# EDGAR Filing Document

**Accession Number:** 0001659326
**File Stem:** 0001193125-25-267127
**Filing Date:** 2025-11
**Character Count:** 1683812
**Document Hash:** 1190f0a55e016398b289b351e37fed4b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-267127.hdr.sgml**: 20251105

**ACCESSION NUMBER**: 0001193125-25-267127

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 24

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251105

**DATE AS OF CHANGE**: 20251105

**EFFECTIVENESS DATE**: 20251105

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23117
- **FILM NUMBER:** 251454784

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

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

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** 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)

------

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

With copies to: <br> Elizabeth A. Davin, Esq. JPMorgan Chase & Co. 1111 Polaris Parkway Columbus, OH 43240 Alison M. Fumai, Esq. Dechert LLP 1905 Avenue of the Americas New 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:

#### August 31, 2025
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.

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Institutional Tax Free Money Market Fund

![FrontCoverImage](g88089images_2597.jpg)

Agency Shares/Ticker: JOAXX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund (the "Fund") for the period March 1, 2025 to August 31, 2025. 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 six months?
(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) | $13 | 0.26% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2722152 |
| **Total number of portfolio holdings** | 295 |

---

EFFECTIVE MATURITY

(% of total investments)

2–7 calendar days 45.2 <br> 8–30 calendar days 54.8

**Availability of Additional Information**

![QRCode](g88089images_2596.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 

JOAXX-825

JPMorgan Institutional Tax Free Money Market Fund - Agency Class

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Institutional Tax Free Money Market Fund

![FrontCoverImage](g88089images_2597.jpg)

Capital Shares/Ticker: JOCXX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund (the "Fund") for the period March 1, 2025 to August 31, 2025. 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 six months?
(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) | $9 | 0.18% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2722152 |
| **Total number of portfolio holdings** | 295 |

---

EFFECTIVE MATURITY

(% of total investments)

2–7 calendar days 45.2 <br> 8–30 calendar days 54.8

**Availability of Additional Information**

![QRCode](g88089images_2596.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 

JOCXX-825

JPMorgan Institutional Tax Free Money Market Fund - Capital Class

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Institutional Tax Free Money Market Fund

![FrontCoverImage](g88089images_2597.jpg)

IM Shares/Ticker: JOIXX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund (the "Fund") for the period March 1, 2025 to August 31, 2025. 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 six months?
(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) | $7 | 0.13% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2722152 |
| **Total number of portfolio holdings** | 295 |

---

EFFECTIVE MATURITY

(% of total investments)

2–7 calendar days 45.2 <br> 8–30 calendar days 54.8

**Availability of Additional Information**

![QRCode](g88089images_2596.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 

JOIXX-825

JPMorgan Institutional Tax Free Money Market Fund - IM Class

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Institutional Tax Free Money Market Fund

![FrontCoverImage](g88089images_2597.jpg)

Institutional Class Shares/Ticker: JOFXX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Institutional Tax Free Money Market Fund (the "Fund") for the period March 1, 2025 to August 31, 2025. 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 six months?
(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) | $11 | 0.21% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2722152 |
| **Total number of portfolio holdings** | 295 |

---

EFFECTIVE MATURITY

(% of total investments)

2–7 calendar days 45.2 <br> 8–30 calendar days 54.8

**Availability of Additional Information**

![QRCode](g88089images_2596.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 

JOFXX-825

JPMorgan Institutional Tax Free Money Market Fund - Institutional Class

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Securities Lending Money Market Fund

![FrontCoverImage](g88089images_2597.jpg)

Agency SL Shares/Ticker: VSLXX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Securities Lending Money Market Fund (the "Fund") for the period March 1, 2025 to August 31, 2025. 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 six months?
(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) | $3 | 0.06% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1712787 |
| **Total number of portfolio holdings** | 67 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 88.0 |
| 8–30 calendar days | 1.7 |
| 31–60 calendar days | 4.0 |
| 61–90 calendar days | 1.4 |
| 91–180 calendar days | 4.0 |
| 181+ calendar days | 0.9 |

---

**Availability of Additional Information**

![QRCode](g88089images_2596.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 

VSLXX-825

JPMorgan Securities Lending Money Market Fund - Agency SL Class

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Ultra-Short Municipal Fund

![FrontCoverImage](g88089images_2597.jpg)

Class A Shares/Ticker: USMSX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Ultra-Short Municipal Fund (the "Fund") for the period March 1, 2025 to August 31, 2025. 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.

#### What were the Fund costs for the last six months?
(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) | $20 | 0.39% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2429702 |
| **Total number of portfolio holdings** | 1137 |
| **Portfolio turnover rate** | 27% |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g88089chartimages_4885999.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.

**Availability of Additional Information**

![QRCode](g88089images_2596.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 

USMSX-825

JPMorgan Ultra-Short Municipal Fund - Class A

SEMI-ANNUAL SHAREHOLDER REPORT \| August 31, 2025 (Unaudited)

JPMorgan Ultra-Short Municipal Fund

![FrontCoverImage](g88089images_2597.jpg)

Class I Shares/Ticker: USMTX

#### SEMI-ANNUAL SHAREHOLDER REPORT
This semi-annual shareholder report contains important information about the JPMorgan Ultra-Short Municipal Fund (the "Fund") for the period March 1, 2025 to August 31, 2025. 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.

#### What were the Fund costs for the last six months?
(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) | $10 | 0.19% |

---

\* This charge is annualized.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $2429702 |
| **Total number of portfolio holdings** | 1137 |
| **Portfolio turnover rate** | 27% |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g88089chartimages_4885988.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.

**Availability of Additional Information**

![QRCode](g88089images_2596.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 

USMTX-825

JPMorgan Ultra-Short Municipal Fund - Class I

------

ITEM 2. CODE OF ETHICS.

#### Not applicable to a semi-annual report.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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.

------

Semi-Annual Financial Statements

J.P. Morgan Money Market Funds

August 31, 2025 (Unaudited)

---

| |
|:---|
| 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 |

---

![](g24505img759cdfa71.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_86b66471-df8b-4ff3-b15f-8943c516b145_SOI-TOC-ScheduleofInvestments-811_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_86b66471-df8b-4ff3-b15f-8943c516b145_FS-TOC-FinancialStatement-811_1) | &nbsp;&nbsp; **93** |
| [Financial Highlights](#xx_86b66471-df8b-4ff3-b15f-8943c516b145_FIHI-TOC-FinancialHighlights-811_1) | &nbsp;&nbsp; **128** |
| [Notes to Financial Statements](#xx_86b66471-df8b-4ff3-b15f-8943c516b145_NTF-NTFRunningFooter-811_1) | &nbsp;&nbsp; **162** |

---

***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, effective September 3, 2024, 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.

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 25.1%** | **Repurchase Agreements — 25.1%** | **Repurchase Agreements — 25.1%** |
| Agency Joint Trading Account II, J.P. Morgan <br> Investment Management Inc., as agent, 4.34%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $174,445. (a)<br>| 174361 | 174361 |
| BMO Capital Markets Corp., 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $60,029, collateralized by Asset-Backed <br> Securities, 1.00% - 12.83%, due 11/20/2026 <br> - 7/26/2066, Collateralized Mortgage <br> Obligations, 4.39% - 9.45%, due 7/15/2041 - <br> 11/18/2048, Corporate Notes and Bonds, <br> 1.32% - 8.00%, due 4/15/2026 - 6/1/2045 <br> and FNMA, 3.27% - 5.30%, due 2/1/2028 - <br> 1/25/2055, with a value of $64,472.<br>| 60000 | 60000 |
| BMO Capital Markets Corp., 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $165,081, collateralized by Asset-Backed <br> Securities, 0.00% - 8.67%, due 9/15/2027 - <br> 10/25/2067, Collateralized Mortgage <br> Obligations, 0.00% - 9.45%, due 5/25/2033 - <br> 8/25/2070, Corporate Notes and Bonds, <br> 3.45% - 12.25%, due 9/12/2026 - 6/1/2036 <br> and FNMA, 5.26% - 14.20%, due 3/25/2042 - <br> 3/25/2055, with a value of $176,761.<br>| 165000 | 165000 |
| BMO Capital Markets Corp., 4.43%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $75,065, collateralized by Asset-Backed <br> Securities, 0.00% - 11.59%, due 11/12/2027 <br> - 4/25/2050, Collateralized Mortgage <br> Obligations, 0.00% - 8.18%, due 4/25/2032 - <br> 8/25/2070, Corporate Notes and Bonds, <br> 4.00% - 9.00%, due 4/15/2026 - 8/15/2047, <br> FHLMC, 6.00% - 6.50%, due 6/15/2031 - <br> 8/25/2055, FNMA, 3.27% - 5.36%, due <br> 2/1/2028 - 7/25/2055 and GNMA, 6.56%, <br> due 5/20/2075, with a value of $80,096.<br>| 75000 | 75000 |
| BMO Capital Markets Corp., 4.44%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $80,069, collateralized by Asset-Backed <br> Securities, 5.10% - 11.11%, due 10/18/2030 <br> - 11/25/2053, Collateralized Mortgage <br> Obligations, 2.35% - 9.40%, due 8/25/2039 - <br> 6/25/2055, Corporate Notes and Bonds, <br> 1.65% - 9.75%, due 1/27/2026 - 4/15/2066, <br> FNMA, 5.30%, due 1/25/2055 and GNMA, <br> 5.45%, due 4/20/2054, with a value of <br> $84,934.<br>| 80000 | 80000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| BMO Capital Markets Corp., 4.44%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $80,069, collateralized by Asset-Backed <br> Securities, 5.15% - 11.85%, due 10/27/2025 <br> - 3/20/2057, Collateralized Mortgage <br> Obligations, 0.00% - 10.85%, due 3/25/2033 <br> - 8/25/2070, Corporate Notes and Bonds, <br> 4.45% - 9.25%, due 10/1/2025 - 5/9/2036, <br> FNMA, 5.30%, due 1/25/2055 and GNMA, <br> 6.56%, due 5/20/2075, with a value of <br> $86,380.<br>| 80000 | 80000 |
| BMO Capital Markets Corp., 4.47%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $90,078, collateralized by Asset-Backed <br> Securities, 11.04%, due 10/20/2031, <br> Collateralized Mortgage Obligations, 0.00% - <br> 35.57%, due 4/25/2032 - 1/25/2067, <br> Corporate Notes and Bonds, 3.40% - 8.50%, <br> due 1/15/2027 - 3/1/2052, FHLMC, 4.00%, <br> due 8/15/2039 and FNMA, 5.30%, due <br> 1/25/2055, with a value of $96,846.<br>| 90000 | 90000 |
| BMO Capital Markets Corp., 4.47%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $150,130, collateralized by Asset-Backed <br> Securities, 0.00% - 17.13%, due 3/25/2032 - <br> 3/25/2055, Collateralized Mortgage <br> Obligations, 0.00% - 9.04%, due 5/25/2033 - <br> 8/25/2070, Corporate Notes and Bonds, <br> 2.88% - 12.25%, due 10/2/2026 - <br> 7/15/2039 and FNMA, 5.20%, due <br> 12/26/2041, with a value of $161,941.<br>| 150000 | 150000 |
| BNP Paribas SA, 4.46%, dated 8/29/2025, due <br> 9/3/2025, repurchase price $800,496, <br> collateralized by Asset-Backed Securities, <br> 4.20%, due 9/15/2028, Corporate Notes and <br> Bonds, 0.00% - 12.50%, due 4/15/2026 - <br> 3/7/2087^^ and Sovereign Government <br> Securities, 0.00% - 7.25%, due 12/15/2035 - <br> 3/5/2038, with a value of $864,770.<br>| 800000 | 800000 |
| BNP Paribas SA, 4.49%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $463,404, <br> collateralized by Asset-Backed Securities, <br> 1.37% - 8.27%, due 8/10/2027 - 5/20/2038, <br> Collateralized Mortgage Obligations, 1.49% - <br> 7.21%, due 10/15/2035 - 5/25/2070, <br> Corporate Notes and Bonds, 0.55% - 9.25%, <br> due 9/1/2025 - 10/31/2082^^, FHLMC, <br> 2.34% - 4.94%, due 7/25/2026 - <br> 11/25/2030, FNMA, 6.65% - 13.85%, due <br> 10/25/2041 - 5/26/2043 and Sovereign <br> Government Securities, 5.20% - 6.75%, due <br> 1/15/2030 - 9/23/2055, with a value of <br> $491,252.<br>| 463000 | 463000 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 1

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JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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, 4.57%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $537,477, <br> collateralized by Asset-Backed Securities, <br> 4.73% - 9.00%, due 4/1/2027 - 4/23/2038, <br> Collateralized Mortgage Obligations, 0.00% - <br> 5.63%, due 10/15/2035 - 7/25/2067, <br> Corporate Notes and Bonds, 0.55% - 8.63%, <br> due 9/8/2025 - 10/31/2082^^, FHLMC, <br> 2.23% - 4.85%, due 9/25/2025 - 4/25/2034, <br> FNMA, 7.10% - 13.85%, due 10/25/2041 - <br> 5/27/2042 and Sovereign Government <br> Securities, 3.10%, due 5/7/2041, with a value <br> of $571,498.<br>| 537000 | 537000 |
| BNP Paribas SA, 4.75%, dated 8/29/2025, due <br> 10/3/2025, repurchase price $25,115, <br> collateralized by Corporate Notes and Bonds, <br> 1.70% - 14.00%, due 7/15/2027 - 3/7/2087, <br> with a value of $27,532.<br>| 25000 | 25000 |
| BNP Paribas SA, 4.75%, dated 8/29/2025, due <br> 10/3/2025, repurchase price $502,309, <br> collateralized by Asset-Backed Securities, <br> 0.00% - 10.72%, due 10/21/2026 - <br> 11/15/2032 and Corporate Notes and Bonds, <br> 1.89% - 14.00%, due 6/15/2026 - <br> 1/15/2084^^, with a value of $552,628.<br>| 500000 | 500000 |
| BofA Securities, Inc., 4.76%, dated 8/29/2025, <br> due 12/2/2025, repurchase price $541,720, <br> collateralized by Asset-Backed Securities, <br> 0.00% - 12.94%, due 7/7/2027 - <br> 10/25/2063, Collateralized Mortgage <br> Obligations, 0.00% - 12.23%, due 6/25/2028 <br> - 10/25/2069, Corporate Notes and Bonds, <br> 0.00%, due 9/1/2026 - 8/1/2044 and FNMA, <br> 3.00% - 11.20%, due 10/25/2041 - <br> 4/25/2062, with a value of $581,455.<br>| 535000 | 535000 |
| Citigroup Global Markets Holdings, Inc., 4.39%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $1,000,488, collateralized by <br> U.S. Treasury Securities, 1.13% - 4.75%, due <br> 1/15/2034 - 11/15/2044, with a value of <br> $1,020,000.<br>| 1000000 | 1000000 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Credit Agricole Corporate and Investment Bank, <br> 4.39%, dated 8/29/2025, due 9/2/2025, <br> repurchase price $50,024, collateralized by <br> Asset-Backed Securities, 3.79% - 7.22%, due <br> 8/15/2029 - 10/26/2054, Collateralized <br> Mortgage Obligations, 3.70% - 8.54%, due <br> 3/17/2036 - 11/17/2050, Commercial Paper, <br> 0.00%, due 10/8/2025, Corporate Notes and <br> Bonds, 0.00% - 10.75%, due 11/20/2025 - <br> 1/15/2055 and Sovereign Government <br> Securities, 3.75% - 4.75%, due 4/26/2028 - <br> 3/5/2035, with a value of $53,513.<br>| 50000 | 50000 |
| Credit Agricole Corporate and Investment Bank, <br> 4.39%, dated 8/29/2025, due 9/3/2025, <br> repurchase price $100,061, collateralized by <br> Asset-Backed Securities, 2.79% - 6.62%, due <br> 8/15/2029 - 9/15/2072, Collateralized <br> Mortgage Obligations, 3.48% - 7.44%, due <br> 3/17/2036 - 9/25/2067, Commercial Paper, <br> 0.00%, due 10/8/2025 - 1/5/2026, Corporate <br> Notes and Bonds, 3.50% - 10.75%, due <br> 1/15/2027 - 9/30/2039^^ and Sovereign <br> Government Securities, 0.63% - 5.50%, due <br> 1/22/2026 - 1/13/2031, with a value of <br> $106,116.<br>| 100000 | 100000 |
| Credit Agricole Corporate and Investment Bank, <br> 4.39%, dated 8/29/2025, due 9/3/2025, <br> repurchase price $340,207, collateralized by <br> Asset-Backed Securities, 2.68% - 7.10%, due <br> 2/20/2029 - 4/20/2062, Collateralized <br> Mortgage Obligations, 5.44%, due 9/25/2039, <br> Commercial Paper, 0.00%, due 9/30/2025 - <br> 1/5/2026, Corporate Notes and Bonds, 1.54% <br> - 12.00%, due 5/15/2026 - 10/1/2054^^, <br> Sovereign Government Securities, 0.63% - <br> 6.60%, due 1/22/2026 - 6/13/2036 and <br> U.S. Treasury Securities, 4.63%, due <br> 4/30/2031, with a value of $362,346.<br>| 340000 | 340000 |
| Fixed Income Clearing Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $250,120, collateralized by U.S. Treasury <br> Securities, 4.00% - 4.25%, due 3/31/2030 - <br> 2/15/2054, with a value of $255,000.<br>| 250000 | 250000 |
| Fixed Income Clearing Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $2,251,082, collateralized by U.S. Treasury <br> Securities, 0.13% - 3.88%, due 1/15/2026 - <br> 8/15/2031, with a value of $2,295,000.<br>| 2250000 | 2250000 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Money Market Funds August 31, 2025

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Fixed Income Clearing Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $2,351,131, collateralized by U.S. Treasury <br> Securities, 0.13% - 4.63%, due 5/31/2031 - <br> 8/15/2032, with a value of $2,397,000.<br>| 2350000 | 2350000 |
| Goldman Sachs & Co. LLC, 4.71%, dated <br> 8/29/2025, due 10/27/2025, repurchase <br> price $428,281, collateralized by Asset-Backed <br> Securities, 3.70% - 10.43%, due 4/15/2027 - <br> 12/25/2044, Collateralized Mortgage <br> Obligations, 1.50% - 7.38%, due 8/15/2033 - <br> 6/25/2064 and Corporate Notes and Bonds, <br> 0.00% - 15.20%, due 10/8/2025 - <br> 9/21/2047^^, with a value of $458,701.<br>| 425000 | 425000 |
| Goldman Sachs & Co. LLC, 4.73%, dated <br> 8/29/2025, due 10/27/2025, repurchase <br> price $655,039, collateralized by Asset-Backed <br> Securities, 0.00% - 13.22%, due 10/9/2026 - <br> 7/25/2069, Collateralized Mortgage <br> Obligations, 0.00% - 10.73%, due <br> 11/12/2032 - 12/15/2056, Corporate Notes <br> and Bonds, 0.00% - 14.50%, due 9/9/2025 - <br> 6/15/2047 and Sovereign Government <br> Securities, 0.00% - 9.65%, due 2/28/2029 - <br> 11/21/2054, with a value of $700,276.<br>| 650000 | 650000 |
| HSBC Securities USA, Inc., 4.43%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $20,010, collateralized by Asset-Backed <br> Securities, 2.02% - 5.72%, due 2/20/2027 - <br> 7/20/2038, with a value of $21,210.<br>| 20000 | 20000 |
| HSBC Securities USA, Inc., 4.43%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $440,217, collateralized by Corporate Notes <br> and Bonds, 1.25% - 7.66%, due 10/1/2025 - <br> 11/26/2085^^, FHLMC, 3.00% - 6.00%, due <br> 12/20/2038 - 9/1/2055, FNMA, 3.50% - <br> 5.00%, due 4/25/2052 - 6/1/2063, GNMA, <br> 3.00% - 5.00%, due 1/20/2030 - <br> 12/20/2048 and Sovereign Government <br> Securities, 4.00% - 7.88%, due 1/25/2026 - <br> 6/30/2055, with a value of $462,138.<br>| 440000 | 440000 |
| ING Financial Markets LLC, 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $100,049, collateralized by Corporate Notes <br> and Bonds, 1.23% - 6.13%, due 8/17/2026 - <br> 8/15/2055, with a value of $105,052.<br>| 100000 | 100000 |
| ING Financial Markets LLC, 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $194,095, collateralized by Corporate Notes <br> and Bonds, 0.95% - 6.90%, due 1/12/2026 - <br> 10/15/2055, with a value of $203,801.<br>| 194000 | 194000 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| ING Financial Markets LLC, 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $220,108, collateralized by Common Stocks, <br> with a value of $237,716.<br>| 220000 | 220000 |
| ING Financial Markets LLC, 4.65%, dated <br> 8/29/2025, due 10/14/2025, repurchase <br> price $502,971, collateralized by Common <br> Stocks, with a value of $543,906.<br>| 500000 | 500000 |
| Mitsubishi UFJ Trust & Banking Corp., 4.45%, <br> dated 8/29/2025, due 9/4/2025, repurchase <br> price $1,000,742, collateralized by Corporate <br> Notes and Bonds, 0.00% - 5.25%, due <br> 1/15/2026 - 11/21/2032, with a value of <br> $1,050,260.<br>| 1000000 | 1000000 |
| MUFG Securities Americas, Inc., 4.41%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $300,147, collateralized by Corporate Notes <br> and Bonds, 1.16% - 7.00%, due 1/9/2026 - <br> 5/1/2079^^ and Municipal Debt Securities, <br> 2.90% - 5.50%, due 1/1/2047 - 12/1/2054, <br> with a value of $315,155.<br>| 300000 | 300000 |
| Natixis SA, 4.44%, dated 8/29/2025, due <br> 9/2/2025, repurchase price $100,049, <br> collateralized by Asset-Backed Securities, <br> 5.67% - 9.03%, due 7/23/2031 - 5/9/2039, <br> Collateralized Mortgage Obligations, 2.00% - <br> 6.95%, due 5/12/2034 - 2/25/2067, <br> Corporate Notes and Bonds, 0.00% - 12.25%, <br> due 6/15/2027 - 6/15/2053^^ and Sovereign <br> Government Securities, 3.75%, due <br> 9/12/2031, with a value of $106,800.<br>| 100000 | 100000 |
| Natixis SA, 4.48%, dated 8/29/2025, due <br> 9/2/2025, repurchase price $275,137, <br> collateralized by Asset-Backed Securities, <br> 3.01% - 12.94%, due 4/1/2028 - 5/9/2039, <br> Collateralized Mortgage Obligations, 0.94% - <br> 7.47%, due 8/17/2034 - 2/25/2067, <br> Corporate Notes and Bonds, 2.50% - 9.88%, <br> due 6/15/2027 - 12/31/2079^^ and <br> Sovereign Government Securities, 3.75% - <br> 7.25%, due 4/14/2026 - 1/3/2035, with a <br> value of $294,678.<br>| 275000 | 275000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 3

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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, 4.49%, dated 8/29/2025, due <br> 9/2/2025, repurchase price $500,249, <br> collateralized by Asset-Backed Securities, <br> 2.90% - 9.96%, due 2/15/2029 - <br> 11/25/2053, Collateralized Mortgage <br> Obligations, 2.00% - 8.75%, due 8/17/2034 - <br> 4/25/2064, Corporate Notes and Bonds, <br> 1.70% - 10.00%, due 5/27/2026 - <br> 12/31/2079^^ and Sovereign Government <br> Securities, 3.75% - 8.60%, due 9/24/2027 - <br> 9/12/2031, with a value of $533,743.<br>| 500000 | 500000 |
| Natixis SA, 4.46%, dated 8/29/2025, due <br> 9/3/2025, repurchase price $200,124, <br> collateralized by Common Stocks, with a value of <br> $216,161.<br>| 200000 | 200000 |
| Natixis SA, 4.44%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $125,108, <br> collateralized by Asset-Backed Securities, <br> 3.35% - 11.73%, due 9/17/2029 - 5/9/2039, <br> Collateralized Mortgage Obligations, 2.00% - <br> 6.45%, due 8/17/2034 - 2/25/2064, <br> Corporate Notes and Bonds, 1.90% - 10.50%, <br> due 1/12/2026 - 4/25/2053^^ and Sovereign <br> Government Securities, 3.75% - 7.13%, due <br> 9/12/2031 - 2/12/2032, with a value of <br> $133,815.<br>| 125000 | 125000 |
| Natixis SA, 4.44%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $389,336, <br> collateralized by Asset-Backed Securities, <br> 2.75% - 11.73%, due 9/17/2029 - <br> 7/15/2039, Collateralized Mortgage <br> Obligations, 1.05% - 10.13%, due <br> 11/12/2036 - 2/25/2067 and Corporate Notes <br> and Bonds, 1.90% - 12.25%, due 5/27/2026 - <br> 12/31/2079^^, with a value of $417,560.<br>| 389000 | 389000 |
| Natixis SA, 4.48%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $50,043, <br> collateralized by Asset-Backed Securities, <br> 5.25%, due 10/1/2030, Corporate Notes and <br> Bonds, 6.00%, due 10/1/2036 and Sovereign <br> Government Securities, 6.00%, due 4/7/2026, <br> with a value of $54,032.<br>| 50000 | 50000 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Natixis SA, 4.48%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $140,122, <br> collateralized by Asset-Backed Securities, <br> 5.68% - 11.54%, due 9/17/2029 - <br> 10/17/2039, Collateralized Mortgage <br> Obligations, 1.05% - 6.06%, due 12/25/2035 <br> - 2/25/2067, Corporate Notes and Bonds, <br> 1.30% - 9.75%, due 1/8/2026 - <br> 3/15/2082^^ and Sovereign Government <br> Securities, 2.78% - 6.00%, due 9/12/2031 - <br> 12/1/2060, with a value of $149,197.<br>| 140000 | 140000 |
| Natixis SA, 4.48%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $375,327, <br> collateralized by Asset-Backed Securities, <br> 3.20% - 10.73%, due 4/1/2028 - <br> 11/25/2053, Collateralized Mortgage <br> Obligations, 1.05% - 8.75%, due 11/25/2035 <br> - 12/26/2064, Corporate Notes and Bonds, <br> 2.40% - 11.25%, due 5/15/2027 - <br> 12/31/2079^^ and Sovereign Government <br> Securities, 2.78% - 7.13%, due 9/12/2031 - <br> 12/1/2060, with a value of $402,271.<br>| 375000 | 375000 |
| Pershing LLC, 4.73%, dated 8/29/2025, due <br> 11/6/2025, repurchase price $141,269, <br> collateralized by Asset-Backed Securities, <br> 5.28% - 12.33%, due 8/15/2030 - <br> 3/15/2072, Certificates of Deposit, 4.00% - <br> 4.45%, due 8/26/2026 - 7/29/2030, <br> Collateralized Mortgage Obligations, 2.38%, <br> due 5/14/2053, Corporate Notes and Bonds, <br> 2.63% - 12.25%, due 11/15/2026 - <br> 7/24/2042^^, FHLMC, 6.50% - 7.50%, due <br> 8/15/2030 - 4/15/2032, GNMA, 5.50% - <br> 7.00%, due 9/20/2035 - 2/20/2055, <br> Municipal Debt Securities, 0.00% - 5.75%, due <br> 11/1/2032 - 12/31/2065, Sovereign <br> Government Securities, 5.63%, due 5/13/2030 <br> and U.S. Treasury Securities, 0.50% - 4.30%, <br> due 4/30/2027 - 5/15/2052, with a value of <br> $151,811.<br>| 140000 | 140000 |
| RBC Capital Markets LLC, 4.43%, dated <br> 8/29/2025, due 9/3/2025, repurchase price <br> $500,308, collateralized by Certificates of <br> Deposit, 4.51% - 4.63%, due 10/9/2025 - <br> 3/6/2026, Commercial Paper, 0.00%, due <br> 9/2/2025 - 11/20/2025 and Corporate Notes <br> and Bonds, 2.57% - 6.95%, due 9/9/2026 - <br> 4/20/2067^^, with a value of $525,000.<br>| 500000 | 500000 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Money Market Funds August 31, 2025

