Investments — 3.9%** | **Short Term Investments — 3.9%** | **Short Term Investments — 3.9%** |
| **Commercial Paper — 3.9%** | **Commercial Paper — 3.9%** | **Commercial Paper — 3.9%** |
| Board of Regents of the University of Texas System |  |  |
| Series A, 2.70%, 3/13/2026 | 10000 | 10000 |
| Series A, 2.65%, 4/15/2026 | 15000 | 15000 |
| Series A, 2.35%, 6/4/2026 | 12500 | 12500 |
| City of Atlanta Series P-1, 2.45%, 4/2/2026 | 26000 | 26000 |
| City of Houston Series A, 2.43%, 4/2/2026 | 28875 | 28875 |
| City of Memphis Series A, 2.45%, 3/6/2026 | 15000 | 15000 |
| County of Harris, 2.76%, 3/26/2026 | 2010 | 2010 |
| Total Commercial Paper <br>(Cost $109,385)<br>|  | 109385 |
| Total Short Term Investments <br>(Cost $109,385)<br>|  | 109385 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 97.7%** <br>**(Cost $2,740,350)** \*<br>|  | **2740350** |
| **Other Assets in Excess of Liabilities — 2.3%** |  | **65264** |
| **NET ASSETS — 100.0%** |  | **2805614** |

---

&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** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| CR | Custodial Receipts |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| Rev. | Revenue |
| TAN | Tax Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| # | Variable Rate Demand Preferred Shares of a <br> closed-end investment company which has a weekly <br> demand feature. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 83

------

JPMorgan California Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 76.0%** | **Municipal Bonds — 76.0%** | **Municipal Bonds — 76.0%** |
| **California — 76.0%** | **California — 76.0%** | **California — 76.0%** |
| Bay Area Toll Authority, Toll Bridge |  |  |
| Series 2024D, Rev., VRDO, LOC : TD Bank NA, <br> 1.25%, 3/2/2026 (a)<br>| 7110 | 7110 |
| Series 2024I, Rev., VRDO, LOC : TD Bank NA, <br> 1.57%, 3/2/2026 (a)<br>| 635 | 635 |
| California Health Facilities Financing Authority, <br> Adventist Health System<br>|  |  |
| Series 2009B, Rev., VRDO, LOC : US Bank NA, <br> 1.05%, 3/2/2026 (a)<br>| 1600 | 1600 |
| Series 2023B, Rev., VRDO, LOC : Barclays Bank plc, <br> 1.40%, 3/2/2026 (a)<br>| 2000 | 2000 |
| California Housing Finance Agency, Multi-Family <br> Housing 5032 Coliseum Street Project Series <br> 2025NN, Rev., VRDO, 2.95%, 10/1/2026 (a)<br>| 4000 | 4000 |
| California Infrastructure and Economic Development <br> Bank, Industrial Development, Silva Corks USA LLC <br> Project, Rev., AMT, VRDO, LOC : Bank of America <br> NA, 2.02%, 3/6/2026 (a)<br>| 780 | 780 |
| California Municipal Finance Authority, Chevron USA, <br> Inc., Project Series 2010A, Rev., VRDO, 1.25%, <br> 3/2/2026 (a)<br>| 4000 | 4000 |
| California Municipal Finance Authority, Multi-Family <br> Housing, Pacific Meadows Apartments Series <br> 2010A, Rev., VRDO, LIQ : FHLMC, 1.88%, <br> 3/6/2026 (a)<br>| 580 | 580 |
| California Public Finance Authority, Sharp Healthcare <br> Series 2024E, Rev., VRDO, LOC : TD Bank NA, <br> 1.20%, 3/2/2026 (a)<br>| 295 | 295 |
| California Statewide Communities Development <br> Authority, Rady Children's Hospital<br>|  |  |
| Series 2008A, Rev., VRDO, LOC : US Bank NA, <br> 1.05%, 3/2/2026 (a)<br>| 3575 | 3575 |
| Series 2008B, Rev., VRDO, LOC : Wells Fargo Bank <br> NA, 1.25%, 3/2/2026 (a)<br>| 2195 | 2195 |
| City and County of San Francisco Series 2024R-1, GO, <br> 5.00%, 6/15/2026<br>| 7000 | 7053 |
| City of Irvine, Assessment District No. 03-19, Limited <br> Obligation Improvement Series A, VRDO, LOC : US <br> Bank NA, 1.05%, 3/2/2026 (a)<br>| 4415 | 4415 |
| City of Los Angeles Department of Airports Series <br> 2019F, Rev., AMT, 5.00%, 5/15/2026<br>| 1700 | 1709 |
| City of Modesto, Multi-Family Housing Valley Oak <br> Project Series 2008A, Rev., VRDO, LOC : FHLMC, <br> 1.01%, 3/6/2026 (a)<br>| 675 | 675 |
| City of Modesto, Multi-Family Housing Westdale <br> Commons Series 2002A, Rev., VRDO, LOC : FNMA, <br> 1.05%, 3/6/2026 (a)<br>| 2100 | 2100 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| County of Los Angeles Series 2025-26A, Rev., TRAN, <br> 5.00%, 6/30/2026<br>| 2860 | 2887 |
| County of San Bernardino, Somerset Apartments LLC <br> Series 1999A, Rev., VRDO, LOC : FNMA, 1.43%, <br> 3/6/2026 (a)<br>| 950 | 950 |
| County of San Diego, Museum of Art, COP, VRDO, LOC : <br> Wells Fargo Bank NA, 0.96%, 3/6/2026 (a)<br>| 2200 | 2200 |
| Deutsche Bank Spears Series 2025-DBE-8182, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 1.80%, <br> 3/2/2026 (a) (b)<br>| 3825 | 3825 |
| Elsinore Valley Municipal Water District Financing <br> Authority Series 2025A, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 0.90%, <br> 3/6/2026 (a)<br>| 2000 | 2000 |
| Metropolitan Water District of Southern California <br> Series 2025B, Rev., VRDO, LIQ : PNC Bank NA, <br> 1.35%, 3/6/2026 (a)<br>| 7525 | 7525 |
| Modesto Public Financing Authority, Rev., VRDO, LOC : <br> BMO Harris Bank NA, 1.15%, 3/6/2026 (a)<br>| 4055 | 4055 |
| Public Finance Authority Series 25-VRS213, Class A, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 4490 | 4490 |
| Regents of the University of California Medical Center <br> Pooled Series 2020O-1, Rev., VRDO, 1.40%, <br> 3/2/2026 (a)<br>| 2200 | 2200 |
| Sacramento County Housing Authority, Multi-Family <br> Housing, Ashford Park Apartments Series 1996D, <br> Rev., VRDO, FNMA, LIQ : FNMA, 1.30%, <br> 3/6/2026 (a)<br>| 2000 | 2000 |
| Sacramento County Housing Authority, River Terrace <br> Apartments Series C, Rev., VRDO, FNMA, LIQ : <br> FNMA, 1.30%, 3/6/2026 (a)<br>| 665 | 665 |
| San Francisco City and County Redevelopment Agency <br> Successor Agency, Notre Dame Housing Partners LP <br> Series 2000G, Rev., AMT, VRDO, LOC : Citibank NA, <br> 1.15%, 3/6/2026 (a)<br>| 5840 | 5840 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML5060, Rev., VRDO, LOC : Bank of <br> America NA, 1.60%, 3/2/2026 (a) (b)<br>| 3000 | 3000 |
| Series 2025-XF1879, Rev., VRDO, LIQ : Bank of <br> America NA, 2.00%, 3/2/2026 (a) (b)<br>| 600 | 600 |
| Series 2025-XF1899, GO, VRDO, LIQ : Bank of <br> America NA, 2.15%, 3/2/2026 (a) (b)<br>| 1500 | 1500 |
| Series 2022-XF3028, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 4325 | 4325 |
| Series 2024-ZF1773, Rev., VRDO, LOC : Royal Bank <br> of Canada, 1.92%, 3/5/2026 (a) (b)<br>| 1670 | 1670 |
| Series 2022-XF1376, Rev., VRDO, LIQ : Bank of <br> America NA, 1.88%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Series 2023-ZF3175, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.89%, 3/6/2026 (a) (b)<br>| 1000 | 1000 |
| Series 2023-ZF3187, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.89%, 3/6/2026 (a) (b)<br>| 5535 | 5535 |
| Series 2022-XX1239, GO, VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 2425 | 2425 |
| Series 2022-XX1262, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2022-XX1263, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2022-YX1200, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 1600 | 1600 |
| Series 2023-XG0502, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 2800 | 2800 |
| Series 2024-XG0587, Rev., VRDO, LIQ : Bank of <br> America NA, 1.90%, 3/6/2026 (a) (b)<br>| 1800 | 1800 |
| Series 2026-XF3512, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2022-XF1415, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 1705 | 1705 |
| Series 2022-XG0430, Rev., VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3105 | 3105 |
| Series 2022-XL0384, GO, VRDO, LOC : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 1900 | 1900 |
| Series 2023-XL0501, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2375 | 2375 |
| Series 2025-XF3493, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XM1245, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3400 | 3400 |
| Series 2025-XX1442, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4760 | 4760 |
| Series XG0100, Rev., VRDO, AMBAC, LOC : Deutsche <br> Bank AG, 1.92%, 3/6/2026 (a) (b)<br>| 8465 | 8465 |
| Series 2025-XF3473, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 2200 | 2200 |
| Series 2025-XM1302, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 2560 | 2560 |
| Series 2025-CF7014, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 4956 | 4956 |
| Series 2023-007, Rev., VRDO, LOC : Barclays Bank <br> plc, 2.13%, 4/3/2026 (a) (b)<br>| 7100 | 7100 |
| University of California |  |  |
| Series 2013AL-3, Rev., VRDO, 1.25%, <br> 3/2/2026 (a)<br>| 2425 | 2425 |
| Series 2013AL-4, Rev., VRDO, 1.35%, <br> 3/2/2026 (a)<br>| 2260 | 2260 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| Series 2025BZ, Rev., 5.00%, 5/15/2026 | 3500 | 3519 |
| Western Municipal Water District Facilities Authority <br> Series 2012A, Rev., VRDO, LOC : TD Bank NA, <br> 1.15%, 3/6/2026 (a)<br>| 565 | 565 |
| **Total California** |  | 169659 |
| Total Municipal Bonds <br>(Cost $169,659)<br>|  | 169659 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 4.5%** | **Variable Rate Demand Preferred Shares — 4.5%** | **Variable Rate Demand Preferred Shares — 4.5%** |
| **California — 4.5%** | **California — 4.5%** | **California — 4.5%** |
| Nuveen California AMT - Free Quality Municipal <br> Income Fund Series 6, LIQ : Sumitomo Mitsui <br> Banking Corp., 1.91%, 3/6/2026# (b)<br>| 10000 | 10000 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $10,000)<br>|  | 10000 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Short Term Investments — 18.9%** | **Short Term Investments — 18.9%** | **Short Term Investments — 18.9%** |
| **Commercial Paper — 18.9%** | **Commercial Paper — 18.9%** | **Commercial Paper — 18.9%** |
| Burbank Glendale Pasadena Airport Authority Series <br> B-2, 2.37%, 8/10/2026<br>| 1500 | 1500 |
| California Statewide Communities Development <br> Authority<br>|  |  |
| Series B-6, 2.60%, 3/5/2026 | 3000 | 3000 |
| Series 09-D, 2.35%, 7/8/2026 | 2000 | 2000 |
| City and County of San Francisco |  |  |
| Series A-4, 2.64%, 3/13/2026 | 3000 | 3000 |
| Series A-2, 2.66%, 3/13/2026 | 2500 | 2500 |
| City of Los Angeles Community Facilities District |  |  |
| Series R-TE, 2.35%, 3/12/2026 | 1102 | 1102 |
| Series R-TE, 2.18%, 3/17/2026 | 3729 | 3729 |
| Series R-TE, 2.20%, 3/17/2026 | 1500 | 1500 |
| Municipal Improvement Corp. of Los Angeles |  |  |
| Series A-1, 2.20%, 3/3/2026 | 10000 | 10000 |
| Series A-3, 2.30%, 3/3/2026 | 1000 | 1000 |
| Public Utilities Commission of San Francisco (Belize) |  |  |
| Series E-A4, 2.26%, 3/12/2026 | 3000 | 3000 |
| Series E-A4, 2.25%, 7/8/2026 | 3000 | 3000 |
| San Diego County Water Authority Series 9, 2.35%, <br> 6/11/2026<br>| 3500 | 3500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 85

------

JPMorgan California Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| San Francisco City and County Public Utilities <br> Commission Series A-1, 2.30%, 6/10/2026<br>| 1000 | 1000 |
| State of California Series A-1, 2.56%, 3/18/2026 | 2500 | 2500 |
| Total Commercial Paper <br>(Cost $42,331)<br>|  | 42331 |
| Total Short Term Investments <br>(Cost $42,331)<br>|  | 42331 |
| **Total Investments — 99.4%** <br>**(Cost $221,990)** \*<br>|  | **221990** |
| **Other Assets in Excess of Liabilities — 0.6%** |  | **1346** |
| **NET ASSETS — 100.0%** |  | **223336** |

---

&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** |  |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |

---

---

| | |
|:---|:---|
| COP | Certificate of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| Rev. | Revenue |
| TRAN | Tax & Revenue Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| # | Variable Rate Demand Preferred Shares of a <br> closed-end investment company which has a weekly <br> demand feature. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

86 J.P. Morgan Money Market Funds February 28, 2026

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 86.8%** | **Municipal Bonds — 86.8%** | **Municipal Bonds — 86.8%** |
| **New York — 86.8%** | **New York — 86.8%** | **New York — 86.8%** |
| Akron Central School District Series 2025A, GO, <br> BAN, 4.00%, 8/13/2026<br>| 1501 | 1508 |
| Albany Industrial Development Agency, Civic Facility, <br> Living Resources Corp., Project Series 2007A, <br> Rev., VRDO, LOC : HSBC Bank USA NA, 1.88%, <br> 3/6/2026 (a)<br>| 4295 | 4295 |
| Amherst Development Corp., Student Housing <br> Facility, South Lake Village Project Series 2010B, <br> Rev., VRDO, LOC : HSBC Bank USA NA, 1.98%, <br> 3/6/2026 (a)<br>| 9095 | 9095 |
| Battery Park City Authority Series 2019D-2, Rev., <br> VRDO, LIQ : TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 100 | 100 |
| Canton Central School District, GO, BAN, 3.75%, <br> 9/4/2026<br>| 1783 | 1792 |
| Cato-Meridian Central School District, GO, BAN, <br> 3.75%, 7/29/2026<br>| 4488 | 4506 |
| Cattaraugus-Little Valley Central School District <br> Series 2025A, GO, BAN, 3.50%, 9/29/2026<br>| 3000 | 3013 |
| Cazenovia Central School District, GO, BAN, 4.00%, <br> 7/17/2026<br>| 4000 | 4011 |
| City of Albany, GO, BAN, 4.00%, 3/20/2026 | 16312 | 16319 |
| City of Geneva, GO, BAN, 4.75%, 4/30/2026 | 5000 | 5010 |
| City of New York, Fiscal Year 2013 Series 2013, <br> Subseries A-2, GO, VRDO, LOC : Mizuho Bank Ltd., <br> 2.00%, 3/2/2026 (a)<br>| 2785 | 2785 |
| City of New York, Fiscal Year 2017 Series 2017A-7, <br> GO, VRDO, LOC : BMO Harris Bank NA, 2.02%, <br> 3/2/2026 (a)<br>| 9500 | 9500 |
| City of New York, Fiscal Year 2022 Subseries D-4, <br> GO, VRDO, LIQ : State Street Bank & Trust Co., <br> 1.95%, 3/2/2026 (a)<br>| 2210 | 2210 |
| City of New York, Fiscal Year 2023 Series 2023A, <br> Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, <br> 1.90%, 3/2/2026 (a)<br>| 6215 | 6215 |
| City of New York, Fiscal Year 2025 Series 2025, <br> Subseries G-3, GO, VRDO, LIQ : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 1200 | 1200 |
| City of Newburgh Series 2025A, GO, BAN, 4.00%, <br> 3/5/2026<br>| 4000 | 4000 |
| City of Oneida, GO, BAN, 4.00%, 3/27/2026 | 245 | 245 |
| City of Peekskill, GO, TAN, 3.75%, 11/4/2026 | 6000 | 6052 |
| City of Rome, GO, BAN, 4.00%, 6/10/2026 | 13650 | 13681 |
| City of Troy, GO, BAN, 4.00%, 1/29/2027 | 1332 | 1349 |
| City of Yonkers Series 2026D, GO, 5.00%, <br> 8/1/2026<br>| 2800 | 2831 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB8210, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 11815 | 11815 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-DB-8215, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 3955 | 3955 |
| Series DB-8149, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 3800 | 3800 |
| East Aurora Union Free School District, GO, BAN, <br> 3.75%, 12/3/2026<br>| 7350 | 7407 |
| Ellenville Central School District, GO, BAN, 3.75%, <br> 6/26/2026<br>| 6000 | 6020 |
| Enlarged City School District of the City of Troy, GO, <br> BAN, 4.00%, 6/5/2026<br>| 15583 | 15616 |
| Erie County Industrial Development Agency (The), <br> Our Lady Victory Corp. Series 2007A, Rev., VRDO, <br> LOC : HSBC Bank USA NA, 1.91%, 3/6/2026 (a)<br>| 1975 | 1975 |
| Gananda Central School District, GO, BAN, 3.50%, <br> 6/26/2026<br>| 6000 | 6016 |
| Hunter-Tannersville Central School District, GO, BAN, <br> 4.00%, 6/25/2026<br>| 3000 | 3006 |
| Hyde Park Central School District, GO, BAN, 4.25%, <br> 6/12/2026<br>| 1970 | 1975 |
| Johnstown City School District, GO, BAN, 3.00%, <br> 6/26/2026 (c)<br>| 3000 | 3005 |
| Long Island Power Authority, Electric System Series <br> 2025C, Rev., VRDO, LOC : Royal Bank of Canada, <br> 1.85%, 3/6/2026 (a)<br>| 3695 | 3695 |
| Malone Central School District Series 2025A, GO, <br> BAN, 3.50%, 8/7/2026<br>| 2200 | 2207 |
| Metropolitan Transportation Authority |  |  |
| Series 2012G-1, Rev., VRDO, LOC : Barclays Bank <br> plc, 2.00%, 3/2/2026 (a)<br>| 615 | 615 |
| Series 2012G-3, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.00%, 3/2/2026 (a)<br>| 175 | 175 |
| Series 2020B, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.00%, 3/2/2026 (a)<br>| 200 | 200 |
| Metropolitan Transportation Authority Dedicated <br> Tax Fund<br>|  |  |
| Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 7235 | 7235 |
| Series 2008A-2A, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 1725 | 1725 |
| Middle Country Central School District At <br> Centereach, GO, TAN, 4.00%, 6/24/2026<br>| 11000 | 11046 |
| Miller Place Union Free School District, GO, TAN, <br> 3.75%, 6/24/2026<br>| 13000 | 13044 |
| Nassau County Industrial Development Agency, Cold <br> Spring Harbor Laboratory Project Series 2006, <br> Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 38975 | 38975 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 87

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Housing Development Corp., 92nd <br> Realty LLC Series 1999A, Rev., VRDO, FNMA, LOC <br> : FNMA, 2.19%, 3/6/2026 (a)<br>| 15600 | 15600 |
| New York City Housing Development Corp., Multi <br> Family Housing, Westport Development Series <br> 2004A, Rev., VRDO, LOC : FNMA, 2.19%, <br> 3/6/2026 (a)<br>| 14175 | 14175 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 89 Murray Street Series <br> 2005A, Rev., VRDO, LOC : FNMA, 2.19%, <br> 3/6/2026 (a)<br>| 27000 | 27000 |
| New York City Housing Development Corp., <br> Multi-Family Rental Housing Series 2009A, Rev., <br> VRDO, LOC : FHLMC, 1.82%, 3/6/2026 (a)<br>| 7050 | 7050 |
| New York City Housing Development Corp., <br> Multi-Family Rental Housing, West 89th Street <br> Development Series 2000A, Rev., VRDO, LOC : <br> FNMA, 2.10%, 3/6/2026 (a)<br>| 30 | 30 |
| New York City Housing Development Corp., <br> Multi-Family, La Fontaine Owners LLC Series <br> 2005A, Rev., VRDO, LOC : Citibank NA, 1.90%, <br> 3/6/2026 (a)<br>| 2925 | 2925 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2025 <br> Series 2025, Subseries EE-2, Rev., VRDO, LIQ : TD <br> Bank NA, 1.90%, 3/2/2026 (a)<br>| 1975 | 1975 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution<br>|  |  |
| Series 2007, Subseries CC-2, Rev., VRDO, LIQ : <br> State Street Bank & Trust Co., 1.95%, <br> 3/2/2026 (a)<br>| 530 | 530 |
| Series BB 1-A, Rev., VRDO, LIQ : State Street Bank <br> & Trust Co., 2.00%, 3/2/2026 (a)<br>| 2000 | 2000 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2010 Series 2010CC, <br> Rev., VRDO, LIQ : State Street Bank & Trust Co., <br> 1.90%, 3/2/2026 (a)<br>| 9120 | 9120 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2011 Series DD-1, Rev., <br> VRDO, LIQ : TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 10150 | 10150 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2014 Series 2014AA-3, <br> Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 3700 | 3700 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2021 Series 2021, <br> Subseries EE2, Rev., VRDO, LIQ : State Street <br> Bank & Trust Co., 1.95%, 3/2/2026 (a)<br>| 525 | 525 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2023<br>|  |  |
| Series 2023, Subseries B-1, Rev., VRDO, LIQ : <br> Mizuho Bank Ltd., 2.00%, 3/2/2026 (a)<br>| 1750 | 1750 |
| Series 2023, Subseries BB-2, Rev., VRDO, LIQ : <br> Mizuho Bank Ltd., 2.02%, 3/2/2026 (a)<br>| 5440 | 5440 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2015 Series A-4, Rev., <br> VRDO, LIQ : Mizuho Bank Ltd., 2.02%, <br> 3/2/2026 (a)<br>| 21705 | 21705 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2019 Series 2019C-4, <br> Rev., VRDO, LIQ : Barclays Bank plc, 2.00%, <br> 3/2/2026 (a)<br>| 200 | 200 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2023<br>|  |  |
| Series 2023, Subseries A-2, Rev., VRDO, LIQ : <br> UBS AG, 1.90%, 3/2/2026 (a)<br>| 3975 | 3975 |
| Series 2023, Subseries A-3, Rev., VRDO, LIQ : <br> Bank of New York Mellon (The), 2.00%, <br> 3/2/2026 (a)<br>| 200 | 200 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025 <br> Series 2025H, Subseries H-1, Rev., VRDO, LIQ : <br> TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 12375 | 12375 |
| New York City Water and Sewer System, Second <br> General Resolution Series BB 1B, Rev., VRDO, LIQ <br> : State Street Bank & Trust Co., 2.00%, <br> 3/2/2026 (a)<br>| 2300 | 2300 |
| New York State Dormitory Authority, Columbia <br> University Series 2003B, Rev., VRDO, 1.83%, <br> 3/6/2026 (a)<br>| 12462 | 12462 |
| New York State Energy Research and Development <br> Authority, Consolidated Edison Co. of New York, <br> Inc., Project Series 2005A-3, Rev., VRDO, LOC : <br> Mizuho Bank Ltd., 1.95%, 3/6/2026 (a)<br>| 9600 | 9600 |
| New York State Housing Finance Agency Series <br> 200B, Rev., VRDO, LOC : FNMA, 3.72%, <br> 3/6/2026 (a)<br>| 2150 | 2150 |
| New York State Housing Finance Agency, <br> 10 Barclay Street Series 2004A, Rev., VRDO, LOC <br> : FNMA, 1.70%, 3/6/2026 (a)<br>| 33900 | 33900 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

88 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Housing Finance Agency, 160 <br> Madison Avenue LLC<br>|  |  |
| Series 2013A, Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 1.90%, <br> 3/2/2026 (a)<br>| 28625 | 28625 |
| Series 2014A, Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 1.90%, <br> 3/2/2026 (a)<br>| 20200 | 20200 |
| New York State Housing Finance Agency, 316 <br> Eleventh Avenue Housing Series 2009A, Rev., <br> VRDO, LOC : FNMA, 2.05%, 3/6/2026 (a)<br>| 5550 | 5550 |
| New York State Housing Finance Agency, 330 West <br> 39th Street Housing Series 2010A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 1.90%, 3/6/2026 (a)<br>| 2040 | 2040 |
| New York State Housing Finance Agency, 350 West <br> 43rd Street Housing Series 2001A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 2.10%, 3/2/2026 (a)<br>| 11000 | 11000 |
| New York State Housing Finance Agency, 360 West <br> 43rd Street Housing, Rev., VRDO, LOC : FNMA, <br> 2.10%, 3/6/2026 (a)<br>| 2400 | 2400 |
| New York State Housing Finance Agency, 363 West <br> 30th Street Housing, Rev., VRDO, LOC : FHLMC, <br> 2.19%, 3/6/2026 (a)<br>| 9300 | 9300 |
| New York State Housing Finance Agency, 435 East <br> 13th Street Housing Series 2016A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 1.90%, 3/6/2026 (a)<br>| 7220 | 7220 |
| New York State Housing Finance Agency, Grace <br> Towers Housing II LLC Series 2007A, Rev., VRDO, <br> LOC : FHLMC, 2.19%, 3/6/2026 (a)<br>| 9330 | 9330 |
| New York State Housing Finance Agency, Historic <br> Front Street Series 2003A, Rev., VRDO, LOC : <br> Landesbank Hessen-Thuringen Girozentrale, <br> 1.97%, 3/6/2026 (a)<br>| 10300 | 10300 |
| New York State Housing Finance Agency, Housing <br> Related Taconic Series 2009A, Rev., VRDO, LOC : <br> FNMA, 1.70%, 3/6/2026 (a)<br>| 45130 | 45130 |
| New York State Housing Finance Agency, Liberty <br> Street Realty LLC Series 2003A, Rev., VRDO, LOC : <br> FHLMC, 2.14%, 3/6/2026 (a)<br>| 10200 | 10200 |
| New York State Housing Finance Agency, Maiden <br> Lane Properties LLC Series 2004A, Rev., VRDO, <br> LOC : FNMA, 1.90%, 3/6/2026 (a)<br>| 500 | 500 |
| New York State Housing Finance Agency, North End <br> Series 2004A, Rev., VRDO, LOC : FNMA, 2.05%, <br> 3/6/2026 (a)<br>| 400 | 400 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Housing Finance Agency, Prospect <br> Plaza Apartments Project Series 2007, Rev., <br> VRDO, LOC : Citibank NA, 2.10%, 3/6/2026 (a)<br>| 7000 | 7000 |
| New York State Housing Finance Agency, Theater <br> Row Tower Housing Series 2001A, Rev., VRDO, <br> LIQ : FHLMC, 2.10%, 3/6/2026 (a)<br>| 10000 | 10000 |
| New York State Housing Finance Agency, Tribeca <br> Park Series ADJ A, Rev., AMT, VRDO, LOC : FNMA, <br> 2.10%, 3/6/2026 (a)<br>| 17000 | 17000 |
| New York State Housing Finance Agency, Weyant <br> Green Apartments Series 2007A, Rev., VRDO, <br> LOC : FNMA, 2.10%, 3/6/2026 (a)<br>| 100 | 100 |
| North Merrick Union Free School District, GO, TAN, <br> 4.00%, 5/28/2026<br>| 2000 | 2006 |
| North Shore Central School District, GO, TAN, <br> 4.00%, 6/25/2026<br>| 5000 | 5023 |
| Oneonta City School District, GO, BAN, 4.00%, <br> 6/26/2026<br>| 4730 | 4740 |
| Port Authority of New York and New Jersey Series <br> 2023-0009, Rev., VRDO, LIQ : Citibank NA, <br> 1.91%, 3/6/2026 (a) (b)<br>| 7500 | 7500 |
| Portville Central School District, GO, BAN, 3.25%, <br> 7/23/2026<br>| 8000 | 8027 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-118, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.05%, 3/2/2026 (a) (b)<br>| 27595 | 27595 |
| Series E-120, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.05%, 3/2/2026 (a) (b)<br>| 5300 | 5300 |
| Series 2025-E-166, GO, VRDO, LOC : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series E-159, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 6025 | 6025 |
| Series 2022-E154, Rev., VRDO, LOC : Royal Bank <br> of Canada, 1.98%, 3/6/2026 (a) (b)<br>| 20325 | 20325 |
| RIB Floater Trust Various States |  |  |
| Series 2022-012, Rev., VRDO, LIQ : Barclays Bank <br> plc, 1.90%, 3/6/2026 (a) (b)<br>| 11760 | 11760 |
| Series 2022-011, Rev., VRDO, LIQ : Barclays Bank <br> plc, 1.91%, 3/6/2026 (a) (b)<br>| 3300 | 3300 |
| Series 2022-008, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.13%, 4/3/2026 (a) (b)<br>| 60000 | 60000 |
| Series 2024-002, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.13%, 4/3/2026 (a) (b)<br>| 12500 | 12500 |
| Roslyn Union Free School District, GO, BAN, 3.75%, <br> 8/26/2026<br>| 1804 | 1812 |
| Schoharie Central School District |  |  |
| Series 2025B, GO, BAN, 4.00%, 6/25/2026 | 2750 | 2756 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 89

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025A, GO, BAN, 4.00%, 7/10/2026 | 11000 | 11033 |
| Series 2025C, GO, BAN, 4.00%, 9/18/2026 | 1134 | 1141 |
| South Jefferson Central School District, GO, BAN, <br> 3.50%, 2/5/2027<br>| 2903 | 2925 |
| South Lewis Central School District, GO, BAN, <br> 3.25%, 7/24/2026<br>| 8796 | 8826 |
| State of New York Mortgage Agency Homeowner <br> Mortgage Series 247, Rev., VRDO, LIQ : TD Bank <br> NA, 1.85%, 3/6/2026 (a)<br>| 9825 | 9825 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XX1389, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.00%, 3/2/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XX1424, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.00%, 3/2/2026 (a) (b)<br>| 3250 | 3250 |
| Series 2024-XG0590, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 2.03%, 3/2/2026 (a) (b)<br>| 9795 | 9795 |
| Series 2025-XF8005, Rev., VRDO, LIQ : Bank of <br> America NA, 2.07%, 3/2/2026 (a) (b)<br>| 6665 | 6665 |
| Series 2025-XF8014, Rev., VRDO, LIQ : Bank of <br> America NA, 2.07%, 3/2/2026 (a) (b)<br>| 10665 | 10665 |
| Series 2025-XL0601, Rev., VRDO, LIQ : Bank of <br> America NA, 2.07%, 3/2/2026 (a) (b)<br>| 3175 | 3175 |
| Series 2025-XM1316, Rev., VRDO, LIQ : Bank of <br> America NA, 2.07%, 3/2/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2024-BAML6026, Rev., VRDO, LOC : Bank <br> of America NA, 2.19%, 3/2/2026 (a) (b)<br>| 3420 | 3420 |
| Series 2025-YX1372, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 22075 | 22075 |
| Series 2022-ZF1417, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 1635 | 1635 |
| Series 2022-XM1058, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 2870 | 2870 |
| Series 2022-XM1070, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 3280 | 3280 |
| Series 2023-XF3185, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 5930 | 5930 |
| Series 2023-XM1142, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 10070 | 10070 |
| Series 2025-ZF3373, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 3530 | 3530 |
| Series 025-YX1418, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 7900 | 7900 |
| Series 025-ZF1987, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4835 | 4835 |
| Series 025-ZF1994, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2290 | 2290 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 025-ZF1995, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2530 | 2530 |
| Series 2019-XF0847, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 7220 | 7220 |
| Series 2020-XF2868, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 1900 | 1900 |
| Series 2020-XG0276, Rev., VRDO, LOC : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1545 | 1545 |
| Series 2022-XF1339, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4090 | 4090 |
| Series 2022-XF1393, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 2010 | 2010 |
| Series 2022-XF1399, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1835 | 1835 |
| Series 2022-XF3002, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 6100 | 6100 |
| Series 2022-XF3016, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 19705 | 19705 |
| Series 2022-XF3047, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2400 | 2400 |
| Series 2022-XG0405, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2022-XL0353, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2860 | 2860 |
| Series 2022-XL0381, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2022-XM1006, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2400 | 2400 |
| Series 2022-XM1010, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2950 | 2950 |
| Series 2022-XM1031, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2022-XM1052, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| Series 2022-YX1242, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5630 | 5630 |
| Series 2022-YX1250, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 1730 | 1730 |
| Series 2022-YX1257, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3440 | 3440 |
| Series 2022-YX1277, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2985 | 2985 |
| Series 2022-ZL0263, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2985 | 2985 |
| Series 2022-ZL0350, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3300 | 3300 |
| Series 2022-ZL0393, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2050 | 2050 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

90 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2023-XF1495, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 1565 | 1565 |
| Series 2023-XF1505, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3350 | 3350 |
| Series 2023-XF1614, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 1245 | 1245 |
| Series 2023-XF1622, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2023-XF1633, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 3880 | 3880 |
| Series 2023-XF1643, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2905 | 2905 |
| Series 2023-XF1652, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2023-XF1665, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3310 | 3310 |
| Series 2023-XF3161, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3840 | 3840 |
| Series 2023-XF3169, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 10335 | 10335 |
| Series 2023-XF3182, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2755 | 2755 |
| Series 2023-XF3184, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 11575 | 11575 |
| Series 2023-XL0434, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 10975 | 10975 |
| Series 2023-XL0441, GO, VRDO, LIQ : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2023-XL0463, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5210 | 5210 |
| Series 2023-XX1323, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 6000 | 6000 |
| Series 2023-ZF1656, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3210 | 3210 |
| Series 2023-ZF3167, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2023-ZF3171, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2130 | 2130 |
| Series 2023-ZL0494, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5330 | 5330 |
| Series 2023-ZL0517, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1670 | 1670 |
| Series 2024-XF3229, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4790 | 4790 |
| Series 2024-XF3273, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4125 | 4125 |
| Series 2024-XG0561, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2350 | 2350 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2024-XL0568, Rev., VRDO, A.G., LOC : TD <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 700 | 700 |
| Series 2024-XM1181, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2165 | 2165 |
| Series 2024-YX1344, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5750 | 5750 |
| Series 2024-YX1347, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3375 | 3375 |
| Series 2025-CF7021, Rev., VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 13215 | 13215 |
| Series 2025-CF7025, Rev., VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 5690 | 5690 |
| Series 2025-XF1967, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2665 | 2665 |
| Series 2025-XF3320, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 500 | 500 |
| Series 2025-XF3384, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 830 | 830 |
| Series 2025-XF3471, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 20000 | 20000 |
| Series 2025-XF8060, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2025-XG0633, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 6550 | 6550 |
| Series 2025-XL0676, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 7455 | 7455 |
| Series 2025-XL0726, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-XM1306, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 6000 | 6000 |
| Series 2025-YX1440, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2805 | 2805 |
| Series 2025-YX1448, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5230 | 5230 |
| Series 2025-ZF1861, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3725 | 3725 |
| Series 2025-ZF1862, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1675 | 1675 |
| Series 2025-ZF1883, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF1897, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3810 | 3810 |
| Series 2025-ZF1906, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2025-ZF1907, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2025-ZF1936, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2110 | 2110 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 91

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-ZF3323, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3520 | 3520 |
| Series 2025-ZF3391, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2810 | 2810 |
| Series 2025-ZF3408, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF3463, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1720 | 1720 |
| Series 2025-ZF8024, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3370 | 3370 |
| Series 2025-ZF8056, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2555 | 2555 |
| Series 2025-ZF8072, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3360 | 3360 |
| Series 2025-ZF8073, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF8109, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 4825 | 4825 |
| Series 2025-ZL0699, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3425 | 3425 |
| Series 2025-ZL0718, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2220 | 2220 |
| Series 2022-XF3065, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 5995 | 5995 |
| Series 2022-ZL0270, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 2070 | 2070 |
| Series 2023-XL0526, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 3635 | 3635 |
| Series 2023-XF1496, Rev., VRDO, LIQ : TD Bank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 2150 | 2150 |
| Series 2025-CF7059, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| Series 2025-XG0623, Rev., VRDO, A.G., LOC : <br> Bank of America NA, 1.93%, 3/6/2026 (a) (b)<br>| 5060 | 5060 |
| Series 2025-ZF3319, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 6665 | 6665 |
| Series 025-ZF1989, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 2625 | 2625 |
| Series 025-ZF1991, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 4685 | 4685 |
| Series 2022-XG0379, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 3565 | 3565 |
| Series 2022-XG0394, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 5040 | 5040 |
| Series 2022-XG0438, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 2145 | 2145 |
| Series 2023-XG0526, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 3200 | 3200 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-MS0087E, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.05%, 5/21/2026 (a) (b)<br>| 10575 | 10575 |
| Town of Bethlehem, GO, BAN, 5.00%, 5/1/2026 | 5960 | 5974 |
| Town of Camillus, GO, BAN, 3.75%, 3/12/2027 (c) | 4541 | 4598 |
| Town of Colonie Series 2025A, GO, BAN, 4.00%, <br> 3/6/2026<br>| 415 | 415 |
| Town of Hamburg, GO, BAN, 4.25%, 6/17/2026 | 3000 | 3008 |
| Town of New Paltz Series 2025C, GO, BAN, 3.75%, <br> 10/2/2026<br>| 2677 | 2694 |
| Town of Oyster Bay, GO, BAN, 4.00%, 3/6/2026 | 14279 | 14282 |
| Town of Pembroke, GO, BAN, 4.00%, 3/26/2026 | 4000 | 4003 |
| Town of Skaneateles, GO, BAN, 4.25%, 5/22/2026 | 2827 | 2832 |
| Town of Vestal, GO, BAN, 4.00%, 6/4/2026 | 4292 | 4301 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels<br>|  |  |
| Series 2003B-2, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 11510 | 11510 |
| Series 2005B-4A, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 7670 | 7670 |
| Series 2003B1, Rev., VRDO, LOC : US Bank NA, <br> 1.95%, 3/2/2026 (a)<br>| 1750 | 1750 |
| Series 2021B-2, Rev., 4.97%, 5/15/2026 (a) | 3650 | 3687 |
| Trust for Cultural Resources of The City of New York <br> (The), American Museum of Natural History<br>|  |  |
| Series 2014B-1, Rev., VRDO, 1.92%, <br> 5/5/2026 (a)<br>| 5225 | 5225 |
| Series 2014B2, Rev., VRDO, 1.92%, <br> 7/6/2026 (a)<br>| 10190 | 10190 |
| Union Springs Central School District, GO, BAN, <br> 3.75%, 7/17/2026<br>| 1056 | 1059 |
| Valley Central School District, GO, BAN, 4.00%, <br> 6/23/2026<br>| 10000 | 10041 |
| Village of Freeport |  |  |
| Series 2026B, GO, BAN, 3.50%, 4/24/2026 | 2542 | 2546 |
| Series 2025C, GO, BAN, 4.75%, 4/24/2026 | 6925 | 6937 |
| Series 2025F, GO, BAN, 3.75%, 11/12/2026 | 4529 | 4561 |
| Village of Hastings-on-Hudson, GO, BAN, 3.50%, <br> 2/18/2027<br>| 1870 | 1889 |
| Village of Haverstraw Series 2025B, GO, BAN, <br> 4.00%, 9/11/2026<br>| 2197 | 2212 |
| Village of Hempstead Series 2025A, GO, BAN, <br> 4.75%, 5/1/2026<br>| 6000 | 6012 |
| Village of Highland Falls |  |  |
| Series 2024A, GO, BAN, 4.00%, 3/11/2026 | 4375 | 4376 |
| Series 2026A, GO, BAN, 3.75%, 3/10/2027 (c) | 7285 | 7379 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

92 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Village of New Paltz Series 2025C, GO, BAN, <br> 4.00%, 9/11/2026<br>| 3250 | 3272 |
| Village of Penn Yan, GO, BAN, 4.00%, 7/16/2026 | 7583 | 7603 |
| Village of Port Chester, GO, BAN, 4.00%, 5/1/2026 | 5000 | 5002 |
| Village of Sleepy Hollow, GO, BAN, 4.00%, <br> 11/13/2026<br>| 6576 | 6636 |
| Warrensburg Central School District, GO, BAN, <br> 4.00%, 6/23/2026<br>| 3900 | 3908 |
| West Genesee Central School District Series 2025B, <br> GO, BAN, 4.00%, 7/17/2026<br>| 4000 | 4012 |
| West Hempstead Union Free School District, GO, <br> TAN, 3.50%, 5/22/2026<br>| 6000 | 6012 |
| Yorktown Central School District, GO, BAN, 3.75%, <br> 6/23/2026 (c)<br>| 8000 | 8030 |
| **Total New York** |  | 1537841 |
| Total Municipal Bonds <br>(Cost $1,537,841)<br>|  | 1537841 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 8.9%** | **Variable Rate Demand Preferred Shares — 8.9%** | **Variable Rate Demand Preferred Shares — 8.9%** |
| **New York — 8.9%** | **New York — 8.9%** | **New York — 8.9%** |
| BlackRock MuniYield New York Quality Fund, Inc. <br> Series W-7A, LIQ : Bank of America NA, 2.02%, <br> 3/6/2026# (b)<br>| 28200 | 28200 |
| Nuveen New York AMT - Free Quality Municipal <br> Income Fund<br>|  |  |
| Series 1, LIQ : Societe Generale, 1.93%, <br> 3/6/2026# (b)<br>| 18600 | 18600 |
| Series 2, LIQ : Royal Bank of Canada, 1.93%, <br> 3/6/2026# (b)<br>| 26800 | 26800 |
| Series 3, LIQ : Sumitomo Mitsui Banking Corp., <br> 1.93%, 3/6/2026# (b)<br>| 43200 | 43200 |
| Series 5, LIQ : TD Bank NA, 1.95%, 3/6/2026# <br> (b)<br>| 20000 | 20000 |
| Nuveen New York Quality Municipal Income Fund <br> Series 1-PFD, LIQ : TD Bank NA, 2.04%, <br> 3/6/2026# (b)<br>| 20500 | 20500 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $157,300)<br>|  | 157300 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short Term Investments — 2.7%** | **Short Term Investments — 2.7%** | **Short Term Investments — 2.7%** |
| **Commercial Paper — 2.7%** | **Commercial Paper — 2.7%** | **Commercial Paper — 2.7%** |
| Long Island Power Authority |  |  |
| Series B, 2.35%, 3/16/2026 | 27950 | 27950 |
| Series B, 2.40%, 3/16/2026 | 4000 | 4000 |
| New York State Dormitory Authority, 2.40%, <br> 3/19/2026<br>| 15000 | 15000 |
| Total Commercial Paper <br>(Cost $46,950)<br>|  | 46950 |
| Total Short Term Investments <br>(Cost $46,950)<br>|  | 46950 |
| **Total Investments — 98.4%** <br>**(Cost $1,742,091)** \*<br>|  | **1742091** |
| **Other Assets in Excess of Liabilities — 1.6%** |  | **28845** |
| **NET ASSETS — 100.0%** |  | **1770936** |

---

&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** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| Rev. | Revenue |
| TAN | Tax Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| # | Variable Rate Demand Preferred Shares of a <br> closed-end investment company which has a weekly <br> demand feature. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 93

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

94 J.P. Morgan Money Market Funds February 28, 2026

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026

(Amounts in thousands, except per share amounts)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Prime Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Institutional** <br>**Tax Free Money** <br>**Market Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $73501519 | &nbsp;&nbsp;&nbsp; $2937514 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; 26020000 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 1680143 | &nbsp;&nbsp;&nbsp; 9 |
| Receivables: |  |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; 49467 | &nbsp;&nbsp;&nbsp; — |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12650 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 210 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 158861 | &nbsp;&nbsp;&nbsp; 9078 |
| Total Assets | &nbsp;&nbsp;&nbsp; 101409990 | &nbsp;&nbsp;&nbsp; 2959461 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 182466 | &nbsp;&nbsp;&nbsp; 4788 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 1258130 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 6159 | &nbsp;&nbsp;&nbsp; 166 |
| Administration fees | &nbsp;&nbsp;&nbsp; 2125 | &nbsp;&nbsp;&nbsp; 51 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Service fees | &nbsp;&nbsp;&nbsp; 4582 | &nbsp;&nbsp;&nbsp; 20 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 48 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp; 74 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 1454610 | &nbsp;&nbsp;&nbsp; 5147 |
| Net Assets | &nbsp;&nbsp;&nbsp; $99955380 | &nbsp;&nbsp;&nbsp; $2954314 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 95

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Prime Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Institutional**<br> **Tax Free Money**<br>**Market Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $99953143 | &nbsp;&nbsp;&nbsp; $2954220 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 2237 | &nbsp;&nbsp;&nbsp; 94 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $99955380 | &nbsp;&nbsp;&nbsp; $2954314 |
| Net Assets: |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $912616 | &nbsp;&nbsp;&nbsp; $— |
| Agency | &nbsp;&nbsp;&nbsp; 3210709 | &nbsp;&nbsp;&nbsp; 44286 |
| Capital | &nbsp;&nbsp;&nbsp; 56356157 | &nbsp;&nbsp;&nbsp; 421722 |
| Empower | &nbsp;&nbsp;&nbsp; 730722 | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp; 18208845 | &nbsp;&nbsp;&nbsp; 2207857 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 17011387 | &nbsp;&nbsp;&nbsp; 280449 |
| Morgan | &nbsp;&nbsp;&nbsp; 699282 | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; 2822585 | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; 3077 | &nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp;&nbsp; $99955380 | &nbsp;&nbsp;&nbsp; $2954314 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Academy | &nbsp;&nbsp;&nbsp; 912410 | &nbsp;&nbsp;&nbsp; — |
| Agency | &nbsp;&nbsp;&nbsp; 3207678 | &nbsp;&nbsp;&nbsp; 44276 |
| Capital | &nbsp;&nbsp;&nbsp; 56338592 | &nbsp;&nbsp;&nbsp; 421595 |
| Empower | &nbsp;&nbsp;&nbsp; 730518 | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp; 18202987 | &nbsp;&nbsp;&nbsp; 2207592 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 17005352 | &nbsp;&nbsp;&nbsp; 280395 |
| Morgan | &nbsp;&nbsp;&nbsp; 698227 | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; 2821244 | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; 3075 | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value offering and redemption price per share |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $1.0002 | &nbsp;&nbsp;&nbsp; $— |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp;1.0009 | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;1.0003 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;1.0001 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp;1.0015 | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp;1.0006 | &nbsp;&nbsp;&nbsp; — |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $73493646 | &nbsp;&nbsp;&nbsp; $2937514 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; 26020000 | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

96 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Liquid** <br>**Assets Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Securities** <br>**Lending Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Government** <br>**Money** <br>**Market Fund** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $67865507 | &nbsp;&nbsp;&nbsp; $973587 | &nbsp;&nbsp;&nbsp; $197502288 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; 15228000 | &nbsp;&nbsp;&nbsp; 2036705 | &nbsp;&nbsp;&nbsp; 128279225 |
| Cash | &nbsp;&nbsp;&nbsp; 2541151 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 10834668 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2248170 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 143953 | &nbsp;&nbsp;&nbsp; 2182 | &nbsp;&nbsp;&nbsp; 665006 |
| Due from adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 85778611 | &nbsp;&nbsp;&nbsp; 3012601 | &nbsp;&nbsp;&nbsp; 339529357 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 85632 | &nbsp;&nbsp;&nbsp; 7010 | &nbsp;&nbsp;&nbsp; 552153 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 1053483 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 984562 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 5172 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20363 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7271 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1364 |
| Service fees | &nbsp;&nbsp;&nbsp; 12846 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22213 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 959 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31 |
| Other | &nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 6777 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 1161264 | &nbsp;&nbsp;&nbsp; 12463 | &nbsp;&nbsp;&nbsp; 1595693 |
| Net Assets | &nbsp;&nbsp;&nbsp; $84617347 | &nbsp;&nbsp;&nbsp; $3000138 | &nbsp;&nbsp;&nbsp; $337933664 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 97

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Liquid**<br> **Assets Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Securities**<br> **Lending Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Government**<br> **Money**<br> **Market Fund** <br>|
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $84617251 | &nbsp;&nbsp;&nbsp; $3000140 | &nbsp;&nbsp;&nbsp; $337990442 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (56778)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $84617347 | &nbsp;&nbsp;&nbsp; $3000138 | &nbsp;&nbsp;&nbsp; $337933664 |
| Net Assets: |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3659063 |
| Agency | &nbsp;&nbsp;&nbsp; 5144787 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15872317 |
| Agency SL | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3000138 | &nbsp;&nbsp;&nbsp; — |
| Capital | &nbsp;&nbsp;&nbsp; 21867399 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 205400661 |
| Digital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 100367 |
| Empower | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11041706 |
| IM | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18012835 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 13115741 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44298496 |
| Investor | &nbsp;&nbsp;&nbsp; 7294 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1385261 |
| Morgan | &nbsp;&nbsp;&nbsp; 9420596 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17045399 |
| Premier | &nbsp;&nbsp;&nbsp; 35046308 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20979596 |
| Reserve | &nbsp;&nbsp;&nbsp; 15222 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39673 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98290 |
| Total | &nbsp;&nbsp;&nbsp; $84617347 | &nbsp;&nbsp;&nbsp; $3000138 | &nbsp;&nbsp;&nbsp; $337933664 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3659677 |
| Agency | &nbsp;&nbsp;&nbsp; 5144771 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15874984 |
| Agency SL | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3000170 | &nbsp;&nbsp;&nbsp; — |
| Capital | &nbsp;&nbsp;&nbsp; 21867330 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 205435157 |
| Digital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 100384 |
| Empower | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11043559 |
| IM | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18015862 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 13115699 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44305937 |
| Investor | &nbsp;&nbsp;&nbsp; 7294 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1385493 |
| Morgan | &nbsp;&nbsp;&nbsp; 9420566 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17048264 |
| Premier | &nbsp;&nbsp;&nbsp; 35046197 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20983120 |
| Reserve | &nbsp;&nbsp;&nbsp; 15222 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39679 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98306 |
| Net Asset Value offering and redemption price per share (all classes) | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $67865507 | &nbsp;&nbsp;&nbsp; $973587 | &nbsp;&nbsp;&nbsp; $197502288 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; 15228000 | &nbsp;&nbsp;&nbsp; 2036705 | &nbsp;&nbsp;&nbsp; 128279225 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

98 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Treasury** <br>**Plus Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Federal Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**100% U.S.** <br>**Treasury** <br>**Securities Money** <br>**Market Fund** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $26486802 | &nbsp;&nbsp;&nbsp; $8015270 | &nbsp;&nbsp;&nbsp; $310789041 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; 30038939 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 1410156 | &nbsp;&nbsp;&nbsp; 208723 | &nbsp;&nbsp;&nbsp; 5125176 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 327400 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2305369 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 254 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 95278 | &nbsp;&nbsp;&nbsp; 6553 | &nbsp;&nbsp;&nbsp; 216123 |
| Total Assets | &nbsp;&nbsp;&nbsp; 58358575 | &nbsp;&nbsp;&nbsp; 8230546 | &nbsp;&nbsp;&nbsp; 318435963 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 85086 | &nbsp;&nbsp;&nbsp; 11221 | &nbsp;&nbsp;&nbsp; 629970 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 298306 | &nbsp;&nbsp;&nbsp; 15530647 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 3589 | &nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp; 17629 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1238 | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 6346 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 812 |
| Service fees | &nbsp;&nbsp;&nbsp; 4730 | &nbsp;&nbsp;&nbsp; 1006 | &nbsp;&nbsp;&nbsp; 20166 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 872 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32 |
| Other | &nbsp;&nbsp;&nbsp; 2008 | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 7404 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 97399 | &nbsp;&nbsp;&nbsp; 311435 | &nbsp;&nbsp;&nbsp; 16213878 |
| Net Assets | &nbsp;&nbsp;&nbsp; $58261176 | &nbsp;&nbsp;&nbsp; $7919111 | &nbsp;&nbsp;&nbsp; $302222085 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 99

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Treasury**<br> **Plus Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Federal Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **100% U.S.**<br> **Treasury**<br> **Securities Money**<br> **Market Fund** <br>|
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $58261185 | &nbsp;&nbsp;&nbsp; $7919074 | &nbsp;&nbsp;&nbsp; $302222037 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 48 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $58261176 | &nbsp;&nbsp;&nbsp; $7919111 | &nbsp;&nbsp;&nbsp; $302222085 |
| Net Assets: |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $232632 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $448734 |
| Agency | &nbsp;&nbsp;&nbsp; 3805917 | &nbsp;&nbsp;&nbsp; 534067 | &nbsp;&nbsp;&nbsp; 18469930 |
| Capital | &nbsp;&nbsp;&nbsp; 31417389 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 174351607 |
| Empower | &nbsp;&nbsp;&nbsp; 365509 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1413074 |
| IM | &nbsp;&nbsp;&nbsp; 555601 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 127756 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 11902124 | &nbsp;&nbsp;&nbsp; 4840916 | &nbsp;&nbsp;&nbsp; 76408402 |
| Investor | &nbsp;&nbsp;&nbsp; 22311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan | &nbsp;&nbsp;&nbsp; 5187294 | &nbsp;&nbsp;&nbsp; 362488 | &nbsp;&nbsp;&nbsp; 7349223 |
| Premier | &nbsp;&nbsp;&nbsp; 4118889 | &nbsp;&nbsp;&nbsp; 2181640 | &nbsp;&nbsp;&nbsp; 22397035 |
| Reserve | &nbsp;&nbsp;&nbsp; 653510 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1256324 |
| Total | &nbsp;&nbsp;&nbsp; $58261176 | &nbsp;&nbsp;&nbsp; $7919111 | &nbsp;&nbsp;&nbsp; $302222085 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; 232632 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 448734 |
| Agency | &nbsp;&nbsp;&nbsp; 3805918 | &nbsp;&nbsp;&nbsp; 534064 | &nbsp;&nbsp;&nbsp; 18469921 |
| Capital | &nbsp;&nbsp;&nbsp; 31417396 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 174351527 |
| Empower | &nbsp;&nbsp;&nbsp; 365509 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1413074 |
| IM | &nbsp;&nbsp;&nbsp; 555602 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 127756 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 11902125 | &nbsp;&nbsp;&nbsp; 4840889 | &nbsp;&nbsp;&nbsp; 76408367 |
| Investor | &nbsp;&nbsp;&nbsp; 22311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan | &nbsp;&nbsp;&nbsp; 5187295 | &nbsp;&nbsp;&nbsp; 362486 | &nbsp;&nbsp;&nbsp; 7349219 |
| Premier | &nbsp;&nbsp;&nbsp; 4118890 | &nbsp;&nbsp;&nbsp; 2181629 | &nbsp;&nbsp;&nbsp; 22397024 |
| Reserve | &nbsp;&nbsp;&nbsp; 653510 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1256324 |
| Net Asset Value offering and redemption price per share (all classes) | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $26486802 | &nbsp;&nbsp;&nbsp; $8015270 | &nbsp;&nbsp;&nbsp; $310789041 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; 30038939 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

100 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Free** <br>**Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Municipal** <br>**Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**California** <br>**Municipal Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**New York** <br>**Municipal Money** <br>**Market Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $10415299 | &nbsp;&nbsp;&nbsp; $2740350 | &nbsp;&nbsp;&nbsp; $221990 | &nbsp;&nbsp;&nbsp; $1742091 |
| Cash | &nbsp;&nbsp;&nbsp; 8344 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 10 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 136400 | &nbsp;&nbsp;&nbsp; 47730 | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 40735 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1800 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 48591 | &nbsp;&nbsp;&nbsp; 18041 | &nbsp;&nbsp;&nbsp; 1042 | &nbsp;&nbsp;&nbsp; 12638 |
| Total Assets | &nbsp;&nbsp;&nbsp; 10609054 | &nbsp;&nbsp;&nbsp; 2807958 | &nbsp;&nbsp;&nbsp; 223640 | &nbsp;&nbsp;&nbsp; 1797274 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 14777 | &nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 2934 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 14394 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 68566 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23011 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 114 |
| Administration fees | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 39 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3 |
| Service fees | &nbsp;&nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 176 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 15 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 46 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 99930 | &nbsp;&nbsp;&nbsp; 2344 | &nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 26338 |
| Net Assets | &nbsp;&nbsp;&nbsp; $10509124 | &nbsp;&nbsp;&nbsp; $2805614 | &nbsp;&nbsp;&nbsp; $223336 | &nbsp;&nbsp;&nbsp; $1770936 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 101

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Tax Free**<br> **Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Municipal**<br> **Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **California**<br> **Municipal Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **New York**<br> **Municipal Money**<br>**Market Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $10508977 | &nbsp;&nbsp;&nbsp; $2805558 | &nbsp;&nbsp;&nbsp; $223343 | &nbsp;&nbsp;&nbsp; $1770940 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (4)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $10509124 | &nbsp;&nbsp;&nbsp; $2805614 | &nbsp;&nbsp;&nbsp; $223336 | &nbsp;&nbsp;&nbsp; $1770936 |
| Net Assets: |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; $399034 | &nbsp;&nbsp;&nbsp; $210681 | &nbsp;&nbsp;&nbsp; $15122 | &nbsp;&nbsp;&nbsp; $166446 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 8247761 | &nbsp;&nbsp;&nbsp; 1800517 | &nbsp;&nbsp;&nbsp; 157600 | &nbsp;&nbsp;&nbsp; 1333636 |
| Morgan | &nbsp;&nbsp;&nbsp; 98681 | &nbsp;&nbsp;&nbsp; 94319 | &nbsp;&nbsp;&nbsp; 3519 | &nbsp;&nbsp;&nbsp; 39712 |
| Premier | &nbsp;&nbsp;&nbsp; 1201144 | &nbsp;&nbsp;&nbsp; 700087 | &nbsp;&nbsp;&nbsp; 47085 | &nbsp;&nbsp;&nbsp; 230183 |
| Reserve | &nbsp;&nbsp;&nbsp; 562504 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 949 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| Total | &nbsp;&nbsp;&nbsp; $10509124 | &nbsp;&nbsp;&nbsp; $2805614 | &nbsp;&nbsp;&nbsp; $223336 | &nbsp;&nbsp;&nbsp; $1770936 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; 399007 | &nbsp;&nbsp;&nbsp; 210665 | &nbsp;&nbsp;&nbsp; 15115 | &nbsp;&nbsp;&nbsp; 166443 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 8247203 | &nbsp;&nbsp;&nbsp; 1800384 | &nbsp;&nbsp;&nbsp; 157525 | &nbsp;&nbsp;&nbsp; 1333607 |
| Morgan | &nbsp;&nbsp;&nbsp; 98674 | &nbsp;&nbsp;&nbsp; 94313 | &nbsp;&nbsp;&nbsp; 3518 | &nbsp;&nbsp;&nbsp; 39711 |
| Premier | &nbsp;&nbsp;&nbsp; 1201063 | &nbsp;&nbsp;&nbsp; 700035 | &nbsp;&nbsp;&nbsp; 47063 | &nbsp;&nbsp;&nbsp; 230178 |
| Reserve | &nbsp;&nbsp;&nbsp; 562465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 949 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| Net Asset Value offering and redemption price per share (all classes) | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $10415299 | &nbsp;&nbsp;&nbsp; $2740350 | &nbsp;&nbsp;&nbsp; $221990 | &nbsp;&nbsp;&nbsp; $1742091 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

102 J.P. Morgan Money Market Funds February 28, 2026

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Prime Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Institutional** <br>**Tax Free Money** <br>**Market Fund** <br>|
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $3701400 | &nbsp;&nbsp;&nbsp; $65150 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 102279 | &nbsp;&nbsp;&nbsp; 1 |
| Total investment income | &nbsp;&nbsp;&nbsp; 3803679 | &nbsp;&nbsp;&nbsp; 65151 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 70860 | &nbsp;&nbsp;&nbsp; 2048 |
| Administration fees | &nbsp;&nbsp;&nbsp; 27060 | &nbsp;&nbsp;&nbsp; 780 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 58774 | &nbsp;&nbsp;&nbsp; 705 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 1718 | &nbsp;&nbsp;&nbsp; 199 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 |
| Professional fees | &nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp; 58 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; 29 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 19 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 1128 | &nbsp;&nbsp;&nbsp; 123 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 1359 | &nbsp;&nbsp;&nbsp; 122 |
| Other | &nbsp;&nbsp;&nbsp; 858 | &nbsp;&nbsp;&nbsp; 183 |
| Total expenses | &nbsp;&nbsp;&nbsp; 162522 | &nbsp;&nbsp;&nbsp; 4271 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1471)<br>| &nbsp;&nbsp;&nbsp; (233)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 161032 | &nbsp;&nbsp;&nbsp; 4038 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 3642647 | &nbsp;&nbsp;&nbsp; 61113 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 98 |
| Change in net unrealized appreciation/depreciation on investments in non-affiliates | &nbsp;&nbsp;&nbsp; (3817)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (3394)<br>| &nbsp;&nbsp;&nbsp; 98 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $3639253 | &nbsp;&nbsp;&nbsp; $61211 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 103

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026 (continued)

(Amounts in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Liquid** <br>**Assets Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Securities** <br>**Lending Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Government** <br>**Money** <br>**Market Fund** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $3396071 | &nbsp;&nbsp;&nbsp; $79445 | &nbsp;&nbsp;&nbsp; $12629605 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 89171 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 442995 |
| Income from interfund lending (net) | &nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 3485691 | &nbsp;&nbsp;&nbsp; 79445 | &nbsp;&nbsp;&nbsp; 13072600 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 64934 | &nbsp;&nbsp;&nbsp; 1549 | &nbsp;&nbsp;&nbsp; 251139 |
| Administration fees | &nbsp;&nbsp;&nbsp; 24831 | &nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; 95890 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 9477 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16449 |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 167132 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 291470 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 1676 | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 3151 |
| Professional fees | &nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 1340 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 681 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 1399 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 2256 | &nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp; 7231 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3793 |
| Other | &nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 1296 |
| Total expenses | &nbsp;&nbsp;&nbsp; 273145 | &nbsp;&nbsp;&nbsp; 2772 | &nbsp;&nbsp;&nbsp; 673839 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1508)<br>| &nbsp;&nbsp;&nbsp; (1581)<br>| &nbsp;&nbsp;&nbsp; (10480)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 271637 | &nbsp;&nbsp;&nbsp; 1161 | &nbsp;&nbsp;&nbsp; 663359 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 3214054 | &nbsp;&nbsp;&nbsp; 78284 | &nbsp;&nbsp;&nbsp; 12409241 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 13920 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $3214216 | &nbsp;&nbsp;&nbsp; $78287 | &nbsp;&nbsp;&nbsp; $12423161 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

104 J.P. Morgan Money Market Funds February 28, 2026

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Treasury** <br>**Plus Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Federal Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**100% U.S.** <br>**Treasury** <br>**Securities Money** <br>**Market Fund** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $2110520 | &nbsp;&nbsp;&nbsp; $330620 | &nbsp;&nbsp;&nbsp; $10530897 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 64448 | &nbsp;&nbsp;&nbsp; 16544 | &nbsp;&nbsp;&nbsp; 298742 |
| Total investment income | &nbsp;&nbsp;&nbsp; 2174968 | &nbsp;&nbsp;&nbsp; 347164 | &nbsp;&nbsp;&nbsp; 10829639 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 41998 | &nbsp;&nbsp;&nbsp; 6691 | &nbsp;&nbsp;&nbsp; 210204 |
| Administration fees | &nbsp;&nbsp;&nbsp; 16009 | &nbsp;&nbsp;&nbsp; 2562 | &nbsp;&nbsp;&nbsp; 80214 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 6283 | &nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp; 9793 |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 65176 | &nbsp;&nbsp;&nbsp; 14177 | &nbsp;&nbsp;&nbsp; 261280 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 2825 |
| Professional fees | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 1100 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 590 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 282 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 2092 | &nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 7918 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 613 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 2870 |
| Other | &nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 1007 |
| Total expenses | &nbsp;&nbsp;&nbsp; 133880 | &nbsp;&nbsp;&nbsp; 24723 | &nbsp;&nbsp;&nbsp; 578083 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1701)<br>| &nbsp;&nbsp;&nbsp; (647)<br>| &nbsp;&nbsp;&nbsp; (12403)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 132179 | &nbsp;&nbsp;&nbsp; 24076 | &nbsp;&nbsp;&nbsp; 565680 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 2042789 | &nbsp;&nbsp;&nbsp; 323088 | &nbsp;&nbsp;&nbsp; 10263959 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 2426 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $2043816 | &nbsp;&nbsp;&nbsp; $323176 | &nbsp;&nbsp;&nbsp; $10266385 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 105

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026 (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Free** <br>**Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Municipal** <br>**Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**California** <br>**Municipal Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**New York** <br>**Municipal Money** <br>**Market Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $304049 | &nbsp;&nbsp;&nbsp; $76239 | &nbsp;&nbsp;&nbsp; $6570 | &nbsp;&nbsp;&nbsp; $50747 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Total investment income | &nbsp;&nbsp;&nbsp; 304055 | &nbsp;&nbsp;&nbsp; 76242 | &nbsp;&nbsp;&nbsp; 6570 | &nbsp;&nbsp;&nbsp; 50748 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 8970 | &nbsp;&nbsp;&nbsp; 2218 | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 1489 |
| Administration fees | &nbsp;&nbsp;&nbsp; 3433 | &nbsp;&nbsp;&nbsp; 847 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 570 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 1549 | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 48 |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 15356 | &nbsp;&nbsp;&nbsp; 4461 | &nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp; 2586 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 97 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 18 |
| Professional fees | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 61 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 29 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 23 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 75 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 38 |
| Other | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 22 |
| Total expenses | &nbsp;&nbsp;&nbsp; 30332 | &nbsp;&nbsp;&nbsp; 8290 | &nbsp;&nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp; 5056 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (877)<br>| &nbsp;&nbsp;&nbsp; (483)<br>| &nbsp;&nbsp;&nbsp; (203)<br>| &nbsp;&nbsp;&nbsp; (295)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 29455 | &nbsp;&nbsp;&nbsp; 7807 | &nbsp;&nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp; 4761 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 274600 | &nbsp;&nbsp;&nbsp; 68435 | &nbsp;&nbsp;&nbsp; 5791 | &nbsp;&nbsp;&nbsp; 45987 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 494 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 30 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $275094 | &nbsp;&nbsp;&nbsp; $68566 | &nbsp;&nbsp;&nbsp; $5832 | &nbsp;&nbsp;&nbsp; $46017 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

106 J.P. Morgan Money Market Funds February 28, 2026

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Prime Money Market Fund**  | **JPMorgan Prime Money Market Fund**  | **JPMorgan Institutional Tax Free Money** <br>**Market Fund**  | **JPMorgan Institutional Tax Free Money** <br>**Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $3642647 | &nbsp;&nbsp;&nbsp; $4194147 | &nbsp;&nbsp;&nbsp; $61113 | &nbsp;&nbsp;&nbsp; $51994 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 11 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (3817)<br>| &nbsp;&nbsp;&nbsp; (2807)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 3639253 | &nbsp;&nbsp;&nbsp; 4191493 | &nbsp;&nbsp;&nbsp; 61211 | &nbsp;&nbsp;&nbsp; 51987 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; (41711)<br>| &nbsp;&nbsp;&nbsp; (49184)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Agency | &nbsp;&nbsp;&nbsp; (123036)<br>| &nbsp;&nbsp;&nbsp; (140556)<br>| &nbsp;&nbsp;&nbsp; (1612)<br>| &nbsp;&nbsp;&nbsp; (2471)<br>|
| Capital | &nbsp;&nbsp;&nbsp; (2032420)<br>| &nbsp;&nbsp;&nbsp; (2053917)<br>| &nbsp;&nbsp;&nbsp; (9966)<br>| &nbsp;&nbsp;&nbsp; (13726)<br>|
| Empower | &nbsp;&nbsp;&nbsp; (27960)<br>| &nbsp;&nbsp;&nbsp; (27914)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp; (546807)<br>| &nbsp;&nbsp;&nbsp; (741074)<br>| &nbsp;&nbsp;&nbsp; (40053)<br>| &nbsp;&nbsp;&nbsp; (26221)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (736046)<br>| &nbsp;&nbsp;&nbsp; (932908)<br>| &nbsp;&nbsp;&nbsp; (9492)<br>| &nbsp;&nbsp;&nbsp; (9581)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (23363)<br>| &nbsp;&nbsp;&nbsp; (111146)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; (111196)<br>| &nbsp;&nbsp;&nbsp; (137314)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp; (135)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (3642647)<br>| &nbsp;&nbsp;&nbsp; (4194148)<br>| &nbsp;&nbsp;&nbsp; (61123)<br>| &nbsp;&nbsp;&nbsp; (51999)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 11978993 | &nbsp;&nbsp;&nbsp; 1676719 | &nbsp;&nbsp;&nbsp; 978219 | &nbsp;&nbsp;&nbsp; 561386 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 11975599 | &nbsp;&nbsp;&nbsp; 1674064 | &nbsp;&nbsp;&nbsp; 978307 | &nbsp;&nbsp;&nbsp; 561374 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 87979781 | &nbsp;&nbsp;&nbsp; 86305717 | &nbsp;&nbsp;&nbsp; 1976007 | &nbsp;&nbsp;&nbsp; 1414633 |
| End of period | &nbsp;&nbsp;&nbsp; $99955380 | &nbsp;&nbsp;&nbsp; $87979781 | &nbsp;&nbsp;&nbsp; $2954314 | &nbsp;&nbsp;&nbsp; $1976007 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 107

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Liquid Assets Money Market Fund**  | **JPMorgan Liquid Assets Money Market Fund**  | **JPMorgan Securities Lending Money** <br>**Market Fund**  | **JPMorgan Securities Lending Money** <br>**Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $3214054 | &nbsp;&nbsp;&nbsp; $3259352 | &nbsp;&nbsp;&nbsp; $78284 | &nbsp;&nbsp;&nbsp; $67152 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 134 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (517)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 3214216 | &nbsp;&nbsp;&nbsp; 3259382 | &nbsp;&nbsp;&nbsp; 78287 | &nbsp;&nbsp;&nbsp; 66769 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; (190510)<br>| &nbsp;&nbsp;&nbsp; (191544)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Agency SL | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (78305)<br>| &nbsp;&nbsp;&nbsp; (67152)<br>|
| Capital | &nbsp;&nbsp;&nbsp; (829378)<br>| &nbsp;&nbsp;&nbsp; (799862)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp;&nbsp; (483696)<br>| &nbsp;&nbsp;&nbsp; (513747)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investor | &nbsp;&nbsp;&nbsp; (354)<br>| &nbsp;&nbsp;&nbsp; (369)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan | &nbsp;&nbsp;&nbsp; (351745)<br>| &nbsp;&nbsp;&nbsp; (372490)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; (1357830)<br>| &nbsp;&nbsp;&nbsp; (1380628)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; (599)<br>| &nbsp;&nbsp;&nbsp; (712)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (3214112)<br>| &nbsp;&nbsp;&nbsp; (3259352)<br>| &nbsp;&nbsp;&nbsp; (78305)<br>| &nbsp;&nbsp;&nbsp; (67152)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 8350143 | &nbsp;&nbsp;&nbsp; 14271968 | &nbsp;&nbsp;&nbsp; 1645056 | &nbsp;&nbsp;&nbsp; (1161080)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 8350247 | &nbsp;&nbsp;&nbsp; 14271998 | &nbsp;&nbsp;&nbsp; 1645038 | &nbsp;&nbsp;&nbsp; (1161463)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 76267100 | &nbsp;&nbsp;&nbsp; 61995102 | &nbsp;&nbsp;&nbsp; 1355100 | &nbsp;&nbsp;&nbsp; 2516563 |
| End of period | &nbsp;&nbsp;&nbsp; $84617347 | &nbsp;&nbsp;&nbsp; $76267100 | &nbsp;&nbsp;&nbsp; $3000138 | &nbsp;&nbsp;&nbsp; $1355100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