------

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| RBC Capital Markets LLC, 4.43%, dated <br> 8/29/2025, due 9/4/2025, repurchase price <br> $120,089, collateralized by Certificates of <br> Deposit, 0.00% - 5.35%, due 9/4/2025 - <br> 9/15/2051 and Commercial Paper, 0.00%, due <br> 9/15/2025 - 10/3/2025, with a value of <br> $126,000.<br>| 120000 | 120000 |
| Societe Generale SA, 4.40%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $210,103, <br> collateralized by Asset-Backed Securities, <br> 5.39% - 5.50%, due 1/25/2038 - 4/23/2038, <br> Collateralized Mortgage Obligations, 3.05% - <br> 4.08%, due 2/18/2053 - 9/25/2059, <br> Corporate Notes and Bonds, 1.65% - 7.02%, <br> due 3/25/2026 - 12/31/2079, Sovereign <br> Government Securities, 0.55% - 4.88%, due <br> 10/21/2025 - 6/10/2044 and U.S. Treasury <br> Securities, 0.00% - 3.88%, due 2/15/2027 - <br> 8/15/2038, with a value of $220,403.<br>| 210000 | 210000 |
| Societe Generale SA, 4.40%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $250,122, <br> collateralized by Asset-Backed Securities, <br> 5.39%, due 4/20/2038, Collateralized <br> Mortgage Obligations, 3.05%, due 2/18/2053, <br> Corporate Notes and Bonds, 1.51% - 9.25%, <br> due 12/15/2025 - 7/15/2064^^, Sovereign <br> Government Securities, 1.75% - 6.88%, due <br> 1/11/2026 - 1/17/2042 and U.S. Treasury <br> Securities, 0.00%, due 2/15/2027 - <br> 8/15/2054, with a value of $262,290.<br>| 250000 | 250000 |
| Societe Generale SA, 4.47%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $140,069, <br> collateralized by Asset-Backed Securities, <br> 5.50%, due 3/31/2038, Collateralized <br> Mortgage Obligations, 4.19% - 10.62%, due <br> 9/28/2036 - 6/16/2042, Corporate Notes and <br> Bonds, 3.38% - 9.88%, due 2/1/2027 - <br> 2/4/2041 and Sovereign Government <br> Securities, 5.25% - 9.38%, due 9/30/2027 - <br> 1/17/2042, with a value of $151,269.<br>| 140000 | 140000 |
| Societe Generale SA, 4.47%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $475,236, <br> collateralized by Asset-Backed Securities, <br> 4.94% - 5.41%, due 4/25/2037 - 4/23/2038, <br> Collateralized Mortgage Obligations, 3.83% - <br> 8.51%, due 9/15/2034 - 1/18/2039, <br> Corporate Notes and Bonds, 1.51% - 13.50%, <br> due 10/10/2025 - 8/15/2076^^, Sovereign <br> Government Securities, 4.75% - 9.88%, due <br> 1/15/2028 - 1/30/2060 and U.S. Treasury <br> Securities, 0.00%, due 2/15/2027, with a <br> value of $512,761.<br>| 475000 | 475000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Societe Generale SA, 4.40%, dated 8/29/2025, <br> due 9/4/2025, repurchase price $515,378, <br> collateralized by Asset-Backed Securities, <br> 5.26% - 10.24%, due 1/18/2029 - <br> 4/20/2038, Collateralized Mortgage <br> Obligations, 4.08% - 8.10%, due 9/25/2059 - <br> 2/25/2068, Corporate Notes and Bonds, <br> 1.65% - 9.40%, due 2/15/2026 - <br> 12/15/2067^^, Sovereign Government <br> Securities, 0.55% - 6.88%, due 10/21/2025 - <br> 4/15/2070^^ and U.S. Treasury Securities, <br> 0.00% - 4.63%, due 5/15/2028 - 8/15/2054, <br> with a value of $541,276.<br>| 515000 | 515000 |
| Societe Generale SA, 4.51%, dated 8/29/2025, <br> due 10/8/2025, repurchase price $175,877, <br> collateralized by Collateralized Mortgage <br> Obligations, 7.36%, due 9/15/2034, Corporate <br> Notes and Bonds, 1.51% - 10.75%, due <br> 12/15/2025 - 4/21/2060^^, Sovereign <br> Government Securities, 4.88% - 10.38%, due <br> 10/9/2026 - 3/15/2035 and U.S. Treasury <br> Securities, 0.00%, due 1/22/2026 - <br> 8/15/2046, with a value of $186,557.<br>| 175000 | 175000 |
| Societe Generale SA, 4.70%, dated 8/29/2025, <br> due 11/3/2025, repurchase price $327,800, <br> collateralized by Collateralized Mortgage <br> Obligations, 7.40%, due 1/18/2039, Corporate <br> Notes and Bonds, 3.20% - 12.25%, due <br> 7/1/2026 - 8/12/2061^^, Sovereign <br> Government Securities, 3.25% - 9.25%, due <br> 1/26/2026 - 1/30/2060 and U.S. Treasury <br> Securities, 4.63%, due 11/15/2044, with a <br> value of $354,979.<br>| 325000 | 325000 |
| TD Securities USA LLC, 4.40%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $225,110, <br> collateralized by Municipal Debt Securities, <br> 5.00% - 8.36%, due 2/15/2033 - 8/1/2049, <br> with a value of $236,367.<br>| 225000 | 225000 |
| TD Securities USA LLC, 4.44%, dated 8/29/2025, <br> due 9/5/2025, repurchase price $700,604, <br> collateralized by Asset-Backed Securities, <br> 2.88% - 5.88%, due 10/11/2027 - <br> 1/11/2036, Corporate Notes and Bonds, <br> 1.09% - 7.30%, due 9/1/2026 - 8/15/2055 <br> and Municipal Debt Securities, 1.85% - 8.00%, <br> due 7/1/2029 - 4/1/2057, with a value of <br> $740,800.<br>| 700000 | 700000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 5

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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, 4.46%, dated 8/29/2025, <br> due 9/5/2025, repurchase price $475,412, <br> collateralized by Asset-Backed Securities, <br> 3.70% - 5.44%, due 4/15/2027 - 6/25/2054, <br> Collateralized Mortgage Obligations, 4.82% - <br> 5.40%, due 6/25/2028 - 1/25/2029 and <br> Corporate Notes and Bonds, 3.25% - 15.00%, <br> due 12/15/2025 - 11/15/2066, with a value <br> of $516,941.<br>| 475000 | 475000 |
| TD Securities USA LLC, 4.68%, dated 8/29/2025, <br> due 10/20/2025, repurchase price $226,521, <br> collateralized by Corporate Notes and Bonds, <br> 2.00% - 14.50%, due 12/15/2025 - <br> 6/1/2065 and Municipal Debt Securities, <br> 0.00% - 7.84%, due 12/1/2025 - <br> 11/15/2063, with a value of $238,874.<br>| 225000 | 225000 |
| UBS Securities LLC, 4.50%, dated 8/29/2025, <br> due 9/5/2025, repurchase price $400,350, <br> collateralized by Corporate Notes and Bonds, <br> 1.38% - 12.25%, due 9/15/2025 - <br> 3/15/2082^^ and Sovereign Government <br> Securities, 1.00% - 10.13%, due 5/15/2027 - <br> 7/9/2029, with a value of $422,700.<br>| 400000 | 400000 |
| Wells Fargo Securities LLC, 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $55,027, collateralized by Commercial Paper, <br> 0.00%, due 10/27/2025 - 8/14/2026 and <br> Corporate Notes and Bonds, 2.38% - 5.90%, <br> due 10/9/2030 - 4/1/2051, with a value of <br> $57,799.<br>| 55000 | 55000 |
| Wells Fargo Securities LLC, 4.43%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $300,148, collateralized by Corporate Notes <br> and Bonds, 0.75% - 9.63%, due 9/1/2025 - <br> 12/31/2079^^, with a value of $315,155.<br>| 300000 | 300000 |
| Wells Fargo Securities LLC, 4.46%, dated <br> 8/29/2025, due 9/3/2025, repurchase price <br> $90,056, collateralized by Commercial Paper, <br> 0.00%, due 9/5/2025 - 8/14/2026, with a <br> value of $94,582.<br>| 90000 | 90000 |
| Wells Fargo Securities LLC, 4.40%, dated <br> 8/29/2025, due 9/4/2025, repurchase price <br> $230,169, collateralized by Commercial Paper, <br> 0.00%, due 10/9/2025 - 5/7/2026, with a <br> value of $241,707.<br>| 230000 | 230000 |
| Wells Fargo Securities LLC, 4.46%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $275,238, collateralized by Commercial Paper, <br> 0.00%, due 9/5/2025 - 3/24/2026, with a <br> value of $289,000.<br>| 275000 | 275000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Wells Fargo Securities LLC, 4.70%, dated <br> 8/29/2025, due 10/17/2025, repurchase <br> price $90,576, collateralized by Corporate <br> Notes and Bonds, 1.75% - 8.13%, due <br> 8/24/2026 - 1/15/2065, with a value of <br> $95,240.<br>| 90000 | 90000 |
| Wells Fargo Securities LLC, 4.78%, dated <br> 8/29/2025, due 11/3/2025, repurchase price <br> $332,892, collateralized by Commercial Paper, <br> 0.00%, due 9/3/2025 - 5/28/2026, with a <br> value of $350,641.<br>| 330000 | 330000 |
| Wells Fargo Securities LLC, 4.78%, dated <br> 8/29/2025, due 11/24/2025, repurchase <br> price $303,465, collateralized by Corporate <br> Notes and Bonds, 0.01% - 10.50%, due <br> 9/9/2025 - 12/31/2079^^, with a value of <br> $318,765.<br>| 300000 | 300000 |
| Total Repurchase Agreements <br>(Cost $22,622,361)<br>|  | 22622361 |
| **Municipal Bonds — 0.8%** | **Municipal Bonds — 0.8%** | **Municipal Bonds — 0.8%** |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| Alaska Housing Finance Corp., State Capital Project <br> Series 2022A, Rev., VRDO, LOC : Barclays Bank <br> plc, 4.35%, 9/8/2025 (b)<br>| 73000 | 73000 |
| **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, 4.35%, <br> 9/8/2025 (b)<br>| 14000 | 14000 |
| Series 2024G-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 4.35%, 9/8/2025 (b)<br>| 10000 | 10000 |
| Series 2025L-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 4.35%, 9/8/2025 (b)<br>| 25000 | 25000 |
| **Total Colorado** |  | 49000 |
| **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), 4.35%, 9/8/2025 (b)<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, 4.37%, 9/8/2025 (b)<br>| 66900 | 66900 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — 0.0% ^** | **Massachusetts — 0.0% ^** | **Massachusetts — 0.0% ^** |
| Massachusetts Housing Finance Agency, Single <br> Family Series 244, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : Royal Bank of Canada, 4.35%, <br> 9/8/2025 (b)<br>| 20000 | 20000 |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** | **Minnesota — 0.2%** |
| Ecmc Group, Inc. Series 23-1, VRDO, 4.43%, <br> 9/8/2025 (b)<br>| 83518 | 83518 |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance<br>|  |  |
| Series 2024Q, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : State Street Bank & Trust Co., <br> 4.35%, 9/8/2025 (b)<br>| 17000 | 17000 |
| Series 2024S, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : State Street Bank & Trust Co., <br> 4.35%, 9/8/2025 (b)<br>| 7490 | 7490 |
| Series 2024W, Rev., VRDO, LIQ : State Street <br> Bank & Trust Co., 4.35%, 9/8/2025 (b)<br>| 20000 | 20000 |
| Series 2025B, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 4.35%, 9/8/2025 (b)<br>| 5000 | 5000 |
| Series 2025E, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 4.35%, 9/8/2025 (b)<br>| 17000 | 17000 |
| **Total Minnesota** |  | 150008 |
| **New Hampshire — 0.2%** | **New Hampshire — 0.2%** | **New Hampshire — 0.2%** |
| New Hampshire Business Finance Authority, Hanwa <br> Q Cells USA, Inc., Project Series 2024A, Rev., <br> VRDO, LOC : Kookmin Bank, 4.65%, <br> 9/8/2025 (b) (c)<br>| 125000 | 125000 |
| New Hampshire Business Finance Authority, <br> University of Nevada Reno Project Series 2023, <br> Rev., VRDO, LOC : Korea Development Bank, <br> 4.52%, 9/8/2025 (b) (c)<br>| 27705 | 27705 |
| **Total New Hampshire** |  | 152705 |
| **Pennsylvania — 0.0% ^** | **Pennsylvania — 0.0% ^** | **Pennsylvania — 0.0% ^** |
| Pennsylvania Higher Education Assistance Agency <br> Series 2024A, Rev., VRDO, LOC : Bank of <br> America NA, 4.35%, 9/8/2025 (b)<br>| 32294 | 32294 |
| **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, 4.37%, 9/8/2025 (b)<br>| 21400 | 21400 |

---

---

| | | |
|:---|:---|:---|
| **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> 2024A, GO, VRDO, LIQ : FHLB, 4.35%, <br> 9/8/2025 (b)<br>| 44500 | 44500 |
| State of Texas, Veterans Series 2023A, GO, VRDO, <br> LIQ : Texas State Comptroller, 4.38%, <br> 9/8/2025 (b)<br>| 33300 | 33300 |
| **Total Texas** |  | 99200 |
| Total Municipal Bonds <br>(Cost $676,607)<br>|  | 676607 |
| **Short Term Investments — 71.3%** | **Short Term Investments — 71.3%** | **Short Term Investments — 71.3%** |
| **Commercial Paper — 39.3%** | **Commercial Paper — 39.3%** | **Commercial Paper — 39.3%** |
| Antalis SA (France) |  |  |
| 4.40%, 10/20/2025 (c) (d) | 140600 | 139720 |
| 4.34%, 3/3/2026 (c) (d) | 42000 | 41092 |
| Atlantic Asset Securitization LLC |  |  |
| 4.34%, 9/8/2025 (c) (d) | 70000 | 69915 |
| 4.50%, 10/22/2025 (c) (d) | 50000 | 49676 |
| Australia & New Zealand Banking Group Ltd. <br> (Australia)<br>|  |  |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (c) (e) | 25000 | 25000 |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (c) (e) | 133000 | 133008 |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (c) (e) | 110000 | 110015 |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (c) (e) | 152000 | 152025 |
| (SOFR + 0.26%), 4.60%, 9/2/2025 (c) (e) | 100000 | 100026 |
| 4.34%, 10/27/2025 (c) (d) | 125000 | 124125 |
| 4.33%, 10/29/2025 (c) (d) | 59000 | 58573 |
| 4.33%, 10/31/2025 (c) (d) | 88000 | 87343 |
| 4.35%, 3/2/2026 (c) (d) | 100000 | 97901 |
| 4.25%, 3/19/2026 (c) (d) | 40000 | 39086 |
| 4.33%, 4/20/2026 (c) (d) | 43805 | 42654 |
| 4.33%, 4/28/2026 (c) (d) | 200000 | 194576 |
| 4.15%, 5/11/2026 (c) (d) | 100000 | 97154 |
| Automatic Data Processing, Inc., 4.34%, <br> 9/3/2025 (c) (d)<br>| 1106700 | 1106032 |
| Banco Santander SA (Spain) |  |  |
| 4.40%, 10/1/2025 (c) (d) | 125000 | 124504 |
| 4.37%, 10/8/2025 (c) (d) | 246000 | 244817 |
| Bank of Montreal (Canada) |  |  |
| (SOFR + 0.28%), 4.62%, 9/2/2025 (c) (e) | 132000 | 132020 |
| (SOFR + 0.34%), 4.68%, 9/2/2025 (c) (e) | 105000 | 105023 |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (e) | 142000 | 142071 |
| (SOFR + 0.37%), 4.71%, 9/2/2025 (c) (e) | 123000 | 123042 |
| 4.39%, 9/3/2025 (d) | 92000 | 91945 |
| 4.59%, 11/7/2025 (d) | 172000 | 170578 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 7

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| 4.48%, 11/21/2025 (d) | 243000 | 240598 |
| 4.50%, 11/25/2025 (d) | 51000 | 50472 |
| 4.40%, 2/3/2026 (d) | 55000 | 53997 |
| 4.35%, 6/8/2026 (d) | 63000 | 61028 |
| 4.29%, 7/7/2026 (d) | 65000 | 62767 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| (SOFR + 0.28%), 4.62%, 9/2/2025 (c) (e) | 76000 | 76019 |
| (SOFR + 0.31%), 4.65%, 9/2/2025 (c) (e) | 332000 | 332169 |
| (SOFR + 0.32%), 4.66%, 9/2/2025 (c) (e) | 41000 | 41020 |
| 4.67%, 9/2/2025 (c) | 81000 | 81041 |
| 4.34%, 10/31/2025 (c) (d) | 147000 | 145868 |
| 4.46%, 11/12/2025 (c) (d) | 205000 | 203167 |
| 4.39%, 2/20/2026 (c) (d) | 82000 | 80360 |
| Barclays Bank plc (United Kingdom) |  |  |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (c) (e) | 80000 | 80005 |
| 4.34%, 10/7/2025 (c) (d) | 120000 | 119433 |
| 4.48%, 10/20/2025 (c) (d) | 170000 | 168934 |
| Barton Capital SA (France), 4.28%, <br> 2/19/2026 (c) (d)<br>| 50000 | 48992 |
| Bedford Row Funding Corp. |  |  |
| 4.34%, 9/2/2025 (c) (d) | 100000 | 99952 |
| 4.19%, 5/14/2026 (c) (d) | 52000 | 50482 |
| BNP Paribas SA (France) |  |  |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (e) | 111000 | 111001 |
| (SOFR + 0.17%), 4.51%, 9/2/2025 (e) | 134000 | 134003 |
| 4.38%, 2/27/2026 (d) | 100000 | 97902 |
| 4.43%, 3/3/2026 (d) | 267000 | 261282 |
| 4.32%, 4/8/2026 (d) | 87000 | 84798 |
| 4.26%, 5/1/2026 (d) | 70000 | 68056 |
| 4.24%, 5/15/2026 (d) | 65000 | 63099 |
| BofA Securities, Inc. |  |  |
| (SOFR + 0.18%), 4.54%, 9/2/2025 (e) | 78000 | 78003 |
| 4.29%, 2/20/2026 (d) | 130000 | 127350 |
| Britannia Funding Co. LLC |  |  |
| 4.41%, 11/17/2025 (c) (d) | 120000 | 118855 |
| 4.50%, 12/18/2025 (c) (d) | 132300 | 130568 |
| Caisse des Depots et Consignations (France), <br> 4.36%, 9/16/2025 (c) (d)<br>| 91000 | 90803 |
| Canadian Imperial Bank of Commerce (Canada) |  |  |
| (SOFR + 0.30%), 4.64%, 9/2/2025 (c) (e) | 300000 | 300191 |
| (SOFR + 0.34%), 4.68%, 9/2/2025 (c) (e) | 187000 | 187039 |
| 4.05%, 10/3/2025 (c) (d) | 152000 | 151365 |
| 4.29%, 10/17/2025 (c) (d) | 207000 | 205797 |
| 4.33%, 10/31/2025 (c) (d) | 177000 | 175685 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| 4.46%, 11/12/2025 (c) (d) | 145000 | 143722 |
| 4.24%, 4/24/2026 (c) (d) | 191000 | 185907 |
| 4.35%, 6/5/2026 (c) (d) | 223000 | 216071 |
| 4.35%, 6/10/2026 (c) (d) | 126000 | 122021 |
| 4.27%, 7/7/2026 (c) (d) | 226000 | 218245 |
| Canadian Imperial Holdings, Inc. (Canada), 4.39%, <br> 11/7/2025 (c) (d)<br>| 45000 | 44629 |
| CDP Financial, Inc. (Canada) |  |  |
| 4.53%, 2/4/2026 (c) (d) | 50000 | 49083 |
| 4.20%, 7/1/2026 (c) (d) | 85000 | 82097 |
| 4.20%, 7/2/2026 (c) (d) | 25000 | 24144 |
| Chesham Finance Ltd. (Cayman Islands) |  |  |
| Series 2, 4.38%, 9/2/2025 (c) (d) | 365000 | 364824 |
| Series 1, 4.43%, 9/5/2025 (c) (d) | 250000 | 249788 |
| Series 2, 4.42%, 9/9/2025 (c) (d) | 50000 | 49933 |
| China Construction Bank Corp. (China), 4.35%, <br> 9/2/2025 (c) (d)<br>| 420000 | 419795 |
| City of San Antonio Series E, 4.38%, 9/18/2025 | 50000 | 50001 |
| Commonwealth Bank of Australia (Australia) |  |  |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (c) (e) | 50000 | 50006 |
| (SOFR + 0.22%), 4.56%, 9/2/2025 (c) (e) | 100000 | 100015 |
| (SOFR + 0.28%), 4.62%, 9/2/2025 (c) (e) | 185000 | 185039 |
| Concord Minutemen Capital Co. LLC |  |  |
| Series C, (SOFR + 0.30%), 4.64%, <br> 9/2/2025 (c) (e)<br>| 60000 | 60012 |
| Series A, 4.38%, 9/5/2025 (c) (d) | 250000 | 249788 |
| Constellation Funding Co. LLC |  |  |
| 4.40%, 10/9/2025 (c) (d) | 90000 | 89553 |
| 4.48%, 11/12/2025 (c) (d) | 50000 | 49550 |
| 4.43%, 11/13/2025 (c) (d) | 116000 | 114942 |
| 4.50%, 12/3/2025 (c) (d) | 66000 | 65246 |
| Cooperatieve Rabobank UA (Netherlands), 4.33%, <br> 9/2/2025 (d)<br>| 38287 | 38269 |
| Credit Agricole Corporate and Investment Bank <br> (France)<br>|  |  |
| 4.34%, 9/4/2025 (d) | 96000 | 95931 |
| 4.34%, 9/5/2025 (d) | 46000 | 45961 |
| 4.35%, 10/31/2025 (d) | 91000 | 90332 |
| 4.37%, 11/5/2025 (d) | 93000 | 92264 |
| 4.39%, 2/20/2026 (d) | 64000 | 62718 |
| 4.34%, 4/20/2026 (d) | 300000 | 292068 |
| Credit Industriel et Commercial (France) |  |  |
| 4.34%, 9/19/2025 (c) (d) | 133000 | 132666 |
| 4.43%, 10/31/2025 (c) (d) | 80000 | 79405 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| 4.37%, 1/22/2026 (d) | 25000 | 24578 |
| Danske Bank A/S (Denmark) |  |  |
| 4.40%, 11/3/2025 (c) (d) | 300000 | 297635 |
| 4.41%, 11/4/2025 (c) (d) | 126000 | 124992 |
| 4.35%, 11/10/2025 (c) (d) | 8000 | 7930 |
| DBS Bank Ltd. (Singapore) |  |  |
| 4.36%, 11/7/2025 (c) (d) | 150000 | 148756 |
| 4.30%, 11/21/2025 (c) (d) | 78000 | 77227 |
| Dexia Credit Local (Belgium), 4.39%, <br> 10/23/2025 (c) (d)<br>| 100000 | 99346 |
| DNB Bank ASA (Norway) |  |  |
| (SOFR + 0.21%), 4.55%, 9/2/2025 (c) (e) | 54000 | 54011 |
| 4.24%, 9/10/2025 (c) (d) | 267000 | 266619 |
| 4.27%, 9/22/2025 (c) (d) | 132000 | 131627 |
| 4.35%, 2/9/2026 (c) (d) | 146000 | 143269 |
| 4.35%, 2/17/2026 (c) (d) | 182000 | 178435 |
| 4.36%, 2/23/2026 (c) (d) | 52000 | 50947 |
| 4.32%, 3/17/2026 (c) (d) | 100000 | 97739 |
| 4.34%, 3/18/2026 (c) (d) | 40000 | 39091 |
| DZ Bank AG (Germany) |  |  |
| 4.39%, 2/3/2026 (c) (d) | 180000 | 176702 |
| 4.37%, 2/4/2026 (c) (d) | 225000 | 220852 |
| 4.24%, 2/19/2026 (c) (d) | 150000 | 146981 |
| 4.25%, 2/23/2026 (c) (d) | 69000 | 67580 |
| Erste Finance Delaware LLC (Austria), 4.34%, <br> 9/3/2025 (c) (d)<br>| 400000 | 399760 |
| First Abu Dhabi Bank PJSC (United Arab Emirates) |  |  |
| 4.45%, 10/9/2025 (c) (d) | 200000 | 199024 |
| 4.34%, 11/19/2025 (c) (d) | 181000 | 179231 |
| 4.29%, 2/27/2026 (c) (d) | 620000 | 607000 |
| Great Bear Funding LLC |  |  |
| (OBFR + 0.23%), 4.56%, 9/2/2025 (c) (e) | 60000 | 60000 |
| 4.34%, 9/3/2025 (c) (d) | 200000 | 199879 |
| Industrial & Commercial Bank of China Ltd. <br> (China), 4.35%, 9/2/2025 (c) (d)<br>| 220000 | 219894 |
| ING US Funding LLC (Netherlands) |  |  |
| (SOFR + 0.22%), 4.58%, 9/2/2025 (c) (e) | 125000 | 125017 |
| (SOFR + 0.24%), 4.60%, 9/2/2025 (c) (e) | 298000 | 298051 |
| (SOFR + 0.25%), 4.61%, 9/2/2025 (e) | 100000 | 100016 |
| (SOFR + 0.25%), 4.61%, 9/2/2025 (e) | 60000 | 60010 |
| (SOFR + 0.30%), 4.66%, 9/2/2025 (e) | 160000 | 160061 |
| 4.32%, 10/7/2025 (c) (d) | 160000 | 159251 |
| 4.19%, 5/18/2026 (c) (d) | 105000 | 101923 |
| 4.19%, 5/19/2026 (c) (d) | 112000 | 108706 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| 4.19%, 5/26/2026 (c) (d) | 65000 | 63040 |
| Ionic Funding LLC |  |  |
| Series IIIA, 4.47%, 9/12/2025 (d) | 50000 | 49914 |
| Series IIIA, 4.39%, 10/31/2025 (d) | 125000 | 124056 |
| Landesbank Baden-Wurttemberg (Germany), <br> 4.34%, 9/2/2025 (d)<br>| 1800000 | 1799128 |
| Lexington Parker Capital Co. LLC Series A, 4.38%, <br> 9/4/2025 (c) (d)<br>| 150000 | 149891 |
| Liberty Street Funding LLC |  |  |
| 4.42%, 9/22/2025 (c) (d) | 40000 | 39884 |
| 4.24%, 2/11/2026 (c) (d) | 100000 | 98082 |
| Lion Bay Funding LLC, (SOFR + 0.23%), 4.57%, <br> 9/2/2025 (c) (e)<br>| 100000 | 100000 |
| Lloyds Bank plc (United Kingdom) |  |  |
| 4.39%, 10/9/2025 (d) | 595000 | 592090 |
| 4.23%, 2/10/2026 (d) | 32000 | 31390 |
| LMA-Americas LLC |  |  |
| 4.49%, 10/3/2025 (c) (d) | 51000 | 50785 |
| 4.43%, 11/12/2025 (c) (d) | 50000 | 49554 |
| Longship Funding LLC (Ireland) |  |  |
| 4.40%, 9/15/2025 (c) (d) | 200000 | 199588 |
| 4.40%, 9/16/2025 (c) (d) | 100000 | 99782 |
| Mackinac Funding Co. LLC |  |  |
| 4.43%, 12/4/2025 (c) (d) | 90000 | 88967 |
| 4.30%, 2/4/2026 (c) (d) | 105300 | 103356 |
| Macquarie Bank Ltd. (Australia) |  |  |
| (SOFR + 0.20%), 4.56%, 9/2/2025 (c) (e) | 90000 | 90009 |
| (SOFR + 0.23%), 4.59%, 9/2/2025 (c) (e) | 173000 | 173010 |
| 4.31%, 1/12/2026 (c) (d) | 50000 | 49197 |
| Mainbeach Funding LLC |  |  |
| 4.35%, 9/2/2025 (c) (d) | 100000 | 99952 |
| (OBFR + 0.17%), 4.50%, 9/2/2025 (c) (e) | 60000 | 60001 |
| (OBFR + 0.17%), 4.50%, 9/2/2025 (c) (e) | 45000 | 45000 |
| Mitsubishi UFJ Trust & Banking Corp. (Japan), <br> 4.34%, 1/12/2026 (c) (d)<br>| 123000 | 121039 |
| National Australia Bank Ltd. (Australia) |  |  |
| Series B, (SOFR + 0.20%), 4.54%, <br> 9/2/2025 (c) (e)<br>| 198000 | 198024 |
| Series B, (SOFR + 0.27%), 4.61%, <br> 9/2/2025 (c) (e)<br>| 88000 | 88033 |
| Series B, (SOFR + 0.28%), 4.62%, <br> 9/2/2025 (c) (e)<br>| 142000 | 142028 |
| National Bank of Canada (Canada), (SOFR + <br> 0.30%), 4.64%, 9/2/2025 (c) (e)<br>| 200000 | 200013 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 9