108 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Government Money Market** <br>**Fund**  | **JPMorgan U.S. Government Money Market** <br>**Fund**  | **JPMorgan U.S. Treasury Plus Money** <br>**Market Fund**  | **JPMorgan U.S. Treasury Plus Money** <br>**Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| **Year Ended** <br>**February 28, 2025**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $12409241 | &nbsp;&nbsp;&nbsp; $13115669 | &nbsp;&nbsp;&nbsp; $2042789 | &nbsp;&nbsp;&nbsp; $2019717 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 13920 | &nbsp;&nbsp;&nbsp; 2573 | &nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp; 1959 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 12423161 | &nbsp;&nbsp;&nbsp; 13118242 | &nbsp;&nbsp;&nbsp; 2043816 | &nbsp;&nbsp;&nbsp; 2021676 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; (175529)<br>| &nbsp;&nbsp;&nbsp; (339820)<br>| &nbsp;&nbsp;&nbsp; (11805)<br>| &nbsp;&nbsp;&nbsp; (62398)<br>|
| Agency | &nbsp;&nbsp;&nbsp; (649193)<br>| &nbsp;&nbsp;&nbsp; (712924)<br>| &nbsp;&nbsp;&nbsp; (133349)<br>| &nbsp;&nbsp;&nbsp; (132419)<br>|
| Capital | &nbsp;&nbsp;&nbsp; (7589120)<br>| &nbsp;&nbsp;&nbsp; (7784861)<br>| &nbsp;&nbsp;&nbsp; (906445)<br>| &nbsp;&nbsp;&nbsp; (806488)<br>|
| Digital (a) | &nbsp;&nbsp;&nbsp; (953)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Empower | &nbsp;&nbsp;&nbsp; (412768)<br>| &nbsp;&nbsp;&nbsp; (417083)<br>| &nbsp;&nbsp;&nbsp; (7478)<br>| &nbsp;&nbsp;&nbsp; (3086)<br>|
| IM | &nbsp;&nbsp;&nbsp; (514481)<br>| &nbsp;&nbsp;&nbsp; (455485)<br>| &nbsp;&nbsp;&nbsp; (19602)<br>| &nbsp;&nbsp;&nbsp; (15083)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (1684539)<br>| &nbsp;&nbsp;&nbsp; (1998445)<br>| &nbsp;&nbsp;&nbsp; (584219)<br>| &nbsp;&nbsp;&nbsp; (552602)<br>|
| Investor | &nbsp;&nbsp;&nbsp; (119948)<br>| &nbsp;&nbsp;&nbsp; (112497)<br>| &nbsp;&nbsp;&nbsp; (657)<br>| &nbsp;&nbsp;&nbsp; (661)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (559271)<br>| &nbsp;&nbsp;&nbsp; (536858)<br>| &nbsp;&nbsp;&nbsp; (174367)<br>| &nbsp;&nbsp;&nbsp; (183521)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (697729)<br>| &nbsp;&nbsp;&nbsp; (715817)<br>| &nbsp;&nbsp;&nbsp; (185182)<br>| &nbsp;&nbsp;&nbsp; (234539)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; (1209)<br>| &nbsp;&nbsp;&nbsp; (32567)<br>| &nbsp;&nbsp;&nbsp; (19684)<br>| &nbsp;&nbsp;&nbsp; (28920)<br>|
| Service | &nbsp;&nbsp;&nbsp; (4501)<br>| &nbsp;&nbsp;&nbsp; (9312)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (12409241)<br>| &nbsp;&nbsp;&nbsp; (13115669)<br>| &nbsp;&nbsp;&nbsp; (2042788)<br>| &nbsp;&nbsp;&nbsp; (2019717)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 33443113 | &nbsp;&nbsp;&nbsp; 36980461 | &nbsp;&nbsp;&nbsp; 11275966 | &nbsp;&nbsp;&nbsp; 6016979 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 33457033 | &nbsp;&nbsp;&nbsp; 36983034 | &nbsp;&nbsp;&nbsp; 11276994 | &nbsp;&nbsp;&nbsp; 6018938 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 304476631 | &nbsp;&nbsp;&nbsp; 267493597 | &nbsp;&nbsp;&nbsp; 46984182 | &nbsp;&nbsp;&nbsp; 40965244 |
| End of period | &nbsp;&nbsp;&nbsp; $337933664 | &nbsp;&nbsp;&nbsp; $304476631 | &nbsp;&nbsp;&nbsp; $58261176 | &nbsp;&nbsp;&nbsp; $46984182 |

---

------

(a) Commencement of offering of class of shares effective October 30, 2025 for JPMorgan U.S. Government Money Market Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 109

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Federal Money Market Fund**  | **JPMorgan Federal Money Market Fund**  | **JPMorgan 100% U.S. Treasury Securities** <br>**Money Market Fund**  | **JPMorgan 100% U.S. Treasury Securities** <br>**Money Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $323088 | &nbsp;&nbsp;&nbsp; $364067 | &nbsp;&nbsp;&nbsp; $10263959 | &nbsp;&nbsp;&nbsp; $9847387 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 2426 | &nbsp;&nbsp;&nbsp; 3163 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 323176 | &nbsp;&nbsp;&nbsp; 364319 | &nbsp;&nbsp;&nbsp; 10266385 | &nbsp;&nbsp;&nbsp; 9850550 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13534)<br>| &nbsp;&nbsp;&nbsp; (6694)<br>|
| Agency | &nbsp;&nbsp;&nbsp; (23501)<br>| &nbsp;&nbsp;&nbsp; (30423)<br>| &nbsp;&nbsp;&nbsp; (676379)<br>| &nbsp;&nbsp;&nbsp; (721622)<br>|
| Capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5723399)<br>| &nbsp;&nbsp;&nbsp; (5043503)<br>|
| Empower | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40342)<br>| &nbsp;&nbsp;&nbsp; (55515)<br>|
| IM | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5131)<br>| &nbsp;&nbsp;&nbsp; (11877)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (200916)<br>| &nbsp;&nbsp;&nbsp; (221647)<br>| &nbsp;&nbsp;&nbsp; (2712392)<br>| &nbsp;&nbsp;&nbsp; (2842668)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (13388)<br>| &nbsp;&nbsp;&nbsp; (14736)<br>| &nbsp;&nbsp;&nbsp; (249806)<br>| &nbsp;&nbsp;&nbsp; (274488)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (85386)<br>| &nbsp;&nbsp;&nbsp; (97261)<br>| &nbsp;&nbsp;&nbsp; (804418)<br>| &nbsp;&nbsp;&nbsp; (836573)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (38558)<br>| &nbsp;&nbsp;&nbsp; (54447)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (323191)<br>| &nbsp;&nbsp;&nbsp; (364067)<br>| &nbsp;&nbsp;&nbsp; (10263959)<br>| &nbsp;&nbsp;&nbsp; (9847387)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (678881)<br>| &nbsp;&nbsp;&nbsp; 1366364 | &nbsp;&nbsp;&nbsp; 58983213 | &nbsp;&nbsp;&nbsp; 59593804 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (678896)<br>| &nbsp;&nbsp;&nbsp; 1366616 | &nbsp;&nbsp;&nbsp; 58985639 | &nbsp;&nbsp;&nbsp; 59596967 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 8598007 | &nbsp;&nbsp;&nbsp; 7231391 | &nbsp;&nbsp;&nbsp; 243236446 | &nbsp;&nbsp;&nbsp; 183639479 |
| End of period | &nbsp;&nbsp;&nbsp; $7919111 | &nbsp;&nbsp;&nbsp; $8598007 | &nbsp;&nbsp;&nbsp; $302222085 | &nbsp;&nbsp;&nbsp; $243236446 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

110 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Tax Free Money Market Fund**  | **JPMorgan Tax Free Money Market Fund**  | **JPMorgan Municipal Money Market Fund**  | **JPMorgan Municipal Money Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $274600 | &nbsp;&nbsp;&nbsp; $321874 | &nbsp;&nbsp;&nbsp; $68435 | &nbsp;&nbsp;&nbsp; $63291 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 494 | &nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 59 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 275094 | &nbsp;&nbsp;&nbsp; 322200 | &nbsp;&nbsp;&nbsp; 68566 | &nbsp;&nbsp;&nbsp; 63350 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; (9352)<br>| &nbsp;&nbsp;&nbsp; (13731)<br>| &nbsp;&nbsp;&nbsp; (4724)<br>| &nbsp;&nbsp;&nbsp; (4477)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (222341)<br>| &nbsp;&nbsp;&nbsp; (254146)<br>| &nbsp;&nbsp;&nbsp; (45928)<br>| &nbsp;&nbsp;&nbsp; (41846)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (1918)<br>| &nbsp;&nbsp;&nbsp; (2035)<br>| &nbsp;&nbsp;&nbsp; (1994)<br>| &nbsp;&nbsp;&nbsp; (2244)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (29310)<br>| &nbsp;&nbsp;&nbsp; (36260)<br>| &nbsp;&nbsp;&nbsp; (15846)<br>| &nbsp;&nbsp;&nbsp; (14652)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; (11935)<br>| &nbsp;&nbsp;&nbsp; (15857)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; (114)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (274856)<br>| &nbsp;&nbsp;&nbsp; (322029)<br>| &nbsp;&nbsp;&nbsp; (68516)<br>| &nbsp;&nbsp;&nbsp; (63333)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (911250)<br>| &nbsp;&nbsp;&nbsp; 1173229 | &nbsp;&nbsp;&nbsp; 403401 | &nbsp;&nbsp;&nbsp; 764807 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (911012)<br>| &nbsp;&nbsp;&nbsp; 1173400 | &nbsp;&nbsp;&nbsp; 403451 | &nbsp;&nbsp;&nbsp; 764824 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 11420136 | &nbsp;&nbsp;&nbsp; 10246736 | &nbsp;&nbsp;&nbsp; 2402163 | &nbsp;&nbsp;&nbsp; 1637339 |
| End of period | &nbsp;&nbsp;&nbsp; $10509124 | &nbsp;&nbsp;&nbsp; $11420136 | &nbsp;&nbsp;&nbsp; $2805614 | &nbsp;&nbsp;&nbsp; $2402163 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 111

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Municipal Money** <br>**Market Fund**  | **JPMorgan California Municipal Money** <br>**Market Fund**  | **JPMorgan New York Municipal Money** <br>**Market Fund**  | **JPMorgan New York Municipal Money** <br>**Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $5791 | &nbsp;&nbsp;&nbsp; $10525 | &nbsp;&nbsp;&nbsp; $45987 | &nbsp;&nbsp;&nbsp; $68036 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 85 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 5832 | &nbsp;&nbsp;&nbsp; 10548 | &nbsp;&nbsp;&nbsp; 46017 | &nbsp;&nbsp;&nbsp; 68121 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; (386)<br>| &nbsp;&nbsp;&nbsp; (876)<br>| &nbsp;&nbsp;&nbsp; (4857)<br>| &nbsp;&nbsp;&nbsp; (7062)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (3749)<br>| &nbsp;&nbsp;&nbsp; (6162)<br>| &nbsp;&nbsp;&nbsp; (34307)<br>| &nbsp;&nbsp;&nbsp; (49361)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (85)<br>| &nbsp;&nbsp;&nbsp; (164)<br>| &nbsp;&nbsp;&nbsp; (940)<br>| &nbsp;&nbsp;&nbsp; (1320)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (1588)<br>| &nbsp;&nbsp;&nbsp; (3266)<br>| &nbsp;&nbsp;&nbsp; (5864)<br>| &nbsp;&nbsp;&nbsp; (10305)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; (57)<br>|
| Service | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (17)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (5825)<br>| &nbsp;&nbsp;&nbsp; (10544)<br>| &nbsp;&nbsp;&nbsp; (45996)<br>| &nbsp;&nbsp;&nbsp; (68122)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (94188)<br>| &nbsp;&nbsp;&nbsp; (89252)<br>| &nbsp;&nbsp;&nbsp; (120980)<br>| &nbsp;&nbsp;&nbsp; (429650)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (94181)<br>| &nbsp;&nbsp;&nbsp; (89248)<br>| &nbsp;&nbsp;&nbsp; (120959)<br>| &nbsp;&nbsp;&nbsp; (429651)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 317517 | &nbsp;&nbsp;&nbsp; 406765 | &nbsp;&nbsp;&nbsp; 1891895 | &nbsp;&nbsp;&nbsp; 2321546 |
| End of period | &nbsp;&nbsp;&nbsp; $223336 | &nbsp;&nbsp;&nbsp; $317517 | &nbsp;&nbsp;&nbsp; $1770936 | &nbsp;&nbsp;&nbsp; $1891895 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

112 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Prime Money Market Fund** | **JPMorgan Prime Money Market Fund** | **JPMorgan Institutional Tax Free Money** <br>**Market Fund** | **JPMorgan Institutional Tax Free Money** <br>**Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1291007 | &nbsp;&nbsp;&nbsp; $4265641 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 30603 | &nbsp;&nbsp;&nbsp; 40569 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1458050)<br>| &nbsp;&nbsp;&nbsp; (4043308)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Academy capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (136440)<br>| &nbsp;&nbsp;&nbsp; 262902 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9770252 | &nbsp;&nbsp;&nbsp; 97631285 | &nbsp;&nbsp;&nbsp; 150638 | &nbsp;&nbsp;&nbsp; 222201 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 29719 | &nbsp;&nbsp;&nbsp; 29423 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 229 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (9353747)<br>| &nbsp;&nbsp;&nbsp; (98176443)<br>| &nbsp;&nbsp;&nbsp; (174294)<br>| &nbsp;&nbsp;&nbsp; (250695)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 446224 | &nbsp;&nbsp;&nbsp; (515735)<br>| &nbsp;&nbsp;&nbsp; (23553)<br>| &nbsp;&nbsp;&nbsp; (28265)<br>|
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 183873606 | &nbsp;&nbsp;&nbsp; 156444898 | &nbsp;&nbsp;&nbsp; 1607400 | &nbsp;&nbsp;&nbsp; 1366611 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1069723 | &nbsp;&nbsp;&nbsp; 1065375 | &nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp; 3449 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (173441094)<br>| &nbsp;&nbsp;&nbsp; (155448791)<br>| &nbsp;&nbsp;&nbsp; (1530719)<br>| &nbsp;&nbsp;&nbsp; (1234733)<br>|
| Change in net assets resulting from Capital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 11502235 | &nbsp;&nbsp;&nbsp; 2061482 | &nbsp;&nbsp;&nbsp; 79036 | &nbsp;&nbsp;&nbsp; 135327 |
| **Empower** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2532258 | &nbsp;&nbsp;&nbsp; 1428776 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 21988 | &nbsp;&nbsp;&nbsp; 24123 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2422065)<br>| &nbsp;&nbsp;&nbsp; (1317599)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Empower capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 132181 | &nbsp;&nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **IM** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 117132108 | &nbsp;&nbsp;&nbsp; 75400044 | &nbsp;&nbsp;&nbsp; 11812529 | &nbsp;&nbsp;&nbsp; 6912664 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16106 | &nbsp;&nbsp;&nbsp; 13437 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (116135868)<br>| &nbsp;&nbsp;&nbsp; (71522065)<br>| &nbsp;&nbsp;&nbsp; (10870547)<br>| &nbsp;&nbsp;&nbsp; (6410318)<br>|
| Change in net assets resulting from IM capital transactions | &nbsp;&nbsp;&nbsp; 1012346 | &nbsp;&nbsp;&nbsp; 3891416 | &nbsp;&nbsp;&nbsp; 941982 | &nbsp;&nbsp;&nbsp; 502346 |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 82043466 | &nbsp;&nbsp;&nbsp; 84234732 | &nbsp;&nbsp;&nbsp; 1729491 | &nbsp;&nbsp;&nbsp; 984498 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 166276 | &nbsp;&nbsp;&nbsp; 212701 | &nbsp;&nbsp;&nbsp; 1747 | &nbsp;&nbsp;&nbsp; 1273 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (83020206)<br>| &nbsp;&nbsp;&nbsp; (85107534)<br>| &nbsp;&nbsp;&nbsp; (1750484)<br>| &nbsp;&nbsp;&nbsp; (1033793)<br>|
| Change in net assets resulting from Institutional Class capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (810464)<br>| &nbsp;&nbsp;&nbsp; (660101)<br>| &nbsp;&nbsp;&nbsp; (19246)<br>| &nbsp;&nbsp;&nbsp; (48022)<br>|
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1179539 | &nbsp;&nbsp;&nbsp; 419376376 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13562 | &nbsp;&nbsp;&nbsp; 16943 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1214836)<br>| &nbsp;&nbsp;&nbsp; (422851245)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (21735)<br>| &nbsp;&nbsp;&nbsp; (3457926)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 113

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Prime Money Market Fund** | **JPMorgan Prime Money Market Fund** | **JPMorgan Institutional Tax Free Money**<br> **Market Fund** | **JPMorgan Institutional Tax Free Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $6103877 | &nbsp;&nbsp;&nbsp; $9740433 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13849 | &nbsp;&nbsp;&nbsp; 16246 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6263213)<br>| &nbsp;&nbsp;&nbsp; (9796971)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (145487)<br>| &nbsp;&nbsp;&nbsp; (40292)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (666)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; (327)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $11978993 | &nbsp;&nbsp;&nbsp; $1676719 | &nbsp;&nbsp;&nbsp; $978219 | &nbsp;&nbsp;&nbsp; $561386 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1290685 | &nbsp;&nbsp;&nbsp; 4264697 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 30598 | &nbsp;&nbsp;&nbsp; 40556 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1457596)<br>| &nbsp;&nbsp;&nbsp; (4042328)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Academy Shares | &nbsp;&nbsp;&nbsp; (136313)<br>| &nbsp;&nbsp;&nbsp; 262925 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9760776 | &nbsp;&nbsp;&nbsp; 97549387 | &nbsp;&nbsp;&nbsp; 150606 | &nbsp;&nbsp;&nbsp; 222164 |
| Reinvested | &nbsp;&nbsp;&nbsp; 29691 | &nbsp;&nbsp;&nbsp; 29395 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 229 |
| Redeemed | &nbsp;&nbsp;&nbsp; (9344747)<br>| &nbsp;&nbsp;&nbsp; (98093846)<br>| &nbsp;&nbsp;&nbsp; (174258)<br>| &nbsp;&nbsp;&nbsp; (250653)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; 445720 | &nbsp;&nbsp;&nbsp; (515064)<br>| &nbsp;&nbsp;&nbsp; (23549)<br>| &nbsp;&nbsp;&nbsp; (28260)<br>|
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 183815563 | &nbsp;&nbsp;&nbsp; 156396848 | &nbsp;&nbsp;&nbsp; 1606880 | &nbsp;&nbsp;&nbsp; 1366334 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1069404 | &nbsp;&nbsp;&nbsp; 1065013 | &nbsp;&nbsp;&nbsp; 2354 | &nbsp;&nbsp;&nbsp; 3448 |
| Redeemed | &nbsp;&nbsp;&nbsp; (173386651)<br>| &nbsp;&nbsp;&nbsp; (155400607)<br>| &nbsp;&nbsp;&nbsp; (1530224)<br>| &nbsp;&nbsp;&nbsp; (1234478)<br>|
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; 11498316 | &nbsp;&nbsp;&nbsp; 2061254 | &nbsp;&nbsp;&nbsp; 79010 | &nbsp;&nbsp;&nbsp; 135304 |
| **Empower** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2531519 | &nbsp;&nbsp;&nbsp; 1428385 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 21982 | &nbsp;&nbsp;&nbsp; 24115 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (2421356)<br>| &nbsp;&nbsp;&nbsp; (1317236)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Empower Shares | &nbsp;&nbsp;&nbsp; 132145 | &nbsp;&nbsp;&nbsp; 135264 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **IM** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 117090977 | &nbsp;&nbsp;&nbsp; 75375370 | &nbsp;&nbsp;&nbsp; 11811322 | &nbsp;&nbsp;&nbsp; 6912048 |
| Reinvested | &nbsp;&nbsp;&nbsp; 16101 | &nbsp;&nbsp;&nbsp; 13432 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (116095491)<br>| &nbsp;&nbsp;&nbsp; (71498784)<br>| &nbsp;&nbsp;&nbsp; (10869436)<br>| &nbsp;&nbsp;&nbsp; (6409739)<br>|
| Change in IM Shares | &nbsp;&nbsp;&nbsp; 1011587 | &nbsp;&nbsp;&nbsp; 3890018 | &nbsp;&nbsp;&nbsp; 941886 | &nbsp;&nbsp;&nbsp; 502309 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

114 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Prime Money Market Fund** | **JPMorgan Prime Money Market Fund** | **JPMorgan Institutional Tax Free Money**<br> **Market Fund** | **JPMorgan Institutional Tax Free Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 82013693 | &nbsp;&nbsp;&nbsp; 84205708 | &nbsp;&nbsp;&nbsp; 1729144 | &nbsp;&nbsp;&nbsp; 984322 |
| Reinvested | &nbsp;&nbsp;&nbsp; 166213 | &nbsp;&nbsp;&nbsp; 212622 | &nbsp;&nbsp;&nbsp; 1747 | &nbsp;&nbsp;&nbsp; 1273 |
| Redeemed | &nbsp;&nbsp;&nbsp; (82989721)<br>| &nbsp;&nbsp;&nbsp; (85078157)<br>| &nbsp;&nbsp;&nbsp; (1750131)<br>| &nbsp;&nbsp;&nbsp; (1033606)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (809815)<br>| &nbsp;&nbsp;&nbsp; (659827)<br>| &nbsp;&nbsp;&nbsp; (19240)<br>| &nbsp;&nbsp;&nbsp; (48011)<br>|
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1177756 | &nbsp;&nbsp;&nbsp; 418885709 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 13541 | &nbsp;&nbsp;&nbsp; 16921 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1212991)<br>| &nbsp;&nbsp;&nbsp; (422353652)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; (21694)<br>| &nbsp;&nbsp;&nbsp; (3451022)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6100961 | &nbsp;&nbsp;&nbsp; 9735979 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 13843 | &nbsp;&nbsp;&nbsp; 16237 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (6260207)<br>| &nbsp;&nbsp;&nbsp; (9792434)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (145403)<br>| &nbsp;&nbsp;&nbsp; (40218)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (665)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; (326)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 115

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Liquid Assets Money Market Fund** | **JPMorgan Liquid Assets Money Market Fund** | **JPMorgan Securities Lending Money** <br>**Market Fund** | **JPMorgan Securities Lending Money** <br>**Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $9490770 | &nbsp;&nbsp;&nbsp; $7886576 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 41242 | &nbsp;&nbsp;&nbsp; 40054 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8913733)<br>| &nbsp;&nbsp;&nbsp; (7279060)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 618279 | &nbsp;&nbsp;&nbsp; 647570 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency SL** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33250064 | &nbsp;&nbsp;&nbsp; 17653616 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31605008)<br>| &nbsp;&nbsp;&nbsp; (18814696)<br>|
| Change in net assets resulting from Agency SL capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1645056 | &nbsp;&nbsp;&nbsp; (1161080)<br>|
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 29583523 | &nbsp;&nbsp;&nbsp; 23329079 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 539442 | &nbsp;&nbsp;&nbsp; 529572 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (26700944)<br>| &nbsp;&nbsp;&nbsp; (20384307)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Capital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 3422021 | &nbsp;&nbsp;&nbsp; 3474344 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 20729429 | &nbsp;&nbsp;&nbsp; 18166028 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 62399 | &nbsp;&nbsp;&nbsp; 67820 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (19050272)<br>| &nbsp;&nbsp;&nbsp; (17118218)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Institutional Class <br> capital transactions<br>| &nbsp;&nbsp;&nbsp; 1741556 | &nbsp;&nbsp;&nbsp; 1115630 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Investor** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2341 | &nbsp;&nbsp;&nbsp; 11261 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5780)<br>| &nbsp;&nbsp;&nbsp; (7881)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Investor capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (3085)<br>| &nbsp;&nbsp;&nbsp; 3749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 8914417 | &nbsp;&nbsp;&nbsp; 9885883 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 350856 | &nbsp;&nbsp;&nbsp; 371559 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8906249)<br>| &nbsp;&nbsp;&nbsp; (8297722)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 359024 | &nbsp;&nbsp;&nbsp; 1959720 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 42499263 | &nbsp;&nbsp;&nbsp; 40352696 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1082630 | &nbsp;&nbsp;&nbsp; 1083614 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (41370309)<br>| &nbsp;&nbsp;&nbsp; (34361927)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 2211584 | &nbsp;&nbsp;&nbsp; 7074383 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

116 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Liquid Assets Money Market** <br> **Fund** | **JPMorgan Liquid Assets Money Market** <br> **Fund** | **JPMorgan Securities Lending Money**<br> **Market Fund** | **JPMorgan Securities Lending Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $11014 | &nbsp;&nbsp;&nbsp; $2604 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (10847)<br>| &nbsp;&nbsp;&nbsp; (6738)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp; (3428)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $8350143 | &nbsp;&nbsp;&nbsp; $14271968 | &nbsp;&nbsp;&nbsp; $1645056 | &nbsp;&nbsp;&nbsp; $(1161080)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9490765 | &nbsp;&nbsp;&nbsp; 7886573 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 41242 | &nbsp;&nbsp;&nbsp; 40054 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (8913728)<br>| &nbsp;&nbsp;&nbsp; (7279056)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; 618279 | &nbsp;&nbsp;&nbsp; 647571 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency SL** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33250064 | &nbsp;&nbsp;&nbsp; 17652978 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31605008)<br>| &nbsp;&nbsp;&nbsp; (18813765)<br>|
| Change in Agency SL Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1645056 | &nbsp;&nbsp;&nbsp; (1160787)<br>|
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 29583507 | &nbsp;&nbsp;&nbsp; 23329068 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 539442 | &nbsp;&nbsp;&nbsp; 529572 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (26700930)<br>| &nbsp;&nbsp;&nbsp; (20384296)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; 3422019 | &nbsp;&nbsp;&nbsp; 3474344 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 20729417 | &nbsp;&nbsp;&nbsp; 18166021 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 62399 | &nbsp;&nbsp;&nbsp; 67820 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (19050262)<br>| &nbsp;&nbsp;&nbsp; (17118209)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; 1741554 | &nbsp;&nbsp;&nbsp; 1115632 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Investor** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2341 | &nbsp;&nbsp;&nbsp; 11260 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (5780)<br>| &nbsp;&nbsp;&nbsp; (7881)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Investor Shares | &nbsp;&nbsp;&nbsp; (3085)<br>| &nbsp;&nbsp;&nbsp; 3748 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8914414 | &nbsp;&nbsp;&nbsp; 9885879 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 350856 | &nbsp;&nbsp;&nbsp; 371559 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (8906245)<br>| &nbsp;&nbsp;&nbsp; (8297720)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 359025 | &nbsp;&nbsp;&nbsp; 1959718 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 117

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Liquid Assets Money Market** <br> **Fund** | **JPMorgan Liquid Assets Money Market** <br> **Fund** | **JPMorgan Securities Lending Money**<br> **Market Fund** | **JPMorgan Securities Lending Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 42499252 | &nbsp;&nbsp;&nbsp; 40352688 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1082630 | &nbsp;&nbsp;&nbsp; 1083614 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (41370294)<br>| &nbsp;&nbsp;&nbsp; (34361920)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; 2211588 | &nbsp;&nbsp;&nbsp; 7074382 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11014 | &nbsp;&nbsp;&nbsp; 2603 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (10847)<br>| &nbsp;&nbsp;&nbsp; (6738)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp; (3429)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

118 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Government Money Market** <br>**Fund** | **JPMorgan U.S. Government Money Market** <br>**Fund** | **JPMorgan U.S. Treasury Plus Money** <br>**Market Fund** | **JPMorgan U.S. Treasury Plus Money** <br>**Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| **Year Ended**<br> **February 28, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $41869551 | &nbsp;&nbsp;&nbsp; $61046148 | &nbsp;&nbsp;&nbsp; $7696040 | &nbsp;&nbsp;&nbsp; $17905787 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 132399 | &nbsp;&nbsp;&nbsp; 157422 | &nbsp;&nbsp;&nbsp; 10815 | &nbsp;&nbsp;&nbsp; 59483 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (44860527)<br>| &nbsp;&nbsp;&nbsp; (62216187)<br>| &nbsp;&nbsp;&nbsp; (8256809)<br>| &nbsp;&nbsp;&nbsp; (19307492)<br>|
| Change in net assets resulting from Academy capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2858577)<br>| &nbsp;&nbsp;&nbsp; (1012617)<br>| &nbsp;&nbsp;&nbsp; (549954)<br>| &nbsp;&nbsp;&nbsp; (1342222)<br>|
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1908807268 | &nbsp;&nbsp;&nbsp; 1712446960 | &nbsp;&nbsp;&nbsp; 169668221 | &nbsp;&nbsp;&nbsp; 175686074 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 125837 | &nbsp;&nbsp;&nbsp; 165059 | &nbsp;&nbsp;&nbsp; 15898 | &nbsp;&nbsp;&nbsp; 19074 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1909101802)<br>| &nbsp;&nbsp;&nbsp; (1711656218)<br>| &nbsp;&nbsp;&nbsp; (168972051)<br>| &nbsp;&nbsp;&nbsp; (175226380)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (168697)<br>| &nbsp;&nbsp;&nbsp; 955801 | &nbsp;&nbsp;&nbsp; 712068 | &nbsp;&nbsp;&nbsp; 478768 |
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2190548213 | &nbsp;&nbsp;&nbsp; 1852220667 | &nbsp;&nbsp;&nbsp; 205647667 | &nbsp;&nbsp;&nbsp; 157502521 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3358706 | &nbsp;&nbsp;&nbsp; 3481197 | &nbsp;&nbsp;&nbsp; 369646 | &nbsp;&nbsp;&nbsp; 330848 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2170600069)<br>| &nbsp;&nbsp;&nbsp; (1834572783)<br>| &nbsp;&nbsp;&nbsp; (193799571)<br>| &nbsp;&nbsp;&nbsp; (153234273)<br>|
| Change in net assets resulting from Capital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 23306850 | &nbsp;&nbsp;&nbsp; 21129081 | &nbsp;&nbsp;&nbsp; 12217742 | &nbsp;&nbsp;&nbsp; 4599096 |
| **Digital** (a) |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 275449 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (175083)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Digital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 100366 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Empower** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 109563708 | &nbsp;&nbsp;&nbsp; 87842085 | &nbsp;&nbsp;&nbsp; 443001 | &nbsp;&nbsp;&nbsp; 91547 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 290890 | &nbsp;&nbsp;&nbsp; 223759 | &nbsp;&nbsp;&nbsp; 7467 | &nbsp;&nbsp;&nbsp; 3086 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (108211498)<br>| &nbsp;&nbsp;&nbsp; (86467411)<br>| &nbsp;&nbsp;&nbsp; (208850)<br>| &nbsp;&nbsp;&nbsp; (33830)<br>|
| Change in net assets resulting from Empower capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1643100 | &nbsp;&nbsp;&nbsp; 1598433 | &nbsp;&nbsp;&nbsp; 241618 | &nbsp;&nbsp;&nbsp; 60803 |
| **IM** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 99375558 | &nbsp;&nbsp;&nbsp; 62858680 | &nbsp;&nbsp;&nbsp; 3124560 | &nbsp;&nbsp;&nbsp; 2642708 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 58425 | &nbsp;&nbsp;&nbsp; 32156 | &nbsp;&nbsp;&nbsp; 13451 | &nbsp;&nbsp;&nbsp; 8704 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (92878947)<br>| &nbsp;&nbsp;&nbsp; (59882710)<br>| &nbsp;&nbsp;&nbsp; (2886771)<br>| &nbsp;&nbsp;&nbsp; (2525509)<br>|
| Change in net assets resulting from IM capital transactions | &nbsp;&nbsp;&nbsp; 6555036 | &nbsp;&nbsp;&nbsp; 3008126 | &nbsp;&nbsp;&nbsp; 251240 | &nbsp;&nbsp;&nbsp; 125903 |

---

------

(a) Commencement of offering of class of shares effective October 30, 2025 for JPMorgan U.S. Government Money Market Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 119

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| **Year Ended**<br> **February 28, 2025** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $522200829 | &nbsp;&nbsp;&nbsp; $463031247 | &nbsp;&nbsp;&nbsp; $82598012 | &nbsp;&nbsp;&nbsp; $77894986 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 576212 | &nbsp;&nbsp;&nbsp; 674386 | &nbsp;&nbsp;&nbsp; 282038 | &nbsp;&nbsp;&nbsp; 201789 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (522545515)<br>| &nbsp;&nbsp;&nbsp; (460848083)<br>| &nbsp;&nbsp;&nbsp; (84415296)<br>| &nbsp;&nbsp;&nbsp; (76386283)<br>|
| Change in net assets resulting from Institutional Class <br> capital transactions<br>| &nbsp;&nbsp;&nbsp; 231526 | &nbsp;&nbsp;&nbsp; 2857550 | &nbsp;&nbsp;&nbsp; (1535246)<br>| &nbsp;&nbsp;&nbsp; 1710492 |
| **Investor** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4900396 | &nbsp;&nbsp;&nbsp; 4352060 | &nbsp;&nbsp;&nbsp; 126838 | &nbsp;&nbsp;&nbsp; 121588 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 119947 | &nbsp;&nbsp;&nbsp; 112497 | &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 217 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (7191857)<br>| &nbsp;&nbsp;&nbsp; (2964116)<br>| &nbsp;&nbsp;&nbsp; (120293)<br>| &nbsp;&nbsp;&nbsp; (122274)<br>|
| Change in net assets resulting from Investor capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2171514)<br>| &nbsp;&nbsp;&nbsp; 1500441 | &nbsp;&nbsp;&nbsp; 6799 | &nbsp;&nbsp;&nbsp; (469)<br>|
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2943303491 | &nbsp;&nbsp;&nbsp; 2167302318 | &nbsp;&nbsp;&nbsp; 977132548 | &nbsp;&nbsp;&nbsp; 801602312 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 113084 | &nbsp;&nbsp;&nbsp; 133781 | &nbsp;&nbsp;&nbsp; 20636 | &nbsp;&nbsp;&nbsp; 24731 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2941125429)<br>| &nbsp;&nbsp;&nbsp; (2160497945)<br>| &nbsp;&nbsp;&nbsp; (976270394)<br>| &nbsp;&nbsp;&nbsp; (800918939)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 2291146 | &nbsp;&nbsp;&nbsp; 6938154 | &nbsp;&nbsp;&nbsp; 882790 | &nbsp;&nbsp;&nbsp; 708104 |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 209146567 | &nbsp;&nbsp;&nbsp; 220322944 | &nbsp;&nbsp;&nbsp; 14434892 | &nbsp;&nbsp;&nbsp; 11094761 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 249284 | &nbsp;&nbsp;&nbsp; 222695 | &nbsp;&nbsp;&nbsp; 132837 | &nbsp;&nbsp;&nbsp; 156710 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (204780891)<br>| &nbsp;&nbsp;&nbsp; (217685033)<br>| &nbsp;&nbsp;&nbsp; (15636535)<br>| &nbsp;&nbsp;&nbsp; (10878180)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 4614960 | &nbsp;&nbsp;&nbsp; 2860606 | &nbsp;&nbsp;&nbsp; (1068806)<br>| &nbsp;&nbsp;&nbsp; 373291 |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 28205 | &nbsp;&nbsp;&nbsp; 2580243 | &nbsp;&nbsp;&nbsp; 749426 | &nbsp;&nbsp;&nbsp; 1573527 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1204 | &nbsp;&nbsp;&nbsp; 25631 | &nbsp;&nbsp;&nbsp; 19684 | &nbsp;&nbsp;&nbsp; 27432 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (21357)<br>| &nbsp;&nbsp;&nbsp; (5420379)<br>| &nbsp;&nbsp;&nbsp; (651395)<br>| &nbsp;&nbsp;&nbsp; (2297746)<br>|
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 8052 | &nbsp;&nbsp;&nbsp; (2814505)<br>| &nbsp;&nbsp;&nbsp; 117715 | &nbsp;&nbsp;&nbsp; (696787)<br>|
| **Service** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 31254 | &nbsp;&nbsp;&nbsp; 34316 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4501 | &nbsp;&nbsp;&nbsp; 9312 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (144890)<br>| &nbsp;&nbsp;&nbsp; (84237)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Service capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (109135)<br>| &nbsp;&nbsp;&nbsp; (40609)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $33443113 | &nbsp;&nbsp;&nbsp; $36980461 | &nbsp;&nbsp;&nbsp; $11275966 | &nbsp;&nbsp;&nbsp; $6016979 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

120 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| **Year Ended**<br> **February 28, 2025** |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 41864613 | &nbsp;&nbsp;&nbsp; 61035666 | &nbsp;&nbsp;&nbsp; 7696000 | &nbsp;&nbsp;&nbsp; 17904800 |
| Reinvested | &nbsp;&nbsp;&nbsp; 132399 | &nbsp;&nbsp;&nbsp; 157422 | &nbsp;&nbsp;&nbsp; 10815 | &nbsp;&nbsp;&nbsp; 59483 |
| Redeemed | &nbsp;&nbsp;&nbsp; (44856295)<br>| &nbsp;&nbsp;&nbsp; (62206183)<br>| &nbsp;&nbsp;&nbsp; (8256772)<br>| &nbsp;&nbsp;&nbsp; (19306593)<br>|
| Change in Academy Shares | &nbsp;&nbsp;&nbsp; (2859283)<br>| &nbsp;&nbsp;&nbsp; (1013095)<br>| &nbsp;&nbsp;&nbsp; (549957)<br>| &nbsp;&nbsp;&nbsp; (1342310)<br>|
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1908799929 | &nbsp;&nbsp;&nbsp; 1712439269 | &nbsp;&nbsp;&nbsp; 169668193 | &nbsp;&nbsp;&nbsp; 175685512 |
| Reinvested | &nbsp;&nbsp;&nbsp; 125837 | &nbsp;&nbsp;&nbsp; 165059 | &nbsp;&nbsp;&nbsp; 15898 | &nbsp;&nbsp;&nbsp; 19074 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1909094790)<br>| &nbsp;&nbsp;&nbsp; (1711648798)<br>| &nbsp;&nbsp;&nbsp; (168972023)<br>| &nbsp;&nbsp;&nbsp; (175225810)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; (169024)<br>| &nbsp;&nbsp;&nbsp; 955530 | &nbsp;&nbsp;&nbsp; 712068 | &nbsp;&nbsp;&nbsp; 478776 |
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2190524301 | &nbsp;&nbsp;&nbsp; 1852197306 | &nbsp;&nbsp;&nbsp; 205647594 | &nbsp;&nbsp;&nbsp; 157500974 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3358706 | &nbsp;&nbsp;&nbsp; 3481197 | &nbsp;&nbsp;&nbsp; 369646 | &nbsp;&nbsp;&nbsp; 330848 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2170575495)<br>| &nbsp;&nbsp;&nbsp; (1834549709)<br>| &nbsp;&nbsp;&nbsp; (193799496)<br>| &nbsp;&nbsp;&nbsp; (153232616)<br>|
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; 23307512 | &nbsp;&nbsp;&nbsp; 21128794 | &nbsp;&nbsp;&nbsp; 12217744 | &nbsp;&nbsp;&nbsp; 4599206 |
| **Digital** (a) |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 275416 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (175032)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Digital Shares | &nbsp;&nbsp;&nbsp; 100384 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Empower** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 109558823 | &nbsp;&nbsp;&nbsp; 87836261 | &nbsp;&nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp; 91539 |
| Reinvested | &nbsp;&nbsp;&nbsp; 290890 | &nbsp;&nbsp;&nbsp; 223759 | &nbsp;&nbsp;&nbsp; 7467 | &nbsp;&nbsp;&nbsp; 3086 |
| Redeemed | &nbsp;&nbsp;&nbsp; (108206478)<br>| &nbsp;&nbsp;&nbsp; (86461462)<br>| &nbsp;&nbsp;&nbsp; (208849)<br>| &nbsp;&nbsp;&nbsp; (33822)<br>|
| Change in Empower Shares | &nbsp;&nbsp;&nbsp; 1643235 | &nbsp;&nbsp;&nbsp; 1598558 | &nbsp;&nbsp;&nbsp; 241618 | &nbsp;&nbsp;&nbsp; 60803 |
| **IM** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 99368384 | &nbsp;&nbsp;&nbsp; 62851655 | &nbsp;&nbsp;&nbsp; 3124554 | &nbsp;&nbsp;&nbsp; 2642628 |
| Reinvested | &nbsp;&nbsp;&nbsp; 58425 | &nbsp;&nbsp;&nbsp; 32156 | &nbsp;&nbsp;&nbsp; 13451 | &nbsp;&nbsp;&nbsp; 8704 |
| Redeemed | &nbsp;&nbsp;&nbsp; (92870828)<br>| &nbsp;&nbsp;&nbsp; (59875252)<br>| &nbsp;&nbsp;&nbsp; (2886765)<br>| &nbsp;&nbsp;&nbsp; (2525420)<br>|
| Change in IM Shares | &nbsp;&nbsp;&nbsp; 6555981 | &nbsp;&nbsp;&nbsp; 3008559 | &nbsp;&nbsp;&nbsp; 251240 | &nbsp;&nbsp;&nbsp; 125912 |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 522185186 | &nbsp;&nbsp;&nbsp; 463014923 | &nbsp;&nbsp;&nbsp; 82597957 | &nbsp;&nbsp;&nbsp; 77893831 |
| Reinvested | &nbsp;&nbsp;&nbsp; 576212 | &nbsp;&nbsp;&nbsp; 674386 | &nbsp;&nbsp;&nbsp; 282038 | &nbsp;&nbsp;&nbsp; 201789 |
| Redeemed | &nbsp;&nbsp;&nbsp; (522530804)<br>| &nbsp;&nbsp;&nbsp; (460832438)<br>| &nbsp;&nbsp;&nbsp; (84415245)<br>| &nbsp;&nbsp;&nbsp; (76385137)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; 230594 | &nbsp;&nbsp;&nbsp; 2856871 | &nbsp;&nbsp;&nbsp; (1535250)<br>| &nbsp;&nbsp;&nbsp; 1710483 |

---

------

(a) Commencement of offering of class of shares effective October 30, 2025 for JPMorgan U.S. Government Money Market Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 121

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| **Year Ended**<br> **February 28, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Investor** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4898880 | &nbsp;&nbsp;&nbsp; 4351087 | &nbsp;&nbsp;&nbsp; 126838 | &nbsp;&nbsp;&nbsp; 121579 |
| Reinvested | &nbsp;&nbsp;&nbsp; 119947 | &nbsp;&nbsp;&nbsp; 112498 | &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 217 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7190798)<br>| &nbsp;&nbsp;&nbsp; (2962852)<br>| &nbsp;&nbsp;&nbsp; (120293)<br>| &nbsp;&nbsp;&nbsp; (122265)<br>|
| Change in Investor Shares | &nbsp;&nbsp;&nbsp; (2171971)<br>| &nbsp;&nbsp;&nbsp; 1500733 | &nbsp;&nbsp;&nbsp; 6799 | &nbsp;&nbsp;&nbsp; (469)<br>|
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2943299711 | &nbsp;&nbsp;&nbsp; 2167298911 | &nbsp;&nbsp;&nbsp; 977132532 | &nbsp;&nbsp;&nbsp; 801601832 |
| Reinvested | &nbsp;&nbsp;&nbsp; 113084 | &nbsp;&nbsp;&nbsp; 133781 | &nbsp;&nbsp;&nbsp; 20636 | &nbsp;&nbsp;&nbsp; 24731 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2941121524)<br>| &nbsp;&nbsp;&nbsp; (2160493130)<br>| &nbsp;&nbsp;&nbsp; (976270373)<br>| &nbsp;&nbsp;&nbsp; (800918436)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 2291271 | &nbsp;&nbsp;&nbsp; 6939562 | &nbsp;&nbsp;&nbsp; 882795 | &nbsp;&nbsp;&nbsp; 708127 |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 209137824 | &nbsp;&nbsp;&nbsp; 220311023 | &nbsp;&nbsp;&nbsp; 14434875 | &nbsp;&nbsp;&nbsp; 11094343 |
| Reinvested | &nbsp;&nbsp;&nbsp; 249284 | &nbsp;&nbsp;&nbsp; 222695 | &nbsp;&nbsp;&nbsp; 132837 | &nbsp;&nbsp;&nbsp; 156710 |
| Redeemed | &nbsp;&nbsp;&nbsp; (204771587)<br>| &nbsp;&nbsp;&nbsp; (217672868)<br>| &nbsp;&nbsp;&nbsp; (15636517)<br>| &nbsp;&nbsp;&nbsp; (10877764)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; 4615521 | &nbsp;&nbsp;&nbsp; 2860850 | &nbsp;&nbsp;&nbsp; (1068805)<br>| &nbsp;&nbsp;&nbsp; 373289 |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 28197 | &nbsp;&nbsp;&nbsp; 2578704 | &nbsp;&nbsp;&nbsp; 749421 | &nbsp;&nbsp;&nbsp; 1573371 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1204 | &nbsp;&nbsp;&nbsp; 25631 | &nbsp;&nbsp;&nbsp; 19684 | &nbsp;&nbsp;&nbsp; 27432 |
| Redeemed | &nbsp;&nbsp;&nbsp; (21348)<br>| &nbsp;&nbsp;&nbsp; (5419609)<br>| &nbsp;&nbsp;&nbsp; (651391)<br>| &nbsp;&nbsp;&nbsp; (2297641)<br>|
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 8053 | &nbsp;&nbsp;&nbsp; (2815274)<br>| &nbsp;&nbsp;&nbsp; 117714 | &nbsp;&nbsp;&nbsp; (696838)<br>|
| **Service** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 31206 | &nbsp;&nbsp;&nbsp; 34254 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 4501 | &nbsp;&nbsp;&nbsp; 9311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (144866)<br>| &nbsp;&nbsp;&nbsp; (84193)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Service Shares | &nbsp;&nbsp;&nbsp; (109159)<br>| &nbsp;&nbsp;&nbsp; (40628)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

122 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Federal Money Market Fund** | **JPMorgan Federal Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities** <br>**Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities** <br>**Money Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1494837 | &nbsp;&nbsp;&nbsp; $1759824 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12275 | &nbsp;&nbsp;&nbsp; 2130 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1088486)<br>| &nbsp;&nbsp;&nbsp; (1880976)<br>|
| Change in net assets resulting from Academy capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 418626 | &nbsp;&nbsp;&nbsp; (119022)<br>|
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1024685 | &nbsp;&nbsp;&nbsp; 955379 | &nbsp;&nbsp;&nbsp; 773856339 | &nbsp;&nbsp;&nbsp; 743236777 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2554 | &nbsp;&nbsp;&nbsp; 3822 | &nbsp;&nbsp;&nbsp; 100545 | &nbsp;&nbsp;&nbsp; 124721 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1104318)<br>| &nbsp;&nbsp;&nbsp; (1082617)<br>| &nbsp;&nbsp;&nbsp; (771983302)<br>| &nbsp;&nbsp;&nbsp; (740539127)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (77079)<br>| &nbsp;&nbsp;&nbsp; (123416)<br>| &nbsp;&nbsp;&nbsp; 1973582 | &nbsp;&nbsp;&nbsp; 2822371 |
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 440032372 | &nbsp;&nbsp;&nbsp; 386692990 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1357518 | &nbsp;&nbsp;&nbsp; 1370815 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (395723309)<br>| &nbsp;&nbsp;&nbsp; (354532681)<br>|
| Change in net assets resulting from Capital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45666581 | &nbsp;&nbsp;&nbsp; 33531124 |
| **Empower** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1559775 | &nbsp;&nbsp;&nbsp; 1056799 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38592 | &nbsp;&nbsp;&nbsp; 53902 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1260216)<br>| &nbsp;&nbsp;&nbsp; (1119645)<br>|
| Change in net assets resulting from Empower capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 338151 | &nbsp;&nbsp;&nbsp; (8944)<br>|
| **IM** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 500801 | &nbsp;&nbsp;&nbsp; 1365423 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4975 | &nbsp;&nbsp;&nbsp; 11772 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (481337)<br>| &nbsp;&nbsp;&nbsp; (1512648)<br>|
| Change in net assets resulting from IM capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24439 | &nbsp;&nbsp;&nbsp; (135453)<br>|
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10702702 | &nbsp;&nbsp;&nbsp; 10715397 | &nbsp;&nbsp;&nbsp; 241744024 | &nbsp;&nbsp;&nbsp; 202296469 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 66313 | &nbsp;&nbsp;&nbsp; 80633 | &nbsp;&nbsp;&nbsp; 355036 | &nbsp;&nbsp;&nbsp; 411050 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11175662)<br>| &nbsp;&nbsp;&nbsp; (9823619)<br>| &nbsp;&nbsp;&nbsp; (233792658)<br>| &nbsp;&nbsp;&nbsp; (185430970)<br>|
| Change in net assets resulting from Institutional Class <br> capital transactions<br>| &nbsp;&nbsp;&nbsp; (406647)<br>| &nbsp;&nbsp;&nbsp; 972411 | &nbsp;&nbsp;&nbsp; 8306402 | &nbsp;&nbsp;&nbsp; 17276549 |
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 408144 | &nbsp;&nbsp;&nbsp; 470008 | &nbsp;&nbsp;&nbsp; 1181375748 | &nbsp;&nbsp;&nbsp; 1043256192 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13281 | &nbsp;&nbsp;&nbsp; 14656 | &nbsp;&nbsp;&nbsp; 58386 | &nbsp;&nbsp;&nbsp; 68900 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (415379)<br>| &nbsp;&nbsp;&nbsp; (417408)<br>| &nbsp;&nbsp;&nbsp; (1180944205)<br>| &nbsp;&nbsp;&nbsp; (1041039804)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 6046 | &nbsp;&nbsp;&nbsp; 67256 | &nbsp;&nbsp;&nbsp; 489929 | &nbsp;&nbsp;&nbsp; 2285288 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 123

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Federal Money Market Fund** | **JPMorgan Federal Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities**<br> **Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities**<br> **Money Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2575079 | &nbsp;&nbsp;&nbsp; $2946797 | &nbsp;&nbsp;&nbsp; $66183629 | &nbsp;&nbsp;&nbsp; $62813558 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 62629 | &nbsp;&nbsp;&nbsp; 66382 | &nbsp;&nbsp;&nbsp; 349022 | &nbsp;&nbsp;&nbsp; 357625 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2838909)<br>| &nbsp;&nbsp;&nbsp; (2563066)<br>| &nbsp;&nbsp;&nbsp; (64905086)<br>| &nbsp;&nbsp;&nbsp; (58749375)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (201201)<br>| &nbsp;&nbsp;&nbsp; 450113 | &nbsp;&nbsp;&nbsp; 1627565 | &nbsp;&nbsp;&nbsp; 4421808 |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7852011 | &nbsp;&nbsp;&nbsp; 6845722 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp; 1398 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7714714)<br>| &nbsp;&nbsp;&nbsp; (7327037)<br>|
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 137938 | &nbsp;&nbsp;&nbsp; (479917)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(678881)<br>| &nbsp;&nbsp;&nbsp; $1366364 | &nbsp;&nbsp;&nbsp; $58983213 | &nbsp;&nbsp;&nbsp; $59593804 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1494836 | &nbsp;&nbsp;&nbsp; 1759787 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12275 | &nbsp;&nbsp;&nbsp; 2130 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1088483)<br>| &nbsp;&nbsp;&nbsp; (1880942)<br>|
| Change in Academy Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 418628 | &nbsp;&nbsp;&nbsp; (119025)<br>|
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1024682 | &nbsp;&nbsp;&nbsp; 955366 | &nbsp;&nbsp;&nbsp; 773856309 | &nbsp;&nbsp;&nbsp; 743236493 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2554 | &nbsp;&nbsp;&nbsp; 3822 | &nbsp;&nbsp;&nbsp; 100545 | &nbsp;&nbsp;&nbsp; 124721 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1104313)<br>| &nbsp;&nbsp;&nbsp; (1082608)<br>| &nbsp;&nbsp;&nbsp; (771983271)<br>| &nbsp;&nbsp;&nbsp; (740538862)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; (77077)<br>| &nbsp;&nbsp;&nbsp; (123420)<br>| &nbsp;&nbsp;&nbsp; 1973583 | &nbsp;&nbsp;&nbsp; 2822352 |
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 440032282 | &nbsp;&nbsp;&nbsp; 386692251 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1357518 | &nbsp;&nbsp;&nbsp; 1370815 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (395723213)<br>| &nbsp;&nbsp;&nbsp; (354531945)<br>|
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45666587 | &nbsp;&nbsp;&nbsp; 33531121 |
| **Empower** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1559771 | &nbsp;&nbsp;&nbsp; 1056773 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38592 | &nbsp;&nbsp;&nbsp; 53902 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1260214)<br>| &nbsp;&nbsp;&nbsp; (1119624)<br>|
| Change in Empower Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 338149 | &nbsp;&nbsp;&nbsp; (8949)<br>|
| **IM** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 500800 | &nbsp;&nbsp;&nbsp; 1365394 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4975 | &nbsp;&nbsp;&nbsp; 11772 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (481336)<br>| &nbsp;&nbsp;&nbsp; (1512622)<br>|
| Change in IM Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24439 | &nbsp;&nbsp;&nbsp; (135456)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

124 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Federal Money Market Fund** | **JPMorgan Federal Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities**<br> **Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities**<br> **Money Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10702686 | &nbsp;&nbsp;&nbsp; 10715364 | &nbsp;&nbsp;&nbsp; 241743961 | &nbsp;&nbsp;&nbsp; 202295931 |
| Reinvested | &nbsp;&nbsp;&nbsp; 66313 | &nbsp;&nbsp;&nbsp; 80633 | &nbsp;&nbsp;&nbsp; 355036 | &nbsp;&nbsp;&nbsp; 411050 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11175648)<br>| &nbsp;&nbsp;&nbsp; (9823586)<br>| &nbsp;&nbsp;&nbsp; (233792603)<br>| &nbsp;&nbsp;&nbsp; (185430394)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (406649)<br>| &nbsp;&nbsp;&nbsp; 972411 | &nbsp;&nbsp;&nbsp; 8306394 | &nbsp;&nbsp;&nbsp; 17276587 |
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 408142 | &nbsp;&nbsp;&nbsp; 470005 | &nbsp;&nbsp;&nbsp; 1181375723 | &nbsp;&nbsp;&nbsp; 1043256067 |
| Reinvested | &nbsp;&nbsp;&nbsp; 13281 | &nbsp;&nbsp;&nbsp; 14656 | &nbsp;&nbsp;&nbsp; 58386 | &nbsp;&nbsp;&nbsp; 68900 |
| Redeemed | &nbsp;&nbsp;&nbsp; (415377)<br>| &nbsp;&nbsp;&nbsp; (417404)<br>| &nbsp;&nbsp;&nbsp; (1180944181)<br>| &nbsp;&nbsp;&nbsp; (1041039656)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 6046 | &nbsp;&nbsp;&nbsp; 67257 | &nbsp;&nbsp;&nbsp; 489928 | &nbsp;&nbsp;&nbsp; 2285311 |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2575069 | &nbsp;&nbsp;&nbsp; 2946775 | &nbsp;&nbsp;&nbsp; 66183609 | &nbsp;&nbsp;&nbsp; 62813337 |
| Reinvested | &nbsp;&nbsp;&nbsp; 62629 | &nbsp;&nbsp;&nbsp; 66382 | &nbsp;&nbsp;&nbsp; 349022 | &nbsp;&nbsp;&nbsp; 357625 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2838897)<br>| &nbsp;&nbsp;&nbsp; (2563042)<br>| &nbsp;&nbsp;&nbsp; (64905064)<br>| &nbsp;&nbsp;&nbsp; (58749165)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (201199)<br>| &nbsp;&nbsp;&nbsp; 450115 | &nbsp;&nbsp;&nbsp; 1627567 | &nbsp;&nbsp;&nbsp; 4421797 |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7852006 | &nbsp;&nbsp;&nbsp; 6845658 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp; 1398 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7714709)<br>| &nbsp;&nbsp;&nbsp; (7326992)<br>|
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 137938 | &nbsp;&nbsp;&nbsp; (479936)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 125

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Tax Free Money Market Fund** | **JPMorgan Tax Free Money Market Fund** | **JPMorgan Municipal Money Market Fund** | **JPMorgan Municipal Money Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $599745 | &nbsp;&nbsp;&nbsp; $607319 | &nbsp;&nbsp;&nbsp; $348839 | &nbsp;&nbsp;&nbsp; $296993 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp; 1388 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (548292)<br>| &nbsp;&nbsp;&nbsp; (804635)<br>| &nbsp;&nbsp;&nbsp; (311861)<br>| &nbsp;&nbsp;&nbsp; (291291)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 52305 | &nbsp;&nbsp;&nbsp; (195814)<br>| &nbsp;&nbsp;&nbsp; 38220 | &nbsp;&nbsp;&nbsp; 7090 |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 25984253 | &nbsp;&nbsp;&nbsp; 28260117 | &nbsp;&nbsp;&nbsp; 19437102 | &nbsp;&nbsp;&nbsp; 15788017 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16194 | &nbsp;&nbsp;&nbsp; 19250 | &nbsp;&nbsp;&nbsp; 27538 | &nbsp;&nbsp;&nbsp; 26872 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (26826415)<br>| &nbsp;&nbsp;&nbsp; (26975097)<br>| &nbsp;&nbsp;&nbsp; (19158231)<br>| &nbsp;&nbsp;&nbsp; (15374815)<br>|
| Change in net assets resulting from Institutional Class capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (825968)<br>| &nbsp;&nbsp;&nbsp; 1304270 | &nbsp;&nbsp;&nbsp; 306409 | &nbsp;&nbsp;&nbsp; 440074 |
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 116112 | &nbsp;&nbsp;&nbsp; 102652 | &nbsp;&nbsp;&nbsp; 101475 | &nbsp;&nbsp;&nbsp; 96810 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp;&nbsp; 2200 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (101311)<br>| &nbsp;&nbsp;&nbsp; (90790)<br>| &nbsp;&nbsp;&nbsp; (96745)<br>| &nbsp;&nbsp;&nbsp; (78134)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 16705 | &nbsp;&nbsp;&nbsp; 13875 | &nbsp;&nbsp;&nbsp; 6658 | &nbsp;&nbsp;&nbsp; 20876 |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1548566 | &nbsp;&nbsp;&nbsp; 1810511 | &nbsp;&nbsp;&nbsp; 1079500 | &nbsp;&nbsp;&nbsp; 1002950 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16031 | &nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp; 11654 | &nbsp;&nbsp;&nbsp; 10457 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1719444)<br>| &nbsp;&nbsp;&nbsp; (1691942)<br>| &nbsp;&nbsp;&nbsp; (1034959)<br>| &nbsp;&nbsp;&nbsp; (714818)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (154847)<br>| &nbsp;&nbsp;&nbsp; 135683 | &nbsp;&nbsp;&nbsp; 56195 | &nbsp;&nbsp;&nbsp; 298589 |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5295509 | &nbsp;&nbsp;&nbsp; 6433216 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5295529)<br>| &nbsp;&nbsp;&nbsp; (6518934)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; (84785)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Service** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 131 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 114 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4116)<br>| &nbsp;&nbsp;&nbsp; (2067)<br>|
| Change in net assets resulting from Service capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4081)<br>| &nbsp;&nbsp;&nbsp; (1822)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(911250)<br>| &nbsp;&nbsp;&nbsp; $1173229 | &nbsp;&nbsp;&nbsp; $403401 | &nbsp;&nbsp;&nbsp; $764807 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

126 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Tax Free Money Market Fund** | **JPMorgan Tax Free Money Market Fund** | **JPMorgan Municipal Money Market Fund** | **JPMorgan Municipal Money Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 599718 | &nbsp;&nbsp;&nbsp; 607298 | &nbsp;&nbsp;&nbsp; 348814 | &nbsp;&nbsp;&nbsp; 296970 |
| Reinvested | &nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp; 1388 |
| Redeemed | &nbsp;&nbsp;&nbsp; (548268)<br>| &nbsp;&nbsp;&nbsp; (804607)<br>| &nbsp;&nbsp;&nbsp; (311837)<br>| &nbsp;&nbsp;&nbsp; (291263)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; 52302 | &nbsp;&nbsp;&nbsp; (195807)<br>| &nbsp;&nbsp;&nbsp; 38219 | &nbsp;&nbsp;&nbsp; 7095 |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 25984117 | &nbsp;&nbsp;&nbsp; 28259985 | &nbsp;&nbsp;&nbsp; 19437013 | &nbsp;&nbsp;&nbsp; 15787948 |
| Reinvested | &nbsp;&nbsp;&nbsp; 16194 | &nbsp;&nbsp;&nbsp; 19250 | &nbsp;&nbsp;&nbsp; 27538 | &nbsp;&nbsp;&nbsp; 26872 |
| Redeemed | &nbsp;&nbsp;&nbsp; (26826273)<br>| &nbsp;&nbsp;&nbsp; (26974978)<br>| &nbsp;&nbsp;&nbsp; (19158146)<br>| &nbsp;&nbsp;&nbsp; (15374741)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (825962)<br>| &nbsp;&nbsp;&nbsp; 1304257 | &nbsp;&nbsp;&nbsp; 306405 | &nbsp;&nbsp;&nbsp; 440079 |
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 116106 | &nbsp;&nbsp;&nbsp; 102649 | &nbsp;&nbsp;&nbsp; 101468 | &nbsp;&nbsp;&nbsp; 96802 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp;&nbsp; 2200 |
| Redeemed | &nbsp;&nbsp;&nbsp; (101306)<br>| &nbsp;&nbsp;&nbsp; (90787)<br>| &nbsp;&nbsp;&nbsp; (96737)<br>| &nbsp;&nbsp;&nbsp; (78126)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 16704 | &nbsp;&nbsp;&nbsp; 13875 | &nbsp;&nbsp;&nbsp; 6659 | &nbsp;&nbsp;&nbsp; 20876 |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1548509 | &nbsp;&nbsp;&nbsp; 1810459 | &nbsp;&nbsp;&nbsp; 1079436 | &nbsp;&nbsp;&nbsp; 1002896 |
| Reinvested | &nbsp;&nbsp;&nbsp; 16031 | &nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp; 11654 | &nbsp;&nbsp;&nbsp; 10457 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1719386)<br>| &nbsp;&nbsp;&nbsp; (1691889)<br>| &nbsp;&nbsp;&nbsp; (1034893)<br>| &nbsp;&nbsp;&nbsp; (714772)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (154846)<br>| &nbsp;&nbsp;&nbsp; 135684 | &nbsp;&nbsp;&nbsp; 56197 | &nbsp;&nbsp;&nbsp; 298581 |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5295407 | &nbsp;&nbsp;&nbsp; 6433123 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (5295431)<br>| &nbsp;&nbsp;&nbsp; (6518836)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; (84780)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Service** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 131 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 114 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4115)<br>| &nbsp;&nbsp;&nbsp; (2067)<br>|
| Change in Service Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4080)<br>| &nbsp;&nbsp;&nbsp; (1822)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 127

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Municipal Money** <br>**Market Fund** | **JPMorgan California Municipal Money** <br>**Market Fund** | **JPMorgan New York Municipal Money** <br>**Market Fund** | **JPMorgan New York Municipal Money** <br>**Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $7885 | &nbsp;&nbsp;&nbsp; $87364 | &nbsp;&nbsp;&nbsp; $305863 | &nbsp;&nbsp;&nbsp; $343649 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 149 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (19107)<br>| &nbsp;&nbsp;&nbsp; (90946)<br>| &nbsp;&nbsp;&nbsp; (345568)<br>| &nbsp;&nbsp;&nbsp; (411463)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (11177)<br>| &nbsp;&nbsp;&nbsp; (3436)<br>| &nbsp;&nbsp;&nbsp; (39649)<br>| &nbsp;&nbsp;&nbsp; (67665)<br>|
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 135549 | &nbsp;&nbsp;&nbsp; 274321 | &nbsp;&nbsp;&nbsp; 2462669 | &nbsp;&nbsp;&nbsp; 2481458 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp; 1531 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (163106)<br>| &nbsp;&nbsp;&nbsp; (317194)<br>| &nbsp;&nbsp;&nbsp; (2478837)<br>| &nbsp;&nbsp;&nbsp; (2714616)<br>|
| Change in net assets resulting from Institutional Class capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (26693)<br>| &nbsp;&nbsp;&nbsp; (41288)<br>| &nbsp;&nbsp;&nbsp; (15641)<br>| &nbsp;&nbsp;&nbsp; (231627)<br>|
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4264 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 27041 | &nbsp;&nbsp;&nbsp; 12385 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp; 1199 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5179)<br>| &nbsp;&nbsp;&nbsp; (6879)<br>| &nbsp;&nbsp;&nbsp; (33492)<br>| &nbsp;&nbsp;&nbsp; (21891)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (838)<br>| &nbsp;&nbsp;&nbsp; (4218)<br>| &nbsp;&nbsp;&nbsp; (5656)<br>| &nbsp;&nbsp;&nbsp; (8307)<br>|
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 123021 | &nbsp;&nbsp;&nbsp; 203592 | &nbsp;&nbsp;&nbsp; 323284 | &nbsp;&nbsp;&nbsp; 516131 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 455 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (175763)<br>| &nbsp;&nbsp;&nbsp; (243476)<br>| &nbsp;&nbsp;&nbsp; (382623)<br>| &nbsp;&nbsp;&nbsp; (637861)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (52340)<br>| &nbsp;&nbsp;&nbsp; (39234)<br>| &nbsp;&nbsp;&nbsp; (58943)<br>| &nbsp;&nbsp;&nbsp; (121275)<br>|
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp; 1936 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 56 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1301)<br>| &nbsp;&nbsp;&nbsp; (2497)<br>|
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (408)<br>| &nbsp;&nbsp;&nbsp; (505)<br>|
| **Service** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 17 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3166)<br>| &nbsp;&nbsp;&nbsp; (1152)<br>| &nbsp;&nbsp;&nbsp; (697)<br>| &nbsp;&nbsp;&nbsp; (288)<br>|
| Change in net assets resulting from Service capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (3140)<br>| &nbsp;&nbsp;&nbsp; (1076)<br>| &nbsp;&nbsp;&nbsp; (683)<br>| &nbsp;&nbsp;&nbsp; (271)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(94188)<br>| &nbsp;&nbsp;&nbsp; $(89252)<br>| &nbsp;&nbsp;&nbsp; $(120980)<br>| &nbsp;&nbsp;&nbsp; $(429650)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

128 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Municipal Money**<br> **Market Fund** | **JPMorgan California Municipal Money**<br> **Market Fund** | **JPMorgan New York Municipal Money**<br> **Market Fund** | **JPMorgan New York Municipal Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 7877 | &nbsp;&nbsp;&nbsp; 87335 | &nbsp;&nbsp;&nbsp; 305858 | &nbsp;&nbsp;&nbsp; 343646 |
| Reinvested | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 149 |
| Redeemed | &nbsp;&nbsp;&nbsp; (19097)<br>| &nbsp;&nbsp;&nbsp; (90918)<br>| &nbsp;&nbsp;&nbsp; (345563)<br>| &nbsp;&nbsp;&nbsp; (411458)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; (11175)<br>| &nbsp;&nbsp;&nbsp; (3437)<br>| &nbsp;&nbsp;&nbsp; (39649)<br>| &nbsp;&nbsp;&nbsp; (67663)<br>|
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 135501 | &nbsp;&nbsp;&nbsp; 274262 | &nbsp;&nbsp;&nbsp; 2462659 | &nbsp;&nbsp;&nbsp; 2481448 |
| Reinvested | &nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp; 1531 |
| Redeemed | &nbsp;&nbsp;&nbsp; (163073)<br>| &nbsp;&nbsp;&nbsp; (317138)<br>| &nbsp;&nbsp;&nbsp; (2478829)<br>| &nbsp;&nbsp;&nbsp; (2714606)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (26708)<br>| &nbsp;&nbsp;&nbsp; (41291)<br>| &nbsp;&nbsp;&nbsp; (15643)<br>| &nbsp;&nbsp;&nbsp; (231627)<br>|
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4261 | &nbsp;&nbsp;&nbsp; 2498 | &nbsp;&nbsp;&nbsp; 27040 | &nbsp;&nbsp;&nbsp; 12384 |
| Reinvested | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp; 1199 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5176)<br>| &nbsp;&nbsp;&nbsp; (6876)<br>| &nbsp;&nbsp;&nbsp; (33491)<br>| &nbsp;&nbsp;&nbsp; (21890)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; (838)<br>| &nbsp;&nbsp;&nbsp; (4217)<br>| &nbsp;&nbsp;&nbsp; (5656)<br>| &nbsp;&nbsp;&nbsp; (8307)<br>|
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 122985 | &nbsp;&nbsp;&nbsp; 203545 | &nbsp;&nbsp;&nbsp; 323279 | &nbsp;&nbsp;&nbsp; 516125 |
| Reinvested | &nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 455 |
| Redeemed | &nbsp;&nbsp;&nbsp; (175716)<br>| &nbsp;&nbsp;&nbsp; (243426)<br>| &nbsp;&nbsp;&nbsp; (382617)<br>| &nbsp;&nbsp;&nbsp; (637855)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (52329)<br>| &nbsp;&nbsp;&nbsp; (39231)<br>| &nbsp;&nbsp;&nbsp; (58942)<br>| &nbsp;&nbsp;&nbsp; (121275)<br>|
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp; 1936 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 56 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1301)<br>| &nbsp;&nbsp;&nbsp; (2497)<br>|
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (408)<br>| &nbsp;&nbsp;&nbsp; (505)<br>|
| **Service** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 18 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3164)<br>| &nbsp;&nbsp;&nbsp; (1152)<br>| &nbsp;&nbsp;&nbsp; (697)<br>| &nbsp;&nbsp;&nbsp; (290)<br>|
| Change in Service Shares | &nbsp;&nbsp;&nbsp; (3138)<br>| &nbsp;&nbsp;&nbsp; (1076)<br>| &nbsp;&nbsp;&nbsp; (683)<br>| &nbsp;&nbsp;&nbsp; (272)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 129

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)<br>| Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Prime Money Market Fund** |  |  |  |  |  |
| **Academy** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.0003 | &nbsp;&nbsp; $0.0414 | &nbsp;&nbsp; $(0.0001)<br>| &nbsp;&nbsp; $0.0413 | &nbsp;&nbsp; $(0.0414)<br>|
| Year Ended February 28, 2025 | 1.0005 | 0.0501 | &nbsp;&nbsp; (0.0002)<br>| 0.0499 | &nbsp;&nbsp; (0.0501)<br>|
| Year Ended February 29, 2024 | 1.0006 | 0.0527 | &nbsp;&nbsp; (0.0001)<br>| 0.0526 | &nbsp;&nbsp; (0.0527)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0240 | 0.0003 | 0.0243 | &nbsp;&nbsp; (0.0240)<br>|
| Year Ended February 28, 2022 | 1.0006 | 0.0007 | &nbsp;&nbsp; (0.0003)<br>| 0.0004 | &nbsp;&nbsp; (0.0007)<br>|
| **Agency** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0010 | 0.0405 | &nbsp;&nbsp; (0.0001)<br>| 0.0404 | &nbsp;&nbsp; (0.0405)<br>|
| Year Ended February 28, 2025 | 1.0009 | 0.0492 | 0.0001 | 0.0493 | &nbsp;&nbsp; (0.0492)<br>|
| Year Ended February 29, 2024 | 1.0009 | 0.0518 | &nbsp;&nbsp; —<br> (c)<br>| 0.0518 | &nbsp;&nbsp; (0.0518)<br>|
| Year Ended February 28, 2023 | 1.0005 | 0.0231 | 0.0004 | 0.0235 | &nbsp;&nbsp; (0.0231)<br>|
| Year Ended February 28, 2022 | 1.0008 | 0.0001 | &nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0001)<br>|
| **Capital** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0003 | 0.0414 | &nbsp;&nbsp; —<br> (c)<br>| 0.0414 | &nbsp;&nbsp; (0.0414)<br>|
| Year Ended February 28, 2025 | 1.0004 | 0.0501 | &nbsp;&nbsp; (0.0001)<br>| 0.0500 | &nbsp;&nbsp; (0.0501)<br>|
| Year Ended February 29, 2024 | 1.0005 | 0.0527 | &nbsp;&nbsp; (0.0001)<br>| 0.0526 | &nbsp;&nbsp; (0.0527)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0240 | 0.0002 | 0.0242 | &nbsp;&nbsp; (0.0240)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0007 | &nbsp;&nbsp; (0.0002)<br>| 0.0005 | &nbsp;&nbsp; (0.0007)<br>|
| **Empower** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0003 | 0.0414 | &nbsp;&nbsp; —<br> (c)<br>| 0.0414 | &nbsp;&nbsp; (0.0414)<br>|
| Year Ended February 28, 2025 | 1.0004 | 0.0501 | &nbsp;&nbsp; (0.0001)<br>| 0.0500 | &nbsp;&nbsp; (0.0501)<br>|
| Year Ended February 29, 2024 | 1.0005 | 0.0526 | &nbsp;&nbsp; (0.0001)<br>| 0.0525 | &nbsp;&nbsp; (0.0526)<br>|
| Year Ended February 28, 2023 | 1.0002 | 0.0240 | 0.0003 | 0.0243 | &nbsp;&nbsp; (0.0240)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0007 | &nbsp;&nbsp; (0.0003)<br>| 0.0004 | &nbsp;&nbsp; (0.0007)<br>|
| **IM** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0004 | 0.0419 | &nbsp;&nbsp; (0.0001)<br>| 0.0418 | &nbsp;&nbsp; (0.0419)<br>|
| Year Ended February 28, 2025 | 1.0005 | 0.0506 | &nbsp;&nbsp; (0.0001)<br>| 0.0505 | &nbsp;&nbsp; (0.0506)<br>|
| Year Ended February 29, 2024 | 1.0005 | 0.0532 | &nbsp;&nbsp; —<br> (c)<br>| 0.0532 | &nbsp;&nbsp; (0.0532)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0244 | 0.0002 | 0.0246 | &nbsp;&nbsp; (0.0244)<br>|
| Year Ended February 28, 2022 | 1.0006 | 0.0007 | &nbsp;&nbsp; (0.0003)<br>| 0.0004 | &nbsp;&nbsp; (0.0007)<br>|
| **Institutional Class** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0004 | 0.0410 | &nbsp;&nbsp; —<br> (c)<br>| 0.0410 | &nbsp;&nbsp; (0.0410)<br>|
| Year Ended February 28, 2025 | 1.0005 | 0.0497 | &nbsp;&nbsp; (0.0001)<br>| 0.0496 | &nbsp;&nbsp; (0.0497)<br>|
| Year Ended February 29, 2024 | 1.0005 | 0.0523 | &nbsp;&nbsp; —<br> (c)<br>| 0.0523 | &nbsp;&nbsp; (0.0523)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0237 | 0.0002 | 0.0239 | &nbsp;&nbsp; (0.0237)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0005 | &nbsp;&nbsp; (0.0002)<br>| 0.0003 | &nbsp;&nbsp; (0.0005)<br>|
| **Morgan** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0015 | 0.0380 | &nbsp;&nbsp; —<br> (c)<br>| 0.0380 | &nbsp;&nbsp; (0.0380)<br>|
| Year Ended February 28, 2025 | 1.0011 | 0.0469 | 0.0004 | 0.0473 | &nbsp;&nbsp; (0.0469)<br>|
| Year Ended February 29, 2024 | 1.0010 | 0.0496 | 0.0001 | 0.0497 | &nbsp;&nbsp; (0.0496)<br>|
| Year Ended February 28, 2023 | 1.0007 | 0.0209 | 0.0003 | 0.0212 | &nbsp;&nbsp; (0.0209)<br>|
| Year Ended February 28, 2022 | 1.0011 | 0.0001 | &nbsp;&nbsp; (0.0004)<br>| &nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp; (0.0001)<br>|
| **Premier** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0005 | 0.0389 | &nbsp;&nbsp; —<br> (c)<br>| 0.0389 | &nbsp;&nbsp; (0.0389)<br>|
| Year Ended February 28, 2025 | 1.0006 | 0.0476 | &nbsp;&nbsp; (0.0001)<br>| 0.0475 | &nbsp;&nbsp; (0.0476)<br>|
| Year Ended February 29, 2024 | 1.0007 | 0.0501 | &nbsp;&nbsp; (0.0001)<br>| 0.0500 | &nbsp;&nbsp; (0.0501)<br>|
| Year Ended February 28, 2023 | 1.0004 | 0.0214 | 0.0003 | 0.0217 | &nbsp;&nbsp; (0.0214)<br>|
| Year Ended February 28, 2022 | 1.0007 | 0.0001 | &nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0001)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

130 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $912616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3210709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2764683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3279975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2766889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1403993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56356157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44855575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42797560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41621459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40505885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18208845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17197596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13307523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6054242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9524945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17011387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17822266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18483874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14307780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14794803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1857527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2822585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3008674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2287879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 131

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)<br>| Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Prime Money Market Fund (continued)** |  |  |  |  |  |
| **Reserve** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.0007 | &nbsp;&nbsp; $0.0361 | &nbsp;&nbsp; $(0.0001)<br>| &nbsp;&nbsp; $0.0360 | &nbsp;&nbsp; $(0.0361)<br>|
| Year Ended February 28, 2025 | 1.0008 | 0.0448 | &nbsp;&nbsp; (0.0001)<br>| 0.0447 | &nbsp;&nbsp; (0.0448)<br>|
| Year Ended February 29, 2024 | 1.0008 | 0.0474 | &nbsp;&nbsp; —<br> (c)<br>| 0.0474 | &nbsp;&nbsp; (0.0474)<br>|
| Year Ended February 28, 2023 | 1.0006 | 0.0192 | 0.0002 | 0.0194 | &nbsp;&nbsp; (0.0192)<br>|
| Year Ended February 28, 2022 | 1.0009 | 0.0001 | &nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0001)<br>|

---

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

(a) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(b) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.08<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.10<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.08<br> %<br>|
| Empower | &nbsp;&nbsp; — | 0.01<br> %<br>| &nbsp;&nbsp; — | 0.02<br> %<br>| 0.08<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.04<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.09<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.02<br> %<br>| 0.34<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.27<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.05<br> %<br>| 0.54<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount rounds to less than $0.00005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

132 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 133

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)<br>| Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Institutional Tax Free Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.0002 | &nbsp;&nbsp; $0.0235 | &nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp; $0.0235 | &nbsp;&nbsp; $(0.0235)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.0235)<br>|
| Year Ended February 28, 2025 | 1.0002 | 0.0291 | &nbsp;&nbsp; —<br> (b)<br>| 0.0291 | &nbsp;&nbsp; (0.0291)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0291)<br>|
| Year Ended February 29, 2024 | 1.0002 | 0.0310 | &nbsp;&nbsp; —<br> (b)<br>| 0.0310 | &nbsp;&nbsp; (0.0310)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0310)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0136 | &nbsp;&nbsp; —<br> (b)<br>| 0.0136 | &nbsp;&nbsp; (0.0136)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0137)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0001 | &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0001)<br>|
| **Capital** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0003 | 0.0243 | &nbsp;&nbsp; —<br> (b)<br>| 0.0243 | &nbsp;&nbsp; (0.0243)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0243)<br>|
| Year Ended February 28, 2025 | 1.0003 | 0.0299 | &nbsp;&nbsp; —<br> (b)<br>| 0.0299 | &nbsp;&nbsp; (0.0299)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0299)<br>|
| Year Ended February 29, 2024 | 1.0002 | 0.0318 | 0.0001 | 0.0319 | &nbsp;&nbsp; (0.0318)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0318)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0144 | &nbsp;&nbsp; —<br> (b)<br>| 0.0144 | &nbsp;&nbsp; (0.0144)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0145)<br>|
| Year Ended February 28, 2022 | 1.0006 | 0.0002 | &nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0002)<br>|
| **IM** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0001 | 0.0248 | &nbsp;&nbsp; —<br> (b)<br>| 0.0248 | &nbsp;&nbsp; (0.0248)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0248)<br>|
| Year Ended February 28, 2025 | 1.0001 | 0.0303 | &nbsp;&nbsp; —<br> (b)<br>| 0.0303 | &nbsp;&nbsp; (0.0303)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0303)<br>|
| Year Ended February 29, 2024 | 1.0002 | 0.0321 | &nbsp;&nbsp; (0.0001)<br>| 0.0320 | &nbsp;&nbsp; (0.0321)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0321)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0147 | &nbsp;&nbsp; —<br> (b)<br>| 0.0147 | &nbsp;&nbsp; (0.0147)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0148)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0002 | &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0002)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0002 | 0.0240 | &nbsp;&nbsp; —<br> (b)<br>| 0.0240 | &nbsp;&nbsp; (0.0240)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0240)<br>|
| Year Ended February 28, 2025 | 1.0002 | 0.0296 | &nbsp;&nbsp; —<br> (b)<br>| 0.0296 | &nbsp;&nbsp; (0.0296)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0296)<br>|
| Year Ended February 29, 2024 | 1.0002 | 0.0315 | &nbsp;&nbsp; —<br> (b)<br>| 0.0315 | &nbsp;&nbsp; (0.0315)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0315)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0141 | &nbsp;&nbsp; —<br> (b)<br>| 0.0141 | &nbsp;&nbsp; (0.0141)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0142)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0001 | &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0001)<br>|

---

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

(a) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(b) Amount rounds to less than $0.00005.