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| National Westminster Bank plc (United Kingdom) |  |  |
| 4.34%, 9/3/2025 (c) (d) | 200000 | 199880 |
| 4.42%, 11/3/2025 (c) (d) | 150000 | 148826 |
| Natixis SA (France) |  |  |
| 4.38%, 10/10/2025 (d) | 361000 | 359190 |
| 4.44%, 12/1/2025 (d) | 195000 | 192857 |
| 4.39%, 1/7/2026 (d) | 268000 | 263888 |
| NatWest Markets plc (United Kingdom)Series G, <br> 4.35%, 9/5/2025 (c) (d)<br>| 189750 | 189590 |
| Nordea Bank Abp (Finland) |  |  |
| 4.38%, 3/25/2026 (c) (d) | 275000 | 268545 |
| 4.35%, 3/26/2026 (c) (d) | 100000 | 97642 |
| Norfina Ltd. (Australia), 4.49%, 10/8/2025 (c) <br> (d)<br>| 100000 | 99525 |
| Old Line Funding LLC |  |  |
| (SOFR + 0.21%), 4.57%, 9/2/2025 (c) (e) | 90000 | 89975 |
| (SOFR + 0.25%), 4.61%, 9/2/2025 (c) (e) | 50000 | 50001 |
| 4.20%, 5/15/2026 (c) (d) | 25000 | 24272 |
| Oversea-Chinese Banking Corp. Ltd. (Singapore), <br> (SOFR + 0.15%), 4.49%, 9/2/2025 (c) (e)<br>| 39000 | 39000 |
| Paradelle Funding LLC |  |  |
| (SOFR + 0.33%), 4.67%, 9/2/2025 (e) | 100000 | 100037 |
| (SOFR + 0.38%), 4.72%, 9/2/2025 (e) | 100000 | 100054 |
| 4.41%, 1/23/2026 (d) | 300000 | 294877 |
| Podium Funding Trust (Canada), 4.39%, <br> 10/8/2025 (d)<br>| 45000 | 44784 |
| Ridgefield Funding Co. LLC Series A-1, 4.49%, <br> 10/21/2025 (c) (d)<br>| 150000 | 149049 |
| Royal Bank of Canada (Canada) |  |  |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (c) (e) | 127000 | 127064 |
| 4.07%, 10/3/2025 (c) (d) | 104000 | 103567 |
| 4.33%, 10/6/2025 (c) (d) | 58000 | 57738 |
| 4.33%, 10/21/2025 (c) (d) | 114000 | 113283 |
| 4.55%, 11/6/2025 (c) (d) | 25000 | 24796 |
| 4.38%, 2/2/2026 (c) (d) | 166000 | 163008 |
| 4.35%, 5/27/2026 (c) (d) | 190000 | 184323 |
| 4.28%, 7/7/2026 (c) (d) | 182000 | 175783 |
| Santander UK plc (United Kingdom) |  |  |
| 4.39%, 9/2/2025 (d) | 88000 | 87958 |
| 4.42%, 10/7/2025 (d) | 130000 | 129395 |
| 4.37%, 11/7/2025 (d) | 200000 | 198334 |
| Sheffield Receivables Co. LLC (United Kingdom) |  |  |
| 4.27%, 9/8/2025 (c) (d) | 60000 | 59927 |
| 4.35%, 9/10/2025 (c) (d) | 180000 | 179738 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Skandinaviska Enskilda Banken AB (Sweden) |  |  |
| (SOFR + 0.33%), 4.69%, 9/2/2025 (c) (e) | 50000 | 50030 |
| 4.09%, 10/3/2025 (c) (d) | 260000 | 258907 |
| 4.32%, 10/7/2025 (c) (d) | 175000 | 174181 |
| 4.50%, 10/8/2025 (c) (d) | 52430 | 52178 |
| 4.37%, 11/19/2025 (c) (d) | 25000 | 24759 |
| 4.35%, 4/1/2026 (c) (d) | 120000 | 117058 |
| 4.34%, 4/2/2026 (c) (d) | 69000 | 67301 |
| 4.18%, 5/20/2026 (c) (d) | 51000 | 49479 |
| 4.27%, 7/8/2026 (c) (d) | 77000 | 74327 |
| Societe Generale SA (France) |  |  |
| 4.42%, 11/4/2025 (c) (d) | 134000 | 132922 |
| 4.36%, 11/7/2025 (c) (d) | 49000 | 48589 |
| 4.41%, 2/2/2026 (c) (d) | 195000 | 191416 |
| Standard Chartered Bank (United Kingdom), <br> 4.45%, 10/28/2025 (c) (d)<br>| 300000 | 297821 |
| Starbird Funding Corp. |  |  |
| 4.34%, 9/2/2025 (c) (d) | 125000 | 124940 |
| 4.50%, 10/9/2025 (c) (d) | 75000 | 74631 |
| 4.50%, 10/10/2025 (c) (d) | 175000 | 174118 |
| 4.41%, 10/22/2025 (c) (d) | 150000 | 149031 |
| 4.48%, 10/23/2025 (c) (d) | 200000 | 198685 |
| 4.37%, 11/3/2025 (c) (d) | 130000 | 128977 |
| Sumitomo Mitsui Banking Corp. (Japan), (SOFR + <br> 0.19%), 4.53%, 9/2/2025 (c) (e)<br>| 160000 | 160005 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |
| 4.42%, 9/5/2025 (c) (d) | 40000 | 39967 |
| 4.27%, 2/19/2026 (c) (d) | 130000 | 127405 |
| Sutter Health Series TA-A, 4.42%, <br> 10/16/2025 (d)<br>| 45000 | 44735 |
| Svenska Handelsbanken AB (Sweden) |  |  |
| (SOFR + 0.34%), 4.70%, 9/2/2025 (c) (e) | 156000 | 156033 |
| 4.31%, 9/15/2025 (c) (d) | 46000 | 45906 |
| 4.32%, 10/8/2025 (c) (d) | 117000 | 116441 |
| 4.34%, 10/27/2025 (c) (d) | 149000 | 147964 |
| 4.59%, 11/24/2025 (c) (d) | 60000 | 59391 |
| 4.36%, 2/3/2026 (c) (d) | 110000 | 108008 |
| 4.34%, 4/28/2026 (c) (d) | 100000 | 97244 |
| 4.20%, 5/19/2026 (c) (d) | 104000 | 100890 |
| 4.18%, 5/28/2026 (c) (d) | 130000 | 125986 |
| 4.33%, 6/10/2026 (c) (d) | 127000 | 122915 |
| 4.27%, 7/7/2026 (c) (d) | 122000 | 117755 |
| Swedbank AB (Sweden) |  |  |
| (SOFR + 0.20%), 4.56%, 9/2/2025 (c) (e) | 98000 | 98002 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| 4.24%, 9/10/2025 (c) (d) | 113000 | 112837 |
| 4.34%, 11/10/2025 (c) (d) | 91000 | 90225 |
| 4.34%, 5/1/2026 (c) (d) | 229000 | 222767 |
| 4.19%, 5/11/2026 (c) (d) | 52000 | 50530 |
| 4.17%, 5/26/2026 (c) (d) | 78000 | 75673 |
| Thunder Bay Funding LLC |  |  |
| (SOFR + 0.18%), 4.54%, 9/2/2025 (c) (e) | 100000 | 100002 |
| (SOFR + 0.25%), 4.61%, 9/2/2025 (c) (e) | 100000 | 100010 |
| (SOFR + 0.25%), 4.61%, 9/2/2025 (c) (e) | 100000 | 100009 |
| 4.22%, 9/9/2025 (c) (d) | 57000 | 56924 |
| 4.45%, 1/7/2026 (c) (d) | 50000 | 49239 |
| 4.19%, 5/14/2026 (c) (d) | 92000 | 89316 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| (SOFR + 0.35%), 4.71%, 9/2/2025 (c) (e) | 260000 | 260052 |
| (SOFR + 0.35%), 4.71%, 9/2/2025 (c) (e) | 128000 | 128064 |
| (SOFR + 0.36%), 4.72%, 9/2/2025 (c) (e) | 250000 | 250093 |
| 4.50%, 10/1/2025 (c) (d) | 172000 | 171317 |
| 4.05%, 10/2/2025 (c) (d) | 152000 | 151379 |
| 4.38%, 10/22/2025 (c) (d) | 60000 | 59613 |
| 4.40%, 10/30/2025 (c) (d) | 145000 | 143930 |
| 4.24%, 2/19/2026 (c) (d) | 105000 | 102917 |
| 4.25%, 4/14/2026 (c) (d) | 226000 | 220222 |
| 4.23%, 4/16/2026 (c) (d) | 192000 | 187051 |
| 4.19%, 5/4/2026 (c) (d) | 100000 | 97235 |
| TotalEnergies Capital SA (France) |  |  |
| 4.34%, 9/5/2025 (c) (d) | 200000 | 199830 |
| 4.26%, 10/7/2025 (c) (d) | 100000 | 99535 |
| 4.39%, 10/10/2025 (c) (d) | 226000 | 224867 |
| 4.48%, 10/14/2025 (c) (d) | 100000 | 99451 |
| Toyota Motor Credit Corp. |  |  |
| (SOFR + 0.29%), 4.65%, 9/2/2025 (e) | 43000 | 43002 |
| 4.44%, 11/6/2025 (d) | 68000 | 67446 |
| 4.33%, 4/15/2026 (d) | 50000 | 48696 |
| UBS AG (Switzerland), 4.40%, 11/26/2025 (c) <br> (d)<br>| 135000 | 133571 |
| United Overseas Bank Ltd. (Singapore) |  |  |
| (SOFR + 0.19%), 4.55%, 9/2/2025 (c) (e) | 100000 | 99995 |
| (SOFR + 0.20%), 4.56%, 9/2/2025 (c) (e) | 59000 | 58996 |
| Westpac Banking Corp. (Australia) |  |  |
| (SOFR + 0.23%), 4.57%, 9/2/2025 (c) (e) | 81000 | 81007 |
| (SOFR + 0.27%), 4.61%, 9/2/2025 (c) (e) | 50000 | 50015 |
| (SOFR + 0.27%), 4.61%, 9/2/2025 (c) (e) | 25000 | 25007 |
| (SOFR + 0.28%), 4.62%, 9/2/2025 (c) (e) | 100000 | 100021 |
| (SOFR + 0.31%), 4.65%, 9/2/2025 (c) (e) | 73000 | 73010 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| 4.06%, 9/26/2025 (c) (d) | 52000 | 51825 |
| 4.32%, 2/4/2026 (c) (d) | 35000 | 34353 |
| 4.31%, 6/5/2026 (c) (d) | 102000 | 98769 |
| 4.24%, 7/2/2026 (c) (d) | 128000 | 123604 |
| Total Commercial Paper <br>(Cost $35,444,585)<br>|  | 35443308 |
| **Time Deposits — 15.2%** | **Time Deposits — 15.2%** | **Time Deposits — 15.2%** |
| Agricultural Bank of China Ltd. |  |  |
| 4.38%, 9/3/2025 | 175000 | 175000 |
| 4.38%, 9/5/2025 | 350000 | 350000 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 4.35%, 9/2/2025 | 250000 | 250000 |
| 4.35%, 9/3/2025 | 350000 | 350000 |
| 4.35%, 9/4/2025 | 350000 | 350000 |
| Canadian Imperial Bank of Commerce |  |  |
| 4.33%, 9/2/2025 | 455000 | 455000 |
| 4.33%, 9/2/2025 | 135000 | 135000 |
| China Construction Bank Corp. 4.35%, 9/2/2025 | 100000 | 100000 |
| Credit Agricole Corporate and Investment Bank <br> 4.32%, 9/2/2025<br>| 150000 | 150000 |
| DBS Bank Ltd. |  |  |
| 4.35%, 9/3/2025 | 125000 | 125000 |
| 4.35%, 9/3/2025 | 100000 | 100000 |
| 4.35%, 9/4/2025 | 100000 | 100000 |
| Erste Group Bank AG 4.33%, 9/2/2025 | 1000000 | 1000000 |
| First Abu Dhabi Bank USA NV 4.33%, 9/2/2025 | 1100000 | 1100000 |
| Industrial & Commercial Bank of China Ltd. 4.35%, <br> 9/2/2025<br>| 750000 | 750000 |
| ING Bank NV (Netherlands) |  |  |
| 4.35%, 9/2/2025 | 100000 | 100000 |
| 4.35%, 9/3/2025 | 50000 | 50000 |
| 4.35%, 9/4/2025 | 850000 | 850000 |
| KBC Bank NV 4.34%, 9/2/2025 | 500000 | 500000 |
| Mizuho Bank Ltd. |  |  |
| 4.33%, 9/2/2025 | 660000 | 660000 |
| 4.34%, 9/2/2025 | 500000 | 500000 |
| National Bank of Canada (Canada) |  |  |
| 4.37%, 9/2/2025 (b) | 500000 | 500000 |
| 4.37%, 9/2/2025 (b) | 140000 | 140000 |
| NRW Bank |  |  |
| 4.34%, 9/3/2025 | 700000 | 700000 |
| 4.34%, 9/4/2025 | 750000 | 750000 |
| Royal Bank of Canada |  |  |
| 4.33%, 9/2/2025 | 879000 | 879000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 11

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| 4.34%, 9/3/2025 | 300000 | 300000 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.33%, 9/2/2025 | 1200000 | 1200000 |
| 4.34%, 9/2/2025 | 375000 | 375000 |
| 4.34%, 9/4/2025 | 700000 | 700000 |
| Total Time Deposits <br>(Cost $13,694,000)<br>|  | 13694000 |
| **Certificates of Deposits — 15.1%** | **Certificates of Deposits — 15.1%** | **Certificates of Deposits — 15.1%** |
| ABN AMRO Bank NV (Netherlands) , 4.41%, <br> 12/8/2025 (d)<br>| 300000 | 296435 |
| Bank of America NA |  |  |
| 4.36%, 1/5/2026 | 245000 | 245036 |
| 4.26%, 4/23/2026 | 230000 | 230043 |
| 4.20%, 5/28/2026 | 135000 | 135042 |
| Bank of Montreal (Canada) |  |  |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (e) | 46000 | 46007 |
| (SOFR + 0.38%), 4.72%, 9/2/2025 (e) | 70000 | 70014 |
| 4.59%, 11/7/2025 | 32000 | 32007 |
| 4.42%, 5/21/2026 | 100000 | 100140 |
| 4.41%, 5/28/2026 | 40000 | 40066 |
| 4.32%, 7/22/2026 | 100000 | 100178 |
| Barclays Bank plc (United Kingdom) , 4.48%, <br> 11/14/2025<br>| 245000 | 245053 |
| Canadian Imperial Bank of Commerce (Canada) |  |  |
| (SOFR + 0.34%), 4.68%, 9/2/2025 (e) | 100000 | 100023 |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (e) | 60000 | 60038 |
| China Construction Bank Corp. (China) |  |  |
| 4.38%, 9/2/2025 | 135000 | 135000 |
| 4.38%, 9/5/2025 | 150000 | 150000 |
| Commerzbank AG (Germany) , 4.34%, 9/2/2025 | 500000 | 500000 |
| Cooperatieve Rabobank UA (Netherlands) |  |  |
| 4.60%, 11/13/2025 | 30000 | 30009 |
| 4.39%, 1/26/2026 (d) | 50000 | 49136 |
| 4.38%, 2/4/2026 (d) | 60000 | 58905 |
| 4.41%, 2/10/2026 | 60000 | 60044 |
| 4.40%, 3/10/2026 | 100000 | 100097 |
| Credit Agricole Corporate and Investment Bank <br> (France)<br>|  |  |
| 4.48%, 9/2/2025 | 200000 | 200002 |
| 4.35%, 9/4/2025 | 85000 | 84999 |
| 4.36%, 9/12/2025 | 280000 | 279996 |
| 4.44%, 3/12/2026 | 266000 | 266289 |
| 4.35%, 4/8/2026 | 131000 | 131121 |
| 4.19%, 5/26/2026 | 163000 | 163045 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| Credit Agricole SA (France) |  |  |
| 4.44%, 11/10/2025 | 200000 | 200036 |
| 4.21%, 5/14/2026 (d) | 185000 | 179671 |
| Credit Industriel et Commercial (France) |  |  |
| 4.34%, 9/8/2025 | 73000 | 72998 |
| 4.26%, 9/11/2025 (d) | 401000 | 400376 |
| 4.28%, 9/15/2025 (d) | 50000 | 49898 |
| 4.45%, 10/23/2025 (d) | 147000 | 146039 |
| 4.41%, 11/12/2025 (d) | 180000 | 178403 |
| 4.33%, 1/2/2026 | 52000 | 52013 |
| 4.38%, 2/2/2026 (d) | 100000 | 98178 |
| DNB Bank ASA (Norway) , 4.32%, 1/26/2026 | 225000 | 225059 |
| DZ Bank AG (Germany) , 4.48%, 9/15/2025 | 142000 | 142002 |
| Industrial & Commercial Bank of China Ltd. (China) |  |  |
| 4.51%, 9/2/2025 | 150000 | 150002 |
| 4.51%, 9/2/2025 | 150000 | 150002 |
| 4.51%, 9/2/2025 | 250000 | 250004 |
| 4.51%, 9/2/2025 | 80000 | 80001 |
| 4.50%, 9/29/2025 | 135000 | 135007 |
| KBC Bank NV (Belgium) , 4.31%, 11/20/2025 | 100000 | 100004 |
| Kookmin Bank (South Korea) (SOFR + 0.30%), <br> 4.64%, 9/2/2025 (e)<br>| 100000 | 100007 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| 4.35%, 9/2/2025 | 200000 | 200000 |
| (SOFR + 0.18%), 4.52%, 9/2/2025 (e) | 71000 | 71002 |
| (SOFR + 0.22%), 4.56%, 9/2/2025 (e) | 81000 | 81000 |
| (SOFR + 0.24%), 4.58%, 9/2/2025 (e) | 131000 | 131015 |
| (SOFR + 0.25%), 4.61%, 9/2/2025 (e) | 185000 | 185028 |
| 4.35%, 9/4/2025 | 250000 | 249999 |
| 4.37%, 9/5/2025 | 156000 | 155997 |
| 4.50%, 11/3/2025 | 100000 | 100029 |
| Mizuho Bank Ltd. (Japan) |  |  |
| (SOFR + 0.18%), 4.54%, 9/2/2025 (e) | 173000 | 173006 |
| (SOFR + 0.23%), 4.59%, 9/2/2025 (e) | 204000 | 204008 |
| (SOFR + 0.35%), 4.71%, 9/2/2025 (e) | 148000 | 148043 |
| 4.36%, 9/4/2025 | 250000 | 250000 |
| 4.45%, 10/24/2025 | 143000 | 143003 |
| 4.36%, 1/5/2026 | 315000 | 315033 |
| MUFG Bank Ltd. (Japan) |  |  |
| (SOFR + 0.16%), 4.52%, 9/2/2025 (e) | 135000 | 134997 |
| (SOFR + 0.19%), 4.55%, 9/2/2025 (e) | 117000 | 117003 |
| (SOFR + 0.23%), 4.59%, 9/2/2025 (e) | 220000 | 219995 |
| (SOFR + 0.23%), 4.59%, 9/2/2025 (e) | 183000 | 182996 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| National Australia Bank Ltd. (Australia) |  |  |
| 4.33%, 10/27/2025 (d) | 210000 | 208510 |
| 4.33%, 1/5/2026 | 236000 | 236019 |
| 4.31%, 1/26/2026 | 135000 | 134998 |
| 4.40%, 2/5/2026 | 187000 | 187097 |
| Nordea Bank Abp (Finland) |  |  |
| (SOFR + 0.15%), 4.49%, 9/2/2025 (e) | 72000 | 72007 |
| (SOFR + 0.26%), 4.60%, 9/2/2025 (e) | 55000 | 55020 |
| Norinchukin Bank (The) (Japan) |  |  |
| 4.36%, 9/3/2025 | 100000 | 100000 |
| 4.36%, 9/4/2025 | 110000 | 110000 |
| Skandinaviska Enskilda Banken AB (Sweden) |  |  |
| 4.54%, 11/10/2025 | 121000 | 121023 |
| 4.32%, 12/29/2025 | 38000 | 38006 |
| 4.32%, 12/29/2025 | 100000 | 100004 |
| 4.55%, 2/18/2026 | 50000 | 50055 |
| Societe Generale SA (France) |  |  |
| 4.34%, 9/3/2025 | 12500 | 12500 |
| 4.48%, 10/22/2025 | 200000 | 200006 |
| Standard Chartered Bank (United Kingdom) |  |  |
| (SOFR + 0.27%), 4.61%, 9/2/2025 (e) | 135000 | 135002 |
| 4.47%, 10/21/2025 | 150000 | 150002 |
| State Street Bank & Trust Co. (SOFR + 0.27%), <br> 4.63%, 9/2/2025 (e)<br>| 280000 | 280052 |
| Sumitomo Mitsui Banking Corp. (Japan) |  |  |
| (SOFR + 0.18%), 4.52%, 9/2/2025 (e) | 210000 | 210005 |
| (SOFR + 0.24%), 4.58%, 9/2/2025 (e) | 50000 | 50005 |
| (SOFR + 0.24%), 4.58%, 9/2/2025 (e) | 92000 | 92018 |
| (SOFR + 0.24%), 4.58%, 9/2/2025 (e) | 128000 | 128026 |
| (SOFR + 0.25%), 4.59%, 9/2/2025 (e) | 220000 | 220052 |
| (SOFR + 0.25%), 4.61%, 9/2/2025 (e) | 75000 | 75018 |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (e) | 50000 | 50013 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (e) | 326000 | 326000 |
| (SOFR + 0.24%), 4.58%, 9/2/2025 (e) | 125000 | 125039 |
| Swedbank AB (Sweden) (SOFR + 0.21%), 4.57%, <br> 9/2/2025 (e)<br>| 76000 | 76007 |
| Wells Fargo Bank NA (SOFR + 0.31%), 4.65%, <br> 9/2/2025 (e)<br>| 100000 | 100029 |
| Woori Bank (South Korea) , 4.48%, <br> 9/23/2025 (c)<br>| 300000 | 300011 |
| Total Certificates of Deposit <br>(Cost $13,621,278)<br>|  | 13623103 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — 1.7%** | **U.S. Treasury Obligations — 1.7%** | **U.S. Treasury Obligations — 1.7%** |
| U.S. Treasury Bills |  |  |
| 4.10%, 10/2/2025 (d) | 605000 | 602876 |
| 4.02%, 10/9/2025 (d) | 526000 | 523732 |
| 3.97%, 4/16/2026 (d) | 375000 | 366105 |
| Total U.S. Treasury Obligations <br>(Cost $1,492,485)<br>|  | 1492713 |
| Total Short Term Investments <br>(Cost $64,252,348)<br>|  | 64253124 |
| **Total Investments — 97.2%** <br>**(Cost $87,551,316)**<br>|  | **87552092** |
| **Other Assets in Excess of Liabilities — 2.8%** |  | **2557479** |
| **NET ASSETS — 100.0%** |  | **90109571** |

---

&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 |
| 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. |
| ^^ | 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 August 31, 2025.<br>|
| (a) | Agency Joint Trading Account II - At August 31, 2025, <br> the Fund had proportionate interests in the Agency <br> Joint Trading Account II with a maturity date of <br> September 2, 2025, as follows for JPMorgan Prime <br> Money Market 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 II | $174361 | $174445 | $177848 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 13

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

Repurchase Agreements - At August 31, 2025, the Principal Amounts of the <br> Fund's interests in the Agency Joint Trading Account II were as follows <br> (amounts in thousands):<br>

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

---

| | | |
|:---|:---|:---|
| **Counterparty** | **Interest** <br>**Rate**<br>| **Prime**<br> **Money**<br> **Market**<br> **Fund**<br>|
| **Agency Joint Trading Account II** |  |  |
| BofA Securities, Inc. | 4.34% | $174361 |

---

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

At August 31, 2025, the Agency Joint Trading Account II was fully collateralized <br> by:<br>

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

---

| | | |
|:---|:---|:---|
| **Issuer** | **Interest** <br>**Rates**<br>| **Maturity** <br>**Dates**<br>|
| **Agency Joint Trading Account II** |  |  |
| FHLMC | 1.50%-7.00% | 2/1/2026-9/1/2055 |
| FNMA | 1.50%-7.00% | 9/1/2035-3/1/2061 |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 August 31, 2025.

&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) The rate shown is the effective yield as of August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Money Market Funds August 31, 2025

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 93.5%** | **Municipal Bonds — 93.5%** | **Municipal Bonds — 93.5%** |
| **Alabama — 0.4%** | **Alabama — 0.4%** | **Alabama — 0.4%** |
| Mobile County Industrial Development Authority, <br> Pollution Control, Exxon Mobil Corp. Project, Rev., <br> VRDO, 3.90%, 9/2/2025 (a)<br>| 5830 | 5830 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-YX1319, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 4050 | 4050 |
| **Total Alabama** |  | 9880 |
| **Alaska — 3.3%** | **Alaska — 3.3%** | **Alaska — 3.3%** |
| Alaska Housing Finance Corp., Governmental <br> Purpose Series 2009-A, Rev., VRDO, LIQ : FHLB, <br> 2.68%, 9/8/2025 (a)<br>| 4265 | 4265 |
| Alaska Housing Finance Corp., Home Mortgage |  |  |
| Series 2007A, Rev., VRDO, LIQ : FHLB, 2.68%, <br> 9/8/2025 (a)<br>| 7100 | 7100 |
| Series 2009B, Rev., VRDO, LIQ : FHLB, 2.70%, <br> 9/8/2025 (a)<br>| 30110 | 30110 |
| City of Valdez, Exxon Pipeline Co. Project |  |  |
| Series 1993A, Rev., VRDO, 3.90%, 9/2/2025 (a) | 8845 | 8845 |
| Series 1993B, Rev., VRDO, 3.90%, 9/2/2025 (a) | 18990 | 18990 |
| Series 1993C, Rev., VRDO, 3.90%, 9/2/2025 (a) | 19735 | 19735 |
| **Total Alaska** |  | 89045 |
| **Arizona — 4.6%** | **Arizona — 4.6%** | **Arizona — 4.6%** |
| Arizona Board of Regents, State University Series <br> 2025C, Rev., VRDO, 2.62%, 9/8/2025 (a)<br>| 84345 | 84345 |
| Arizona Industrial Development Authority, 67 Flats <br> Project Series 2023A, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.80%, 9/8/2025 (a)<br>| 28595 | 28595 |
| Arizona Industrial Development Authority, Multi- <br> Family Housing Townhomes On Earley Project <br> Series 2025A, Rev., VRDO, LOC : Barclays Bank <br> plc, 2.80%, 9/8/2025 (a)<br>| 6930 | 6930 |
| Salt River Pima-Maricopa Indian Community, Rev., <br> VRDO, LOC : Bank of America NA, 2.81%, <br> 9/4/2025 (a)<br>| 360 | 360 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6037, Rev., VRDO, LOC : Bank <br> of America NA, 4.00%, 9/2/2025 (a) (b)<br>| 2835 | 2835 |
| Series 2023-BAML6007, Rev., VRDO, LOC : Bank <br> of America NA, 2.88%, 9/8/2025 (a) (b)<br>| 1000 | 1000 |
| **Total Arizona** |  | 124065 |
| **California — 2.5%** | **California — 2.5%** | **California — 2.5%** |
| Deutsche Bank Spears |  |  |
| Series DB-8144, GO, VRDO, LIQ : Deutsche Bank <br> AG, 3.50%, 9/2/2025 (a) (b)<br>| 5900 | 5900 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| Series DB-8172A, GO, VRDO, LIQ : Deutsche Bank <br> AG, 3.75%, 9/2/2025 (a) (b)<br>| 4580 | 4580 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XF3029, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 3213 | 3213 |
| Series 2022-XF3030, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 28880 | 28880 |
| Series 2023-ZF3175, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.74%, 9/8/2025 (a) (b)<br>| 1200 | 1200 |
| Series 2022-XX1237, GO, VRDO, LIQ : Barclays <br> Bank plc, 2.75%, 9/8/2025 (a) (b)<br>| 6665 | 6665 |
| Series 2023-XL0501, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2375 | 2375 |
| Series XG0100, Rev., VRDO, AMBAC, LOC : <br> Deutsche Bank AG, 2.77%, 9/8/2025 (a) (b)<br>| 9715 | 9715 |
| Series 2025-CF7014, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 5015 | 5015 |
| **Total California** |  | 67543 |
| **Colorado — 2.5%** | **Colorado — 2.5%** | **Colorado — 2.5%** |
| City of Colorado Springs, Utilities System <br> Improvement Series 2009C, Rev., VRDO, LIQ : <br> Sumitomo Mitsui Banking Corp., 2.73%, <br> 9/8/2025 (a)<br>| 35835 | 35835 |
| Colorado Health Facilities Authority, Intermountain <br> Healthcare Series 2024E, Rev., VRDO, LIQ : TD <br> Bank NA, 3.90%, 9/2/2025 (a)<br>| 10000 | 10000 |
| County of Arapahoe, Multi-Family Rental Housing, <br> Hunter's Run Holdings LP, Rev., VRDO, LOC : <br> FHLMC, 2.75%, 9/8/2025 (a)<br>| 11400 | 11400 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XG0420, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2023-XF1619, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| University of Colorado, Hospital Authority Series <br> 2018B, Rev., VRDO, LIQ : TD Bank NA, 3.90%, <br> 9/2/2025 (a)<br>| 4300 | 4300 |
| **Total Colorado** |  | 69535 |
| **Connecticut — 1.4%** | **Connecticut — 1.4%** | **Connecticut — 1.4%** |
| 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., 2.73%, 9/8/2025 (a)<br>| 26000 | 26000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 15

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — continued** | **Connecticut — continued** | **Connecticut — continued** |
| Subseries 2020A-3, Rev., VRDO, LIQ : Sumitomo <br> Mitsui Banking Corp., 2.73%, 9/8/2025 (a)<br>| 10000 | 10000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2022-YX1255, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 3010 | 3010 |
| **Total Connecticut** |  | 39010 |
| **District of Columbia — 1.6%** | **District of Columbia — 1.6%** | **District of Columbia — 1.6%** |
| District of Columbia Water and Sewer Authority, <br> Subordinate Lien Series 2024B, Subseries B-2, <br> Rev., VRDO, LIQ : TD Bank NA, 3.88%, <br> 9/2/2025 (a)<br>| 17950 | 17950 |
| District of Columbia, Progressive Life Center Series <br> 2008A, Rev., VRDO, LOC : Truist Bank, 3.50%, <br> 9/8/2025 (a)<br>| 655 | 655 |
| Metropolitan Washington Airports Authority Aviation <br> Series 2009D-2, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 2660 | 2660 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XG0601, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 13535 | 13535 |
| Series 2022-YX1195, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 1790 | 1790 |
| Series 2023-ZL0506, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 1360 | 1360 |
| Series 2025-XF3433, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2415 | 2415 |
| Series 2024-XL0561, Rev., VRDO, LIQ : Bank of <br> America NA, 2.78%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |
| **Total District of Columbia** |  | 42865 |
| **Florida — 6.5%** | **Florida — 6.5%** | **Florida — 6.5%** |
| County of Escambia, Gulf Power Co., Project Series <br> R, Rev., VRDO, 2.85%, 9/8/2025 (a)<br>| 10000 | 10000 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 2.75%, 9/8/2025 (a)<br>| 32000 | 32000 |
| Deutsche Bank Spears Series DB-8160, Rev., VRDO, <br> LIQ : Deutsche Bank AG, 2.76%, 9/8/2025 (a) <br> (b)<br>| 6015 | 6015 |
| Highlands County Health Facilities Authority, <br> Adventist Health System Series 2012I-2, Rev., <br> VRDO, 2.67%, 9/8/2025 (a)<br>| 6375 | 6375 |
| JEA Water and Sewer System Series 2008A-1, Rev., <br> VRDO, LIQ : US Bank NA, 3.85%, 9/2/2025 (a)<br>| 16550 | 16550 |
| New Hampshire Business Finance Authority Series <br> 2025-VRS101, Rev., VRDO, LOC : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (b)<br>| 14900 | 14900 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Public Finance Authority |  |  |
| Series 2025-VRS202, Rev., VRDO, LOC : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (b)<br>| 16000 | 16000 |
| Series 25-VRS214, Rev., VRDO, LOC : Bank of <br> America NA, 2.79%, 9/8/2025 (a) (b)<br>| 10000 | 10000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6031, Rev., VRDO, LOC : Bank <br> of America NA, 4.00%, 9/2/2025 (a) (b)<br>| 8840 | 8840 |
| Series 2024-BAML6032, Rev., VRDO, LOC : Bank <br> of America NA, 4.00%, 9/2/2025 (a) (b)<br>| 10485 | 10485 |
| Series 2024-XF3223, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 8000 | 8000 |
| Series 2025-XM1247, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.75%, 9/8/2025 (a) (b)<br>| 4435 | 4435 |
| Series 2021-XG0345, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2850 | 2850 |
| Series 2022-XL0324, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 4650 | 4650 |
| Series 2023-XF3080, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 5995 | 5995 |
| Series 2023-ZL0485, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |
| Series 2025-XF1808, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 2670 | 2670 |
| Series 2025-ZF3457, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3945 | 3945 |
| Series 2023-XF1666, Rev., VRDO, LIQ : TD Bank <br> NA, 2.78%, 9/8/2025 (a) (b)<br>| 4960 | 4960 |
| Series 2024-BAML6018, Rev., VRDO, LOC : Bank <br> of America NA, 2.85%, 9/8/2025 (a) (b)<br>| 7240 | 7240 |
| **Total Florida** |  | 178410 |
| **Georgia — 1.9%** | **Georgia — 1.9%** | **Georgia — 1.9%** |
| Development Authority of Monroe County (The), <br> Gulf Power Co. Project Series 2002-1, Rev., <br> VRDO, 2.88%, 9/8/2025 (a)<br>| 14000 | 14000 |
| Roswell Development Authority, Wellsatar <br> Healthcare, Inc. Series 2025A, Rev., VRDO, LOC : <br> Truist Bank, 3.90%, 9/2/2025 (a)<br>| 3200 | 3200 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3232, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 10000 | 10000 |
| Series 2024-XX1341, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 13950 | 13950 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 2025-ZF1829, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 4445 | 4445 |
| Series 2024-XF1786, Rev., VRDO, LIQ : TD Bank <br> NA, 2.77%, 9/8/2025 (a) (b)<br>| 7595 | 7595 |
| **Total Georgia** |  | 53190 |
| **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, 2.76%, 9/8/2025 (a) (b)<br>| 2670 | 2670 |
| **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-ZF1654, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 1705 | 1705 |
| **Illinois — 5.3%** | **Illinois — 5.3%** | **Illinois — 5.3%** |
| Illinois Educational Facilities Authority, University of <br> Chicago Medical Center Series 2009D-2, Rev., <br> VRDO, LOC : TD Bank NA, 3.75%, 9/2/2025 (a)<br>| 1925 | 1925 |
| Illinois Finance Authority, Northwestern University <br> Series 2008-B, Rev., VRDO, 2.70%, <br> 9/8/2025 (a)<br>| 23240 | 23240 |
| Illinois Finance Authority, OSF Healthcare System <br> Series 2018C, Rev., VRDO, LOC : PNC Bank NA, <br> 3.75%, 9/2/2025 (a)<br>| 12835 | 12835 |
| Illinois Finance Authority, The Wbez Alliance, Inc., <br> Project, Rev., VRDO, LOC : BMO Harris Bank NA, <br> 2.71%, 9/8/2025 (a)<br>| 3525 | 3525 |
| Illinois Finance Authority, University of Chicago <br> Medical Center (The) Series 2009E-1, Rev., <br> VRDO, LOC : Sumitomo Mitsui Banking Corp., <br> 2.75%, 9/8/2025 (a)<br>| 8100 | 8100 |
| Public Finance Authority |  |  |
| Series 2025-VRS206, Rev., VRDO, LOC : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (b)<br>| 23600 | 23600 |
| Series 2025-VRS207, Rev., VRDO, LOC : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (b)<br>| 20000 | 20000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-YX1326, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 4565 | 4565 |
| Series 2022-XF3045, GO, VRDO, LOC : Barclays <br> Bank plc, 2.79%, 9/8/2025 (a) (b)<br>| 27310 | 27310 |
| Series 2022-XX1264, GO, VRDO, LOC : Barclays <br> Bank plc, 2.79%, 9/8/2025 (a) (b)<br>| 7065 | 7065 |
| Series 2017-XG0108, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.81%, 9/8/2025 (a) (b)<br>| 11300 | 11300 |
| **Total Illinois** |  | 143465 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Indiana — 0.5%** | **Indiana — 0.5%** | **Indiana — 0.5%** |
| Indiana Finance Authority, Duke Energy Indiana, <br> Inc., Project Series 2009A-5, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 3.75%, <br> 9/2/2025 (a)<br>| 13265 | 13265 |
| **Iowa — 2.2%** | **Iowa — 2.2%** | **Iowa — 2.2%** |
| Iowa Finance Authority, CJ Bio America, Inc., <br> Project, Rev., VRDO, LOC : Korea Development <br> Bank, 3.00%, 9/8/2025 (a) (b)<br>| 3100 | 3100 |
| Iowa Finance Authority, Midwestern Disaster Area, <br> Cargill, Inc., Project Series 2011A, Rev., VRDO, <br> 2.76%, 9/8/2025 (a)<br>| 29300 | 29300 |
| Iowa Finance Authority, Single Family <br> Mortgage-Backed Securities Program<br>|  |  |
| Series 2021E, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 2.73%, 9/8/2025 (a)<br>| 6650 | 6650 |
| Series 2022E, Rev., VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : FHLB, 2.73%, <br> 9/8/2025 (a)<br>| 6665 | 6665 |
| Series 2020B, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : TD Bank NA, 2.78%, <br> 9/8/2025 (a)<br>| 3990 | 3990 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XG0522, Rev., VRDO, GNMA / FNMA <br> / FHLMC COLL, LIQ : Royal Bank of Canada, <br> 2.76%, 9/8/2025 (a) (b)<br>| 4300 | 4300 |
| Series 2025-XG0599, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 5625 | 5625 |
| **Total Iowa** |  | 59630 |
| **Kansas — 0.9%** | **Kansas — 0.9%** | **Kansas — 0.9%** |
| Kansas Development Finance Authority, KU Health <br> System Series 2011J, Rev., VRDO, LOC : US Bank <br> NA, 3.90%, 9/2/2025 (a)<br>| 12130 | 12130 |
| University of Kansas Hospital Authority, Health <br> System, Rev., VRDO, LOC : US Bank NA, 3.90%, <br> 9/2/2025 (a)<br>| 13500 | 13500 |
| **Total Kansas** |  | 25630 |
| **Kentucky — 1.8%** | **Kentucky — 1.8%** | **Kentucky — 1.8%** |
| Kentucky Economic Development Finance Authority, <br> Goodwill Industries of Kentucky, Inc., Project, <br> Rev., VRDO, LOC : PNC Bank NA, 2.70%, <br> 9/8/2025 (a)<br>| 31725 | 31725 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 17

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| Public Finance Authority Series 2025-VRS203, Rev., <br> VRDO, LOC : Bank of America NA, 4.00%, <br> 9/2/2025 (a) (b)<br>| 10950 | 10950 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XG0578, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Bank of America NA, 2.76%, <br> 9/8/2025 (a) (b)<br>| 5470 | 5470 |
| **Total Kentucky** |  | 48145 |
| **Louisiana — 2.9%** | **Louisiana — 2.9%** | **Louisiana — 2.9%** |
| East Baton Rouge Parish Industrial Development <br> Board, Inc., ExxonMobil Project, Gulf Opportunity <br> Zone<br>|  |  |
| Series 2010, Rev., VRDO, 3.92%, 9/2/2025 (a) | 8550 | 8550 |
| Series 2010B, Rev., VRDO, 3.92%, 9/2/2025 (a) | 40200 | 40200 |
| Louisiana Public Facilities Authority Multifamily, <br> Linlake Ventures Project Series 2006, Rev., <br> VRDO, LIQ : FHLMC, 2.90%, 9/8/2025 (a)<br>| 4750 | 4750 |
| Public Finance Authority Series 2025-VRS209, Rev., <br> VRDO, LOC : Bank of America NA, 4.00%, <br> 9/2/2025 (a) (b)<br>| 25000 | 25000 |
| State of Louisiana, Gasoline and Fuels Tax, Second <br> Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank <br> NA, 3.90%, 9/2/2025 (a)<br>| 685 | 685 |
| **Total Louisiana** |  | 79185 |
| **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, 2.77%, 9/8/2025 (a) (b)<br>| 5615 | 5615 |
| **Massachusetts — 0.6%** | **Massachusetts — 0.6%** | **Massachusetts — 0.6%** |
| Deutsche Bank Spears Series 2024-DB-8145, GO, <br> VRDO, LIQ : Deutsche Bank AG, 3.95%, <br> 9/2/2025 (a) (b)<br>| 9500 | 9500 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-ZL0339, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.75%, 9/8/2025 (a) (b)<br>| 4500 | 4500 |
| Series 2024-XG0582, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 1215 | 1215 |
| **Total Massachusetts** |  | 15215 |
| **Michigan — 2.6%** | **Michigan — 2.6%** | **Michigan — 2.6%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XX1259, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 3605 | 3605 |
| Series 2023-XF1667, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 4550 | 4550 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Series 2024-XL0550, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 8120 | 8120 |
| Series 2024-XM1171, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |
| Series 2025-XF1874, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 2670 | 2670 |
| Series 2025-XF3362, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3560 | 3560 |
| Series 2025-XF3385, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 4600 | 4600 |
| Series 2023-XF1581, Rev., VRDO, LIQ : TD Bank <br> NA, 2.77%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| University of Michigan Series 2012-A, Rev., VRDO, <br> 2.53%, 9/8/2025 (a)<br>| 36010 | 36010 |
| **Total Michigan** |  | 70615 |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| Midwest Consortium of Municipal Utilities, Draw <br> Down Assignment Financing Program Series <br> 2005B, Rev., VRDO, LOC : US Bank NA, 2.80%, <br> 9/8/2025 (a)<br>| 3905 | 3905 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-CF7001, GO, VRDO, LIQ : Citibank <br> NA, 2.75%, 9/8/2025 (a) (b)<br>| 3400 | 3400 |
| **Total Minnesota** |  | 7305 |
| **Mississippi — 3.6%** | **Mississippi — 3.6%** | **Mississippi — 3.6%** |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project<br>|  |  |
| Series 2007B, Rev., VRDO, 3.75%, 9/2/2025 (a) | 8895 | 8895 |
| Series 2007C, Rev., VRDO, 3.75%, 9/2/2025 (a) | 17985 | 17985 |
| Series 2007E, Rev., VRDO, 3.75%, 9/2/2025 (a) | 10230 | 10230 |
| Series 2009A, Rev., VRDO, 3.75%, 9/2/2025 (a) | 6105 | 6105 |
| Series 2009B, Rev., VRDO, 3.75%, 9/2/2025 (a) | 1860 | 1860 |
| Series 2009C, Rev., VRDO, 3.75%, 9/2/2025 (a) | 4975 | 4975 |
| Series 2009E, Rev., VRDO, 3.75%, 9/2/2025 (a) | 9920 | 9920 |
| Series 2009F, Rev., VRDO, 3.75%, 9/2/2025 (a) | 2580 | 2580 |
| Series 2009G, Rev., VRDO, 3.75%, 9/2/2025 (a) | 17285 | 17285 |
| Series 2010I, Rev., VRDO, 3.75%, 9/2/2025 (a) | 9840 | 9840 |
| Series 2011G, Rev., VRDO, 3.75%, 9/2/2025 (a) | 9400 | 9400 |
| **Total Mississippi** |  | 99075 |
| **Missouri — 3.8%** | **Missouri — 3.8%** | **Missouri — 3.8%** |
| City of Kansas City, H ROE Bartle Convention Center <br> Series 2008E, Rev., VRDO, LOC : Sumitomo Mitsui <br> Banking Corp., 2.76%, 9/8/2025 (a)<br>| 5650 | 5650 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Health and Educational Facilities Authority of the <br> State of Missouri, BJC Health System Series C, <br> Rev., VRDO, LIQ : BJC Health System, 2.67%, <br> 9/8/2025 (a)<br>| 4740 | 4740 |
| 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, 3.99%, 9/2/2025 (a)<br>| 6240 | 6240 |
| 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, 2.93%, 9/8/2025 (a)<br>| 1330 | 1330 |
| Missouri Development Finance Board, Nelson <br> Gallery Foundation (The)<br>|  |  |
| Series 2004A, Rev., VRDO, LIQ : Northern Trust <br> Co. (The), 3.75%, 9/2/2025 (a)<br>| 19900 | 19900 |
| Series 2008-A, Rev., VRDO, LIQ : US Bank NA, <br> 3.75%, 9/2/2025 (a)<br>| 25000 | 25000 |
| Missouri Development Finance Board, St. Louis <br> Convention Center Hotel Garage Project Series <br> 2020C, Rev., VRDO, LOC : US Bank NA, 3.90%, <br> 9/2/2025 (a)<br>| 1025 | 1025 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series C-23, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.77%, 9/8/2025 (a) (b)<br>| 16760 | 16760 |
| Series C-16, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.78%, 9/8/2025 (a) (b)<br>| 11450 | 11450 |
| St. Charles County Industrial Development Authority, <br> Casalon Apartments Project Series 1995, Rev., <br> VRDO, FNMA, LOC : FNMA, 2.78%, 9/8/2025 (a)<br>| 2985 | 2985 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-ZF3236, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Wells Fargo Bank NA, 2.76%, <br> 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| Series 2025-XF1839, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 2950 | 2950 |
| **Total Missouri** |  | 103030 |
| **Nebraska — 1.1%** | **Nebraska — 1.1%** | **Nebraska — 1.1%** |
| County of Washington, Cargill, Inc., Recovery Zone <br> Facility Project Series 2010B, Rev., VRDO, <br> 2.76%, 9/8/2025 (a)<br>| 11300 | 11300 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-ZF3191, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.75%, 9/8/2025 (a) (b)<br>| 2660 | 2660 |
| Series 2023-ZF3168, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 7980 | 7980 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| Series 2024-YX1335, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Barclays Bank plc, 2.76%, <br> 9/8/2025 (a) (b)<br>| 1910 | 1910 |
| Series 2025-XG0604, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 5120 | 5120 |
| **Total Nebraska** |  | 28970 |
| **New Jersey — 0.1%** | **New Jersey — 0.1%** | **New Jersey — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XX1408, Rev., VRDO, LOC : Barclays <br> Bank plc, 3.88%, 9/2/2025 (a) (b)<br>| 4000 | 4000 |
| **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** |
| County of Sandoval, Multi-Family Sandoval Flats <br> Project Series 2024A, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.80%, 9/8/2025 (a)<br>| 12010 | 12010 |
| **New York — 14.1%** | **New York — 14.1%** | **New York — 14.1%** |
| City of New York, Fiscal Year 2013 Series 2013A-3, <br> GO, VRDO, LOC : Mizuho Bank Ltd., 3.90%, <br> 9/2/2025 (a)<br>| 9500 | 9500 |
| City of New York, Fiscal Year 2017 Series 2017A-7, <br> GO, VRDO, LOC : BMO Harris Bank NA, 3.97%, <br> 9/2/2025 (a)<br>| 4800 | 4800 |
| City of New York, Fiscal Year 2023 |  |  |
| Series 2023A, Subseries A-3, GO, VRDO, LIQ : <br> Bank of Montreal, 3.90%, 9/2/2025 (a)<br>| 45115 | 45115 |
| Series 2023A, Subseries A-4, GO, VRDO, LIQ : TD <br> Bank NA, 3.90%, 9/2/2025 (a)<br>| 11175 | 11175 |
| City of New York, Fiscal Year 2025 Series 2025, <br> Subseries G-3, GO, VRDO, LIQ : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 5000 | 5000 |
| Deutsche Bank Spears |  |  |
| Series DB-8139, GO, VRDO, LIQ : Deutsche Bank <br> AG, 3.85%, 9/2/2025 (a) (b)<br>| 1900 | 1900 |
| Series DB-8164, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 3.85%, 9/2/2025 (a) (b)<br>| 22795 | 22795 |
| Series DB-8175, GO, VRDO, LIQ : Deutsche Bank <br> AG, 3.85%, 9/2/2025 (a) (b)<br>| 5395 | 5395 |
| Metropolitan Transportation Authority Series <br> 2002D, Subseries2B, Rev., VRDO, LOC : Truist <br> Bank, 3.90%, 9/2/2025 (a)<br>| 7810 | 7810 |
| Metropolitan Transportation Authority Dedicated <br> Tax Fund<br>|  |  |
| Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 2175 | 2175 |
| Series 2008A-2A, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 1900 | 1900 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 19

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| Nassau County Industrial Development Agency, Cold <br> Spring Harbor Laboratory Project Series 2006, <br> Rev., VRDO, LIQ : TD Bank NA, 3.90%, <br> 9/2/2025 (a)<br>| 16790 | 16790 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2025 <br> Series 2025, Subseries EE-2, Rev., VRDO, LIQ : <br> Bank of New York Mellon (The), 3.94%, <br> 9/2/2025 (a)<br>| 10000 | 10000 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution Series 2007, Subseries CC-2, Rev., <br> VRDO, LIQ : State Street Bank & Trust Co., 3.90%, <br> 9/2/2025 (a)<br>| 6160 | 6160 |
| 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> 3.90%, 9/2/2025 (a)<br>| 39190 | 39190 |
| 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., 3.90%, <br> 9/2/2025 (a)<br>| 6260 | 6260 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2017 Series 2017BB, <br> Rev., VRDO, LIQ : State Street Bank & Trust Co., <br> 3.70%, 9/2/2025 (a)<br>| 4950 | 4950 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2023 Series 2023, <br> Subseries BB-2, Rev., VRDO, LIQ : Mizuho Bank <br> Ltd., 3.70%, 9/2/2025 (a)<br>| 8165 | 8165 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2015 Series A-4, Rev., <br> VRDO, LIQ : Mizuho Bank Ltd., 3.70%, <br> 9/2/2025 (a)<br>| 12625 | 12625 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2018 Series 2018C-7, <br> Rev., VRDO, LIQ : TD Bank NA, 3.90%, <br> 9/2/2025 (a)<br>| 6225 | 6225 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2023 Series 2023, <br> Subseries A-2, Rev., VRDO, LIQ : UBS AG, 3.90%, <br> 9/2/2025 (a)<br>| 44800 | 44800 |
| 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, 3.90%, 9/2/2025 (a)<br>| 9050 | 9050 |