(c) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.16<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.09<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.07<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

134 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2207857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1265816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 135

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Liquid Assets Money Market Fund** |  |  |  |  |  |
| **Agency** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |
| **Capital** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |
| **Institutional Class** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |
| **Investor** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |
| **Morgan** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |
| **Premier** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

136 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5144787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4526502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3878930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3045257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21867399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18445351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14970998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9633984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1804197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13115741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11374169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10258535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8277974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1763092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9420596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9061560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7101838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2177582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35046308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32834680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25760284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12312271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 137

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Liquid Assets Money Market Fund (continued)** |  |  |  |  |  |
| **Reserve** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.09<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.03<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.05<br> %<br>|
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.32<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.42<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.28<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.53<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

138 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 139

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Securities Lending Money Market Fund\*** |  |  |  |  |  |  |  |
| **Agency SL** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04<br> (b)<br>| &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05<br> (b)<br>| &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.0004 | 0.0537 | &nbsp;&nbsp; (0.0001)<br>| 0.0536 | &nbsp;&nbsp; (0.0537)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0537)<br>|
| Year Ended February 28, 2023 | 0.9996 | 0.0241 | 0.0008 | 0.0249 | &nbsp;&nbsp; (0.0241)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0241)<br>|
| Year Ended February 28, 2022 | 1.0001 | 0.0010 | &nbsp;&nbsp; (0.0005)<br>| 0.0005 | &nbsp;&nbsp; (0.0010)<br>| &nbsp;&nbsp; —(d)<br>| &nbsp;&nbsp; (0.0010)<br>|

---

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

\* The JPMorgan Securities Lending Money Market Fund began utilizing a stable $1.00 share price calculated to two decimal places on September 3, 2024. See Note 1. 

(a) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.005.

(d) Amount rounds to less than $0.00005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

140 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3000138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2516563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2071723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 141

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan U.S. Government Money Market Fund** |  |  |  |  |  |
| **Academy** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(e)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Agency** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Capital** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Digital** |  |  |  |  |  |
| October 30, 2025 (g) through February 28, 2026 | 1.00 | 0.01 | &nbsp;&nbsp; —(e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>|
| **Empower** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **IM** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Institutional Class** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Investor** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

142 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3659063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6517448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7529994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4267302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10734174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15872317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16040283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15084344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10098820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8485249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205400661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182085385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160954781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119811381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166488233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11041706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9398144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7799631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5393885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4160732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18012835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11457218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8449005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9457598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10046645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44298496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44065112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41207185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29664717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27455761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3556639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2056169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2406713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 143

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan U.S. Government Money Market Fund (continued)** |  |  |  |  |  |
| **Morgan** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(e)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Premier** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Reserve** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Service** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.03 | &nbsp;&nbsp; —(e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Amount rounds to less than $0.005.

(f) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.13<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.02<br> %<br>| 0.20<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.13<br> %<br>|
| Empower | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.13<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.09<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.15<br> %<br>|
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.41<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.04<br> %<br>| 0.51<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.37<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.11<br> %<br>| 0.61<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.16<br> %<br>| 0.96<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) Commencement of offering of class of shares.

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

&nbsp;&nbsp;&nbsp;&nbsp;(h) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

144 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17045399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14753566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7815291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4027309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20979596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16363800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13503049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6543879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2846123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3350896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7409330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |

---

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 145

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan U.S. Treasury Plus Money Market Fund** |  |  |  |  |  |
| **Academy** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Agency** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Capital** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Empower** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **IM** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Investor** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

146 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $232632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2124743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3805917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3093782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2614882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1745265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31417389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19199227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14599378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12166783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10784903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11902124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13437078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11726034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8222799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7963115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5187294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4304404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3596110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 147

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan U.S. Treasury Plus Money Market Fund (continued)** |  |  |  |  |  |
| **Premier** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Reserve** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03<br> %<br>| 0.14<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.20<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.12<br> %<br>|
| Empower | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.13<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.09<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.15<br> %<br>|
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.42<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.52<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03<br> %<br>| 0.38<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.08<br> %<br>| 0.61<br> %<br>|

---

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

(e) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

148 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4118889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5187580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4814054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2659992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2032795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1232544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 149

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Federal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.20<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.16<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.53<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.39<br> %<br>|

---

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

(e) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

150 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $534067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4840916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5247575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3070971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2181640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2382844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1932661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 151

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan 100% U.S. Treasury Securities Money Market Fund** |  |  |  |  |  |  |  |
| **Academy** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Capital** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Empower** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **IM** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

152 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $448734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18469930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16496183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13673580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5528371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3173164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174351607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128683730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95150995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47631670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57422062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1413074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76408402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68101333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50823877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28965801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23076533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7349223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6859226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4573844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2329156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2206039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22397035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20769262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16347175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5755805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1947356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 153

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan 100% U.S. Treasury Securities Money Market Fund** <br> **(continued)**<br>|  |  |  |  |  |  |  |
| **Reserve** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.21<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>|
| Empower | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.13<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.14<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.16<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.05<br> %<br>| 0.52<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.38<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.09<br> %<br>| 0.62<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

154 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1256324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1598274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1422097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3821500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 155

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Tax Free Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Reserve** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.16<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.12<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.49<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.33<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.07<br> %<br>| 0.59<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

156 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $399034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8247761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9073540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7769137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8190503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5135738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1220261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1807835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 157

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Municipal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $(0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Service** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.13<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.09<br> %<br>|
| Morgan | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.46<br> %<br>|
| Premier | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.32<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.19<br> %<br>| 0.92<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

158 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $210681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1494076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 159

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan California Municipal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Service** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; (0.01)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.14<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.49<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.36<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.21<br> %<br>| 0.95<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

160 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 161

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan New York Municipal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.03 | &nbsp;&nbsp; (0.01)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Reserve** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Service** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.14<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.09<br> %<br>|
| Morgan | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.46<br> %<br>|
| Premier | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.33<br> %<br>|
| Reserve | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.06<br> %<br>| 0.58<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.20<br> %<br>| 0.92<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

162 J.P. Morgan Money Market Funds February 28, 2026

------

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $166446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1333636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1580890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1780316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Money Market Funds 163

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**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026

(Dollar values in thousands)

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

**1. Organization**

JPMorgan Trust I ("JPM I"), JPMorgan Trust II ("JPM II") and JPMorgan Trust IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 12 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Prime Money Market Fund | &nbsp;&nbsp; Academy, Agency, Capital, Empower, IM, <br> Institutional Class, Morgan, Premier and Reserve<br>| JPM I | Diversified |
| JPMorgan Institutional Tax Free Money Market Fund | Agency, Capital, IM and Institutional Class | JPM IV | Diversified |
| JPMorgan Liquid Assets Money Market Fund | &nbsp;&nbsp; Agency, Capital, Institutional Class, Investor, <br> Morgan, Premier and Reserve<br>| JPM II | Diversified |
| JPMorgan Securities Lending Money Market Fund | Agency SL | JPM IV | Diversified |
| JPMorgan U.S. Government Money Market Fund | &nbsp;&nbsp; Academy, Agency, Capital, Digital<sup>(1)</sup>, Empower, IM, <br> Institutional Class, Investor, Morgan, Premier, <br> Reserve and Service<br>| JPM II | Diversified |
| JPMorgan U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp; Academy, Agency, Capital, Empower, IM, <br> Institutional Class, Investor, Morgan, Premier and <br> Reserve<br>| JPM II | Diversified |
| JPMorgan Federal Money Market Fund | Agency, Institutional Class, Morgan and Premier | JPM I | Diversified |
| JPMorgan 100% U.S. Treasury Securities Money <br> Market Fund<br>| &nbsp;&nbsp; Academy, Agency, Capital, Empower, IM, <br> Institutional Class, Morgan, Premier and Reserve<br>| JPM I | Diversified |
| JPMorgan Tax Free Money Market Fund | &nbsp;&nbsp; Agency, Institutional Class, Morgan, Premier and <br> Reserve<br>| JPM I | Diversified |
| JPMorgan Municipal Money Market Fund | &nbsp;&nbsp; Agency, Institutional Class, Morgan, Premier and <br> Service<br>| JPM II | Diversified |
| JPMorgan California Municipal Money Market Fund | &nbsp;&nbsp; Agency, Institutional Class, Morgan, Premier and <br> Service<br>| JPM I | Diversified |
| JPMorgan New York Municipal Money Market Fund | &nbsp;&nbsp; Agency, Institutional Class, Morgan, Premier, <br> Reserve and Service<br>| JPM I | Diversified |

---

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

 <br> <sup>(1)</sup> Class commenced operations on October 30, 2025.

The investment objective of JPMorgan Prime Money Market Fund ("Prime Money Market Fund") is to seek current income while maintaining liquidity and a low volatility of principal.

The investment objective of JPMorgan Institutional Tax Free Money Market Fund ("Institutional Tax Free Money Market Fund") is to seek to provide current income that is exempt from federal personal income taxes, while maintaining liquidity and a low volatility of principal.

The investment objective of JPMorgan Liquid Assets Money Market Fund ("Liquid Assets Money Market Fund") and JPMorgan U.S. Treasury Plus Money Market Fund ("U.S. Treasury Plus Money Market Fund") is to seek current income with liquidity and stability of principal.

The investment objective of JPMorgan U.S. Government Money Market Fund ("U.S. Government Money Market Fund") is to seek high current income with liquidity and stability of principal.

The investment objective of JPMorgan Federal Money Market Fund ("Federal Money Market Fund") is to aim to provide current income while maintaining liquidity and stability of principal.

The investment objective of JPMorgan 100% U.S. Treasury Securities Money Market Fund ("100% U.S. Treasury Securities Money Market Fund") and JPMorgan Securities Lending Money Market Fund ("Securities Lending Money Market Fund") is to seek to provide current income while maintaining liquidity and stability of principal.

The investment objective of JPMorgan Tax Free Money Market Fund ("Tax Free Money Market Fund") is to seek to provide current income that is exempt from federal personal income taxes while maintaining liquidity and stability of principal.

The investment objective of JPMorgan Municipal Money Market Fund ("Municipal Money Market Fund") is to seek as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.

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164 J.P. Morgan Money Market Funds February 28, 2026

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The investment objective of JPMorgan California Municipal Money Market Fund ("California Municipal Money Market Fund") is to seek to provide current income that is exempt from federal and California personal income taxes, while maintaining liquidity and stability of principal.

The investment objective of JPMorgan New York Municipal Money Market Fund ("New York Municipal Money Market Fund") is to seek to provide current income that is exempt from federal, New York State and New York City personal income taxes, while maintaining liquidity and stability of principal.

Liquid Assets Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund seek to qualify as retail money market funds in accordance with criteria established by the Securities and Exchange Commission ("SEC"). Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.

Prime Money Market Fund and Institutional Tax Free Money Market Fund do not seek to qualify as a retail or government money market fund and transact utilizing a floating net asset value ("NAV") calculated to four decimal places. Prior to September 3, 2024, Securities Lending Money Market Fund did not seek to qualify as a retail or government money market fund and transacted utilizing a floating NAV calculated to four decimal places.

U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Federal Money Market Fund, Securities Lending Money Market Fund (effective September 3, 2024) and 100% U.S. Treasury Securities Money Market Fund seek to qualify as government money market funds in accordance with criteria established by the SEC. Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.

All share classes of California Municipal Money Market Fund and New York Municipal Money Market Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of California Municipal Money Market Fund and New York Municipal Money Market Fund unless they meet certain requirements as described in the Funds' prospectuses.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met, with the exception of the Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund (prior to September 3, 2024).

The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Fund would receive if it sold the security. The market value of securities in the Funds can generally be expected to vary inversely with changes in prevailing interest rates. Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations.

Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. 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 Funds. 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. This also includes monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based NAV of the Funds. 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 Boards.

For Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund (prior to September 3, 2024), fixed income instruments for which market quotations are not readily available are fair valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"). The Pricing Services use multiple valuation

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

February 28, 2026 J.P. Morgan Money Market Funds 165

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**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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 Funds' 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 securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Funds' own 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 securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Prime Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $99521519 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $99521519 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Tax Free Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2937514 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2937514 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liquid Assets Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $83093507 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $83093507 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Securities Lending Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3010292 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3010292 |

---

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

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

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

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

166 J.P. Morgan Money Market Funds February 28, 2026

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---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $325781513 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $325781513 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Plus Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $56525741 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $56525741 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Federal Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8015270 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8015270 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **100% U.S. Treasury Securities Money Market** <br> **Fund** <br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $310789041 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $310789041 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax Free Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10415299 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10415299 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2740350 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2740350 |

---

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

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

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

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

February 28, 2026 J.P. Morgan Money Market Funds 167

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **California Municipal Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $221990 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $221990 |

---

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New York Municipal Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1742091 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1742091 |

---

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

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

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of February 28, 2026, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. Repurchase Agreements**— Prime Money Market Fund, Institutional Tax Free Money Market Fund, Securities Lending Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund and New York Municipal Money Market Fund may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, or in segregated accounts maintained by an unaffiliated third-party custodian. Securities Lending Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund or their affiliates may transfer uninvested cash into joint accounts, which are utilized by multiple accounts or funds managed by the Adviser or its affiliates, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements' counterparties and collateral (collateral may also be held overnight in segregated custodial sub-accounts established in the name of each participating Fund).

The Funds' repurchase agreements are not subject to master netting arrangements.

**D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund and New York Municipal Money Market Fund purchased when-issued securities, including To-Be-Announced ("TBA") securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2026, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2026 are detailed on the SOIs, if any.

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

168 J.P. Morgan Money Market Funds February 28, 2026

------

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

**E. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

**F. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 28, 2026, are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Prime** <br>**Money** <br>**Market** <br>**Fund**<br>| **Institutional** <br>**Tax Free** <br>**Money** <br>**Market** <br>**Fund**<br>| **Liquid** <br>**Assets** <br>**Money** <br>**Market** <br>**Fund**<br>| **Securities** <br>**Lending** <br>**Money** <br>**Market** <br>**Fund**<br>| **U.S.** <br>**Government** <br>**Money** <br>**Market** <br>**Fund**<br>| **U.S.** <br>**Treasury** <br>**Plus** <br>**Money** <br>**Market** <br>**Fund**<br>| **Federal** <br>**Money** <br>**Market** <br>**Fund**<br>| **100%** <br>**U.S.** <br>**Treasury** <br>**Securities** <br>**Money** <br>**Market** <br>**Fund**<br>| **Tax** <br>**Free** <br>**Money** <br>**Market** <br>**Fund**<br>| **Municipal** <br>**Money** <br>**Market** <br>**Fund**<br>| **California** <br>**Municipal** <br>**Money** <br>**Market** <br>**Fund**<br>| **New York** <br>**Municipal** <br>**Money** <br>**Market** <br>**Fund**<br>|
| Academy | $36 | n/a | n/a | n/a | $42 | $9 | n/a | $5 | n/a | n/a | n/a | n/a |
| Agency | 68 | $26 | $71 | n/a | 191 | 38 | $7 | 191 | $5 | $3 | $1 | $2 |
| Agency SL | n/a | n/a | n/a | $7 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Capital | 501 | 30 | 196 | n/a | 2372 | 236 | n/a | 1438 | n/a | n/a | n/a | n/a |
| Digital | n/a | n/a | n/a | n/a | 2 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Empower | 33 | n/a | n/a | n/a | 107 | 3 | n/a | 13 | n/a | n/a | n/a | n/a |
| IM | 141 | 36 | n/a | n/a | 105 | 1 | n/a | 1 | n/a | n/a | n/a | n/a |
| Institutional Class | 223 | 30 | 148 | n/a | 484 | 174 | 59 | 726 | 87 | 19 | 2 | 13 |
| Investor | n/a | n/a | 1 | n/a | 36 | —<br> (a)<br>| n/a | n/a | n/a | n/a | n/a | n/a |
| Morgan | 255 | n/a | 229 | n/a | 253 | 85 | 26 | 236 | 11 | 7 | 3 | 19 |
| Premier | 73 | n/a | 327 | n/a | 197 | 59 | 26 | 249 | 17 | 9 | 2 | 4 |
| Reserve | 29 | n/a | 4 | n/a | 1 | 8 | n/a | 11 | 5 | n/a | n/a | —<br> (a)<br>|
| Service | n/a | n/a | n/a | n/a | 3 | n/a | n/a | n/a | n/a | 1 | —<br> (a)<br>| —<br> (a)<br>|
| **Total** | $1359 | $122 | $976 | $7 | $3793 | $613 | $118 | $2870 | $125 | $39 | $8 | $38 |

---

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

(a) Amount rounds to less than one thousand.

**G. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of February 28, 2026, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

For the year ended February 28, 2026, the Funds did not pay any significant foreign, federal or state and local income taxes.

**H. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared daily and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

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

February 28, 2026 J.P. Morgan Money Market Funds 169

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $154 | &nbsp;&nbsp;&nbsp;&nbsp; $(154)<br>|
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; (198)<br>|
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments.

**I. Segment Reporting** — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**J. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds' net assets or results of operations.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.08% of each Fund's respective average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.07% of the first $150 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement, plus 0.05% of the average daily net assets between $150 billion and $300 billion, plus 0.03% of the average daily net assets between $300 billion and $400 billion, plus 0.01% of the average daily net assets in excess of $400 billion. For the year ended February 28, 2026, the effective rate was 0.04% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMCB serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Boards have adopted a Distribution Plan (the "Distribution Plan") for Morgan, Reserve and Service Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Academy, Agency, Agency SL, Capital, Empower, IM, Institutional Class, Investor and Premier Shares of the Funds do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Morgan** | **Reserve** | **Service** |
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

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

170 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Morgan** | **Reserve** | **Service** |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |

---

JPMDS waived distribution fees as outlined in Note 3.F.

In addition, JPMDS is entitled to receive the CDSC from redemptions of Morgan and Reserve Shares. For the year ended February 28, 2026, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

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

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Agency SL and IM Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Academy** | **Agency** | **Capital** | **Digital** | **Empower** | &nbsp;&nbsp;&nbsp; **Institutional** <br>**Class**<br>|
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor** | **Morgan** | **Premier** | **Reserve** | **Service** |
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |

---

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

February 28, 2026 J.P. Morgan Money Market Funds 171

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

**F. Waivers and Reimbursements**— The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds except IM Shares of Prime Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund and 100% U.S. Treasury Securities Money Market Fund, to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Academy** | **Agency** | **Agency SL** | **Capital** | **Digital** | **Empower** |
| Prime Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>|
| Institutional Tax Free Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Liquid Assets Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Securities Lending Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Government Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| U.S. Treasury Plus Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Federal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 100% U.S. Treasury Securities Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Tax Free Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| California Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| New York Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **IM** | **Institutional** | **Investor** | **Morgan** | **Premier** | **Reserve** | **Service** |
| Prime Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Institutional Tax Free Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Liquid Assets Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Securities Lending Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Government Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| U.S. Treasury Plus Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Federal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 100% U.S. Treasury Securities Money <br> Market Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Tax Free Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| California Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| New York Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |

---

The expense limitation agreements were in effect for the year ended February 28, 2026 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2026. In addition, the Funds' service providers have voluntarily waived fees during the year ended February 28, 2026. However, the Funds' service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

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

172 J.P. Morgan Money Market Funds February 28, 2026

------

Effective November 1, 2024, the Adviser contractually agreed to waive 0.01% of its advisory fee on the 100% U.S. Treasury Money Market Fund's average daily assets in excess of $200 billion and contractually waive 0.01% of its advisory fee on the U.S. Government Money Market Fund's average daily assets in excess of $250 billion. These waivers are in effect through November 1, 2026, at which time it will be determined whether such waiver will be renewed or revised.

For the year ended February 28, 2026, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Prime Money Market Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1471 | &nbsp;&nbsp; $1471 | &nbsp;&nbsp; $19 |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 233 | &nbsp;&nbsp; — |
| Liquid Assets Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; — |
| Securities Lending Money Market Fund | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1581 | &nbsp;&nbsp; 30 |
| U.S. Government Money Market Fund | &nbsp;&nbsp; 6391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4089 | &nbsp;&nbsp; 10480 | &nbsp;&nbsp; — |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; — |
| Federal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 647 | &nbsp;&nbsp; 647 | &nbsp;&nbsp; — |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp; 6275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6128 | &nbsp;&nbsp; 12403 | &nbsp;&nbsp; — |
| Tax Free Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 877 | &nbsp;&nbsp; — |
| Municipal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 483 | &nbsp;&nbsp; —<br> (a)<br>|
| California Municipal Money Market Fund | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; —<br> (a)<br>|
| New York Municipal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; — |

---

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

(a) Amount rounds to less than one thousand.

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Voluntary Waivers** | **Voluntary Waivers** |  |
|  | **Investment** <br>**Advisory** <br>**Fees**<br>| **Administration** <br>**Fees**<br>| **Total** |
| Municipal Money Market Fund | &nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp; $—<br> (a)<br>|
| New York Municipal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; —<br> (a)<br>|

---

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

(a) Amount rounds to less than one thousand.

**G. Other**— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

Certain Funds earn interest on certain uninvested cash balances held at the custodian, which is included in the Interest income from affiliates on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Boards' independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended February 28, 2026, Tax Free Money Market Fund and California Municipal Money Market Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The Funds are permitted to effect purchase and sale transactions with affiliated Funds under procedures adopted by the Boards. The procedures have been designed to seek to ensure that any such security transaction complies with certain conditions of Rule 17a-7 under the 1940 Act. Further,

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

February 28, 2026 J.P. Morgan Money Market Funds 173

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2026, the Funds below engaged in such transactions in the following amounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized Gain (Loss)** |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3118258 | &nbsp;&nbsp;&nbsp;&nbsp; $1900756 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 316465 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3067876 | &nbsp;&nbsp;&nbsp;&nbsp; 3258856 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1103717 | &nbsp;&nbsp;&nbsp;&nbsp; 2197848 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 110657 | &nbsp;&nbsp;&nbsp;&nbsp; 205046 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1397770 | &nbsp;&nbsp;&nbsp;&nbsp; 1552239 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**4. Class-Specific Expenses** 

The Funds' class specific gross expenses for the year ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Distribution** | **Service** |
| **Prime Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $502 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4574 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24644 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17974 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2154 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8578 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp; $58774 |
| **Institutional Tax Free Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $102 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $705 |
| **Liquid Assets Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7089 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10057 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11859 |
| Investor | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 9435 | &nbsp;&nbsp;&nbsp;&nbsp; 33024 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105021 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $9477 | &nbsp;&nbsp;&nbsp;&nbsp; $167132 |
| **U.S. Government Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2191 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24828 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94921 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5154 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42465 |
| Investor | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11157 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 15524 | &nbsp;&nbsp;&nbsp;&nbsp; 54341 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55891 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $16449 | &nbsp;&nbsp;&nbsp;&nbsp; $291470 |

---

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

174 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
|  | **Distribution** | **Service** |
| **U.S. Treasury Plus Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $149 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5149 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11485 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14754 |
| Investor | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 4871 | &nbsp;&nbsp;&nbsp;&nbsp; 17050 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14738 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 1412 | &nbsp;&nbsp;&nbsp;&nbsp; 1694 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $6283 | &nbsp;&nbsp;&nbsp;&nbsp; $65176 |
| **Federal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $905 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5099 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $375 | &nbsp;&nbsp;&nbsp;&nbsp; $14177 |
| **100% U.S. Treasury Securities Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $174 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26202 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72421 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 512 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69187 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 7007 | &nbsp;&nbsp;&nbsp;&nbsp; 24524 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64916 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 2786 | &nbsp;&nbsp;&nbsp;&nbsp; 3344 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $9793 | &nbsp;&nbsp;&nbsp;&nbsp; $261280 |
| **Tax Free Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $576 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8876 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3837 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $1549 | &nbsp;&nbsp;&nbsp;&nbsp; $15356 |
| **Municipal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $284 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1809 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2042 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp;&nbsp; $4461 |
| **California Municipal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp;&nbsp; $442 |

---

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

February 28, 2026 J.P. Morgan Money Market Funds 175

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | |
|:---|:---|:---|
|  | **Distribution** | **Service** |
| **New York Municipal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $296 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1363 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 768 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $48 | &nbsp;&nbsp;&nbsp;&nbsp; $2586 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated tax cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2026 generally equals their book cost and unrealized appreciation (depreciation) in value of investments.

The tax character of distributions paid during the year ended February 28, 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3642647 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3642647 |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60832 | &nbsp;&nbsp;&nbsp;&nbsp; 61123 |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3214112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3214112 |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 78305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78305 |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12409241 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12409241 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2042788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2042788 |
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 323191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323191 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10263959 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10263959 |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 274264 | &nbsp;&nbsp;&nbsp;&nbsp; 274856 |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 68277 | &nbsp;&nbsp;&nbsp;&nbsp; 68516 |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5781 | &nbsp;&nbsp;&nbsp;&nbsp; 5825 |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 45933 | &nbsp;&nbsp;&nbsp;&nbsp; 45996 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

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

176 J.P. Morgan Money Market Funds February 28, 2026

------

The tax character of distributions paid during the year ended February 28, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $4194148 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4194148 |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51816 | &nbsp;&nbsp;&nbsp;&nbsp; 51999 |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3259352 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3259352 |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 67152 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67152 |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13115669 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13115669 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2019717 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2019717 |
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 364067 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 364067 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9847387 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9847387 |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 483 | &nbsp;&nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 321536 | &nbsp;&nbsp;&nbsp;&nbsp; 322029 |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63247 | &nbsp;&nbsp;&nbsp;&nbsp; 63333 |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10515 | &nbsp;&nbsp;&nbsp;&nbsp; 10544 |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67982 | &nbsp;&nbsp;&nbsp;&nbsp; 68122 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of February 28, 2026, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $184426 | &nbsp;&nbsp;&nbsp;&nbsp; $(5633)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7873 |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 4832 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 86086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7055 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 553716 | &nbsp;&nbsp;&nbsp;&nbsp; (56728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 85512 | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 11415 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 630865 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp; 14899 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3003 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

(a) Amount rounds to less than one thousand.

The cumulative timing differences primarily consist of dividends payable.

As of February 28, 2026, the following Funds had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $5633 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 55697 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

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

February 28, 2026 J.P. Morgan Money Market Funds 177

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

During the year ended February 28, 2026, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $423 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13880 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2377 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

As of February 28, 2026, the Funds had no borrowings outstanding from another fund or loans outstanding to another fund. Average loans made to another fund under the Facility for the year ended February 28, 2026, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Average** <br>**Loans**<br>| &nbsp;&nbsp;&nbsp; **Number of** <br>**Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp; **Interest** <br>**Earned**<br>|
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $44897 | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; $449 |

---

Interest earned as a result of lending money to another fund for the year ended February 28, 2026, if any, is included in Income from interfund lending (net) on the Statements of Operations.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2026.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

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

178 J.P. Morgan Money Market Funds February 28, 2026

------

As of February 28, 2026, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Prime Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 58.0<br> %<br>|
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;97.5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Liquid Assets Money Market Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;53.7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;42.7 |
| Securities Lending Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;100.0 |
| U.S. Government Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;39.0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;36.4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;25.6 |
| Federal Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;51.2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;17.7 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;60.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax Free Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;44.9 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;41.5 |
| Municipal Money Market Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;73.6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;15.7 |
| California Municipal Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;71.5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;17.1 |
| New York Municipal Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;95.2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. California Municipal Money Market Fund and New York Municipal Money Market Fund primarily invest in issuers in the states of California and New York, respectively. An issuer's ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers' ratings and the Funds' ability to collect principal and interest, in the event of an issuer's default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

The profitability of banks depends largely on the availability and cost of funds, which can change depending upon economic conditions. Banks are also exposed to losses if borrowers cannot repay their loans.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

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

February 28, 2026 J.P. Morgan Money Market Funds 179

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of February 28, 2026, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Prime** <br>**Money** <br>**Market** <br>**Fund**<br>| **Liquid** <br>**Assets** <br>**Money** <br>**Market** <br>**Fund**<br>| **Securities** <br>**Lending** <br>**Money** <br>**Market** <br>**Fund**<br>|
| France | 13.4<br> %<br>| 11.6<br> %<br>| 15.8<br> %<br>|

---

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

180 J.P. Morgan Money Market Funds February 28, 2026

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Prime Money Market Fund, JPMorgan Institutional Tax Free Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan Securities Lending Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Prime Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund (six of the funds constituting JPMorgan Trust I), JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund and JPMorgan Municipal Money Market Fund (four of the funds constituting JPMorgan Trust II) and JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending Money Market Fund (two of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 29, 2026

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

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

February 28, 2026 J.P. Morgan Money Market Funds 181

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended February 28, 2026. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2026. The information necessary to complete your income tax returns for the calendar year ending December 31, 2026 will be provided under separate cover.

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan Tax Free Money Market Fund | &nbsp;&nbsp; $104 |
| JPMorgan Municipal Money Market Fund | &nbsp;&nbsp; 15 |
| JPMorgan California Municipal Money Market Fund | &nbsp;&nbsp; 5 |
| JPMorgan New York Municipal Money Market Fund | &nbsp;&nbsp; 7 |

---

**Qualified Interest Income (QII) and Short-Term Capital Gain**

Each Fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Interest** <br>**Income**<br>|
| JPMorgan Prime Money Market Fund | &nbsp;&nbsp; $2121886 |
| JPMorgan Liquid Assets Money Market Fund | &nbsp;&nbsp; 1771785 |
| JPMorgan U.S. Government Money Market Fund | &nbsp;&nbsp; 12409241 |
| JPMorgan U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp; 2042789 |
| JPMorgan Federal Money Market Fund | &nbsp;&nbsp; 323088 |
| JPMorgan 100% U.S. Treasury Securities Money <br> Market Fund<br>| &nbsp;&nbsp; 10263959 |

---

**Tax Exempt Income**

Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Exempt** <br>**Distributions** <br>**Paid**<br>|
| JPMorgan Institutional Tax Free Money Market Fund | &nbsp;&nbsp; $60832 |
| JPMorgan Tax Free Money Market Fund | &nbsp;&nbsp; 274264 |
| JPMorgan Municipal Money Market Fund | &nbsp;&nbsp; 68277 |
| JPMorgan California Municipal Money Market Fund | &nbsp;&nbsp; 5781 |
| JPMorgan New York Municipal Money Market Fund | &nbsp;&nbsp; 45933 |

---

**Treasury Income**

Each Fund listed below had the following percentage, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Income from** <br>**U.S. Treasury** <br>**Obligations**<br>|
| JPMorgan Prime Money Market Fund | 2.8<br> %<br>|
| JPMorgan Liquid Assets Money Market Fund | 2.2 |
| JPMorgan Securities Lending Money Market Fund | 10.4 |
| JPMorgan U.S. Government Money Market Fund | 37.7 |
| JPMorgan U.S. Treasury Plus Money Market Fund | 53.3 |
| JPMorgan Federal Money Market Fund | 63.9 |
| JPMorgan 100% U.S. Treasury Securities Money <br> Market Fund<br>| 97.2 |

---

**Interest Dividends**

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible to be treated as 163(j) interest dividends for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Interest Dividends** |
| JPMorgan Prime Money Market Fund | 99.2<br> %<br>|
| JPMorgan Liquid Assets Money Market Fund | 99.6 |
| JPMorgan Securities Lending Money Market Fund | 100.0 |
| JPMorgan U.S. Government Money Market Fund | 100.0 |
| JPMorgan U.S. Treasury Plus Money Market Fund | 100.0 |
| JPMorgan Federal Money Market Fund | 99.9 |
| JPMorgan 100% U.S. Treasury Securities Money <br> Market Fund<br>| 100.0 |

---

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

182 J.P. Morgan Money Market Funds February 28, 2026

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g48014imgf7f7b57e2.jpg)

------

![](g48014img6eef6a563.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2026. All rights reserved. February 2026.

AN-MMKT-226

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

Annual Financial Statements

J.P. Morgan Municipal Bond Funds

February 28, 2026

---

| |
|:---|
| JPMorgan California Tax Free Bond Fund |
| JPMorgan New York Tax Free Bond Fund |
| JPMorgan Short-Intermediate Municipal Bond Fund |
| JPMorgan Tax Free Bond Fund |
| JPMorgan Ultra-Short Municipal Fund |

---

![](g117677img6ab5003e1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_SOI-TOC-ScheduleofInvestments-758_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_FS-TOC-FinancialStatement-758_1) | &nbsp;&nbsp; **64** |
| [Financial Highlights](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_FIHI-TOC-FinancialHighlights-758_1) | &nbsp;&nbsp; **80** |
| [Notes to Financial Statements](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_NTF-NTFRunningFooter-758_1) | &nbsp;&nbsp; **90** |
| [Report of Independent Registered Public Accounting Firm](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_AUD-TOC-AuditorsReport-758_1) | &nbsp;&nbsp; **105** |
| [Tax Letter](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_TL-TAXLETTERCC-758_1) | &nbsp;&nbsp; **106** |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

Prospective investors should refer to the Funds' prospectuses for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal** <br>**Amount** <br>**($000)**<br>| <br> **Value** <br>**($000)**<br>|
| **Municipal Bonds—91.8%** (a) | **Municipal Bonds—91.8%** (a) | **Municipal Bonds—91.8%** (a) |
| **Alabama—2.0%** | **Alabama—2.0%** | **Alabama—2.0%** |
| **Industrial Development Revenue/Pollution Control Revenue—0.2%** | **Industrial Development Revenue/Pollution Control Revenue—0.2%** | **Industrial Development Revenue/Pollution Control Revenue—0.2%** |
| Baldwin County Industrial Development Authority, <br> Novelis Corp., Project<br>|  |  |
| Series 2026 A, Rev., AMT, 4.30%, 3/6/2026 (b) (c) | 115 | 116 |
| Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c) | 1000 | 1047 |
|  |  | 1163 |
| **Utility—1.8%** | **Utility—1.8%** | **Utility—1.8%** |
| Black Belt Energy Gas District, Gas Project Series <br> 2024D, Rev., 5.00%, 11/1/2034 (c)<br>| 3750 | 4137 |
| Energy Southeast A Cooperative District Series 2024B, <br> Rev., 5.25%, 6/1/2032 (c)<br>| 1500 | 1656 |
| Lower Alabama Gas District (The), Gas Project Series <br> 2025A, Rev., 5.00%, 12/1/2033<br>| 1500 | 1612 |
| Southeast Alabama Gas Supply District (The), Project <br> No. 2 Series 2024B, Rev., 5.00%, 5/1/2032 (c)<br>| 1000 | 1092 |
|  |  | 8497 |
| Total Alabama |  | 9660 |
| **California—83.4%** | **California—83.4%** | **California—83.4%** |
| **Certificate of Participation/Lease—1.0%** | **Certificate of Participation/Lease—1.0%** | **Certificate of Participation/Lease—1.0%** |
| City and County of San Francisco, Multiple Capital <br> Improvement Projects Series 2025R-1, COP, 5.00%, <br> 4/1/2041<br>| 2000 | 2331 |
| County of San Diego, County Public Health and Capital <br> Improvement Series 2023, COP, 5.00%, 10/1/2037<br>| 425 | 504 |
| Mount Diablo Unified School District , COP, A.G., 5.00%, <br> 9/1/2031<br>| 1000 | 1153 |
| Placentia-Yorba Linda Unified School District , COP, <br> 5.00%, 10/1/2029<br>| 1000 | 1104 |
|  |  | 5092 |
| **Education—5.7%** | **Education—5.7%** | **Education—5.7%** |
| California Enterprise Development Authority, Riverside <br> County, Rocketship Public Schools-Obligated Group <br> No. 2 Series 2022A, Rev., 4.00%, 6/1/2031 (b)<br>| 1250 | 1260 |
| California Enterprise Development Authority, Rocklin <br> Academy Project Series 2024, Rev., 5.00%, <br> 6/1/2054 (b)<br>| 1250 | 1233 |
| California Infrastructure and Economic Development <br> Bank, California Academy of Science Series 2024A, <br> Rev., 3.25%, 8/1/2029<br>| 3000 | 3074 |
| California Infrastructure and Economic Development <br> Bank, Equitable School Revolving Fund LLC<br>|  |  |
| Series 2024B, Rev., 5.00%, 11/1/2029 | 4400 | 4750 |
| Series 2024B, Rev., 5.00%, 11/1/2041 | 1175 | 1303 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **Education — continued** | **Education — continued** | **Education — continued** |
| California State University, Systemwide Series 2025A, <br> Rev., 5.00%, 11/1/2040<br>| 1000 | 1188 |
| Palmdale Elementary School District |  |  |
| Series 2023, 5.00%, 8/1/2041 | 250 | 283 |
| Series 2023, 4.00%, 8/1/2043 | 1000 | 1015 |
| Series 2023, 5.00%, 8/1/2044 | 800 | 884 |
| University of California |  |  |
| Series 2020BE, Rev., 5.00%, 5/15/2034 | 1065 | 1178 |
| Series 2016AR, Rev., 5.00%, 5/15/2035 | 1500 | 1506 |
| Series 2025CD, Rev., 5.00%, 5/15/2036 | 2000 | 2448 |
| Series 2025CD, Rev., 5.25%, 5/15/2040 | 2000 | 2545 |
| Series 2025CC, Rev., 5.00%, 5/15/2043 | 2975 | 3360 |
| Series 2026CF, Rev., 5.00%, 11/15/2043 (d) | 1500 | 1712 |
|  |  | 27739 |
| **General Obligation—15.9%** | **General Obligation—15.9%** | **General Obligation—15.9%** |
| Alvord Unified School District, 2007 Election Series <br> 2011B, GO, A.G., Zero Coupon, 8/1/2036<br>| 5750 | 4002 |
| Centinela Valley Union High School District , GO, A.G., <br> 5.00%, 8/1/2027 (d)<br>| 2270 | 2353 |
| Chico Unified School District, Election of 2024 Series <br> 2024A, GO, 4.50%, 8/1/2049<br>| 1500 | 1524 |
| Colton Joint Unified School District, Election of 2024 |  |  |
| Series A, GO, Zero Coupon, 8/1/2037 | 1000 | 674 |
| Series A, GO, Zero Coupon, 8/1/2039 | 1075 | 652 |
| Series A, GO, Zero Coupon, 8/1/2044 | 750 | 335 |
| Series A, GO, Zero Coupon, 8/1/2045 | 1000 | 420 |
| Series A, GO, Zero Coupon, 8/1/2046 | 1000 | 393 |
| Cupertino Union School District, Election of 2024 Series <br> A, GO, 5.75%, 8/1/2050<br>| 1000 | 1145 |
| Desert Community College District, Election of 2016 |  |  |
| GO, 5.00%, 8/1/2045 | 2500 | 2798 |
| GO, 4.00%, 8/1/2051 | 4000 | 3890 |
| Desert Sands Unified School District, Election of 2024 , <br> GO, 4.00%, 8/1/2050<br>| 1500 | 1470 |
| Foothill-De Anza Community College District, Election of <br> 2020 Series 2020D, GO, 5.00%, 8/1/2042<br>| 1200 | 1388 |
| Grossmont Healthcare District Series 2025F, GO, <br> 5.00%, 7/15/2040<br>| 3000 | 3509 |
| Long Beach Community College District Series 2025E, <br> GO, 5.00%, 8/1/2046<br>| 1650 | 1821 |
| Los Alamitos Unified School District, School Facilities <br> Improvement District, Election of 2018 Series C, GO, <br> 4.00%, 8/1/2045<br>| 1235 | 1248 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 1

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| Los Angeles Unified School District, Dedicated Unlimited <br> Ad Valorem Property Tax<br>|  |  |
| Series 2023 QRR, GO, 5.25%, 7/1/2040 | 1000 | 1173 |
| Series 2024 QRR, GO, 5.25%, 7/1/2049 | 1000 | 1094 |
| Menlo Park City School District, Capital Appreciation |  |  |
| GO, Zero Coupon, 7/1/2031 | 500 | 407 |
| GO, Zero Coupon, 7/1/2032 | 880 | 686 |
| Modesto High School District, Election of 2022 |  |  |
| Series B, GO, 5.00%, 8/1/2039 | 850 | 1023 |
| Series B, GO, 5.00%, 8/1/2040 | 1000 | 1189 |
| Mount Diablo Unified School District |  |  |
| GO, 5.00%, 8/1/2032 | 750 | 894 |
| GO, 5.00%, 8/1/2033 | 700 | 849 |
| Napa Valley Unified School District, Election of 2006 <br> Series 2010A, GO, Zero Coupon, 8/1/2027<br>| 2000 | 1936 |
| Napa Valley Unified School District, Election of 2024 <br> Series A, GO, 4.50%, 8/1/2055<br>| 1000 | 1010 |
| New Haven Unified School District, Election of 2024 <br> Series A, GO, 4.50%, 8/1/2054<br>| 1000 | 1011 |
| Palo Alto Unified School District, Election of 2008 <br> Series 2008-2, GO, Zero Coupon, 8/1/2026<br>| 1790 | 1775 |
| Redondo Beach Unified School District, Election of 2024 <br> Series 2024A, GO, 4.63%, 8/1/2055<br>| 1000 | 1024 |
| Rio Hondo Community College District, Election of 2024 <br> Series 2025A, GO, 4.38%, 8/1/2055<br>| 1750 | 1756 |
| San Diego Unified School District, Election of 1998 |  |  |
| Series G-1, GO, A.G., 5.25%, 7/1/2028 (e) | 385 | 414 |
| Series G-1, GO, A.G., 5.25%, 7/1/2028 | 2115 | 2290 |
| San Dieguito Union High School District , GO, 5.00%, <br> 8/1/2037<br>| 1700 | 2084 |
| San Francisco Bay Area Rapid Transit District Series <br> 2025E-1, GO, 5.00%, 8/1/2042<br>| 1500 | 1744 |
| San Jose Evergreen Community College District |  |  |
| Series C, GO, 4.00%, 9/1/2041 | 650 | 684 |
| Series C, GO, 4.00%, 9/1/2043 | 1490 | 1537 |
| San Jose Unified School District, Election of 2002 Series <br> C, GO, NATL - RE, Zero Coupon, 6/1/2031<br>| 3035 | 2689 |
| San Mateo County Community College District, Election <br> of 2005<br>|  |  |
| Series A, GO, NATL - RE, Zero Coupon, 9/1/2026 | 1100 | 1088 |
| Series A, GO, NATL - RE, Zero Coupon, 9/1/2029 | 2000 | 1849 |
| Series 2006B, GO, NATL - RE, Zero Coupon, <br> 9/1/2034<br>| 1000 | 799 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| San Mateo Union High School District , GO, 5.00%, <br> 9/1/2028 (d)<br>| 1750 | 1865 |
| South San Francisco Unified School District, Measure J, <br> Dedicated Unlimited Ad Valorem Property Tax Series <br> 2016C, GO, Zero Coupon, 9/1/2028<br>| 1800 | 1678 |
| State of California Series 2024B2, GO, VRDO, 1.03%, <br> 3/11/2026 (c)<br>| 5000 | 5000 |
| State of California, Various Purpose |  |  |
| GO, 5.00%, 8/1/2037 | 820 | 971 |
| GO, 4.00%, 10/1/2041 | 5000 | 5168 |
| Twin Rivers Unified School District Series 2016A, GO, <br> A.G., 4.00%, 2/1/2039 (d)<br>| 1000 | 1075 |
| Ventura Unified School District, Election of 2022 Series <br> 2022B, GO, 4.25%, 8/1/2051<br>| 1000 | 1001 |
| William S Hart Union High School District, Capital <br> Appreciation Election 2001 Series 2005B, GO, A.G., <br> Zero Coupon, 9/1/2029<br>| 2500 | 2288 |
|  |  | 77673 |
| **Hospital—7.4%** | **Hospital—7.4%** | **Hospital—7.4%** |
| California Health Facilities Financing Authority, <br> Adventist Health System<br>|  |  |
| Series 2023B, Rev., VRDO, 1.40%, 3/2/2026 (c) | 4805 | 4805 |
| Series 2016A, Rev., 4.00%, 3/1/2029 | 2165 | 2166 |
| California Health Facilities Financing Authority, <br> Cedars-Sinai Medical Center<br>|  |  |
| Rev., 5.00%, 11/15/2030 | 250 | 251 |
| Rev., 5.00%, 11/15/2032 | 400 | 402 |
| Series 2021A, Rev., 4.00%, 8/15/2048 | 2000 | 1911 |
| California Health Facilities Financing Authority, <br> Children's Hospital of Orange County<br>|  |  |
| Series 2024B, Rev., 5.00%, 5/1/2031 (c) | 1000 | 1138 |
| Series 2024A, Rev., 5.00%, 11/1/2054 | 1500 | 1587 |
| California Health Facilities Financing Authority, EL <br> Camino Health<br>|  |  |
| Series 2025A, Rev., 5.00%, 2/1/2044 | 1000 | 1133 |
| Series 2025A, Rev., 5.25%, 2/1/2048 | 1750 | 1902 |
| California Health Facilities Financing Authority, PIH <br> Health Series 2020A, Rev., 4.00%, 6/1/2050<br>| 1500 | 1352 |
| California Health Facilities Financing Authority, Scripps <br> Health Series 2024B-2, Rev., 5.00%, 2/4/2031 (c)<br>| 1800 | 2021 |
| California Health Facilities Financing Authority, Stanford <br> Health Care Series 2025B, Rev., 5.00%, 8/15/2035<br>| 1120 | 1400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| **Hospital — continued** | **Hospital — continued** | **Hospital — continued** |
| California Health Facilities Financing Authority, Sutter <br> Health<br>|  |  |
| Series 2017A, Rev., 5.00%, 11/15/2034 | 1500 | 1565 |
| Series 2017A, Rev., 4.00%, 11/15/2048 | 1000 | 916 |
| California Public Finance Authority, Health Care <br> Hazelden Betty Ford Foundation Project<br>|  |  |
| Series 2025, Rev., 5.00%, 11/1/2049 | 750 | 768 |
| Series 2025, Rev., 5.00%, 11/1/2054 | 2000 | 2033 |
| California Public Finance Authority, PIH Health Series <br> 2024A, Rev., 5.00%, 6/1/2035<br>| 1790 | 2068 |
| California Statewide Communities Development <br> Authority, John Muir Health<br>|  |  |
| Series 2024E-2, Rev., 5.00%, 10/1/2027 (c) | 675 | 700 |
| Series 2024A, Rev., 5.00%, 12/1/2027 | 450 | 473 |
| Series 2024A, Rev., 5.25%, 12/1/2054 | 1000 | 1069 |
| California Statewide Communities Development <br> Authority, Kaiser Permanente Series 2009C-2, Rev., <br> 5.00%, 11/1/2029 (c)<br>| 2000 | 2201 |
| California Statewide Communities Development <br> Authority, Loma Linda University Medical Center<br>|  |  |
| Series 2016A, Rev., 5.25%, 12/1/2056 (b) | 1000 | 1000 |
| Series 2018A, Rev., 5.50%, 12/1/2058 (b) | 1000 | 1018 |
| Regents of the University of California Medical Center <br> Pooled Series 2022P, Rev., 5.00%, 5/15/2037<br>| 2105 | 2402 |
|  |  | 36281 |
| **Housing—8.1%** | **Housing—8.1%** | **Housing—8.1%** |
| California Enterprise Development Authority, Pamona <br> Properties LLC Project<br>|  |  |
| Series 2024A, Rev., 5.00%, 1/15/2039 | 3220 | 3514 |
| Series 2024A, Rev., 5.00%, 1/15/2045 | 1500 | 1551 |
| California Municipal Finance Authority, Caritas Projects |  |  |
| Series 2024A, Rev., 5.00%, 8/15/2026 | 450 | 455 |
| Series 2024A, Rev., 5.00%, 8/15/2027 | 575 | 595 |
| Series 2024A, Rev., 5.00%, 8/15/2029 | 820 | 885 |
| Series 2024A, Rev., 5.00%, 8/15/2031 | 540 | 602 |
| Series 2024A, Rev., 5.00%, 8/15/2054 | 1000 | 1019 |
| California Municipal Finance Authority, Linxs <br> Apartments Project, Senior Lien Series 2018A, Rev., <br> AMT, 5.00%, 12/31/2028<br>| 1750 | 1830 |
| California Municipal Finance Authority, Martha Gardens <br> Apartments Series 2025A-2, Rev., 3.45%, <br> 12/1/2028 (c)<br>| 1500 | 1530 |
| California Municipal Finance Authority, Multi-Family <br> Housing EL Camino Real , Rev., 2.50%, 3/1/2029 (c)<br>| 1000 | 1000 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **Housing — continued** | **Housing — continued** | **Housing — continued** |
| California Municipal Finance Authority, Multi-Family <br> Housing Palmdale Family Apartments Series 2025 <br> A-1, Rev., 2.95%, 1/1/2028 (c)<br>| 3000 | 3022 |
| California Municipal Finance Authority, Multi-Family <br> Housing The Winslow Series 2025A, Rev., 2.95%, <br> 12/1/2028 (c)<br>| 3000 | 3025 |
| California Municipal Finance Authority, Multi-Family <br> Housing, View At San Bruno Series 2024A-1, Rev., <br> 5.00%, 7/1/2028 (c)<br>| 3000 | 3183 |
| California Municipal Finance Authority, Terracina At <br> Westpark Apartments Series 2024A, Rev., 3.20%, <br> 8/1/2027 (c)<br>| 2500 | 2510 |
| California Statewide Communities Development <br> Authority, Heritage Park Apartments Project Series <br> 2025A, Rev., FNMA COLL, 3.70%, 4/1/2035<br>| 2500 | 2610 |
| California Statewide Communities Development <br> Authority, Sequoia Living Projects Series 2025A, <br> Rev., 5.00%, 7/1/2039<br>| 1735 | 1974 |
| City of San Jose, Multi-Family Housing Parkmoor Series <br> 2023F2, Rev., 5.00%, 6/1/2026 (c)<br>| 2000 | 2012 |
| Los Angeles Housing Authority, Multi Family Housing, <br> Victory BLVD Series 2025A, Rev., 3.00%, <br> 7/1/2029 (c)<br>| 2500 | 2524 |
| Marina Joint Powers Financing Authority, Multi Family <br> Housing Preston Park Apartments , Rev., FNMA COLL, <br> 3.40%, 3/1/2036<br>| 5500 | 5607 |
|  |  | 39448 |
| **Industrial Development Revenue/Pollution Control Revenue—4.8%** | **Industrial Development Revenue/Pollution Control Revenue—4.8%** | **Industrial Development Revenue/Pollution Control Revenue—4.8%** |
| California Infrastructure and Economic Development <br> Bank, Segerstrom Center for the Arts Series 2024, <br> Rev., 5.00%, 1/1/2032<br>| 2000 | 2287 |
| California Infrastructure and Economic Development <br> Bank, The J. Paul Getty Trust Series 2023B, Rev., <br> 5.00%, 10/1/2026 (c)<br>| 3000 | 3032 |
| California Municipal Finance Authority, Republic <br> Services, Inc., Project Series 2024A, Rev., AMT, <br> 3.88%, 3/1/2034 (c)<br>| 2985 | 3004 |
| California Municipal Finance Authority, Waste <br> Management, Inc., Project<br>|  |  |
| Series 2020B, Rev., AMT, 3.85%, 6/1/2026 (c) | 3500 | 3501 |
| Series 2009A, Rev., 3.30%, 2/1/2028 (b) (c) | 2000 | 2016 |
| California Pollution Control Financing Authority, <br> Poseidon Resources Channelside LP Desalination <br> Project , Rev., AMT, 5.00%, 7/1/2035 (b)<br>| 2105 | 2348 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 3

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** |
| California Pollution Control Financing Authority, Solid <br> Waste Disposal, Republic Services, Inc., Project Series <br> 2017A-2, Rev., AMT, 3.25%, 4/15/2026 (b) (c)<br>| 1250 | 1250 |
| Rancho Cucamonga Redevelopment Agency Successor <br> Agency Series 2024, Rev., 5.00%, 9/1/2026<br>| 1000 | 1015 |
| Rialto Public Financing Authority, Police Station Project |  |  |
| Series 2023A, Rev., 5.00%, 6/1/2036 | 450 | 510 |
| Series 2023A, Rev., 5.00%, 6/1/2038 | 400 | 447 |
| Series 2023A, Rev., 5.00%, 6/1/2048 | 2000 | 2083 |
| Santa Cruz County Redevelopment Successor Agency |  |  |
| Series 2025B, Rev., 5.00%, 9/1/2026 | 500 | 507 |
| Series 2025B, Rev., 5.00%, 9/1/2027 | 285 | 298 |
| Series 2025B, Rev., 5.00%, 9/1/2028 | 400 | 430 |
| Series 2025B, Rev., 5.00%, 9/1/2029 | 500 | 551 |
|  |  | 23279 |
| **Other Revenue—11.4%** | **Other Revenue—11.4%** | **Other Revenue—11.4%** |
| California County Tobacco Securitization Agency Series <br> 2006A, Rev., Zero Coupon, 6/1/2046<br>| 3000 | 712 |
| California County Tobacco Securitization Agency, Golden <br> Gate Tobacco Funding Corp. Series A, Rev., 5.00%, <br> 6/1/2047<br>| 1500 | 1435 |
| California County Tobacco Securitization Agency, Los <br> Angeles County Securitization Corp.<br>|  |  |
| Series 2020A, Rev., 5.00%, 6/1/2030 | 1095 | 1178 |
| Series 2020A, Rev., 4.00%, 6/1/2049 | 1150 | 1024 |
| Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | 4000 | 775 |
| California County Tobacco Securitization Agency, <br> Sonoma County Securitization Corp.<br>|  |  |
| Series 2020A, Rev., 4.00%, 6/1/2049 | 1000 | 890 |
| Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | 5250 | 1068 |
| California Municipal Finance Authority |  |  |
| Series 2024A, Rev., 5.00%, 4/1/2026 | 450 | 451 |
| Series 2024A, Rev., 5.00%, 4/1/2027 | 365 | 374 |
| Series 2024A, Rev., 5.00%, 4/1/2028 | 310 | 324 |
| Series 2024A, Rev., 5.00%, 4/1/2029 | 250 | 266 |
| Series 2024A, Rev., 5.00%, 4/1/2030 | 200 | 217 |
| Series 2024A, Rev., 5.00%, 4/1/2031 | 265 | 291 |
| Series 2024A, Rev., 5.00%, 4/1/2032 | 310 | 346 |
| Series 2025-2, Rev., 4.33%, 11/20/2040 (c) | 997 | 1013 |
| Series 2025-1, Rev., 3.54%, 2/20/2041 (c) | 992 | 960 |
| Series 2026A-1, Rev., 4.05%, 7/20/2041 (d) | 1000 | 1011 |
| Series 2024A, Rev., 5.00%, 4/1/2044 | 1415 | 1500 |
| Series 2024A, Rev., 5.00%, 4/1/2054 | 1300 | 1323 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| California Municipal Finance Authority, Eskaton <br> Properties, Inc. Obligated Group<br>|  |  |
| Series 2024, Rev., 5.00%, 11/15/2027 | 1360 | 1408 |
| Series 2024, Rev., 5.00%, 11/15/2044 | 1500 | 1570 |
| California Municipal Finance Authority, Humangood <br> California Obligated Group Series 2025A, Rev., <br> 5.00%, 10/1/2036<br>| 1000 | 1101 |
| California Statewide Communities Development <br> Authority, Southern California Edison Co. Series <br> 2006C, Rev., 4.50%, 11/1/2033<br>| 1100 | 1179 |
| City of Los Angeles , Rev., TRAN, 5.00%, 6/25/2026 | 5000 | 5043 |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement<br>|  |  |
| Series 2021B, Rev., 3.00%, 6/1/2046 | 1580 | 1455 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 22700 | 2420 |
| Imperial Irrigation District Electric System , Rev., <br> 5.00%, 11/1/2043<br>| 1150 | 1311 |
| Jurupa Public Financing Authority Series 2024, A.G., <br> 5.00%, 9/1/2035<br>| 2000 | 2401 |
| Long Beach Bond Finance Authority Series 2007A, Rev., <br> 5.00%, 11/15/2035<br>| 2875 | 3353 |
| Los Angeles County Public Works Financing Authority <br> Series 2022G, Rev., 5.00%, 12/1/2037<br>| 1500 | 1710 |
| Municipal Improvement Corp. of Los Angeles Series <br> 2025A, Rev., 5.00%, 5/1/2044<br>| 1000 | 1113 |
| Municipal Improvement Corp. of Los Angeles, Real <br> Property<br>|  |  |
| Series 2016B, Rev., 4.00%, 11/1/2035 | 2000 | 2010 |
| Series 2023A, Rev., 5.00%, 5/1/2043 | 1000 | 1109 |
| Ontario Public Financing Authority |  |  |
| Series 2025A, Rev., 5.00%, 11/1/2032 | 300 | 358 |
| Series 2025A, Rev., 5.00%, 11/1/2033 | 475 | 577 |
| Series 2026B, Rev., 5.00%, 10/1/2042 | 1000 | 1166 |
| Series 2026B, Rev., 5.00%, 10/1/2043 | 1000 | 1150 |
| Pasadena Public Financing Authority, Rose Bowl <br> Renovation Series 2024, Rev., Zero Coupon, <br> 6/1/2042<br>| 1200 | 616 |
| San Diego Public Facilities Financing Authority |  |  |
| Series 2025A, Rev., 5.00%, 10/15/2042 | 2500 | 2877 |
| Series 2025A, Rev., 5.00%, 10/15/2043 | 2000 | 2272 |
| Tobacco Securitization Authority of Northern California, <br> Sacramento County Tobacco Securitization Corp. <br> Series 2021B-1, Rev., 4.00%, 6/1/2049<br>| 1435 | 1413 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Tobacco Securitization Authority of Southern California, <br> San Diego County Tobacco Asset Securitization Corp.<br>|  |  |
| Series 2019A, Rev., 5.00%, 6/1/2029 | 1035 | 1112 |
| Series 2019A, Rev., 5.00%, 6/1/2037 | 1000 | 1064 |
| Series 2019A, Rev., 5.00%, 6/1/2048 | 1000 | 1011 |
|  |  | 55957 |
| **Prerefunded—1.0%** | **Prerefunded—1.0%** | **Prerefunded—1.0%** |
| Campbell Union High School District, Election of 2016 <br> Series B, GO, 5.00%, 8/1/2026 (e)<br>| 2370 | 2401 |
| State of California Department of Water Resources, <br> Central Valley Project, Water System Series AW, Rev., <br> 5.00%, 12/1/2026 (e)<br>| 2600 | 2661 |
|  |  | 5062 |
| **Transportation—9.9%** | **Transportation—9.9%** | **Transportation—9.9%** |
| Bay Area Toll Authority, Toll Bridge |  |  |
| Series 2024I, Rev., VRDO, 1.57%, 3/2/2026 (c) | 8600 | 8600 |
| Series 2025F-2, Rev., 5.00%, 4/1/2043 | 1295 | 1483 |
| Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign Series 2024B, Rev., AMT, A.G., 4.38%, <br> 7/1/2049<br>| 795 | 778 |
| California Infrastructure and Economic Development <br> Bank, Academy of Motion Picture Series 2023A, Rev., <br> 5.00%, 11/1/2034<br>| 1000 | 1212 |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025B, Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 2740 | 1480 |
| California Municipal Finance Authority, United Airlined, <br> Inc. Los Angeles Internation Airport Projects Series <br> 2019, Rev., AMT, 4.00%, 7/15/2029<br>| 1000 | 1020 |
| City of Los Angeles Department of Airports |  |  |
| Series 2025A, Rev., AMT, 5.00%, 5/15/2027 | 2000 | 2063 |
| Series 2020A, Rev., 5.00%, 5/15/2039 | 2000 | 2178 |
| Series 2022B, Rev., 4.00%, 5/15/2041 | 1755 | 1824 |
| City of Los Angeles Department of Airports, <br> International Airport Subordinate Series 2022G, Rev., <br> AMT, 5.00%, 5/15/2033<br>| 1250 | 1410 |
| Norman Y Mineta San Jose International Airport SJC <br> Series 2021A, Rev., AMT, 5.00%, 3/1/2032<br>| 2000 | 2205 |
| Port of Los Angeles, Harbor Department |  |  |
| Series 2019B, Rev., 5.00%, 8/1/2026 | 3420 | 3462 |
| Series 2024A 1, Rev., AMT, 5.00%, 8/1/2032 | 1000 | 1146 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| San Diego County Regional Airport Authority, Senior <br> Private Activity<br>|  |  |
| Series 2023B, Rev., AMT, 5.25%, 7/1/2037 | 1500 | 1717 |
| Series 2025B, Rev., AMT, 5.25%, 7/1/2045 | 3000 | 3270 |
| San Francisco City and County Airport Commission, San <br> Francisco International Airport Series 2019A, Rev., <br> AMT, 5.00%, 5/1/2037<br>| 1500 | 1589 |
| San Francisco City and County Airport Comm-San <br> Francisco International Airport<br>|  |  |
| Series 2018B, Rev., VRDO, 1.15%, 3/11/2026 (c) | 5000 | 5000 |
| Series 2025D, Rev., AMT, 5.00%, 5/1/2032 | 1800 | 2057 |
| Series 2016B, Rev., AMT, 5.00%, 5/1/2046 | 1750 | 1752 |
| Southern California Logistics Airport Authority, Junior <br> Lien<br>|  |  |
| Series 2025A, Rev., A.G., 5.00%, 12/1/2030 | 615 | 698 |
| Series 2025A, Rev., A.G., 5.00%, 12/1/2031 | 880 | 1020 |
| Series 2025A, Rev., A.G., 5.00%, 12/1/2033 | 745 | 893 |
| Series 2025A, Rev., A.G., 5.00%, 12/1/2035 | 720 | 883 |
| Series 2025A, Rev., A.G., 5.00%, 12/1/2037 | 440 | 529 |
|  |  | 48269 |
| **Utility—9.3%** | **Utility—9.3%** | **Utility—9.3%** |
| California Community Choice Financing Authority, Clean <br> Energy Project<br>|  |  |
| Series 2022A-1, Rev., 4.00%, 8/1/2026 | 1000 | 1005 |
| Series 2023G-1, Rev., 5.25%, 4/1/2030 (c) | 2175 | 2346 |
| Series 2024A, Rev., 5.00%, 4/1/2032 (c) | 2000 | 2180 |
| Series 2024D, Rev., 5.00%, 9/1/2032 (c) | 5000 | 5532 |
| Series 2025F, Rev., 5.00%, 11/1/2033 | 2000 | 2213 |
| Series 2025E, Rev., 5.00%, 5/1/2035 (c) | 3800 | 4256 |
| Series 2026A-1, Rev., 5.00%, 2/1/2036 (c) | 1100 | 1221 |
| Series 2026B, Rev., 5.00%, 3/1/2036 | 2700 | 2942 |
| Central Valley Energy Authority, Commodity Supply , <br> Rev., 5.00%, 8/1/2034<br>| 1000 | 1099 |
| City of Glendale Electric |  |  |
| Series 2024-2, Rev., A.G. - CR, 5.00%, 2/1/2047 | 1220 | 1298 |
| Series 2024, Rev., 5.00%, 2/1/2049 | 3000 | 3147 |
| City of Vernon, Electric System Series 2021A, Rev., <br> 5.00%, 4/1/2026<br>| 650 | 651 |
| Imperial Irrigation District Electric System , Rev., <br> 5.00%, 11/1/2044<br>| 1175 | 1320 |
| M-S-R Energy Authority Series 2009B, Rev., 7.00%, <br> 11/1/2034<br>| 2000 | 2484 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 5