---

---

| | | |
|:---|:---|:---|
| **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 2026 <br> Series 2026, Subseries A-2, Rev., VRDO, LIQ : <br> Bank of America NA, 3.90%, 9/2/2025 (a)<br>| 13400 | 13400 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-120, Rev., VRDO, LOC : Royal Bank of <br> Canada, 3.95%, 9/2/2025 (a) (b)<br>| 19800 | 19800 |
| Series E-146, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/4/2025 (a) (b)<br>| 3275 | 3275 |
| Series E-159, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/8/2025 (a) (b)<br>| 2675 | 2675 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XX1389, Rev., VRDO, LIQ : Barclays <br> Bank plc, 3.85%, 9/2/2025 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XG0624, Rev., VRDO, LIQ : Bank of <br> America NA, 3.98%, 9/2/2025 (a) (b)<br>| 3455 | 3455 |
| Series 2020-XF2878, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 7355 | 7355 |
| Series 2025-XL0617, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3975 | 3975 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels<br>|  |  |
| Series 2003B1, Rev., VRDO, LOC : US Bank NA, <br> 3.85%, 9/2/2025 (a)<br>| 18155 | 18155 |
| Series 2005B-4C, Rev., VRDO, LOC : US Bank NA, <br> 3.85%, 9/2/2025 (a)<br>| 14975 | 14975 |
| Series 2005B-4A, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 13260 | 13260 |
| **Total New York** |  | 384105 |
| **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, 3.50%, 9/8/2025 (a)<br>| 960 | 960 |
| **Ohio — 3.0%** | **Ohio — 3.0%** | **Ohio — 3.0%** |
| Cleveland-Cuyahoga County Port Authority, Museum <br> of Natural History Project<br>|  |  |
| Series 2005B, Rev., VRDO, LIQ : PNC Bank NA, <br> 2.70%, 9/8/2025 (a)<br>| 14250 | 14250 |
| Series D, Rev., VRDO, LIQ : PNC Bank NA, 2.70%, <br> 9/8/2025 (a)<br>| 4580 | 4580 |
| Ohio Higher Educational Facility Commission, <br> Cleveland Clinic Health System Series 2013B-3, <br> Rev., VRDO, LIQ : US Bank NA, 3.85%, <br> 9/2/2025 (a)<br>| 150 | 150 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Ohio Water Development Authority, Water Pollution <br> Control Loan Fund Series 2024C, Rev., VRDO, LIQ <br> : TD Bank NA, 3.90%, 9/2/2025 (a)<br>| 150 | 150 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E132, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/4/2025 (a) (b)<br>| 2065 | 2065 |
| Series C-18, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.77%, 9/8/2025 (a) (b)<br>| 9000 | 9000 |
| Series C-22, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.77%, 9/8/2025 (a) (b)<br>| 10000 | 10000 |
| State of Ohio, Cleveland Clinic Health System Series <br> 2019E, Rev., VRDO, LIQ : PNC Bank NA, 3.75%, <br> 9/2/2025 (a)<br>| 22625 | 22625 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0570, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 4625 | 4625 |
| Series 2022-ZL0355, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3815 | 3815 |
| Series 2023-XG0525, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 6775 | 6775 |
| Series 2024-XF1711, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 3950 | 3950 |
| **Total Ohio** |  | 81985 |
| **Oregon — 0.1%** | **Oregon — 0.1%** | **Oregon — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XG0600, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 1535 | 1535 |
| **Other — 0.4%** | **Other — 0.4%** | **Other — 0.4%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-CF7004, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 5885 | 5885 |
| Series 2024-CF7008, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| **Total Other** |  | 9885 |
| **Pennsylvania — 5.0%** | **Pennsylvania — 5.0%** | **Pennsylvania — 5.0%** |
| Delaware County Industrial Development Authority, <br> United Parcel Service Project, Rev., VRDO, <br> 3.90%, 9/2/2025 (a)<br>| 49535 | 49535 |
| Delaware Valley Regional Finance Authority, Local <br> Government<br>|  |  |
| Series 2024B, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 22350 | 22350 |
| Series 2007B, Rev., VRDO, LOC : PNC Bank NA, <br> 2.70%, 9/8/2025 (a)<br>| 5800 | 5800 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Pennsylvania Turnpike Commission Series 2023B, <br> Rev., VRDO, LOC : TD Bank NA, 2.72%, <br> 9/8/2025 (a)<br>| 5900 | 5900 |
| Philadelphia Gas Works Co. Series C, Rev., VRDO, <br> LOC : TD Bank NA, 2.72%, 9/8/2025 (a)<br>| 10855 | 10855 |
| RIB Floater Trust Various States Series 2022-044, <br> Rev., VRDO, LIQ : Barclays Bank plc, 3.88%, <br> 9/2/2025 (a) (b)<br>| 2180 | 2180 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-BAML5029, Rev., VRDO, LOC : Bank <br> of America NA, 3.98%, 9/2/2025 (a) (b)<br>| 4180 | 4180 |
| Series 2025-XL0673, Rev., VRDO, LIQ : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (b)<br>| 4270 | 4270 |
| Series 2023-ZF3186, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 1350 | 1350 |
| Series 2023-ZL0514, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3125 | 3125 |
| Series 2024-XF1769, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |
| Series 2025-XF3360, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2935 | 2935 |
| Series 2025-XG0626, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2025-XM1218, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 910 | 910 |
| Series 2025-XM1300, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 2.76%, 9/8/2025 (a) <br> (b)<br>| 2500 | 2500 |
| Series 2025-ZF3365, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 1875 | 1875 |
| Series 2025-ZF3366, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 1885 | 1885 |
| Series 2024-XF1707, Rev., VRDO, LIQ : TD Bank <br> NA, 2.77%, 9/8/2025 (a) (b)<br>| 5330 | 5330 |
| Series 2022-XM1057, Rev., VRDO, LIQ : Bank of <br> America NA, 2.78%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |
| **Total Pennsylvania** |  | 135230 |
| **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, 2.73%, 9/8/2025 (a)<br>| 12110 | 12110 |
| **Tennessee — 3.8%** | **Tennessee — 3.8%** | **Tennessee — 3.8%** |
| Johnson City Health and Educational Facilities <br> Board, Ballad Health Series 2022C, Rev., VRDO, <br> LOC : Truist Bank, 2.77%, 9/8/2025 (a)<br>| 30000 | 30000 |
| Metropolitan Knoxville Airport Authority, Rev., <br> VRDO, LOC : Truist Bank, 3.90%, 9/2/2025 (a)<br>| 16160 | 16160 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 21

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| Public Building Authority of Sevier County, Local <br> Government Public Improvement<br>|  |  |
| Series VII-B-2, Rev., VRDO, LOC : Truist Bank, <br> 3.90%, 9/2/2025 (a)<br>| 11625 | 11625 |
| Series VII-Q-1, Rev., VRDO, LOC : Truist Bank, <br> 3.90%, 9/2/2025 (a)<br>| 26450 | 26450 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XL0369, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| Series 2025-XG0611, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 1970 | 1970 |
| Series 2018-XF2576, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 1200 | 1200 |
| Series 2023-XF1625, Rev., VRDO, LIQ : TD Bank <br> NA, 2.77%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2024-XG0548, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 2400 | 2400 |
| Series 2024-XF1698, Rev., VRDO, LIQ : TD Bank <br> NA, 2.78%, 9/8/2025 (a) (b)<br>| 3720 | 3720 |
| **Total Tennessee** |  | 102525 |
| **Texas — 7.1%** | **Texas — 7.1%** | **Texas — 7.1%** |
| Board of Regents of the University of Texas System <br> Series 2008B, Rev., VRDO, LIQ : University of <br> Texas Investment Management Co. (The), 2.60%, <br> 9/8/2025 (a)<br>| 20000 | 20000 |
| City of Austin, Texas Hotel Occupancy Tax, <br> Subordinate Lien Series 2008A, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 2.73%, <br> 9/8/2025 (a)<br>| 6490 | 6490 |
| Deutsche Bank Spears Series 2025-DBE8159, Rev., <br> VRDO, LOC : Deutsche Bank AG, 4.15%, <br> 9/2/2025 (a) (b)<br>| 4300 | 4300 |
| Lower Neches Valley Authority Industrial <br> Development Corp., ExxonMobil Project<br>|  |  |
| Rev., VRDO, 3.95%, 9/2/2025 (a) | 1480 | 1480 |
| Rev., VRDO, 3.95%, 9/2/2025 (a) | 8422 | 8422 |
| Lubbock Independent School District Series 2006, <br> GO, VRDO, PSF-GTD, LIQ : Wells Fargo Bank NA, <br> 2.78%, 9/8/2025 (a)<br>| 7195 | 7195 |
| San Antonio Water System, Subordinate Lien Series <br> 2024A, Rev., VRDO, LIQ : Truist Bank, 3.90%, <br> 9/2/2025 (a)<br>| 9975 | 9975 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3259, Rev., VRDO, LIQ : UBS AG, <br> 3.88%, 9/2/2025 (a) (b)<br>| 9675 | 9675 |
| Series 2025-XX1393, Rev., VRDO, LIQ : Barclays <br> Bank plc, 3.88%, 9/2/2025 (a) (b)<br>| 5825 | 5825 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2023-XF3121, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 11762 | 11762 |
| Series 2024-XG0588, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 8175 | 8175 |
| Series 2023-XF3128, GO, VRDO, PSF-GTD, LIQ : <br> UBS AG, 2.75%, 9/8/2025 (a) (b)<br>| 700 | 700 |
| Series 2023-XF3165, GO, VRDO, PSF-GTD, LIQ : <br> Morgan Stanley Bank NA, 2.75%, <br> 9/8/2025 (a) (b)<br>| 2000 | 2000 |
| Series 2023-ZF3201, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.75%, 9/8/2025 (a) (b)<br>| 3000 | 3000 |
| Series 2022-XL0282, GO, VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 3440 | 3440 |
| Series 2022-XL0360, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2760 | 2760 |
| Series 2022-XM1050, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2675 | 2675 |
| Series 2023-XF3154, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2000 | 2000 |
| Series 2023-XG0530, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 5200 | 5200 |
| Series 2023-XG0534, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 5335 | 5335 |
| Series 2023-XL0500, Rev., VRDO, LIQ : UBS AG, <br> 2.76%, 9/8/2025 (a) (b)<br>| 4340 | 4340 |
| Series 2023-XM1125, GO, VRDO, PSF-GTD, LIQ : <br> Wells Fargo Bank NA, 2.76%, 9/8/2025 (a) <br> (b)<br>| 2800 | 2800 |
| Series 2025-XF3431, GO, VRDO, PSF-GTD, LIQ : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 1800 | 1800 |
| Series 2025-XF3432, GO, VRDO, PSF-GTD, LIQ : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XF3437, GO, VRDO, PSF-GTD, LIQ : <br> Wells Fargo Bank NA, 2.76%, 9/8/2025 (a) <br> (b)<br>| 2670 | 2670 |
| Series 2025-XF8021, GO, VRDO, LIQ : TD Bank <br> NA, 2.76%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2025-XG0596, GO, VRDO, PSF-GTD, LIQ : <br> Royal Bank of Canada, 2.76%, 9/8/2025 (a) <br> (b)<br>| 3410 | 3410 |
| Series 2025-XL0686, GO, VRDO, LIQ : Royal Bank <br> of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |
| Series 2025-YX1412, GO, VRDO, PSF-GTD, LIQ : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 3035 | 3035 |
| Series 2025-ZF3369, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF3370, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

22 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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-ZF3461, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 4250 | 4250 |
| Series 2023-XG0505, GO, VRDO, PSF-GTD, LIQ : <br> TD Bank NA, 2.77%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2023-XF3147, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 2805 | 2805 |
| Texas Department of Transportation State Highway <br> Fund, First Tier Series 2014-B, Rev., VRDO, LIQ : <br> Sumitomo Mitsui Banking Corp., 2.75%, <br> 9/8/2025 (a)<br>| 29825 | 29825 |
| **Total Texas** |  | 194094 |
| **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, 2.70%, <br> 9/8/2025 (a)<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, 3.91%, 9/2/2025 (a)<br>| 2675 | 2675 |
| **Virginia — 4.0%** | **Virginia — 4.0%** | **Virginia — 4.0%** |
| City of Norfolk Series 2007, GO, VRDO, LIQ : Bank of <br> America NA, 2.73%, 9/8/2025 (a)<br>| 3700 | 3700 |
| Loudoun County Economic Development Authority, <br> Jack Kent Cooke Foundation Project Series 2004, <br> Rev., VRDO, LOC : Northern Trust Co. (The), <br> 2.75%, 9/8/2025 (a)<br>| 5540 | 5540 |
| Public Finance Authority Series 2025-VRS204, Rev., <br> VRDO, LOC : Bank of America NA, 2.79%, <br> 9/8/2025 (a) (b)<br>| 5950 | 5950 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series C-19, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| Roanoke Economic Development Authority, Carilion <br> Health System Obligated Group<br>|  |  |
| Series 2005A, Rev., VRDO, LIQ : PNC Bank NA, <br> 2.70%, 9/8/2025 (a)<br>| 47320 | 47320 |
| Series 2020B, Rev., VRDO, LIQ : PNC Bank NA, <br> 2.70%, 9/8/2025 (a)<br>| 20215 | 20215 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XL0489, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 1800 | 1800 |
| Series 2024-XG0560, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 9130 | 9130 |
| Series 2024-XM1176, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 3300 | 3300 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| Series 2024-XX1356, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 4050 | 4050 |
| Series 2025-XX1394, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 4125 | 4125 |
| **Total Virginia** |  | 110130 |
| **Washington — 0.8%** | **Washington — 0.8%** | **Washington — 0.8%** |
| State of Washington Series 2023-0012, Class A, GO, <br> VRDO, LIQ : Citibank NA, 2.77%, 9/8/2025 (a) <br> (b)<br>| 6000 | 6000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XG0400, GO, VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 10520 | 10520 |
| Series 2023-ZL0490, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 1670 | 1670 |
| Series 2023-ZL0491, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 1670 | 1670 |
| Series 2025-ZF1820, GO, VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 1250 | 1250 |
| **Total Washington** |  | 21110 |
| **Wisconsin — 3.4%** | **Wisconsin — 3.4%** | **Wisconsin — 3.4%** |
| Public Finance Authority Series 2025-VRS301, Rev., <br> VRDO, LOC : Bank of America NA, 4.00%, <br> 9/2/2025 (a) (b)<br>| 13000 | 13000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0571, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 1785 | 1785 |
| Series 2022-XL0296, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 5530 | 5530 |
| Series 2023-XF3076, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3895 | 3895 |
| Series 2023-XL0483, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 2245 | 2245 |
| Series 2024-XF1696, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Royal Bank of Canada, 2.76%, <br> 9/8/2025 (a) (b)<br>| 4440 | 4440 |
| Series 2024-XG0553, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 1455 | 1455 |
| Series 2024-XL0554, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Royal Bank of Canada, 2.76%, <br> 9/8/2025 (a) (b)<br>| 7500 | 7500 |
| Wisconsin Health and Educational Facilities <br> Authority, Froedtert Health, Inc., Obligated Group <br> Series 2021B, Rev., VRDO, LIQ : US Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 35735 | 35735 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 23

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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 Health and Educational Facilities <br> Authority, Medical College of Wisconsin, Inc., <br> (The) Series 2008B, Rev., VRDO, LOC : TD Bank <br> NA, 3.90%, 9/2/2025 (a)<br>| 875 | 875 |
| Wisconsin Housing and Economic Development <br> Authority Home Ownership Series 2016C, Rev., <br> AMT, VRDO, FNMA COLL, LIQ : Royal Bank of <br> Canada, 2.73%, 9/8/2025 (a)<br>| 2290 | 2290 |
| Wisconsin Housing and Economic Development <br> Authority Housing<br>|  |  |
| Series 2022C, Rev., VRDO, LIQ : FHLB, 2.68%, <br> 9/8/2025 (a)<br>| 4650 | 4650 |
| Series 2023C, Rev., VRDO, LIQ : FHLB, 2.73%, <br> 9/8/2025 (a)<br>| 10000 | 10000 |
| **Total Wisconsin** |  | 93400 |
| Total Municipal Bonds <br>(Cost $2,545,277)<br>|  | 2545277 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 6.3%** | **Variable Rate Demand Preferred Shares — 6.3%** | **Variable Rate Demand Preferred Shares — 6.3%** |
| **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., 2.76%, 9/8/2025# (b)<br>| 7000 | 7000 |
| **New York — 1.0%** | **New York — 1.0%** | **New York — 1.0%** |
| Nuveen New York AMT - Free Quality Municipal <br> Income Fund<br>|  |  |
| Series 2, LIQ : Royal Bank of Canada, 2.78%, <br> 9/8/2025# (b)<br>| 13600 | 13600 |
| Series 5, LIQ : TD Bank NA, 2.80%, 9/8/2025# <br> (b)<br>| 14200 | 14200 |
| Total New York |  | 27800 |
| **Other — 5.0%** | **Other — 5.0%** | **Other — 5.0%** |
| Nuveen AMT - Free Municipal Credit Income Fund |  |  |
| Series 6, LIQ : Sumitomo Mitsui Banking Corp., <br> 2.78%, 9/8/2025# (b)<br>| 46700 | 46700 |
| Series 5, LIQ : Societe Generale, 2.78%, <br> 9/8/2025# (b)<br>| 17400 | 17400 |
| Nuveen AMT - Free Quality Municipal Income Fund |  |  |
| Series 4-4895, LIQ : Barclays Bank plc, 2.81%, <br> 9/4/2025# (b)<br>| 34400 | 34400 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Other — continued** | **Other — continued** | **Other — continued** |
| Series 5-1000, LOC : Sumitomo Mitsui Banking <br> Corp., 2.79%, 9/8/2025# (b)<br>| 25000 | 25000 |
| Series 3-PFD, LIQ : TD Bank NA, 2.82%, <br> 9/8/2025# (b)<br>| 13400 | 13400 |
| Total Other |  | 136900 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $171,700)<br>|  | 171700 |
| **Total Investments — 99.8%** <br>**(Cost $2,716,977)** \*<br>|  | **2716977** |
| **Other Assets in Excess of Liabilities — 0.2%** |  | **5175** |
| **NET ASSETS — 100.0%** |  | **2722152** |

---

&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 |
| 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 |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| Rev. | Revenue |
| 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 August 31, 2025.<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 August 31, 2025. <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;

24 J.P. Morgan Money Market Funds August 31, 2025

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JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 20.2%** | **Repurchase Agreements — 20.2%** | **Repurchase Agreements — 20.2%** |
| BMO Capital Markets Corp., 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $40,020, collateralized by Asset-Backed <br> Securities, 12.72%, due 3/25/2036, <br> Collateralized Mortgage Obligations, 3.67% - <br> 7.69%, due 5/15/2048 - 10/25/2063, <br> Corporate Notes and Bonds, 4.25% - 6.63%, <br> due 9/30/2026 - 4/1/2035, FHLMC, 1.11% - <br> 5.16%, due 10/25/2030 - 5/25/2051, FNMA, <br> 3.27% - 5.30%, due 2/1/2028 - 1/25/2055 <br> and GNMA, 6.56%, due 5/20/2075, with a <br> value of $42,996.<br>| 40000 | 40000 |
| BMO Capital Markets Corp., 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $110,054, collateralized by Asset-Backed <br> Securities, 1.97% - 10.82%, due 12/10/2028 <br> - 5/25/2054, Collateralized Mortgage <br> Obligations, 1.65% - 9.33%, due 12/15/2036 <br> - 8/25/2070, Corporate Notes and Bonds, <br> 2.45% - 9.63%, due 8/4/2026 - 9/15/2032, <br> FHLMC, 1.11% - 5.16%, due 10/25/2030 - <br> 2/25/2041 and FNMA, 5.30%, due <br> 1/25/2055, with a value of $118,419.<br>| 110000 | 110000 |
| BMO Capital Markets Corp., 4.43%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $50,043, collateralized by Asset-Backed <br> Securities, 2.20% - 13.03%, due 12/15/2025 <br> - 8/20/2055, Collateralized Mortgage <br> Obligations, 0.31% - 6.56%, due 5/18/2042 - <br> 7/17/2057, Corporate Notes and Bonds, <br> 2.40% - 5.30%, due 3/15/2026 - 8/15/2052 <br> and FNMA, 5.30%, due 1/25/2055, with a <br> value of $54,483.<br>| 50000 | 50000 |
| BMO Capital Markets Corp., 4.44%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $20,017, collateralized by Asset-Backed <br> Securities, 4.86%, due 4/25/2037, <br> Collateralized Mortgage Obligations, 5.43% - <br> 7.17%, due 6/25/2036 - 8/25/2070, <br> Corporate Notes and Bonds, 4.75% - 8.88%, <br> due 1/15/2029 - 3/15/2033 and FNMA, <br> 5.30%, due 1/25/2055, with a value of <br> $21,669.<br>| 20000 | 20000 |
| BMO Capital Markets Corp., 4.44%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $20,017, collateralized by Asset-Backed <br> Securities, 4.95% - 11.54%, due 1/27/2031 - <br> 6/25/2065, Corporate Notes and Bonds, <br> 4.00% - 8.75%, due 7/15/2030 - 3/27/2036 <br> and FNMA, 5.00% - 5.30%, due 1/25/2055 - <br> 7/25/2055, with a value of $21,804.<br>| 20000 | 20000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| BNP Paribas SA, 4.49%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $317,277, <br> collateralized by Asset-Backed Securities, <br> 1.37% - 8.27%, due 7/21/2031 - 7/20/2038, <br> Collateralized Mortgage Obligations, 2.50% - <br> 6.00%, due 7/8/2031 - 5/25/2065, Corporate <br> Notes and Bonds, 0.55% - 8.45%, due <br> 9/1/2025 - 12/31/2079^^ and FHLMC, <br> 3.34% - 4.85%, due 4/25/2028 - 9/25/2028, <br> with a value of $335,887.<br>| 317000 | 317000 |
| BNP Paribas SA, 4.57%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $375,333, <br> collateralized by Asset-Backed Securities, <br> 4.43% - 5.98%, due 9/27/2027 - 7/20/2038, <br> Collateralized Mortgage Obligations, 0.00% - <br> 7.50%, due 11/15/2027 - 10/25/2067, <br> Corporate Notes and Bonds, 1.00% - 9.40%, <br> due 9/15/2025 - 12/31/2079^^ and FHLMC, <br> 2.72% - 4.94%, due 7/25/2026 - <br> 11/25/2030, with a value of $399,064.<br>| 375000 | 375000 |
| BNP Paribas SA, 4.75%, dated 8/29/2025, due <br> 10/3/2025, repurchase price $115,531, <br> collateralized by Corporate Notes and Bonds, <br> 0.00% - 14.00%, due 10/31/2025 - <br> 1/15/2084, with a value of $126,658.<br>| 115000 | 115000 |
| BNP Paribas SA, 4.75%, dated 8/29/2025, due <br> 10/3/2025, repurchase price $763,510, <br> collateralized by Asset-Backed Securities, <br> 8.37%, due 4/15/2050 and Corporate Notes <br> and Bonds, 2.60% - 14.38%, due 9/17/2025 - <br> 1/15/2084^^, with a value of $839,416.<br>| 760000 | 760000 |
| BofA Securities, Inc., 4.76%, dated 8/29/2025, <br> due 12/2/2025, repurchase price $810,049, <br> collateralized by Asset-Backed Securities, <br> 0.00% - 12.75%, due 1/19/2023 - <br> 7/15/2069, Collateralized Mortgage <br> Obligations, 0.00% - 5.61%, due 7/25/2032 - <br> 6/25/2065, Commercial Paper, 0.00%, due <br> 9/19/2025, Corporate Notes and Bonds, <br> 0.00%, due 5/9/2026 - 5/29/2049^^, FNMA, <br> 7.86% - 14.10%, due 10/25/2039 - <br> 11/25/2053 and Sovereign Government <br> Securities, 4.98% - 9.25%, due 9/15/2027 - <br> 4/20/2055, with a value of $877,029.<br>| 800000 | 800000 |
| Citigroup Global Markets Holdings, Inc., 4.39%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $700,342, collateralized by U.S. Treasury <br> Securities, 0.13% - 4.63%, due 5/15/2030 - <br> 3/31/2032, with a value of $714,000.<br>| 700000 | 700000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 25

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Citigroup Global Markets Holdings, Inc., 4.39%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $750,366, collateralized by U.S. Treasury <br> Securities, 0.13% - 4.50%, due 12/31/2031 - <br> 8/15/2034, with a value of $765,000.<br>| 750000 | 750000 |
| Credit Agricole Corporate and Investment Bank, <br> 4.39%, dated 8/29/2025, due 9/3/2025, <br> repurchase price $250,152, collateralized by <br> Asset-Backed Securities, 4.96% - 6.90%, due <br> 4/15/2030 - 3/25/2055, Collateralized <br> Mortgage Obligations, 3.93% - 5.85%, due <br> 2/12/2047 - 9/12/2047, Commercial Paper, <br> 0.00%, due 9/30/2025 - 3/23/2026, <br> Corporate Notes and Bonds, 2.96% - 10.63%, <br> due 4/1/2026 - 2/15/2051, FHLMC, 4.48%, <br> due 5/5/2027 and Sovereign Government <br> Securities, 0.63% - 6.13%, due 1/22/2026 - <br> 6/1/2050, with a value of $263,276.<br>| 250000 | 250000 |
| Fixed Income Clearing Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $250,120, collateralized by U.S. Treasury <br> Securities, 4.25%, due 2/15/2054, with a <br> value of $255,000.<br>| 250000 | 250000 |
| Fixed Income Clearing Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $1,750,842, collateralized by U.S. Treasury <br> Securities, 0.63% - 4.63%, due 1/15/2026 - <br> 2/15/2048, with a value of $1,785,000.<br>| 1750000 | 1750000 |
| Fixed Income Clearing Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $4,502,165, collateralized by U.S. Treasury <br> Securities, 0.13% - 4.63%, due 9/30/2030 - <br> 5/31/2031, with a value of $4,590,000.<br>| 4500000 | 4500000 |
| Goldman Sachs & Co. LLC, 4.71%, dated <br> 8/29/2025, due 10/27/2025, repurchase <br> price $377,895, collateralized by Asset-Backed <br> Securities, 3.75% - 12.14%, due 4/15/2027 - <br> 6/25/2065, Collateralized Mortgage <br> Obligations, 0.50% - 6.59%, due 5/7/2030 - <br> 12/16/2072 and Corporate Notes and Bonds, <br> 0.00% - 14.40%, due 9/9/2025 - <br> 6/15/2038^^, with a value of $404,491.<br>| 375000 | 375000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Goldman Sachs & Co. LLC, 4.73%, dated <br> 8/29/2025, due 10/27/2025, repurchase <br> price $574,419, collateralized by Asset-Backed <br> Securities, 0.00% - 12.78%, due 12/15/2025 <br> - 5/25/2065, Collateralized Mortgage <br> Obligations, 0.00% - 11.14%, due 8/17/2026 <br> - 5/25/2061, Corporate Notes and Bonds, <br> 0.00% - 11.88%, due 9/15/2025 - <br> 1/28/2060 and Sovereign Government <br> Securities, 9.50%, due 7/15/2052, with a <br> value of $612,460.<br>| 570000 | 570000 |
| ING Financial Markets LLC, 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $100,049, collateralized by Corporate Notes <br> and Bonds, 2.13% - 5.90%, due 7/13/2026 - <br> 3/2/2028, with a value of $105,052.<br>| 100000 | 100000 |
| ING Financial Markets LLC, 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $180,088, collateralized by Common Stocks, <br> with a value of $194,495.<br>| 180000 | 180000 |
| ING Financial Markets LLC, 4.65%, dated <br> 8/29/2025, due 10/14/2025, repurchase <br> price $352,080, collateralized by Common <br> Stocks, with a value of $380,734.<br>| 350000 | 350000 |
| Natixis SA, 4.44%, dated 8/29/2025, due <br> 9/2/2025, repurchase price $105,052, <br> collateralized by Asset-Backed Securities, <br> 4.15% - 11.73%, due 9/17/2029 - 5/9/2039, <br> Collateralized Mortgage Obligations, 2.86% - <br> 7.24%, due 5/12/2034 - 10/25/2065, <br> Corporate Notes and Bonds, 2.59% - 11.25%, <br> due 3/15/2027 - 12/31/2079 and Sovereign <br> Government Securities, 6.00% - 7.13%, due <br> 2/12/2032 - 10/20/2033, with a value of <br> $112,518.<br>| 105000 | 105000 |
| Natixis SA, 4.48%, dated 8/29/2025, due <br> 9/2/2025, repurchase price $175,087, <br> collateralized by Asset-Backed Securities, <br> 3.01% - 12.94%, due 2/15/2029 - <br> 4/20/2038, Collateralized Mortgage <br> Obligations, 5.13% - 6.06%, due 8/15/2036 - <br> 7/15/2044, Corporate Notes and Bonds, <br> 2.62% - 10.00%, due 4/20/2027 - <br> 3/30/2051 and Sovereign Government <br> Securities, 4.25% - 7.13%, due 4/14/2026 - <br> 1/3/2035, with a value of $187,607.<br>| 175000 | 175000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Natixis SA, 4.49%, dated 8/29/2025, due <br> 9/2/2025, repurchase price $425,212, <br> collateralized by Asset-Backed Securities, <br> 3.51% - 11.73%, due 10/23/2031 - <br> 11/25/2053, Collateralized Mortgage <br> Obligations, 1.96% - 6.95%, due 5/12/2034 - <br> 4/25/2064, Corporate Notes and Bonds, <br> 2.59% - 10.00%, due 2/1/2026 - 1/15/2067 <br> and Sovereign Government Securities, 3.75% - <br> 8.60%, due 4/7/2026 - 1/3/2035, with a <br> value of $453,873.<br>| 425000 | 425000 |
| Natixis SA, 4.46%, dated 8/29/2025, due <br> 9/3/2025, repurchase price $100,062, <br> collateralized by Common Stocks, with a value of <br> $108,081.<br>| 100000 | 100000 |
| Natixis SA, 4.44%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $100,086, <br> collateralized by Asset-Backed Securities, <br> 2.70% - 10.73%, due 10/17/2033 - <br> 5/9/2039, Collateralized Mortgage Obligations, <br> 2.83% - 6.85%, due 11/25/2035 - <br> 2/25/2067, Corporate Notes and Bonds, <br> 1.90% - 10.00%, due 5/15/2027 - <br> 12/31/2079 and Sovereign Government <br> Securities, 3.75%, due 9/12/2031, with a <br> value of $107,162.<br>| 100000 | 100000 |
| Natixis SA, 4.48%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $50,044, <br> collateralized by Asset-Backed Securities, <br> 5.78% - 5.82%, due 12/15/2032 - <br> 4/23/2038, Collateralized Mortgage <br> Obligations, 4.80% - 6.57%, due 2/12/2036 - <br> 12/25/2046 and Corporate Notes and Bonds, <br> 4.00% - 10.00%, due 11/1/2026 - <br> 3/15/2082^^, with a value of $54,146.<br>| 50000 | 50000 |
| Natixis SA, 4.48%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $140,122, <br> collateralized by Asset-Backed Securities, <br> 4.80% - 6.72%, due 2/15/2029 - 5/9/2039, <br> Collateralized Mortgage Obligations, 2.34% - <br> 6.27%, due 4/15/2032 - 2/25/2067, <br> Corporate Notes and Bonds, 2.59% - 8.00%, <br> due 1/20/2028 - 4/25/2053^^ and Sovereign <br> Government Securities, 6.00% - 7.13%, due <br> 4/7/2026 - 2/12/2032, with a value of <br> $148,389.<br>| 140000 | 140000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pershing LLC, 4.73%, dated 8/29/2025, due <br> 11/6/2025, repurchase price $110,997, <br> collateralized by Asset-Backed Securities, <br> 5.00% - 9.99%, due 12/16/2030 - <br> 1/25/2065, Certificates of Deposit, 3.95% - <br> 4.45%, due 7/5/2030 - 8/27/2030, <br> Collateralized Mortgage Obligations, 0.00%, <br> due 8/29/2029, Corporate Notes and Bonds, <br> 0.00% - 9.50%, due 3/15/2026 - <br> 9/15/2055^^, FNMA, 5.50%, due 7/25/2035, <br> GNMA, 5.50% - 7.00%, due 8/20/2039 - <br> 1/20/2054, Municipal Debt Securities, 2.76% - <br> 9.50%, due 1/1/2039 - 1/1/2065 and <br> U.S. Treasury Securities, 0.00% - 4.75%, due <br> 9/15/2025 - 8/15/2048, with a value of <br> $117,841.<br>| 110000 | 110000 |
| RBC Capital Markets LLC, 4.43%, dated <br> 8/29/2025, due 9/3/2025, repurchase price <br> $350,215, collateralized by Commercial Paper, <br> 0.00%, due 10/10/2025 - 10/27/2025, <br> Corporate Notes and Bonds, 0.00% - 13.00%, <br> due 10/31/2025 - 4/4/2051^^ and Sovereign <br> Government Securities, 3.25%, due <br> 8/12/2026, with a value of $367,714.<br>| 350000 | 350000 |
| RBC Capital Markets LLC, 4.43%, dated <br> 8/29/2025, due 9/4/2025, repurchase price <br> $80,059, collateralized by Commercial Paper, <br> 0.00%, due 10/9/2025 - 2/24/2026 and <br> Corporate Notes and Bonds, 0.75% - 6.50%, <br> due 1/6/2026 - 9/15/2059, with a value of <br> $84,000.<br>| 80000 | 80000 |
| Societe Generale SA, 4.40%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $100,049, <br> collateralized by Asset-Backed Securities, <br> 5.50%, due 1/25/2038, Corporate Notes and <br> Bonds, 2.05% - 6.25%, due 3/4/2027 - <br> 8/12/2061^^, Sovereign Government <br> Securities, 0.55% - 5.50%, due 10/21/2025 - <br> 7/2/2054 and U.S. Treasury Securities, 0.00% <br> - 4.25%, due 11/30/2026 - 8/15/2053, with a <br> value of $104,959.<br>| 100000 | 100000 |
| Societe Generale SA, 4.40%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $150,073, <br> collateralized by Asset-Backed Securities, <br> 5.43% - 5.50%, due 1/25/2038 - 4/23/2038, <br> Corporate Notes and Bonds, 1.43% - 7.13%, <br> due 1/17/2027 - 12/31/2079, Sovereign <br> Government Securities, 1.00% - 5.20%, due <br> 9/16/2030 - 9/5/2049 and U.S. Treasury <br> Securities, 0.00% - 1.88%, due 12/26/2025 - <br> 2/15/2054, with a value of $157,598.<br>| 150000 | 150000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 27

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Societe Generale SA, 4.47%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $60,030, <br> collateralized by Asset-Backed Securities, <br> 5.41% - 8.30%, due 7/17/2030 - 4/23/2038, <br> Corporate Notes and Bonds, 2.63% - 11.00%, <br> due 12/1/2026 - 11/13/2047 and Sovereign <br> Government Securities, 5.95% - 9.38%, due <br> 9/30/2027 - 3/15/2035, with a value of <br> $64,130.<br>| 60000 | 60000 |
| Societe Generale SA, 4.47%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $75,037, <br> collateralized by Asset-Backed Securities, <br> 5.82% - 8.30%, due 7/17/2030 - 3/17/2038, <br> Collateralized Mortgage Obligations, 4.08% - <br> 9.62%, due 4/17/2034 - 9/25/2059, <br> Corporate Notes and Bonds, 1.25% - 10.50%, <br> due 9/15/2025 - 11/15/2066^^ and <br> Sovereign Government Securities, 4.88% - <br> 9.88%, due 4/7/2026 - 1/27/2045, with a <br> value of $80,805.<br>| 75000 | 75000 |
| Societe Generale SA, 4.40%, dated 8/29/2025, <br> due 9/4/2025, repurchase price $435,319, <br> collateralized by Asset-Backed Securities, <br> 5.34%, due 4/20/2038, Collateralized <br> Mortgage Obligations, 4.56%, due <br> 12/17/2049, Corporate Notes and Bonds, <br> 1.43% - 8.13%, due 12/8/2025 - <br> 12/31/2079^^, Sovereign Government <br> Securities, 1.75% - 5.20%, due 8/1/2028 - <br> 9/18/2034 and U.S. Treasury Securities, <br> 0.00% - 1.75%, due 3/31/2026 - 8/15/2054, <br> with a value of $456,649.<br>| 435000 | 435000 |
| Societe Generale SA, 4.51%, dated 8/29/2025, <br> due 10/8/2025, repurchase price $125,626, <br> collateralized by Asset-Backed Securities, <br> 8.30%, due 7/17/2030, Collateralized <br> Mortgage Obligations, 4.19% - 7.40%, due <br> 9/28/2036 - 1/18/2039, Corporate Notes and <br> Bonds, 3.88% - 11.50%, due 1/15/2028 - <br> 11/15/2066^^, Sovereign Government <br> Securities, 5.00% - 9.88%, due 4/7/2026 - <br> 5/11/2047 and U.S. Treasury Securities, <br> 0.00%, due 2/15/2039 - 8/15/2054, with a <br> value of $136,024.<br>| 125000 | 125000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Societe Generale SA, 4.70%, dated 8/29/2025, <br> due 11/3/2025, repurchase price $302,585, <br> collateralized by Asset-Backed Securities, <br> 3.08% - 10.59%, due 7/17/2030 - <br> 3/17/2038, Collateralized Mortgage <br> Obligations, 3.05% - 10.62%, due 4/17/2034 <br> - 1/16/2060, Corporate Notes and Bonds, <br> 3.02% - 12.50%, due 3/6/2026 - <br> 11/15/2066^^, Sovereign Government <br> Securities, 1.25% - 9.88%, due 4/7/2026 - <br> 7/23/2060 and U.S. Treasury Securities, <br> 0.00% - 1.63%, due 9/30/2025 - 2/15/2054, <br> with a value of $326,296.<br>| 300000 | 300000 |
| TD Securities USA LLC, 4.40%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $175,086, <br> collateralized by Municipal Debt Securities, <br> 5.00% - 5.25%, due 3/1/2034 - 2/15/2055, <br> with a value of $183,841.<br>| 175000 | 175000 |
| TD Securities USA LLC, 4.44%, dated 8/29/2025, <br> due 9/5/2025, repurchase price $400,345, <br> collateralized by Municipal Debt Securities, <br> 1.81% - 8.00%, due 9/1/2030 - 12/1/2054, <br> with a value of $423,215.<br>| 400000 | 400000 |
| TD Securities USA LLC, 4.46%, dated 8/29/2025, <br> due 9/5/2025, repurchase price $125,108, <br> collateralized by Municipal Debt Securities, <br> 5.00% - 5.25%, due 6/1/2037 - 1/1/2054, <br> with a value of $132,259.<br>| 125000 | 125000 |
| TD Securities USA LLC, 4.68%, dated 8/29/2025, <br> due 10/20/2025, repurchase price $75,507, <br> collateralized by Corporate Notes and Bonds, <br> 2.30% - 8.25%, due 2/11/2026 - 4/1/2056 <br> and Municipal Debt Securities, 3.08% - 5.50%, <br> due 3/1/2027 - 12/1/2054, with a value of <br> $79,582.<br>| 75000 | 75000 |
| Wells Fargo Securities LLC, 4.40%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $25,012, collateralized by Commercial Paper, <br> 0.00%, due 9/2/2025 - 6/10/2026, with a <br> value of $26,273.<br>| 25000 | 25000 |
| Wells Fargo Securities LLC, 4.46%, dated <br> 8/29/2025, due 9/3/2025, repurchase price <br> $40,025, collateralized by Certificates of <br> Deposit, 0.00% - 4.93%, due 9/18/2025 - <br> 1/2/2029, with a value of $42,037.<br>| 40000 | 40000 |
| Wells Fargo Securities LLC, 4.40%, dated <br> 8/29/2025, due 9/4/2025, repurchase price <br> $170,125, collateralized by Commercial Paper, <br> 0.00%, due 9/29/2025 - 3/25/2026, with a <br> value of $178,653.<br>| 170000 | 170000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Money Market Funds August 31, 2025

------

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Wells Fargo Securities LLC, 4.46%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $225,195, collateralized by Certificates of <br> Deposit, 0.00% - 5.10%, due 9/8/2025 - <br> 8/6/2030, with a value of $236,455.<br>| 225000 | 225000 |
| Wells Fargo Securities LLC, 4.70%, dated <br> 8/29/2025, due 10/17/2025, repurchase <br> price $110,704, collateralized by Commercial <br> Paper, 0.00%, due 9/9/2025 - 4/1/2026, with <br> a value of $116,405.<br>| 110000 | 110000 |
| Wells Fargo Securities LLC, 4.78%, dated <br> 8/29/2025, due 11/3/2025, repurchase price <br> $70,613, collateralized by Commercial Paper, <br> 0.00%, due 9/5/2025 - 11/14/2025, with a <br> value of $74,378.<br>| 70000 | 70000 |
| Wells Fargo Securities LLC, 4.78%, dated <br> 8/29/2025, due 11/24/2025, repurchase <br> price $202,310, collateralized by Commercial <br> Paper, 0.00%, due 9/8/2025 - 6/10/2026, <br> with a value of $212,510.<br>| 200000 | 200000 |
| Total Repurchase Agreements <br>(Cost $16,877,000)<br>|  | 16877000 |
| **Corporate Bonds — 0.7%** | **Corporate Bonds — 0.7%** | **Corporate Bonds — 0.7%** |
| **Banks — 0.7%** | **Banks — 0.7%** | **Banks — 0.7%** |
| Bank of America NA  |  |  |
| (SOFR + 0.24%), 4.60%, 9/2/2025 (a) | 75000 | 75000 |
| 4.26%, 2/19/2026 | 177000 | 177000 |
| Barclays Bank plc (United Kingdom) |  |  |
| (OBFR + 0.20%), 4.53%, 9/2/2025 (a) (b) | 50000 | 50000 |
| (OBFR + 0.20%), 4.53%, 9/2/2025 (a) (b) | 148000 | 148000 |
| (OBFR + 0.25%), 4.58%, 9/2/2025 (a) (b) | 135000 | 135000 |
| Total Corporate Bonds <br>(Cost $585,000)<br>|  | 585000 |
| **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, 4.35%, 9/8/2025 (c)<br>| 8000 | 8000 |
| Series 2025C, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : Zions Bancorp. NA, 4.35%, <br> 9/8/2025 (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, 4.35%, 9/8/2025 (c)<br>| 20000 | 20000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **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, 4.37%, 9/8/2025 (c)<br>| 33300 | 33300 |
| **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, 4.65%, <br> 9/8/2025 (b) (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, 4.37%, 9/8/2025 (c)<br>| 14500 | 14500 |
| State of Texas, Veterans Series 2023A, GO, VRDO, <br> LIQ : Texas State Comptroller, 4.38%, <br> 9/8/2025 (c)<br>| 20100 | 20100 |
| State of Texas, Veterans Lands Series 2025A, GO, <br> VRDO, LIQ : Texas State Comptroller, 4.35%, <br> 9/8/2025 (c)<br>| 25000 | 25000 |
| **Total Texas** |  | 59600 |
| **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, 4.35%, 9/8/2025 (c)<br>| 14000 | 14000 |
| Total Municipal Bonds <br>(Cost $239,255)<br>|  | 239255 |
| **Short Term Investments — 76.3%** | **Short Term Investments — 76.3%** | **Short Term Investments — 76.3%** |
| **Commercial Paper — 38.7%** | **Commercial Paper — 38.7%** | **Commercial Paper — 38.7%** |
| Albion Capital Corp. SA (Luxembourg), 4.44%, <br> 10/28/2025 (d)<br>| 105000 | 104267 |
| Antalis SA (France) |  |  |
| 4.50%, 9/2/2025 (b) (d) | 55000 | 54993 |
| 4.40%, 10/20/2025 (b) (d) | 122000 | 121274 |
| 4.34%, 3/3/2026 (b) (d) | 39000 | 38157 |
| Atlantic Asset Securitization LLC, 4.19%, <br> 5/21/2026 (b) (d)<br>| 25000 | 24261 |
| Australia & New Zealand Banking Group Ltd. <br> (Australia)<br>|  |  |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (a) (b) | 25000 | 25000 |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (a) (b) | 120000 | 120000 |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (a) (b) | 100000 | 100000 |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (a) (b) | 138000 | 138000 |
| (SOFR + 0.22%), 4.56%, 9/2/2025 (a) (b) | 180000 | 180000 |
| (SOFR + 0.26%), 4.60%, 9/2/2025 (a) (b) | 100000 | 100000 |
| 4.34%, 10/27/2025 (b) (d) | 100000 | 99330 |
| 4.33%, 10/29/2025 (b) (d) | 47000 | 46674 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 29

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| 4.33%, 10/31/2025 (b) (d) | 71000 | 70491 |
| 4.35%, 3/2/2026 (b) (d) | 100000 | 97846 |
| 4.25%, 3/19/2026 (b) (d) | 36000 | 35173 |
| 4.15%, 5/11/2026 (b) (d) | 100000 | 97179 |
| Automatic Data Processing, Inc., 4.34%, <br> 9/3/2025 (b) (d)<br>| 350000 | 349916 |
| Banco Santander SA (Spain) |  |  |
| 4.38%, 9/16/2025 (b) (d) | 100000 | 99821 |
| 4.37%, 10/8/2025 (b) (d) | 4000 | 3982 |
| 4.29%, 10/10/2025 (b) (d) | 220000 | 218982 |
| 4.42%, 11/7/2025 (b) (d) | 50000 | 49598 |
| Bank of Montreal (Canada) |  |  |
| (SOFR + 0.28%), 4.62%, 9/2/2025 (a) (b) | 113000 | 113000 |
| (SOFR + 0.34%), 4.68%, 9/2/2025 (a) (b) | 100000 | 100000 |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (a) | 116000 | 116000 |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (a) (b) | 50000 | 50000 |
| (SOFR + 0.37%), 4.71%, 9/2/2025 (a) (b) | 119000 | 119000 |
| 4.39%, 9/3/2025 (d) | 98000 | 97976 |
| 4.48%, 11/21/2025 (d) | 116000 | 114842 |
| 4.50%, 11/25/2025 (d) | 40000 | 39580 |
| 4.40%, 2/3/2026 (d) | 47000 | 46127 |
| 4.35%, 6/8/2026 (d) | 62000 | 59970 |
| 4.29%, 7/7/2026 (d) | 60000 | 57868 |
| Bank of New Zealand (New Zealand), 4.47%, <br> 10/2/2025 (b) (d)<br>| 75000 | 74716 |
| Bank of Nova Scotia (The) (Canada) |  |  |
| (SOFR + 0.31%), 4.65%, 9/2/2025 (a) (b) | 210000 | 210000 |
| (SOFR + 0.32%), 4.66%, 9/2/2025 (a) (b) | 34000 | 34000 |
| 4.67%, 9/2/2025 (b) | 70000 | 70000 |
| 4.34%, 10/31/2025 (b) (d) | 118000 | 117152 |
| 4.46%, 11/12/2025 (b) (d) | 163000 | 161561 |
| 4.39%, 2/20/2026 (b) (d) | 70000 | 68560 |
| Barclays Bank plc (United Kingdom) |  |  |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (a) (b) | 30000 | 30000 |
| 4.34%, 10/7/2025 (b) (d) | 105000 | 104554 |
| 4.43%, 12/10/2025 (b) (d) | 50000 | 49392 |
| Barton Capital SA (France) |  |  |
| 4.33%, 9/2/2025 (b) (d) | 150000 | 149982 |
| 4.45%, 9/3/2025 (b) (d) | 37865 | 37856 |
| 4.42%, 9/19/2025 (b) (d) | 75000 | 74838 |
| 4.47%, 11/14/2025 (b) (d) | 50000 | 49551 |
| Bedford Row Funding Corp. |  |  |
| 4.45%, 1/7/2026 (b) (d) | 50000 | 49228 |
| 4.19%, 5/14/2026 (b) (d) | 50000 | 48559 |

---

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| BNP Paribas SA (France) |  |  |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (a) | 96000 | 96000 |
| (SOFR + 0.17%), 4.51%, 9/2/2025 (a) | 117000 | 117000 |
| 4.38%, 2/27/2026 (d) | 100000 | 97867 |
| 4.43%, 3/3/2026 (d) | 257000 | 251409 |
| 4.32%, 4/8/2026 (d) | 83000 | 80874 |
| 4.26%, 5/1/2026 (d) | 100000 | 97257 |
| 4.24%, 5/15/2026 (d) | 62000 | 60210 |
| BofA Securities, Inc. |  |  |
| (SOFR + 0.18%), 4.54%, 9/2/2025 (a) | 67000 | 67000 |
| 4.29%, 2/20/2026 (d) | 123000 | 120532 |
| BPCE SA (France), 4.27%, 2/2/2026 (b) (d) | 100000 | 98208 |
| Britannia Funding Co. LLC, 4.41%, <br> 11/17/2025 (b) (d)<br>| 71800 | 71130 |
| Caisse d'Amortissement de la Dette Sociale <br> (France), 4.39%, 9/5/2025 (b) (d)<br>| 250000 | 249879 |
| Caisse des Depots et Consignations (France), <br> 4.36%, 9/16/2025 (b) (d)<br>| 84000 | 83848 |
| Canadian Imperial Bank of Commerce (Canada) |  |  |
| (SOFR + 0.30%), 4.64%, 9/2/2025 (a) (b) | 200000 | 200000 |
| 4.05%, 10/3/2025 (b) (d) | 120000 | 119570 |
| 4.29%, 10/17/2025 (b) (d) | 164000 | 163107 |
| 4.33%, 10/31/2025 (b) (d) | 141000 | 139990 |
| 4.46%, 11/12/2025 (b) (d) | 117000 | 115966 |
| 4.24%, 4/24/2026 (b) (d) | 170000 | 165422 |
| 4.35%, 6/5/2026 (b) (d) | 215000 | 208035 |
| 4.35%, 6/10/2026 (b) (d) | 129000 | 124744 |
| 4.27%, 7/7/2026 (b) (d) | 212000 | 204503 |
| 4.35%, 8/3/2026 (d) | 55000 | 52852 |
| Canadian Imperial Holdings, Inc. (Canada), 4.39%, <br> 11/7/2025 (b) (d)<br>| 36000 | 35709 |
| CDP Financial, Inc. (Canada) |  |  |
| 4.53%, 2/4/2026 (b) (d) | 25000 | 24531 |
| 4.20%, 7/1/2026 (b) (d) | 50000 | 48304 |
| 4.20%, 7/2/2026 (b) (d) | 25000 | 24149 |
| Chesham Finance Ltd. (Cayman Islands) |  |  |
| Series 2, 4.38%, 9/2/2025 (b) (d) | 100000 | 99988 |
| Series 1, 4.35%, 9/3/2025 (b) (d) | 100000 | 99976 |
| Series 2, 4.42%, 9/9/2025 (b) (d) | 50000 | 49951 |
| China Construction Bank Corp. (China), 4.35%, <br> 9/2/2025 (b) (d)<br>| 200000 | 199976 |
| Commonwealth Bank of Australia (Australia) |  |  |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (a) (b) | 50000 | 50000 |
| (SOFR + 0.28%), 4.62%, 9/2/2025 (a) (b) | 150000 | 150000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Money Market Funds August 31, 2025

------

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| | | |
|:---|:---|:---|
| **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** |
| Concord Minutemen Capital Co. LLC |  |  |
| Series C, 4.35%, 9/2/2025 (b) (d) | 100000 | 99988 |
| Series C, 4.35%, 9/3/2025 (b) (d) | 50086 | 50074 |
| Constellation Funding Co. LLC |  |  |
| 4.40%, 10/9/2025 (b) (d) | 85000 | 84607 |
| 4.43%, 11/13/2025 (b) (d) | 106000 | 105056 |
| 4.50%, 12/3/2025 (b) (d) | 65000 | 64253 |
| Cooperatieve Rabobank UA (Netherlands), 4.33%, <br> 9/2/2025 (d)<br>| 1100000 | 1099868 |
| Credit Agricole Corporate and Investment Bank <br> (France)<br>|  |  |
| 4.32%, 9/2/2025 (d) | 25000 | 24997 |
| 4.34%, 9/5/2025 (d) | 118000 | 117944 |
| 4.35%, 10/31/2025 (d) | 83000 | 82402 |
| 4.37%, 11/5/2025 (d) | 84000 | 83343 |
| 4.39%, 2/20/2026 (d) | 62000 | 60726 |
| Credit Industriel et Commercial (France) |  |  |
| 4.34%, 9/19/2025 (b) (d) | 120000 | 119740 |
| 4.43%, 10/31/2025 (b) (d) | 72000 | 71480 |
| 4.37%, 1/22/2026 (d) | 25000 | 24573 |
| Danske Bank A/S (Denmark) |  |  |
| 4.41%, 11/7/2025 (b) (d) | 120000 | 119037 |
| 4.35%, 11/10/2025 (b) (d) | 154000 | 152709 |
| DBS Bank Ltd. (Singapore) |  |  |
| 4.35%, 11/5/2025 (b) (d) | 30000 | 29767 |
| 4.36%, 11/7/2025 (b) (d) | 100000 | 99198 |
| 4.30%, 11/21/2025 (b) (d) | 25000 | 24760 |
| Dexia Credit Local (Belgium), 4.39%, <br> 10/23/2025 (b) (d)<br>| 100000 | 99372 |
| DNB Bank ASA (Norway) |  |  |
| (SOFR + 0.21%), 4.55%, 9/2/2025 (a) (b) | 47000 | 47000 |
| 4.24%, 9/10/2025 (b) (d) | 233000 | 232753 |
| 4.27%, 9/22/2025 (b) (d) | 120000 | 119702 |
| 4.42%, 11/24/2025 (b) (d) | 200000 | 197984 |
| 4.35%, 2/9/2026 (b) (d) | 127000 | 124576 |
| 4.35%, 2/17/2026 (b) (d) | 166000 | 162676 |
| 4.36%, 2/23/2026 (b) (d) | 49000 | 47983 |
| 4.32%, 3/17/2026 (b) (d) | 125000 | 122172 |
| 4.34%, 3/18/2026 (b) (d) | 36000 | 35176 |
| 4.31%, 7/31/2026 (b) (d) | 75000 | 72121 |
| DZ Bank AG (Germany) |  |  |
| (SOFR + 4.62%), 4.56%, 9/2/2025 (a) | 50000 | 50000 |
| 4.39%, 2/3/2026 (b) (d) | 170000 | 166845 |
| 4.37%, 2/4/2026 (b) (d) | 100000 | 98141 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| 4.24%, 2/19/2026 (b) (d) | 16000 | 15685 |
| 4.24%, 2/20/2026 (b) (d) | 100000 | 98017 |
| Erste Finance Delaware LLC (Austria), 4.34%, <br> 9/3/2025 (b) (d)<br>| 390000 | 389906 |
| Federation des caisses Desjardins du Quebec <br> (Canada), 4.45%, 10/14/2025 (b) (d)<br>| 100000 | 99480 |
| First Abu Dhabi Bank PJSC (United Arab Emirates) |  |  |
| 4.48%, 10/24/2025 (b) (d) | 200000 | 198696 |
| 4.34%, 11/19/2025 (b) (d) | 173000 | 171368 |
| 4.29%, 2/27/2026 (b) (d) | 60000 | 58749 |
| General Dynamics Corp., 4.37%, 9/12/2025 (b) <br> (d)<br>| 125000 | 124834 |
| Glencove Funding LLC, 4.44%, 12/3/2025 (b) (d) | 153000 | 151285 |
| Gotham Funding Corp., 4.39%, 9/4/2025 (b) (d) | 75000 | 74973 |
| Great Bear Funding LLC |  |  |
| (OBFR + 0.23%), 4.56%, 9/2/2025 (a) (b) | 187500 | 187500 |
| (OBFR + 0.23%), 4.56%, 9/2/2025 (a) (b) | 225000 | 225000 |
| ING US Funding LLC (Netherlands) |  |  |
| (SOFR + 0.20%), 4.56%, 9/2/2025 (a) (b) | 150000 | 150000 |
| (SOFR + 0.22%), 4.58%, 9/2/2025 (a) (b) | 183000 | 183000 |
| (SOFR + 0.24%), 4.60%, 9/2/2025 (a) (b) | 277000 | 277000 |
| (SOFR + 0.25%), 4.61%, 9/2/2025 (a) | 200000 | 200000 |
| (SOFR + 0.25%), 4.61%, 9/2/2025 (a) | 67000 | 67000 |
| (SOFR + 0.30%), 4.66%, 9/2/2025 (a) | 145000 | 145000 |
| 4.32%, 10/7/2025 (b) (d) | 127000 | 126454 |
| 4.44%, 11/4/2025 (d) | 100000 | 99225 |
| 4.19%, 5/18/2026 (b) (d) | 100000 | 97072 |
| 4.19%, 5/19/2026 (b) (d) | 106000 | 102884 |
| 4.19%, 5/26/2026 (b) (d) | 61000 | 59163 |
| Ionic Funding LLC |  |  |
| Series IIIA, 4.47%, 9/12/2025 (d) | 50000 | 49933 |
| Series IIIA, 4.39%, 10/31/2025 (d) | 50000 | 49637 |
| Landesbank Baden-Wurttemberg (Germany), <br> 4.34%, 9/2/2025 (d)<br>| 1400000 | 1399831 |
| Lexington Parker Capital Co. LLC |  |  |
| Series A, 4.38%, 9/4/2025 (b) (d) | 150000 | 149945 |
| Series A, 4.38%, 9/5/2025 (b) (d) | 200000 | 199903 |
| Liberty Street Funding LLC |  |  |
| 4.42%, 9/22/2025 (b) (d) | 30000 | 29924 |
| 4.48%, 10/22/2025 (b) (d) | 75000 | 74533 |
| 4.24%, 2/9/2026 (b) (d) | 75000 | 73608 |
| Lion Bay Funding LLC, 4.33%, 9/2/2025 (b) (d) | 772000 | 771907 |
| Lloyds Bank plc (United Kingdom) |  |  |
| (SOFR + 0.18%), 4.54%, 9/2/2025 (a) | 150000 | 150000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 31