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| **Utility — continued** | **Utility — continued** | **Utility — continued** |
| Sacramento Municipal Utility District Series 2023D, <br> Rev., 5.00%, 10/15/2030 (c)<br>| 3500 | 3930 |
| San Joaquin Valley Clean Energy Authority Series <br> 2025A, Rev., 5.50%, 7/1/2035 (c)<br>| 1000 | 1139 |
| Southern California Public Power Authority, Canyon <br> Power Project Series 2025A, Rev., 5.00%, 7/1/2032<br>| 1000 | 1126 |
| Southern California Public Power Authority, <br> Transmission System Renewal Project Series 2023-1, <br> Rev., 5.00%, 7/1/2042<br>| 3000 | 3302 |
| Vista Joint Powers Financing Authority |  |  |
| Series 2025A, Rev., 5.00%, 5/1/2033 | 750 | 904 |
| Series 2025A, Rev., 5.00%, 5/1/2034 | 1000 | 1227 |
| Series 2025A, Rev., 5.00%, 5/1/2035 | 750 | 933 |
| Series 2025A, Rev., 5.00%, 5/1/2037 | 885 | 1077 |
|  |  | 45332 |
| **Water & Sewer—8.9%** | **Water & Sewer—8.9%** | **Water & Sewer—8.9%** |
| Antelope Valley-East Kern Water Agency Financing <br> Authority Series 2025B, Rev., 5.00%, 4/1/2028 (c)<br>| 1000 | 1032 |
| California Infrastructure and Economic Development <br> Bank, Clean Water State Revolving Fund , Rev., <br> 4.00%, 10/1/2040<br>| 2000 | 2103 |
| City of Los Angeles, Wastewater System |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2034 | 1000 | 1067 |
| Series 2018A, Rev., 5.00%, 6/1/2035 | 1500 | 1597 |
| City of Los Angeles, Wastewater System, Subordinate |  |  |
| Series 2025C, Rev., 5.00%, 6/1/2030 | 2000 | 2267 |
| Series 2025C, Rev., 5.00%, 6/1/2040 | 2000 | 2368 |
| City of San Francisco Public Utilities Commission Water, <br> Hetch Hetchy water Series 2025, Subseries F-1, Rev., <br> 5.00%, 11/1/2038<br>| 1500 | 1829 |
| City of San Francisco, Public Utilities Commission Water <br> Series 2020, Subseries C-10, Rev., 4.00%, <br> 11/1/2040<br>| 2650 | 2815 |
| East Bay Municipal Utility District Wastewater System <br> Series 2025B, Rev., 5.00%, 6/1/2037<br>| 1000 | 1230 |
| East Bay Municipal Utility District Water System Series <br> 2025A, Rev., 5.00%, 6/1/2050<br>| 1000 | 1083 |
| Eastern Municipal Water District, Water and Wastewater <br> Series 2016A, Rev., 5.00%, 7/1/2035<br>| 2885 | 2912 |
| Goleta Water District |  |  |
| Series 2023A, Rev., 5.00%, 9/1/2027 | 450 | 472 |
| Series 2023A, Rev., 5.00%, 9/1/2029 | 260 | 288 |
| Los Angeles Department of Water and Power System |  |  |
| Series 2017C, Rev., 5.00%, 7/1/2026 | 1105 | 1115 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **Water & Sewer — continued** | **Water & Sewer — continued** | **Water & Sewer — continued** |
| Series 2024C, Rev., 5.00%, 7/1/2026 | 1000 | 1010 |
| Series 2025C, Rev., 5.00%, 7/1/2036 | 1450 | 1710 |
| Series 2023D, Rev., 5.00%, 7/1/2042 | 520 | 572 |
| Los Angeles Department of Water and Power Water <br> System Series 2022D, Rev., 5.00%, 7/1/2052<br>| 3000 | 3105 |
| Los Angeles Department of Water and Power, Water <br> System<br>|  |  |
| Series 2022D, Rev., 5.00%, 7/1/2041 | 270 | 295 |
| Series 2017A, Rev., 4.00%, 7/1/2047 | 3000 | 2876 |
| Metropolitan Water District of Southern California Series <br> 2024B3, Rev., 5.00%, 7/1/2031 (c)<br>| 1000 | 1118 |
| Metropolitan Water District of Southern California, <br> Waterworks Series 2024B-2, Rev., 5.00%, <br> 7/1/2029 (c)<br>| 2240 | 2385 |
| San Francisco City and County Public Utilities <br> Commission Wastewater<br>|  |  |
| Series 2018B, Rev., 5.00%, 10/1/2026 (e) | 440 | 448 |
| Series 2018B, Rev., 5.00%, 10/1/2026 | 635 | 647 |
| Series 2018B, Rev., 5.00%, 10/1/2036 | 1675 | 1769 |
| Southern California Water Replenishment District , Rev., <br> 5.00%, 8/1/2038<br>| 1250 | 1321 |
| State of California Department of Water Resources, <br> Central Valley Project Series BF, Rev., 5.00%, <br> 12/1/2035<br>| 2000 | 2361 |
| State of California Department of Water Resources, <br> Central Valley Project, Water System Series 2023A, <br> Rev., 5.00%, 6/1/2042<br>| 1665 | 1856 |
|  |  | 43651 |
| Total California |  | 407783 |
| **Florida—0.1%** | **Florida—0.1%** | **Florida—0.1%** |
| **Transportation—0.1%** | **Transportation—0.1%** | **Transportation—0.1%** |
| Florida Development Finance Corp., Brightline Florida <br> Passenger Rail Project , Rev., AMT, 5.50%, 7/1/2053<br>| 250 | 186 |
| **Georgia—1.4%** | **Georgia—1.4%** | **Georgia—1.4%** |
| **Utility—1.4%** | **Utility—1.4%** | **Utility—1.4%** |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 2000 | 2178 |
| Series 2024A, Rev., 5.00%, 9/1/2031 (c) | 1150 | 1255 |
| Series 2024E, Rev., 5.00%, 12/1/2032 (c) | 2940 | 3215 |
|  |  | 6648 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Guam—0.3%** | **Guam—0.3%** | **Guam—0.3%** |
| **Other Revenue—0.3%** | **Other Revenue—0.3%** | **Other Revenue—0.3%** |
| Territory of Guam Series 2025G, Rev., 5.00%, <br> 1/1/2036<br>| 1250 | 1412 |
| **Idaho—0.2%** | **Idaho—0.2%** | **Idaho—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| Idaho Housing and Finance Association, Single Family <br> Mortgage Series 2025C, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2056<br>| 995 | 1152 |
| **Iowa—0.2%** | **Iowa—0.2%** | **Iowa—0.2%** |
| **Other Revenue—0.2%** | **Other Revenue—0.2%** | **Other Revenue—0.2%** |
| Iowa Tobacco Settlement Authority, Subordinate Senior <br> Capital Appreciation Asset Backed Series 2021-B-2, <br> Rev., Zero Coupon, 6/1/2065<br>| 6265 | 926 |
| **Kentucky—0.2%** | **Kentucky—0.2%** | **Kentucky—0.2%** |
| **Utility—0.2%** | **Utility—0.2%** | **Utility—0.2%** |
| Kentucky Public Energy Authority, Gas Supply Series <br> 2025B, Rev., 5.00%, 12/1/2033<br>| 950 | 1012 |
| **Ohio—1.1%** | **Ohio—1.1%** | **Ohio—1.1%** |
| **Other Revenue—0.9%** | **Other Revenue—0.9%** | **Other Revenue—0.9%** |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 4655 | 3844 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 6180 | 479 |
|  |  | 4323 |
| **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 1000 | 1026 |
| Total Ohio |  | 5349 |
| **Pennsylvania—0.2%** | **Pennsylvania—0.2%** | **Pennsylvania—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage Series 2024-146A, Rev., 6.25%, <br> 10/1/2054<br>| 980 | 1088 |
| **Puerto Rico—1.5%** | **Puerto Rico—1.5%** | **Puerto Rico—1.5%** |
| **General Obligation—0.4%** | **General Obligation—0.4%** | **General Obligation—0.4%** |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 2000 | 2046 |
| **Other Revenue—1.1%** | **Other Revenue—1.1%** | **Other Revenue—1.1%** |
| Children's Trust Fund, Tobacco Settlement Asset-Backed <br> Series 2005A, Rev., Zero Coupon, 5/15/2050<br>| 3275 | 688 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2029 | 1000 | 901 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Puerto Rico — continued** | **Puerto Rico — continued** | **Puerto Rico — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Series A-2, Rev., 4.33%, 7/1/2040 | 250 | 251 |
| Series A-1, Rev., Zero Coupon, 7/1/2046 | 2935 | 1050 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 2400 | 2351 |
|  |  | 5241 |
| Total Puerto Rico |  | 7287 |
| **South Dakota—0.4%** | **South Dakota—0.4%** | **South Dakota—0.4%** |
| **Housing—0.4%** | **Housing—0.4%** | **Housing—0.4%** |
| South Dakota Housing Development Authority |  |  |
| Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 11/1/2055<br>| 490 | 558 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 11/1/2055<br>| 995 | 1153 |
|  |  | 1711 |
| **Utah—0.2%** | **Utah—0.2%** | **Utah—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| Utah Housing Corp., Single Family Mortgage Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055<br>| 970 | 1100 |
| **Wisconsin—0.6%** | **Wisconsin—0.6%** | **Wisconsin—0.6%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership Series 2024A, Rev., <br> GNMA / FNMA / FHLMC, 6.00%, 9/1/2054<br>| 920 | 1006 |
| **Transportation—0.4%** | **Transportation—0.4%** | **Transportation—0.4%** |
| Public Finance Authority, Senior Lien |  |  |
| Rev., AMT, 5.50%, 7/1/2044 | 1000 | 1057 |
| Rev., AMT, 5.75%, 7/1/2049 | 1000 | 1055 |
|  |  | 2112 |
| Total Wisconsin |  | 3118 |
| Total Municipal Bonds <br>(Cost $436,888)<br>|  | 448432 |
|  | <br> **Shares** <br>**(000)**<br>|  |
| **Short-Term Investments—8.9%** | **Short-Term Investments—8.9%** | **Short-Term Investments—8.9%** |
| **Investment Companies—8.9%** | **Investment Companies—8.9%** | **Investment Companies—8.9%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 1.78% (f) (g)(Cost $43,457)<br>| 43454 | 43458 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 7

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS** <br>| <br> **No. of** <br>**Contracts**<br>| <br> **Value** <br>**($000)**<br>|
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| U.S. Treasury 30 Year Bond |  |  |
| 4/24/2026 at USD 128.00, American Style |  |  |
| Notional Amount: USD 150,000 |  |  |
| Counterparty: Exchange-Traded \* <br>(Cost $117)<br>| 1500 | 199 |
| **Total Investments—100.7%** <br>**(Cost $480,462)**<br>|  | **492089** |
| **Liabilities in Excess of Other Assets—(0.7)%** |  | **(3346)**<br>|
| **Net Assets—100.0%** |  | **488743** |

---

&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** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| NATL | Insured by National Public Finance Guarantee Corp. |
| RE | Reinsured |
| Rev. | Revenue |
| TRAN | Tax & Revenue Anticipation Note |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (d) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (e) | Security is prerefunded or escrowed to maturity. |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) 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;(g) The rate shown is the current yield as of February 28, 2026.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Municipal Bond Funds February 28, 2026

------

**Futures contracts outstanding as of February 28, 2026 (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>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9899 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 1500.00 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 150,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 131.00<br>| 4/24/2026 | &nbsp;&nbsp; (117)<br>|
| Total Written Options Contracts (Premiums Received $(70)) | Total Written Options Contracts (Premiums Received $(70)) | Total Written Options Contracts (Premiums Received $(70)) | Total Written Options Contracts (Premiums Received $(70)) | Total Written Options Contracts (Premiums Received $(70)) | Total Written Options Contracts (Premiums Received $(70)) | &nbsp;&nbsp; (117)<br>|

---

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

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 9

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal** <br>**Amount** <br>**($000)**<br>| <br> **Value** <br>**($000)**<br>|
| **Municipal Bonds—92.3%** (a) | **Municipal Bonds—92.3%** (a) | **Municipal Bonds—92.3%** (a) |
| **Alabama—1.2%** | **Alabama—1.2%** | **Alabama—1.2%** |
| **Utility—1.2%** | **Utility—1.2%** | **Utility—1.2%** |
| Black Belt Energy Gas District, Gas Project Series <br> 2024D, Rev., 5.00%, 11/1/2034 (b)<br>| 2750 | 3034 |
| Lower Alabama Gas District (The), Gas Project Series <br> 2025A, Rev., 5.00%, 12/1/2033<br>| 1500 | 1612 |
| Southeast Alabama Gas Supply District (The), Project <br> No. 2 Series 2024B, Rev., 5.00%, 5/1/2032 (b)<br>| 1000 | 1092 |
|  |  | 5738 |
| **California—0.9%** | **California—0.9%** | **California—0.9%** |
| **Other Revenue—0.1%** | **Other Revenue—0.1%** | **Other Revenue—0.1%** |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement Series 2021B-2, Rev., Zero <br> Coupon, 6/1/2066<br>| 3650 | 389 |
| **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025B, Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 2240 | 1210 |
| **Utility—0.6%** | **Utility—0.6%** | **Utility—0.6%** |
| California Community Choice Financing Authority, Clean <br> Energy Project Series 2026B, Rev., 5.00%, <br> 3/1/2036<br>| 2500 | 2724 |
| Total California |  | 4323 |
| **Florida—0.0% ^** | **Florida—0.0% ^** | **Florida—0.0% ^** |
| **Transportation—0.0% ^** | **Transportation—0.0% ^** | **Transportation—0.0% ^** |
| Florida Development Finance Corp., Brightline Florida <br> Passenger Rail Project , Rev., AMT, 5.50%, 7/1/2053<br>| 250 | 186 |
| **Georgia—1.6%** | **Georgia—1.6%** | **Georgia—1.6%** |
| **Utility—1.6%** | **Utility—1.6%** | **Utility—1.6%** |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2021C, Rev., 4.00%, 12/1/2028 (b) | 2750 | 2831 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (b) | 2000 | 2178 |
| Series 2024A, Rev., 5.00%, 9/1/2031 (b) | 2360 | 2575 |
|  |  | 7584 |
| **Guam—0.3%** | **Guam—0.3%** | **Guam—0.3%** |
| **Other Revenue—0.3%** | **Other Revenue—0.3%** | **Other Revenue—0.3%** |
| Territory of Guam Series 2025G, Rev., 5.00%, <br> 1/1/2036<br>| 1250 | 1412 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Kentucky—0.6%** | **Kentucky—0.6%** | **Kentucky—0.6%** |
| **Utility—0.6%** | **Utility—0.6%** | **Utility—0.6%** |
| Kentucky Public Energy Authority, Gas Supply |  |  |
| Series 2024A, Rev., 5.00%, 7/1/2030 (b) | 1500 | 1607 |
| Series 2025B, Rev., 5.00%, 12/1/2033 | 950 | 1013 |
|  |  | 2620 |
| **Nevada—0.1%** | **Nevada—0.1%** | **Nevada—0.1%** |
| **Transportation—0.1%** | **Transportation—0.1%** | **Transportation—0.1%** |
| State of Nevada Department of Business and Industry, <br> Brighline West Passenger Rail Project Series 2025B, <br> Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 500 | 270 |
| **New York—84.3%** | **New York—84.3%** | **New York—84.3%** |
| **Education—6.8%** | **Education—6.8%** | **Education—6.8%** |
| Build NYC Resource Corp., Bay Ridge Preparatory School <br> Project Series 2024, Rev., 5.00%, 9/1/2044 (c)<br>| 1270 | 1272 |
| Build NYC Resource Corp., ERE425, LLC ZETA Charter <br> Schools, Inc., Project Series 2025A, Rev., 5.13%, <br> 10/15/2045 (c)<br>| 1000 | 1005 |
| Build NYC Resource Corp., Success Academy Charter <br> School Project Series 2025, Rev., 5.00%, 9/1/2033<br>| 1000 | 1108 |
| Clinton County Capital Resource Corp., CVCES Boces <br> Project Series 2025, Rev., 5.00%, 7/1/2046 (c)<br>| 750 | 780 |
| Madison County Capital Resource Corp., Colgate <br> University Refunding Project , Rev., 5.00%, <br> 7/1/2041<br>| 1150 | 1326 |
| Monroe County Industrial Development Corp., Eugenio <br> Maria De Hostos Charter School Project Series <br> 2024A, Rev., 5.00%, 7/1/2044 (c)<br>| 1320 | 1319 |
| New York State Dormitory Authority, Brooklyn Law <br> School Series 2019A, Rev., 5.00%, 7/1/2033<br>| 2400 | 2524 |
| New York State Dormitory Authority, Court Facilities <br> Lease Series 2005A, Rev., AMBAC, 5.50%, <br> 5/15/2026<br>| 5000 | 5034 |
| New York State Dormitory Authority, Master Boces <br> Program , Rev., 4.13%, 8/15/2046<br>| 1000 | 1001 |
| New York State Dormitory Authority, New York <br> University Series 2019A, Rev., 4.00%, 7/1/2045<br>| 2000 | 1981 |
| New York State Dormitory Authority, Orchard Park <br> CCRC, Inc. Obligate Series 2025A, Rev., 5.13%, <br> 11/15/2050<br>| 1850 | 1893 |
| New York State Dormitory Authority, Rockland Boces <br> Issue , Rev., 4.25%, 8/15/2050<br>| 2000 | 1951 |
| New York State Dormitory Authority, School Districts <br> Financing Program Series 2025A, Rev., A.G., 5.00%, <br> 10/1/2036<br>| 2110 | 2503 |
| Onondaga Civic Development Corp., Syracuse University <br> Project , Rev., 4.50%, 12/1/2050<br>| 2000 | 2002 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Education — continued** | **Education — continued** | **Education — continued** |
| Onondaga County Trust for Cultural Resources, Syracuse <br> University Project , Rev., 4.00%, 12/1/2047<br>| 3350 | 3205 |
| Saratoga County Capital Resource Corp., WSWHE Boces <br> Project<br>|  |  |
| Rev., 5.00%, 7/1/2033 | 470 | 563 |
| Rev., 5.00%, 7/1/2034 | 300 | 362 |
| Westchester County Local Development Corp., Purchase <br> Senior Learning Community, Inc., Project Series <br> 2021A, Rev., 5.00%, 7/1/2046 (c)<br>| 2000 | 1951 |
|  |  | 31780 |
| **General Obligation—13.1%** | **General Obligation—13.1%** | **General Obligation—13.1%** |
| Chappaqua Central School District , GO, 4.00%, <br> 7/15/2039<br>| 1015 | 1076 |
| City of Jamestown , GO, BAN, 4.25%, 5/15/2026 | 5670 | 5688 |
| City of New York, Fiscal Year 2008 Series 2008L-4, GO, <br> VRDO, 1.95%, 3/2/2026 (b)<br>| 2000 | 2000 |
| City of New York, Fiscal Year 2022 Series 2022D, <br> Subseries D-1, GO, 5.25%, 5/1/2039<br>| 1500 | 1679 |
| City of New York, Fiscal Year 2023 Series 2023A, <br> Subseries A-4, GO, VRDO, 1.90%, 3/2/2026 (b)<br>| 935 | 935 |
| City of New York, Fiscal Year 2024 Series 2024A, GO, <br> 5.00%, 8/1/2045<br>| 3850 | 4095 |
| City of New York, Fiscal Year 2025 |  |  |
| Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2042 | 1000 | 1118 |
| Series 2025G, Subseries G-1, GO, 5.25%, 2/1/2050 | 1000 | 1067 |
| City of Yonkers |  |  |
| Series 2024A, GO, A.G., 5.00%, 2/15/2041 | 1000 | 1109 |
| Series 2024B, GO, A.G., 5.00%, 2/15/2041 | 1000 | 1109 |
| Series 2024A, GO, A.G., 5.00%, 2/15/2042 | 1505 | 1655 |
| Series 2024B, GO, A.G., 5.00%, 2/15/2042 | 1000 | 1100 |
| County of Albany Series 2022A, GO, 4.00%, 6/1/2036 | 1080 | 1134 |
| County of Erie, Buffalo Bills Stadium Project |  |  |
| Series 2024B, GO, 4.00%, 9/15/2047 | 1360 | 1349 |
| Series 2024B, GO, 5.25%, 9/15/2048 | 1500 | 1627 |
| County of Nassau |  |  |
| Series 2021A, GO, A.G., 4.00%, 4/1/2036 | 2000 | 2107 |
| Series 2022A, GO, 4.25%, 4/1/2052 | 2000 | 1945 |
| County of Nassau, General Improvement Series 2023A, <br> GO, A.G., 4.00%, 4/1/2042<br>| 1500 | 1530 |
| County of Onondaga Series 2022, GO, 4.00%, <br> 6/15/2037<br>| 2000 | 2092 |
| County of Suffolk Series 2017D, GO, 4.00%, <br> 10/15/2028<br>| 3375 | 3470 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| State of New York Series 2023A, GO, 5.00%, <br> 3/15/2041<br>| 1000 | 1129 |
| Town of Clarkstown Series 2023, GO, 4.00%, <br> 11/15/2039<br>| 990 | 1027 |
| Town of Hempstead |  |  |
| Series 2025A, GO, 4.00%, 6/1/2041 | 2000 | 2090 |
| GO, 4.00%, 5/1/2043 | 1725 | 1762 |
| Town of Huntington, Public Improvement Series 2022A, <br> GO, 4.00%, 6/15/2037<br>| 1385 | 1424 |
| Town of Irondequoit Series 2025B, GO, BAN, 4.00%, <br> 12/11/2026<br>| 2000 | 2023 |
| Town of Oyster Bay , GO, BAN, 4.00%, 8/21/2026 | 6000 | 6049 |
| Town of Webster , GO, BAN, 4.00%, 8/25/2026 | 4000 | 4034 |
| Uniondale Union Free School District |  |  |
| GO, 4.00%, 1/15/2038 | 2000 | 2098 |
| GO, 4.00%, 1/15/2041 | 2000 | 2059 |
|  |  | 61580 |
| **Hospital—5.9%** | **Hospital—5.9%** | **Hospital—5.9%** |
| Albany Capital Resource Corp., Medical Center Hospital <br> Series 2025A, Rev., 5.25%, 5/1/2050<br>| 2000 | 2134 |
| Build NYC Resource Corp., Urban Resource Institute <br> Project Series 2025A, Rev., 5.00%, 12/1/2041<br>| 1000 | 1108 |
| Dutchess County Local Development Corp., Health Quest <br> System, Inc., Project Series 2016B, Rev., 5.00%, <br> 7/1/2046<br>| 1250 | 1250 |
| Genesee County Funding Corp. (The), Rochester <br> Regional Health Energy Projects Series 2025A, Rev., <br> 5.25%, 12/1/2050<br>| 1000 | 1030 |
| New York City Health and Hospitals Corp., Health System <br> Series 2025A, Rev., 5.00%, 2/15/2035<br>| 2500 | 2983 |
| New York State Dormitory Authority Series 2020A, Rev., <br> 4.00%, 7/1/2053<br>| 2000 | 1773 |
| New York State Dormitory Authority, Memorial Sloan <br> Kettering Cancer Center<br>|  |  |
| Series 2025 2-B, Rev., 5.00%, 7/1/2032 (b) | 1000 | 1118 |
| Series 2025 1, Rev., 5.00%, 7/1/2035 | 1655 | 2014 |
| Series 2022 1-B, Rev., 4.00%, 7/1/2051 | 1300 | 1209 |
| Series 2025 1, Rev., 5.25%, 7/1/2054 | 515 | 553 |
| New York State Dormitory Authority, Mount Sinai <br> Obligated Group , Rev., 5.00%, 7/1/2045<br>| 2000 | 2051 |
| New York State Dormitory Authority, Northwell Health <br> Obligated Group<br>|  |  |
| Series 2025A, Rev., 5.00%, 5/1/2035 | 1000 | 1161 |
| Series 2022A, Rev., 5.00%, 5/1/2052 | 3465 | 3528 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 11

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Hospital — continued** | **Hospital — continued** | **Hospital — continued** |
| New York State Dormitory Authority, Rosewell Park <br> Cancer Institute Obligated Group<br>|  |  |
| Series 2025A, Rev., A.G., 5.25%, 7/1/2043 | 500 | 560 |
| Series 2025A, Rev., A.G., 5.50%, 7/1/2050 | 1250 | 1361 |
| New York State Dormitory Authority, White Plains <br> Hospital , Rev., A.G., 5.50%, 10/1/2054<br>| 2000 | 2140 |
| Oneida County Local Development Corp., Mohawk Valley <br> Health System Project Series 2019A, Rev., A.G., <br> 4.00%, 12/1/2049<br>| 1785 | 1638 |
|  |  | 27611 |
| **Housing—8.0%** | **Housing—8.0%** | **Housing—8.0%** |
| New York City Housing Development Corp. |  |  |
| Series 2023A, Rev., 4.80%, 2/1/2053 | 3500 | 3521 |
| Series 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055 | 1170 | 1198 |
| New York City Housing Development Corp., Multi-Family <br> Mortgage, 8 Spruce Street Project , Rev., 5.25%, <br> 12/15/2031<br>| 3900 | 4058 |
| New York State Housing Finance Agency, 160 Madison <br> Avenue LLC Series 2013A, Rev., VRDO, 1.90%, <br> 3/2/2026 (b)<br>| 4225 | 4225 |
| New York State Housing Finance Agency, 160 West <br> 62nd Street Housing Series 2011A-2, Rev., FHLMC <br> COLL, 3.60%, 4/1/2032 (b)<br>| 2000 | 2058 |
| New York State Housing Finance Agency, Liberty Street <br> Realty LLC Series 2003A, Rev., VRDO, 2.14%, <br> 3/6/2026 (b)<br>| 8000 | 8000 |
| State of New York Mortgage Agency Homeowner <br> Mortgage<br>|  |  |
| Series 207, Rev., VRDO, 1.75%, 3/11/2026 (b) | 8000 | 8000 |
| Series 227, Rev., 3.25%, 10/1/2050 | 2000 | 1999 |
| Series 273, Rev., 6.00%, 10/1/2055 | 3850 | 4355 |
|  |  | 37414 |
| **Industrial Development Revenue/Pollution Control Revenue—1.8%** | **Industrial Development Revenue/Pollution Control Revenue—1.8%** | **Industrial Development Revenue/Pollution Control Revenue—1.8%** |
| New York City Industrial Development Agency, Queens <br> Baseball Stadium Project Series 2021A, Rev., A.G., <br> 5.00%, 1/1/2031<br>| 1250 | 1388 |
| New York City Industrial Development Agency, Yankee <br> Stadium Project Series 2020A, Rev., A.G., 5.00%, <br> 3/1/2029<br>| 2500 | 2690 |
| New York Liberty Development Corp., Goldman Sachs <br> Headquarters LLC Series 2005, Rev., 5.25%, <br> 10/1/2035<br>| 1260 | 1510 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** |
| New York State Environmental Facilities Corp., State <br> Revolving Funds, Master Financing Program Series <br> 2021B, Rev., 4.00%, 8/15/2039<br>| 1380 | 1435 |
| New York State Environmental Facilities Corp.,Solid <br> Waste Disposal, Waste Management, Inc., Project , <br> Rev., AMT, 3.00%, 5/1/2026 (b)<br>| 1500 | 1500 |
|  |  | 8523 |
| **Other Revenue—22.2%** | **Other Revenue—22.2%** | **Other Revenue—22.2%** |
| Battery Park City Authority |  |  |
| Series 2019D-1, Rev., VRDO, 1.93%, 3/2/2026 (b) | 13600 | 13600 |
| Series 2019B, Rev., 5.00%, 11/1/2040 | 2000 | 2133 |
| Rev., 5.00%, 11/1/2044 | 1700 | 1915 |
| Series 2023A, Rev., 5.00%, 11/1/2044 | 4500 | 4966 |
| Rev., 5.00%, 11/1/2046 | 2700 | 2950 |
| Series 2023A, Rev., 5.00%, 11/1/2053 | 1335 | 1400 |
| Build NYC Resource Corp., The Young Men's and <br> Women's Hebrew Association Project<br>|  |  |
| Series 2024, Rev., 5.00%, 12/1/2027 | 1000 | 1044 |
| Series 2024, Rev., 5.00%, 12/1/2032 | 3620 | 4145 |
| Chautauqua Tobacco Asset Securitization Corp. Series <br> 2014, Rev., 5.00%, 6/1/2048<br>| 3200 | 2516 |
| Empire State Development Corp., State Sales Tax Series <br> 2021A, Rev., 4.00%, 3/15/2044<br>| 5000 | 4951 |
| New York City Transitional Finance Authority Building <br> Aid Series 2026, S-1, Rev., 5.00%, 7/15/2037<br>| 1000 | 1195 |
| New York City Transitional Finance Authority Future Tax <br> Secured Fiscal Year 2026<br>|  |  |
| Series 2026B, Rev., 5.00%, 5/1/2042 | 2500 | 2814 |
| Series 2026, Subseries F-1, Rev., 5.00%, 2/1/2044 | 2000 | 2203 |
| Series 2026B, Rev., 5.00%, 5/1/2051 | 1000 | 1047 |
| New York City Transitional Finance Authority, Building <br> Aid, Fiscal Year 2019<br>|  |  |
| Series 2019S-2A, Rev., 5.00%, 7/15/2034 | 2000 | 2123 |
| Series 2019S-3A, Rev., 5.00%, 7/15/2034 | 4000 | 4246 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2011 Series 2011A-4, Rev., <br> VRDO, 2.00%, 3/2/2026 (b)<br>| 2000 | 2000 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2017 Series 2017E1, Rev., <br> 5.00%, 2/1/2035<br>| 2000 | 2045 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2019 Series 2019C-4, Rev., <br> VRDO, 2.00%, 3/2/2026 (b)<br>| 1100 | 1100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2022 Series 2022F, Subseries <br> F-1, Rev., 4.00%, 2/1/2038<br>| 2000 | 2079 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2023 Series 2023F, Rev., <br> 5.00%, 2/1/2042<br>| 2000 | 2188 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2024<br>|  |  |
| Series 2024B, Rev., 5.00%, 5/1/2042 | 1000 | 1103 |
| Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054 | 1000 | 961 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2025 Series 2025D, Rev., <br> 5.00%, 5/1/2044<br>| 1000 | 1091 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Subordinate, Fiscal Year 2019 Series B-1, <br> Rev., 5.00%, 8/1/2034<br>| 1535 | 1627 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Subordinate, Fiscal Year 2025 Series <br> 2025J, Subseries J-1, Rev., 5.50%, 5/1/2053<br>| 2000 | 2172 |
| New York Convention Center Development Corp., Hotel <br> Unit Fee Secured , Rev., 5.00%, 11/15/2045<br>| 2170 | 2171 |
| New York Convention Center Development Corp., Senior <br> Lien, Hotel Unit Fee Secured Series A, Rev., Zero <br> Coupon, 11/15/2047<br>| 1600 | 602 |
| New York Convention Center Development Corp., <br> Subordinate Lien, Hotel Unit Fee Secured Series B, <br> Rev., Zero Coupon, 11/15/2033<br>| 4090 | 3154 |
| New York Liberty Development Corp. Series <br> 1WTC-2021, Rev., 4.00%, 2/15/2043<br>| 2500 | 2501 |
| New York Liberty Development Corp., World Trade <br> Centre , Rev., 5.00%, 11/15/2044 (c)<br>| 1000 | 1002 |
| New York State Dormitory Authority, Sales Tax Series <br> 2025A, Rev., 4.25%, 3/15/2048<br>| 1500 | 1475 |
| New York State Dormitory Authority, State Sales Tax |  |  |
| Series 2016A, Rev., 5.00%, 3/15/2031 | 2000 | 2030 |
| Series 2018E-2, Rev., 5.00%, 3/15/2033 | 2000 | 2140 |
| Series 2017A, Rev., 5.00%, 3/15/2034 | 2000 | 2056 |
| Series 2023A-1, Rev., 4.00%, 3/15/2043 | 1110 | 1119 |
| Suffolk Regional Off-Track Betting Corp. Series 2024, <br> Rev., 5.75%, 12/1/2044<br>| 1000 | 1033 |
| Suffolk Tobacco Asset Securitization Corp. |  |  |
| Series 2021A-2, Rev., 4.00%, 6/1/2039 | 2640 | 2580 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 7000 | 644 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, TBTA Capital Lockbox Series 2023A, <br> Rev., 4.25%, 5/15/2058<br>| 1000 | 949 |
| Trust for Cultural Resources of The City of New York <br> (The), Alvin Ailey Dance Foundation Series 2016A, <br> Rev., 4.00%, 7/1/2046<br>| 1000 | 926 |
| TSASC, Inc. |  |  |
| Series A, Rev., 5.00%, 6/1/2035 | 2000 | 2031 |
| Series A, Rev., 5.00%, 6/1/2036 | 2000 | 2028 |
| Series B, Rev., 5.00%, 6/1/2048 | 2350 | 2163 |
| Westchester County Local Development Corp., Kendal on <br> Hudson Project Series 2022B, Rev., 5.00%, <br> 1/1/2032<br>| 240 | 255 |
| Westchester Tobacco Asset Securitization Corp., Tobacco <br> Settlement<br>|  |  |
| Series B, Rev., 5.00%, 6/1/2033 | 1775 | 1817 |
| Series B, Rev., 5.00%, 6/1/2034 | 2000 | 2041 |
|  |  | 104331 |
| **Special Tax—2.9%** | **Special Tax—2.9%** | **Special Tax—2.9%** |
| Empire State Development Corp., State Personal Income <br> Tax, General Purpose<br>|  |  |
| Series 2020C, Rev., 4.00%, 3/15/2037 | 1000 | 1036 |
| Series 2020A, Rev., 4.00%, 3/15/2040 | 3000 | 3045 |
| Series 2020E, Rev., 4.00%, 3/15/2045 | 1500 | 1466 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose Series 2020A, Rev., <br> 4.00%, 3/15/2047<br>| 1700 | 1621 |
| New York State Housing Finance Agency, State Personal <br> Income Tax<br>|  |  |
| Series 2024B-2, Rev., 3.30%, 12/15/2028 (b) | 1500 | 1506 |
| Series 2024C, Rev., 4.55%, 12/15/2054 | 1000 | 1000 |
| New York State Thruway Authority, Personal Income Tax |  |  |
| Series 2021A-1, Rev., 4.00%, 3/15/2038 | 1500 | 1537 |
| Series 2021A-1, Rev., 4.00%, 3/15/2042 | 2500 | 2522 |
|  |  | 13733 |
| **Transportation—13.2%** | **Transportation—13.2%** | **Transportation—13.2%** |
| Hudson Yards Infrastructure Corp., Second Indenture |  |  |
| Series 2017A, Rev., 5.00%, 2/15/2031 | 1585 | 1628 |
| Series 2017A, Rev., 5.00%, 2/15/2037 | 2500 | 2555 |
| Series 2017A, Rev., 5.00%, 2/15/2038 | 2125 | 2174 |
| Series 2022A, Rev., 4.00%, 2/15/2040 | 1730 | 1781 |
| Series 2022A, Rev., 4.00%, 2/15/2043 | 2100 | 2127 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 13

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| Metropolitan Transportation Authority |  |  |
| Series 2024A, Rev., 5.00%, 11/15/2040 | 1000 | 1110 |
| Series 2024B, Rev., 5.00%, 11/15/2041 | 3000 | 3334 |
| Series 2020 A-1, Rev., A.G., 4.00%, 11/15/2043 | 2590 | 2550 |
| Series 2020C-1, Rev., 5.25%, 11/15/2055 | 2200 | 2258 |
| Metropolitan Transportation Authority Dedicated Tax <br> Fund<br>|  |  |
| Series 2012A, Rev., Zero Coupon, 11/15/2030 | 4000 | 3560 |
| Series 2016A, Rev., 5.25%, 11/15/2034 | 1020 | 1039 |
| Series 2026B-2, Rev., 5.00%, 11/15/2048 | 1685 | 1777 |
| MTA Hudson Rail Yards Trust Obligations Series 2016A, <br> Rev., 5.00%, 11/15/2051<br>| 1000 | 1000 |
| New York State Thruway Authority |  |  |
| Series L, Rev., 5.00%, 1/1/2032 | 2250 | 2363 |
| Series N, Rev., 4.00%, 1/1/2041 | 2500 | 2536 |
| New York Transportation Development Corp., Delta Air <br> Lines, Inc., LaGuardia Airport Terminals C&D <br> Redevelopment Project<br>|  |  |
| Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 2155 | 2232 |
| Series 2018, Rev., AMT, 4.00%, 1/1/2036 | 2315 | 2322 |
| New York Transportation Development Corp., JFK <br> International Airport New Terminal One Project<br>|  |  |
| Rev., AMT, 3.00%, 8/1/2031 | 2000 | 1929 |
| Rev., AMT, A.G., 6.00%, 6/30/2045 | 1000 | 1122 |
| Rev., AMT, 5.50%, 6/30/2054 | 1500 | 1534 |
| Series 2024B, Rev., AMT, A.G., 0.0%, 12/31/2054 | 2000 | 1348 |
| Series 2024A, Rev., AMT, A.G., 5.25%, 12/31/2054 | 1000 | 1026 |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 221, Rev., AMT, 4.00%, 7/15/2039 | 1355 | 1366 |
| Series 244, Rev., 5.00%, 7/15/2042 | 2000 | 2254 |
| Series 248, Rev., 5.00%, 1/15/2050 | 2000 | 2121 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels<br>|  |  |
| Series 2013A, Rev., Zero Coupon, 11/15/2032 | 3000 | 2473 |
| Series B, Rev., 5.00%, 11/15/2033 | 1500 | 1550 |
| Series 2023A, Rev., 4.00%, 11/15/2037 | 1600 | 1692 |
| Series 2022A, Rev., 4.00%, 5/15/2041 | 2040 | 2077 |
| Series 2019C, Rev., 4.00%, 11/15/2042 | 1375 | 1384 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| Series 2025L-2, Rev., 5.00%, 11/15/2043 | 1250 | 1393 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, TBTA Capital Lockbox Series 2025A, <br> Rev., 5.25%, 12/1/2054<br>| 2000 | 2133 |
|  |  | 61748 |
| **Utility—5.8%** | **Utility—5.8%** | **Utility—5.8%** |
| Long Island Power Authority, Electric System |  |  |
| Series 2024B, Rev., 3.00%, 9/1/2029 (b) | 3500 | 3517 |
| Series 2019A, Rev., 4.00%, 9/1/2034 | 2725 | 2810 |
| Series 2018, Rev., 5.00%, 9/1/2035 | 2000 | 2125 |
| Series 2021A, Rev., 4.00%, 9/1/2041 | 2030 | 2085 |
| New York Power Authority |  |  |
| Series 2024A, Rev., 5.00%, 11/15/2041 | 1500 | 1698 |
| Series 2020A, Rev., 4.00%, 11/15/2045 | 3000 | 2964 |
| New York Power Authority, Green Transmission Project <br> Series 2022A, Rev., A.G., 5.00%, 11/15/2035<br>| 840 | 952 |
| New York State Energy Research and Development <br> Authority, Rochester Gas and Electric Corp., Project<br>|  |  |
| Series 2004B, Rev., AMT, 4.00%, 5/15/2032 | 1000 | 1039 |
| Series 1997B, Rev., 3.80%, 8/1/2032 | 4000 | 4192 |
| Utility Debt Securitization Authority, Restructuring Bond |  |  |
| Series 2016B, Rev., 5.00%, 12/15/2035 | 2450 | 2466 |
| Series 2025TE-1, Rev., 5.00%, 12/15/2046 | 3250 | 3557 |
|  |  | 27405 |
| **Water & Sewer—4.6%** | **Water & Sewer—4.6%** | **Water & Sewer—4.6%** |
| New York City Municipal Water Finance Authority, <br> Second General Resolution Series 2025BB, Rev., <br> 5.00%, 6/15/2048<br>| 1000 | 1063 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2025<br>|  |  |
| Series 2025DD, Rev., 5.50%, 6/15/2039 | 1000 | 1215 |
| Series 2025CC, Rev., 5.00%, 6/15/2046 | 2000 | 2148 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2026 Series <br> 2026, Subseries AA-1, Rev., 5.00%, 6/15/2044<br>| 1000 | 1113 |
| New York City Municipal Water Finance Authority, Water <br> and Sewer System, Second General Resolution, Fiscal <br> Year 2018 Series 2018CC-1, Rev., 4.00%, <br> 6/15/2037<br>| 1150 | 1161 |
| New York City Municipal Water Finance Authority, Water <br> and Sewer System, Second General Resolution, Fiscal <br> Year 2020<br>|  |  |
| Series 2020CC-1, Rev., 4.00%, 6/15/2041 | 2000 | 2020 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Water & Sewer — continued** | **Water & Sewer — continued** | **Water & Sewer — continued** |
| Subseries 202DD-3, Rev., 4.00%, 6/15/2042 | 2500 | 2517 |
| New York City Municipal Water Finance Authority, Water <br> and Sewer System, Second General Resolution, Fiscal <br> Year 2025 Series 2025AA, Subseries AA-1, Rev., <br> 5.25%, 6/15/2053<br>| 1000 | 1063 |
| New York City Water and Sewer System, Second General <br> Resolution Series BB 1B, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 6000 | 6000 |
| New York State Environmental Facilities Corp., State <br> Clean Water and Drinking Water Revolving Funds, <br> Municipal Water Finance Authority Projects - Second <br> Resolution<br>|  |  |
| Series 2017E, Rev., 5.00%, 6/15/2038 | 1240 | 1276 |
| Series 2025C, Rev., 5.00%, 6/15/2050 | 1000 | 1074 |
| Series 2024A, Rev., 5.25%, 6/15/2053 | 1000 | 1080 |
|  |  | 21730 |
| Total New York |  | 395855 |
| **Ohio—1.1%** | **Ohio—1.1%** | **Ohio—1.1%** |
| **Other Revenue—0.9%** | **Other Revenue—0.9%** | **Other Revenue—0.9%** |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 4645 | 3835 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 6130 | 476 |
|  |  | 4311 |
| **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 1000 | 1026 |
| Total Ohio |  | 5337 |
| **Pennsylvania—0.2%** | **Pennsylvania—0.2%** | **Pennsylvania—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage Series 2024-146A, Rev., 6.25%, <br> 10/1/2054<br>| 980 | 1088 |
| **Puerto Rico—1.6%** | **Puerto Rico—1.6%** | **Puerto Rico—1.6%** |
| **General Obligation—0.4%** | **General Obligation—0.4%** | **General Obligation—0.4%** |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 2000 | 2047 |
| **Other Revenue—1.2%** | **Other Revenue—1.2%** | **Other Revenue—1.2%** |
| Children's Trust Fund, Tobacco Settlement Asset-Backed <br> Series 2005A, Rev., Zero Coupon, 5/15/2050<br>| 3750 | 788 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| Series A-2, Rev., 4.33%, 7/1/2040 | 250 | 250 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Puerto Rico — continued** | **Puerto Rico — continued** | **Puerto Rico — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Series A-1, Rev., Zero Coupon, 7/1/2046 | 4500 | 1611 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 2800 | 2742 |
|  |  | 5391 |
| Total Puerto Rico |  | 7438 |
| **Texas—0.4%** | **Texas—0.4%** | **Texas—0.4%** |
| **Utility—0.4%** | **Utility—0.4%** | **Utility—0.4%** |
| Texas Municipal Gas Acquisition and Supply Corp. V, Gas <br> Supply Series 2024, Rev., 5.00%, 1/1/2034 (b)<br>| 1500 | 1641 |
| Total Municipal Bonds <br>(Cost $424,070)<br>|  | 433492 |
|  | <br> **Shares** <br>**(000)**<br>|  |
| **Short-Term Investments—6.6%** | **Short-Term Investments—6.6%** | **Short-Term Investments—6.6%** |
| **Investment Companies—6.6%** | **Investment Companies—6.6%** | **Investment Companies—6.6%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 1.78% (d) (e)(Cost $31,040)<br>| 31037 | 31041 |
|  | <br> **No. of** <br>**Contracts**<br>|  |
| **Options Purchased — 0.1%** | **Options Purchased — 0.1%** | **Options Purchased — 0.1%** |
| **Call Options Purchased — 0.1%** | **Call Options Purchased — 0.1%** | **Call Options Purchased — 0.1%** |
| U.S. Treasury 30 Year Bond |  |  |
| 4/24/2026 at USD 128.00, American Style |  |  |
| Notional Amount: USD 142,500 |  |  |
| Counterparty: Exchange-Traded \* <br>(Cost $111)<br>| 1425 | 189 |
| **Total Investments—99.0%** <br>**(Cost $455,221)**<br>|  | **464722** |
| **Assets in Excess of Other Liabilities—1.0%** |  | **4929** |
| **Net Assets—100.0%** |  | **469651** |

---

&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** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| CCRC | Congregate Care Retirement Center |
| COLL | Collateral |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 15

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | |
|:---|:---|
| FHLMC | Federal Home Loan Mortgage Corp. |
| GO | General Obligation |
| MTA | Metropolitan Transportation Authority |
| Rev. | Revenue |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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;(e) The rate shown is the current yield as of February 28, 2026.

**Futures contracts outstanding as of February 28, 2026 (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>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9558 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |

---

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 1425.00 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 142,500<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 131.00<br>| 4/24/2026 | &nbsp;&nbsp; (111)<br>|
| Total Written Options Contracts (Premiums Received $(67)) | Total Written Options Contracts (Premiums Received $(67)) | Total Written Options Contracts (Premiums Received $(67)) | Total Written Options Contracts (Premiums Received $(67)) | Total Written Options Contracts (Premiums Received $(67)) | Total Written Options Contracts (Premiums Received $(67)) | &nbsp;&nbsp; (111)<br>|

---

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

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Municipal Bond Funds February 28, 2026

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 94.2% (a)** | **Municipal Bonds — 94.2% (a)** | **Municipal Bonds — 94.2% (a)** |
| **Alabama — 1.8%** | **Alabama — 1.8%** | **Alabama — 1.8%** |
| Alabama Highway Authority |  |  |
| Rev., A.G., 5.00%, 9/1/2030 | 1470 | 1649 |
| Rev., A.G., 5.00%, 9/1/2031 | 1525 | 1746 |
| Baldwin County Industrial Development Authority, <br> Novelis Corp., Project<br>|  |  |
| Series 2026 A, Rev., AMT, 4.30%, 3/6/2026 (b) <br> (c)<br>| 195 | 196 |
| Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c) | 2500 | 2617 |
| Black Belt Energy Gas District, Gas Project Series <br> 2022B-1, Rev., 4.00%, 10/1/2027 (c)<br>| 2500 | 2547 |
| County of Jefferson Sewer Series 2024, Rev., 5.00%, <br> 10/1/2026<br>| 1095 | 1112 |
| Southeast Energy Authority A Cooperative District, <br> Project No. 4 Series 2022B-1, Rev., 5.00%, <br> 8/1/2028 (c)<br>| 5000 | 5255 |
| Total Alabama |  | 15122 |
| **Alaska — 0.4%** | **Alaska — 0.4%** | **Alaska — 0.4%** |
| Borough of Matanuska-Susitna, Goose Creek <br> Correctional Center Project Series 2025A, Rev., <br> 5.00%, 9/1/2029<br>| 1000 | 1088 |
| Borough of North Slope, GO, 5.00%, 6/30/2030 | 2000 | 2227 |
| Total Alaska |  | 3315 |
| **Arizona — 3.8%** | **Arizona — 3.8%** | **Arizona — 3.8%** |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC Series 2024A, Rev., <br> 5.00%, 11/1/2029<br>| 2500 | 2691 |
| Arizona Industrial Development Authority, National <br> Charter School Revolving Loan Fund Series 2023A, <br> Rev., 5.00%, 11/1/2028<br>| 6000 | 6320 |
| Arizona Sports and Tourism Authority, Senior Lien <br> Multipurpose Stadium Facility Project Series 2022, <br> Rev., 5.00%, 7/1/2030<br>| 5000 | 5514 |
| City of Glendale Excise Tax, Rev., 5.00%, 7/1/2028 | 2850 | 3038 |
| Maricopa County Industrial Development Authority, <br> Banner Health<br>|  |  |
| Series 2023A-1, Rev., 5.00%, 5/15/2026 (c) | 1235 | 1240 |
| Series 2023A-2, Rev., 5.00%, 5/15/2028 (c) | 1925 | 2013 |
| Series 2023A3, Rev., 5.00%, 11/1/2030 (c) | 3050 | 3340 |
| Maricopa County Pollution Control Corp., Palo Verde <br> Project<br>|  |  |
| Series 2010A, Rev., 0.88%, 10/1/2026 (c) | 4500 | 4450 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Series 2010B, Rev., 0.88%, 10/1/2026 (c) | 2150 | 2126 |
| Maricopa County Union High School District No. <br> 210-Phoenix, Project of 2023 Series 2025B, GO, <br> 5.00%, 7/1/2030<br>| 1000 | 1119 |
| Total Arizona |  | 31851 |
| **Arkansas — 0.1%** | **Arkansas — 0.1%** | **Arkansas — 0.1%** |
| Arkansas Development Finance Authority, Department <br> of Community Correction Project, Rev., 5.00%, <br> 11/1/2026<br>| 325 | 331 |
| University of Central Arkansas, Student Housing <br> System<br>|  |  |
| Series 2019C, Rev., A.G., 4.00%, 11/1/2026 | 240 | 241 |
| Series 2019C, Rev., A.G., 4.00%, 11/1/2027 | 180 | 180 |
| Total Arkansas |  | 752 |
| **California — 1.5%** | **California — 1.5%** | **California — 1.5%** |
| California Community Choice Financing Authority, <br> Clean Energy Project Series 2023E-1, Rev., 5.00%, <br> 3/1/2031 (c)<br>| 2500 | 2704 |
| California Statewide Communities Development <br> Authority, Marin General Hospital Project Series <br> 2018A, Rev., 5.00%, 8/1/2028<br>| 250 | 260 |
| City of Los Angeles Department of Airports, <br> International Airport Subordinate Series 2018B, <br> Rev., AMT, 5.00%, 5/15/2030<br>| 2950 | 3114 |
| Los Angeles Community College District, Election of <br> 2016 Series C-1, GO, 5.00%, 8/1/2026<br>| 150 | 152 |
| Los Angeles Department of Water and Power, Power <br> System Series 2025A, Rev., 5.00%, 7/1/2028<br>| 2000 | 2097 |
| State of California, Various Purpose, GO, 4.00%, <br> 8/1/2029<br>| 4180 | 4209 |
| Total California |  | 12536 |
| **Colorado — 1.8%** | **Colorado — 1.8%** | **Colorado — 1.8%** |
| Colorado Health Facilities Authority, Adventist Health <br> System<br>|  |  |
| Series 2024A-1, Rev., 5.00%, 11/15/2029 (c) | 1000 | 1091 |
| Series 2025A, Rev., 5.00%, 11/15/2030 (c) | 2000 | 2203 |
| Colorado Health Facilities Authority, Intermountain <br> Healthcare Series 2022C, Rev., 5.00%, <br> 8/15/2028 (c)<br>| 3700 | 3921 |
| Colorado Housing and Finance Authority, Single Family <br> Mortgage Series 2023L, Class III, Rev., GNMA COLL, <br> 5.75%, 11/1/2053<br>| 2700 | 2922 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 17

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Southern Ute Indian Tribe of the Southern Ute <br> Reservation of Colorado Series 2025A, GO, 5.00%, <br> 4/1/2035 (b)<br>| 2500 | 2800 |
| State of Colorado Series 2018A, COP, 5.00%, <br> 12/15/2029<br>| 2140 | 2304 |
| Total Colorado |  | 15241 |
| **Connecticut — 1.4%** | **Connecticut — 1.4%** | **Connecticut — 1.4%** |
| State of Connecticut |  |  |
| Series 2020A, GO, 5.00%, 1/15/2028 | 725 | 764 |
| Series 2025B, GO, 5.00%, 12/1/2028 | 1000 | 1078 |
| Series 2025D, GO, 5.00%, 8/15/2029 | 5000 | 5477 |
| Series 2025B, GO, 5.00%, 12/1/2029 | 1000 | 1103 |
| State of Connecticut Special Tax, Transportation <br> Infrastructure Purpose Series 2025A, Rev., 5.00%, <br> 7/1/2029<br>| 3000 | 3277 |
| Total Connecticut |  | 11699 |
| **District of Columbia — 1.6%** | **District of Columbia — 1.6%** | **District of Columbia — 1.6%** |
| District of Columbia Series 2019A, GO, 5.00%, <br> 10/15/2028<br>| 1440 | 1548 |
| District of Columbia, Georgetown University Issue <br> Series 2025A, Rev., 5.00%, 4/3/2035 (c)<br>| 3750 | 4333 |
| Metropolitan Washington Airports Authority Aviation |  |  |
| Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | 5000 | 5324 |
| Series 2024A, Rev., AMT, 5.00%, 10/1/2030 | 1000 | 1108 |
| Washington Metropolitan Area Transit Authority Series <br> 2017B, Rev., 5.00%, 7/1/2029<br>| 1120 | 1160 |
| Total District of Columbia |  | 13473 |
| **Florida — 4.8%** | **Florida — 4.8%** | **Florida — 4.8%** |
| City of Lakeland, Department of Electric Utilities <br> Series 2010A, Rev., A.G., 5.25%, 10/1/2028<br>| 1000 | 1076 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South Series 2025B, Rev., 5.00%, <br> 8/15/2030 (c)<br>| 1970 | 2163 |
| County of Lee, Airport Series 2026 A-2, Rev., AMT, <br> 5.00%, 3/12/2026 (c) (d)<br>| 1000 | 1101 |
| County of Miami-Dade, Water and Sewer System |  |  |
| Series 2025B, Rev., 5.00%, 10/1/2028 | 4000 | 4286 |
| Series 2017B, Rev., 5.00%, 10/1/2029 | 1815 | 1894 |
| Series 2025B, Rev., 5.00%, 10/1/2029 | 4000 | 4391 |
| Florida Development Finance Corp., GFL Solid Waste <br> Southeast LLC Project Series 2024A, Rev., AMT, <br> 4.38%, 10/1/2031 (b) (c)<br>| 1000 | 1015 |
| Florida Development Finance Corp., Waste <br> Management, Inc., Project Series 2025A, Rev., AMT, <br> 3.40%, 9/1/2028 (c)<br>| 1000 | 1006 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Florida Housing Finance Corp., Homeowner Mortgage <br> Series 2025 1, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 1/1/2056<br>| 1975 | 2216 |
| Florida Local Government Finance Commission, Fleet <br> Landing at Nocatee Project Series 2025B-3, Rev., <br> 4.20%, 11/15/2030 (b)<br>| 1200 | 1213 |
| Florida Municipal Power Agency, St. Lucie Project <br> Series 2021B, Rev., 5.00%, 10/1/2030<br>| 2540 | 2725 |
| Fort Pierce Utilities Authority |  |  |
| Series 2022A, Rev., A.G., 5.00%, 10/1/2028 | 400 | 426 |
| Series 2022A, Rev., A.G., 5.00%, 10/1/2029 | 475 | 517 |
| Highlands County Health Facilities Authority, <br> Adventhealth Obligated Group Series 2024C, Rev., <br> 5.00%, 11/15/2031 (c)<br>| 1000 | 1123 |
| Polk County School District, Sales Tax, Rev., 5.00%, <br> 10/1/2030<br>| 1020 | 1114 |
| State of Florida Board of Education, Public Education <br> Capital Outlay Series 2020B, GO, 5.00%, <br> 6/1/2028<br>| 500 | 532 |
| State of Florida Department of Transportation <br> Turnpike System<br>|  |  |
| Series 2025A, Rev., 5.00%, 7/1/2029 | 1000 | 1093 |
| Series 2024A, Rev., 6.00%, 7/1/2029 | 3000 | 3374 |
| Tampa Bay Water, Utility System Series 2001A, Rev., <br> NATL - RE, 6.00%, 10/1/2029 (e)<br>| 8000 | 8991 |
| Total Florida |  | 40256 |
| **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** |
| Columbia County Hospital Authority, Wellstart Health <br> System Inc., Project<br>|  |  |
| Series 2023B, Rev., 5.00%, 4/1/2026 | 400 | 401 |
| Series 2023B, Rev., 5.00%, 4/1/2027 | 350 | 360 |
| Series 2023B, Rev., 5.00%, 4/1/2028 | 750 | 792 |
| Columbus Medical Center Hospital Authority, Piedmont <br> Healthcare Inc., Project Series 2019B, Rev., 5.00%, <br> 7/1/2029 (c)<br>| 1480 | 1579 |
| Dahlonega Downtown Development Authority, North <br> Georgia MAC, LLC Project<br>|  |  |
| Rev., 5.00%, 7/1/2026 | 275 | 277 |
| Rev., 5.00%, 7/1/2028 | 375 | 388 |
| Development Authority of Burke County (The), <br> Georgia Power Co. Plant Vogtle Project Series <br> 2012-2, Rev., 3.30%, 8/21/2029 (c)<br>| 1000 | 1014 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2024C, Rev., 5.00%, 12/1/2027 | 1000 | 1035 |
| Series 2024C, Rev., 5.00%, 12/1/2028 | 1000 | 1054 |
| Series 2024C, Rev., 5.00%, 12/1/2029 | 1500 | 1605 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| Series 2023B, Rev., 5.00%, 3/1/2030 (c) | 3250 | 3489 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 4000 | 4356 |
| Series 2024C, Rev., 5.00%, 12/1/2031 (c) | 3745 | 4075 |
| State of Georgia Series 2016F, GO, 5.00%, 7/1/2028 | 2000 | 2049 |
| Total Georgia |  | 22474 |
| **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |
| Territory of Guam Series 2025G, Rev., 5.00%, <br> 1/1/2030<br>| 905 | 975 |
| **Illinois — 7.8%** | **Illinois — 7.8%** | **Illinois — 7.8%** |
| Champaign County Community Unit School District No. <br> 4 Champaign<br>|  |  |
| GO, 4.00%, 6/1/2029 | 1000 | 1047 |
| GO, 4.00%, 6/1/2030 | 180 | 189 |
| Series 2019, GO, 4.00%, 6/1/2034 | 1160 | 1199 |
| Chicago Midway International Airport, Senior Lien |  |  |
| Series 2023A, Rev., AMT, 5.00%, 1/1/2027 | 1000 | 1019 |
| Series 2023A, Rev., AMT, 5.00%, 1/1/2028 | 3400 | 3541 |
| Series 2023C, Rev., AMT, 5.00%, 1/1/2028 | 7115 | 7425 |
| Chicago O'Hare International Airport, General Airport, <br> Senior Lien Series 2025D, Rev., 5.00%, 1/1/2029<br>| 2000 | 2153 |
| Chicago Transit Authority Capital Grant Receipts Series <br> 2021, Rev., 5.00%, 6/1/2027<br>| 2085 | 2139 |
| City of Chicago, Capital Appreciation City College <br> Series 1999, GO, NATL - RE, Zero Coupon, <br> 1/1/2028 (e)<br>| 1000 | 954 |
| City of Springfield Electric, Senior Lien |  |  |
| Rev., 5.00%, 3/1/2030 | 5000 | 5464 |
| Rev., 5.00%, 3/1/2031 | 2000 | 2223 |
| City of Waukegan, First Lien, Water and Sewer System |  |  |
| Series 2018C, Rev., A.G., 5.00%, 12/30/2026 | 680 | 694 |
| Series 2018C, Rev., A.G., 5.00%, 12/30/2027 | 710 | 726 |
| Cook County Community Unit School District No. 401 <br> Elmwood Park Series 2021A, GO, A.G., 4.00%, <br> 12/1/2030<br>| 1220 | 1299 |
| Effingham Community Unit School District No. 40 <br> Series 2019A, GO, 4.00%, 12/1/2028<br>| 565 | 583 |
| Glenview Park District |  |  |
| GO, 5.00%, 12/1/2026 | 300 | 306 |
| GO, 5.00%, 12/1/2029 | 350 | 357 |
| Grundy and Kendall Counties Consolidated Grade <br> School District No. 60-C, GO, 4.00%, 2/1/2030<br>| 1145 | 1202 |
| Illinois Finance Authority, Lake Zurich Community Unit <br> School District No. 95 Project, Rev., 4.00%, <br> 1/15/2032<br>| 2120 | 2175 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Illinois Finance Authority, University of Chicago <br> Medical Center (The) Series 2025A-1, Rev., 5.00%, <br> 8/15/2030 (c)<br>| 3500 | 3767 |
| Illinois Housing Development Authority |  |  |
| Series 2022E, Rev., GNMA / FNMA / FHLMC COLL, <br> 5.25%, 10/1/2052<br>| 1405 | 1480 |
| Series 2024E, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 4705 | 5226 |
| Kane and DeKalb Counties Community Unit School <br> District No. 301 Burlington, GO, 5.00%, 1/1/2027<br>| 355 | 363 |
| Madison-Macoupin Etc. Counties Community College <br> District No. 536, Lewis and Clark Community, GO, <br> A.G., 4.00%, 5/1/2029<br>| 2000 | 2031 |
| Peoria County Community Unit School District No. 309 <br> Brimfield<br>|  |  |
| GO, A.G., 4.00%, 4/1/2028 | 410 | 421 |
| GO, A.G., 4.00%, 4/1/2029 | 240 | 248 |
| GO, A.G., 4.00%, 4/1/2030 | 375 | 388 |
| Peoria Public Building Commission Series 2019A, <br> Rev., A.G., 5.00%, 12/1/2028<br>| 1455 | 1518 |
| State of Illinois |  |  |
| Series 2017A, GO, 5.00%, 12/1/2026 | 2000 | 2039 |
| Series 2017D, GO, 5.00%, 11/1/2027 | 1000 | 1043 |
| Series 2023B, GO, 5.00%, 5/1/2028 | 1025 | 1082 |
| Series 2024B, GO, 5.00%, 5/1/2028 | 1500 | 1583 |
| Series 2018A, GO, 5.00%, 10/1/2028 | 25 | 27 |
| Series 2024B, GO, 5.00%, 5/1/2029 | 4095 | 4419 |
| Series 2017C, GO, 5.00%, 11/1/2029 | 1000 | 1041 |
| GO, 5.50%, 5/1/2030 | 1525 | 1644 |
| Village of Skokie, GO, 5.00%, 12/1/2028 | 1550 | 1663 |
| Will County Forest Preservation District, Limited Tax, <br> GO, 5.00%, 12/15/2027<br>| 805 | 843 |
| Total Illinois |  | 65521 |
| **Indiana — 1.9%** | **Indiana — 1.9%** | **Indiana — 1.9%** |
| Indiana Finance Authority, Ascension Senior Credit <br> Group Series 2025A-1, Rev., 5.00%, 11/15/2029<br>| 2000 | 2188 |
| Indiana Finance Authority, Community Foundation of <br> Northern Indiana Obligated Group, Rev., 5.00%, <br> 9/1/2028<br>| 1000 | 1013 |
| Indiana Finance Authority, Indiana University Health <br> Obligated Group<br>|  |  |
| Series 2023B1, Rev., 5.00%, 7/1/2028 (c) | 1000 | 1052 |
| Series 2025D-1, Rev., 5.00%, 10/1/2029 (c) | 2500 | 2698 |
| Series 2023B-2, Rev., 5.00%, 7/1/2030 (c) | 2000 | 2188 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 19