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| (SOFR + 0.20%), 4.56%, 9/2/2025 (a) | 300000 | 300000 |
| 4.40%, 12/1/2025 (d) | 250000 | 247264 |
| 4.23%, 2/10/2026 (d) | 30000 | 29440 |
| LMA-Americas LLC |  |  |
| 4.33%, 9/2/2025 (b) (d) | 429100 | 429048 |
| 4.43%, 9/18/2025 (b) (d) | 50000 | 49898 |
| LVMH Moet Hennessy Louis Vuitton SE (France), <br> 4.32%, 3/16/2026 (b) (d)<br>| 50000 | 48873 |
| Mackinac Funding Co. LLC, 4.43%, 12/4/2025 (b) <br> (d)<br>| 84200 | 83237 |
| Macquarie Bank Ltd. (Australia) |  |  |
| (SOFR + 0.20%), 4.56%, 9/2/2025 (a) (b) | 82000 | 82000 |
| (SOFR + 0.23%), 4.59%, 9/2/2025 (a) (b) | 161000 | 161000 |
| (SOFR + 0.23%), 4.59%, 9/2/2025 (a) (b) | 170000 | 170000 |
| 4.31%, 1/12/2026 (b) (d) | 48000 | 47248 |
| Mainbeach Funding LLC |  |  |
| 4.35%, 9/2/2025 (b) (d) | 100000 | 99988 |
| (OBFR + 0.17%), 4.50%, 9/2/2025 (a) (b) | 100000 | 100000 |
| (OBFR + 0.17%), 4.50%, 9/2/2025 (a) (b) | 30000 | 30000 |
| Mitsubishi UFJ Trust & Banking Corp. (Japan), <br> 4.34%, 1/12/2026 (b) (d)<br>| 120000 | 118107 |
| National Australia Bank Ltd. (Australia) |  |  |
| Series B, (SOFR + 0.20%), 4.54%, <br> 9/2/2025 (a) (b)<br>| 179000 | 179000 |
| Series B, (SOFR + 0.20%), 4.54%, <br> 9/2/2025 (a) (b)<br>| 50000 | 50000 |
| Series B, (SOFR + 0.23%), 4.57%, <br> 9/2/2025 (a) (b)<br>| 100000 | 99992 |
| Series B, (SOFR + 0.27%), 4.61%, <br> 9/2/2025 (a) (b)<br>| 74000 | 74000 |
| Series B, (SOFR + 0.28%), 4.62%, <br> 9/2/2025 (a) (b)<br>| 115000 | 115000 |
| National Bank of Canada (Canada), (SOFR + <br> 0.30%), 4.64%, 9/2/2025 (a) (b)<br>| 300000 | 300000 |
| National Westminster Bank plc (United Kingdom) |  |  |
| 4.34%, 9/3/2025 (b) (d) | 200000 | 199952 |
| 4.42%, 11/3/2025 (b) (d) | 50000 | 49618 |
| Natixis SA (France) |  |  |
| 4.38%, 10/10/2025 (d) | 339000 | 337399 |
| 4.44%, 12/1/2025 (d) | 181000 | 178991 |
| 4.39%, 1/7/2026 (d) | 254000 | 250099 |
| Old Line Funding LLC |  |  |
| (SOFR + 0.18%), 4.54%, 9/2/2025 (a) (b) | 70000 | 70000 |
| (SOFR + 0.18%), 4.54%, 9/2/2025 (a) (b) | 50000 | 50000 |
| (SOFR + 0.21%), 4.57%, 9/2/2025 (a) (b) | 90000 | 90000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| 4.45%, 12/5/2025 (b) (d) | 100000 | 98852 |
| 4.20%, 5/15/2026 (b) (d) | 25000 | 24276 |
| Oversea-Chinese Banking Corp. Ltd. (Singapore) |  |  |
| 4.45%, 9/2/2025 (b) (d) | 104000 | 103987 |
| (SOFR + 0.15%), 4.49%, 9/2/2025 (a) (b) | 33000 | 33000 |
| (SOFR + 0.17%), 4.51%, 9/2/2025 (a) (b) | 200000 | 200000 |
| Paradelle Funding LLC |  |  |
| (SOFR + 0.33%), 4.67%, 9/2/2025 (a) | 70000 | 70000 |
| (SOFR + 0.38%), 4.72%, 9/2/2025 (a) | 50000 | 50000 |
| Podium Funding Trust (Canada), 4.39%, <br> 10/8/2025 (d)<br>| 42000 | 41811 |
| Ridgefield Funding Co. LLC Series A-1, 4.49%, <br> 10/21/2025 (b) (d)<br>| 40000 | 39756 |
| Royal Bank of Canada (Canada) |  |  |
| (SOFR + 0.33%), 4.67%, 9/2/2025 (a) (b) | 120000 | 120000 |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (a) (b) | 105000 | 105000 |
| 4.07%, 10/3/2025 (b) (d) | 82000 | 81705 |
| 4.33%, 10/6/2025 (b) (d) | 46000 | 45807 |
| 4.33%, 10/21/2025 (b) (d) | 90000 | 89462 |
| 4.55%, 11/6/2025 (b) (d) | 10000 | 9920 |
| 4.38%, 2/2/2026 (b) (d) | 140000 | 137422 |
| 4.35%, 5/27/2026 (b) (d) | 183000 | 177258 |
| 4.28%, 7/7/2026 (b) (d) | 172000 | 165903 |
| Santander UK plc (United Kingdom) |  |  |
| 4.39%, 9/2/2025 (d) | 86000 | 85990 |
| 4.42%, 10/7/2025 (d) | 120000 | 119472 |
| 4.37%, 11/7/2025 (d) | 181000 | 179541 |
| Sheffield Receivables Co. LLC (United Kingdom) |  |  |
| 4.27%, 9/8/2025 (b) (d) | 160000 | 159867 |
| 4.35%, 9/10/2025 (b) (d) | 20000 | 19979 |
| Skandinaviska Enskilda Banken AB (Sweden) |  |  |
| (SOFR + 0.26%), 4.62%, 9/2/2025 (a) (b) | 100000 | 100000 |
| 4.09%, 10/3/2025 (b) (d) | 212000 | 211233 |
| 4.32%, 10/7/2025 (b) (d) | 138000 | 137406 |
| 4.37%, 11/19/2025 (b) (d) | 95000 | 94097 |
| 4.35%, 4/1/2026 (b) (d) | 40000 | 39001 |
| 4.34%, 4/2/2026 (b) (d) | 64000 | 62398 |
| 4.18%, 5/20/2026 (b) (d) | 49000 | 47561 |
| 4.27%, 7/8/2026 (b) (d) | 73000 | 70410 |
| Societe Generale SA (France) |  |  |
| 4.42%, 11/4/2025 (b) (d) | 166000 | 164724 |
| 4.45%, 11/26/2025 (b) (d) | 175000 | 173161 |
| 4.41%, 2/2/2026 (b) (d) | 180000 | 176670 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Standard Chartered Bank (United Kingdom), <br> 4.45%, 10/28/2025 (b) (d)<br>| 100000 | 99311 |
| Starbird Funding Corp. |  |  |
| 4.50%, 10/9/2025 (b) (d) | 50000 | 49768 |
| 4.47%, 10/14/2025 (b) (d) | 100000 | 99478 |
| 4.41%, 10/22/2025 (b) (d) | 50000 | 49690 |
| 4.37%, 11/3/2025 (b) (d) | 90000 | 89316 |
| Sumitomo Mitsui Banking Corp. (Japan), (SOFR + <br> 0.19%), 4.53%, 9/2/2025 (a) (b)<br>| 110000 | 110000 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |
| 4.47%, 9/4/2025 (b) (d) | 100000 | 99963 |
| 4.42%, 9/5/2025 (b) (d) | 100000 | 99951 |
| 4.29%, 2/3/2026 (b) (d) | 92706 | 91026 |
| 4.27%, 2/19/2026 (b) (d) | 123000 | 120558 |
| Svenska Handelsbanken AB (Sweden) |  |  |
| (SOFR + 0.20%), 4.56%, 9/2/2025 (a) (b) | 300000 | 300000 |
| (SOFR + 0.30%), 4.66%, 9/2/2025 (a) (b) | 100000 | 100000 |
| (SOFR + 0.34%), 4.70%, 9/2/2025 (a) (b) | 120000 | 120000 |
| 4.31%, 9/15/2025 (b) (d) | 42000 | 41930 |
| 4.32%, 10/8/2025 (b) (d) | 92000 | 91593 |
| 4.34%, 10/27/2025 (b) (d) | 118000 | 117209 |
| 4.59%, 11/24/2025 (b) (d) | 46000 | 45529 |
| 4.36%, 2/3/2026 (b) (d) | 93000 | 91286 |
| 4.20%, 5/19/2026 (b) (d) | 98000 | 95119 |
| 4.18%, 5/28/2026 (b) (d) | 121000 | 117338 |
| 4.33%, 6/10/2026 (b) (d) | 124000 | 119930 |
| 4.27%, 7/7/2026 (b) (d) | 115000 | 110933 |
| Swedbank AB (Sweden) |  |  |
| (SOFR + 0.16%), 4.52%, 9/2/2025 (a) (b) | 150000 | 150000 |
| (SOFR + 0.20%), 4.56%, 9/2/2025 (a) (b) | 92000 | 92000 |
| 4.24%, 9/10/2025 (b) (d) | 98000 | 97896 |
| 4.34%, 11/10/2025 (b) (d) | 83000 | 82305 |
| 4.34%, 5/1/2026 (b) (d) | 213000 | 206958 |
| 4.19%, 5/11/2026 (b) (d) | 49000 | 47604 |
| 4.17%, 5/26/2026 (b) (d) | 73000 | 70810 |
| Thunder Bay Funding LLC |  |  |
| 4.22%, 9/9/2025 (b) (d) | 50000 | 49953 |
| 4.45%, 1/7/2026 (b) (d) | 50000 | 49228 |
| 4.20%, 5/15/2026 (b) (d) | 85000 | 82540 |
| Toronto-Dominion Bank (The) (Canada) |  |  |
| (SOFR + 0.35%), 4.71%, 9/2/2025 (a) (b) | 104000 | 104000 |
| (SOFR + 0.36%), 4.72%, 9/2/2025 (a) (b) | 240000 | 240000 |
| 4.50%, 10/1/2025 (b) (d) | 123000 | 122558 |
| 4.05%, 10/2/2025 (b) (d) | 120000 | 119584 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| 4.38%, 10/22/2025 (b) (d) | 47000 | 46710 |
| 4.40%, 10/30/2025 (b) (d) | 115000 | 114176 |
| 4.24%, 2/19/2026 (b) (d) | 100000 | 98024 |
| 4.25%, 4/14/2026 (b) (d) | 214000 | 208463 |
| 4.23%, 4/16/2026 (b) (d) | 170000 | 165584 |
| 4.19%, 5/4/2026 (b) (d) | 100000 | 97230 |
| TotalEnergies Capital SA (France) |  |  |
| 4.34%, 9/5/2025 (b) (d) | 181000 | 180913 |
| 4.26%, 10/7/2025 (b) (d) | 75000 | 74682 |
| 4.39%, 10/10/2025 (b) (d) | 212000 | 210996 |
| Toyota Motor Credit Corp. |  |  |
| (SOFR + 0.29%), 4.65%, 9/2/2025 (a) | 35000 | 35000 |
| 4.44%, 11/6/2025 (d) | 63000 | 62492 |
| UBS AG (Switzerland), 4.40%, 11/26/2025 (b) <br> (d)<br>| 125000 | 123701 |
| United Overseas Bank Ltd. (Singapore) |  |  |
| (SOFR + 0.19%), 4.55%, 9/2/2025 (a) (b) | 47000 | 47000 |
| (SOFR + 0.20%), 4.56%, 9/2/2025 (a) (b) | 100000 | 100000 |
| (SOFR + 0.20%), 4.56%, 9/2/2025 (a) (b) | 55000 | 55000 |
| Vanderbilt University (The), 4.38%, <br> 11/3/2025 (d)<br>| 25000 | 24810 |
| Versailles Commercial Paper LLC |  |  |
| 4.43%, 9/4/2025 (d) | 200000 | 199927 |
| 4.50%, 10/6/2025 (d) | 100000 | 99572 |
| Westpac Banking Corp. (Australia) |  |  |
| (SOFR + 0.23%), 4.57%, 9/2/2025 (a) (b) | 70000 | 70000 |
| (SOFR + 0.27%), 4.61%, 9/2/2025 (a) (b) | 15000 | 15000 |
| (SOFR + 0.27%), 4.61%, 9/2/2025 (a) (b) | 25000 | 25000 |
| (SOFR + 0.28%), 4.62%, 9/2/2025 (a) (b) | 33000 | 33000 |
| (SOFR + 0.31%), 4.65%, 9/2/2025 (a) (b) | 54000 | 54000 |
| 4.06%, 9/26/2025 (b) (d) | 41000 | 40885 |
| 4.32%, 2/4/2026 (b) (d) | 35000 | 34357 |
| 4.31%, 6/5/2026 (b) (d) | 99000 | 95820 |
| 4.24%, 7/2/2026 (b) (d) | 121000 | 116801 |
| Total Commercial Paper <br>(Cost $32,210,108)<br>|  | 32210108 |
| **Certificates of Deposits — 18.4%** | **Certificates of Deposits — 18.4%** | **Certificates of Deposits — 18.4%** |
| ABN AMRO Bank NV (Netherlands) , 4.41%, <br> 12/8/2025 (d)<br>| 300000 | 296443 |
| Banco Santander SA (Spain) |  |  |
| 4.38%, 9/17/2025 | 100000 | 100000 |
| 4.40%, 10/1/2025 | 125000 | 125000 |
| Bank of America NA |  |  |
| 4.36%, 1/5/2026 | 230000 | 230000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 33

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| 4.26%, 4/23/2026 | 170000 | 170000 |
| 4.26%, 4/27/2026 | 35000 | 35000 |
| 4.20%, 5/28/2026 | 126000 | 126000 |
| Bank of Montreal (Canada) |  |  |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (a) | 36000 | 36000 |
| (SOFR + 0.38%), 4.72%, 9/2/2025 (a) | 60000 | 60000 |
| 4.59%, 11/7/2025 | 162000 | 162000 |
| 4.42%, 5/21/2026 | 75000 | 75000 |
| 4.41%, 5/28/2026 | 39000 | 39000 |
| Bank of Nova Scotia (The) (Canada) (SOFR + <br> 0.31%), 4.65%, 9/2/2025 (a)<br>| 60000 | 60000 |
| Barclays Bank plc (United Kingdom) , 4.48%, <br> 11/14/2025<br>| 230000 | 230000 |
| Canadian Imperial Bank of Commerce (Canada) |  |  |
| (SOFR + 0.30%), 4.64%, 9/2/2025 (a) | 60000 | 60000 |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (a) | 48000 | 48000 |
| China Construction Bank Corp. (China) |  |  |
| 4.38%, 9/2/2025 | 125000 | 125000 |
| 4.38%, 9/5/2025 | 150000 | 150000 |
| 4.51%, 9/12/2025 | 25000 | 25000 |
| Commerzbank AG (Germany) , 4.34%, 9/2/2025 | 500000 | 500000 |
| Cooperatieve Rabobank UA (Netherlands) |  |  |
| (SOFR + 0.23%), 4.57%, 9/2/2025 (a) | 25000 | 25000 |
| 4.60%, 11/13/2025 | 20000 | 20000 |
| 4.38%, 2/4/2026 (d) | 50000 | 49067 |
| 4.41%, 2/10/2026 | 40000 | 40000 |
| 4.40%, 3/10/2026 | 100000 | 100000 |
| 4.36%, 5/29/2026 (d) | 100000 | 96827 |
| Credit Agricole Corporate and Investment Bank <br> (France)<br>|  |  |
| 4.35%, 9/4/2025 | 74000 | 74000 |
| 4.36%, 9/12/2025 | 220000 | 220000 |
| 4.39%, 9/17/2025 | 100000 | 100000 |
| 4.44%, 3/12/2026 | 260000 | 260000 |
| 4.35%, 4/8/2026 | 127000 | 127000 |
| 4.19%, 5/26/2026 | 152000 | 152000 |
| Credit Agricole SA (France) , 4.44%, 11/10/2025 | 180000 | 180000 |
| Credit Industriel et Commercial (France) |  |  |
| 4.34%, 9/8/2025 | 63000 | 63000 |
| 4.26%, 9/11/2025 (d) | 350000 | 349586 |
| 4.28%, 9/15/2025 (d) | 300000 | 299501 |
| 4.45%, 10/23/2025 (d) | 137000 | 136126 |
| 4.41%, 11/12/2025 (d) | 164000 | 162567 |
| 4.45%, 12/10/2025 | 129000 | 129000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| 4.33%, 1/2/2026 | 63000 | 63000 |
| Deutsche Bank AG (Germany) (SOFR + 0.29%), <br> 4.65%, 9/2/2025 (a)<br>| 50000 | 50015 |
| DNB Bank ASA (Norway) |  |  |
| 4.32%, 1/26/2026 | 200000 | 200000 |
| 4.35%, 3/12/2026 (d) | 120000 | 117275 |
| DZ Bank AG (Germany) , 4.48%, 9/15/2025 | 120000 | 120000 |
| Industrial & Commercial Bank of China Ltd. (China) |  |  |
| 4.51%, 9/2/2025 | 150000 | 150000 |
| 4.51%, 9/2/2025 | 250000 | 250000 |
| 4.51%, 9/2/2025 | 65000 | 65000 |
| 4.50%, 9/29/2025 | 126000 | 126000 |
| KBC Bank NV (Belgium) , 4.43%, 9/22/2025 | 135000 | 135000 |
| Kookmin Bank (South Korea) (SOFR + 0.33%), <br> 4.67%, 9/2/2025 (a)<br>| 100000 | 100000 |
| Landesbank Baden-Wurttemberg (Germany) |  |  |
| 4.34%, 9/2/2025 | 1000000 | 1000000 |
| 4.34%, 9/3/2025 | 1000000 | 1000000 |
| Mitsubishi UFJ Trust & Banking Corp. |  |  |
| 4.35%, 9/2/2025 | 200000 | 200000 |
| (SOFR + 0.18%), 4.52%, 9/2/2025 (a) | 61000 | 61000 |
| (SOFR + 0.22%), 4.56%, 9/2/2025 (a) | 77000 | 77000 |
| (SOFR + 0.24%), 4.58%, 9/2/2025 (a) | 127000 | 127000 |
| 4.35%, 9/4/2025 | 250000 | 250000 |
| 4.37%, 9/5/2025 | 134000 | 134000 |
| Mizuho Bank Ltd. (Japan) |  |  |
| (SOFR + 0.18%), 4.54%, 9/2/2025 (a) | 147000 | 147000 |
| (SOFR + 0.19%), 4.55%, 9/2/2025 (a) | 75000 | 75000 |
| (SOFR + 0.23%), 4.59%, 9/2/2025 (a) | 50000 | 50000 |
| (SOFR + 0.23%), 4.59%, 9/2/2025 (a) | 191500 | 191500 |
| (SOFR + 0.35%), 4.71%, 9/2/2025 (a) | 139000 | 139000 |
| 4.36%, 9/4/2025 | 230000 | 230000 |
| 4.45%, 10/24/2025 | 128000 | 128000 |
| 4.47%, 12/11/2025 | 115000 | 115000 |
| 4.36%, 1/2/2026 | 250000 | 250000 |
| 4.36%, 1/5/2026 | 305000 | 305000 |
| MUFG Bank Ltd. (Japan) |  |  |
| (SOFR + 0.16%), 4.52%, 9/2/2025 (a) | 126000 | 126000 |
| (SOFR + 0.19%), 4.55%, 9/2/2025 (a) | 100000 | 100000 |
| National Australia Bank Ltd. (Australia) |  |  |
| 4.36%, 9/15/2025 | 200000 | 200000 |
| 4.33%, 10/27/2025 (d) | 170000 | 168864 |
| 4.33%, 1/5/2026 | 230000 | 230000 |
| 4.40%, 2/5/2026 | 183000 | 183000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Nordea Bank Abp (Finland) |  |  |
| (SOFR + 0.15%), 4.49%, 9/2/2025 (a) | 60000 | 60000 |
| (SOFR + 0.26%), 4.60%, 9/2/2025 (a) | 50000 | 50000 |
| 4.37%, 3/25/2026 | 100000 | 100000 |
| Norinchukin Bank (The) (Japan) |  |  |
| 4.36%, 9/3/2025 | 150000 | 150000 |
| 4.36%, 9/4/2025 | 140000 | 140000 |
| Skandinaviska Enskilda Banken AB (Sweden) |  |  |
| 4.54%, 11/10/2025 | 79000 | 79000 |
| 4.54%, 11/12/2025 | 18000 | 18000 |
| 4.32%, 12/29/2025 | 33000 | 33000 |
| 4.32%, 12/29/2025 | 88000 | 88000 |
| 4.55%, 2/18/2026 | 40000 | 40000 |
| 4.37%, 8/5/2026 | 35000 | 35000 |
| Societe Generale SA (France) , 4.34%, 9/3/2025 | 262500 | 262500 |
| Standard Chartered Bank (United Kingdom) |  |  |
| (SOFR + 0.27%), 4.61%, 9/2/2025 (a) | 130000 | 130000 |
| 4.47%, 10/21/2025 | 100000 | 100000 |
| State Street Bank & Trust Co. (SOFR + 0.27%), <br> 4.63%, 9/2/2025 (a)<br>| 235000 | 235000 |
| Sumitomo Mitsui Banking Corp. (Japan) |  |  |
| (SOFR + 0.18%), 4.52%, 9/2/2025 (a) | 40000 | 40000 |
| (SOFR + 0.18%), 4.52%, 9/2/2025 (a) | 154000 | 154000 |
| (SOFR + 0.19%), 4.53%, 9/2/2025 (a) | 28000 | 28000 |
| (SOFR + 0.24%), 4.58%, 9/2/2025 (a) | 160000 | 160000 |
| (SOFR + 0.24%), 4.58%, 9/2/2025 (a) | 89000 | 89000 |
| (SOFR + 0.24%), 4.58%, 9/2/2025 (a) | 121000 | 121000 |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (a) | 250000 | 250000 |
| (SOFR + 0.35%), 4.69%, 9/2/2025 (a) | 100000 | 100000 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) |  |  |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (a) | 124000 | 124000 |
| (SOFR + 0.18%), 4.52%, 9/2/2025 (a) | 100000 | 100000 |
| (SOFR + 0.24%), 4.58%, 9/2/2025 (a) | 120000 | 120000 |
| Svenska Handelsbanken AB (Sweden) |  |  |
| (SOFR + 0.20%), 4.54%, 9/2/2025 (a) | 100000 | 100000 |
| 4.36%, 4/16/2026 | 55000 | 55002 |
| Swedbank AB (Sweden) (SOFR + 0.21%), 4.57%, <br> 9/2/2025 (a)<br>| 69000 | 69000 |
| Wells Fargo Bank NA (SOFR + 0.31%), 4.65%, <br> 9/2/2025 (a)<br>| 100000 | 100000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Certificates of Deposits — continued** | **Certificates of Deposits — continued** | **Certificates of Deposits — continued** |
| Westpac Banking Corp. (Australia) |  |  |
| (SOFR + 0.27%), 4.61%, 9/2/2025 (a) | 85000 | 85000 |
| (SOFR + 0.28%), 4.62%, 9/2/2025 (a) | 48000 | 48000 |
| Total Certificates of Deposit <br>(Cost $15,363,273)<br>|  | 15363273 |
| **Time Deposits — 17.8%** | **Time Deposits — 17.8%** | **Time Deposits — 17.8%** |
| Agricultural Bank of China Ltd. |  |  |
| 4.38%, 9/3/2025 | 175000 | 175000 |
| 4.38%, 9/5/2025 | 150000 | 150000 |
| Australia & New Zealand Banking Group Ltd. |  |  |
| 4.35%, 9/2/2025 | 50000 | 50000 |
| 4.35%, 9/3/2025 | 900000 | 900000 |
| 4.35%, 9/3/2025 | 350000 | 350000 |
| 4.35%, 9/4/2025 | 250000 | 250000 |
| Canadian Imperial Bank of Commerce 4.33%, <br> 9/2/2025<br>| 335000 | 335000 |
| China Construction Bank Corp. 4.35%, 9/2/2025 | 490000 | 490000 |
| Credit Agricole Corporate and Investment Bank <br> 4.32%, 9/2/2025<br>| 250000 | 250000 |
| DBS Bank Ltd. |  |  |
| 4.35%, 9/3/2025 | 150000 | 150000 |
| 4.35%, 9/3/2025 | 125000 | 125000 |
| 4.35%, 9/4/2025 | 200000 | 200000 |
| 4.35%, 9/4/2025 | 100000 | 100000 |
| 4.35%, 9/5/2025 | 100000 | 100000 |
| Erste Group Bank AG 4.33%, 9/2/2025 | 1000000 | 1000000 |
| First Abu Dhabi Bank USA NV 4.33%, 9/2/2025 | 1000000 | 1000000 |
| Industrial & Commercial Bank of China Ltd. 4.35%, <br> 9/2/2025<br>| 950000 | 950000 |
| ING Bank NV (Netherlands) |  |  |
| 4.35%, 9/2/2025 | 450000 | 450000 |
| 4.35%, 9/3/2025 | 450000 | 450000 |
| 4.35%, 9/4/2025 | 350000 | 350000 |
| KBC Bank NV 4.34%, 9/2/2025 | 300000 | 300000 |
| Landesbank Hessen-Thueringen Girozentrale |  |  |
| 4.34%, 9/2/2025 | 50000 | 50000 |
| 4.34%, 9/3/2025 | 300000 | 300000 |
| Mizuho Bank Ltd. |  |  |
| 4.33%, 9/2/2025 | 165000 | 165000 |
| 4.34%, 9/2/2025 | 800000 | 800000 |
| National Bank of Canada (Canada) |  |  |
| 4.37%, 9/2/2025 (c) | 150000 | 150000 |
| 4.37%, 9/2/2025 (c) | 125000 | 125000 |
| 4.34%, 9/5/2025 | 500000 | 500000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 35