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| Indiana Finance Authority, Indianapolis Power and <br> Light Co. Project Series 2021A, Rev., 1.40%, <br> 8/1/2029<br>| 7000 | 6536 |
| Indiana Finance Authority, State Revolving Fund <br> Program Series 2021A, Rev., 5.00%, 2/1/2031<br>| 180 | 204 |
| Total Indiana |  | 15879 |
| **Kansas — 1.1%** | **Kansas — 1.1%** | **Kansas — 1.1%** |
| City of Wichita, Sales Tax, River District Stadium Star <br> Bond Project Series 2018, Rev., 5.00%, 9/1/2026<br>| 465 | 471 |
| State of Kansas Department of Transportation |  |  |
| Series 2024A, Rev., 5.00%, 9/1/2028 | 3500 | 3745 |
| Series 2025A, Rev., 5.00%, 9/1/2029 | 3725 | 4083 |
| Wyandotte County Unified School District No. 202 <br> Turner<br>|  |  |
| Series 2019A, GO, A.G., 5.00%, 9/1/2026 | 320 | 324 |
| Series 2019A, GO, A.G., 5.00%, 9/1/2028 | 400 | 418 |
| Total Kansas |  | 9041 |
| **Kentucky — 1.1%** | **Kentucky — 1.1%** | **Kentucky — 1.1%** |
| Kentucky Public Energy Authority, Gas Supply Series <br> 2023A-1, Rev., 5.25%, 2/1/2032 (c)<br>| 3335 | 3669 |
| Kentucky State Property and Building Commission, <br> Project No. 113 Series 2024B, Rev., 5.00%, <br> 11/1/2027<br>| 2005 | 2099 |
| Kentucky State Property and Building Commission, <br> Project No. 124 Series A, Rev., A.G., 5.00%, <br> 11/1/2030<br>| 500 | 562 |
| Kentucky State Property and Building Commission, <br> Project No. 130 Series 2024B, Rev., 5.00%, <br> 11/1/2028<br>| 1510 | 1620 |
| Kentucky State Property and Building Commission, <br> Project No. 131 Series A, Rev., 5.00%, 10/1/2029<br>| 685 | 751 |
| Total Kentucky |  | 8701 |
| **Louisiana — 0.8%** | **Louisiana — 0.8%** | **Louisiana — 0.8%** |
| Louisiana Public Facilities Authority, Tulane University <br> of Louisiana Project<br>|  |  |
| Series 2023A, Rev., 5.00%, 10/15/2028 | 175 | 187 |
| Series 2023A, Rev., 5.00%, 10/15/2029 | 175 | 191 |
| Series 2023A, Rev., 5.00%, 10/15/2030 | 200 | 223 |
| Parish of St. John the Baptist, Marathon Oil Corp., <br> Project Series 2017C, Rev., 3.30%, 7/3/2028 (c)<br>| 4000 | 4069 |
| State of Louisiana |  |  |
| Series 2024E, GO, 5.00%, 9/1/2029 | 700 | 768 |
| Series 2023A, GO, 5.00%, 2/1/2031 | 1085 | 1225 |
| Total Louisiana |  | 6663 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Maine Turnpike Authority, Rev., 5.00%, 7/1/2029 | 1000 | 1091 |
| **Maryland — 0.6%** | **Maryland — 0.6%** | **Maryland — 0.6%** |
| County of Prince George's, Consolidated Public <br> Improvement Series 2020A, GO, 5.00%, <br> 7/15/2032<br>| 1000 | 1064 |
| Maryland Community Development Administration, <br> Multi- Family, Villages At Marley Station Series <br> 2024D-2, Rev., 3.30%, 1/1/2029<br>| 1500 | 1528 |
| State of Maryland Series 2021-2, GO, 5.00%, <br> 8/1/2030<br>| 2000 | 2243 |
| Total Maryland |  | 4835 |
| **Massachusetts — 1.2%** | **Massachusetts — 1.2%** | **Massachusetts — 1.2%** |
| Commonwealth of Massachusetts, Consolidated Loan <br> of 2025 Series 2025G, GO, 5.00%, 12/1/2028<br>| 2500 | 2700 |
| Massachusetts Department of Transportation Series <br> 1997A, Rev., NATL - RE, Zero Coupon, 1/1/2029<br>| 1560 | 1457 |
| Massachusetts Development Finance Agency, Atrius <br> Health Issue Series 2019A, Rev., 5.00%, <br> 6/1/2029 (e)<br>| 5500 | 5979 |
| Total Massachusetts |  | 10136 |
| **Michigan — 0.5%** | **Michigan — 0.5%** | **Michigan — 0.5%** |
| City of Royal Oak, Limited Tax, Capital Improvement |  |  |
| GO, 5.00%, 4/1/2027 | 625 | 643 |
| GO, 5.00%, 4/1/2028 | 245 | 259 |
| Michigan State Hospital Finance Authority, Ascension <br> Senior Credit Group Series 2010F-4, Rev., 5.00%, <br> 5/15/2030 (e)<br>| 700 | 778 |
| Michigan State Hospital Finance Authority, Trinity <br> Health Credit Group Series 2008C, Rev., 5.00%, <br> 12/1/2029<br>| 1525 | 1598 |
| Northville Public Schools, School Building and Site |  |  |
| Series 2019-II, GO, 5.00%, 5/1/2028 | 600 | 634 |
| Series 2019-II, GO, 5.00%, 5/1/2029 | 250 | 271 |
| Total Michigan |  | 4183 |
| **Minnesota — 0.7%** | **Minnesota — 0.7%** | **Minnesota — 0.7%** |
| Duluth Independent School District No. 709 |  |  |
| Series 2019B, COP, 5.00%, 2/1/2027 | 185 | 189 |
| Series 2019B, COP, 5.00%, 2/1/2028 | 175 | 183 |
| Series 2019C, COP, 5.00%, 2/1/2028 | 350 | 367 |
| Metropolitan Council, GO, GAN, 5.00%, 12/1/2028 | 3995 | 4304 |
| State of Minnesota, Various Purpose Series 2018A, <br> GO, 5.00%, 8/1/2030<br>| 1000 | 1067 |
| Total Minnesota |  | 6110 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Mississippi — 1.0%** | **Mississippi — 1.0%** | **Mississippi — 1.0%** |
| County of Warren, Gulf Opportunity Zone, <br> International Paper Co., Project, Rev., 4.00%, <br> 9/1/2032<br>| 1000 | 1057 |
| Jackson State University Educational Building Corp. <br> Series 2021A, Rev., 1.40%, 3/1/2034<br>| 1000 | 890 |
| Mississippi Business Finance Corp., Pollution Control, <br> Power Co., Project, Rev., 3.20%, 9/1/2028<br>| 4000 | 4002 |
| Mississippi Development Bank, Desoto County <br> Mississippi Highway Project Series 2024A, Rev., <br> 5.00%, 1/1/2029<br>| 1000 | 1076 |
| State of Mississippi, Gaming Tax Series 2019A, Rev., <br> 5.00%, 10/15/2028<br>| 1400 | 1489 |
| Total Mississippi |  | 8514 |
| **Missouri — 2.7%** | **Missouri — 2.7%** | **Missouri — 2.7%** |
| City of St. Louis Airport Series 2007A, Rev., A.G., <br> 5.25%, 7/1/2026<br>| 2635 | 2661 |
| Curators of the University of Missouri (The) |  |  |
| Series 2024, Rev., 5.00%, 11/1/2029 | 1000 | 1101 |
| Series 2020B, Rev., 5.00%, 11/1/2030 | 5705 | 6419 |
| Health and Educational Facilities Authority of the State <br> of Missouri Series 2021C, Rev., 5.00%, <br> 5/1/2028 (c)<br>| 7500 | 7916 |
| Jackson County School District No. R-IV Blue Springs, <br> Missouri Direct Deposit Program Series 2019, GO, <br> 5.50%, 3/1/2029<br>| 1280 | 1398 |
| Missouri Highway and Transportation Commission <br> Series 2022A, Rev., 4.00%, 5/1/2033<br>| 2685 | 2975 |
| Total Missouri |  | 22470 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| Montana Board of Housing, Single Family Mortgage <br> Series 2024A, Rev., 6.00%, 12/1/2054<br>| 835 | 916 |
| **Nebraska — 0.8%** | **Nebraska — 0.8%** | **Nebraska — 0.8%** |
| Nebraska Investment Finance Authority, Single Family <br> Housing Series 2023C, Rev., GNMA / FNMA / <br> FHLMC COLL, 5.50%, 9/1/2053<br>| 3885 | 4130 |
| Omaha School District Series 2016, GO, 5.00%, <br> 12/15/2028<br>| 1000 | 1021 |
| Southeast Community College Area, Tax Supported |  |  |
| COP, 5.00%, 12/15/2026 | 275 | 281 |
| COP, 5.00%, 12/15/2027 | 495 | 518 |
| COP, 5.00%, 12/15/2028 | 540 | 572 |
| Total Nebraska |  | 6522 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** |
| State of Nevada Department of Business and Industry, <br> Brighline West Passenger Rail Project Series <br> 2025B, Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 1385 | 748 |
| **New Hampshire — 0.3%** | **New Hampshire — 0.3%** | **New Hampshire — 0.3%** |
| New Hampshire Municipal Bond Bank Series 2020A, <br> Rev., 5.00%, 2/15/2029<br>| 1870 | 2023 |
| **New Jersey — 2.3%** | **New Jersey — 2.3%** | **New Jersey — 2.3%** |
| New Jersey Housing and Mortgage Finance Agency, <br> Multi- Family Series 2024B, Rev., 3.50%, <br> 5/1/2029<br>| 1000 | 1023 |
| New Jersey Transportation Trust Fund Authority, <br> Federal Highway Reimbursement<br>|  |  |
| Series A, Rev., 5.00%, 6/15/2028 | 3000 | 3023 |
| Series A, Rev., 5.00%, 6/15/2029 | 5350 | 5390 |
| Series A, Rev., 5.00%, 6/15/2031 | 4750 | 4784 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation System Series 2006C, Rev., NATL - <br> RE, Zero Coupon, 12/15/2030<br>| 3000 | 2652 |
| Tobacco Settlement Financing Corp. Series 2018A, <br> Rev., 5.00%, 6/1/2028<br>| 2230 | 2347 |
| Total New Jersey |  | 19219 |
| **New Mexico — 1.2%** | **New Mexico — 1.2%** | **New Mexico — 1.2%** |
| City of Farmington, San Juan Project Series 2010A, <br> Rev., 0.88%, 10/1/2026 (c)<br>| 4000 | 3955 |
| County of Sandoval, GO, 5.00%, 8/1/2026 | 650 | 657 |
| New Mexico Finance Authority, State Transportation, <br> Subordinate Lien Series 2018A, Rev., 5.00%, <br> 6/15/2029<br>| 5080 | 5406 |
| Total New Mexico |  | 10018 |
| **New York — 8.0%** | **New York — 8.0%** | **New York — 8.0%** |
| City of New York, Fiscal Year 2026 Series 2026B, <br> Subseries B-1, GO, 5.00%, 8/1/2031<br>| 1800 | 2048 |
| Empire State Development Corp., State Personal <br> Income Tax Series 2017C, Rev., 5.00%, <br> 3/15/2032<br>| 1115 | 1160 |
| Long Island Power Authority, Electric System |  |  |
| Rev., 5.00%, 9/1/2027 | 500 | 522 |
| Series 2025B, Rev., 3.00%, 9/1/2028 (c) | 2000 | 2017 |
| Metropolitan Transportation Authority Dedicated Tax <br> Fund Series B-2, Rev., 4.00%, 11/15/2032<br>| 4000 | 4071 |
| Metropolitan Transportation Authority, Green Bond |  |  |
| Series 2017C-1, Rev., 5.00%, 11/15/2026 | 2610 | 2661 |
| Series 2018B, Rev., 5.00%, 11/15/2026 | 1000 | 1020 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 21

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Industrial Development Agency, Yankee <br> Stadium LLC Project Series 2020A, Rev., A.G., <br> 5.00%, 3/1/2030<br>| 1600 | 1756 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2021 Series 2021, <br> Subseries CC-2, Rev., 5.00%, 6/15/2028<br>| 3410 | 3488 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2025 Series 2025A, <br> Subseries A-1, Rev., 5.00%, 11/1/2030<br>| 2250 | 2527 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2024 Series <br> 2024G, Subseries G-1, Rev., 5.00%, 5/1/2027<br>| 405 | 419 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025<br>|  |  |
| Series 2025-J, Subseries J-1, Rev., 5.00%, <br> 11/1/2029<br>| 3000 | 3298 |
| Series 2025F, Subseries F-1, Rev., 5.00%, <br> 11/1/2030<br>| 1000 | 1123 |
| Series 2025H, Sub H-1, Rev., 5.00%, 11/1/2030 | 1000 | 1123 |
| New York State Dormitory Authority Series 2024A, <br> Rev., A.G., 5.00%, 10/1/2028<br>| 5800 | 6236 |
| New York State Dormitory Authority, Personal Income <br> Tax Series 2017B-2, Rev., 5.00%, 2/15/2030<br>| 1875 | 1951 |
| New York State Dormitory Authority, Sales Tax Series <br> 2024B, Rev., 5.00%, 3/15/2030<br>| 6140 | 6849 |
| New York State Dormitory Authority, School Districts <br> Financing Program<br>|  |  |
| Series 2025A, Rev., A.G., 5.00%, 10/1/2029 | 2000 | 2205 |
| Series 2020A, Rev., A.G., 5.00%, 10/1/2031 | 5065 | 5414 |
| New York State Dormitory Authority, St. John's <br> University Series 2021A, Rev., 4.00%, 7/1/2030<br>| 875 | 929 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose<br>|  |  |
| Series 2021A, Rev., 5.00%, 3/15/2031 | 535 | 609 |
| Series 2025C, Rev., 5.00%, 3/15/2031 | 1000 | 1138 |
| New York State Housing Finance Agency, State <br> Personal Income Tax Series 2024B-2, Rev., 3.35%, <br> 12/15/2029 (c)<br>| 1500 | 1517 |
| Port Authority of New York and New Jersey, <br> Consolidated Series 246, Rev., AMT, 5.00%, <br> 9/1/2027<br>| 5000 | 5182 |
| Triborough Bridge and Tunnel Authority, Payroll <br> Mobility Tax Series 2024B, Rev., BAN, 5.00%, <br> 3/15/2027<br>| 7000 | 7214 |
| Total New York |  | 66477 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **North Carolina — 1.7%** | **North Carolina — 1.7%** | **North Carolina — 1.7%** |
| North Carolina Housing Finance Agency Series 2024, <br> Rev., 5.00%, 4/1/2028 (c)<br>| 4025 | 4222 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2056<br>| 1495 | 1716 |
| Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 1/1/2056<br>| 7000 | 8174 |
| Total North Carolina |  | 14112 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| North Dakota Housing Finance Agency, Home <br> Mortgage Finance Program Series 2025A, Rev., <br> 6.00%, 1/1/2056<br>| 1000 | 1119 |
| **Ohio — 3.5%** | **Ohio — 3.5%** | **Ohio — 3.5%** |
| City of Cleveland, Income Tax, Subordinate Lien, Public <br> Facilities Improvements<br>|  |  |
| Series 2018A, Rev., 5.00%, 10/1/2027 | 250 | 261 |
| Series 2018A, Rev., 5.00%, 10/1/2028 | 250 | 264 |
| Series 2017B-1, Rev., 5.00%, 10/1/2030 | 2510 | 2648 |
| City of Columbus, Unlimited Tax Series 2024-1, GO, <br> 5.00%, 2/15/2030<br>| 1500 | 1663 |
| City of Toledo Series 2023, GO, 5.00%, 12/1/2026 | 445 | 454 |
| County of Van Wert, Ohio Hospital Facilities, Rev., <br> 6.13%, 12/1/2029 (e)<br>| 3000 | 3363 |
| Cuyahoga Community College District, Facilities <br> Construction Improvement, Unlimited Tax, GO, <br> 5.00%, 12/1/2028<br>| 2300 | 2315 |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 2790 | 2862 |
| Ohio Turnpike and Infrastructure Commission Series <br> 2018A, Rev., 5.00%, 2/15/2032<br>| 1000 | 1052 |
| State of Ohio, Capital Facilities Lease Appropriation, <br> Park and Recreation Improvement Fund Project <br> Series 2025A, Rev., 5.00%, 12/1/2029<br>| 3720 | 4101 |
| State of Ohio, Common School Series 2023A, GO, <br> 5.00%, 3/15/2027<br>| 7920 | 8161 |
| State of Ohio, Infrastructure Improvement |  |  |
| Series 2025A, GO, 5.00%, 3/1/2029 | 1000 | 1084 |
| Series 2025A, GO, 5.00%, 3/1/2030 | 1000 | 1110 |
| Total Ohio |  | 29338 |
| **Oklahoma — 2.0%** | **Oklahoma — 2.0%** | **Oklahoma — 2.0%** |
| Carter County Public Facilities Authority, Educational <br> Facilities Lease, Ardmore City Schools Project<br>|  |  |
| Rev., 5.00%, 9/1/2026 | 820 | 828 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| Rev., 5.00%, 9/1/2027 | 1250 | 1288 |
| Cleveland County Educational Facilities Authority, <br> Moore Public School Project Series 2021, Rev., <br> 4.00%, 6/1/2028<br>| 5080 | 5246 |
| Cleveland County Educational Facilities Authority, <br> Norman Public Schools Project Series 2023A, Rev., <br> 5.00%, 6/1/2028<br>| 2000 | 2110 |
| Grady County School Finance Authority, Educational <br> Facilities Lease, Minco Public Schools Project<br>|  |  |
| Rev., 5.00%, 9/1/2028 | 375 | 395 |
| Rev., 5.00%, 9/1/2029 | 1175 | 1242 |
| Oklahoma County Independent School District No. 52 <br> Midwest City-Del City Series 2024, GO, 4.00%, <br> 7/1/2028<br>| 2000 | 2077 |
| Tulsa County Independent School District No. 1 Tulsa <br> Series 2025A, GO, 4.00%, 4/1/2030<br>| 1000 | 1065 |
| Tulsa County Industrial Authority, Educational Facilities <br> Lease Owasso Public School Project, Rev., 5.00%, <br> 9/1/2031<br>| 2000 | 2253 |
| Total Oklahoma |  | 16504 |
| **Oregon — 0.0% ^** | **Oregon — 0.0% ^** | **Oregon — 0.0% ^** |
| Port of Portland, International Airport Series 26A, <br> Rev., 5.00%, 7/1/2026<br>| 335 | 338 |
| **Pennsylvania — 7.4%** | **Pennsylvania — 7.4%** | **Pennsylvania — 7.4%** |
| Allegheny County Airport Authority, Pittsburgh <br> International Airport Series 2023A, Rev., AMT, A.G., <br> 5.00%, 1/1/2027<br>| 850 | 869 |
| Allegheny County Higher Education Building Authority, <br> Carnegie Mellon University Series 2022A, Rev., <br> (SOFR + 0.29%), 2.86%, 3/5/2026 (f)<br>| 2500 | 2495 |
| City of Philadelphia Series 2025C, GO, 5.00%, <br> 8/1/2030<br>| 1000 | 1112 |
| Commonwealth Financing Authority Series 2019B, <br> Rev., 5.00%, 6/1/2029<br>| 500 | 541 |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment<br>|  |  |
| Rev., 5.00%, 6/1/2029 | 2680 | 2833 |
| Rev., 5.00%, 6/1/2030 | 3900 | 4117 |
| Rev., 5.00%, 6/1/2031 | 1100 | 1158 |
| Commonwealth of Pennsylvania |  |  |
| Series 2025A, GO, 5.00%, 8/15/2028 | 1000 | 1068 |
| Series 2023, GO, 5.00%, 9/1/2029 | 650 | 712 |
| Series 2024-1, GO, 5.00%, 8/15/2030 | 5875 | 6552 |
| Series 2024-1, GO, 5.00%, 8/15/2031 | 4000 | 4539 |
| County of Northampton Series 2019A, GO, 4.00%, <br> 10/1/2028<br>| 920 | 921 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Geisinger Authority, Health System Series 2020C, <br> Rev., 5.00%, 4/1/2030 (c)<br>| 1000 | 1078 |
| General Authority of Southcentral Pennsylvania, <br> Hanover Hospital, Inc., Rev., 5.00%, 12/1/2026<br>| 1400 | 1402 |
| General Authority of Southcentral Pennsylvania, <br> Wellspan Health Obligated Group Series 2025A, <br> Rev., 5.00%, 6/1/2029<br>| 5000 | 5415 |
| Montgomery County Industrial Development Authority, <br> Constellation Energy Generation Series 2023B, <br> Rev., 4.10%, 6/1/2029<br>| 5200 | 5455 |
| Panther Valley School District |  |  |
| GO, 2.00%, 10/15/2026 | 750 | 746 |
| GO, 2.00%, 10/15/2027 | 680 | 670 |
| GO, 2.00%, 10/15/2028 | 300 | 292 |
| GO, 2.00%, 10/15/2029 | 300 | 290 |
| Pennsylvania Economic Development Financing <br> Authority, Waste Management, Inc., Project Series <br> 2021A-2, Rev., 4.60%, 10/1/2026 (c)<br>| 5000 | 5027 |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage<br>|  |  |
| Series 2023-141A, Rev., 5.75%, 10/1/2053 | 1135 | 1212 |
| Series 2024 -147A, Rev., 6.25%, 10/1/2054 | 988 | 1104 |
| Series 2024-146A, Rev., 6.25%, 10/1/2054 | 2940 | 3262 |
| Series 2025-150A, Rev., 6.25%, 10/1/2055 | 1000 | 1162 |
| Pennsylvania Turnpike Commission Series 2019, Rev., <br> 5.00%, 12/1/2030<br>| 3900 | 4201 |
| Pennsylvania Turnpike Commission, Motor License <br> Fund, Enhanced, Subordinate Series 2017-3, Rev., <br> 5.00%, 12/1/2028<br>| 1370 | 1436 |
| Pennsylvania Turnpike Commission, Subordinate <br> Series 2021B, Rev., 5.00%, 12/1/2027<br>| 1025 | 1075 |
| Southeastern Pennsylvania Transportation Authority, <br> Asset Improvement Program, Rev., 5.00%, <br> 6/1/2032<br>| 100 | 116 |
| Upper St. Clair Township School District |  |  |
| Series 2019B, GO, 4.00%, 10/1/2028 | 575 | 581 |
| Series 2019B, GO, 4.00%, 10/1/2029 | 420 | 424 |
| Total Pennsylvania |  | 61865 |
| **Puerto Rico — 0.6%** | **Puerto Rico — 0.6%** | **Puerto Rico — 0.6%** |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 1045 | 1069 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Series <br> A-1, Rev., Zero Coupon, 7/1/2029<br>| 4500 | 4054 |
| Total Puerto Rico |  | 5123 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 23

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Rhode Island — 0.1%** | **Rhode Island — 0.1%** | **Rhode Island — 0.1%** |
| Rhode Island Commerce Corp., Department of <br> Transportation Series 2016B, Rev., 5.00%, <br> 6/15/2026<br>| 50 | 50 |
| Rhode Island Health and Educational Building Corp., <br> Brown university Health Series 2026B, Rev., <br> 5.00%, 5/15/2031<br>| 1000 | 1108 |
| Total Rhode Island |  | 1158 |
| **South Carolina — 1.7%** | **South Carolina — 1.7%** | **South Carolina — 1.7%** |
| Charleston Educational Excellence Finance Corp., <br> Installment Purchase, Charleston County School <br> District, South Carolina Project Series 2024, Rev., <br> 5.00%, 12/1/2029<br>| 1025 | 1129 |
| County Square Redevelopment Corp., Greenville South <br> Carolina Project, Rev., 5.00%, 4/1/2030<br>| 2100 | 2336 |
| Patriots Energy Group Financing Agency Series 2023 <br> Subseries B-1, Rev., 5.25%, 3/1/2031 (c)<br>| 3665 | 4012 |
| South Carolina Jobs-Economic Development Authority, <br> Bon Secours Mercy Health, Inc. Series 2025B-1, <br> Rev., 5.00%, 11/1/2030 (c)<br>| 3000 | 3311 |
| South Carolina Jobs-Economic Development Authority, <br> Mcleod Health Projects, Rev., 5.00%, 11/1/2031<br>| 1030 | 1084 |
| South Carolina Public Service Authority, Santee <br> Cooper Series 2022B, Rev., A.G. - CR, 4.00%, <br> 12/1/2029<br>| 1000 | 1053 |
| South Carolina State Housing Finance and <br> Development Authority Series 2026A, Rev., GNMA / <br> FNMA / FHLMC, 6.00%, 7/1/2031 (d)<br>| 1265 | 1481 |
| Total South Carolina |  | 14406 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |
| South Dakota Housing Development Authority Series <br> 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 11/1/2055<br>| 1475 | 1680 |
| **Tennessee — 2.2%** | **Tennessee — 2.2%** | **Tennessee — 2.2%** |
| City of Chattanooga Electric, Rev., 5.00%, 9/1/2028 | 2000 | 2140 |
| Health Educational and Housing Facility Board of the <br> City of Memphis (The), Arbors Hickory Ridge Project <br> Series 2012, Rev., 6.25%, 1/1/2029 (e)<br>| 4903 | 5440 |
| Metropolitan Government Nashville and Davidson <br> County, Health and Educational Facilities Board, <br> Northview Project Series 2023B, Rev., 3.60%, <br> 2/1/2028 (c)<br>| 1000 | 1018 |
| Metropolitan Government of Nashville and Davidson <br> County Water and Sewer, Rev., 5.00%, 7/1/2045<br>| 1875 | 2038 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Shelby County Health Educational and Housing <br> Facilities Board, Baptism Memorial Health Obligated <br> Group Series 2025B, Rev., 5.00%, 9/1/2030 (c)<br>| 1000 | 1087 |
| Tennergy Corp., Gas Supply Series 2021A, Rev., <br> 4.00%, 9/1/2028 (c)<br>| 6500 | 6701 |
| Total Tennessee |  | 18424 |
| **Texas — 17.2%** | **Texas — 17.2%** | **Texas — 17.2%** |
| Abilene Independent School District, Unlimited Tax <br> School Building, GO, PSF-GTD, 4.00%, 2/15/2029<br>| 2000 | 2061 |
| Arlington Higher Education Finance Corp., Uplift <br> Education Series 2017A, Rev., PSF-GTD, 4.00%, <br> 12/1/2029<br>| 1000 | 1016 |
| Austin Community College District Public Facility <br> Corp., Lease, Highland Campus Parking Garage <br> Project<br>|  |  |
| Series 2018C, Rev., 5.00%, 8/1/2026 | 250 | 253 |
| Series 2018C, Rev., 5.00%, 8/1/2027 | 200 | 208 |
| Series 2018C, Rev., 5.00%, 8/1/2029 | 325 | 337 |
| Bastrop Independent School District, Unlimited Tax <br> Series 2024, GO, PSF-GTD, 5.00%, 2/15/2030<br>| 3530 | 3896 |
| Bridge City Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/15/2033<br>| 520 | 583 |
| City of Arlington Series 2020A, GO, 5.00%, <br> 8/15/2032<br>| 1685 | 1828 |
| City of Austin Water and Wastewater System Series <br> 2024, Rev., 5.00%, 11/15/2028<br>| 2500 | 2690 |
| City of Austin, Airport System Series 2017A, Rev., <br> 5.00%, 11/15/2028<br>| 1130 | 1152 |
| City of Austin, Public Property Finance Contractual <br> Obligation, GO, 5.00%, 5/1/2030<br>| 2190 | 2439 |
| City of Houston Series 2024A, GO, 5.00%, 3/1/2030 | 500 | 553 |
| City of Houston Combined Utility System, First Lien |  |  |
| Series 2016B, Rev., 5.00%, 11/15/2027 | 940 | 958 |
| Series 2024A, Rev., 5.00%, 11/15/2027 | 4150 | 4349 |
| City of Lubbock, Electric Light and Power System <br> Series 2022, Rev., A.G., 5.00%, 4/15/2028<br>| 1120 | 1186 |
| City of San Antonio Series 2024, GO, 5.00%, <br> 2/1/2030<br>| 600 | 664 |
| City of San Antonio Electric and Gas Systems |  |  |
| Series 2025B, Rev., 5.00%, 2/1/2029 | 6000 | 6490 |
| Series 2026A, Rev., 3.00%, 12/1/2029 (c) | 2000 | 2018 |
| Series 2024D, Rev., 5.00%, 2/1/2030 | 1000 | 1107 |
| City of Waco, Combination Tax |  |  |
| Series 2024A, GO, 5.00%, 2/1/2028 | 1920 | 2021 |
| Series 2024A, GO, 5.00%, 2/1/2029 | 2000 | 2157 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Comal Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 5.00%, 2/1/2029<br>| 7010 | 7567 |
| Conroe Independent School District, Unlimited Tax <br> Series 2019, GO, PSF-GTD, 5.00%, 8/15/2028<br>| 1000 | 1068 |
| County of Bastrop, Combination Tax, GO, 5.00%, <br> 8/1/2030<br>| 1145 | 1277 |
| County of Ector, GO, 5.00%, 2/15/2029 | 1975 | 2119 |
| County of Montgomery Series 2025A, GO, 5.00%, <br> 3/1/2029<br>| 1000 | 1081 |
| Cypress-Fairbanks Independent School District, <br> Unlimited Tax<br>|  |  |
| GO, PSF-GTD, 5.00%, 2/15/2029 | 5120 | 5543 |
| Series 2023A, GO, PSF-GTD, 5.00%, 2/15/2030 | 1000 | 1108 |
| GO, PSF-GTD, 5.00%, 2/15/2031 | 4750 | 5371 |
| Dallas County Utility and Reclamation District, <br> Unlimited Tax Series 2016, GO, 5.00%, 2/15/2028<br>| 1100 | 1153 |
| Dallas Fort Worth International Airport Series <br> 2025A-2, Rev., AMT, 5.00%, 11/1/2029 (c)<br>| 7000 | 7510 |
| Fort Worth Independent School District, GO, PSF-GTD, <br> 5.00%, 2/15/2029<br>| 1950 | 2108 |
| Grand Parkway Transportation Corp. Series 2023, <br> Rev., 5.00%, 4/1/2028 (c)<br>| 6000 | 6256 |
| Harris County Cultural Education Facilities Finance <br> Corp., Memorial Hermann Health System<br>|  |  |
| Series 2022B, Rev., 5.00%, 12/1/2028 (c) | 1475 | 1559 |
| Series 2024C, Rev., 5.00%, 7/1/2029 (c) | 2000 | 2139 |
| Series 2024B, Rev., 5.00%, 7/1/2031 | 1250 | 1408 |
| Harris County-Houston Sports Authority Series <br> 2001H, Rev., NATL - RE, Zero Coupon, <br> 11/15/2031 (e)<br>| 1335 | 615 |
| Harris County-Houston Sports Authority, Second Lien <br> Series 2024B, Rev., A.G., 5.00%, 11/15/2028<br>| 1770 | 1883 |
| Hereford Independent School District, School Building, <br> Unlimited Tax<br>|  |  |
| GO, PSF-GTD, 4.00%, 2/15/2028 | 1420 | 1441 |
| GO, PSF-GTD, 4.00%, 2/15/2029 | 1480 | 1502 |
| Irving Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 5.00%, 2/15/2028 | 3170 | 3346 |
| GO, PSF-GTD, 5.00%, 2/15/2031 | 3745 | 4231 |
| Legacy Denton Public Facility Corp., Multifamily <br> Housing Roselawn Village, Rev., 3.15%, <br> 5/1/2029 (c)<br>| 1500 | 1511 |
| Lewisville Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 8/15/2030<br>| 1750 | 1962 |
| Lone Star College System, Limited Tax Series 2016, <br> GO, 4.00%, 2/15/2032<br>| 1125 | 1126 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Lower Colorado River Authority Series 2023B, Rev., <br> 5.00%, 5/15/2028 (c)<br>| 1840 | 1926 |
| Lower Colorado River Authority, LCRA Transmission <br> Services Corp., Project<br>|  |  |
| Series 2022A, Rev., 5.00%, 5/15/2030 | 805 | 893 |
| Series 2023A, Rev., A.G., 5.00%, 5/15/2030 | 2380 | 2645 |
| Metropolitan Transit Authority of Harris County Sales <br> and Use Tax<br>|  |  |
| Series A, Rev., 5.00%, 11/1/2028 | 1000 | 1018 |
| Rev., 5.00%, 11/1/2029 | 1530 | 1644 |
| North Texas Tollway Authority, First Tier Series A, Rev., <br> 4.00%, 1/1/2033<br>| 2500 | 2524 |
| Northwest Independent School District, Unlimited Tax <br> Series 2024A, GO, PSF-GTD, 5.00%, 2/15/2029<br>| 1000 | 1080 |
| Plano Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 5.00%, 2/15/2029<br>| 1000 | 1083 |
| Round Rock Independent School District, Unlimited <br> Tax Series 2025A, GO, PSF-GTD, 5.00%, <br> 8/1/2030 (c)<br>| 1500 | 1668 |
| S&S Consolidated Independent School District, GO, <br> PSF-GTD, 4.00%, 2/15/2028<br>| 580 | 597 |
| Spring Independent School District, Unlimited Tax <br> Series 2024B, GO, 5.00%, 8/15/2030<br>| 1575 | 1752 |
| State of Texas, College Student Loan Series 2023A, <br> GO, AMT, 5.25%, 8/1/2029<br>| 2470 | 2688 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Baylor Scott & White Health Project<br>|  |  |
| Series 2026F, Rev., 5.00%, 5/1/2030 (c) | 1000 | 1096 |
| Series 2022F, Rev., 5.00%, 11/15/2030 (c) | 1000 | 1096 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System<br>|  |  |
| Series 2025B, Rev., 5.00%, 11/15/2029 (c) | 3100 | 3354 |
| Series 2025C, Rev., 5.00%, 11/15/2032 (c) | 960 | 1084 |
| Temple Independent School District, GO, PSF-GTD, <br> 5.00%, 2/1/2032<br>| 1560 | 1751 |
| Texas A&M University, Financing System Series <br> 2017E, Rev., 5.00%, 5/15/2027<br>| 1435 | 1485 |
| Texas Municipal Gas Acquisition and Supply Corp. I, <br> Gas Supply, Senior Lien Series 2008D, Rev., 6.25%, <br> 12/15/2026<br>| 315 | 324 |
| Texas Municipal Gas Acquisition and Supply Corp. IV, <br> Gas Supply Series 2023A, Rev., 5.50%, <br> 1/1/2030 (c)<br>| 7800 | 8391 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 25

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Texas State University System Series 2024, Rev., <br> 5.00%, 3/15/2029<br>| 2000 | 2162 |
| West Travis County Public Utility Agency, Rev., 5.00%, <br> 8/15/2027<br>| 350 | 363 |
| Total Texas |  | 143474 |
| **Utah — 0.5%** | **Utah — 0.5%** | **Utah — 0.5%** |
| Intermountain Power Agency, Utah Power Supply |  |  |
| Series 2023A, Rev., 5.00%, 7/1/2030 | 1080 | 1201 |
| Series 2022A, Rev., 5.00%, 7/1/2031 | 320 | 363 |
| University of Utah (The) Series 2022B, Rev., 5.00%, <br> 8/1/2028<br>| 1000 | 1066 |
| West Valley City Municipal Building Authority |  |  |
| Rev., A.G., 5.00%, 2/1/2027 | 720 | 737 |
| Rev., A.G., 5.00%, 2/1/2029 | 1070 | 1096 |
| Total Utah |  | 4463 |
| **Virginia — 0.6%** | **Virginia — 0.6%** | **Virginia — 0.6%** |
| Louisa Industrial Development Authority, Electric and <br> Power Co. Project Series 2008A, Rev., 3.13%, <br> 10/1/2030 (c)<br>| 2500 | 2547 |
| Norfolk Economic Development Authority, Sentara <br> Healthcare Series 2018A, Rev., 5.00%, <br> 11/1/2028 (c)<br>| 2190 | 2336 |
| Total Virginia |  | 4883 |
| **Washington — 2.8%** | **Washington — 2.8%** | **Washington — 2.8%** |
| Central Puget Sound Regional Transit Authority, Sales <br> Tax and Motor Vehicle Excise Tax Series 2021S-1, <br> Rev., 5.00%, 11/1/2030<br>| 1555 | 1755 |
| Energy Northwest, Project 1 Series 2024B, Rev., <br> 5.00%, 7/1/2027<br>| 2500 | 2596 |
| Port of Seattle, Intermediate Lien Series C, Rev., AMT, <br> 5.00%, 4/1/2027<br>| 500 | 501 |
| State of Washington, Various Purpose Series 2024C, <br> GO, 5.00%, 2/1/2027<br>| 3000 | 3079 |
| Washington Health Care Facilities Authority, <br> Commonspirit Health Series 2019B-3, Rev., 5.00%, <br> 8/1/2026 (c)<br>| 15000 | 15016 |
| Total Washington |  | 22947 |
| **Wisconsin — 1.3%** | **Wisconsin — 1.3%** | **Wisconsin — 1.3%** |
| Public Finance Authority, Astro Texas Land Projects, <br> Rev., 5.00%, 12/15/2036 (b)<br>| 491 | 492 |
| Public Finance Authority, Maniilaq Association <br> Employee Housing Project<br>|  |  |
| Rev., 5.00%, 12/1/2030 | 1555 | 1695 |
| Rev., 5.00%, 12/1/2031 | 750 | 827 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| State of Wisconsin Series 2025A, GO, 5.00%, <br> 5/1/2030<br>| 1000 | 1114 |
| Sun Prairie Area School District, GO, 4.00%, <br> 3/1/2028<br>| 2500 | 2544 |
| Wisconsin Health and Educational Facilities Authority, <br> Advocate Aurora Health Credit Group<br>|  |  |
| Series 2018B-1, Rev., 5.00%, 7/1/2027 (c) | 1280 | 1291 |
| Series 2018C-4, Rev., 5.00%, 6/22/2029 (c) | 1000 | 1075 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership Series 2024C, Rev., <br> GNMA / FNMA / FHLMC, 6.00%, 3/1/2055<br>| 1435 | 1590 |
| Total Wisconsin |  | 10628 |
| Total Municipal Bonds <br>(Cost $772,684)<br>|  | 787223 |
| **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** |
| FNMA, REMIC Series 2002-36, Class FS, 4.28%, <br> 6/25/2032 (c)(Cost $2)<br>| 2 | 2 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 5.3%** | **Short-Term Investments — 5.3%** | **Short-Term Investments — 5.3%** |
| **Investment Companies — 5.3%** | **Investment Companies — 5.3%** | **Investment Companies — 5.3%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 1.78% (g) (h) <br>(Cost $44,214)<br>| 44211 | 44215 |
| **Total Investments — 99.5%** <br>**(Cost $816,900)**<br>|  | **831440** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **4373** |
| **NET ASSETS — 100.0%** |  | **835813** |

---

&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** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | |
|:---|:---|
| RE | Reinsured |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is prerefunded or escrowed to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) 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;(h) The rate shown is the current yield as of February 28, 2026.

**Futures contracts outstanding as of February 28, 2026 (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>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8761 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |

---

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

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 27

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 95.1% (a)** | **Municipal Bonds — 95.1% (a)** | **Municipal Bonds — 95.1% (a)** |
| **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** |
| Baldwin County Industrial Development Authority, <br> Novelis Corp., Project<br>|  |  |
| Series 2026 A, Rev., AMT, 4.30%, 3/6/2026 (b) <br> (c)<br>| 205 | 207 |
| Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c) | 2500 | 2617 |
| Black Belt Energy Gas District, Gas Project Series <br> 2024D, Rev., 5.00%, 11/1/2034 (c)<br>| 7250 | 7998 |
| Lower Alabama Gas District (The), Gas Project Series <br> 2025A, Rev., 5.00%, 12/1/2033<br>| 3215 | 3454 |
| Mobile County Industrial Development Authority, <br> Calvert LLC Project Series 2024B, Rev., AMT, <br> 4.75%, 12/1/2054<br>| 1000 | 956 |
| Southeast Energy Authority A Cooperative District <br> Project No.06 Series 2023B, Rev., LIQ : Royal Bank <br> of Canada, 5.00%, 6/1/2030 (c)<br>| 5530 | 5949 |
| Total Alabama |  | 21181 |
| **Alaska — 0.6%** | **Alaska — 0.6%** | **Alaska — 0.6%** |
| Alaska Industrial Development and Export Authority, <br> Tanana Chiefs Conference Project Series 2019A, <br> Rev., 4.00%, 10/1/2049<br>| 1250 | 1123 |
| Municipality of Anchorage Series 2024A, Rev., AMT, <br> 4.50%, 2/1/2060<br>| 2250 | 2065 |
| Northern Tobacco Securitization Corp., Senior Lien <br> Series 2021A, Class 1, Rev., 5.00%, 6/1/2029<br>| 1000 | 1070 |
| Northern Tobacco Securitization Corp., Tobacco <br> Settlement Asset-Backed Senior Capital <br> Appreciation Series 2021B-2, Class 2, Rev., Zero <br> Coupon, 6/1/2066<br>| 7355 | 835 |
| Total Alaska |  | 5093 |
| **Arizona — 1.4%** | **Arizona — 1.4%** | **Arizona — 1.4%** |
| Arizona Board of Regents, State University Series <br> 2026A, Rev., 5.00%, 7/1/2041 (d)<br>| 1000 | 1149 |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC<br>|  |  |
| Series 2021A, Rev., 4.00%, 11/1/2051 | 2810 | 2490 |
| Series 2023A, Rev., 5.25%, 11/1/2053 | 2000 | 2066 |
| Arizona Industrial Development Authority, Great Lakes <br> Senior Living Communities LLC Project Series <br> 2025A-2, Rev., 5.13%, 1/1/2059<br>| 1000 | 939 |
| City of Buckeye, GO, 5.25%, 7/1/2050 | 1210 | 1298 |
| City of Lake Havasu City Wastewater System, Senior <br> Lien, GO, 5.00%, 7/1/2037<br>| 1600 | 1890 |
| City of Mesa Utility System, Rev., A.G., 5.00%, <br> 7/1/2030<br>| 1625 | 1809 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Industrial Development Authority of The City of <br> Phoenix, Downtown Phoenix Student Housing LLC - <br> Arizona State University Project<br>|  |  |
| Series 2018A, Rev., 5.00%, 7/1/2032 | 350 | 361 |
| Series 2018A, Rev., 5.00%, 7/1/2037 | 200 | 204 |
| Total Arizona |  | 12206 |
| **California — 7.0%** | **California — 7.0%** | **California — 7.0%** |
| California Community Choice Financing Authority, <br> Clean Energy Project<br>|  |  |
| Series 2023B-1, Rev., 5.00%, 8/1/2029 (c) | 2565 | 2728 |
| Series 2023G-1, Rev., 5.25%, 4/1/2030 (c) | 2500 | 2696 |
| Series 2025E, Rev., 5.00%, 5/1/2035 (c) | 4300 | 4816 |
| Series 2026B, Rev., 5.00%, 3/1/2036 | 4750 | 5176 |
| California County Tobacco Securitization Agency Series <br> 2006A, Rev., Zero Coupon, 6/1/2046<br>| 3000 | 712 |
| California County Tobacco Securitization Agency, Los <br> Angeles County Securitization Corp.<br>|  |  |
| Series 2020A, Rev., 5.00%, 6/1/2029 | 110 | 118 |
| Series 2020A, Rev., 4.00%, 6/1/2034 | 510 | 515 |
| Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | 6250 | 1211 |
| California Health Facilities Financing Authority, <br> Cedars-Sinai Medical Center Series 2021A, Rev., <br> 4.00%, 8/15/2048<br>| 2000 | 1911 |
| California Health Facilities Financing Authority, <br> CommonSpirit Health Series 2020A, Rev., 4.00%, <br> 4/1/2049<br>| 1450 | 1345 |
| California Health Facilities Financing Authority, PIH <br> Health Series 2020A, Rev., 4.00%, 6/1/2050<br>| 1000 | 902 |
| California Health Facilities Financing Authority, Sutter <br> Health<br>|  |  |
| Series 2016B, Rev., 4.00%, 11/15/2041 | 1725 | 1727 |
| Series 2017A, Rev., 4.00%, 11/15/2048 | 2000 | 1833 |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025B, Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 2610 | 1409 |
| California Infrastructure and Economic Development <br> Bank, California Academy of Science Series 2024A, <br> Rev., 3.25%, 8/1/2029<br>| 5000 | 5123 |
| California Statewide Communities Development <br> Authority, Loma Linda University Medical Center <br> Series 2016A, Rev., 5.25%, 12/1/2056 (b)<br>| 2875 | 2876 |
| California Statewide Communities Development <br> Authority, Southern California Edison Co. Series <br> 2006C, Rev., 4.50%, 11/1/2033<br>| 1100 | 1179 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement<br>|  |  |
| Series 2021B, Rev., 3.00%, 6/1/2046 | 980 | 902 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 17000 | 1812 |
| Los Angeles Department of Water and Power System <br> Series 2024C, Rev., 5.00%, 7/1/2026<br>| 1000 | 1010 |
| Los Angeles Department of Water and Power, Power <br> System Series 2025A, Rev., 5.00%, 7/1/2055<br>| 3445 | 3608 |
| Los Angeles Department of Water and Power, Water <br> System Series 2017A, Rev., 4.00%, 7/1/2047<br>| 500 | 479 |
| Mt San Antonio Community College District Series <br> 2013A, GO, 0.00%, 8/1/2043<br>| 7150 | 7476 |
| San Diego County Regional Airport Authority, Senior <br> Private Activity<br>|  |  |
| Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 5540 | 5750 |
| Series 2023B, Rev., AMT, 5.00%, 7/1/2053 | 2500 | 2559 |
| Total California |  | 59873 |
| **Colorado — 2.7%** | **Colorado — 2.7%** | **Colorado — 2.7%** |
| City and County of Broomfield |  |  |
| COP, 5.00%, 2/1/2044 | 900 | 993 |
| COP, 5.00%, 2/1/2045 | 750 | 818 |
| City and County of Denver, Airport System Series <br> 2018A, Rev., AMT, 4.00%, 12/1/2043<br>| 1000 | 975 |
| Colorado Educational and Cultural Facilities Authority, <br> James Irwin Educational Foundation, Rev., 5.00%, <br> 9/1/2062<br>| 2000 | 1921 |
| Colorado Health Facilities Authority, Adventist Health <br> System<br>|  |  |
| Series 2024A-1, Rev., 5.00%, 11/15/2029 (c) | 2000 | 2182 |
| Series 2021A, Rev., 4.00%, 11/15/2050 | 1630 | 1482 |
| Colorado Health Facilities Authority, Covenant Living <br> Communities and Services<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2030 | 1070 | 1160 |
| Series 2025A, Rev., 5.00%, 12/1/2032 | 1180 | 1311 |
| Series 2025A, Rev., 5.00%, 12/1/2035 | 1000 | 1107 |
| Colorado Health Facilities Authority, Vail Valley <br> Medical Centre Project, Rev., 4.00%, 1/15/2045<br>| 1095 | 1068 |
| Denver Health and Hospital Authority |  |  |
| Series A, Rev., 5.25%, 12/1/2045 | 1000 | 1001 |
| Series 2025A, Rev., 6.00%, 12/1/2055 | 1500 | 1616 |
| Fort Collins-Loveland Water District |  |  |
| Rev., 5.00%, 12/1/2039 | 1000 | 1168 |
| Rev., 5.00%, 12/1/2044 | 400 | 443 |
| Rev., 5.00%, 12/1/2045 | 245 | 269 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Raindance Metropolitan District No. 1, Non-Potable <br> Water System, Rev., 5.25%, 12/1/2050<br>| 1000 | 984 |
| Southern Ute Indian Tribe of the Southern Ute <br> Reservation of Colorado Series 2025A, GO, 5.00%, <br> 4/1/2035 (b)<br>| 2250 | 2520 |
| St Vrain Lakes Metropolitan District No. 4 Series <br> 2024A, GO, 0.00%, 9/20/2054 (b)<br>| 1000 | 736 |
| Verve Metropolitan District No. 1, GO, 6.75%, <br> 12/1/2052<br>| 1500 | 1530 |
| Total Colorado |  | 23284 |
| **Connecticut — 0.2%** | **Connecticut — 0.2%** | **Connecticut — 0.2%** |
| Connecticut State Health and Educational Facilities <br> Authority, Hartford Healthcare Issue Series 2026A, <br> Rev., A.G., 5.50%, 7/1/2051<br>| 1000 | 1101 |
| State of Connecticut Series A, GO, 5.00%, 4/15/2029 | 150 | 155 |
| Total Connecticut |  | 1256 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| Delaware State Economic Development Authority, Acts <br> Retirement-Life Communities, Inc., Obligated Group <br> Series 2018B, Rev., 5.00%, 11/15/2048<br>| 1000 | 1005 |
| Delaware State Economic Development Authority, <br> Newark Charter School, Inc., Project Series A, Rev., <br> 5.00%, 9/1/2046<br>| 500 | 500 |
| Total Delaware |  | 1505 |
| **District of Columbia — 2.0%** | **District of Columbia — 2.0%** | **District of Columbia — 2.0%** |
| District of Columbia, Georgetown University Issue <br> Series 2025A, Rev., 5.00%, 4/3/2035 (c)<br>| 3750 | 4333 |
| District of Columbia, Kipp DC Project, Rev., 4.00%, <br> 7/1/2039<br>| 1925 | 1908 |
| Metropolitan Washington Airports Authority Aviation <br> Series 2021A, Rev., AMT, 4.00%, 10/1/2040<br>| 3250 | 3271 |
| Washington Metropolitan Area Transit Authority Series <br> 2018, Rev., 5.00%, 7/1/2043<br>| 5010 | 5093 |
| Washington Metropolitan Area Transit Authority <br> Dedicated, Second Lien Series 2025A, Rev., <br> 5.25%, 7/15/2055<br>| 2000 | 2116 |
| Total District of Columbia |  | 16721 |
| **Florida — 2.8%** | **Florida — 2.8%** | **Florida — 2.8%** |
| Capital Projects Finance Authority, Student Housing, <br> Program Unionwest Properties LLC Project Series <br> 2024A-1, Rev., 5.00%, 6/1/2049 (b)<br>| 1000 | 938 |
| City of Pompano Beach, John Knox Village Project <br> Series 2021A, Rev., 4.00%, 9/1/2051<br>| 3400 | 2849 |
| County of Miami-Dade Water and Sewer System |  |  |
| Series 2025B, Rev., 4.00%, 10/1/2042 | 2055 | 2093 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 29

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Series 2025A, Rev., 4.50%, 10/1/2051 | 980 | 968 |
| County of Miami-Dade, Jackson Health System, Rev., <br> 5.50%, 6/1/2055<br>| 2000 | 2150 |
| Florida Development Finance Corp., Brightline Florida <br> Passenger Rail Project, Rev., AMT, 5.50%, <br> 7/1/2053<br>| 4000 | 2980 |
| Florida Gulf Coast University Financing Corp., Housing <br> Project Series 2020A, Rev., 4.00%, 2/1/2037<br>| 225 | 232 |
| Florida Local Government Finance Commission, <br> Bridgeprep Academy Project Series 2025A, Rev., <br> 6.25%, 6/15/2055 (b)<br>| 1000 | 1032 |
| Florida Local Government Finance Commission, Fleet <br> Landing at Nocatee Project Series 2025A, Rev., <br> 6.75%, 11/15/2055 (b)<br>| 2000 | 2104 |
| Hillsborough County Housing Finance Authority, Multi- <br> Family Tampa 47th Street Apartments Series <br> 2025A, Rev., FNMA COLL, 5.00%, 12/1/2042<br>| 1000 | 1090 |
| Hillsborough County Industrial Development Authority, <br> Baycare Health System Series 2024E, Rev., VRDO, <br> LIQ : Royal Bank of Canada, 1.95%, 3/2/2026 (c)<br>| 1000 | 1000 |
| Middleton Community Development District A, City of <br> Wildwood, Florida Special Assessment Series 2022, <br> 6.10%, 5/1/2042<br>| 1000 | 1074 |
| Palm Beach County Health Facilities Authority, Acts <br> Retirement Life Communities, Inc., Obligated Group <br> Series 2025B, Rev., 5.00%, 11/15/2049<br>| 2000 | 2022 |
| Peace River Manasota Regional Water Supply <br> Authority, Utility System Series 2025A, Rev., <br> 5.25%, 10/1/2050<br>| 2000 | 2138 |
| Seminole County Industrial Development Authority, <br> Legacy Pointe at UCF Project Series 2019A, Rev., <br> 5.75%, 11/15/2054<br>| 1500 | 1449 |
| Total Florida |  | 24119 |
| **Georgia — 5.4%** | **Georgia — 5.4%** | **Georgia — 5.4%** |
| Atlanta Urban Residential Finance Authority, <br> Multi-Family Housing North Block Series 2025, <br> Rev., FHA, 3.40%, 2/1/2028 (c)<br>| 1000 | 1012 |
| Brookhaven Development Authority, Children's <br> Healthcare of Atlan Series 2019A, Rev., 4.00%, <br> 7/1/2049<br>| 2500 | 2344 |
| Carroll City-County Hospital Authority, Tanner Medical <br> Center Project, Rev., GTD, 4.00%, 7/1/2045<br>| 1250 | 1251 |
| City of Gainesville Water and Sewerage, Rev., 5.00%, <br> 11/15/2043<br>| 1000 | 1130 |
| Cobb-Marietta Coliseum and Exhibit Hall Authority, <br> Galleria Center Project, Rev., 5.50%, 10/1/2050<br>| 1000 | 1100 |
| College Park Housing Authority, Rev., 3.45%, <br> 4/1/2028 (c)<br>| 2000 | 2025 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| Development Authority of Burke County (The), <br> Georgia Power Co. Plant Vogtle Project Series <br> 2013-1, Rev., 3.38%, 3/12/2027 (c)<br>| 1000 | 1008 |
| Douglas County School District, GO, 5.00%, <br> 4/1/2037<br>| 775 | 929 |
| Douglasville-Douglas County Water and Sewer <br> Authority, Rev., 5.00%, 6/1/2041<br>| 3025 | 3457 |
| Downtown Development Authority of The City of <br> Dalton, Hamilton Health Care System, Rev., NATL - <br> RE, 5.50%, 8/15/2026<br>| 285 | 288 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2021C, Rev., 4.00%, 12/1/2028 (c) | 6500 | 6692 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 3000 | 3267 |
| Series 2023E, Subseries E-1, Rev., 5.00%, <br> 6/1/2031 (c)<br>| 6770 | 7362 |
| Series 2024E, Rev., 5.00%, 12/1/2032 (c) | 3195 | 3494 |
| Series 2025B, Rev., 5.00%, 12/1/2035 (c) | 1500 | 1635 |
| Municipal Electric Authority of Georgia, Plant Vogtle <br> Units 3 and 4 Project Series 2019B, Rev., 5.00%, <br> 1/1/2059<br>| 5000 | 5005 |
| Roswell Development Authority, Wellsatar Healthcare, <br> Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, <br> 1.90%, 3/2/2026 (c)<br>| 3300 | 3300 |
| Savannah Georgia Convention Center Authority |  |  |
| Series 2025C, Rev., A.G., 5.00%, 6/1/2035 | 300 | 351 |
| Series 2025C, Rev., A.G., 5.00%, 6/1/2036 | 250 | 290 |
| Series 2025C, Rev., A.G., 5.00%, 6/1/2037 | 235 | 270 |
| Total Georgia |  | 46210 |
| **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |
| Territory of Guam Series 2025G, Rev., 5.25%, <br> 1/1/2037<br>| 1000 | 1139 |
| **Idaho — 0.4%** | **Idaho — 0.4%** | **Idaho — 0.4%** |
| Idaho Housing and Finance Association, Single Family <br> Mortgage Series 2025C, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2056<br>| 1000 | 1158 |
| Idaho Housing and Finance Association, Transporation <br> Expansion and Congestion, Sales Tax Series 2023A, <br> Rev., 5.00%, 8/15/2037<br>| 1650 | 1895 |
| Total Idaho |  | 3053 |
| **Illinois — 5.3%** | **Illinois — 5.3%** | **Illinois — 5.3%** |
| Chicago Midway International Airport, Senior Lien |  |  |
| Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | 1665 | 1786 |
| Series 2023A, Rev., AMT, 5.50%, 1/1/2053 | 2195 | 2302 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Chicago O'Hare International Airport, General Airport, <br> Senior Lien<br>|  |  |
| Series 2026A, Rev., 5.00%, 1/1/2046 (d) | 1415 | 1516 |
| Series 2018B, Rev., 5.00%, 1/1/2053 | 3000 | 3035 |
| Chicago O'Hare International Airport, Senior Lien <br> Series 2024A, Rev., AMT, 5.25%, 1/1/2040<br>| 3560 | 3958 |
| Chicago Transit Authority Sales Tax Receipts Fund <br> Series 2024A, Rev., 5.00%, 12/1/2049<br>| 2500 | 2578 |
| City of Chicago |  |  |
| Series 2025B, GO, 5.50%, 1/1/2041 | 1000 | 1095 |
| Series 2025A, GO, 6.00%, 1/1/2050 | 1000 | 1052 |
| City of Chicago, Waterworks, Second Lien |  |  |
| Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | 1445 | 1558 |
| Series 2023A, Rev., A.G., 5.25%, 11/1/2053 | 635 | 664 |
| Illinois Finance Authority, Centerpointjoliet Terminal |  |  |
| Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) <br> (c)<br>| 1000 | 1015 |
| Rev., AMT, 4.80%, 7/2/2035 (b) (c) | 1500 | 1575 |
| Illinois Finance Authority, Mercy Health System, Rev., <br> 5.00%, 6/1/2026<br>| 305 | 307 |
| Illinois Finance Authority, Navy Pier, Inc. Series <br> 2024B, Rev., 5.00%, 10/1/2049 (b)<br>| 1000 | 968 |
| Illinois Finance Authority, Northwestern Memorial <br> Healthcare<br>|  |  |
| Series 2021B, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 1.95%, 3/2/2026 (c)<br>| 500 | 500 |
| Series 2017A, Rev., 4.00%, 7/15/2047 | 1500 | 1375 |
| Illinois Finance Authority, University of Chicago <br> Medical Center (The) Series 2025A-2, Rev., 5.00%, <br> 8/15/2032 (c)<br>| 1000 | 1099 |
| Illinois Housing Development Authority |  |  |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 10/1/2054<br>| 885 | 970 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 995 | 1145 |
| Metropolitan Pier and Exposition Authority, Mccormick <br> Place Expansion Project Series 2022B, Rev., <br> 5.00%, 12/15/2027<br>| 3345 | 3353 |
| Sales Tax Securitization Corp. Series 2018C, Rev., <br> 5.25%, 1/1/2043<br>| 765 | 791 |
| State of Illinois |  |  |
| Series 2024B, GO, 5.00%, 5/1/2026 | 1500 | 1506 |
| Series 2022B, GO, 5.00%, 3/1/2033 | 6000 | 6753 |
| GO, 4.00%, 6/1/2037 | 45 | 45 |
| Series 2025D, GO, 5.00%, 9/1/2039 | 2000 | 2216 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Series 2023B, GO, 5.50%, 5/1/2047 | 1000 | 1054 |
| Village of Bolingbrook Series 2018A, GO, A.G., <br> 5.00%, 1/1/2033<br>| 1000 | 1043 |
| Total Illinois |  | 45259 |
| **Indiana — 1.2%** | **Indiana — 1.2%** | **Indiana — 1.2%** |
| City of Goshen, Multi-Family, Green Oaks of Goshen <br> Project Series 2021A, Rev., 5.00%, 8/1/2041 (b)<br>| 500 | 451 |
| City of Rockport, Indiana Michigan Power Co. Project <br> Series 2025A, Rev., 3.70%, 6/1/2029 (c)<br>| 2000 | 2049 |
| Indiana Finance Authority, BHI Senior Living Series <br> 2018A, Rev., 5.00%, 11/15/2048<br>| 1000 | 997 |
| Indiana Finance Authority, State Revolving Fund <br> Program Series 2025C, Rev., 5.00%, 2/1/2036<br>| 1250 | 1491 |
| Indiana Housing and Community Development <br> Authority, Single Family Mortgage Series 2017C-3, <br> Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (c)<br>| 3825 | 3825 |
| Indiana Municipal Power Agency, Power Supply <br> System Series 2025A, Rev., A.G., 5.00%, <br> 1/1/2031<br>| 1350 | 1518 |
| Total Indiana |  | 10331 |
| **Iowa — 0.3%** | **Iowa — 0.3%** | **Iowa — 0.3%** |
| Iowa Tobacco Settlement Authority, Subordinate <br> Senior Capital Appreciation Asset Backed<br>|  |  |
| Series 2021A-2, Rev., 4.00%, 6/1/2049 | 1000 | 856 |
| Series 2021-B-2, Rev., Zero Coupon, 6/1/2065 | 11805 | 1745 |
| Total Iowa |  | 2601 |
| **Kentucky — 0.8%** | **Kentucky — 0.8%** | **Kentucky — 0.8%** |
| Kentucky Public Energy Authority, Gas Supply Series <br> 2025B, Rev., 5.00%, 12/1/2033<br>| 1900 | 2025 |
| Kentucky State Property and Building Commission, <br> Project No. 131 Series A, Rev., 5.00%, 10/1/2043<br>| 1265 | 1399 |
| Kentucky State Property and Building Commission, <br> Project No. 132 Series A, Rev., 5.00%, 4/1/2032<br>| 1000 | 1149 |
| Kentucky State Property and Building Commission, <br> Project No. 133 Series A, Rev., 4.25%, 9/1/2045<br>| 1750 | 1751 |
| Total Kentucky |  | 6324 |
| **Louisiana — 2.2%** | **Louisiana — 2.2%** | **Louisiana — 2.2%** |
| Louisiana Local Government Environmental Facilities <br> and Community Development Authority, City of <br> Bossier City, Louisiana Project, Rev., 5.00%, <br> 6/1/2035<br>| 800 | 945 |
| Louisiana Public Facilities Authority, Lincoln <br> Preparatory School Project Series 2021A, Rev., <br> 5.25%, 6/1/2060 (b)<br>| 1140 | 871 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 31

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| Louisiana Public Facilities Authority, Mentorship Steam <br> Academy Project Series 2021A, Rev., 5.00%, <br> 6/1/2056 (b)<br>| 740 | 598 |
| Louisiana Public Facilities Authority, Ochsner Clinic <br> Foundation Project<br>|  |  |
| Series 2025B, Rev., 5.00%, 5/15/2030 | 1500 | 1642 |
| Series 2025A, Rev., 5.25%, 5/15/2055 | 1500 | 1571 |
| Series 2025A, Rev., 5.50%, 5/15/2055 | 1000 | 1067 |
| State of Louisiana Gasoline and Fuels Tax, Second Lien |  |  |
| Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (c)<br>| 10000 | 10000 |
| Series 2025A, Rev., 5.00%, 5/1/2039 | 2000 | 2297 |
| Total Louisiana |  | 18991 |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| Maine Municipal Bond Bank Series 2025A, Rev., <br> 5.00%, 11/1/2031<br>| 1100 | 1262 |
| **Maryland — 0.3%** | **Maryland — 0.3%** | **Maryland — 0.3%** |
| County of Howard Series 2025A, GO, 4.00%, <br> 8/15/2042<br>| 1605 | 1662 |
| Maryland Health and Higher Educational Facilities <br> Authority, Medstar Health, Inc. Series 2026A, Rev., <br> 5.25%, 8/15/2054<br>| 1000 | 1051 |
| Total Maryland |  | 2713 |
| **Massachusetts — 2.4%** | **Massachusetts — 2.4%** | **Massachusetts — 2.4%** |
| Commonwealth of Massachusetts Series 2025A, GO, <br> 5.00%, 4/1/2046<br>| 4000 | 4342 |
| Commonwealth of Massachusetts, Consolidated Loan <br> of 2025<br>|  |  |
| Series 2025F, GO, 5.00%, 8/1/2050 | 5000 | 5309 |
| Series 2025G, GO, 5.00%, 12/1/2050 | 1245 | 1324 |
| Massachusetts Bay Transportation Authority, Sales Tax <br> Series 2020B-1, Rev., 5.00%, 7/1/2050<br>| 1000 | 1018 |
| Massachusetts Development Finance Agency, Lasell <br> Village, Inc. Issue, Rev., 5.00%, 7/1/2029<br>| 1000 | 1064 |
| Massachusetts Development Finance Agency, PRG <br> Medford Properties, Inc. Issue Tufts University <br> Student Housing Program, Rev., 5.25%, 6/1/2060<br>| 2500 | 2614 |
| Massachusetts Port Authority, Bosfuel Project Series <br> 2019A, Rev., AMT, 5.00%, 7/1/2049<br>| 4675 | 4730 |
| Total Massachusetts |  | 20401 |
| **Michigan — 2.0%** | **Michigan — 2.0%** | **Michigan — 2.0%** |
| City of Detroit, Unlimited Tax |  |  |
| Series 2021A, GO, 4.00%, 4/1/2041 | 300 | 301 |
| Series 2021A, GO, 4.00%, 4/1/2042 | 350 | 347 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Great Lakes Water Authority Sewage Disposal System, <br> Second Lien Series 2025C, Rev., 5.50%, 7/1/2050<br>| 2125 | 2305 |
| Michigan Finance Authority, Henry Ford Health System |  |  |
| Rev., 4.00%, 11/15/2046 | 2075 | 1902 |
| Series 2019A, Rev., 4.00%, 11/15/2050 | 4890 | 4321 |
| Michigan Finance Authority, Tobacco Settlement Asset <br> Backed Series 2020A, Class 1, Rev., 4.00%, <br> 6/1/2049<br>| 1000 | 873 |
| Michigan State University Series 2025A, Rev., 5.00%, <br> 2/15/2055<br>| 1650 | 1736 |
| Michigan Strategic Fund, Graphic Packaging <br> International, LLC Coated Recycled Board Machine <br> Project, Rev., AMT, 4.00%, 10/1/2026 (c)<br>| 5000 | 5007 |
| Total Michigan |  | 16792 |
| **Minnesota — 0.1%** | **Minnesota — 0.1%** | **Minnesota — 0.1%** |
| Minneapolis-St. Paul Housing Finance Board, Single <br> Family Mortgage, City Living Home Programs Series <br> 2007A-2, Rev., GNMA / FNMA / FHLMC, 5.52%, <br> 3/1/2041<br>| 20 | 20 |
| Minnesota Housing Finance Agency, Residential <br> Housing Series 2024O, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2055<br>| 960 | 1093 |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance Series C, Rev., AMT, GNMA / FNMA <br> / FHLMC, 4.00%, 1/1/2045<br>| 50 | 50 |
| Total Minnesota |  | 1163 |
| **Mississippi — 0.4%** | **Mississippi — 0.4%** | **Mississippi — 0.4%** |
| Jackson State University Educational Building Corp. <br> Series 2021A, Rev., 1.40%, 3/1/2034<br>| 1000 | 890 |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project Series 2009F, Rev., VRDO, 2.07%, <br> 3/2/2026 (c)<br>| 1050 | 1050 |
| Mississippi Development Bank, Special Obligation, <br> Water and Sewer System Project, Rev., A.G., 6.88%, <br> 12/1/2040<br>| 1000 | 1017 |
| Total Mississippi |  | 2957 |
| **Missouri — 1.2%** | **Missouri — 1.2%** | **Missouri — 1.2%** |
| Health and Educational Facilities Authority of the State <br> of Missouri, Lutheran Senior Services Projects<br>|  |  |
| Series 2019A, Rev., 5.00%, 2/1/2034 | 1000 | 1021 |
| Series 2019A, Rev., 5.00%, 2/1/2042 | 1000 | 1020 |
| Health and Educational Facilities Authority of the State <br> of Missouri, St. Louis University Series 2008B, Rev., <br> VRDO, LOC : Wells Fargo Bank NA, 2.00%, <br> 3/2/2026 (c)<br>| 250 | 250 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| Kansas City Industrial Development Authority, Historic <br> Northeast Redevelopment Plan Series 2024A-1, <br> Rev., 5.00%, 6/1/2054 (b)<br>| 675 | 662 |
| Metropolitan St. Louis Sewer District, Wastewater <br> System Improvement Series 2025C, Rev., 5.00%, <br> 5/1/2038<br>| 2000 | 2329 |
| Missouri Housing Development Commission, Single <br> Family, First Place Homeownership Loan Program <br> Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 5.75%, 5/1/2055<br>| 875 | 975 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Union Improvement <br> Co. Project Series 1998C, Rev., 2.75%, 9/1/2033<br>| 1250 | 1202 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Water Pollution Control <br> and Drinking Water Series 2015B, Rev., 5.00%, <br> 7/1/2026<br>| 2890 | 2894 |
| Total Missouri |  | 10353 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| City of Forsyth, Northwestern Corp, Colstrip Projects, <br> Rev., 3.88%, 7/1/2028<br>| 1000 | 1023 |
| **Nebraska — 0.7%** | **Nebraska — 0.7%** | **Nebraska — 0.7%** |
| Central Plains Energy Project, Gas Project No. 3 Series <br> 2017A, Rev., 5.00%, 9/1/2035<br>| 1000 | 1136 |
| Central Plains Energy Project, Gas Project No. 5 Series <br> 2022-1, Rev., 5.00%, 10/1/2029 (c)<br>| 4625 | 4922 |
| Total Nebraska |  | 6058 |
| **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** |
| State of Nevada Department of Business and Industry, <br> Brighline West Passenger Rail Project Series <br> 2025B, Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 1725 | 932 |
| **New Hampshire — 0.6%** | **New Hampshire — 0.6%** | **New Hampshire — 0.6%** |
| New Hampshire Business Finance Authority Series <br> 2025-1, Class A-1, Rev., 4.17%, 1/20/2041 (c)<br>| 1736 | 1754 |
| New Hampshire Business Finance Authority, Tamarron <br> Project Series 2024, Rev., 5.25%, 12/1/2035 (b)<br>| 351 | 351 |
| New Hampshire Business Finance Authority, University <br> of Nevada Reno Project Series 2023A, Rev., <br> 4.50%, 6/1/2053<br>| 1075 | 1046 |
| New Hampshire Business Finance Authority, Winston <br> Salem Sustainable Energy Partners<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2035 | 1000 | 1149 |
| Series 2025A, Rev., 5.50%, 6/1/2050 | 1000 | 1056 |
| Total New Hampshire |  | 5356 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — 3.9%** | **New Jersey — 3.9%** | **New Jersey — 3.9%** |
| Bergen County Improvement Authority (The), <br> Guaranteed Government Pooled Project Series <br> 2025A, Rev., GTD, 4.00%, 5/21/2026<br>| 2000 | 2007 |
| New Jersey Economic Development Authority, <br> Biomedical Research Facilities Series 2016A, Rev., <br> 5.00%, 7/15/2027<br>| 240 | 242 |
| New Jersey Economic Development Authority, State <br> House Project Series 2017B, Rev., 4.13%, <br> 6/15/2039<br>| 2800 | 2853 |
| New Jersey Transportation Trust Fund Authority Series <br> 2020AA, Rev., 4.00%, 6/15/2039<br>| 2250 | 2303 |
| New Jersey Transportation Trust Fund Authority, <br> Federal Highway Reimbursement Series A-1, Rev., <br> 5.00%, 6/15/2027<br>| 2670 | 2690 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation Program<br>|  |  |
| Series 2022BB, Rev., 4.00%, 6/15/2038 | 2500 | 2580 |
| Series 2024CC, Rev., 5.00%, 6/15/2044 | 2000 | 2179 |
| Series 2024CC, Rev., 4.13%, 6/15/2050 | 1000 | 963 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation System Series 2008A, Rev., Zero <br> Coupon, 12/15/2036<br>| 10355 | 7313 |
| New Jersey Turnpike Authority Series 2017G, Rev., <br> 4.00%, 1/1/2043<br>| 1000 | 1003 |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2036 | 2000 | 2078 |
| Series 2018A, Rev., 4.00%, 6/1/2037 | 1000 | 1005 |
| Series 2018A, Rev., 5.00%, 6/1/2046 | 2500 | 2504 |
| Series 2018B, Rev., 5.00%, 6/1/2046 | 3770 | 3730 |
| Total New Jersey |  | 33450 |
| **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** |
| City of Farmington, San Juan Project Series 2010B, <br> Rev., 3.88%, 6/1/2029 (c)<br>| 1550 | 1594 |
| County of Santa Fe, Cresta Ranch Apartments Series <br> 2024, Rev., 3.29%, 6/1/2028 (c)<br>| 2000 | 2018 |
| Total New Mexico |  | 3612 |
| **New York — 12.6%** | **New York — 12.6%** | **New York — 12.6%** |
| Build NYC Resource Corp., Grand Concourse Academy <br> Charter School Series 2022A, Rev., 5.00%, <br> 7/1/2052<br>| 350 | 339 |
| Build NYC Resource Corp., Urban Resource Institute <br> Project Series 2025A, Rev., 5.50%, 12/1/2056<br>| 1000 | 1061 |
| City of New York, Fiscal Year 2020 Series 2020D-1, <br> GO, 4.00%, 3/1/2050<br>| 530 | 493 |
| City of New York, Fiscal Year 2025 Series 2025G, <br> Subseries G-1, GO, 5.00%, 2/1/2035<br>| 1915 | 2270 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 33

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Dutchess County Local Development Corp., Millbrook <br> School Project Series 2021, Rev., 4.00%, <br> 9/1/2051<br>| 1030 | 900 |
| Long Island Power Authority, Electric System |  |  |
| Series 2025B, Rev., 3.00%, 9/1/2028 (c) | 2000 | 2017 |
| Series 2024B, Rev., 3.00%, 9/1/2029 (c) | 6000 | 6028 |
| Metropolitan Transportation Authority Series <br> 2020C-1, Rev., 5.25%, 11/15/2055<br>| 1800 | 1848 |
| Metropolitan Transportation Authority, Climate Bond |  |  |
| Series 2025B, Rev., 5.00%, 11/15/2035 | 1000 | 1192 |
| Series 2025A, Rev., 5.25%, 11/15/2045 | 1000 | 1087 |
| New York City Housing Development Corp. |  |  |
| Series 2023A, Rev., 4.80%, 2/1/2053 | 2000 | 2012 |
| Series 2025A, Rev., FHLMC COLL, 5.20%, <br> 2/1/2055<br>| 2010 | 2058 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 8 Spruce Street Project, <br> Class F, Rev., 5.25%, 12/15/2031<br>| 1300 | 1353 |
| New York City Industrial Development Agency, Yankee <br> Stadium Project Series 2020A, Rev., A.G., 5.00%, <br> 3/1/2029<br>| 2100 | 2260 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution Series 2009BB-2, Rev., VRDO, LIQ : UBS <br> AG, 2.00%, 3/2/2026 (c)<br>| 750 | 750 |
| New York City Transitional Finance Authority Building <br> Aid Series 2026, S-1, Rev., 5.00%, 7/15/2037<br>| 2000 | 2390 |
| New York City Transitional Finance Authority Building <br> Aid, Fiscal Year 2026 Series 2026S-1, Rev., <br> 5.00%, 7/15/2043<br>| 4000 | 4492 |
| New York City Transitional Finance Authority Future <br> Tax Secured Fiscal Year 2026 Series 2026, <br> Subseries F-1, Rev., 5.50%, 2/1/2050<br>| 1000 | 1100 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2019 Series 2019A-1, <br> Rev., 5.00%, 8/1/2040<br>| 5000 | 5242 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2023 Series 2023F, <br> Subseries F-1, Rev., 4.00%, 2/1/2051<br>| 1250 | 1138 |
| New York Liberty Development Corp., Secured by Port <br> Authority Series 1WTC-2021, Rev., 2.75%, <br> 2/15/2044<br>| 1900 | 1496 |
| New York Power Authority, Green Transmission Project <br> Series 2023A, Rev., A.G., 5.13%, 11/15/2058<br>| 5000 | 5283 |
| New York State Dormitory Authority Series 2020A, <br> Rev., 4.00%, 7/1/2053<br>| 2500 | 2216 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Dormitory Authority, Mount Sinai <br> Obligated Group<br>|  |  |
| Rev., 5.00%, 7/1/2045 | 2000 | 2051 |
| Rev., 5.25%, 7/1/2050 | 2250 | 2268 |
| New York State Dormitory Authority, New York <br> University Series 2025A, Rev., 5.00%, 7/1/2048<br>| 1000 | 1062 |
| New York State Dormitory Authority, Rockland Boces <br> Issue, Rev., 4.25%, 8/15/2050<br>| 2000 | 1952 |
| New York State Dormitory Authority, Sales Tax |  |  |
| Series 2025A, Rev., 4.25%, 3/15/2048 | 1750 | 1721 |
| Series 2025A, Rev., 5.25%, 3/15/2050 | 4195 | 4519 |
| New York State Dormitory Authority, School Districts <br> Financing Program Series 2025A, Rev., A.G., <br> 5.00%, 10/1/2036<br>| 2000 | 2373 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose Series 2025C, Rev., <br> 5.00%, 3/15/2037<br>| 1300 | 1553 |
| New York State Dormitory Authority, State Sales Tax |  |  |
| Series 2018A, Rev., 5.00%, 3/15/2037 | 40 | 42 |
| Series 2024B, Rev., 5.00%, 3/15/2049 | 5000 | 5287 |
| New York State Energy Research and Development <br> Authority, Rochester Gas and Electric Corp., Project <br> Series 1997B, Rev., 3.80%, 8/1/2032<br>| 1970 | 2065 |
| New York Transportation Development Corp., Delta Air <br> Lines, Inc., LaGuardia Airport Terminals C&D <br> Redevelopment Project<br>|  |  |
| Rev., AMT, 4.00%, 10/1/2030 | 4255 | 4367 |
| Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 2000 | 2071 |
| Rev., AMT, 5.00%, 1/1/2034 | 1125 | 1161 |
| Series 2018, Rev., AMT, 4.00%, 1/1/2036 | 1500 | 1504 |
| Rev., AMT, 4.38%, 10/1/2045 | 1200 | 1156 |
| New York Transportation Development Corp., JFK <br> International Airport New Terminal One Project<br>|  |  |
| Rev., AMT, 3.00%, 8/1/2031 | 1000 | 964 |
| Series 2023, Rev., AMT, A.G., 5.00%, 6/30/2049 | 2800 | 2831 |
| Rev., AMT, A.G., 5.50%, 6/30/2059 | 1000 | 1047 |
| New York Transportation Development Corp., <br> Laguardia Airport Terminal Redevelopment Project<br>|  |  |
| Series 2016A, Rev., AMT, 4.00%, 7/1/2041 | 1100 | 1079 |
| Series 2016A, Rev., AMT, 5.25%, 1/1/2050 | 1500 | 1501 |
| Onondaga Civic Development Corp., Syracuse <br> University Project, Rev., 4.50%, 12/1/2050<br>| 1000 | 1001 |
| Port Authority of New York and New Jersey, <br> Consolidated Series 93, Rev., 6.13%, 6/1/2094<br>| 7320 | 7335 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels Series 2025A-1, Rev., 5.00%, <br> 11/15/2037<br>| 1500 | 1769 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, TBTA Capital Lockbox<br>|  |  |
| Series 2025A, Rev., 5.25%, 12/1/2054 | 2000 | 2133 |
| Series 2023A, Rev., 4.25%, 5/15/2058 | 1000 | 949 |
| Triborough Bridge and Tunnel Authority, Payroll <br> Mobility Tax Series 2021A-1, Rev., 4.00%, <br> 5/15/2046<br>| 1000 | 976 |
| Westchester County Local Development Corp., <br> Purchase Senior Learning Community, Inc., Project <br> Series 2021A, Rev., 4.50%, 7/1/2056 (b)<br>| 2000 | 1687 |
| Total New York |  | 107449 |
| **North Carolina — 2.9%** | **North Carolina — 2.9%** | **North Carolina — 2.9%** |
| Columbus County Industrial Facilities and Pollution <br> Control Financing Authority, International Paper Co. <br> Recover Project Series 2020A, Rev., 4.20%, <br> 5/1/2034<br>| 2000 | 2151 |
| County of Harnett, Limited Tax, Rev., 5.00%, <br> 4/1/2033<br>| 930 | 1079 |
| County of Wake Series 2025A, Rev., 5.00%, <br> 5/1/2040<br>| 1250 | 1440 |
| Cumberland County Industrial Facilities and Pollution <br> Control Financing Authority, Solid Waste Disposal <br> Project Hero, Rev., AMT, 3.13%, 12/1/2026 (c)<br>| 2105 | 2107 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2055<br>| 1170 | 1284 |
| Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2056<br>| 1990 | 2284 |
| Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 1/1/2056<br>| 1000 | 1168 |
| Series 59-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2057<br>| 1000 | 1165 |
| North Carolina Medical Care Commission, Twin Lakes <br> Community Series 2025A, Rev., 5.25%, 1/1/2055<br>| 250 | 253 |
| North Carolina Turnpike Authority, Triangle <br> Expressway System, Senior Lien, Rev., 5.00%, <br> 1/1/2049<br>| 2310 | 2352 |
| State of North Carolina Series 2025A, Rev., 5.00%, <br> 5/1/2039<br>| 1500 | 1745 |
| University of North Carolina, Hospital at Chapel Hill <br> Series A, Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (c)<br>| 8000 | 8000 |
| Total North Carolina |  | 25028 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **North Dakota — 0.2%** | **North Dakota — 0.2%** | **North Dakota — 0.2%** |
| North Dakota Housing Finance Agency, Home <br> Mortgage Finance Program Series 2024C, Rev., <br> 5.00%, 7/1/2042<br>| 1375 | 1511 |
| **Ohio — 3.1%** | **Ohio — 3.1%** | **Ohio — 3.1%** |
| American Municipal Power, Inc., GreenUp <br> Hydroelectric Project Series 2025A, Rev., 5.00%, <br> 2/15/2039<br>| 1000 | 1145 |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020A-2, Rev., 5.00%, 6/1/2030 | 3295 | 3595 |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 6750 | 5574 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 11770 | 913 |
| Butler County Port Authority, Community First <br> Solutions Series 2021A, Rev., 4.00%, 5/15/2046<br>| 250 | 222 |
| County of Allen, Hospital Facilities, Bon Secours Mercy <br> Health, Inc. Series 2015A, Rev., 4.25%, <br> 11/1/2045<br>| 2000 | 1944 |
| Grandview Heights City School District, GO, 5.00%, <br> 12/1/2054<br>| 2700 | 2826 |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 2655 | 2723 |
| Northeast Ohio Medical University Series 2021A, Rev., <br> 3.00%, 12/1/2040<br>| 250 | 215 |
| Ohio Air Quality Development Authority, Ohio Valley <br> Electric Corp. Project Series 2026B, Rev., 4.35%, <br> 6/30/2040<br>| 2000 | 2035 |
| Ohio Water Development Authority Water Pollution <br> Control Loan Fund Series 2024C, Rev., VRDO, LIQ : <br> TD Bank NA, 1.90%, 3/2/2026 (c)<br>| 500 | 500 |
| Ohio Water Development Authority, Drinking Water <br> Assistance Series 2025A, Rev., 5.00%, 12/1/2041<br>| 1000 | 1150 |
| Olentangy Local School District, Unlimited Tax Various <br> Purpose, GO, 5.00%, 12/1/2044 (d)<br>| 1350 | 1502 |
| Olmsted Falls City School District Series 2017A, GO, <br> 4.00%, 12/1/2051<br>| 1000 | 943 |
| Port of Greater Cincinnati Development Authority, <br> 3CDC Obligated Group Parking Facilities Series <br> 2025A, Rev., A.G., 5.00%, 12/1/2055<br>| 250 | 258 |
| Port of Greater Cincinnati Development Authority, <br> Duke Energy Convention Center Project Series <br> 2024B, Rev., 5.00%, 12/1/2043<br>| 1000 | 1080 |
| Total Ohio |  | 26625 |
| **Oklahoma — 0.9%** | **Oklahoma — 0.9%** | **Oklahoma — 0.9%** |
| Oklahoma Development Finance Authority Health <br> System, OU Medicine Project Series 2018B, Rev., <br> 5.50%, 8/15/2052<br>| 2865 | 2873 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 35

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| Oklahoma Housing Finance Agency, Home Ownership <br> Loan Program Series 2025A, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 9/1/2056<br>| 990 | 1136 |
| Oklahoma Water Resources Board, Clean Water <br> Program Series 2025A, Rev., 5.25%, 4/1/2050<br>| 3400 | 3651 |
| Total Oklahoma |  | 7660 |
| **Oregon — 1.5%** | **Oregon — 1.5%** | **Oregon — 1.5%** |
| City of Portland Sewer System, Second Lien Series <br> 2023A, Rev., 5.00%, 12/1/2040<br>| 6000 | 6743 |
| Multnomah and Clackamas Counties School District <br> No. 10JT Gresham-Barlow Series B, GO, Zero <br> Coupon, 6/15/2035<br>| 3425 | 2314 |
| Oregon State Facilities Authority, Peacehealth Series <br> 2018A, Rev., VRDO, LOC : US Bank NA, 1.90%, <br> 3/2/2026 (c)<br>| 3250 | 3250 |
| Total Oregon |  | 12307 |
| **Other — 0.2%** | **Other — 0.2%** | **Other — 0.2%** |
| FHLMC Multifamily VRD Certificates Series ML-3, Rev., <br> 0.00%, 4/1/2026 (c) (d)<br>| 1500 | 1602 |
| **Pennsylvania — 3.2%** | **Pennsylvania — 3.2%** | **Pennsylvania — 3.2%** |
| Chester County Industrial Development Authority, <br> Longwood Gardens Project Series 2021, Rev., <br> 4.00%, 12/1/2046<br>| 1250 | 1213 |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment, Rev., 5.00%, 6/1/2029<br>| 110 | 116 |
| Commonwealth of Pennsylvania Series 2024-1, GO, <br> 4.00%, 8/15/2042<br>| 5000 | 5141 |
| Delaware River Port Authority, Rev., 5.00%, <br> 1/1/2037<br>| 1500 | 1751 |
| Geisinger Authority, Health System Series 2020A, <br> Rev., 5.00%, 4/1/2050<br>| 2500 | 2541 |
| Montgomery County Industrial Development Authority, <br> Waverly Heights Ltd., Project, Rev., 5.00%, <br> 12/1/2044<br>| 350 | 353 |
| Mount Lebanon Hospital Authority, St. Clair Memorial <br> Hospital Project, Rev., 4.00%, 7/1/2048<br>| 3000 | 2704 |
| Pennsylvania Economic Development Financing <br> Authority, The Penndot Major Bridges, Rev., AMT, <br> A.G., 5.00%, 12/31/2057<br>| 2825 | 2863 |
| Pennsylvania Higher Educational Facilities Authority, <br> Thomas Jefferson University Series 2024B-2, Rev., <br> 4.38%, 11/1/2054<br>| 2750 | 2546 |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage<br>|  |  |
| Series 2023-141A, Rev., 5.75%, 10/1/2053 | 855 | 913 |
| Series 2024-145A, Rev., 6.00%, 10/1/2054 | 1450 | 1593 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Series 2024 -147A, Rev., 6.25%, 10/1/2054 | 1482 | 1657 |
| Series 2025-150A, Rev., 6.25%, 10/1/2055 | 1000 | 1162 |
| Pennsylvania Turnpike Commission Oil Franchise Tax <br> Series 2021B, Rev., 4.00%, 12/1/2041<br>| 2330 | 2388 |
| Total Pennsylvania |  | 26941 |
| **Puerto Rico — 1.4%** | **Puerto Rico — 1.4%** | **Puerto Rico — 1.4%** |
| Children's Trust Fund, Tobacco Settlement <br> Asset-Backed Series 2005A, Rev., Zero Coupon, <br> 5/15/2050<br>| 6300 | 1324 |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 2000 | 2047 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> (Puerto Rico)<br>|  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2029 | 1000 | 901 |
| Series A-2, Rev., 4.33%, 7/1/2040 | 250 | 250 |
| Series A-1, Rev., Zero Coupon, 7/1/2051 | 5985 | 1567 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 6150 | 6023 |
| Total Puerto Rico |  | 12112 |
| **Rhode Island — 0.5%** | **Rhode Island — 0.5%** | **Rhode Island — 0.5%** |
| Rhode Island Health and Educational Building Corp., <br> Brown university Health Series 2026B, Rev., <br> 5.50%, 5/15/2056<br>| 1000 | 1047 |
| State of Rhode Island Series 2025A, GO, 5.00%, <br> 5/1/2045<br>| 2020 | 2191 |
| Tobacco Settlement Financing Corp. Series B, Rev., <br> 5.00%, 6/1/2050<br>| 1000 | 1000 |
| Total Rhode Island |  | 4238 |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| Medical University Hospital Authority, An Agency of <br> The State of south Carolina FHA Insured Hospital <br> Mortgage, Indian Land Project, Rev., FHA, 5.25%, <br> 11/15/2050<br>| 2000 | 2083 |
| Patriots Energy Group Financing Agency Series 2023 <br> Subseries B-1, Rev., 5.25%, 3/1/2031 (c)<br>| 2665 | 2917 |
| South Carolina Jobs-Economic Development Authority, <br> Foothill Affordable Housing Series 2025, Rev., <br> 4.00%, 3/1/2035 (c)<br>| 1000 | 1043 |
| Total South Carolina |  | 6043 |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** |
| South Dakota Health and Educational Facilities <br> Authority, Monument Health, Rev., 5.25%, <br> 9/1/2051<br>| 1000 | 1054 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — 3.3%** | **Tennessee — 3.3%** | **Tennessee — 3.3%** |
| Knox County Health Educational and Housing Facility <br> Board, University of Tennessee Project Series <br> 2024A-1, Rev., 5.50%, 7/1/2059<br>| 1000 | 1058 |
| Metropolitan Government Nashville and Davidson <br> County Health and Educational Facilities Board, <br> Multi-Family Housing, Burning Tree Apartments <br> Project, Rev., FHA, 5.00%, 10/1/2027 (c)<br>| 3000 | 3104 |
| Metropolitan Government Nashville and Davidson <br> County, Health and Educational Facilities Board, <br> Blakeford at Green Hills Series 2020A, Rev., <br> 4.00%, 11/1/2038<br>| 1265 | 1265 |
| Metropolitan Government of Nashville and Davidson <br> County Series 2024C, GO, 5.00%, 1/1/2040<br>| 1340 | 1516 |
| Metropolitan Nashville Airport Authority (The) Series <br> 2022B, Rev., AMT, 5.00%, 7/1/2052<br>| 1975 | 2007 |
| Metropolitan Nashville Airport Authority (The), <br> Subordinate Airport Series 2019A, Rev., 5.00%, <br> 7/1/2049<br>| 4500 | 4610 |
| Shelby County Health Educational and Housing <br> Facilities Board, Baptism Memorial Health Obligated <br> Group Series 2024B, Rev., 5.00%, 9/1/2029 (c)<br>| 1335 | 1422 |
| Shelby County Health Educational and Housing <br> Facilities Board, The Farms at Bailey Station Project <br> Series 2019A, Rev., 5.75%, 10/1/2059<br>| 2500 | 1674 |
| Tennergy Corp., Gas Supply Series 2021A, Rev., <br> 4.00%, 9/1/2028 (c)<br>| 10110 | 10423 |
| Tennessee Housing Development Agency Series <br> 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 1/1/2056<br>| 995 | 1113 |
| Total Tennessee |  | 28192 |
| **Texas — 8.5%** | **Texas — 8.5%** | **Texas — 8.5%** |
| Austin Community College District, Unlimited Tax, GO, <br> 5.00%, 8/1/2037<br>| 2000 | 2309 |
| Carrollton-Farmers Branch Independent School <br> District, Unlimited Tax, GO, PSF-GTD, 4.75%, <br> 2/15/2050<br>| 3600 | 3684 |
| Central Texas Turnpike System, First Tier Series <br> 2024B, Rev., 5.00%, 5/15/2030 (c)<br>| 1000 | 1092 |
| Central Texas Turnpike System, Second Tier Series <br> 2024C, Rev., 5.00%, 8/15/2040<br>| 1500 | 1678 |
| City of Austin, GO, 5.00%, 9/1/2042 | 2250 | 2533 |
| City of Houston Airport System, United Airlines, Inc., <br> Terminal Improvement Projects<br>|  |  |
| Series 2024B, Rev., AMT, 5.25%, 7/15/2034 | 1850 | 2049 |
| Series 2025B, Rev., AMT, 5.50%, 7/15/2036 | 1700 | 1869 |
| Series 2025B, Rev., AMT, 5.50%, 7/15/2037 | 2000 | 2190 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of Houston, Airport System, United Airlines, Inc., <br> Terminal E Project, Rev., AMT, 5.00%, 7/1/2029<br>| 2100 | 2104 |
| City of Houston, Combined Utility System, Junior Lien <br> Series 2002A, Rev., A.G., 5.75%, 12/1/2032 (e)<br>| 2500 | 3032 |
| City of San Antonio Series 2024C, Rev., 5.50%, <br> 2/1/2049<br>| 1000 | 1102 |
| City of San Antonio Electric and Gas Systems Series <br> 2026A, Rev., 3.00%, 12/1/2029 (c)<br>| 3500 | 3531 |
| Collin County Community College District, Rev., <br> 4.00%, 8/15/2042<br>| 2000 | 2052 |
| County of Fort Bend Toll Road, Senior Lien, Rev., A.G., <br> 5.25%, 3/1/2050<br>| 1250 | 1334 |
| County of Harris Toll Road, First Lien Series 2025A, <br> Rev., 4.50%, 8/15/2055<br>| 2500 | 2505 |
| County of Harris, Unlimited Tax Series 2023A, GO, <br> 4.25%, 9/15/2048<br>| 2000 | 1988 |
| Crandall Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 4.25%, 2/1/2053<br>| 375 | 357 |
| Crowley Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 5.00%, 2/1/2046 | 1000 | 1080 |
| GO, PSF-GTD, 4.25%, 2/1/2047 | 1000 | 990 |
| Dallas Independent School District, Unlimited Tax <br> Series 2026A, GO, PSF-GTD, 4.25%, 2/15/2046<br>| 990 | 991 |
| Grand Parkway Transportation Corp., Grand Parkway <br> System Subordinate Tier Series 2018A, Rev., <br> 5.00%, 10/1/2043<br>| 1500 | 1550 |
| Johnson City Independent School District Series 2023, <br> GO, PSF-GTD, 4.13%, 2/15/2052<br>| 3405 | 3184 |
| Marshall Independent School District, Unlimited Tax <br> Series 2023, GO, PSF-GTD, 4.00%, 2/15/2045<br>| 2525 | 2489 |
| Melissa Independent School District, Unlimited Tax <br> Series 2023, GO, PSF-GTD, 4.25%, 2/1/2053<br>| 2225 | 2123 |
| Midland Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 4.00%, 2/15/2040<br>| 3170 | 3266 |
| Mount Vernon Independent School District, Unlimited <br> Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048<br>| 3500 | 3719 |
| Permanent University Fund - University of Texas <br> System Series 2025A, Rev., 5.00%, 7/1/2036<br>| 1000 | 1208 |
| Plano Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 4.00%, 2/15/2045<br>| 2220 | 2194 |
| Round Rock Independent School District Series <br> 2025B, GO, PSF-GTD, 5.00%, 8/1/2039<br>| 1000 | 1159 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Ascension Senior Credit Series 2025C1, Rev., <br> 5.00%, 11/15/2032 (c)<br>| 1000 | 1136 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Cook Children's Medical Center, Rev., 4.13%, <br> 12/1/2054<br>| 2000 | 1828 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 37

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System Series 2025C, Rev., <br> 5.00%, 11/15/2032 (c)<br>| 3500 | 3952 |
| Texas Municipal Gas Acquisition and Supply Corp. V, <br> Gas Supply Series 2024, Rev., 5.00%, <br> 1/1/2034 (c)<br>| 3000 | 3283 |
| Texas Private Activity Bond Surface Transportation <br> Corp., NTE Mobility Partners Segments 3 LLC <br> Project, Rev., AMT, 5.00%, 6/30/2058<br>| 2250 | 2248 |
| Texas Water Development Board, State Water <br> Implementation Fund Series 2024A, Rev., 4.25%, <br> 10/15/2051<br>| 1000 | 973 |
| Total Texas |  | 72782 |
| **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** |
| Downtown Revitalization Public Infrastructure District, <br> Second Lien Sales Tax SEG Redevelopment Project <br> Series 2025B, Rev., A.G., 5.50%, 6/1/2050<br>| 1000 | 1096 |
| Intermountain Power Agency, Utah Power Supply |  |  |
| Series 2023A, Rev., 5.00%, 7/1/2035 | 1130 | 1283 |
| Series 2023A, Rev., 5.00%, 7/1/2036 | 1000 | 1128 |
| Mida Mountain Village Public Infrastructure District, <br> Utah Subordinate Tax Allocation Series 2024-2, <br> Rev., 6.00%, 6/15/2054 (b)<br>| 2000 | 2062 |
| Utah Housing Corp., Single Family Mortgage Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055<br>| 975 | 1105 |
| Total Utah |  | 6674 |
| **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |
| Vermont Student Assistance Corp., Education Loan <br> Series 2018A, Rev., AMT, 3.75%, 6/15/2030<br>| 360 | 361 |
| **Virginia — 0.9%** | **Virginia — 0.9%** | **Virginia — 0.9%** |
| Virginia Port Authority, Rev., 5.00%, 7/1/2045 | 1200 | 1297 |
| Virginia Public Building Authority Series 2015A, Rev., <br> 4.00%, 8/1/2031<br>| 5000 | 5006 |
| Virginia Small Business Financing Authority, Senior <br> Lien, Transform 66 P3 Project, Rev., AMT, 5.00%, <br> 12/31/2056<br>| 1000 | 984 |
| Total Virginia |  | 7287 |
| **Washington — 2.2%** | **Washington — 2.2%** | **Washington — 2.2%** |
| Central Puget Sound Regional Transit Authority Series <br> 2021S-1, Rev., 4.00%, 11/1/2046<br>| 2005 | 1993 |
| State of Washington |  |  |
| Series 2026A, GO, 5.00%, 8/1/2037 | 3000 | 3540 |
| Series 2024C, GO, 5.00%, 2/1/2049 | 2000 | 2115 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| State of Washington Motor Vehicle Fuel Tax Series <br> 2025C, GO, 5.00%, 7/1/2030<br>| 2000 | 2237 |
| State of Washington, Various Purpose Series 2025A, <br> GO, 5.00%, 8/1/2046<br>| 2500 | 2690 |
| Vancouver Housing Authority Series 2025, Rev., <br> 4.25%, 2/1/2038<br>| 2000 | 2117 |
| Washington Health Care Facilities Authority, Seattle <br> Cancer Care Alliance<br>|  |  |
| Rev., 4.00%, 12/1/2040 (b) | 860 | 866 |
| Rev., 4.00%, 12/1/2048 (b) | 1190 | 1089 |
| Washington State Housing Finance Commission, <br> Rockwood Retirement Communities Project Series <br> 2020A, Rev., 5.00%, 1/1/2041 (b)<br>| 2000 | 2010 |
| Total Washington |  | 18657 |
| **West Virginia — 0.1%** | **West Virginia — 0.1%** | **West Virginia — 0.1%** |
| West Virginia Economic Development Authority, Solid <br> Waste Disposal Facilities, Commercial Metal Co. <br> Project, Rev., AMT, 4.63%, 5/15/2032 (c)<br>| 1000 | 1029 |
| **Wisconsin — 4.2%** | **Wisconsin — 4.2%** | **Wisconsin — 4.2%** |
| Public Finance Authority, Acts Retirement Life <br> Communities, Inc., Obligated Group Series 2020A, <br> Rev., 5.00%, 11/15/2041<br>| 1395 | 1460 |
| Public Finance Authority, Astro Texas Land Projects, <br> Rev., 5.00%, 12/15/2036 (b)<br>| 982 | 984 |
| Public Finance Authority, Georgia SR 400 Express <br> Lanes Project, Rev., AMT, 5.75%, 12/31/2065<br>| 3500 | 3660 |
| Public Finance Authority, KSU Bixby Real Estate <br> Foundation LLC Project Series 2025B, Rev., 5.50%, <br> 6/15/2055<br>| 750 | 760 |
| Public Finance Authority, Maniilaq Association <br> Employee Housing Project, Rev., 5.25%, <br> 12/1/2048<br>| 2500 | 2578 |
| Public Finance Authority, Presbyterian Villages of <br> Michigan Obligated Group Series 2020A, Rev., <br> 4.75%, 11/15/2053 (b)<br>| 2686 | 1934 |
| Public Finance Authority, Senior Lien |  |  |
| Rev., AMT, 5.50%, 7/1/2044 | 1000 | 1057 |
| Rev., AMT, 5.75%, 7/1/2049 | 2000 | 2110 |
| Public Finance Authority, Triad Educational Services, <br> Inc.<br>|  |  |
| Rev., 5.25%, 6/15/2052 | 1610 | 1524 |
| Rev., 5.38%, 6/15/2057 | 775 | 738 |
| University of Wisconsin Hospitals and Clinics Series <br> 2018C, Rev., VRDO, LIQ : BMO Harris Bank NA, <br> 2.00%, 3/2/2026 (c)<br>| 13600 | 13600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Wisconsin Department of Transportation Series 2025 <br> 1, Rev., 5.00%, 7/1/2037<br>| 1500 | 1776 |
| Wisconsin Health and Educational Facilities Authority, <br> Aspirus, Inc., Obligated Group, Rev., 5.25%, <br> 8/15/2050<br>| 1000 | 1047 |
| Wisconsin Health and Educational Facilities Authority, <br> Forensic science and Protective Medicine <br> Collaboration, Inc., Project Series 2024, Rev., <br> 5.00%, 8/1/2027 (b)<br>| 1500 | 1510 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership<br>|  |  |
| Series B, Rev., 4.00%, 3/1/2048 | 55 | 55 |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 9/1/2054<br>| 970 | 1061 |
| Total Wisconsin |  | 35854 |
| **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |
| University of Wyoming Series 2021C, Rev., A.G., <br> 4.00%, 6/1/2041<br>| 600 | 609 |
| Wyoming Community Development Authority Series <br> 2024-1, Rev., 6.00%, 12/1/2054<br>| 950 | 1046 |
| Total Wyoming |  | 1655 |
| Total Municipal Bonds <br>(Cost $784,375)<br>|  | 810279 |
|  | **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| U.S. Treasury 30 Year Bond |  |  |
| 4/24/2026 at USD 128.00, American Style |  |  |
| Notional Amount: USD 265,000 |  |  |
| Counterparty: Exchange-Traded \* (Cost $207) | 2650 | 352 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 5.1%** | **Short-Term Investments — 5.1%** | **Short-Term Investments — 5.1%** |
| **Investment Companies — 5.1%** | **Investment Companies — 5.1%** | **Investment Companies — 5.1%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 1.78% (f) (g) <br>(Cost $43,224)<br>| 43223 | 43227 |
| **Total Investments — 100.2%** <br>**(Cost $827,806)**<br>|  | **853858** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(1691)**<br>|
| **NET ASSETS — 100.0%** |  | **852167** |

---

&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** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |
| COP | Certificate of Participation |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RE | Reinsured |
| Rev. | Revenue |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (d) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (e) | Security is prerefunded or escrowed to maturity. |
| (f) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (g) | The rate shown is the current yield as of February 28, <br> 2026.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 39

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

**Futures contracts outstanding as of February 28, 2026 (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>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17750 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |

---

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

---

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

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 2650 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 265,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 131.00<br>| 4/24/2026 | &nbsp;&nbsp; (207)<br>|
| Total Written Options Contracts (Premiums Received $(124)) | Total Written Options Contracts (Premiums Received $(124)) | Total Written Options Contracts (Premiums Received $(124)) | Total Written Options Contracts (Premiums Received $(124)) | Total Written Options Contracts (Premiums Received $(124)) | Total Written Options Contracts (Premiums Received $(124)) | &nbsp;&nbsp; (207)<br>|

---

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

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan Municipal Bond Funds February 28, 2026

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 85.1% (a)** | **Municipal Bonds — 85.1% (a)** | **Municipal Bonds — 85.1% (a)** |
| **Alabama — 2.0%** | **Alabama — 2.0%** | **Alabama — 2.0%** |
| Alabama Federal Aid Highway Finance Authority |  |  |
| Series 2016A, Rev., 5.00%, 9/1/2026 (b) | 1695 | 1719 |
| Series A, Rev., 5.00%, 9/1/2027 (b) | 2705 | 2820 |
| Birmingham Airport Authority, Rev., 5.00%, <br> 7/1/2026<br>| 225 | 227 |
| Black Belt Energy Gas District, Gas Project Series <br> 2025E, Rev., 5.00%, 5/1/2029<br>| 1775 | 1882 |
| Black Belt Energy Gas District, Gas Supply Series <br> 2022D-2, Rev., LIQ : Royal Bank of Canada, <br> (SOFR + 1.40%), 3.86%, 3/6/2026 (c)<br>| 25450 | 25593 |
| County of Jefferson sewer Series 2024, Rev., <br> 5.00%, 10/1/2027<br>| 1250 | 1300 |
| Foley Utilities Board, Rev., 5.00%, 5/1/2027 (b) | 35 | 36 |
| Southeast Energy Authority A Cooperative District, <br> Project No. 4 Series 2022B-2, Rev., (SOFR + <br> 1.79%), 4.25%, 3/6/2026 (c)<br>| 10000 | 10154 |
| State of Alabama Series 2016C, GO, 5.00%, <br> 8/1/2026<br>| 25 | 25 |
| West Jefferson Industrial Development Board, <br> Alabama Power Co. Miller Plant Project, Rev., <br> VRDO, 2.05%, 3/2/2026 (d)<br>| 7500 | 7500 |
| Total Alabama |  | 51256 |
| **Alaska — 1.1%** | **Alaska — 1.1%** | **Alaska — 1.1%** |
| Alaska Municipal Bond Bank Authority Series 3, <br> Rev., 5.00%, 12/1/2026<br>| 25 | 25 |
| Borough of Matanuska-Susitna, Alaska School <br> General Obligation Series 2025B, GO, 5.00%, <br> 11/1/2026<br>| 1000 | 1019 |
| Borough of Matanuska-Susitna, Goose Creek <br> Correctional Center Project Series 2025A, Rev., <br> 5.00%, 9/1/2027<br>| 1655 | 1722 |
| Borough of North Slope, GO, 5.00%, 6/30/2027 | 2875 | 2982 |
| City of Valdez, Phillips Trans Alaska Project Series <br> 1994A, Rev., VRDO, 2.17%, 3/11/2026 (d)<br>| 20000 | 20000 |
| State of Alaska Series 2024B, GO, 5.00%, <br> 8/1/2028<br>| 1000 | 1067 |
| Total Alaska |  | 26815 |
| **Arizona — 0.9%** | **Arizona — 0.9%** | **Arizona — 0.9%** |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC Series 2024A, Rev., <br> 5.00%, 11/1/2029<br>| 1300 | 1399 |
| Arizona Sports and Tourism Authority, Senior Lien <br> Multipurpose Stadium Facility Project, Rev., <br> 5.00%, 7/1/2027<br>| 750 | 778 |
| Arizona Water Infrastructure Finance Authority <br> Series 2024, Rev., 5.00%, 10/1/2027<br>| 4000 | 4180 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| City of Chandler Series 2016, GO, 5.00%, <br> 7/1/2027<br>| 1000 | 1039 |
| City of Mesa Utility System Series 2017, Rev., <br> 4.00%, 7/1/2027<br>| 1000 | 1024 |
| City of Phoenix Civic Improvement Corp., Rev., <br> 5.00%, 7/1/2027<br>| 1200 | 1246 |
| City of Phoenix Civic Improvement Corp., Junior <br> Lien, Airport System Series 2017D, Rev., 5.00%, <br> 7/1/2029<br>| 55 | 57 |
| City of Phoenix Civic Improvement Corp., Junior <br> Lien, Water System Series 2014B, Rev., 5.00%, <br> 7/1/2027<br>| 170 | 171 |
| City of Tucson Series 2018A, GO, 5.00%, 7/1/2026 | 325 | 328 |
| County of Pima Sewer System Series 2020B, COP, <br> 5.00%, 7/1/2027<br>| 40 | 41 |
| Maricopa County High School District No. 214 <br> Tolleson Union High School, GO, 5.00%, <br> 7/1/2026<br>| 315 | 318 |
| Maricopa County Industrial Development Authority, <br> Banner Health<br>|  |  |
| Series 2019D, Rev., 5.00%, 5/15/2026 (d) | 1150 | 1156 |
| Series 2023A-1, Rev., 5.00%, 5/15/2026 (d) | 7530 | 7559 |
| Series 2023A-2, Rev., 5.00%, 5/15/2028 (d) | 250 | 261 |
| Maricopa County Union High School District No <br> 210-Phoenix, Project 2023 Series 2024A, GO, <br> 5.00%, 7/1/2027<br>| 1200 | 1246 |
| Maricopa County Union High School District No. <br> 210-Phoenix, Project of 2023 Series 2025B, GO, <br> 5.00%, 7/1/2027<br>| 1500 | 1558 |
| Salt River Project Agricultural Improvement and <br> Power District, Arizona Electric System Series <br> 2019A, Rev., 5.00%, 1/1/2027<br>| 385 | 394 |
| Scottsdale Municipal Property Corp. Series 2017, <br> Rev., 5.00%, 7/1/2027 (b)<br>| 55 | 57 |
| Town of Queen Creek Excise Tax, Rev., 5.00%, <br> 8/1/2026 (b)<br>| 1240 | 1252 |
| Total Arizona |  | 24064 |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| University of Arkansas, Various Facility UAMS <br> Campus Series 2019A, Rev., 5.00%, 3/1/2027<br>| 25 | 26 |
| University of Central Arkansas, Student Fee |  |  |
| Series 2020A, Rev., 5.00%, 11/1/2026 | 220 | 224 |
| Series 2020A, Rev., 5.00%, 11/1/2027 | 200 | 208 |
| Total Arkansas |  | 458 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 41

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — 0.7%** | **California — 0.7%** | **California — 0.7%** |
| California Community Choice Financing Authority, <br> Green Bond Series 2022A-2, Rev., (SOFR + <br> 1.70%), 4.16%, 3/6/2026 (c)<br>| 5000 | 5037 |
| California Housing Finance Agency, Multi- Family <br> Housing Symphony at DEL Sur Series 2023V, <br> Rev., 5.00%, 11/1/2026 (d)<br>| 350 | 354 |
| California Infrastructure and Economic Development <br> Bank, Bay Area Toll Bridge First Lien Series <br> 2003A, Rev., AMBAC, 5.00%, 1/1/2028 (b)<br>| 25 | 26 |
| California Municipal Finance Authority, Waste <br> Management, Inc., Project Series 2020, Rev., <br> AMT, VRDO, 3.45%, 6/1/2026 (d)<br>| 2000 | 2000 |
| California Pollution Control Financing Authority, <br> Solid Waste Disposal, Republic Services, Inc., <br> Project, Rev., AMT, 2.88%, 8/17/2026 (d) (e)<br>| 5000 | 5001 |
| City of Vernon, Electric System |  |  |
| Series 2021A, Rev., 5.00%, 10/1/2027 | 25 | 26 |
| Series 2021A, Rev., 5.00%, 4/1/2028 | 75 | 79 |
| Golden State Tobacco Securitization Corp. Series <br> 2017A-1, Rev., 5.00%, 6/1/2026 (b)<br>| 90 | 91 |
| Los Angeles County Development Authority, West LA <br> Building 156 and 157 Apartments Series 2023C, <br> Rev., 3.75%, 12/1/2026 (d)<br>| 120 | 120 |
| Los Angeles Department of Water and Power System |  |  |
| Series 2020A, Rev., 5.00%, 7/1/2026 | 500 | 505 |
| Series 2022E, Rev., 5.00%, 7/1/2026 | 1350 | 1363 |
| Series 2017B, Rev., 5.00%, 7/1/2030 | 515 | 527 |
| Series 2024C, Rev., 5.00%, 7/1/2030 | 400 | 444 |
| San Diego Community College District, GO, 5.00%, <br> 8/1/2026 (b)<br>| 25 | 25 |
| Southern California Public Power Authority Series <br> 2023-1, Rev., 5.00%, 7/1/2026<br>| 800 | 807 |
| State of California, Various Purpose, GO, 5.00%, <br> 12/1/2027<br>| 2205 | 2323 |
| Total California |  | 18728 |
| **Colorado — 1.5%** | **Colorado — 1.5%** | **Colorado — 1.5%** |
| Adams and Arapahoe Counties Joint School District <br> 28J Aurora, GO, 5.50%, 12/1/2026<br>| 2000 | 2051 |
| City and County of Denver |  |  |
| Series 2024A, GO, 5.00%, 8/1/2026 | 700 | 709 |
| Series 2024B, GO, 5.00%, 8/1/2026 | 600 | 608 |
| City and County of Denver, Airport System |  |  |
| Series 2023B, Rev., AMT, 5.00%, 11/15/2027 | 1500 | 1563 |
| Series 2023B, Rev., AMT, 5.00%, 11/15/2028 | 5000 | 5317 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| City and County of Denver, Wellington E. Webb <br> Municipal Office Building, COP, 5.00%, <br> 12/1/2026<br>| 30 | 31 |
| Colorado Health Facilities Authority, Adventhealth <br> Obligated Group Series 2019B, Rev., 5.00%, <br> 11/19/2026 (d)<br>| 1260 | 1284 |
| Colorado Health Facilities Authority, Adventist <br> Health System<br>|  |  |
| Series 2016C, Rev., 5.00%, 11/15/2026 (d) | 3260 | 3321 |
| Series 2025A, Rev., 5.00%, 11/15/2030 (d) | 2000 | 2203 |
| Colorado Health Facilities Authority, CommonSpirit <br> Health<br>|  |  |
| Series 2019B-2, Rev., 5.00%, 8/1/2026 (d) | 115 | 115 |
| Series 2019A-2, Rev., 5.00%, 8/1/2028 | 25 | 26 |
| Colorado Health Facilities Authority, Intermountain <br> Healthcare<br>|  |  |
| Series 2022B, Rev., 5.00%, 8/17/2026 (d) | 1700 | 1720 |
| Series 2022C, Rev., 5.00%, 8/15/2028 (d) | 1300 | 1378 |
| Colorado Health Facilities Authority, Parkview <br> Medical Center, Inc., Project Series 2020A, Rev., <br> 4.00%, 9/1/2030 (b)<br>| 1650 | 1777 |
| Colorado Health Facilities Authority, The Evangelical <br> Lutheran Good Samaritan Society Project Series <br> 2017, Rev., 5.00%, 6/1/2027 (b)<br>| 320 | 330 |
| Denver City and County School District No. 1 |  |  |
| Series 2025D, GO, 5.00%, 12/1/2026 | 1600 | 1635 |
| Series 2025D, GO, 5.00%, 12/1/2027 | 1600 | 1681 |
| Regional Transportation District Sales Tax Series <br> 2023A, Rev., 5.00%, 11/1/2026<br>| 60 | 61 |
| Regional Transportation District, Denver Transit <br> Partners Series 2020A, Rev., 5.00%, 7/15/2026<br>| 225 | 227 |
| State of Colorado |  |  |
| Series 2017K, COP, 5.00%, 3/15/2026 | 30 | 30 |
| Series 2018L, COP, 5.00%, 3/15/2026 | 120 | 120 |
| Series 2020A, COP, 5.00%, 9/1/2027 | 25 | 26 |
| Series 2018A, COP, 5.00%, 12/15/2027 | 20 | 21 |
| Series 2018L, COP, 4.00%, 3/15/2029 | 50 | 52 |
| State of Colorado, Building Excellent Schools Today <br> Series 2025T, COP, 5.00%, 3/15/2026<br>| 1000 | 1001 |
| University of Colorado, Enterprise System Series <br> 2017A-2, Rev., 5.00%, 6/1/2027<br>| 50 | 52 |
| University of Colorado, Hospital Authority Series <br> 2018C, Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (d)<br>| 10000 | 10000 |
| Total Colorado |  | 37339 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — 2.5%** | **Connecticut — 2.5%** | **Connecticut — 2.5%** |
| City of Bristol, GO, BAN, 4.00%, 11/5/2026 | 17400 | 17607 |
| City of Milford, GO, BAN, 4.00%, 10/27/2026 | 5000 | 5060 |
| Connecticut State Health and Educational Facilities <br> Authority, Stamford Hospital Series L-1, Rev., <br> 4.00%, 7/1/2026<br>| 350 | 351 |
| State of Connecticut |  |  |
| Series 2025B, GO, 5.00%, 12/1/2026 | 9200 | 9399 |
| Series 2025B, GO, 5.00%, 12/1/2027 | 4225 | 4438 |
| Series 2018F, GO, 5.00%, 9/15/2028 | 755 | 809 |
| Series 2025D, GO, 5.00%, 8/15/2030 | 6000 | 6718 |
| State of Connecticut Clean Water Fund, State <br> Revolving Fund Series 2015A, Rev., 5.00%, <br> 3/1/2026<br>| 40 | 40 |
| State of Connecticut Special Tax |  |  |
| Series 2021A, Rev., 5.00%, 5/1/2026 | 1000 | 1005 |
| Series 2021D, Rev., 5.00%, 11/1/2026 | 100 | 102 |
| Series B, Rev., 5.00%, 9/1/2028 | 140 | 142 |
| State of Connecticut Special Tax, Transportation <br> Infrastructure Purpose<br>|  |  |
| Series 2025A, Rev., 5.00%, 7/1/2027 | 2000 | 2077 |
| Series B, Rev., 5.00%, 9/1/2027 | 50 | 51 |
| Series 2025A, Rev., 5.00%, 7/1/2028 | 4000 | 4264 |
| Town of Groton, GO, BAN, 4.25%, 4/23/2026 | 4300 | 4309 |
| Town of Madison, GO, BAN, 4.00%, 12/17/2026 | 7500 | 7604 |
| Total Connecticut |  | 63976 |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| University of Delaware Series 2025A, Rev., 5.00%, <br> 11/1/2028<br>| 2750 | 2954 |
| **District of Columbia — 1.4%** | **District of Columbia — 1.4%** | **District of Columbia — 1.4%** |
| District of Columbia |  |  |
| Series 2026C, GO, VRDO, 1.72%, 3/2/2026 (d) | 17500 | 17500 |
| Series 2024C, GO, 5.00%, 12/1/2027 | 5000 | 5252 |
| Series 2024C, GO, 5.00%, 12/1/2028 | 2000 | 2157 |
| Series 2017D, GO, 5.00%, 6/1/2029 | 2000 | 2070 |
| District of Columbia Housing Finance Agency, Multi <br> Family Housing Edgewood Apartments Project <br> Series 2023, Rev., FHA, 5.00%, 6/1/2026 (d)<br>| 5100 | 5106 |
| District of Columbia, Children's Hospital Obligated <br> Group<br>|  |  |
| Series 2015, Rev., 5.00%, 7/15/2026 | 100 | 100 |
| Series 2015, Rev., 5.00%, 7/15/2027 | 50 | 50 |
| Series 2015, Rev., 5.00%, 7/15/2028 | 170 | 170 |
| Series 2015, Rev., 5.00%, 7/15/2029 | 20 | 20 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| District of Columbia, Gallaudet University Project <br> Series 2021A, Rev., 5.00%, 4/1/2026<br>| 100 | 100 |
| District of Columbia, National Public Radio, Inc., <br> Issue<br>|  |  |
| Rev., 4.00%, 4/1/2026 (b) | 25 | 25 |
| Series 2016, Rev., 5.00%, 4/1/2026 (b) | 25 | 25 |
| Metropolitan Washington Airports Authority Aviation <br> Series 2024A, Rev., AMT, 5.00%, 10/1/2030<br>| 2000 | 2216 |
| Washington Metropolitan Area Transit Authority |  |  |
| Series 2017B, Rev., 5.00%, 7/1/2027 | 170 | 177 |
| Series A-1, Rev., 5.00%, 7/1/2028 | 375 | 389 |
| Total District of Columbia |  | 35357 |
| **Florida — 2.4%** | **Florida — 2.4%** | **Florida — 2.4%** |
| Alachua County School Board Series 2020, COP, <br> A.G., 5.00%, 7/1/2027<br>| 65 | 67 |
| Central Florida Expressway Authority, Senior Lien |  |  |
| Series 2019B, Rev., 5.00%, 7/1/2026 | 40 | 40 |
| Series 2017, Rev., 5.00%, 7/1/2027 (b) | 90 | 93 |
| Series 2016B, Rev., 5.00%, 7/1/2028 | 685 | 691 |
| City of Gainesville, Utilities System |  |  |
| Series 2017A, Rev., 5.00%, 10/1/2028 | 765 | 799 |
| Series B, Rev., 5.00%, 10/1/2029 | 225 | 225 |
| City of Jacksonville |  |  |
| Series 2015, Rev., 5.00%, 10/1/2027 | 325 | 326 |
| Series 2019A, Rev., 5.00%, 10/1/2027 | 100 | 105 |
| City of Lakeland, Department of Electric Utilities <br> Series 2010A, Rev., A.G., 5.25%, 10/1/2028<br>| 500 | 538 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South Series 2025B, Rev., 5.00%, <br> 8/15/2030 (d)<br>| 1000 | 1098 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South Florida Obligated Group, <br> Rev., 5.00%, 8/15/2028<br>| 65 | 67 |
| County of Broward, Airport System |  |  |
| Series 2013C, Rev., 5.25%, 10/1/2026 | 50 | 50 |
| Series A, Rev., AMT, 5.00%, 10/1/2029 | 1000 | 1002 |
| County of Lee, Airport Series 2021A, Rev., AMT, <br> 5.00%, 10/1/2028<br>| 1500 | 1586 |
| County of Miami-Dade |  |  |
| Series 2020, GO, 5.00%, 7/1/2027 | 20 | 21 |
| Series 2016, Rev., 5.00%, 10/1/2029 | 125 | 127 |
| County of Miami-Dade, Aviation System |  |  |
| Series B, Rev., 5.00%, 10/1/2026 | 35 | 35 |
| Series A, Rev., 5.00%, 10/1/2027 | 175 | 177 |
| Series A, Rev., 5.00%, 10/1/2028 | 1340 | 1361 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 43

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Series A, Rev., 5.00%, 10/1/2029 | 155 | 157 |
| County of Miami-Dade, Building Better Communities <br> Program Series 2016A, GO, 5.00%, 7/1/2027<br>| 20 | 21 |
| County of Miami-Dade, Water and Sewer System <br> Series 2021, Rev., 5.00%, 10/1/2027<br>| 735 | 766 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 1.90%, 3/6/2026 (d)<br>| 10000 | 10000 |
| Duval County Public Schools |  |  |
| Series 2022A, COP, A.G., 5.00%, 7/1/2027 | 235 | 244 |
| Series 2022A, COP, A.G., 5.00%, 7/1/2028 | 95 | 101 |
| Florida Department of Environmental Protection |  |  |
| Series 2017A, Rev., 5.00%, 7/1/2027 (b) | 100 | 104 |
| Series 2019B, Rev., 5.00%, 7/1/2027 (b) | 45 | 47 |
| Florida Department of Management Services |  |  |
| Series 2017A, Rev., 5.00%, 9/1/2026 | 115 | 117 |
| Series 2018A, COP, 5.00%, 11/1/2026 | 630 | 642 |
| Series 2018A, COP, 5.00%, 11/1/2027 | 1805 | 1889 |
| Series 2021A, COP, 5.00%, 11/1/2029 | 1350 | 1485 |
| Florida Development Finance Corp., Waste <br> Management, Inc., Project Series 2025A, Rev., <br> AMT, 3.40%, 9/1/2028 (d)<br>| 2600 | 2615 |
| Florida Local Government Finance Commission, <br> Fleet Landing at Nocatee Project Series 2025B-3, <br> Rev., 4.20%, 11/15/2030 (e)<br>| 3500 | 3538 |
| Florida Municipal Power Agency, All-Requirements <br> Power Supply Project<br>|  |  |
| Series 2016A, Rev., 5.00%, 10/1/2026 | 55 | 56 |
| Series 2017A, Rev., 5.00%, 10/1/2026 | 70 | 71 |
| Series 2016A, Rev., 5.00%, 10/1/2027 | 70 | 71 |
| Series 2017A, Rev., 5.00%, 10/1/2027 | 1345 | 1401 |
| Series 2019A, Rev., 5.00%, 10/1/2027 | 215 | 224 |
| Series 2018A, Rev., 4.00%, 10/1/2028 | 2820 | 2872 |
| Series 2016A, Rev., 5.00%, 10/1/2028 | 900 | 914 |
| Greater Orlando Aviation Authority Series 2017A, <br> Rev., AMT, 5.00%, 10/1/2027 (b)<br>| 750 | 779 |
| Hillsborough County Industrial Development <br> Authority, Baycare Health System Series 2024E, <br> Rev., VRDO, LIQ : Royal Bank of Canada, 1.95%, <br> 3/2/2026 (d)<br>| 10000 | 10000 |
| JEA Electric System |  |  |
| Series 2017B, Rev., 5.00%, 10/1/2027 | 75 | 78 |
| Series 2017B, Rev., 5.00%, 10/1/2029 | 25 | 26 |
| Lee County School Board (The) Series 2020A, COP, <br> 5.00%, 8/1/2026<br>| 260 | 263 |
| Manatee County School District Series 2017, Rev., <br> A.G., 5.00%, 10/1/2029<br>| 45 | 46 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Miami-Dade County Expressway Authority, Toll <br> System<br>|  |  |
| Series 2014A, Rev., 5.00%, 7/1/2027 | 210 | 211 |
| Series 2016A, Rev., 5.00%, 7/1/2028 | 100 | 101 |
| Orange County Convention Center Series 2017, <br> Rev., 5.00%, 10/1/2026<br>| 510 | 518 |
| Orange County Health Facilities Authority, Orlando <br> Health Obligated Group Series 2019B, Rev., <br> 5.00%, 10/1/2026<br>| 50 | 51 |
| Orange County School Board |  |  |
| Series 2016B, COP, 5.00%, 8/1/2026 | 50 | 51 |
| Series 2016C, COP, 5.00%, 8/1/2026 (b) | 4225 | 4274 |
| Series 2016B, COP, 5.00%, 8/1/2027 | 55 | 56 |
| Series 2017B, COP, 5.00%, 8/1/2027 | 2190 | 2272 |
| Series 2017C, COP, 5.00%, 8/1/2028 | 85 | 90 |
| Orlando Utilities Commission Series 2020A, Rev., <br> 5.00%, 10/1/2027<br>| 25 | 26 |
| Palm Beach County School District |  |  |
| Series 2018A, COP, 5.00%, 8/1/2026 | 630 | 637 |
| Series 2022B, COP, 5.00%, 8/1/2026 | 190 | 192 |
| Series 2017A, COP, 5.00%, 8/1/2027 | 180 | 187 |
| Series 2018B, COP, 5.00%, 8/1/2027 | 400 | 416 |
| Series 2018C, COP, 5.00%, 8/1/2029 | 115 | 123 |
| Palm Beach County Solid Waste Authority Series <br> 2015, Rev., 5.00%, 10/1/2026<br>| 80 | 81 |
| Pasco County School Board Series 2022A, COP, <br> 5.00%, 8/1/2027<br>| 80 | 83 |
| School Board of Miami-Dade County (The), Florida <br> Certificates of Participation<br>|  |  |
| Series 2015D, COP, 5.00%, 2/1/2027 | 1325 | 1328 |
| Series 2012A, COP, 4.00%, 8/1/2028 | 150 | 150 |
| School District of Broward County, Florida <br> Certificates of Participation Series A, COP, <br> 5.00%, 7/1/2028<br>| 75 | 76 |
| South Broward Hospital District, Memorial <br> Healthcare System, Rev., 4.00%, 5/1/2026<br>| 110 | 110 |
| State of Florida Board of Education, Public <br> Education Capital Outlay<br>|  |  |
| Series 2016B, GO, 5.00%, 6/1/2026 | 85 | 86 |
| Series 2023A, GO, 5.00%, 6/1/2026 | 200 | 201 |
| State of Florida Department of Education Series <br> 2018A, Rev., 5.00%, 7/1/2027<br>| 50 | 52 |
| State of Florida Department of Transportation |  |  |
| Series 2019A, Rev., 5.00%, 7/1/2027 | 20 | 21 |
| Series 2019A, Rev., 5.00%, 7/1/2028 | 105 | 112 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| State of Florida Department of Transportation <br> Turnpike System Series 2025A, Rev., 5.00%, <br> 7/1/2029<br>| 1900 | 2077 |
| State of Florida Lottery Series 2017A, Rev., 5.00%, <br> 7/1/2027<br>| 20 | 21 |
| State of Florida, Public Education Capital Outlay <br> Series 2020A, GO, 5.00%, 6/1/2027<br>| 105 | 109 |
| State of Florida, State Board of Education, Lottery <br> Series 2016A, Rev., 5.00%, 7/1/2026<br>| 125 | 126 |
| Tampa Bay Water, Regional Water Supply Authority, <br> Utility System Series 2016C, Rev., 5.00%, <br> 10/1/2027<br>| 225 | 235 |
| Total Florida |  | 61008 |
| **Georgia — 0.3%** | **Georgia — 0.3%** | **Georgia — 0.3%** |
| Albany-Dougherty Payroll Development Authority, <br> Procter & Gamble Paper Products Series 1999, <br> Rev., 5.20%, 5/15/2028<br>| 25 | 26 |
| Atlanta Development Authority, Georgia State <br> University Research Foundation Science Park LLC <br> Project Series 2016, Rev., 4.00%, 7/1/2026 (b)<br>| 1555 | 1563 |
| Bartow County Development Authority, Georgia <br> Power Co. Plant Series 2009-1, Rev., 3.95%, <br> 3/8/2028 (d)<br>| 210 | 215 |
| Cedartown Polk County Hospital Authority, Polk <br> Medical Center Project, Rev., 5.00%, <br> 7/1/2026 (b)<br>| 110 | 111 |
| City of Atlanta Water and Wastewater Series 2004, <br> Rev., A.G., 5.75%, 11/1/2027<br>| 1000 | 1061 |
| Clarke County Hospital Authority, Pidemont <br> Healthcare Series 2016A, Rev., 5.00%, <br> 7/1/2029<br>| 25 | 25 |
| County of DeKalb, Water and Sewerage Series <br> 2006B, Rev., 5.25%, 10/1/2026<br>| 30 | 31 |
| Development Authority of Burke County (The), <br> Georgia Power Co. Plant Vogtle Project Series <br> 2012-2, Rev., 3.30%, 8/21/2029 (d)<br>| 2250 | 2282 |
| Henry County Hospital Authority, Piedmont Henry <br> Hospital Project Series 2014A, Rev., 5.00%, <br> 7/1/2027<br>| 1390 | 1392 |
| Metropolitan Atlanta Rapid Transit Authority, Sales <br> Tax Series 2017D, Rev., 4.00%, 7/1/2029<br>| 1000 | 1024 |
| Total Georgia |  | 7730 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Guam — 0.0% ^** | **Guam — 0.0% ^** | **Guam — 0.0% ^** |
| Territory of Guam (Guam) |  |  |
| Series 2025G, Rev., 5.00%, 1/1/2028 | 275 | 285 |
| Series 2025G, Rev., 5.00%, 1/1/2029 | 475 | 503 |
| Total Guam |  | 788 |
| **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** |
| City and County Honolulu Series D, GO, 5.00%, <br> 9/1/2026<br>| 70 | 71 |
| City and County Honolulu Wastewater System Series <br> A, Rev., 4.00%, 7/1/2026<br>| 20 | 20 |
| City and County of Honolulu Series 2022A, GO, <br> 5.00%, 11/1/2026<br>| 120 | 122 |
| County of Hawaii Series A, GO, 5.00%, 9/1/2027 | 50 | 50 |
| State of Hawaii |  |  |
| Series FK, GO, 5.00%, 5/1/2027 | 75 | 78 |
| Series FH, GO, 5.00%, 10/1/2028 | 70 | 71 |
| Total Hawaii |  | 412 |
| **Illinois — 1.7%** | **Illinois — 1.7%** | **Illinois — 1.7%** |
| Board of Trustees of the University of Illinois (The) |  |  |
| Series 2023A, Rev., 5.00%, 4/1/2026 | 1550 | 1553 |
| Series 2023A, Rev., 5.00%, 4/1/2027 | 205 | 211 |
| Carol Stream Park District Series 2020C, GO, <br> 4.00%, 11/1/2026<br>| 1020 | 1029 |
| Chicago O'Hare International Airport, General <br> Airport, Senior Lien<br>|  |  |
| Series A, Rev., 5.00%, 1/1/2027 | 20 | 20 |
| Series C, Rev., 5.00%, 1/1/2028 | 40 | 41 |
| City of Springfield Electric, Senior Lien, Rev., <br> 5.00%, 3/1/2030<br>| 1870 | 2044 |
| County of Cook |  |  |
| Series 2021B, GO, 4.00%, 11/15/2026 | 230 | 233 |
| Series 2021A, GO, 5.00%, 11/15/2026 | 205 | 209 |
| Series 2016A, GO, 5.00%, 11/15/2027 | 2800 | 2851 |
| Series 2016A, GO, 5.00%, 11/15/2028 | 45 | 46 |
| DuPage County Community High School District No. <br> 94 West Chicago, GO, 4.00%, 1/1/2033<br>| 10 | 10 |
| Illinois Finance Authority, Clean Water Initiative <br> Revolving Fund<br>|  |  |
| Series 2019, Rev., 5.00%, 1/1/2027 | 240 | 246 |
| Series 2019, Rev., 5.00%, 7/1/2027 | 250 | 260 |
| Series 2020, Rev., 5.00%, 7/1/2027 | 40 | 42 |
| Illinois Finance Authority, Edward Elmhurst <br> Healthcare Series 2018A, Rev., 5.00%, <br> 1/1/2028 (b)<br>| 20 | 21 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 45

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Illinois Finance Authority, Northwestern Memorial <br> Healthcare Series 2017A, Rev., 5.00%, <br> 7/15/2027<br>| 80 | 83 |
| Illinois Finance Authority, Northwestern University <br> Series 2017A, Rev., 5.00%, 7/15/2026<br>| 270 | 273 |
| Illinois Finance Authority, Presbyterian Homes <br> Obligated Group Series 2021B, Rev., (SIFMA <br> Municipal Swap Index Yield + 0.70%), 2.58%, <br> 3/12/2026 (c)<br>| 2375 | 2372 |
| Illinois Finance Authority, Presence Health Network <br> Series 2016C, Rev., 5.00%, 2/15/2027<br>| 145 | 148 |
| Illinois Finance Authority, State Clean Water <br> Initiative Series 2017, Rev., 5.00%, 7/1/2027<br>| 20 | 20 |
| Illinois Finance Authority, Swedish Covenant Hospital <br> Series 2016A, Rev., 5.00%, 8/15/2026 (b)<br>| 1145 | 1159 |
| Illinois Finance Authority, The Carle Foundation <br> Series 2021A, Rev., 5.00%, 8/15/2028<br>| 100 | 106 |
| Illinois Finance Authority, Uchicago Medicine Series <br> 2022B-2, Rev., 5.00%, 8/15/2027 (d)<br>| 2065 | 2124 |
| Illinois State Toll Highway Authority |  |  |
| Series 2018A, Rev., 5.00%, 1/1/2027 | 45 | 46 |
| Series 2019B, Rev., 5.00%, 1/1/2027 | 555 | 568 |
| Series 2019C, Rev., 5.00%, 1/1/2027 | 165 | 169 |
| Series 2016B, Rev., 5.00%, 1/1/2028 | 25 | 25 |
| Series 2018A, Rev., 5.00%, 1/1/2028 | 75 | 79 |
| Series 2019C, Rev., 5.00%, 1/1/2029 | 400 | 431 |
| Kane McHenry Cook and De Kalb Counties Unit <br> School District No. 300 Series 2015, GO, 5.00%, <br> 1/1/2027<br>| 20 | 20 |
| Northern Illinois Municipal Power Agency |  |  |
| Series 2016A, Rev., 5.00%, 12/1/2026 | 175 | 178 |
| Series 2016A, Rev., 5.00%, 12/1/2029 | 1185 | 1206 |
| Regional Transportation Authority |  |  |
| Series 2017A, Rev., 5.00%, 7/1/2028 | 285 | 294 |
| Series 2017A, Rev., 5.00%, 7/1/2029 | 1700 | 1756 |
| State of Illinois |  |  |
| GO, 5.50%, 5/1/2026 | 5000 | 5026 |
| Series 2023D, GO, 5.00%, 7/1/2026 | 8000 | 8069 |
| Series 2017D, GO, 5.00%, 11/1/2026 | 1170 | 1190 |
| Series 2016, GO, 5.00%, 2/1/2027 | 150 | 154 |
| Series 2021B, GO, 5.00%, 3/1/2027 | 125 | 128 |
| Series 2022A, GO, 5.00%, 3/1/2027 | 20 | 21 |
| Series 2023D, GO, 5.00%, 7/1/2027 | 90 | 93 |
| Series 2018A, GO, 5.00%, 10/1/2027 | 200 | 208 |
| Series 2017D, GO, 5.00%, 11/1/2027 | 1160 | 1210 |
| Series 2022B, GO, 5.00%, 3/1/2028 | 50 | 53 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Series 2016, GO, 5.00%, 6/1/2028 | 1345 | 1353 |
| Series 2017D, GO, 5.00%, 11/1/2028 | 2965 | 3090 |
| Series 2017A, GO, 5.00%, 12/1/2028 | 90 | 94 |
| Series 2016, GO, 5.00%, 2/1/2029 | 35 | 36 |
| Series 2018A, GO, 5.00%, 5/1/2029 | 400 | 422 |
| Series 2017C, GO, 5.00%, 11/1/2029 | 30 | 31 |
| Series 2021A, GO, 5.00%, 12/1/2029 | 85 | 93 |
| State of Illinois, Sales Tax |  |  |
| Series 2013, Rev., 5.00%, 6/15/2026 | 1250 | 1252 |
| Series 2021A, Rev., 4.00%, 6/15/2027 | 40 | 41 |
| Series 2016, Rev., 5.00%, 6/15/2029 | 25 | 25 |
| Total Illinois |  | 42462 |
| **Indiana — 1.2%** | **Indiana — 1.2%** | **Indiana — 1.2%** |
| City of Indianapolis, Department of Public Utilities <br> Water System<br>|  |  |
| Series 2016B, Rev., 5.00%, 10/1/2026 | 60 | 61 |
| Series 2018A, Rev., 5.00%, 10/1/2026 | 80 | 81 |
| City of Indianapolis, Department of Public Utilities <br> Water System, First Lien Series 2018A, Rev., <br> 5.00%, 10/1/2027<br>| 45 | 47 |
| Gary Community School Building Corp., Ad Valorem <br> Property Tax First Mortgage Series 2020B, Rev., <br> 4.00%, 7/15/2026<br>| 235 | 236 |
| Indiana Finance Authority Series 2017A, Rev., <br> 5.00%, 12/1/2027 (b)<br>| 20 | 21 |
| Indiana Finance Authority, Community Foundation <br> of Northern Indiana Obligated Group, Rev., <br> 5.00%, 9/1/2028<br>| 2065 | 2092 |
| Indiana Finance Authority, CWA Authority Project <br> Series 2021-2, Rev., 5.00%, 10/1/2027<br>| 105 | 110 |
| Indiana Finance Authority, Indiana University Health <br> Obligated Group<br>|  |  |
| Series 2023B1, Rev., 5.00%, 7/1/2028 (d) | 2100 | 2211 |
| Series 2025D-1, Rev., 5.00%, 10/1/2029 (d) | 1500 | 1619 |
| Series 2023B-2, Rev., 5.00%, 7/1/2030 (d) | 520 | 569 |
| Indiana Finance Authority, State Revolving Fund <br> Program Series 2017C, Rev., 5.00%, 2/1/2027<br>| 70 | 72 |
| Indiana Housing and Community Development <br> Authority, Single Family Series 2017B-3, Rev., <br> VRDO, LIQ : TD Bank NA, 1.90%, 3/2/2026 (d)<br>| 20000 | 20000 |
| Indiana Municipal Power Agency, Power Supply <br> System<br>|  |  |
| Series 2016C, Rev., 5.00%, 1/1/2027 | 40 | 40 |
| Series 2016C, Rev., 5.00%, 1/1/2028 | 30 | 30 |
| Series 2016C, Rev., 5.00%, 1/1/2029 | 185 | 187 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| Indianapolis Local Public Improvement Bond Bank, <br> Unlimited AD Valorem Property Tax Supported <br> Project Series 2025C, Rev., 5.00%, 1/15/2028<br>| 2305 | 2419 |
| Purdue University Series EE, Rev., 5.00%, <br> 7/1/2027<br>| 35 | 36 |
| Total Indiana |  | 29831 |
| **Iowa — 1.1%** | **Iowa — 1.1%** | **Iowa — 1.1%** |
| City of Shenandoah, Iowa Sewer Capital Loan <br> Project, Rev., 4.00%, 6/30/2026<br>| 11900 | 11947 |
| Iowa Finance Authority, Midwestern Disaster Area, <br> Archer-Daniels-Midland Co., Project, Rev., VRDO, <br> 1.90%, 3/11/2026 (d)<br>| 15200 | 15200 |
| Iowa Finance Authority, State Revolving Fund Series <br> 2016, Rev., 5.00%, 8/1/2026<br>| 95 | 96 |
| State of Iowa, Ijobs Program Series 2016A, Rev., <br> 5.00%, 6/1/2027<br>| 2000 | 2014 |
| Total Iowa |  | 29257 |
| **Kansas — 0.6%** | **Kansas — 0.6%** | **Kansas — 0.6%** |
| City of Derby Series 2024-1, GO, 4.00%, <br> 12/1/2026<br>| 2000 | 2002 |
| Kansas Development Finance Authority, <br> AdventHealth Series 2021B, Rev., 5.00%, <br> 11/15/2028 (d)<br>| 5600 | 5982 |
| Riley County Unified School District No. 383, <br> Manhattan-Ogden Series 2018A, GO, 5.00%, <br> 9/1/2027 (b)<br>| 60 | 63 |
| State of Kansas Department of Transportation |  |  |
| Series 2025A, Rev., 5.00%, 9/1/2027 | 2000 | 2086 |
| Series 2025A, Rev., 5.00%, 9/1/2028 | 3000 | 3210 |
| University of Kansas Hospital Authority, Health <br> System Series 2017A, Rev., 4.00%, <br> 3/1/2027 (b)<br>| 225 | 229 |
| Wyandotte County-Kansas City Unified Government <br> Utility System<br>|  |  |
| Series 2014A, Rev., 5.00%, 9/1/2028 | 1000 | 1001 |
| Series 2014A, Rev., 5.00%, 9/1/2029 | 1000 | 1001 |
| Total Kansas |  | 15574 |
| **Kentucky — 0.7%** | **Kentucky — 0.7%** | **Kentucky — 0.7%** |
| Commonwealth of Kentucky, State Office Building <br> Project Series 2018A, COP, 4.00%, 4/15/2027<br>| 1250 | 1271 |
| County of Trimble Series 2023A, Rev., AMT, 4.70%, <br> 6/1/2027 (d)<br>| 1000 | 1017 |
| Kentucky Asset Liability Commission Series 2021A, <br> Rev., 5.00%, 11/1/2027<br>| 25 | 26 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| Kentucky State Property and Building Commission, <br> Project No. 112<br>|  |  |
| Series B, Rev., 5.00%, 11/1/2026 | 105 | 107 |
| Series B, Rev., 5.00%, 11/1/2027 | 1000 | 1018 |
| Series B, Rev., 5.00%, 11/1/2028 | 355 | 362 |
| Kentucky State Property and Building Commission, <br> Project No. 113 Series 2024B, Rev., 5.00%, <br> 11/1/2027<br>| 1000 | 1047 |
| Kentucky State Property and Building Commission, <br> Project No. 115, Rev., 5.00%, 4/1/2028<br>| 500 | 515 |
| Kentucky State Property and Building Commission, <br> Project No. 122 Series A, Rev., 5.00%, <br> 11/1/2027<br>| 260 | 272 |
| Kentucky State Property and Building Commission, <br> Project No. 130 Series 2024B, Rev., 5.00%, <br> 11/1/2029<br>| 80 | 88 |
| Kentucky State Property and Building Commission, <br> Project No. 131 Series A, Rev., 5.00%, <br> 10/1/2028<br>| 1000 | 1071 |
| Kentucky State Property and Building Commission, <br> Project No. 133 Series B, Rev., 5.00%, 9/1/2027<br>| 2250 | 2345 |
| Kentucky Turnpike Authority, Revitalization Projects |  |  |
| Series B, Rev., 5.00%, 7/1/2026 | 90 | 91 |
| Series B, Rev., 5.00%, 7/1/2027 | 125 | 130 |
| Louisville and Jefferson County Metropolitan <br> Government, Louisville Gas and Electric Co. <br> Project Series 2001A, Rev., 0.90%, 9/1/2026<br>| 5000 | 4945 |
| Louisville and Jefferson County Metropolitan <br> Government, Norton Healthcare, Inc.<br>|  |  |
| Series 2016A, Rev., 5.00%, 10/1/2027 | 75 | 76 |
| Series 2020D, Rev., 5.00%, 10/1/2029 (d) | 2000 | 2151 |
| University of Kentucky, General Receipts |  |  |
| Series 2015B, Rev., 5.00%, 10/1/2026 | 35 | 35 |
| Series 2015B, Rev., 5.00%, 10/1/2027 | 70 | 70 |
| Total Kentucky |  | 16637 |
| **Louisiana — 0.4%** | **Louisiana — 0.4%** | **Louisiana — 0.4%** |
| City of Shreveport, Water and Sewer, Junior Lien <br> Series 2018C, Rev., 5.00%, 12/1/2026<br>| 75 | 76 |
| Louisiana Public Facilities Authority, Ochsner Clinic <br> Foundation Project Series 2002B, Rev., 5.50%, <br> 5/15/2026 (b)<br>| 530 | 534 |
| Louisiana Public Facilities Authority, Tulane <br> University of Louisiana Project<br>|  |  |
| Series 2020A, Rev., 5.00%, 4/1/2026 (b) | 20 | 20 |
| Series 2020A, Rev., 5.00%, 4/1/2026 | 80 | 80 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 47

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| Louisiana Public Facilities Authority, Willis Knighton <br> Medical Center Project Series 1997, Rev., 5.00%, <br> 9/1/2027 (b)<br>| 1700 | 1771 |
| State of Louisiana |  |  |
| Series 2023A, GO, 5.00%, 4/1/2027 | 680 | 701 |
| Series 2024E, GO, 5.00%, 9/1/2028 | 1600 | 1714 |
| Series 2024E, GO, 5.00%, 9/1/2029 | 1000 | 1096 |
| State of Louisiana Gasoline and Fuels Tax, Second <br> Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank <br> NA, 1.90%, 3/2/2026 (d)<br>| 4000 | 4000 |
| Total Louisiana |  | 9992 |
| **Maine — 0.4%** | **Maine — 0.4%** | **Maine — 0.4%** |
| Maine Health and Higher Educational Facilities <br> Authority, Mainehealth Series 2020A, Rev., <br> 5.00%, 7/1/2026<br>| 250 | 252 |
| Maine Municipal Bond Bank Series 2020A, Rev., <br> 5.00%, 9/1/2027<br>| 20 | 21 |
| Maine School Administrative District No. 51 Series <br> 2025B, GO, BAN, 4.00%, 12/15/2026<br>| 7500 | 7597 |
| Maine Turnpike Authority |  |  |
| Rev., 5.00%, 7/1/2029 | 1000 | 1091 |
| Rev., 5.00%, 7/1/2030 | 1000 | 1116 |
| State of Maine Series 2022B, GO, 5.00%, <br> 6/1/2026<br>| 65 | 65 |
| Total Maine |  | 10142 |
| **Maryland — 0.6%** | **Maryland — 0.6%** | **Maryland — 0.6%** |
| County of Baltimore Series 2017, GO, 5.00%, <br> 3/1/2027<br>| 25 | 26 |
| County of Baltimore, Equipment Acquisition <br> Program, COP, 5.00%, 3/1/2027<br>| 85 | 87 |
| County of Howard Series 2017A, GO, 5.00%, <br> 2/15/2027<br>| 45 | 46 |
| County of Montgomery Series 2018A, GO, 5.00%, <br> 11/1/2026<br>| 75 | 77 |
| County of Prince George's Series 2025A, GO, <br> 5.00%, 8/1/2027<br>| 2240 | 2332 |
| Maryland Health and Higher Educational Facilities <br> Authority, The Johns Hopkins Health System <br> Series 2024A, Rev., VRDO, LOC : TD Bank NA, <br> 1.85%, 3/2/2026 (d)<br>| 5000 | 5000 |
| State of Maryland Series 2021A, GO, 5.00%, <br> 8/1/2026<br>| 1430 | 1447 |
| State of Maryland Department of Transportation <br> Series 2017, Rev., 5.00%, 5/1/2026<br>| 250 | 250 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| State of Maryland Department of Transportation, <br> Second Issue Series 2018, Rev., 5.00%, <br> 10/1/2027<br>| 50 | 51 |
| State of Maryland, State and Local Facilities Loan of <br> 2021 Series 2021A, GO, 5.00%, 3/1/2026<br>| 7000 | 7000 |
| University System of Maryland |  |  |
| Series 2017A, Rev., 5.00%, 4/1/2026 | 40 | 40 |
| Series 2019B, Rev., 5.00%, 4/1/2026 | 35 | 35 |
| Series 2019C, Rev., 5.00%, 4/1/2027 | 100 | 103 |
| Total Maryland |  | 16494 |
| **Massachusetts — 3.4%** | **Massachusetts — 3.4%** | **Massachusetts — 3.4%** |
| City of Boston Series 2015B, GO, 5.00%, 4/1/2026 | 50 | 50 |
| City of Brockton, GO, BAN, 5.00%, 10/8/2026 | 2075 | 2107 |
| City of Somerville Series 2025B, GO, BAN, 5.00%, <br> 7/1/2026<br>| 11500 | 11602 |
| City of Springfield, GO, BAN, 4.25%, 5/1/2026 | 6000 | 6017 |
| Commonwealth of Massachusetts Series C, GO, A.G., <br> 5.25%, 11/1/2026<br>| 50 | 51 |
| Commonwealth of Massachusetts, Consolidated <br> Loan of 2023 Series 2023B, GO, 5.00%, <br> 10/1/2026<br>| 40 | 41 |
| Commonwealth of Massachusetts, Consolidated <br> Loan of 2025 Series 2025G, GO, 5.00%, <br> 12/1/2029<br>| 2000 | 2215 |
| Cotuit Fire District, GO, BAN, 4.00%, 12/4/2026 | 3000 | 3038 |
| Massachusetts Development Finance Agency, <br> Children's Hospital Corp Obligated Group Series <br> 2024U-2, Rev., VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (d)<br>| 10000 | 10000 |
| Massachusetts Development Finance Agency, <br> Partners Healthcare System Issue<br>|  |  |
| Series O-2, Rev., 5.00%, 7/1/2026 | 50 | 50 |
| Series 2016Q, Rev., 5.00%, 7/1/2029 | 220 | 222 |
| Massachusetts School Building Authority, Dedicated <br> Sales Tax Series 2016B, Rev., 5.00%, <br> 11/15/2026 (b)<br>| 135 | 138 |
| Merrimack Valley Regional Transit Authority, Rev., <br> RAN, 4.25%, 6/18/2026<br>| 5000 | 5023 |
| North Middlesex Regional School District, GO, BAN, <br> 4.00%, 10/30/2026<br>| 5700 | 5764 |
| Town of Abington, GO, BAN, 4.50%, 4/23/2026 | 2000 | 2005 |
| Town of Charlton, GO, BAN, 4.25%, 4/16/2026 | 5500 | 5513 |
| Town of Hatfield, GO, BAN, 4.00%, 7/14/2026 | 4000 | 4025 |
| Town of Nahant, GO, BAN, 4.25%, 7/24/2026 | 2000 | 2013 |
| Town of Orange, GO, BAN, 4.00%, 12/17/2026 | 2900 | 2939 |
| Town of Oxford, GO, BAN, 4.00%, 3/5/2026 | 3000 | 3000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| Town of Seekonk, GO, BAN, 4.25%, 4/16/2026 | 3400 | 3408 |
| Town of Westford, GO, BAN, 4.25%, 4/30/2026 | 11000 | 11033 |
| University of Massachusetts Building Authority <br> Series 2015-1, Rev., 5.00%, 11/1/2029<br>| 2000 | 2004 |
| Worcester Regional Transit Authority, Rev., RAN, <br> 4.25%, 6/18/2026<br>| 4000 | 4018 |
| Total Massachusetts |  | 86276 |
| **Michigan — 3.0%** | **Michigan — 3.0%** | **Michigan — 3.0%** |
| Fulton School District, Unlimited Tax |  |  |
| GO, A.G., 4.00%, 5/1/2026 | 220 | 221 |
| GO, A.G., 4.00%, 5/1/2027 | 210 | 214 |
| Great Lakes Water Authority, Water Supply System, <br> Second Lien<br>|  |  |
| Series 2018A, Rev., 5.00%, 7/1/2026 | 215 | 217 |
| Series 2018A, Rev., 5.00%, 7/1/2027 | 25 | 26 |
| Series 2018A, Rev., 5.00%, 7/1/2028 | 100 | 106 |
| Michigan Finance Authority, Henry Ford Health <br> System<br>|  |  |
| Series 2016, Rev., 5.00%, 11/15/2026 | 1280 | 1302 |
| Rev., 5.00%, 11/15/2027 | 760 | 772 |
| Michigan Finance Authority, Hospital Trinity Health <br> Credit Group<br>|  |  |
| Series 2017A-MI, Rev., 5.00%, 12/1/2027 | 140 | 146 |
| Series 2015MI, Rev., 5.50%, 12/1/2027 | 1140 | 1149 |
| Michigan Finance Authority, Trinity Health Credit <br> Group<br>|  |  |
| Series 2017A-MI, Rev., 5.00%, 12/1/2026 | 30 | 31 |
| Series 2017A-MI, Rev., 5.00%, 12/1/2028 | 45 | 47 |
| Michigan State Building Authority Series 2016I, <br> Rev., 5.00%, 10/15/2030<br>| 1000 | 1017 |
| Michigan State Building Authority, Facilities Program |  |  |
| Series 2023-I, Rev., VRDO, 1.98%, <br> 3/11/2026 (d)<br>| 17000 | 17000 |
| Series 2016I, Rev., 5.00%, 4/15/2026 | 75 | 75 |
| Michigan State Hospital Finance Authority, <br> Ascension Senior Credit Group Series 2010F-7, <br> Rev., 5.00%, 11/15/2026 (b)<br>| 2300 | 2344 |
| Michigan State Housing Development Authority, <br> Rental Housing<br>|  |  |
| Series 2024A, Rev., 3.63%, 10/1/2029 | 7750 | 7751 |
| Series 2024A, Rev., 3.70%, 4/1/2030 | 9000 | 9003 |
| Michigan State University Series 2020A, Rev., <br> 5.00%, 8/15/2027<br>| 80 | 83 |
| Michigan Strategic Fund, Consumers Co. Project <br> Series 2019, Rev., AMT, 3.35%, 10/1/2027 (d)<br>| 1300 | 1306 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Portage Public Schools, Unlimited Tax School <br> Building and Site, GO, 5.00%, 11/1/2031<br>| 1395 | 1401 |
| RIB Floater Trust Various States Series 2022-046, <br> Rev., VRDO, LOC : Barclays Bank plc, 2.03%, <br> 3/2/2026 (d) (e)<br>| 31410 | 31410 |
| State of Michigan Series 2016, Rev., GAN, 5.00%, <br> 3/15/2026<br>| 55 | 55 |
| University of Michigan, Rev., 5.00%, 4/1/2026 (b) | 50 | 50 |
| Total Michigan |  | 75726 |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| City of St. Cloud, Centracare Health System Series <br> 2016A, Rev., 5.00%, 5/1/2026<br>| 140 | 141 |
| Duluth Independent School District No. 709 Series <br> 2019B, COP, 5.00%, 2/1/2028<br>| 300 | 314 |
| Minneapolis-St Paul Metropolitan Airports <br> Commission<br>|  |  |
| Series 2023A, Rev., 5.00%, 1/1/2027 | 50 | 51 |
| Series A, Rev., 5.00%, 1/1/2029 | 35 | 36 |
| Minneapolis-St. Paul Metropolitan Airports <br> Commission Series A, Rev., 5.00%, 1/1/2027<br>| 80 | 82 |
| Minnesota Health and Education Facilities Authority, <br> Carleton College Series 2017, Rev., 5.00%, <br> 3/1/2026<br>| 30 | 30 |
| State of Minnesota |  |  |
| Series 2022A, Rev., 5.00%, 3/1/2027 | 1285 | 1322 |
| Series 2019B, GO, 5.00%, 8/1/2027 | 35 | 36 |
| State of Minnesota, Various Purpose Series 2025D, <br> GO, 5.00%, 8/1/2027<br>| 5000 | 5206 |
| Total Minnesota |  | 7218 |
| **Mississippi — 0.8%** | **Mississippi — 0.8%** | **Mississippi — 0.8%** |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project Series 2010H, Rev., VRDO, 2.00%, <br> 3/2/2026 (d)<br>| 15000 | 15000 |
| Mississippi Development Bank, Department of <br> Corrections Walnut Grove Correctional Facility <br> Refunding Bonds Project Series A, Rev., 5.00%, <br> 8/1/2027<br>| 2500 | 2592 |
| Mississippi Development Bank, Desoto County <br> Mississippi Highway Project Series 2024A, Rev., <br> 5.00%, 1/1/2029<br>| 1500 | 1615 |
| State of Mississippi Series 2016B, GO, 5.00%, <br> 12/1/2026 (b)<br>| 500 | 511 |
| Total Mississippi |  | 19718 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 49

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — 1.7%** | **Missouri — 1.7%** | **Missouri — 1.7%** |
| City of Kansas City |  |  |
| Series 2018A, GO, 5.00%, 2/1/2027 | 20 | 21 |
| Series 2017C, Rev., 5.00%, 9/1/2027 | 40 | 42 |
| Series 2017C, Rev., 5.00%, 9/1/2028 | 175 | 181 |
| City of St Louis Airport, Lambert St. Louis <br> International Airport Series 2005, Rev., NATL - <br> RE, 5.50%, 7/1/2028<br>| 20 | 22 |
| City of St. Louis Airport Series 2005, Rev., NATL - <br> RE, 5.50%, 7/1/2027<br>| 235 | 245 |
| County of Jackson, Harry S. Truman Sports Complex <br> Project Series 2014, Rev., 5.00%, 12/1/2026<br>| 20 | 20 |
| Curators of the University of Missouri (The) |  |  |
| Series 2024, Rev., 5.00%, 11/1/2028 | 1000 | 1074 |
| Series 2024, Rev., 5.00%, 11/1/2029 | 2500 | 2751 |
| Health and Educational Facilities Authority of the <br> State of Missouri Series 2021C, Rev., 5.00%, <br> 5/1/2028 (d)<br>| 1000 | 1056 |
| Health and Educational Facilities Authority of the <br> State of Missouri, BJC Health System Series <br> 2021B, Rev., 4.03%, 5/1/2026 (d)<br>| 5500 | 5514 |
| Health and Educational Facilities Authority of the <br> State of Missouri, Mercy Health<br>|  |  |
| Series 2018A, Rev., 5.00%, 6/1/2028 | 20 | 21 |
| Series 2018A, Rev., 5.00%, 6/1/2029 | 40 | 43 |
| Health and Educational Facilities Authority of the <br> State of Missouri, SSM Health Care Obligated <br> Group Series 2018F, Rev., VRDO, 2.00%, <br> 3/2/2026 (d)<br>| 14700 | 14700 |
| Health and Educational Facilities Authority of the <br> State of Missouri, St. Louis University, Rev., <br> 5.00%, 11/15/2028<br>| 70 | 70 |
| Missouri Development Finance Board, Procter & <br> Gamble Co. Project Series 1999, Rev., 5.20%, <br> 3/15/2029<br>| 700 | 748 |
| Missouri Highway and Transportation Commission, <br> State Appropriations Mega Projects State Road <br> Series 2025A, Rev., 5.00%, 5/1/2028<br>| 9100 | 9660 |
| Missouri Public Utilities Commission, Rev., 4.00%, <br> 5/1/2026<br>| 7250 | 7255 |
| Total Missouri |  | 43423 |
| **Nebraska — 0.1%** | **Nebraska — 0.1%** | **Nebraska — 0.1%** |
| Nebraska Public Power District |  |  |
| Series 2016A, Rev., 5.00%, 1/1/2027 | 60 | 60 |
| Series A-1, Rev., 5.00%, 1/1/2027 | 35 | 35 |
| Series C, Rev., 5.00%, 1/1/2028 | 125 | 125 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| Series A-1, Rev., 5.00%, 1/1/2029 | 65 | 65 |
| Omaha School District Series 2016, GO, 5.00%, <br> 12/15/2028<br>| 1900 | 1940 |
| Total Nebraska |  | 2225 |
| **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |
| Carson City Nevada Hospital, Carson Tahoe Regional <br> Healthcare Project, Rev., 5.00%, 9/1/2027<br>| 685 | 705 |
| Clark County School District, Limited Tax |  |  |
| Series 2021C, GO, 5.00%, 6/15/2026 | 75 | 76 |
| Series 2016B, GO, 5.00%, 6/15/2027 | 80 | 82 |
| Series 2017A, GO, 5.00%, 6/15/2027 | 190 | 197 |
| Series 2018A, GO, 5.00%, 6/15/2027 | 150 | 155 |
| Series 2025B, GO, 5.00%, 6/15/2027 | 7680 | 7956 |
| Series 2015D, GO, 5.00%, 6/15/2028 | 140 | 140 |
| Series 2017A, GO, 5.00%, 6/15/2028 | 115 | 119 |
| Series 2018A, GO, 5.00%, 6/15/2029 | 60 | 64 |
| County of Clark |  |  |
| Series 2018, GO, 5.00%, 12/1/2026 | 1000 | 1021 |
| Series 2018B, GO, 5.00%, 12/1/2026 | 50 | 51 |
| Series 2017, Rev., 5.00%, 7/1/2027 | 20 | 21 |
| County of Clark, Motor Vehicle Fuel Tax Series <br> 2020C, Rev., 5.00%, 7/1/2027<br>| 165 | 171 |
| Las Vegas Valley Water District Series 2016B, GO, <br> 5.00%, 6/1/2026<br>| 50 | 50 |
| State of Nevada Series 2025A, GO, 5.00%, <br> 10/1/2026<br>| 1500 | 1525 |
| State of Nevada, Capital Improvement and Cultural <br> Affairs Series 2019A, GO, 5.00%, 5/1/2027<br>| 85 | 88 |
| State of Nevada, Water Pollution Control Series <br> 2019E, GO, 5.00%, 8/1/2027<br>| 30 | 31 |
| Total Nevada |  | 12452 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| New Hampshire Health and Education Facilities <br> Authority Act Series 2015B, Rev., 3.30%, <br> 8/3/2027 (d)<br>| 2500 | 2518 |
| New Hampshire Municipal Bond Bank Series 2022C, <br> Rev., 5.00%, 8/15/2027<br>| 30 | 31 |
| Total New Hampshire |  | 2549 |
| **New Jersey — 11.8%** | **New Jersey — 11.8%** | **New Jersey — 11.8%** |
| Atlantic County Improvement Authority (The), <br> Atlantic City Campus Phase II Project Series <br> 2021A, Rev., A.G., 5.00%, 7/1/2026<br>| 100 | 101 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Bergen County Improvement Authority (The), <br> Guaranteed Government Pooled Project<br>|  |  |
| Series 2025A, Rev., GTD, 4.00%, 5/21/2026 | 14000 | 14051 |
| Rev., GTD, 4.00%, 10/14/2026 | 7000 | 7071 |
| Borough of Carlstadt, GO, BAN, 4.50%, 5/1/2026 | 8500 | 8526 |
| Borough of East Rutherford, GO, BAN, 4.00%, <br> 4/2/2026<br>| 8500 | 8511 |
| Borough of Palisades Park, Swimming Pool Utility, <br> GO, BAN, 4.25%, 3/11/2026<br>| 2000 | 2001 |
| Borough of Point Pleasant Beach, GO, BAN, 4.00%, <br> 11/6/2026<br>| 4000 | 4044 |
| Borough of South River, Water Utility Series 2025A, <br> GO, BAN, 4.00%, 12/8/2026<br>| 3900 | 3947 |
| Burlington County Bridge Commission, Government <br> Leasing Program Series 2025D, Rev., 4.00%, <br> 12/9/2026<br>| 9885 | 10010 |
| City of Asbury Park, Transportation Sewer Utility <br> Series 2026A, GO, BAN, 4.00%, 1/12/2027<br>| 5000 | 5066 |
| City of East Orange, GO, BAN, 4.00%, 10/14/2026 | 8400 | 8487 |
| City of Jersey City |  |  |
| Series 2025A, GO, BAN, 4.00%, 7/8/2026 | 6500 | 6538 |
| Series 2025C, GO, BAN, 4.00%, 10/20/2026 | 13400 | 13540 |
| City of Sea Isle City, GO, BAN, 4.00%, 10/15/2026 | 5000 | 5055 |
| City of Wildwood Series 2025A, GO, BAN, 4.00%, <br> 10/2/2026<br>| 4800 | 4846 |
| Essex County Improvement Authority, Family Court <br> Building Project, Rev., GTD, 5.00%, 3/17/2026<br>| 5500 | 5505 |
| Hudson County Improvement Authority, Local Unit <br> Loan Program Series B-1, Rev., GTD, 4.00%, <br> 6/24/2026<br>| 10000 | 10050 |
| Jersey City Municipal Utilities Authority, Water <br> Project Series 2025A, Rev., GTD, 5.00%, <br> 5/1/2026<br>| 4500 | 4519 |
| Jersey City Redevelopment Agency, Bayfront <br> Redevelopment Project Series 2025A, Rev., GTD, <br> 5.00%, 12/9/2026<br>| 2000 | 2035 |
| Monmouth County Improvement Authority (The), <br> Rev., GTD, 4.00%, 3/13/2026<br>| 15525 | 15532 |
| New Jersey Building Authority Series 2016A, Rev., <br> 5.00%, 6/15/2026 (b)<br>| 900 | 907 |
| New Jersey Economic Development Authority |  |  |
| Series 2017DDD, Rev., 5.00%, 6/15/2027 (b) | 45 | 47 |
| Series A, Rev., 4.00%, 11/1/2027 | 25 | 26 |
| New Jersey Economic Development Authority, <br> School Facilities Construction<br>|  |  |
| Series 2024SSS, Rev., 5.00%, 6/15/2026 | 2450 | 2469 |
| Series 2019GGG, Rev., 5.25%, 9/1/2026 (e) | 2500 | 2537 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Series 2024SSS, Rev., 5.00%, 6/15/2027 | 1400 | 1450 |
| Series WW, Rev., 5.25%, 6/15/2028 | 150 | 150 |
| New Jersey Health Care Facilities Financing <br> Authority, Barnabas Health Obligated Group <br> Series 2019B-3, Rev., 5.00%, 7/1/2026 (d)<br>| 4535 | 4575 |
| New Jersey Higher Education Student Assistance <br> Authority, Senior Student Loan Immediate <br> Delivery Series 2025-2, Rev., AMT, 4.95%, <br> 6/2/2026 (d)<br>| 9000 | 9047 |
| New Jersey Transportation Trust Fund Authority, <br> Capital Appreciation Series 2010A, Rev., Zero <br> Coupon, 12/15/2028<br>| 2485 | 2320 |
| New Jersey Transportation Trust Fund Authority, <br> Federal Highway Reimbursement Series <br> 2016A-1, Rev., 5.00%, 6/15/2028<br>| 460 | 463 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation Program Series 2023AA, Rev., <br> 5.00%, 6/15/2026<br>| 1875 | 1890 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation System Series 2006C, Rev., NATL - <br> RE, Zero Coupon, 12/15/2030<br>| 3500 | 3094 |
| New Jersey Turnpike Authority |  |  |
| Series 2014A, Rev., 5.00%, 1/1/2027 | 220 | 220 |
| Series 2017E, Rev., 5.00%, 1/1/2027 | 1000 | 1024 |
| Passaic County Improvement Authority (The), City of <br> Paterson Project, Rev., GTD, 5.00%, 8/15/2026<br>| 350 | 355 |
| State of New Jersey, COVID-19 Emergency Bonds |  |  |
| Series 2020A, GO, 5.00%, 6/1/2026 | 2000 | 2015 |
| Series 2020A, GO, 5.00%, 6/1/2027 | 110 | 114 |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2026 | 335 | 337 |
| Series 2018A, Rev., 5.00%, 6/1/2028 | 1045 | 1100 |
| Series 2018A, Rev., 5.00%, 6/1/2029 | 280 | 295 |
| Township of Boonton, GO, BAN, 4.00%, 8/28/2026 | 4300 | 4328 |
| Township of Edison, GO, BAN, 4.00%, 11/5/2026 | 10000 | 10117 |
| Township of Hamilton, GO, BAN, 4.00%, 10/7/2026 | 18000 | 18183 |
| Township of Hillside, GO, BAN, 4.00%, 12/15/2026 | 3700 | 3743 |
| Township of Livingston, GO, BAN, 4.00%, <br> 12/3/2026<br>| 5000 | 5068 |
| Township of Logan, GO, BAN, 4.00%, 10/2/2026 | 7900 | 7976 |
| Township of Manchester Series 2025A, GO, BAN, <br> 4.50%, 5/6/2026<br>| 6000 | 6020 |
| Township of Maple Shade Series 2025A, GO, BAN, <br> 4.00%, 11/4/2026<br>| 4000 | 4042 |
| Township of Montville, GO, BAN, 4.00%, <br> 11/3/2026<br>| 6000 | 6070 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 51

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Township of Parsippany-Troy Hills, GO, BAN, 4.00%, <br> 10/27/2026<br>| 12000 | 12139 |
| Township of Piscataway, GO, BAN, 4.00%, <br> 10/29/2026<br>| 10000 | 10118 |
| Township of Washington, GO, BAN, 4.25%, <br> 7/2/2026<br>| 2500 | 2514 |
| Township of Wayne, GO, 4.00%, 10/28/2026 | 2500 | 2529 |
| Township of West Windsor, GO, BAN, 4.00%, <br> 10/27/2026<br>| 10000 | 10117 |
| Township of Woodbridge, GO, BAN, 4.00%, <br> 10/9/2026<br>| 22000 | 22226 |
| Total New Jersey |  | 299060 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** | **New Mexico — 0.1%** |
| Albuquerque Bernalillo County Water Utility <br> Authority Series 2018, Rev., 5.00%, 7/1/2026<br>| 50 | 51 |
| New Mexico Finance Authority, State Transportation, <br> Subordinate Lien<br>|  |  |
| Series 2021A, Rev., 5.00%, 6/15/2026 | 1000 | 1008 |
| Series 2018A, Rev., 5.00%, 6/15/2027 | 70 | 73 |
| New Mexico Mortgage Finance Authority, Mountain <br> View II & III Apartments Project, Rev., 2.92%, <br> 9/1/2026 (d) (f)<br>| 1075 | 1075 |
| State of New Mexico Severance Tax Permanent Fund |  |  |
| Series 2018A, Rev., 5.00%, 7/1/2027 | 45 | 47 |
| Series 2021A, Rev., 5.00%, 7/1/2028 | 65 | 69 |
| State of New Mexico, Capital Projects, GO, 5.00%, <br> 3/1/2026<br>| 45 | 45 |
| Total New Mexico |  | 2368 |
| **New York — 12.8%** | **New York — 12.8%** | **New York — 12.8%** |
| Altmar-Parish-Williamstown Central School District <br> Series 2025B, GO, BAN, 4.25%, 6/25/2026<br>| 10000 | 10050 |
| Ausable Valley Central School District, GO, BAN, <br> 4.25%, 7/10/2026<br>| 3000 | 3017 |
| Brasher Falls Central School District, GO, BAN, <br> 4.25%, 7/16/2026<br>| 3500 | 3518 |
| Brocton Central School District, GO, BAN, 4.25%, <br> 6/25/2026<br>| 6000 | 6030 |
| Build NYC Resource Corp., The Young Men's and <br> Women's Hebrew Association Project Series <br> 2024, Rev., 5.00%, 12/1/2027<br>| 5000 | 5221 |
| Canisteo-Greenwood Central School District, GO, <br> BAN, 4.25%, 6/26/2026<br>| 3000 | 3014 |
| City of New York, Fiscal Year 2008 Series 2018 <br> J-11, GO, 5.00%, 8/1/2026<br>| 85 | 86 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| City of New York, Fiscal Year 2014 Series 2014I, <br> Subseries I-3, GO, VRDO, LIQ : US Bank NA, <br> 1.95%, 3/2/2026 (d)<br>| 25000 | 25000 |
| City of New York, Fiscal Year 2017 Series 2014I, <br> Subseries I-3, GO, 5.00%, 8/1/2028<br>| 745 | 763 |
| City of New York, Fiscal Year 2019 |  |  |
| Series A, GO, 5.00%, 8/1/2026 | 120 | 121 |
| Series 2019E, GO, 5.00%, 8/1/2027 | 135 | 141 |
| City of New York, Fiscal Year 2023 |  |  |
| Series 2023, Subseries F-1, GO, 5.00%, <br> 8/1/2026<br>| 200 | 202 |
| Series 2024, Subseries A-1, GO, 5.00%, <br> 9/1/2026<br>| 180 | 183 |
| City of New York, Fiscal Year 2024 Series 2024E, <br> GO, 5.00%, 8/1/2029<br>| 800 | 876 |
| City of New York, Fiscal Year 2025 |  |  |
| Series 2025F, GO, 5.00%, 8/1/2026 | 1065 | 1078 |
| Series 2025A, GO, 5.00%, 8/1/2028 | 1000 | 1068 |
| City of New York, Fiscal Year 2026 Series 2026B, <br> Subseries B-1, GO, 5.00%, 8/1/2030<br>| 3500 | 3909 |
| City of Utica, GO, BAN, 4.00%, 1/22/2027 | 10000 | 10117 |
| Clinton Central School District, GO, BAN, 4.25%, <br> 6/25/2026<br>| 5000 | 5025 |
| Croton-Harmon Union Free School District Series <br> 2025A, GO, BAN, 4.00%, 6/26/2026<br>| 20000 | 20105 |
| Delaware Academy Central School District at Delhi, <br> GO, BAN, 4.25%, 7/22/2026<br>| 6000 | 6031 |
| Depew Union Free School District, GO, BAN, 4.00%, <br> 10/28/2026<br>| 9000 | 9106 |
| Empire State Development Corp., State Personal <br> Income Tax Series 2022A, Rev., 5.00%, <br> 9/15/2027 (b)<br>| 20 | 21 |
| Empire State Development Corp., State Personal <br> Income Tax, General Purpose Series 2016A, Rev., <br> 5.00%, 3/15/2026 (b)<br>| 25 | 25 |
| Geneseo Central School District, GO, BAN, 4.25%, <br> 6/25/2026<br>| 3000 | 3015 |
| Gouverneur Central School District, GO, BAN, <br> 4.25%, 7/16/2026<br>| 10800 | 10854 |
| Hornell City School District, GO, BAN, 4.25%, <br> 6/24/2026<br>| 5000 | 5024 |
| Hudson Falls Central School District, GO, BAN, <br> 4.25%, 6/24/2026<br>| 4000 | 4020 |
| Johnstown City School District, GO, BAN, 4.25%, <br> 6/26/2026<br>| 3000 | 3014 |
| Lansingburgh Central School District at Troy, GO, <br> BAN, 4.25%, 7/10/2026<br>| 5000 | 5022 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Long Island Power Authority, Electric System Series <br> 2023F, Rev., 5.00%, 9/1/2027<br>| 20 | 21 |
| Lyons Central School District, GO, BAN, 4.25%, <br> 6/26/2026<br>| 3000 | 3014 |
| Madrid-Waddington Central School District, GO, BAN, <br> 4.00%, 7/24/2026<br>| 2000 | 2009 |
| Metropolitan Transportation Authority Series <br> 2002G-1F, Rev., (SOFR + 0.43%), 2.89%, <br> 3/2/2026 (c)<br>| 200 | 199 |
| Monticello Central School District, GO, BAN, 4.00%, <br> 6/26/2026<br>| 1800 | 1808 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2015 Series 2015BB-4, <br> Rev., VRDO, LIQ : Barclays Bank plc, 2.00%, <br> 3/2/2026 (d)<br>| 17000 | 17000 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2023 Series 2023, <br> Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank <br> Ltd., 2.00%, 3/2/2026 (d)<br>| 10000 | 10000 |
| New York City Transitional Finance Authority <br> Building Aid Series 2019S-2A, Rev., 5.00%, <br> 7/15/2027<br>| 25 | 26 |
| New York City Transitional Finance Authority Future <br> Tax Secured<br>|  |  |
| Series 2023A, Subseries A-1, Rev., 5.00%, <br> 8/1/2026<br>| 95 | 96 |
| Series 2017A-1, Rev., 5.00%, 5/1/2029 | 25 | 25 |
| New York City Transitional Finance Authority Future <br> Tax Secured Fiscal Year 2022 Series 2020B-1, <br> Rev., 5.00%, 11/1/2026<br>| 80 | 82 |
| New York City Transitional Finance Authority Future <br> Tax Secured, Fiscal Year 2018 Series 2018B-1, <br> Rev., 5.00%, 8/1/2028<br>| 20 | 21 |
| New York City Transitional Finance Authority, <br> Building Aid, Fiscal Year 2018 Series S-1, Rev., <br> 5.00%, 7/15/2028<br>| 105 | 109 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2019 Series B-5, Rev., <br> VRDO, LIQ : US Bank NA, 1.95%, 3/2/2026 (d)<br>| 25000 | 25000 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2025<br>|  |  |
| Series 2021 Subseries A-1, Rev., 5.00%, <br> 11/1/2026<br>| 40 | 41 |
| Series 2025C, Subseries C-1, Rev., 5.00%, <br> 5/1/2028<br>| 3265 | 3461 |
| Series 2025C, Subseries C-1, Rev., 5.00%, <br> 5/1/2029<br>| 2000 | 2173 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025<br>|  |  |
| Series 2025-J, Subseries J-1, Rev., 5.00%, <br> 11/1/2027<br>| 2000 | 2097 |
| Series 2025F, Subseries F-1, Rev., 5.00%, <br> 11/1/2029<br>| 2000 | 2199 |
| Series 2025H, Sub H-1, Rev., 5.00%, 11/1/2029 | 1750 | 1924 |
| Series 2025F, Subseries F-1, Rev., 5.00%, <br> 11/1/2030<br>| 1400 | 1572 |
| New York City Water and Sewer System, Second <br> General Resolution Series BB 1B, Rev., VRDO, LIQ <br> : State Street Bank & Trust Co., 2.00%, <br> 3/2/2026 (d)<br>| 10000 | 10000 |
| New York State Dormitory Authority Series 2024A, <br> Rev., A.G., 5.00%, 10/1/2026<br>| 1000 | 1017 |
| New York State Dormitory Authority, New York <br> University Series 2017A, Rev., 5.00%, 7/1/2028<br>| 25 | 26 |
| New York State Dormitory Authority, Sales Tax <br> Series 2024A, Rev., A.G., 5.00%, 10/1/2027<br>| 1100 | 1151 |
| New York State Dormitory Authority, School Districts <br> Financing Program<br>|  |  |
| Series 2025A, Rev., A.G., 5.00%, 10/1/2027 | 2500 | 2616 |
| Series 2025A, Rev., A.G., 5.00%, 10/1/2028 | 1000 | 1074 |
| New York State Dormitory Authority, State Personal <br> Income Tax<br>|  |  |
| Series 2021A, Rev., 5.00%, 3/15/2027 (b) | 180 | 185 |
| Series 2021E, Rev., 5.00%, 3/15/2028 | 205 | 217 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose<br>|  |  |
| Series 2018A, Rev., 5.00%, 3/15/2026 (b) | 20 | 20 |
| Series 2025C, Rev., 5.00%, 3/15/2031 | 3100 | 3528 |
| New York State Dormitory Authority, State Sales Tax |  |  |
| Series 2016A, Rev., 5.00%, 9/15/2026 (b) | 85 | 86 |
| Series 2016A, Rev., 5.00%, 3/15/2028 | 35 | 36 |
| New York State Dormitory Authority, Touro College <br> and University System, Rev., 5.00%, <br> 1/3/2028 (b)<br>| 615 | 646 |
| New York State Housing Finance Agency, State <br> Personal Income Tax Series 2024A-2, Rev., <br> 3.35%, 6/15/2029 (d)<br>| 2000 | 2014 |
| Owego Apalachin Central School District |  |  |
| Series 2025A, GO, BAN, 4.25%, 7/2/2026 | 2500 | 2513 |
| Series 2025B, GO, BAN, 4.25%, 7/17/2026 | 2500 | 2515 |
| Pembroke Central School District, GO, BAN, 3.75%, <br> 12/11/2026<br>| 5000 | 5054 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 53

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 246, Rev., AMT, 5.00%, 9/1/2026 | 8250 | 8350 |
| Series 177TH, Rev., AMT, 4.00%, 7/15/2030 | 400 | 400 |
| Randolph Central School District, GO, BAN, 4.25%, <br> 6/26/2026<br>| 5000 | 5024 |
| Ridge Road Fire District, GO, BAN, 4.00%, <br> 10/21/2026<br>| 2300 | 2322 |
| Sherman Central School District, GO, BAN, 4.25%, <br> 6/24/2026<br>| 5400 | 5426 |
| Town of Amherst, GO, BAN, 4.00%, 10/28/2026 | 6100 | 6171 |
| Town of Irondequoit Series 2025B, GO, BAN, <br> 4.00%, 12/11/2026<br>| 3800 | 3844 |
| Town of Milton, GO, BAN, 4.00%, 7/24/2026 | 3500 | 3513 |
| Triborough Bridge and Tunnel Authority |  |  |
| Series 2025A, Rev., BAN, 5.00%, 5/15/2026 | 21900 | 22027 |
| Series A, Rev., 5.00%, 11/15/2026 | 75 | 77 |
| Series A, Rev., 5.00%, 11/15/2027 | 50 | 52 |
| Triborough Bridge and Tunnel Authority, Payroll <br> Mobility Tax Series 2024B, Rev., BAN, 5.00%, <br> 3/15/2027<br>| 2000 | 2061 |
| Webb Union Free School District, GO, BAN, 4.25%, <br> 7/16/2026<br>| 3000 | 3013 |
| West Seneca Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 10000 | 10050 |
| Wheatland Chili Central School District Series <br> 2025A, GO, BAN, 4.25%, 7/9/2026<br>| 1500 | 1508 |
| Total New York |  | 325069 |
| **North Carolina — 0.6%** | **North Carolina — 0.6%** | **North Carolina — 0.6%** |
| Charlotte-Mecklenburg Hospital Authority (The), <br> Atrium Health Care System Series 2021C, Rev., <br> 5.00%, 12/1/2028 (d)<br>| 1000 | 1070 |
| County of Durham Series 2023A, Rev., 5.00%, <br> 6/1/2026<br>| 85 | 86 |
| County of Guilford Series 2017, GO, 4.00%, <br> 3/1/2026<br>| 115 | 115 |
| County of Harnett Series 2020, Rev., 5.00%, <br> 12/1/2026<br>| 200 | 204 |
| County of New Hanover, New Hanover Regional <br> Medical Center Series 2017, Rev., 5.00%, <br> 10/1/2027 (b)<br>| 1580 | 1650 |
| County of Union Enterprise System Series 2021, <br> Rev., 5.00%, 6/1/2026<br>| 35 | 35 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust Series 52-C, Rev., <br> VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, <br> 1.90%, 3/2/2026 (d)<br>| 9500 | 9500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| North Carolina Municipal Power Agency No. 1 |  |  |
| Series 2016A, Rev., 5.00%, 1/1/2028 | 265 | 268 |
| Series 2016A, Rev., 5.00%, 1/1/2029 | 250 | 252 |
| Orange County Public Facilities Co., Rev., 5.00%, <br> 10/1/2026<br>| 175 | 178 |
| Raleigh Durham Airport Authority Series 2020B, <br> Rev., 5.00%, 5/1/2026<br>| 135 | 136 |
| State of North Carolina |  |  |
| Series 2016A, GO, 5.00%, 6/1/2026 | 50 | 50 |
| Series 2018A, GO, 5.00%, 6/1/2026 | 50 | 50 |
| State of North Carolina, Limited Obligation Series <br> 2017B, Rev., 5.00%, 5/1/2029<br>| 525 | 542 |
| Total North Carolina |  | 14136 |
| **Ohio — 6.5%** | **Ohio — 6.5%** | **Ohio — 6.5%** |
| American Municipal Power, Inc., AMP Fremont <br> Energy Center Project Series 2017A, Rev., <br> 5.00%, 2/15/2028<br>| 100 | 105 |
| American Municipal Power, Inc., Combined <br> Hydroelectric Projects Series 2020A, Rev., <br> 5.00%, 2/15/2027<br>| 330 | 338 |
| Central Ohio Solid Waste Authority, GO, BAN, <br> 4.00%, 10/28/2026<br>| 3000 | 3032 |
| City of Cleveland, various Purpose, GO, BAN, 4.00%, <br> 12/9/2026<br>| 3000 | 3039 |
| City of Columbus, Various Purpose, Unlimited Tax |  |  |
| Series 2025A, GO, 5.00%, 10/1/2026 | 3450 | 3508 |
| Series 2025A, GO, 5.00%, 10/1/2027 | 1100 | 1150 |
| Series 2022B, GO, 5.00%, 4/1/2028 | 1745 | 1849 |
| Series 2017-1, GO, 5.00%, 4/1/2029 | 4000 | 4179 |
| City of Hamilton, Limited Tax Various Purpose, GO, <br> BAN, 4.00%, 12/15/2026<br>| 3600 | 3648 |
| City of Huber Heights, Various Purpose, GO, BAN, <br> 5.00%, 6/25/2026<br>| 6000 | 6043 |
| City of Hudson, Limited Tax, GO, BAN, 4.00%, <br> 12/11/2026<br>| 15300 | 15509 |
| City of Strongsville, First Station Construction, GO, <br> 4.00%, 12/9/2026<br>| 1500 | 1519 |
| Cleveland-Cuyahoga County Port Authority, The <br> Cleveland Museum of Natural History Project, <br> Rev., 5.00%, 7/1/2026<br>| 125 | 126 |
| County of Allen Hospital Facilities Series 2017A, <br> Rev., 5.00%, 8/1/2027<br>| 300 | 311 |
| County of Cuyahoga Series 2020D, Rev., 5.00%, <br> 12/1/2026<br>| 40 | 41 |
| County of Cuyahoga, Convention Hotel Project |  |  |
| COP, 5.00%, 12/1/2026 | 4220 | 4299 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| COP, 5.00%, 12/1/2027 | 575 | 600 |
| County of Franklin, CHE Trinity Health Credit Group <br> Series 2013OH, Rev., 2.62%, 5/1/2026 (d)<br>| 1750 | 1750 |
| County of Hamilton Sales Tax |  |  |
| Rev., BAN, 5.00%, 12/1/2026 | 18200 | 18548 |
| Series 2016A, Rev., 5.00%, 12/1/2029 | 110 | 112 |
| County of Hamilton Sewer System Series 2020A, <br> Rev., 5.00%, 12/1/2026<br>| 20 | 20 |
| County of Hamilton, Trihealth, Inc. Group Project <br> Series 2020A, Rev., 5.00%, 8/15/2027<br>| 305 | 317 |
| County of Mahoning, Limited Tax Various Tax, GO, <br> 4.00%, 10/12/2026<br>| 3200 | 3221 |
| County of Montgomery, Dayton Children's Hospital <br> Series 2021, Rev., 5.00%, 8/1/2026<br>| 425 | 429 |
| Kings Local School District, Unlimited Tax, GO, BAN, <br> 5.00%, 7/9/2026<br>| 2000 | 2017 |
| Monroe Local School District, GO, BAN, 4.00%, <br> 12/2/2026<br>| 3200 | 3237 |
| Ohio Air Quality Development Authority, American <br> Electric Power Co. Project Series 2014D, Rev., <br> 3.20%, 5/1/2026<br>| 2000 | 2000 |
| Ohio Higher Educational Facility Commission, Case <br> Western Reserve University Project<br>|  |  |
| Series 2018, Rev., 5.00%, 12/1/2026 | 120 | 122 |
| Series 2018, Rev., 5.00%, 12/1/2029 | 40 | 42 |
| Ohio State University (The) |  |  |
| Series 2023A-1, Rev., VRDO, 1.70%, <br> 3/11/2026 (d)<br>| 25000 | 25000 |
| Series 2021A, Rev., 5.00%, 12/1/2026 | 225 | 230 |
| State of Ohio Series 2017V, GO, 5.00%, <br> 10/1/2026<br>| 100 | 102 |
| State of Ohio, Capital Facilities Lease Appropriation, <br> Park and Recreation Improvement Fund Project<br>|  |  |
| Series 2016C, Rev., 5.00%, 12/1/2026 | 45 | 46 |
| Series 2025A, Rev., 5.00%, 12/1/2027 | 1000 | 1050 |
| Series 2025A, Rev., 5.00%, 12/1/2028 | 2700 | 2906 |
| State of Ohio, Cleveland Clinic Health System Series <br> 2019F, Rev., VRDO, LIQ : US Bank NA, 2.00%, <br> 3/2/2026 (d)<br>| 15000 | 15000 |
| State of Ohio, Common School |  |  |
| Series 2015A, GO, 5.00%, 9/15/2026 | 115 | 117 |
| Series 2017B, GO, 5.00%, 9/15/2026 | 50 | 51 |
| Series 2025A, GO, 5.00%, 6/15/2029 | 8130 | 8873 |
| Series 2025A, GO, 5.00%, 6/15/2030 | 7500 | 8375 |
| State of Ohio, Higher Education |  |  |
| Series 2025C, GO, 5.00%, 11/1/2027 | 7560 | 7927 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| Series 2025B, GO, 5.00%, 11/1/2030 | 1485 | 1671 |
| State of Ohio, Infrastructure Improvement |  |  |
| Series 2020B, GO, 5.00%, 8/1/2026 | 4000 | 4048 |
| Series 2025A, GO, 5.00%, 3/1/2030 | 4000 | 4439 |
| State of Ohio, Major New State Infrastructure Project <br> Series 2024-1, Rev., 5.00%, 12/15/2027<br>| 1235 | 1298 |
| State of Ohio, Mental Health Facilities Improvement <br> Fund Projects<br>|  |  |
| Series 2025A, Rev., 5.00%, 2/1/2028 | 2000 | 2105 |
| Series 2025A, Rev., 5.00%, 2/1/2029 | 1100 | 1187 |
| State of Ohio, State Infrastructure Improvement <br> Series 2016-1, Rev., 5.00%, 12/15/2028<br>| 1000 | 1008 |
| State of Ohio, Voting System Acquisition Project, <br> COP, 5.00%, 9/1/2026<br>| 20 | 20 |
| University of Cincinnati |  |  |
| Series 2016A, Rev., 5.00%, 6/1/2026 | 25 | 25 |
| Series 2019A, Rev., 5.00%, 6/1/2027 | 85 | 88 |
| Total Ohio |  | 166677 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |
| Canadian County Independent School District No. 69 <br> Mustang Series 2024A, GO, 4.00%, 6/1/2027<br>| 1555 | 1587 |
| City of Oklahoma City |  |  |
| GO, 5.00%, 3/1/2027 | 2600 | 2672 |
| Series 2016, GO, 5.00%, 3/1/2027 | 1000 | 1028 |
| GO, 5.00%, 3/1/2028 | 1470 | 1554 |
| Cleveland County Educational Facilities Authority, <br> Norman Public Schools Project Series 2023A, <br> Rev., 5.00%, 6/1/2028<br>| 1300 | 1372 |
| Grand River Dam Authority |  |  |
| Series 2014A, Rev., 5.00%, 6/1/2026 | 405 | 406 |
| Series 2016A, Rev., 5.00%, 6/1/2026 | 65 | 65 |
| Series 2016A, Rev., 5.00%, 6/1/2027 | 60 | 61 |
| Series 2016A, Rev., 5.00%, 6/1/2029 | 30 | 30 |
| Oklahoma Municipal Power Authority, Power Supply <br> System Series 2021A, Rev., A.G., 5.00%, <br> 1/1/2027<br>| 65 | 66 |
| Pittsburg County Educational Facilities Authority, <br> McAlester Public Schools Project, Rev., 4.00%, <br> 12/1/2026<br>| 250 | 253 |
| Tulsa County Independent School District No. 1 Tulsa <br> Series 2025A, GO, 4.00%, 4/1/2028<br>| 2800 | 2896 |
| Tulsa County Independent School District No. 4 <br> Bixby, GO, 5.00%, 6/1/2027<br>| 5400 | 5574 |
| Total Oklahoma |  | 17564 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 55

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oregon — 0.2%** | **Oregon — 0.2%** | **Oregon — 0.2%** |
| Clackamas County School District No. 46 Oregon <br> Trail Series 2017, GO, 5.00%, 6/15/2029<br>| 1500 | 1556 |
| State of Oregon Department of Transportation <br> Series A, Rev., 5.00%, 11/15/2026<br>| 225 | 230 |
| State of Oregon, Article XI-G Project Series 2025G, <br> GO, 5.00%, 8/1/2027<br>| 3400 | 3540 |
| State of Oregon, Article XI-M Seismic Project & <br> Article XI-Q State Project Series F, GO, 5.00%, <br> 5/1/2028<br>| 30 | 30 |
| Tri-County Metropolitan Transportation District of <br> Oregon Series 2018A, Rev., 5.00%, 10/1/2029<br>| 100 | 105 |
| Total Oregon |  | 5461 |
| **Pennsylvania — 4.5%** | **Pennsylvania — 4.5%** | **Pennsylvania — 4.5%** |
| Allegheny County Higher Education Building <br> Authority, Robert Morris University, Rev., 5.00%, <br> 10/15/2027 (b)<br>| 570 | 595 |
| Allegheny County Higher Education Building <br> Authority, University Refunding Duquesne <br> University Series 2016, Rev., 5.00%, 3/1/2026<br>| 90 | 90 |
| Allegheny County Hospital Development Authority, <br> Allegheny Health Network Obligated Group Series <br> 2018A, Rev., 5.00%, 4/1/2026<br>| 2500 | 2504 |
| Allegheny County Hospital Development Authority, <br> Pittsburgh Medical Center Series 2019A, Rev., <br> 5.00%, 7/15/2026<br>| 45 | 45 |
| Allegheny County Hospital Development Authority, <br> UPMC Health Center Series 1997B, Rev., NATL - <br> RE, 6.00%, 7/1/2027<br>| 75 | 79 |
| Allegheny County Sanitary Authority, Sewer Series <br> 2020A, Rev., 5.00%, 6/1/2026<br>| 675 | 680 |
| City of Philadelphia |  |  |
| Series 2021A, GO, 5.00%, 5/1/2026 | 50 | 50 |
| Series 2019B, GO, 5.00%, 2/1/2028 | 40 | 42 |
| City of Philadelphia Water and Wastewater |  |  |
| Series 2014A, Rev., 5.00%, 7/1/2026 | 1800 | 1803 |
| Series 2017, GO, A.G., 5.00%, 8/1/2027 | 55 | 57 |
| Series 1997A, Rev., AMBAC, 5.13%, <br> 8/1/2027 (b)<br>| 40 | 42 |
| City of Pittsburgh Series 2020A, GO, 5.00%, <br> 9/1/2026<br>| 300 | 304 |
| Commonwealth Financing Authority |  |  |
| Series 2019B, Rev., 5.00%, 6/1/2027 | 365 | 377 |
| Series 2020A, Rev., 5.00%, 6/1/2027 | 20 | 21 |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment<br>|  |  |
| Rev., 5.00%, 6/1/2027 | 1000 | 1034 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Rev., 5.00%, 6/1/2028 | 1825 | 1933 |
| Rev., 5.00%, 6/1/2029 | 3550 | 3753 |
| Rev., 5.00%, 6/1/2030 | 2200 | 2322 |
| Commonwealth of Pennsylvania |  |  |
| Series 2025B, GO, 5.00%, 8/15/2026 | 1925 | 1951 |
| Series 1ST, GO, 5.00%, 9/15/2026 | 825 | 838 |
| Series 2018A, COP, 5.00%, 7/1/2027 | 405 | 419 |
| Series 2016, GO, 5.00%, 9/15/2027 | 775 | 787 |
| Series 2025A, GO, 5.00%, 8/15/2028 | 11000 | 11752 |
| Series 2025B, GO, 5.00%, 8/15/2028 | 3750 | 4006 |
| County of Dauphin |  |  |
| Series 2020A, GO, 5.00%, 11/15/2026 (b) | 20 | 20 |
| Series 2020A, GO, 5.00%, 11/15/2027 (b) | 25 | 26 |
| County of Indiana, GO, 3.00%, 12/15/2026 | 435 | 437 |
| County of Luzerne |  |  |
| GO, A.G., 5.00%, 6/15/2026 | 1550 | 1562 |
| GO, A.G., 5.00%, 6/15/2027 | 1000 | 1034 |
| GO, A.G., 5.00%, 6/15/2028 | 1900 | 2021 |
| Delaware County Authority, Cabrini University, Rev., <br> 5.00%, 7/1/2027 (b)<br>| 1640 | 1694 |
| Delaware Valley Regional Finance Authority, Local <br> Government Series 1998A, Rev., AMBAC, 5.50%, <br> 8/1/2028<br>| 1240 | 1329 |
| Geisinger Authority, Health System |  |  |
| Series 2020B, Rev., 5.00%, 2/15/2027 (d) | 8700 | 8808 |
| Series 2017A-2, Rev., 5.00%, 2/15/2029 | 675 | 691 |
| Series 2020C, Rev., 5.00%, 4/1/2030 (d) | 1000 | 1078 |
| General Authority of Southcentral Pennsylvania, <br> Wellspan Health Obligated Group Series 2025A, <br> Rev., 5.00%, 6/1/2029<br>| 1600 | 1733 |
| Lancaster County Hospital Authority, University of <br> Pennsylvania Health System Series 2016A, Rev., <br> 5.00%, 8/15/2026<br>| 20 | 20 |
| Pennsylvania Economic Development Financing <br> Authority, University of Pittsburgh Medical Center<br>|  |  |
| Series 2017A, Rev., 5.00%, 11/15/2026 | 65 | 66 |
| Series 2016, Rev., 5.00%, 3/15/2027 | 55 | 56 |
| Pennsylvania Economic Development Financing <br> Authority, Waste Management, Inc., Project<br>|  |  |
| Rev., AMT, 3.00%, 5/1/2026 (d) | 1500 | 1500 |
| Series 2021A, Rev., AMT, 4.00%, 7/1/2026 (d) | 7000 | 7005 |
| Series 2017A, Rev., AMT, 3.88%, 8/3/2026 (d) | 2900 | 2909 |
| Pennsylvania Higher Educational Facilities Authority <br> Series 2017AU-2, Rev., 5.00%, 6/15/2027 (b)<br>| 15 | 15 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Pennsylvania Higher Educational Facilities Authority, <br> State System Higher Education Series 2017AU-2, <br> Rev., 5.00%, 6/15/2027<br>| 35 | 36 |
| Pennsylvania State University (The) Series B, Rev., <br> 5.00%, 9/1/2028<br>| 40 | 41 |
| Pennsylvania Turnpike Commission |  |  |
| Rev., VRDO, LOC : TD Bank NA, 1.88%, <br> 3/11/2026 (d)<br>| 35000 | 35000 |
| Series 2020B, Rev., 5.00%, 12/1/2026 | 400 | 408 |
| Series 2021C, Rev., 5.00%, 12/1/2026 | 100 | 102 |
| Series 2019A, Rev., 4.00%, 12/1/2027 | 215 | 222 |
| Series 2016A-1, Rev., 5.00%, 12/1/2027 | 100 | 101 |
| Series 2016A-3, Rev., 5.00%, 12/1/2027 | 1355 | 1381 |
| Series 2016B, Rev., 5.00%, 6/1/2029 | 75 | 76 |
| Series 2017, Rev., 5.00%, 12/1/2029 | 50 | 52 |
| Pennsylvania Turnpike Commission Oil Franchise Tax <br> Series B, Rev., 5.00%, 12/1/2028<br>| 485 | 495 |
| Pennsylvania Turnpike Commission, Subordinate <br> Series A-2, Rev., 5.00%, 6/1/2027<br>| 2000 | 2013 |
| Philadelphia Authority for Industrial Development |  |  |
| Series 2019, Rev., 5.00%, 10/1/2028 | 200 | 214 |
| Series 2019, Rev., 5.00%, 10/1/2029 | 75 | 82 |
| Philadelphia Gas Works Co., 1998 General <br> Ordinance<br>|  |  |
| Series 14TH, Rev., 5.00%, 10/1/2026 | 30 | 31 |
| Series 14TH, Rev., 5.00%, 10/1/2028 | 300 | 305 |
| Series 14TH, Rev., 5.00%, 10/1/2029 | 325 | 330 |
| School District of Philadelphia (The) |  |  |
| Series 2019B, GO, 5.00%, 9/1/2026 | 1000 | 1014 |
| Series 2019A, GO, 5.00%, 9/1/2028 | 70 | 74 |
| Series F, GO, 5.00%, 9/1/2028 | 5000 | 5068 |
| Southeastern Pennsylvania Transportation Authority |  |  |
| Series 2017, Rev., 5.00%, 6/1/2027 | 80 | 83 |
| Series 2017, Rev., 5.00%, 6/1/2029 | 300 | 310 |
| Township of East Coventry, GO, 3.00%, 12/1/2026 | 275 | 276 |
| Wyalusing Area School District, GO, 3.00%, <br> 4/1/2026<br>| 300 | 300 |
| Total Pennsylvania |  | 115502 |
| **Rhode Island — 0.6%** | **Rhode Island — 0.6%** | **Rhode Island — 0.6%** |
| Rhode Island Commerce Corp., Department of <br> Transportation<br>|  |  |
| Series 2016B, Rev., 5.00%, 6/15/2026 | 115 | 116 |
| Series 2016B, Rev., 5.00%, 6/15/2027 | 340 | 343 |
| Series 2020A, Rev., 5.00%, 5/15/2028 | 280 | 296 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Rhode Island — continued** | **Rhode Island — continued** | **Rhode Island — continued** |
| Series 2016B, Rev., 5.00%, 6/15/2029 | 440 | 443 |
| Town of South Kingstown Series 2025-1, GO, BAN, <br> 4.00%, 6/25/2026<br>| 15000 | 15076 |
| Total Rhode Island |  | 16274 |
| **South Carolina — 1.7%** | **South Carolina — 1.7%** | **South Carolina — 1.7%** |
| County Square Redevelopment Corp., Greenville <br> South Carolina Project, Rev., 5.00%, 4/1/2030<br>| 5900 | 6562 |
| Fort Mill School District No. 4 Series 2025A, GO, <br> BAN, SCSDE, 4.25%, 3/2/2026<br>| 6200 | 6200 |
| Horry County School District, GO, SCSDE, 5.00%, <br> 3/1/2026<br>| 3500 | 3500 |
| South Carolina Jobs-Economic Development <br> Authority, Bon Secours Mercy Health, Inc. Series <br> 2025B-1, Rev., 5.00%, 11/1/2030 (d)<br>| 2000 | 2207 |
| South Carolina Jobs-Economic Development <br> Authority, Custodial Receipts CR 086, Rev., <br> 5.00%, 8/15/2026 (b) (e)<br>| 1000 | 1011 |
| South Carolina Jobs-Economic Development <br> Authority, Enerra South Carolina Project Series <br> 2024, Rev., AMT, 3.70%, 12/1/2026 (d) (e)<br>| 2500 | 2507 |
| South Carolina Public Service Authority, Santee <br> Cooper Series 2022B, Rev., A.G. - CR, 4.00%, <br> 12/1/2029<br>| 2500 | 2632 |
| South Carolina State Housing Finance and <br> Development Authority<br>|  |  |
| Series 2026A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 1/1/2028 (f)<br>| 1055 | 1123 |
| Series 2026A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 7/1/2028 (f)<br>| 1085 | 1173 |
| Spartanburg County School District No. 7, GO, BAN, <br> SCSDE, 4.00%, 10/15/2026<br>| 16000 | 16168 |
| Total South Carolina |  | 43083 |
| **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** |
| City of Sioux Falls Sales Tax Series 2017A, Rev., <br> 5.00%, 11/15/2026<br>| 130 | 133 |
| **Tennessee — 0.8%** | **Tennessee — 0.8%** | **Tennessee — 0.8%** |
| City of Chattanooga Electric, Rev., 5.00%, <br> 9/1/2028<br>| 6000 | 6421 |
| Health Educational and Housing Facility Board of the <br> City of Memphis (The), Arbors Hickory Ridge <br> Project Series 2012, Rev., 6.25%, 1/1/2029 (b)<br>| 3562 | 3953 |
| Lewisburg Industrial Development Board, Solid <br> Waste Disposal Waste Management, Inc. of <br> Tennessee Project, Rev., AMT, 3.00%, <br> 5/1/2026 (d)<br>| 1750 | 1750 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 57

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Metropolitan Government Nashville and Davidson <br> County Health and Educational Facilities Board, <br> Multi-Family Housing, HV Land Co. Apartments, <br> Rev., 3.35%, 12/1/2026 (d)<br>| 3450 | 3456 |
| Metropolitan Government Nashville and Davidson <br> County Health and Educational Facilities Board, <br> Multi-Family Housing, Stone Bridge Lofts Project <br> Series 2022C, Rev., 3.35%, 4/1/2026<br>| 1700 | 1701 |
| Metropolitan Government Nashville and Davidson <br> County, Health and Educational Facilities Board, <br> Northview Project Series 2023B, Rev., 3.60%, <br> 2/1/2028 (d)<br>| 1000 | 1018 |
| Metropolitan Government Nashville and Davidson <br> County, Health and Educational Facilities Board, <br> Vanderbilt University Medical Center Series <br> 2023A, Rev., 5.00%, 7/1/2028<br>| 25 | 26 |
| Metropolitan Government of Nashville and Davidson <br> County Series 2016, GO, 5.00%, 1/1/2027<br>| 300 | 303 |
| Shelby County Health Educational and Housing <br> Facilities Board, Baptism Memorial Health <br> Obligated Group Series 2025B, Rev., 5.00%, <br> 9/1/2030 (d)<br>| 2000 | 2173 |
| Tennessee Energy Acquisition Corp., Commodity <br> Project Series 2021A, Rev., 5.00%, 11/1/2026<br>| 350 | 354 |
| Tennessee State School Bond Authority, Higher <br> Educational Facilities Second Program Series A, <br> Rev., 5.00%, 11/1/2026<br>| 65 | 66 |
| Total Tennessee |  | 21221 |
| **Texas — 8.4%** | **Texas — 8.4%** | **Texas — 8.4%** |
| Alamo Community College District, Limited Tax <br> Series 2017, GO, 5.00%, 8/15/2027<br>| 25 | 26 |
| Alamo Community College District, Maintenance Tax, <br> GO, 5.00%, 2/15/2027<br>| 75 | 77 |
| Arlington Housing Finance Corp., Multi Family <br> Housing 6900 Matlock Road Series 2023, Rev., <br> 4.50%, 4/1/2027 (d)<br>| 1580 | 1582 |
| Austin Independent School District, Unlimited Tax <br> Series 2019, GO, PSF-GTD, 5.00%, 8/1/2029<br>| 35 | 37 |
| Board of Regents of the University of Texas System |  |  |
| Series 2016B, Rev., 5.00%, 8/15/2026 | 45 | 46 |
| Series 2016D, Rev., 5.00%, 8/15/2026 | 300 | 304 |
| Series 2016J, Rev., 5.00%, 8/15/2026 | 25 | 25 |
| Series 2021A, Rev., 5.00%, 8/15/2027 | 95 | 99 |
| Burleson Independent School District, GO, PSF-GTD, <br> 5.00%, 8/1/2027<br>| 2375 | 2471 |
| Central Texas Regional Mobility Authority, <br> Subordinate Lien Series 2021C, Rev., BAN, <br> 5.00%, 1/1/2027<br>| 3355 | 3374 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of Austin Water and Wastewater System |  |  |
| Rev., 5.00%, 11/15/2026 (b) | 180 | 183 |
| Rev., 5.00%, 11/15/2026 | 250 | 255 |
| Series 2022, Rev., 5.00%, 11/15/2026 | 300 | 306 |
| Rev., 5.00%, 11/15/2027 (b) | 15 | 16 |
| Rev., 5.00%, 11/15/2028 | 265 | 278 |
| Series 2024, Rev., 5.00%, 11/15/2028 | 1000 | 1076 |
| City of Austin, Airport System Series 2017A, Rev., <br> 5.00%, 11/15/2028<br>| 50 | 51 |
| City of Denton, Utility System |  |  |
| Series 2017, Rev., 5.00%, 12/1/2027 | 225 | 230 |
| Series 2017, Rev., 5.00%, 12/1/2028 | 125 | 128 |
| City of Fort Worth |  |  |
| Series 2015A, GO, 5.00%, 3/1/2026 | 45 | 45 |
| Series 2016, GO, 5.00%, 3/1/2026 | 90 | 90 |
| GO, 5.00%, 3/1/2027 | 1000 | 1029 |
| GO, 5.00%, 3/1/2029 | 3000 | 3249 |
| City of Fort Worth Water and Sewer System Series <br> 2020A, Rev., 5.00%, 2/15/2027<br>| 165 | 170 |
| City of Fort Worth, General Obligation, GO, 5.00%, <br> 3/1/2026<br>| 30 | 30 |
| City of Garland Series 2018, GO, 5.00%, <br> 2/15/2027<br>| 75 | 77 |
| City of Garland, Electric Utility System Series <br> 2019A, Rev., 5.00%, 3/1/2026<br>| 1650 | 1650 |
| City of Georgetown, Utilities System Series 2022, <br> Rev., A.G., 5.00%, 8/15/2027<br>| 70 | 73 |
| City of Houston |  |  |
| Series 2017A, GO, 5.00%, 3/1/2026 | 30 | 30 |
| Rev., TRAN, 5.00%, 6/30/2026 | 11700 | 11805 |
| Series 2017A, GO, 5.00%, 3/1/2028 | 265 | 272 |
| City of Houston Airport System, Subordinate Lien <br> Series 2018D, Rev., 5.00%, 7/1/2027<br>| 65 | 67 |
| City of Houston Airport System, United Airlines, Inc., <br> Terminal Improvement Projects<br>|  |  |
| Series 2025B, Rev., AMT, 5.25%, 7/15/2027 | 1250 | 1281 |
| Series 2025B, Rev., AMT, 5.25%, 7/15/2028 | 1000 | 1043 |
| City of Houston Combined Utility System, First Lien <br> Series 2021A, Rev., 5.00%, 11/15/2027<br>| 25 | 26 |
| City of Houston, Airport System, Subordinate Lien |  |  |
| Series 2020B, Rev., 5.00%, 7/1/2026 | 35 | 35 |
| Series 2020B, Rev., 5.00%, 7/1/2027 | 25 | 26 |
| Series 2023B, Rev., A.G., 5.00%, 7/1/2028 | 30 | 32 |
| Series 2018B, Rev., 5.00%, 7/1/2030 | 85 | 90 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of Houston, Combined Utility System, First Lien |  |  |
| Series 2014D, Rev., 5.00%, 11/15/2026 | 20 | 20 |
| Series 2024A, Rev., 5.00%, 11/15/2026 | 1000 | 1020 |
| Series 2014D, Rev., 5.00%, 11/15/2027 | 20 | 20 |
| Series 2015D, Rev., 5.00%, 11/15/2027 | 1015 | 1017 |
| City of Houston, Public Improvement Series 2019A, <br> GO, 5.00%, 3/1/2027<br>| 105 | 108 |
| City of Lubbock, Electric Light and Power System |  |  |
| Series 2018, Rev., 5.00%, 4/15/2026 | 250 | 251 |
| Series 2018, Rev., 5.00%, 4/15/2027 | 480 | 495 |
| Series 2021, Rev., 5.00%, 4/15/2028 | 50 | 53 |
| City of San Antonio, GO, 5.00%, 2/1/2027 | 2120 | 2177 |
| City of San Antonio Electric and Gas Systems |  |  |
| Series 2016, Rev., 5.00%, 2/1/2027 | 1925 | 1947 |
| Series 2025B, Rev., 5.00%, 2/1/2027 | 2000 | 2052 |
| Rev., 5.00%, 2/1/2030 | 1355 | 1369 |
| City of San Antonio, Combination Tax, GO, 5.00%, <br> 2/1/2029<br>| 1125 | 1216 |
| City of San Antonio, Electric and Gas Systems Series <br> 2018, Rev., 5.00%, 2/1/2027<br>| 505 | 518 |
| City of San Antonio, General Improvement, GO, <br> 5.00%, 8/1/2027<br>| 145 | 151 |
| Comal Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/1/2027<br>| 2000 | 2052 |
| County of Bastrop, Combination Tax, GO, 5.00%, <br> 8/1/2029<br>| 985 | 1075 |
| County of Bexar, Limited Tax |  |  |
| GO, 5.00%, 6/15/2026 (b) | 1050 | 1058 |
| Series 2017, GO, 5.00%, 6/15/2027 | 2000 | 2015 |
| County of Dallas, GO, 5.00%, 8/15/2026 | 35 | 35 |
| County of Fort Bend, Unlimited Tax |  |  |
| Series A, GO, 5.00%, 3/1/2027 | 90 | 90 |
| Series A, GO, 5.00%, 3/1/2028 | 95 | 95 |
| County of Harris Toll Road Series 2023A, Rev., <br> 5.00%, 8/15/2029<br>| 865 | 947 |
| County of Harris Toll Road, First Lien Series 2022A, <br> Rev., 5.00%, 8/15/2026<br>| 270 | 274 |
| County of Harris, First Lien Series 2022A, Rev., <br> 5.00%, 8/15/2027<br>| 120 | 125 |
| County of Harris, Senior Lien Series 2016A, Rev., <br> 5.00%, 8/15/2026<br>| 30 | 30 |
| County of Harris, Toll Road, Senior Lien |  |  |
| Series 2016A, Rev., 5.00%, 8/15/2028 | 80 | 81 |
| Series 2016A, Rev., 5.00%, 8/15/2029 | 1145 | 1159 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| County of Hays Series 2017, GO, 5.00%, <br> 2/15/2028<br>| 25 | 26 |
| County of Montgomery Series 2025A, GO, 5.00%, <br> 3/1/2028<br>| 3600 | 3798 |
| Cypress-Fairbanks Independent School District, <br> Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2028<br>| 3350 | 3538 |
| Dallas Area Rapid Transit, Sales Tax, Senior Lien <br> Series 2019, Rev., 5.00%, 12/1/2026<br>| 75 | 77 |
| Dallas County Utility and Reclamation District, <br> Unlimited Tax Series 2016, GO, 5.00%, <br> 2/15/2028<br>| 300 | 315 |
| Dallas Fort Worth International Airport |  |  |
| Series 2021B, Rev., 5.00%, 11/1/2026 | 35 | 36 |
| Series 2020A, Rev., 5.00%, 11/1/2027 | 65 | 68 |
| Series 2020B, Rev., 5.00%, 11/1/2027 | 25 | 26 |
| Series 2023B, Rev., 5.00%, 11/1/2027 | 1000 | 1047 |
| Series 2023B, Rev., 5.00%, 11/1/2028 | 1250 | 1340 |
| Series 2025A-1, Rev., AMT, 5.00%, 11/1/2029 | 3000 | 3266 |
| Florence Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 3.00%, 8/15/2026 | 230 | 230 |
| GO, PSF-GTD, 3.00%, 8/15/2027 | 115 | 115 |
| Frisco Independent School District, Unlimited Tax <br> Series 2017, GO, PSF-GTD, 4.00%, 8/15/2028<br>| 3495 | 3547 |
| Harris County Cultural Education Facilities Finance <br> Corp., Memorial Hermann Health System<br>|  |  |
| Series 2020C-3, Rev., 5.00%, 12/1/2026 (d) | 2345 | 2389 |
| Series 2019A, Rev., 5.00%, 12/1/2027 | 20 | 21 |
| Series 2024C, Rev., 5.00%, 7/1/2029 (d) | 5250 | 5615 |
| Houston Independent School District, Limited Tax <br> Series 2025B, GO, PSF-GTD, 5.00%, 2/15/2027<br>| 4250 | 4368 |
| Irving Independent School District Series 2015, GO, <br> PSF-GTD, 5.00%, 3/23/2026<br>| 25 | 25 |
| Irving Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 5.00%, 2/15/2027 | 2850 | 2929 |
| GO, PSF-GTD, 5.00%, 2/15/2029 | 2000 | 2163 |
| Keller Independent School District, Unlimited Tax |  |  |
| Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2026 | 25 | 25 |
| Series 2015, GO, PSF-GTD, 5.00%, 8/15/2026 | 1000 | 1002 |
| Lake Travis Independent School District, GO, <br> PSF-GTD, 5.00%, 2/15/2028<br>| 2000 | 2111 |
| Lewisville Independent School District, Unlimited Tax |  |  |
| Series 2023, GO, PSF-GTD, 5.00%, 8/15/2026 | 825 | 836 |
| GO, PSF-GTD, 5.00%, 8/15/2027 | 2000 | 2083 |
| GO, PSF-GTD, 5.00%, 8/15/2028 | 2250 | 2406 |
| GO, PSF-GTD, 5.00%, 8/15/2029 | 1750 | 1916 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 59

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Lower Colorado River Authority, LCRA Transmission <br> Services Corp., Project<br>|  |  |
| Series 2023A, Rev., A.G., 5.00%, 5/15/2026 | 890 | 895 |
| Series 2019, Rev., 5.00%, 5/15/2027 | 245 | 253 |
| Series 2021, Rev., 5.00%, 5/15/2027 | 75 | 78 |
| Series 2022, Rev., 5.00%, 5/15/2027 | 85 | 88 |
| Series 2023, Rev., A.G., 5.00%, 5/15/2027 | 20 | 21 |
| Series 2023A, Rev., A.G., 5.00%, 5/15/2027 | 60 | 62 |
| Series 2019, Rev., 5.00%, 5/15/2028 | 80 | 85 |
| Series 2022, Rev., 5.00%, 5/15/2028 | 275 | 292 |
| Series 2023, Rev., A.G., 5.00%, 5/15/2028 | 20 | 21 |
| Lytle Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 4.00%, 2/15/2028<br>| 255 | 263 |
| Metropolitan Transit Authority of Harris County <br> Sales and Use Tax, Rev., 5.00%, 11/1/2029<br>| 1000 | 1074 |
| Mission Economic Development Corp., Republic <br> Services, Inc., Project Series 2020A, Rev., AMT, <br> 3.00%, 5/1/2026 (d)<br>| 1750 | 1750 |
| New Hope Cultural Education Facilities Finance <br> Corp., Children's Health System of Texas Project <br> Series 2017A, Rev., 5.00%, 8/15/2029<br>| 1750 | 1815 |
| North Harris County Regional Water Authority, <br> Senior Lien<br>|  |  |
| Series 2016, Rev., 5.00%, 12/15/2027 | 75 | 77 |
| Series 2016, Rev., 5.00%, 12/15/2028 | 530 | 541 |
| Series 2016, Rev., 5.00%, 12/15/2029 | 190 | 194 |
| North Texas Tollway Authority, Second Tier |  |  |
| Series 2019B, Rev., 5.00%, 1/1/2027 | 75 | 77 |
| Series 2019B, Rev., 5.00%, 1/1/2029 | 215 | 232 |
| Permanent University Fund - Texas A&M University <br> System Series 2017A, Rev., 5.00%, 7/1/2027<br>| 80 | 83 |
| Plano Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 5.00%, 2/15/2027 | 3500 | 3597 |
| GO, PSF-GTD, 5.00%, 2/15/2029 | 1800 | 1949 |
| San Antonio Public Facilities Corp., Convention <br> Center Facility Project Series 2022, Rev., 5.00%, <br> 9/15/2028<br>| 20 | 21 |
| Southwest Higher Education Authority, Inc., <br> Southern Methodist University Project Series <br> 2016A, Rev., 5.00%, 10/1/2026<br>| 325 | 330 |
| Spring Independent School District, Unlimited Tax <br> Series 2024B, GO, 5.00%, 8/15/2029<br>| 500 | 545 |
| State of Texas, GO, 5.00%, 10/1/2026 | 750 | 763 |
| State of Texas, College Student Loan Series 2013B, <br> GO, AMT, 4.13%, 8/1/2030<br>| 1500 | 1501 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| State of Texas, Public Finance Authority Series <br> 2017A, GO, 5.00%, 10/1/2027<br>| 1500 | 1568 |
| State of Texas, Transportation Commission Mobility <br> Fund<br>|  |  |
| Series 2024, GO, 5.00%, 10/1/2027 | 2585 | 2703 |
| Series 2024, GO, 5.00%, 10/1/2028 | 4000 | 4290 |
| GO, 5.00%, 10/1/2030 | 1200 | 1347 |
| State of Texas, Veterans Series 2011A, GO, VRDO, <br> LIQ : State Street Bank & Trust Co., 1.95%, <br> 3/11/2026 (d)<br>| 9020 | 9020 |
| State of Texas, Veterans Housing Assistance <br> Program Series 2008B, GO, VRDO, LIQ : State <br> Street Bank & Trust Co., 1.95%, 3/11/2026 (d)<br>| 4155 | 4155 |
| State of Texas, Water Financial Assistance |  |  |
| Series 2018B-3, GO, 5.00%, 8/1/2026 (b) | 50 | 51 |
| Series 2021B, GO, 4.00%, 8/1/2029 | 410 | 410 |
| Tarrant County College District Series 2020, GO, <br> 5.00%, 8/15/2026<br>| 105 | 106 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Baylor Scott & White Health Project<br>|  |  |
| Series 2016 A, Rev., 5.00%, 5/15/2026 | 1000 | 1005 |
| Series 2026F, Rev., 5.00%, 5/1/2030 (d) | 3000 | 3289 |
| Series 2022F, Rev., 5.00%, 11/15/2030 (d) | 1100 | 1205 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Baylor Scott and White Health Project <br> Series 2024B, Rev., VRDO, LOC : Barclays Bank <br> plc, 1.60%, 3/2/2026 (d)<br>| 25000 | 25000 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System Series 2025B, <br> Rev., 5.00%, 11/15/2029 (d)<br>| 8835 | 9558 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Methodist Hospitals of Dallas Project Series <br> 2008-A, Rev., VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (d)<br>| 15000 | 15000 |
| Tarrant Regional Water District Water Supply System <br> Series 2015, Rev., 5.00%, 3/1/2028<br>| 25 | 25 |
| Texas Department of Transportation State Highway <br> Fund Series 2016-A, Rev., 5.00%, 10/1/2026<br>| 100 | 102 |
| Texas Department of Transportation State Highway <br> Fund, First Tier<br>|  |  |
| Rev., 5.25%, 4/1/2026 | 25 | 25 |
| Series 2015, Rev., 5.00%, 10/1/2026 | 55 | 56 |
| Texas Home Collaborative, 1518 Apartments Series <br> 2023, Rev., 5.00%, 10/1/2026 (d)<br>| 3325 | 3341 |
| Texas Municipal Gas Acquisition and Supply Corp. IV, <br> Gas Supply Series 2023A, Rev., 5.50%, <br> 1/1/2030 (d)<br>| 12260 | 13190 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Texas Public Finance Authority, Rev., 5.00%, <br> 2/1/2027<br>| 25 | 26 |
| Texas State Technical College Series 2022A, Rev., <br> A.G., 5.00%, 8/1/2028<br>| 385 | 409 |
| Texas State University System Series 2017A, Rev., <br> 5.00%, 3/15/2026<br>| 150 | 150 |
| Texas Water Development Board, State Revolving <br> Fund Series 2020, Rev., 5.00%, 8/1/2026<br>| 140 | 142 |
| Tomball Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/15/2028 (b)<br>| 600 | 632 |
| Travis County Water Control and Improvement <br> District No. 17, Texas Steiner Ranch Defined Area <br> Unlimited Tax, GO, 4.00%, 5/1/2026<br>| 280 | 281 |
| Trinity River Authority, Central Regional Wastewater <br> System<br>|  |  |
| Series 2016, Rev., 5.00%, 8/1/2026 | 205 | 207 |
| Series 2019, Rev., 5.00%, 8/1/2026 | 100 | 101 |
| Series 2017, Rev., 5.00%, 8/1/2029 | 25 | 26 |
| University of Houston |  |  |
| Series 2016A, Rev., 4.00%, 2/15/2027 | 25 | 25 |
| Series 2017C, Rev., 5.00%, 2/15/2028 | 40 | 40 |
| University of North Texas System Series 2017A, <br> Rev., 5.00%, 4/15/2028<br>| 200 | 206 |
| Total Texas |  | 212750 |
| **Utah — 0.1%** | **Utah — 0.1%** | **Utah — 0.1%** |
| Alpine School District, Utah School Bond Guaranty <br> Program Series 2017, GO, 5.00%, 3/15/2026<br>| 25 | 25 |
| City of Salt Lake City Series 2021A, Rev., AMT, <br> 5.00%, 7/1/2031<br>| 1710 | 1904 |
| Provo City School District Municipal Building <br> Authority Series 2022, Rev., 5.00%, 3/15/2027<br>| 195 | 201 |
| University of Utah (The) Series 2017A, Rev., <br> 5.00%, 8/1/2026<br>| 75 | 76 |
| Total Utah |  | 2206 |
| **Virginia — 2.4%** | **Virginia — 2.4%** | **Virginia — 2.4%** |
| City of Portsmouth Series 2017A, GO, 5.00%, <br> 7/15/2026<br>| 70 | 71 |
| City of Richmond |  |  |
| Series 2017D, GO, 5.00%, 3/1/2026 | 25 | 25 |
| Series 2017D, GO, 5.00%, 3/1/2027 | 30 | 31 |
| County of Fairfax Series 2016A, GO, 5.00%, <br> 4/1/2026 (b)<br>| 40 | 40 |
| County of Henrico Water and Sewer, Rev., 5.00%, <br> 5/1/2026 (b)<br>| 1000 | 1005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| Fairfax County Industrial Development Authority, <br> Virginia Health Care, Inova Health System Project <br> Series 2018C, Rev., VRDO, 1.92%, <br> 3/11/2026 (d)<br>| 22000 | 22000 |
| Hampton Roads Sanitation District Series 2016A, <br> Rev., 5.00%, 8/1/2026 (b)<br>| 50 | 51 |
| Hampton Roads Transportation Accountability <br> Commission, Transportation Fund, Senior Lien <br> Series 2021A, Rev., BAN, 5.00%, 7/1/2026 (b)<br>| 9000 | 9085 |
| Louisa Industrial Development Authority, Electric <br> and Power Co. Project Series 2008A, Rev., <br> 3.13%, 10/1/2030 (d)<br>| 1000 | 1019 |
| Lynchburg Economic Development Authority, Centra <br> Health Obligated Group Series 2017B, Rev., <br> VRDO, LOC : Truist Bank, 2.00%, 3/2/2026 (d)<br>| 15000 | 15000 |
| Virginia College Building Authority Series 2023A, <br> Rev., 5.00%, 2/1/2028<br>| 50 | 53 |
| Virginia College Building Authority Educational <br> Facilities, 21St Century College and Equipment <br> Programs<br>|  |  |
| Series 2020A, Rev., 5.00%, 2/1/2027 | 125 | 128 |
| Series 2017A, Rev., 5.00%, 9/1/2027 | 50 | 52 |
| Virginia Commonwealth Transportation Board, Rev., <br> GAN, 5.00%, 3/15/2027<br>| 70 | 72 |
| Virginia Commonwealth Transportation Board, <br> Capital Projects Series 2017A, Rev., 5.00%, <br> 5/15/2026<br>| 75 | 75 |
| Virginia Commonwealth Transportation Board, <br> Federal Transportation<br>|  |  |
| Rev., GAN, 5.00%, 9/15/2026 | 20 | 20 |
| Rev., GAN, 5.00%, 9/15/2028 | 750 | 783 |
| Virginia Port Authority Series 2016B, Rev., AMT, <br> 5.00%, 7/1/2026 (b)<br>| 4700 | 4735 |
| Virginia Public Building Authority |  |  |
| Series 2017A, Rev., 4.00%, 8/1/2027 | 830 | 852 |
| Series 2020B, Rev., 5.00%, 8/1/2027 | 25 | 26 |
| Winchester Economic Development Authority, Valley <br> Health System Obligated Group Series 2024B-2, <br> Rev., VRDO, LOC : Truist Bank, 1.95%, <br> 3/2/2026 (d)<br>| 5000 | 5000 |
| Total Virginia |  | 60123 |
| **Washington — 1.3%** | **Washington — 1.3%** | **Washington — 1.3%** |
| Clark County Public Utility District No. 1 Electric <br> Series 2024, Rev., 5.00%, 1/1/2027<br>| 1600 | 1637 |
| County of King Sewer Series 2025A, Rev., 5.00%, <br> 7/1/2027<br>| 1600 | 1662 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 61

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| County of King, Limited Tax Series 2025B, GO, <br> 5.00%, 6/1/2028<br>| 3075 | 3269 |
| Energy Northwest, Columbia Generating Station <br> Series 2025A, Rev., 5.00%, 7/1/2029<br>| 2400 | 2622 |
| Energy Northwest, Project 1 |  |  |
| Series 2024B, Rev., 5.00%, 7/1/2026 | 2420 | 2443 |
| Series 2017-A, Rev., 5.00%, 7/1/2027 | 250 | 260 |
| Series 2020A, Rev., 5.00%, 7/1/2027 | 85 | 88 |
| Series 2024B, Rev., 5.00%, 7/1/2027 | 1000 | 1038 |
| Series 2025A, Rev., 5.00%, 7/1/2027 | 1810 | 1880 |
| Series 2025A, Rev., 5.00%, 7/1/2028 | 2500 | 2664 |
| Energy Northwest, Project 3 Electric Series 2024B, <br> Rev., 5.00%, 7/1/2028<br>| 130 | 139 |
| FYI Properties, State of Washington District Project <br> Series 2019, Rev., 5.00%, 6/1/2027<br>| 45 | 47 |
| Port of Seattle, Intermediate Lien |  |  |
| Series 2022A, Rev., 5.00%, 8/1/2026 | 60 | 61 |
| Series 2016, Rev., 5.00%, 2/1/2027 | 465 | 467 |
| Series C, Rev., AMT, 5.00%, 4/1/2027 | 1400 | 1402 |
| Series A, Rev., 5.00%, 5/1/2027 | 45 | 46 |
| Series 2022A, Rev., 5.00%, 8/1/2027 | 250 | 260 |
| Rev., 5.00%, 2/1/2028 | 165 | 165 |
| Series 2022A, Rev., 5.00%, 8/1/2028 | 145 | 155 |
| Series 2016, Rev., 5.00%, 2/1/2029 | 155 | 155 |
| State of Washington |  |  |
| Series R-2022B, GO, 5.00%, 2/1/2029 | 2745 | 2970 |
| Series 2024A, GO, 5.00%, 8/1/2029 | 1000 | 1095 |
| State of Washington Motor Vehicle Fuel Tax |  |  |
| Series R-2021A, GO, 5.00%, 6/1/2027 | 125 | 129 |
| Series R-2026B, GO, 5.00%, 7/1/2027 | 4000 | 4154 |
| State of Washington, Various Purpose |  |  |
| Series R-2017A, GO, 5.00%, 8/1/2026 | 110 | 111 |
| Series R-2018C, GO, 5.00%, 8/1/2026 | 50 | 51 |
| Series 2020C, GO, 5.00%, 2/1/2027 | 55 | 56 |
| Series 2021C, GO, 5.00%, 2/1/2027 | 30 | 31 |
| Series 2024C, GO, 5.00%, 2/1/2027 | 1320 | 1355 |
| Series 2018A, GO, 5.00%, 8/1/2027 | 40 | 42 |
| Series 2020A, GO, 5.00%, 8/1/2027 | 85 | 88 |
| Series R-2017A, GO, 5.00%, 8/1/2027 | 40 | 40 |
| Series R-2018 D, GO, 5.00%, 8/1/2027 | 135 | 141 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| Washington Health Care Facilities Authority, <br> Commonspirit Health Series 2019B-3, Rev., <br> 5.00%, 8/1/2026 (d)<br>| 1000 | 1001 |
| Washington Health Care Facilities Authority, Yakima <br> Valley Memorial Hospital Association Rev., <br> 5.00%, 12/1/2026 (b)<br>| 1705 | 1738 |
| Total Washington |  | 33462 |
| **West Virginia — 0.4%** | **West Virginia — 0.4%** | **West Virginia — 0.4%** |
| West Virginia Commissioner of Highways |  |  |
| Series 2017A, Rev., 5.00%, 9/1/2027 | 120 | 125 |
| Series 2017A, Rev., 5.00%, 9/1/2028 | 375 | 390 |
| Series 2017A, Rev., 5.00%, 9/1/2029 | 30 | 31 |
| West Virginia Economic Development Authority, <br> Solid Waste Disposal Facilities, Nucor Steel <br> Project Series 2025B-1, Rev., AMT, VRDO, <br> 2.15%, 3/11/2026 (d)<br>| 9100 | 9100 |
| West Virginia Parkways Authority, Senior Lien, Rev., <br> 5.00%, 6/1/2026<br>| 20 | 20 |
| Total West Virginia |  | 9666 |
| **Wisconsin — 2.7%** | **Wisconsin — 2.7%** | **Wisconsin — 2.7%** |
| County of Dane Series 2023A, GO, 5.00%, <br> 6/1/2027<br>| 405 | 420 |
| PMA Levy and Aid Anticipation Notes Program <br> Series 2025B, Rev., 5.00%, 9/24/2026<br>| 3000 | 3039 |
| Public Finance Authority Series 2021C, Rev., <br> 4.00%, 10/1/2030 (b) (d)<br>| 1970 | 2111 |
| Public Finance Authority, Duke Energy Progress <br> Project Series 2022B, Rev., AMT, 4.00%, <br> 10/1/2030 (d)<br>| 1000 | 1037 |
| Public Finance Authority, KU Campus Development <br> Corp., Center District Development Project Series <br> 2016, Rev., 5.00%, 3/1/2026<br>| 170 | 170 |
| State of Wisconsin |  |  |
| Series 2016-2, GO, 5.00%, 5/1/2026 | 50 | 50 |
| Series 2017-2, GO, 5.00%, 11/1/2026 | 1440 | 1468 |
| Series 2025-2, GO, 5.00%, 5/1/2027 | 2000 | 2067 |
| Series 2025-2, GO, 5.00%, 5/1/2029 | 1000 | 1088 |
| Series 2025A, GO, 5.00%, 5/1/2030 | 1000 | 1114 |
| State of Wisconsin, Annual Appropriation Series <br> 2019A, Rev., 5.00%, 5/1/2026 (b)<br>| 25 | 25 |
| Wisconsin Department of Transportation |  |  |
| Series 2017-1, Rev., 5.00%, 7/1/2026 | 45 | 45 |
| Series 2017-2, Rev., 5.00%, 7/1/2026 | 100 | 101 |
| Series 2021A, Rev., 5.00%, 7/1/2026 | 20 | 20 |
| Series 2025-1, Rev., 5.00%, 7/1/2029 | 2000 | 2186 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Series 2025 1, Rev., 5.00%, 7/1/2030 | 1000 | 1118 |
| Wisconsin Health and Educational Facilities <br> Authority, Advocate Aurora Health Credit Group <br> Series 2018C-4, Rev., 5.00%, 6/22/2029 (d)<br>| 2700 | 2902 |
| Wisconsin Health and Educational Facilities <br> Authority, Ascension Health Credit Group Series <br> 2016A, Rev., 5.00%, 11/15/2027<br>| 515 | 517 |
| Wisconsin Health and Educational Facilities <br> Authority, Ascension Senior Credit Group<br>|  |  |
| Series 2016A, Rev., 4.00%, 5/15/2026 (b) | 4605 | 4623 |
| Series 2016A, Rev., 5.00%, 11/15/2026 | 350 | 352 |
| Series 2016A, Rev., 5.00%, 11/15/2028 | 595 | 598 |
| Wisconsin Health and Educational Facilities <br> Authority, Froedtert Health, Inc., Obligated Group <br> Series 2021B, Rev., VRDO, LIQ : US Bank NA, <br> 2.05%, 3/2/2026 (d)<br>| 20000 | 20000 |
| Wisconsin Health and Educational Facilities <br> Authority, Froedtert Thedacare Health Series <br> 2025D, Rev., VRDO, 1.75%, 3/11/2026 (d)<br>| 20000 | 20000 |
| Wisconsin Health and Educational Facilities <br> Authority, Marshfield Clinic Health, Inc. Series <br> B-2, Rev., 5.00%, 8/15/2026 (b) (d)<br>| 2800 | 2836 |
| Total Wisconsin |  | 67887 |
| Total Municipal Bonds <br>(Cost $2,153,209)<br>|  | 2163503 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 14.9%** | **Short-Term Investments — 14.9%** | **Short-Term Investments — 14.9%** |
| **Investment Companies — 14.9%** | **Investment Companies — 14.9%** | **Investment Companies — 14.9%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 1.78% (g) (h) <br>(Cost $379,885)<br>| 379854 | 379892 |
| **Total Investments — 100.0%** <br>**(Cost $2,533,094)**<br>|  | **2543395** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | **139** |
| **NET ASSETS — 100.0%** |  | **2543534** |

---

&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** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COP | Certificate of Participation |

---

---

| | |
|:---|:---|
| CR | Custodial Receipts |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| RE | Reinsured |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| SIFMA | The Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| TRAN | Tax & Revenue Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

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

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Security is prerefunded or escrowed to maturity. |
| (c) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|
| (d) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (e) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (f) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (g) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (h) | The rate shown is the current yield as of February 28, <br> 2026.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 63

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026

(Amounts in thousands, except per share amounts)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**California** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**New York** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Short-** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $448432 | &nbsp;&nbsp;&nbsp; $433492 | &nbsp;&nbsp;&nbsp; $787225 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 43458 | &nbsp;&nbsp;&nbsp; 31041 | &nbsp;&nbsp;&nbsp; 44215 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; 279 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 201 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp; 501 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 704 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 4382 | &nbsp;&nbsp;&nbsp; 4697 | &nbsp;&nbsp;&nbsp; 9510 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 75 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 33 |
| Total Assets | &nbsp;&nbsp;&nbsp; 497277 | &nbsp;&nbsp;&nbsp; 471139 | &nbsp;&nbsp;&nbsp; 842743 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2917 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 7946 | &nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp; 2575 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 1219 |
| Options written, at value | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 97 |
| Administration fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 8 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 23 |
| Service fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 38 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 17 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 36 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 8534 | &nbsp;&nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp; 6930 |
| Net Assets | &nbsp;&nbsp;&nbsp; $488743 | &nbsp;&nbsp;&nbsp; $469651 | &nbsp;&nbsp;&nbsp; $835813 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **California**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **New York**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Short-**<br> **Intermediate**<br> **Municipal**<br>**Bond Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $497705 | &nbsp;&nbsp;&nbsp; $475413 | &nbsp;&nbsp;&nbsp; $886106 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (8962)<br>| &nbsp;&nbsp;&nbsp; (5762)<br>| &nbsp;&nbsp;&nbsp; (50293)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $488743 | &nbsp;&nbsp;&nbsp; $469651 | &nbsp;&nbsp;&nbsp; $835813 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $110674 | &nbsp;&nbsp;&nbsp; $132708 | &nbsp;&nbsp;&nbsp; $113098 |
| Class C | &nbsp;&nbsp;&nbsp; 4834 | &nbsp;&nbsp;&nbsp; 9002 | &nbsp;&nbsp;&nbsp; 1437 |
| Class I | &nbsp;&nbsp;&nbsp; 197100 | &nbsp;&nbsp;&nbsp; 165392 | &nbsp;&nbsp;&nbsp; 402502 |
| Class R6 | &nbsp;&nbsp;&nbsp; 176135 | &nbsp;&nbsp;&nbsp; 162549 | &nbsp;&nbsp;&nbsp; 318776 |
| Total | &nbsp;&nbsp;&nbsp; $488743 | &nbsp;&nbsp;&nbsp; $469651 | &nbsp;&nbsp;&nbsp; $835813 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10629 | &nbsp;&nbsp;&nbsp; 20567 | &nbsp;&nbsp;&nbsp; 11000 |
| Class C | &nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 1394 | &nbsp;&nbsp;&nbsp; 138 |
| Class I | &nbsp;&nbsp;&nbsp; 19434 | &nbsp;&nbsp;&nbsp; 25480 | &nbsp;&nbsp;&nbsp; 38896 |
| Class R6 | &nbsp;&nbsp;&nbsp; 17373 | &nbsp;&nbsp;&nbsp; 25055 | &nbsp;&nbsp;&nbsp; 30821 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $6.45 | &nbsp;&nbsp;&nbsp; $10.28 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $10.82 | &nbsp;&nbsp;&nbsp; $6.70 | &nbsp;&nbsp;&nbsp; $10.52 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $436888 | &nbsp;&nbsp;&nbsp; $424070 | &nbsp;&nbsp;&nbsp; $772686 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 43457 | &nbsp;&nbsp;&nbsp; 31040 | &nbsp;&nbsp;&nbsp; 44214 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 65

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Ultra-Short** <br>**Municipal** <br>**Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $810279 | &nbsp;&nbsp;&nbsp; $2163503 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 43227 | &nbsp;&nbsp;&nbsp; 379892 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; — |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 2523 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp; 5280 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 8478 | &nbsp;&nbsp;&nbsp; 26816 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 621 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; — |
| Due from adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32 |
| Total Assets | &nbsp;&nbsp;&nbsp; 866539 | &nbsp;&nbsp;&nbsp; 2576159 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 5297 | &nbsp;&nbsp;&nbsp; 17500 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 7871 | &nbsp;&nbsp;&nbsp; 3368 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 11039 |
| Options written, at value | &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; — |
| Distribution fees | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 29 |
| Service fees | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 332 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 48 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 309 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 14372 | &nbsp;&nbsp;&nbsp; 32625 |
| Net Assets | &nbsp;&nbsp;&nbsp; $852167 | &nbsp;&nbsp;&nbsp; $2543534 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Ultra-Short**<br> **Municipal**<br>**Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $903883 | &nbsp;&nbsp;&nbsp; $2573896 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (51716)<br>| &nbsp;&nbsp;&nbsp; (30362)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $852167 | &nbsp;&nbsp;&nbsp; $2543534 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $262952 | &nbsp;&nbsp;&nbsp; $152789 |
| Class C | &nbsp;&nbsp;&nbsp; 5171 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 273843 | &nbsp;&nbsp;&nbsp; 2390745 |
| Class R6 | &nbsp;&nbsp;&nbsp; 310201 | &nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp;&nbsp; $852167 | &nbsp;&nbsp;&nbsp; $2543534 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 24086 | &nbsp;&nbsp;&nbsp; 15198 |
| Class C | &nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 25215 | &nbsp;&nbsp;&nbsp; 238074 |
| Class R6 | &nbsp;&nbsp;&nbsp; 28565 | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value (a): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp; $10.05 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp; — |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp; — |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $11.35 | &nbsp;&nbsp;&nbsp; $— |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $784375 | &nbsp;&nbsp;&nbsp; $2153209 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 43224 | &nbsp;&nbsp;&nbsp; 379885 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 67

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026

(Amounts in thousands)

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**California** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**New York** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Short-** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $14553 | &nbsp;&nbsp;&nbsp; $15544 | &nbsp;&nbsp;&nbsp; $25198 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp; 1127 |
| Total investment income | &nbsp;&nbsp;&nbsp; 15454 | &nbsp;&nbsp;&nbsp; 16122 | &nbsp;&nbsp;&nbsp; 26326 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1241 | &nbsp;&nbsp;&nbsp; 1231 | &nbsp;&nbsp;&nbsp; 2012 |
| Administration fees | &nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 604 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 255 |
| Class C | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 11 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 255 |
| Class C | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 4 |
| Class I | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp; 959 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 91 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Professional fees | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 67 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 27 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 25 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 47 |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 |
| Other | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 15 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2745 | &nbsp;&nbsp;&nbsp; 2862 | &nbsp;&nbsp;&nbsp; 4386 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (888)<br>| &nbsp;&nbsp;&nbsp; (928)<br>| &nbsp;&nbsp;&nbsp; (2108)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 1799 | &nbsp;&nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 2278 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 13655 | &nbsp;&nbsp;&nbsp; 14259 | &nbsp;&nbsp;&nbsp; 24048 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **California**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **New York**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Short-**<br> **Intermediate**<br> **Municipal**<br>**Bond Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $(2494)<br>| &nbsp;&nbsp;&nbsp; $(4026)<br>| &nbsp;&nbsp;&nbsp; $(541)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; (225)<br>| &nbsp;&nbsp;&nbsp; (225)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 391 |
| Options written | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (2313)<br>| &nbsp;&nbsp;&nbsp; (3843)<br>| &nbsp;&nbsp;&nbsp; (157)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 8516 | &nbsp;&nbsp;&nbsp; 6290 | &nbsp;&nbsp;&nbsp; 11265 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 4 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 38 |
| Options written | &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 8597 | &nbsp;&nbsp;&nbsp; 6368 | &nbsp;&nbsp;&nbsp; 11307 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 6284 | &nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp; 11150 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $19939 | &nbsp;&nbsp;&nbsp; $16784 | &nbsp;&nbsp;&nbsp; $35198 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 69

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026 (continued)

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Ultra-Short** <br>**Municipal** <br>**Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $32899 | &nbsp;&nbsp;&nbsp; $63791 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 2 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1137 | &nbsp;&nbsp;&nbsp; 6639 |
| Total investment income | &nbsp;&nbsp;&nbsp; 34036 | &nbsp;&nbsp;&nbsp; 70432 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 2379 | &nbsp;&nbsp;&nbsp; 3549 |
| Administration fees | &nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 1775 |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp; 463 |
| Class C | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp; 463 |
| Class C | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 5453 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 250 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 19 |
| Professional fees | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 71 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 30 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 15 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; — |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 20 |
| Other | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 33 |
| Total expenses | &nbsp;&nbsp;&nbsp; 5338 | &nbsp;&nbsp;&nbsp; 12141 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1336)<br>| &nbsp;&nbsp;&nbsp; (7580)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 4002 | &nbsp;&nbsp;&nbsp; 4561 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 30034 | &nbsp;&nbsp;&nbsp; 65871 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Ultra-Short**<br> **Municipal**<br>**Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $(8853)<br>| &nbsp;&nbsp;&nbsp; $(252)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; (427)<br>| &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (8570)<br>| &nbsp;&nbsp;&nbsp; (252)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 12501 | &nbsp;&nbsp;&nbsp; 8346 |
| Options purchased | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 12646 | &nbsp;&nbsp;&nbsp; 8346 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 4076 | &nbsp;&nbsp;&nbsp; 8094 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $34110 | &nbsp;&nbsp;&nbsp; $73965 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 71

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Tax Free Bond Fund**  | **JPMorgan California Tax Free Bond Fund**  | **JPMorgan New York Tax Free Bond Fund**  | **JPMorgan New York Tax Free Bond Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $13655 | &nbsp;&nbsp;&nbsp; $10062 | &nbsp;&nbsp;&nbsp; $14259 | &nbsp;&nbsp;&nbsp; $12248 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (2313)<br>| &nbsp;&nbsp;&nbsp; (557)<br>| &nbsp;&nbsp;&nbsp; (3843)<br>| &nbsp;&nbsp;&nbsp; (149)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 8597 | &nbsp;&nbsp;&nbsp; (1588)<br>| &nbsp;&nbsp;&nbsp; 6368 | &nbsp;&nbsp;&nbsp; (2430)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 19939 | &nbsp;&nbsp;&nbsp; 7917 | &nbsp;&nbsp;&nbsp; 16784 | &nbsp;&nbsp;&nbsp; 9669 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3159)<br>| &nbsp;&nbsp;&nbsp; (3002)<br>| &nbsp;&nbsp;&nbsp; (3990)<br>| &nbsp;&nbsp;&nbsp; (3722)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (189)<br>| &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp;&nbsp; (245)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (4831)<br>| &nbsp;&nbsp;&nbsp; (2601)<br>| &nbsp;&nbsp;&nbsp; (5422)<br>| &nbsp;&nbsp;&nbsp; (4188)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (5487)<br>| &nbsp;&nbsp;&nbsp; (4265)<br>| &nbsp;&nbsp;&nbsp; (4618)<br>| &nbsp;&nbsp;&nbsp; (4088)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (13615)<br>| &nbsp;&nbsp;&nbsp; (10057)<br>| &nbsp;&nbsp;&nbsp; (14225)<br>| &nbsp;&nbsp;&nbsp; (12243)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 105065 | &nbsp;&nbsp;&nbsp; 72833 | &nbsp;&nbsp;&nbsp; 74490 | &nbsp;&nbsp;&nbsp; 21474 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 111389 | &nbsp;&nbsp;&nbsp; 70693 | &nbsp;&nbsp;&nbsp; 77049 | &nbsp;&nbsp;&nbsp; 18900 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 377354 | &nbsp;&nbsp;&nbsp; 306661 | &nbsp;&nbsp;&nbsp; 392602 | &nbsp;&nbsp;&nbsp; 373702 |
| End of period | &nbsp;&nbsp;&nbsp; $488743 | &nbsp;&nbsp;&nbsp; $377354 | &nbsp;&nbsp;&nbsp; $469651 | &nbsp;&nbsp;&nbsp; $392602 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

72 J.P. Morgan Municipal Bond Funds February 28, 2026

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund**  | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund**  | **JPMorgan Tax Free Bond Fund**  | **JPMorgan Tax Free Bond Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $24048 | &nbsp;&nbsp;&nbsp; $22794 | &nbsp;&nbsp;&nbsp; $30034 | &nbsp;&nbsp;&nbsp; $24437 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (157)<br>| &nbsp;&nbsp;&nbsp; (6902)<br>| &nbsp;&nbsp;&nbsp; (8570)<br>| &nbsp;&nbsp;&nbsp; (6087)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 11307 | &nbsp;&nbsp;&nbsp; 8759 | &nbsp;&nbsp;&nbsp; 12646 | &nbsp;&nbsp;&nbsp; 4128 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 35198 | &nbsp;&nbsp;&nbsp; 24651 | &nbsp;&nbsp;&nbsp; 34110 | &nbsp;&nbsp;&nbsp; 22478 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2664)<br>| &nbsp;&nbsp;&nbsp; (2126)<br>| &nbsp;&nbsp;&nbsp; (8978)<br>| &nbsp;&nbsp;&nbsp; (8593)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (216)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (11574)<br>| &nbsp;&nbsp;&nbsp; (10524)<br>| &nbsp;&nbsp;&nbsp; (10175)<br>| &nbsp;&nbsp;&nbsp; (9178)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (9792)<br>| &nbsp;&nbsp;&nbsp; (10088)<br>| &nbsp;&nbsp;&nbsp; (10581)<br>| &nbsp;&nbsp;&nbsp; (6415)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (24060)<br>| &nbsp;&nbsp;&nbsp; (22773)<br>| &nbsp;&nbsp;&nbsp; (29928)<br>| &nbsp;&nbsp;&nbsp; (24402)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 30227 | &nbsp;&nbsp;&nbsp; (22828)<br>| &nbsp;&nbsp;&nbsp; 169021 | &nbsp;&nbsp;&nbsp; (152130)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 41365 | &nbsp;&nbsp;&nbsp; (20950)<br>| &nbsp;&nbsp;&nbsp; 173203 | &nbsp;&nbsp;&nbsp; (154054)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 794448 | &nbsp;&nbsp;&nbsp; 815398 | &nbsp;&nbsp;&nbsp; 678964 | &nbsp;&nbsp;&nbsp; 833018 |
| End of period | &nbsp;&nbsp;&nbsp; $835813 | &nbsp;&nbsp;&nbsp; $794448 | &nbsp;&nbsp;&nbsp; $852167 | &nbsp;&nbsp;&nbsp; $678964 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 73

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Ultra-Short Municipal Fund**  | **JPMorgan Ultra-Short Municipal Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| **Year Ended** <br>**February 28, 2025**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $65871 | &nbsp;&nbsp;&nbsp; $57673 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (252)<br>| &nbsp;&nbsp;&nbsp; (1316)<br>|
| Distributions of capital gains received from investment company affiliates  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 8346 | &nbsp;&nbsp;&nbsp; 9017 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 73965 | &nbsp;&nbsp;&nbsp; 65374 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4735)<br>| &nbsp;&nbsp;&nbsp; (4968)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (61006)<br>| &nbsp;&nbsp;&nbsp; (52742)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (65741)<br>| &nbsp;&nbsp;&nbsp; (57710)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 353737 | &nbsp;&nbsp;&nbsp; 433407 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 361961 | &nbsp;&nbsp;&nbsp; 441071 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2181573 | &nbsp;&nbsp;&nbsp; 1740502 |
| End of period | &nbsp;&nbsp;&nbsp; $2543534 | &nbsp;&nbsp;&nbsp; $2181573 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

74 J.P. Morgan Municipal Bond Funds February 28, 2026

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Tax Free Bond Fund** | **JPMorgan California Tax Free Bond Fund** | **JPMorgan New York Tax Free Bond Fund** | **JPMorgan New York Tax Free Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $32357 | &nbsp;&nbsp;&nbsp; $18394 | &nbsp;&nbsp;&nbsp; $41832 | &nbsp;&nbsp;&nbsp; $16865 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3093 | &nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp; 3651 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (27585)<br>| &nbsp;&nbsp;&nbsp; (27186)<br>| &nbsp;&nbsp;&nbsp; (30220)<br>| &nbsp;&nbsp;&nbsp; (26472)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 7865 | &nbsp;&nbsp;&nbsp; (5848)<br>| &nbsp;&nbsp;&nbsp; 15532 | &nbsp;&nbsp;&nbsp; (5956)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1211 | &nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp; 4634 | &nbsp;&nbsp;&nbsp; 1487 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 243 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3471)<br>| &nbsp;&nbsp;&nbsp; (3481)<br>| &nbsp;&nbsp;&nbsp; (3394)<br>| &nbsp;&nbsp;&nbsp; (4990)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2122)<br>| &nbsp;&nbsp;&nbsp; (2506)<br>| &nbsp;&nbsp;&nbsp; 1434 | &nbsp;&nbsp;&nbsp; (3260)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 129412 | &nbsp;&nbsp;&nbsp; 106616 | &nbsp;&nbsp;&nbsp; 107879 | &nbsp;&nbsp;&nbsp; 52748 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4826 | &nbsp;&nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; 5342 | &nbsp;&nbsp;&nbsp; 4140 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (45158)<br>| &nbsp;&nbsp;&nbsp; (68795)<br>| &nbsp;&nbsp;&nbsp; (89667)<br>| &nbsp;&nbsp;&nbsp; (27980)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 89080 | &nbsp;&nbsp;&nbsp; 40413 | &nbsp;&nbsp;&nbsp; 23554 | &nbsp;&nbsp;&nbsp; 28908 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 49575 | &nbsp;&nbsp;&nbsp; 104792 | &nbsp;&nbsp;&nbsp; 63596 | &nbsp;&nbsp;&nbsp; 27912 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5471 | &nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp; 4611 | &nbsp;&nbsp;&nbsp; 4080 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (44804)<br>| &nbsp;&nbsp;&nbsp; (68268)<br>| &nbsp;&nbsp;&nbsp; (34237)<br>| &nbsp;&nbsp;&nbsp; (30210)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 10242 | &nbsp;&nbsp;&nbsp; 40774 | &nbsp;&nbsp;&nbsp; 33970 | &nbsp;&nbsp;&nbsp; 1782 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $105065 | &nbsp;&nbsp;&nbsp; $72833 | &nbsp;&nbsp;&nbsp; $74490 | &nbsp;&nbsp;&nbsp; $21474 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3185 | &nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp; 6575 | &nbsp;&nbsp;&nbsp; 2618 |
| Reinvested | &nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp; 569 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2721)<br>| &nbsp;&nbsp;&nbsp; (2644)<br>| &nbsp;&nbsp;&nbsp; (4767)<br>| &nbsp;&nbsp;&nbsp; (4120)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; (571)<br>| &nbsp;&nbsp;&nbsp; 2429 | &nbsp;&nbsp;&nbsp; (933)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 230 |
| Reinvested | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 38 |
| Redeemed | &nbsp;&nbsp;&nbsp; (345)<br>| &nbsp;&nbsp;&nbsp; (342)<br>| &nbsp;&nbsp;&nbsp; (537)<br>| &nbsp;&nbsp;&nbsp; (777)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (211)<br>| &nbsp;&nbsp;&nbsp; (247)<br>| &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; (509)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 75

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**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Tax Free Bond Fund** | **JPMorgan California Tax Free Bond Fund** | **JPMorgan New York Tax Free Bond Fund** | **JPMorgan New York Tax Free Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 13030 | &nbsp;&nbsp;&nbsp; 10597 | &nbsp;&nbsp;&nbsp; 16946 | &nbsp;&nbsp;&nbsp; 8122 |
| Reinvested | &nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 642 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4562)<br>| &nbsp;&nbsp;&nbsp; (6847)<br>| &nbsp;&nbsp;&nbsp; (14058)<br>| &nbsp;&nbsp;&nbsp; (4334)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 8954 | &nbsp;&nbsp;&nbsp; 4009 | &nbsp;&nbsp;&nbsp; 3728 | &nbsp;&nbsp;&nbsp; 4430 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5016 | &nbsp;&nbsp;&nbsp; 10449 | &nbsp;&nbsp;&nbsp; 9948 | &nbsp;&nbsp;&nbsp; 4312 |
| Reinvested | &nbsp;&nbsp;&nbsp; 553 | &nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 632 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4546)<br>| &nbsp;&nbsp;&nbsp; (6821)<br>| &nbsp;&nbsp;&nbsp; (5410)<br>| &nbsp;&nbsp;&nbsp; (4678)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 1023 | &nbsp;&nbsp;&nbsp; 4053 | &nbsp;&nbsp;&nbsp; 5264 | &nbsp;&nbsp;&nbsp; 266 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

76 J.P. Morgan Municipal Bond Funds February 28, 2026

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund** | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund** | **JPMorgan Tax Free Bond Fund** | **JPMorgan Tax Free Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $50951 | &nbsp;&nbsp;&nbsp; $28352 | &nbsp;&nbsp;&nbsp; $75388 | &nbsp;&nbsp;&nbsp; $60267 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2652 | &nbsp;&nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp; 8893 | &nbsp;&nbsp;&nbsp; 8466 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (26443)<br>| &nbsp;&nbsp;&nbsp; (32272)<br>| &nbsp;&nbsp;&nbsp; (68509)<br>| &nbsp;&nbsp;&nbsp; (71196)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 27160 | &nbsp;&nbsp;&nbsp; (1808)<br>| &nbsp;&nbsp;&nbsp; 15772 | &nbsp;&nbsp;&nbsp; (2463)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 2893 | &nbsp;&nbsp;&nbsp; 2051 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 216 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (729)<br>| &nbsp;&nbsp;&nbsp; (833)<br>| &nbsp;&nbsp;&nbsp; (5151)<br>| &nbsp;&nbsp;&nbsp; (2756)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; (698)<br>| &nbsp;&nbsp;&nbsp; (2064)<br>| &nbsp;&nbsp;&nbsp; (489)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 154677 | &nbsp;&nbsp;&nbsp; 166645 | &nbsp;&nbsp;&nbsp; 89668 | &nbsp;&nbsp;&nbsp; 119095 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 11506 | &nbsp;&nbsp;&nbsp; 10466 | &nbsp;&nbsp;&nbsp; 10020 | &nbsp;&nbsp;&nbsp; 8949 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (160869)<br>| &nbsp;&nbsp;&nbsp; (143171)<br>| &nbsp;&nbsp;&nbsp; (90728)<br>| &nbsp;&nbsp;&nbsp; (88511)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 5314 | &nbsp;&nbsp;&nbsp; 33940 | &nbsp;&nbsp;&nbsp; 8960 | &nbsp;&nbsp;&nbsp; 39533 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 47510 | &nbsp;&nbsp;&nbsp; 24701 | &nbsp;&nbsp;&nbsp; 168840 | &nbsp;&nbsp;&nbsp; 28066 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9694 | &nbsp;&nbsp;&nbsp; 9939 | &nbsp;&nbsp;&nbsp; 10575 | &nbsp;&nbsp;&nbsp; 6411 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (59539)<br>| &nbsp;&nbsp;&nbsp; (88902)<br>| &nbsp;&nbsp;&nbsp; (33062)<br>| &nbsp;&nbsp;&nbsp; (223188)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2335)<br>| &nbsp;&nbsp;&nbsp; (54262)<br>| &nbsp;&nbsp;&nbsp; 146353 | &nbsp;&nbsp;&nbsp; (188711)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $30227 | &nbsp;&nbsp;&nbsp; $(22828)<br>| &nbsp;&nbsp;&nbsp; $169021 | &nbsp;&nbsp;&nbsp; $(152130)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5027 | &nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp; 7061 | &nbsp;&nbsp;&nbsp; 5544 |
| Reinvested | &nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 781 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2607)<br>| &nbsp;&nbsp;&nbsp; (3189)<br>| &nbsp;&nbsp;&nbsp; (6405)<br>| &nbsp;&nbsp;&nbsp; (6554)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 2681 | &nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp; (229)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp; 189 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 20 |
| Redeemed | &nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp; (486)<br>| &nbsp;&nbsp;&nbsp; (256)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp; (192)<br>| &nbsp;&nbsp;&nbsp; (47)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 77

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Short-Intermediate**<br> **Municipal Bond Fund** | **JPMorgan Short-Intermediate**<br> **Municipal Bond Fund** | **JPMorgan Tax Free Bond Fund** | **JPMorgan Tax Free Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15116 | &nbsp;&nbsp;&nbsp; 16342 | &nbsp;&nbsp;&nbsp; 8446 | &nbsp;&nbsp;&nbsp; 10962 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp; 1031 | &nbsp;&nbsp;&nbsp; 943 | &nbsp;&nbsp;&nbsp; 830 |
| Redeemed | &nbsp;&nbsp;&nbsp; (15726)<br>| &nbsp;&nbsp;&nbsp; (14083)<br>| &nbsp;&nbsp;&nbsp; (8561)<br>| &nbsp;&nbsp;&nbsp; (8189)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp; 3290 | &nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; 3603 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4647 | &nbsp;&nbsp;&nbsp; 2428 | &nbsp;&nbsp;&nbsp; 15776 | &nbsp;&nbsp;&nbsp; 2594 |
| Reinvested | &nbsp;&nbsp;&nbsp; 949 | &nbsp;&nbsp;&nbsp; 979 | &nbsp;&nbsp;&nbsp; 994 | &nbsp;&nbsp;&nbsp; 595 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5820)<br>| &nbsp;&nbsp;&nbsp; (8735)<br>| &nbsp;&nbsp;&nbsp; (3115)<br>| &nbsp;&nbsp;&nbsp; (20653)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (224)<br>| &nbsp;&nbsp;&nbsp; (5328)<br>| &nbsp;&nbsp;&nbsp; 13655 | &nbsp;&nbsp;&nbsp; (17464)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

78 J.P. Morgan Municipal Bond Funds February 28, 2026

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

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Ultra-Short Municipal Fund** | **JPMorgan Ultra-Short Municipal Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $41662 | &nbsp;&nbsp;&nbsp; $174409 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4533 | &nbsp;&nbsp;&nbsp; 4825 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (103079)<br>| &nbsp;&nbsp;&nbsp; (137636)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (56884)<br>| &nbsp;&nbsp;&nbsp; 41598 |
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1481577 | &nbsp;&nbsp;&nbsp; 1314901 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 60928 | &nbsp;&nbsp;&nbsp; 52618 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1131884)<br>| &nbsp;&nbsp;&nbsp; (975710)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 410621 | &nbsp;&nbsp;&nbsp; 391809 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $353737 | &nbsp;&nbsp;&nbsp; $433407 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4163 | &nbsp;&nbsp;&nbsp; 17427 |
| Reinvested | &nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; 483 |
| Redeemed | &nbsp;&nbsp;&nbsp; (10276)<br>| &nbsp;&nbsp;&nbsp; (13761)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (5661)<br>| &nbsp;&nbsp;&nbsp; 4149 |
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 147779 | &nbsp;&nbsp;&nbsp; 131489 |
| Reinvested | &nbsp;&nbsp;&nbsp; 6084 | &nbsp;&nbsp;&nbsp; 5269 |
| Redeemed | &nbsp;&nbsp;&nbsp; (112892)<br>| &nbsp;&nbsp;&nbsp; (97581)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 40971 | &nbsp;&nbsp;&nbsp; 39177 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 79

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan California Tax Free Bond Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.29 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $(0.31)<br>|
| Year Ended February 28, 2025 | 10.34 | 0.30 | &nbsp;&nbsp; (0.06)<br>| 0.24 | &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 29, 2024 | 10.15 | 0.26 | 0.18 | 0.44 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2023 | 10.68 | 0.20 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 28, 2022 | 11.06 | 0.16 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.19 | 0.27 | 0.11 | 0.38 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2025 | 10.25 | 0.25 | &nbsp;&nbsp; (0.07)<br>| 0.18 | &nbsp;&nbsp; (0.24)<br>|
| Year Ended February 29, 2024 | 10.06 | 0.20 | 0.19 | 0.39 | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 28, 2023 | 10.59 | 0.15 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year Ended February 28, 2022 | 10.96 | 0.10 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.03 | 0.33 | 0.11 | 0.44 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2025 | 10.09 | 0.30 | &nbsp;&nbsp; (0.06)<br>| 0.24 | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 29, 2024 | 9.90 | 0.26 | 0.19 | 0.45 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2023 | 10.43 | 0.21 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.21)<br>|
| Year Ended February 28, 2022 | 10.80 | 0.17 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.02 | 0.34 | 0.11 | 0.45 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2025 | 10.09 | 0.31 | &nbsp;&nbsp; (0.07)<br>| 0.24 | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 29, 2024 | 9.90 | 0.27 | 0.19 | 0.46 | &nbsp;&nbsp; (0.27)<br>|
| Year Ended February 28, 2023 | 10.43 | 0.22 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 28, 2022 | 10.80 | 0.18 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

80 J.P. Morgan Municipal Bond Funds February 28, 2026

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $110674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 81

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan New York Tax Free Bond Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $6.43 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $(0.21)<br>|
| Year Ended February 28, 2025 | 6.47 | 0.20 | &nbsp;&nbsp; (0.04)<br>| 0.16 | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 29, 2024 | 6.37 | 0.17 | 0.10 | 0.27 | &nbsp;&nbsp; (0.17)<br>|
| Year Ended February 28, 2023 | 6.71 | 0.13 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.13)<br>|
| Year Ended February 28, 2022 | 6.93 | 0.11 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.43 | 0.18 | 0.02 | 0.20 | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2025 | 6.47 | 0.17 | &nbsp;&nbsp; (0.04)<br>| 0.13 | &nbsp;&nbsp; (0.17)<br>|
| Year Ended February 29, 2024 | 6.37 | 0.14 | 0.10 | 0.24 | &nbsp;&nbsp; (0.14)<br>|
| Year Ended February 28, 2023 | 6.71 | 0.10 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.10)<br>|
| Year Ended February 28, 2022 | 6.93 | 0.08 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.08)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.46 | 0.22 | 0.03 | 0.25 | &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 28, 2025 | 6.50 | 0.21 | &nbsp;&nbsp; (0.04)<br>| 0.17 | &nbsp;&nbsp; (0.21)<br>|
| Year Ended February 29, 2024 | 6.40 | 0.18 | 0.10 | 0.28 | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2023 | 6.75 | 0.15 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year Ended February 28, 2022 | 6.96 | 0.13 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.46 | 0.23 | 0.03 | 0.26 | &nbsp;&nbsp; (0.23)<br>|
| Year Ended February 28, 2025 | 6.50 | 0.22 | &nbsp;&nbsp; (0.04)<br>| 0.18 | &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 29, 2024 | 6.40 | 0.18 | 0.10 | 0.28 | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2023 | 6.74 | 0.16 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year Ended February 28, 2022 | 6.96 | 0.14 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.14)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

82 J.P. Morgan Municipal Bond Funds February 28, 2026

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $132708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 83

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Short-Intermediate Municipal Bond Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.15 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $(0.26)<br>|
| Year Ended February 28, 2025 | 10.12 | 0.26 | 0.03 | 0.29 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 29, 2024 | 10.02 | 0.20 | 0.11 | 0.31 | &nbsp;&nbsp; (0.21)<br>|
| Year Ended February 28, 2023 | 10.46 | 0.14 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>|
| Year Ended February 28, 2022 | 10.78 | 0.11 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.26 | 0.21 | 0.14 | 0.35 | &nbsp;&nbsp; (0.21)<br>|
| Year Ended February 28, 2025 | 10.22 | 0.21 | 0.03 | 0.24 | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 29, 2024 | 10.12 | 0.15 | 0.10 | 0.25 | &nbsp;&nbsp; (0.15)<br>|
| Year Ended February 28, 2023 | 10.56 | 0.09 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended February 28, 2022 | 10.88 | 0.06 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.06)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.21 | 0.31 | 0.14 | 0.45 | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2025 | 10.18 | 0.30 | 0.03 | 0.33 | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 29, 2024 | 10.08 | 0.24 | 0.11 | 0.35 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2023 | 10.52 | 0.18 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>|
| Year Ended February 28, 2022 | 10.84 | 0.16 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.21 | 0.31 | 0.14 | 0.45 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 28, 2025 | 10.18 | 0.31 | 0.03 | 0.34 | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 29, 2024 | 10.08 | 0.25 | 0.11 | 0.36 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2023 | 10.52 | 0.19 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>|
| Year Ended February 28, 2022 | 10.83 | 0.16 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 J.P. Morgan Municipal Bond Funds February 28, 2026

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $113098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 85

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Tax Free Bond Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.89 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $(0.38)<br>|
| Year Ended February 28, 2025 | 10.90 | 0.38 | &nbsp;&nbsp; (0.01)<br>| 0.37 | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 29, 2024 | 10.70 | 0.38 | 0.19 | 0.57 | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2023 | 12.15 | 0.33 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2022 | 12.46 | 0.27 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.78 | 0.32 | 0.03 | 0.35 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 28, 2025 | 10.80 | 0.31 | &nbsp;&nbsp; (0.01)<br>| 0.30 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 29, 2024 | 10.60 | 0.31 | 0.20 | 0.51 | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2023 | 12.04 | 0.26 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2022 | 12.35 | 0.19 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.83 | 0.41 | 0.03 | 0.44 | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2025 | 10.85 | 0.40 | &nbsp;&nbsp; (0.02)<br>| 0.38 | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 29, 2024 | 10.65 | 0.40 | 0.19 | 0.59 | &nbsp;&nbsp; (0.39)<br>|
| Year Ended February 28, 2023 | 12.09 | 0.35 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2022 | 12.41 | 0.29 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.83 | 0.42 | 0.02 | 0.44 | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2025 | 10.84 | 0.40 | &nbsp;&nbsp; —(d)<br>| 0.40 | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 29, 2024 | 10.64 | 0.40 | 0.20 | 0.60 | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 28, 2023 | 12.09 | 0.36 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 28, 2022 | 12.41 | 0.30 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.30)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

86 J.P. Morgan Municipal Bond Funds February 28, 2026

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $262952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 87

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Ultra-Short Municipal Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.02 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $(0.26)<br>|
| Year Ended February 28, 2025 | 9.98 | 0.28 | 0.04 | 0.32 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 29, 2024 | 9.90 | 0.25 | 0.08 | 0.33 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2023 | 9.98 | 0.13 | &nbsp;&nbsp; (0.11)<br>| 0.02 | &nbsp;&nbsp; (0.10)<br>|
| Year Ended February 28, 2022 | 10.07 | 0.01 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.01 | 0.28 | 0.03 | 0.31 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 28, 2025 | 9.97 | 0.30 | 0.04 | 0.34 | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 29, 2024 | 9.89 | 0.27 | 0.09 | 0.36 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 28, 2023 | 9.98 | 0.10 | &nbsp;&nbsp; (0.07)<br>| 0.03 | &nbsp;&nbsp; (0.12)<br>|
| Year Ended February 28, 2022 | 10.06 | 0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.03)<br>|

---

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

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

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

88 <br>

------

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $152789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2390745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1972600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2073626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3984195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

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

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

89 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026

(Dollar values in thousands)

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

**1. Organization**

JPMorgan Trust I ("JPM I"), JPMorgan Trust II ("JPM II") and JPMorgan Trust IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 5 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan California Tax Free Bond Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan New York Tax Free Bond Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan Short-Intermediate Municipal Bond Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified |
| JPMorgan Tax Free Bond Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified |
| JPMorgan Ultra-Short Municipal Fund | Class A and Class I | JPM IV | Diversified |

---

The investment objective of JPMorgan California Tax Free Bond Fund ("California Tax Free Bond Fund") is to seek to provide high after-tax total return for California residents consistent with moderate risk of capital.

The investment objective of JPMorgan New York Tax Free Bond Fund ("New York Tax Free Bond Fund") is to seek to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income taxes. It also seeks to protect the value of your investment.

The investment objective of JPMorgan Short-Intermediate Municipal Bond Fund ("Short-Intermediate Bond Fund"), JPMorgan Tax Free Bond Fund ("Tax Free Bond Fund") and JPMorgan Ultra-Short Municipal Fund ("Ultra-Short Municipal Fund") is to seek as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

Effective as of the close of business on April 22, 2025, Class A of the Ultra-Short Municipal Fund is publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Class unless they meet certain requirements as described in the Class' prospectus.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), 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 Boards.

Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. 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 Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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

90 J.P. Morgan Municipal Bond Funds February 28, 2026

------

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 Boards.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

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

Futures contracts and options 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 Funds' 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 Funds' 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 tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **California Tax Free Bond Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $448432 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $448432 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 43458 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43458 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $43657 | &nbsp;&nbsp;&nbsp;&nbsp; $448432 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $492089 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $43 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $43 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(117)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(117)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(74)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New York Tax Free Bond Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $433492 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $433492 |

---

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 91

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New York Tax Free Bond Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; $189 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $189 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 31041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31041 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $31230 | &nbsp;&nbsp;&nbsp;&nbsp; $433492 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $464722 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $41 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $41 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(111)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(70)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Intermediate Municipal Bond Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 787223 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 787223 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 44215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44215 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $44215 | &nbsp;&nbsp;&nbsp;&nbsp; $787225 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $831440 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $38 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $38 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax Free Bond Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $810279 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $810279 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 43227 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43227 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $43579 | &nbsp;&nbsp;&nbsp;&nbsp; $810279 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $853858 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $77 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $77 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(207)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(207)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(130)<br>|

---

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

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

92 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2163503 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2163503 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 379892 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 379892 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $379892 | &nbsp;&nbsp;&nbsp;&nbsp; $2163503 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2543395 |

---

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of February 28, 2026, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— The Funds purchased when-issued securities, including To-Be-Announced ("TBA") securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Funds had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2026, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2026 are detailed on the SOIs, if any.

**D. Securities Lending** — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrower. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 93

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower's failure to return a loaned security.

The Funds did not lend out any securities during the year ended February 28, 2026.

**E. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' distributions may be reinvested into such Underlying Funds Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <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>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.78% (a) (b)<br>| $36833 | $220102 | $213477 | $—<br> (c)<br>| $— | $43458 | 43454 | $900 | $— |

---

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

(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. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <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>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.78% (a) (b)<br>| $20688 | $218777 | $208423 | $—<br> (c)<br>| $(1)<br>| $31041 | 31037 | $578 | $— |

---

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

(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. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <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>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.78% (a) (b)<br>| $21444 | $399417 | $376646 | $—<br> (c)<br>| $— | $44215 | 44211 | $1127 | $— |

---

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

(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. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

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

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

94 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <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>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.78% (a) (b)<br>| $57116 | $382581 | $396470 | $—<br> (c)<br>| $— | $43227 | 43223 | $1137 | $— |

---

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

(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. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <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>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.78% (a) (b)<br>| $217364 | $1674632 | $1512104 | $—<br> (c)<br>| $— | $379892 | 379854 | $6639 | $— |

---

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

(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. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

**F. Options** —California Tax Free Bond, New York Tax Free Bond Fund, Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund purchased and sold ("wrote") put and call options on various instruments including futures, securities, currencies and interest rate swaps ("swaptions") to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

*Options Purchased* — Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds are added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Funds pledge collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOIs.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 95

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds' exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**G. Futures Contracts**— California Tax Free Bond, New York Tax Free Bond Fund, Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund used interest rate and treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to interest rate risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**Derivatives Volume**

The table below discloses the volume of the Funds' options and futures contracts activity during the year ended February 28, 2026 (amounts in thousands, except for number of contracts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **California** <br>**Tax Free** <br>**Bond Fund**<br>| **New York** <br>**Tax Free** <br>**Bond Fund**<br>| **Short-Intermediate** <br>**Municipal** <br>**Bond** <br>**Fund**<br>| **Tax Free** <br>**Bond Fund**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $7911 | &nbsp;&nbsp; $7956 | &nbsp;&nbsp; $13194 | &nbsp;&nbsp; $20964 |
| Average Notional Balance Short | &nbsp;&nbsp; (3395)<br>| &nbsp;&nbsp; (3486)<br>| &nbsp;&nbsp; (3395)<br>| &nbsp;&nbsp; (6552)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 9899 | &nbsp;&nbsp; 9558 | &nbsp;&nbsp; 8761 | &nbsp;&nbsp; 17750 |
| **Exchange-Traded Options:** |  |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1312 |
| Average Number of Contracts Written | &nbsp;&nbsp; (692)<br>| &nbsp;&nbsp; (681)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1285)<br>|
| Ending Number of Contracts Purchased | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2650 |
| Ending Number of Contracts Written | &nbsp;&nbsp; (1500)<br>| &nbsp;&nbsp; (1425)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2650)<br>|

---

The Funds' derivatives contracts held at February 28, 2026 are not accounted for as hedging instruments under GAAP.

**H. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

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

96 J.P. Morgan Municipal Bond Funds February 28, 2026

------

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

**I. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 28, 2026, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| **California Tax Free Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | $5 | $1 | $3 | $1 | $10 |
| **New York Tax Free Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | 10 | 1 | 3 | 1 | 15 |
| **Short-Intermediate Municipal Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | 3 | 1 | 4 | 5 | 13 |
| **Tax Free Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | 12 | 1 | 4 | 3 | 20 |
| **Ultra-Short Municipal Fund** |  |  |  |  |  |
| Transfer agency fees  | 4 | n/a | 16 | n/a | 20 |

---

**J. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of February 28, 2026, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

For the year ended February 28, 2026, the Funds did not pay any significant foreign, federal or state and local income taxes.

**K. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $59 | &nbsp;&nbsp;&nbsp;&nbsp; $(59)<br>|
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>|
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; (135)<br>|
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>|
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70 |

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments.

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 97

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

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

**L. Segment Reporting** — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**M. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds' net assets or results of operations.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended February 28, 2026, the effective rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Boards have adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares, except for Ultra-Short Municipal Fund which has no sales charge, and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended February 28, 2026, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

98 J.P. Morgan Municipal Bond Funds February 28, 2026

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

**D. Service Fees**— The Trusts, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** |
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** |
| California Tax Free Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| New York Tax Free Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Short-Intermediate Municipal Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Tax Free Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Ultra-Short Municipal Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

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

<sup>(1)</sup> Prior to April 16, 2025, the contractual expense limitations were 0.45% and 0.25% for Class A and Class I, respectively.

The expense limitation agreements were in effect for the year ended February 28, 2026 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2026.

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 99

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

For the year ended February 28, 2026, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp; $218 | &nbsp;&nbsp; $144 | &nbsp;&nbsp; $486 | &nbsp;&nbsp; $848 | &nbsp;&nbsp; $58 |
| New York Tax Free Bond Fund | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 903 | &nbsp;&nbsp; 71 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp; 774 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 2059 | &nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1287 | &nbsp;&nbsp; — |
| Ultra-Short Municipal Fund | &nbsp;&nbsp; 3549 | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1972 | &nbsp;&nbsp; 7296 | &nbsp;&nbsp; — |

---

Additionally, the Funds may invest in one or more money market funds advised by the Adviser ("Affiliated Money Market Funds"). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the Affiliated Money Market Fund on the applicable Fund's investment in such Affiliated Money Market Fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these Affiliated Money Market Funds for the year ended February 28, 2026 were as follows:

---

| | |
|:---|:---|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $40 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 284 |

---

**G. Other**— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Boards' independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended February 28, 2026, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the year ended February 28, 2026, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| California Tax Free Bond Fund | $250946 | $153559 |
| New York Tax Free Bond Fund | 260376 | 200616 |
| Short-Intermediate Municipal Bond Fund | 274186 | 247168 |
| Tax Free Bond Fund | 582500 | 399839 |
| Ultra-Short Municipal Fund | 1402226 | 1161955 |

---

During the year ended February 28, 2026, there were no purchases or sales of U.S. Government securities.

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

100 J.P. Morgan Municipal Bond Funds February 28, 2026

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

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $480456 | &nbsp;&nbsp;&nbsp;&nbsp; $14037 | &nbsp;&nbsp;&nbsp;&nbsp; $2478 | &nbsp;&nbsp;&nbsp;&nbsp; $11559 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 455189 | &nbsp;&nbsp;&nbsp;&nbsp; 11517 | &nbsp;&nbsp;&nbsp;&nbsp; 2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9463 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 817042 | &nbsp;&nbsp;&nbsp;&nbsp; 15794 | &nbsp;&nbsp;&nbsp;&nbsp; 1358 | &nbsp;&nbsp;&nbsp;&nbsp; 14436 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 827623 | &nbsp;&nbsp;&nbsp;&nbsp; 31020 | &nbsp;&nbsp;&nbsp;&nbsp; 4915 | &nbsp;&nbsp;&nbsp;&nbsp; 26105 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2533046 | &nbsp;&nbsp;&nbsp;&nbsp; 10682 | &nbsp;&nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp; 10349 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments.

The tax character of distributions paid during the year ended February 28, 2026 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $160 | &nbsp;&nbsp;&nbsp;&nbsp; $13455 | &nbsp;&nbsp;&nbsp;&nbsp; $13615 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 14046 | &nbsp;&nbsp;&nbsp;&nbsp; 14225 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 24031 | &nbsp;&nbsp;&nbsp;&nbsp; 24060 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 29815 | &nbsp;&nbsp;&nbsp;&nbsp; 29928 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 65711 | &nbsp;&nbsp;&nbsp;&nbsp; 65741 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended February 28, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $148 | &nbsp;&nbsp;&nbsp;&nbsp; $9909 | &nbsp;&nbsp;&nbsp;&nbsp; $10057 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 12177 | &nbsp;&nbsp;&nbsp;&nbsp; 12243 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 22755 | &nbsp;&nbsp;&nbsp;&nbsp; 22773 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 633 | &nbsp;&nbsp;&nbsp;&nbsp; 23769 | &nbsp;&nbsp;&nbsp;&nbsp; 24402 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 57591 | &nbsp;&nbsp;&nbsp;&nbsp; 57710 |

---

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

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 101

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

As of February 28, 2026, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $(20558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88 | &nbsp;&nbsp;&nbsp;&nbsp; $11559 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (15021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 9463 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (64634)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 14436 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (76714)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 26105 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; (40592)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 10349 |

---

The cumulative timing differences primarily consist of tax adjustments on certain investments and post-October capital loss deferrals.

As of February 28, 2026, the following Funds had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $5622 | &nbsp;&nbsp;&nbsp;&nbsp; $14936 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6651 | &nbsp;&nbsp;&nbsp;&nbsp; 8370 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 16785 | &nbsp;&nbsp;&nbsp;&nbsp; 47849 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24842 | &nbsp;&nbsp;&nbsp;&nbsp; 51872 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10712 | &nbsp;&nbsp;&nbsp;&nbsp; 29880 |

---

Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended February 28, 2026, the Funds deferred to March 1, 2026 the following net capital losses (gains) of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $151 | &nbsp;&nbsp;&nbsp;&nbsp; $67 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended February 28, 2026.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2026.

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

102 J.P. Morgan Municipal Bond Funds February 28, 2026

------

The Trusts, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended February 28, 2026.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of February 28, 2026, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| California Tax Free Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 74.0<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 10.3<br> %<br>|
| New York Tax Free Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;69.2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;77.3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;54.4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;27.8 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;87.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

The Funds invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. California Tax Free Bond Fund and New York Tax Free Bond Fund primarily invest in issuers in the states of California and New York, respectively. An issuer's ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers' ratings and the Funds' ability to collect principal and interest, in the event of an issuer's default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 103

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

**8. Reorganization**

At a meeting held on February 10-12, 2026, the JPM I's Board approved the reorganizations (the "Reorganizations") of California Tax Free Bond Fund and JPM New York Tax Free Bond Fund into newly created exchange-traded funds, JPMorgan California Tax Free Bond ETF ("JPM California Tax Free Bond ETF") and JPMorgan New York Tax Free Bond ETF ("JPM New York Tax Free Bond ETF"), respectively, each a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about June 11, 2026.

Following the Reorganizations, the California Tax Free Bond Fund's performance and financial history will be adopted by JPM California Tax Free Bond ETF and New York Tax Free Bond Fund's performance and financial history will be adopted by JPM New York Tax Free Bond ETF. JPM California Tax Free Bond ETF and JPM New York Tax Free Bond ETF will have the same objective and fundamental investment policies as California Tax Free Bond Fund and New York Tax Free Bond Fund, respectively.

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

104 J.P. Morgan Municipal Bond Funds February 28, 2026

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan California Tax Free Bond Fund, JPMorgan New York Tax Free Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Tax Free Bond Fund and JPMorgan Ultra–Short Municipal Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan California Tax Free Bond Fund and JPMorgan New York Tax Free Bond Fund (two of the funds constituting JPMorgan Trust I), JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund (two of the funds constituting JPMorgan Trust II) and JPMorgan Ultra-Short Municipal Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 29, 2026

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

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

February 28, 2026 J.P. Morgan Municipal Bond Funds 105

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended February 28, 2026. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2026. The information necessary to complete your income tax returns for the calendar year ending December 31, 2026 will be provided under separate cover.

**Tax Exempt Income**

Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Exempt** <br>**Distributions** <br>**Paid**<br>|
| JPMorgan California Tax Free Bond Fund | &nbsp;&nbsp; $13455 |
| JPMorgan New York Tax Free Bond Fund | &nbsp;&nbsp; 14046 |
| JPMorgan Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp; 24031 |
| JPMorgan Tax Free Bond Fund | &nbsp;&nbsp; 29815 |
| JPMorgan Ultra-Short Municipal Fund | &nbsp;&nbsp; 65711 |

---

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

106 J.P. Morgan Municipal Bond Funds February 28, 2026

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g117677imgfd1630532.jpg)

------

![](g117677imgc64a4d3c3.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2026. All rights reserved. February 2026.

AN-MUNIBOND-226

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

#### No material changes to report.
ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

**The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.** 

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.** 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

------

ITEM 19. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d116753dex99code.htm)

#### Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:](d116753dex99cert.htm)

#### Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

**Not applicable.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

#### Not applicable.
(b) [A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.](d116753dex99906cert.htm)

#### Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

JPMorgan Trust IV

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | May 7, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | May 7, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | May 7, 2026 |

---

## Ex-99.Code

EX-99 COD ETH 2

**JPMorgan Trust I** 

**JPMorgan Trust II** 

**JPMorgan Trust IV** 

**Undiscovered Managers Funds** 

**JPMorgan Institutional Trust** 

**J. P. Morgan Mutual Fund Investment Trust** 

**J. P. Morgan Fleming Mutual Fund Group, Inc.** 

**J.P. Morgan Exchange-Traded Fund Trust** 

**(collectively the "J.P. Morgan Funds")** 

**Code of Ethics for Principal Executive** 

**and Principal Financial Officers** 

**Persons covered by this Code of Ethics:** 

**Matthew J. Kamburowski Principal Executive Officer** 

**Timothy J. Clemens Principal Financial Officer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Covered Officers/ Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the "Funds") applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Compliance with applicable laws and governmental rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Accountability for adherence to this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.** 

**A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.** 

**Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.** 

**Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the "Funds Principal Service Providers") of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the** 

------

 **Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.** 

**Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Complete on an annual basis the Funds' Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **In furtherance of the above, below are some examples of conflict of interest situations that should be discussed with the Investment Adviser's Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Serving as a director on the board of any public, private company or not for profit organization;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The receipt of any gifts in excess of $100;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than the Funds Principal Service Providers;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer's employment with the Funds' Principal Service Providers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and/or to governmental regulators and self-regulatory organizations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each covered officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Notify the Funds' Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Funds' Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds' Board.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **The Funds' Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **If, after such investigation, the Funds' Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Any matter the Funds' Chief Compliance Officer believes to be a violation will be reported to the Funds' Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The Funds' Board will be responsible for granting waivers, as appropriate; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds' Board as provided by SEC rules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds' and their investment adviser's codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser's more detailed policies and procedures set forth in the Investment Adviser's Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to the list of Covered Officers, must be approved or ratified by a majority vote of the Funds' Board, including a majority of independent directors or trustees.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion**.

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Matthew J. Kamburowski, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Institutional
Tax Free Money Market Fund, JPMorgan Securities Lending Money Market Fund and JPMorgan Ultra-Short Municipal Fund (the "Funds"), each a series of the JPMorgan Trust IV (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

Date: May 7, 2026

---

| |
|:---|
| /s/ Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan Institutional
Tax Free Money Market Fund, JPMorgan Securities Lending Money Market Fund and JPMorgan Ultra-Short Municipal Fund (the "Funds"), each a series of the JPMorgan Trust IV (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

Date: May 7, 2026

---

| |
|:---|
| /s/ Timothy J. Clemens |
|  Timothy J. Clemens |
|  Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Institutional Tax Free Money Market Fund, JPMorgan Securities Lending Money Market Fund and JPMorgan Ultra-Short Municipal Fund (the "Funds"), each a series of the JPMorgan Trust IV (the "Registrant");

I, Matthew J. Kamburowski, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

May 7, 2026

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

------

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan Institutional Tax Free Money Market Fund, JPMorgan Securities Lending Money Market Fund and JPMorgan Ultra-Short Municipal Fund (the "Funds"), each a series of the JPMorgan Trust IV (the "Registrant");

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

May 7, 2026

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.