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| NRW Bank |  |  |
| 4.34%, 9/2/2025 | 250000 | 250000 |
| 4.34%, 9/3/2025 | 300000 | 300000 |
| 4.34%, 9/4/2025 | 750000 | 750000 |
| Royal Bank of Canada |  |  |
| 4.33%, 9/2/2025 | 625000 | 625000 |
| 4.34%, 9/3/2025 | 700000 | 700000 |
| Skandinaviska Enskilda Banken AB |  |  |
| 4.33%, 9/2/2025 | 1000000 | 1000000 |
| 4.34%, 9/2/2025 | 325000 | 325000 |
| 4.34%, 9/4/2025 | 625000 | 625000 |
| Total Time Deposits <br>(Cost $14,790,000)<br>|  | 14790000 |
| **U.S. Treasury Obligations — 1.4%** | **U.S. Treasury Obligations — 1.4%** | **U.S. Treasury Obligations — 1.4%** |
| U.S. Treasury Bills |  |  |
| 4.10%, 10/2/2025 (d) | 435000 | 433470 |
| 4.02%, 10/9/2025 (d) | 488000 | 485939 |
| 3.96%, 4/16/2026 (d) | 255000 | 248781 |
| Total U.S. Treasury Obligations <br>(Cost $1,168,190)<br>|  | 1168190 |
| Total Short Term Investments <br>(Cost $63,531,571)<br>|  | 63531571 |
| **Total Investments — 97.5%** <br>**(Cost $81,232,826)** \*<br>|  | **81232826** |
| **Other Assets in Excess of Liabilities — 2.5%** |  | **2065903** |
| **NET ASSETS — 100.0%** |  | **83298729** |

---

&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. |
| \* | 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 August 31, 2025.<br>|
| (a) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of August 31, 2025.<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 August 31, 2025. <br>|
| (d) | The rate shown is the effective yield as of August 31, <br> 2025. <br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Money Market Funds August 31, 2025

------

JPMorgan Securities Lending Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 74.8%** | **Repurchase Agreements — 74.8%** | **Repurchase Agreements — 74.8%** |
| Agency Joint Trading Account I, J.P. Morgan <br> Investment Management Inc., as agent, 4.34%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $150,072. (a)<br>| 150000 | 150000 |
| Agency Joint Trading Account II, J.P. Morgan <br> Investment Management Inc., as agent, 4.34%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $196,390. (a)<br>| 196295 | 196295 |
| Agency Joint Trading Account III, J.P. Morgan <br> Investment Management Inc., as agent, 4.34%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $110,053. (a)<br>| 110000 | 110000 |
| Banco Santander SA, 4.34%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $50,024, <br> collateralized by FHLMC, 2.50% - 6.00%, due <br> 2/25/2052 - 11/1/2053, with a value of <br> $51,035.<br>| 50000 | 50000 |
| Canadian Imperial Bank of Commerce, 4.33%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $50,024, collateralized by U.S. Treasury <br> Securities, 1.75% - 4.63%, due 7/15/2027 - <br> 2/15/2035, with a value of $51,025.<br>| 50000 | 50000 |
| Citigroup Global Markets Holdings, Inc., 4.34%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $125,060, collateralized by GNMA, 4.75%, <br> due 1/15/2060 and U.S. Treasury Securities, <br> 1.38% - 6.75%, due 7/31/2026 - 9/15/2026, <br> with a value of $127,500.<br>| 125000 | 125000 |
| Credit Agricole Corporate and Investment Bank, <br> 4.34%, dated 8/29/2025, due 9/2/2025, <br> repurchase price $100,048, collateralized by <br> U.S. Treasury Securities, 4.00%, due 6/30/2032, <br> with a value of $102,000.<br>| 100000 | 100000 |
| Fixed Income Clearing Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $150,072, collateralized by U.S. Treasury <br> Securities, 4.63%, due 5/31/2031, with a value <br> of $153,000.<br>| 150000 | 150000 |
| HSBC Securities USA, Inc., 4.34%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $100,049, collateralized by FHLMC, 4.00% - <br> 6.00%, due 8/1/2048 - 7/1/2053 and FNMA, <br> 4.00% - 6.00%, due 11/1/2047 - 10/1/2053, <br> with a value of $102,049.<br>| 100000 | 100000 |
| ING Financial Markets LLC, 4.34%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $125,060, collateralized by FHLMC, 5.50% - <br> 6.00%, due 8/1/2053 - 4/1/2055 and FNMA, <br> 4.50%, due 7/1/2052, with a value of <br> $127,561.<br>| 125000 | 125000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Societe Generale SA, 4.33%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $50,024, <br> collateralized by U.S. Treasury Securities, 3.88%, <br> due 2/15/2043, with a value of $51,000.<br>| 50000 | 50000 |
| Treasury Joint Trading Account II, J.P. Morgan <br> Investment Management Inc., as agent, 4.33%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $75,036. (a)<br>| 75000 | 75000 |
| Total Repurchase Agreements <br>(Cost $1,281,295)<br>|  | 1281295 |
| **U.S. Government Agency Securities — 18.5%** | **U.S. Government Agency Securities — 18.5%** | **U.S. Government Agency Securities — 18.5%** |
| FFCB |  |  |
| DN, 4.28%, 9/18/2025 (b) | 10000 | 9980 |
| DN, 4.28%, 9/23/2025 (b) | 5000 | 4987 |
| DN, 4.28%, 9/26/2025 (b) | 5000 | 4985 |
| DN, 4.26%, 9/29/2025 (b) | 10000 | 9967 |
| DN, 4.26%, 10/2/2025 (b) | 10000 | 9963 |
| DN, 4.24%, 10/22/2025 (b) | 10000 | 9940 |
| DN, 4.21%, 10/23/2025 (b) | 10000 | 9940 |
| DN, 4.28%, 11/4/2025 (b) | 5000 | 4962 |
| DN, 4.28%, 11/7/2025 (b) | 10000 | 9921 |
| DN, 4.29%, 11/19/2025 (b) | 10000 | 9907 |
| DN, 4.19%, 12/10/2025 (b) | 5000 | 4942 |
| DN, 4.17%, 12/15/2025 (b) | 5000 | 4940 |
| DN, 4.26%, 12/22/2025 (b) | 5000 | 4935 |
| DN, 4.12%, 1/23/2026 (b) | 10000 | 9838 |
| FFCB Funding Corp. |  |  |
| (SOFR + 0.02%), 4.36%, 9/2/2025 (c) | 5000 | 5000 |
| (SOFR + 0.04%), 4.38%, 9/2/2025 (c) | 10000 | 10000 |
| (SOFR + 0.04%), 4.38%, 9/2/2025 (c) | 10000 | 10000 |
| (SOFR + 0.04%), 4.38%, 9/2/2025 (c) | 10000 | 10000 |
| (SOFR + 0.05%), 4.39%, 9/2/2025 (c) | 10000 | 10000 |
| (US Federal Funds Effective Rate (continuous series) <br> + 0.07%), 4.39%, 9/2/2025 (c)<br>| 10000 | 10000 |
| (SOFR + 0.08%), 4.42%, 9/2/2025 (c) | 5000 | 5000 |
| (SOFR + 0.09%), 4.43%, 9/2/2025 (c) | 5000 | 5000 |
| (SOFR + 0.09%), 4.43%, 9/2/2025 (c) | 10000 | 10000 |
| (SOFR + 0.09%), 4.43%, 9/2/2025 (c) | 10000 | 10000 |
| (SOFR + 0.11%), 4.44%, 9/2/2025 (c) | 10000 | 10000 |
| (SOFR + 0.12%), 4.46%, 9/2/2025 (c) | 5000 | 5000 |
| (SOFR + 0.13%), 4.47%, 9/2/2025 (c) | 5000 | 5000 |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (c) | 5000 | 5000 |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (c) | 5000 | 5000 |
| (SOFR + 0.08%), 4.48%, 9/2/2025 (c) | 10000 | 10000 |
| (SOFR + 0.14%), 4.50%, 9/2/2025 (c) | 5000 | 5000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 37

------

JPMorgan Securities Lending Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| (SOFR + 0.33%), 4.67%, 9/2/2025 (c) | 1500 | 1501 |
| FHLB |  |  |
| (SOFR + 0.08%), 4.42%, 9/2/2025 (c) | 10000 | 10000 |
| (SOFR + 0.11%), 4.45%, 9/2/2025 (c) | 10000 | 10000 |
| (SOFR + 0.13%), 4.47%, 9/2/2025 (c) | 10000 | 10001 |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (c) | 5000 | 5000 |
| DN, 4.28%, 9/10/2025 (b) | 10000 | 9989 |
| DN, 4.24%, 10/7/2025 (b) | 19480 | 19398 |
| FHLMC, 4.48%, 9/2/2025 (c) | 8000 | 8000 |
| FNMA, 4.48%, 9/2/2025 (c) | 4000 | 4000 |
| Total U.S. Government Agency Securities <br>(Cost $317,096)<br>|  | 317096 |
| **U.S. Treasury Obligations — 3.5%** | **U.S. Treasury Obligations — 3.5%** | **U.S. Treasury Obligations — 3.5%** |
| U.S. Treasury Floating Rate Notes |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.10%), 4.24%, 9/2/2025 (c)<br>| 10000 | 9999 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 4.30%, 9/2/2025 (c)<br>| 15000 | 15002 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 4.30%, 9/2/2025 (c)<br>| 10000 | 9996 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.18%), 4.33%, 9/2/2025 (c)<br>| 17000 | 16993 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.21%), 4.35%, 9/2/2025 (c)<br>| 8000 | 8000 |
| Total U.S. Treasury Obligations <br>(Cost $59,990)<br>|  | 59990 |
| **Short Term Investments — 4.0%** | **Short Term Investments — 4.0%** | **Short Term Investments — 4.0%** |
| **U.S. Treasury Obligations — 4.0%** | **U.S. Treasury Obligations — 4.0%** | **U.S. Treasury Obligations — 4.0%** |
| U.S. Treasury Bills |  |  |
| 4.26%, 10/21/2025 (b) | 10000 | 9941 |
| 4.22%, 11/28/2025 (b) | 9000 | 8908 |
| 4.19%, 12/4/2025 (b) | 5000 | 4946 |
| 4.21%, 12/18/2025 (b) | 10000 | 9875 |
| 4.17%, 12/26/2025 (b) | 5000 | 4934 |
| 4.17%, 1/2/2026 (b) | 10000 | 9860 |
| 4.19%, 1/15/2026 (b) | 5000 | 4922 |
| 3.91%, 4/16/2026 (b) | 5000 | 4880 |
| 4.04%, 5/14/2026 (b) | 5000 | 4861 |
| 4.06%, 7/9/2026 (b) | 5000 | 4830 |
| Total U.S. Treasury Obligations <br>(Cost $67,957)<br>|  | 67957 |
| Total Short Term Investments <br>(Cost $67,957)<br>|  | 67957 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 100.8%** <br>**(Cost $1,726,338)** \*<br>|  | **1726338** |
| **Liabilities in Excess of Other Assets — (0.8)%** |  | **(13551)**<br>|
| **NET ASSETS — 100.0%** |  | **1712787** |

---

&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 II - At August 31, 2025, the <br> Fund had proportionate interests in the Agency Joint <br> Trading Account I, II, III and Treasury Joint Trading <br> Account II with a maturity date of September 2, 2025, <br> as follows for JPMorgan Securities Lending Money <br> Market 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 | $150000 | $150072 | $154642 |
| Agency Joint Trading Account II | 196295 | 196390 | 200221 |
| Agency Joint Trading Account III | 110000 | 110053 | 112296 |
| Treasury Joint Trading Account II | 75000 | 75036 | 76500 |

---

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

Repurchase Agreements - At August 31, 2025, 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 | 4.34% | $150000 |
| **Agency Joint Trading Account II** |  |  |
| BofA Securities, Inc. | 4.34% | 196295 |
| **Agency Joint Trading Account III** |  |  |
| BNP Paribas SA | 4.34% | 110000 |
| **Treasury Joint Trading Account II** |  |  |
| Credit Agricole Corporate and Investment Bank | 4.33% | 75000 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Money Market Funds August 31, 2025

------

At August 31, 2025, 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%-6.50% | 1/25/2029-7/1/2055 |
| GNMA | 3.00%-6.00% | 12/20/2040-11/20/2054 |
| U.S. Treasury Securities | 0.00% | 10/7/2025 |
| **Agency Joint Trading Account II** |  |  |
| FHLMC | 1.50%-7.00% | 2/1/2026-9/1/2055 |
| FNMA | 1.50%-7.00% | 9/1/2035-3/1/2061 |
| **Agency Joint Trading Account** <br> **III**<br>|  |  |
| FHLMC | 2.00%-6.50% | 4/25/2026-9/1/2055 |
| FNMA | 1.58%-7.50% | 6/25/2026-8/1/2055 |
| **Treasury Joint Trading Account** <br> **II**<br>|  |  |
| U.S. Treasury Securities | 0.00%-4.88% | 11/15/2025-2/15/2055 |

---

&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 August 31, 2025.

&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 August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 39

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 33.9%** | **Repurchase Agreements — 33.9%** | **Repurchase Agreements — 33.9%** |
| Agency Joint Trading Account I, J.P. Morgan <br> Investment Management Inc., as agent, <br> 4.34%, dated 8/29/2025, due 9/2/2025, <br> repurchase price $650,313. (a)<br>| 650000 | 650000 |
| Agency Joint Trading Account II, J.P. Morgan <br> Investment Management Inc., as agent, <br> 4.34%, dated 8/29/2025, due 9/2/2025, <br> repurchase price $1,180,026. (a)<br>| 1179457 | 1179457 |
| Agency Joint Trading Account III, J.P. Morgan <br> Investment Management Inc., as agent, <br> 4.34%, dated 8/29/2025, due 9/2/2025, <br> repurchase price $90,261. (a)<br>| 90217 | 90217 |
| Banco Santander SA, 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $750,361, collateralized by <br> U.S. Treasury Securities, 0.13% - 4.75%, <br> due 7/15/2026 - 2/15/2054, with a value of <br> $765,368.<br>| 750000 | 750000 |
| Banco Santander SA, 4.34%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $1,200,579, collateralized by FHLMC, <br> 2.00% - 6.00%, due 7/1/2028 - 5/1/2054, <br> FNMA, 2.00% - 5.50%, due 6/1/2043 - <br> 8/1/2056, GNMA, 2.00% - 7.00%, due <br> 5/20/2029 - 11/15/2066 and U.S. Treasury <br> Securities, 0.00%, due 10/2/2025 - <br> 12/11/2025, with a value of $1,224,718.<br>| 1200000 | 1200000 |
| Bank of America NA, 4.34%, dated 8/29/2025, <br> due 9/2/2025, repurchase price <br> $1,200,579, collateralized by FHLMC, <br> 3.00% - 4.00%, due 2/1/2042 - 8/1/2048 <br> and FNMA, 2.00% - 4.50%, due 12/1/2041 <br> - 12/1/2050, with a value of $1,224,000.<br>| 1200000 | 1200000 |
| Bank of Montreal, 4.35%, dated 8/29/2025, <br> due 9/4/2025, repurchase price <br> $1,401,015, collateralized by FHLMC, <br> 2.00% - 7.50%, due 12/1/2031 - <br> 9/25/2055, FNMA, 2.00% - 7.50%, due <br> 3/1/2032 - 9/25/2055 and GNMA, 2.00% - <br> 4.50%, due 8/20/2040 - 4/20/2052, with a <br> value of $1,432,532.<br>| 1400000 | 1400000 |
| BMO Capital Markets Corp., 4.34%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $750,362, collateralized by FHLMC, <br> 1.50% - 6.50%, due 5/15/2027 - <br> 1/25/2055, FNMA, 5.36%, due 4/25/2032, <br> GNMA, 3.50% - 5.60%, due 6/20/2048 - <br> 9/16/2067 and U.S. Treasury Securities, <br> 0.25% - 5.00%, due 8/31/2025 - <br> 8/15/2035, with a value of $766,720.<br>| 750000 | 750000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| BNP Paribas SA, 4.33%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $2,001,684, <br> collateralized by FFCB, 1.73% - 3.70%, due <br> 9/10/2035 - 3/24/2042, FHLMC, 2.00% - <br> 7.00%, due 7/25/2026 - 9/1/2055, FNMA, <br> 0.00% - 7.58%, due 9/25/2026 - <br> 9/1/2055, GNMA, 0.13% - 7.50%, due <br> 8/20/2035 - 4/20/2065 and U.S. Treasury <br> Securities, 3.88%, due 3/31/2027, with a <br> value of $2,072,293.<br>| 2000000 | 2000000 |
| BNP Paribas SA, 4.35%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $1,601,353, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 6.13%, due 11/6/2025 - <br> 2/15/2050, with a value of $1,650,144.<br>| 1600000 | 1600000 |
| BNP Paribas SA, 4.36%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $750,636, <br> collateralized by U.S. Treasury Securities, <br> 0.25% - 6.00%, due 8/31/2025 - <br> 6/30/2028, with a value of $776,398.<br>| 750000 | 750000 |
| BNP Paribas SA, 4.37%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $1,000,850, <br> collateralized by FFCB, 2.31% - 3.70%, due <br> 7/14/2036 - 3/24/2042, FHLMC, 1.00% - <br> 7.52%, due 4/25/2026 - 9/1/2055, FNMA, <br> 1.53% - 8.00%, due 1/1/2026 - 9/1/2055, <br> GNMA, 1.50% - 7.00%, due 1/20/2032 - <br> 4/20/2065 and U.S. Treasury Securities, <br> 0.00%, due 8/15/2038 - 11/15/2051, with <br> a value of $1,037,038.<br>| 1000000 | 1000000 |
| BNP Paribas SA, 4.37%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $2,001,699, <br> collateralized by FHLMC, 1.00% - 7.50%, <br> due 9/25/2025 - 9/1/2055, FNMA, 1.75% - <br> 7.50%, due 4/1/2028 - 8/1/2055 and <br> GNMA, 2.00% - 7.50%, due 5/20/2031 - <br> 8/20/2055, with a value of $2,073,365.<br>| 2000000 | 2000000 |
| BNP Paribas SA, 4.44%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $1,501,295, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 6.00%, due 8/31/2025 - <br> 2/15/2055, with a value of $1,597,668.<br>| 1500000 | 1500000 |
| BNP Paribas SA, 4.44%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $1,501,295, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 5.00%, due 8/31/2025 - <br> 5/15/2053, with a value of $1,597,479.<br>| 1500000 | 1500000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

40 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| BofA Securities, Inc., 4.32%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $250,120, collateralized by <br> U.S. Treasury Securities, 0.00% - 6.38%, <br> due 8/15/2027 - 2/15/2052, with a value of <br> $255,000.<br>| 250000 | 250000 |
| BofA Securities, Inc., 4.37%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $500,425, collateralized by FHLMC, <br> 2.50% - 7.00%, due 5/1/2027 - 8/1/2055, <br> FNMA, 1.50% - 7.00%, due 10/1/2033 - <br> 7/1/2055 and GNMA, 3.00%, due <br> 7/20/2047, with a value of $510,256.<br>| 500000 | 500000 |
| BofA Securities, Inc., 4.38%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $1,501,278, collateralized by FHLMC, <br> 1.50% - 7.00%, due 7/15/2033 - <br> 10/25/2063, FNMA, 1.50% - 7.00%, due <br> 6/1/2027 - 8/1/2055 and GNMA, 3.30% - <br> 6.66%, due 8/16/2039 - 12/20/2065, with <br> a value of $1,530,670.<br>| 1500000 | 1500000 |
| BofA Securities, Inc., 4.45%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $500,433, collateralized by FHLMC, <br> 2.00% - 7.50%, due 7/15/2027 - <br> 10/25/2059, FNMA, 2.00% - 7.00%, due <br> 9/1/2029 - 8/1/2055 and GNMA, 2.00% - <br> 5.50%, due 10/20/2033 - 9/20/2066, with <br> a value of $510,702.<br>| 500000 | 500000 |
| Canadian Imperial Bank of Commerce, 4.33%, <br> dated 8/29/2025, due 9/2/2025, <br> repurchase price $450,217, collateralized by <br> U.S. Treasury Securities, 0.00% - 4.63%, <br> due 9/18/2025 - 5/15/2054, with a value of <br> $459,221.<br>| 450000 | 450000 |
| Citigroup Global Markets Holdings, Inc., 4.34%, <br> dated 8/29/2025, due 9/2/2025, <br> repurchase price $2,376,145, collateralized <br> by FNMA, 0.00%, due 7/15/2037, GNMA, <br> 3.00% - 6.00%, due 6/20/2028 - <br> 10/20/2049, Tennessee Valley Authority, <br> 0.00%, due 9/15/2036 - 9/15/2065 and <br> U.S. Treasury Securities, 0.00% - 4.88%, <br> due 5/31/2026 - 8/15/2055, with a value of <br> $2,422,565.<br>| 2375000 | 2375000 |
| Citigroup Global Markets Holdings, Inc., 4.33%, <br> dated 8/29/2025, due 9/5/2025, <br> repurchase price $1,501,263, collateralized <br> by GNMA, 4.75%, due 1/15/2060 and <br> U.S. Treasury Securities, 0.13% - 6.75%, <br> due 8/15/2026 - 11/15/2026, with a value <br> of $1,530,000.<br>| 1500000 | 1500000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Citigroup Global Markets Holdings, Inc., 4.38%, <br> dated 8/29/2025, due 10/3/2025, <br> repurchase price $2,008,517, collateralized <br> by FHLMC, 2.00% - 6.00%, due 4/1/2026 - <br> 5/25/2052, FNMA, 2.60% - 4.88%, due <br> 12/1/2025 - 9/1/2028 and GNMA, 1.75% - <br> 7.50%, due 11/16/2051 - 4/20/2072, with <br> a value of $2,056,427.<br>| 2000000 | 2000000 |
| Citigroup Global Markets Holdings, Inc., 4.38%, <br> dated 8/29/2025, due 10/15/2025, <br> repurchase price $3,017,155, collateralized <br> by FHLMC, 2.00% - 7.50%, due 7/1/2045 - <br> 6/1/2054, FNMA, 2.00% - 7.27%, due <br> 7/1/2045 - 6/1/2054 and GNMA, 2.50% - <br> 7.50%, due 2/20/2051 - 8/20/2055, with a <br> value of $3,060,000.<br>| 3000000 | 3000000 |
| Citigroup Global Markets Holdings, Inc., 4.39%, <br> dated 8/29/2025, due 10/16/2025, <br> repurchase price $2,011,693, collateralized <br> by FHLMC, 1.00% - 14.27%, due <br> 6/15/2027 - 11/25/2061, FNMA, 1.25% - <br> 15.06%, due 5/25/2026 - 1/25/2057 and <br> GNMA, 2.25% - 5.91%, due 6/20/2041 - <br> 8/20/2065, with a value of $2,058,177.<br>| 2000000 | 2000000 |
| Citigroup Global Markets Holdings, Inc., 4.46%, <br> dated 8/29/2025, due 11/3/2025, <br> repurchase price $3,528,618, collateralized <br> by FHLMC, 1.50% - 8.50%, due 9/1/2028 - <br> 7/1/2045 and FNMA, 1.41% - 7.35%, due <br> 8/1/2028 - 7/1/2045, with a value of <br> $3,570,001.<br>| 3500000 | 3500000 |
| Credit Agricole Corporate and Investment Bank, <br> 4.34%, dated 8/29/2025, due 9/2/2025, <br> repurchase price $300,145, collateralized by <br> FHLMC, 3.50% - 5.70%, due 3/15/2033 - <br> 10/25/2054, FNMA, 1.25% - 5.70%, due <br> 12/25/2030 - 8/25/2055 and GNMA, <br> 5.45%, due 10/20/2054, with a value of <br> $309,000.<br>| 300000 | 300000 |
| Credit Agricole Corporate and Investment Bank, <br> 4.35%, dated 8/29/2025, due 9/5/2025, <br> repurchase price $750,634, collateralized by <br> U.S. Treasury Securities, 0.75% - 4.00%, <br> due 3/31/2026 - 4/30/2032, with a value of <br> $765,000.<br>| 750000 | 750000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 41

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Daiwa Capital Markets America, Inc., 4.34%, <br> dated 8/29/2025, due 9/2/2025, <br> repurchase price $3,001,447, collateralized <br> by FHLMC, 2.00% - 7.50%, due 11/1/2033 <br> - 8/25/2055, FNMA, 1.50% - 8.00%, due <br> 9/1/2027 - 8/1/2055, GNMA, 1.50% - <br> 7.50%, due 9/20/2041 - 8/20/2065 and <br> U.S. Treasury Securities, 0.88% - 1.25%, <br> due 9/30/2026 - 4/30/2028, with a value of <br> $3,068,878.<br>| 3000000 | 3000000 |
| Deutsche Bank Securities, Inc., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $2,751,323, collateralized by <br> U.S. Treasury Securities, 0.00% - 2.38%, <br> due 1/15/2026 - 7/15/2035, with a value of <br> $2,805,000.<br>| 2750000 | 2750000 |
| Fixed Income Clearing Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $500,241, collateralized by <br> U.S. Treasury Securities, 4.13%, due <br> 7/31/2031, with a value of $510,000.<br>| 500000 | 500000 |
| Goldman Sachs & Co. LLC, 4.34%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $8,754,219, collateralized by FHLMC, <br> 1.50% - 7.00%, due 2/1/2027 - 8/1/2055, <br> FNMA, 1.50% - 7.00%, due 1/1/2032 - <br> 8/1/2056, GNMA, 1.25% - 7.00%, due <br> 3/20/2027 - 7/15/2066 and U.S. Treasury <br> Securities, 0.00% - 5.00%, due <br> 11/15/2025 - 11/15/2052, with a value of <br> $8,926,658.<br>| 8750000 | 8750000 |
| Goldman Sachs & Co. LLC, 4.39%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $2,251,098, collateralized by FHLMC, <br> 2.00% - 6.50%, due 1/1/2030 - 3/1/2055, <br> FNMA, 1.50% - 7.00%, due 12/1/2029 - <br> 7/1/2055 and GNMA, 1.50% - 6.52%, due <br> 8/20/2035 - 12/15/2064, with a value of <br> $2,297,074.<br>| 2250000 | 2250000 |
| Goldman Sachs & Co. LLC, 4.35%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $500,423, collateralized by <br> U.S. Treasury Securities, 0.00% - 2.25%, <br> due 4/15/2027 - 2/15/2052, with a value of <br> $510,000.<br>| 500000 | 500000 |
| Goldman Sachs & Co. LLC, 4.35%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $2,752,326, collateralized by <br> U.S. Treasury Securities, 0.00% - 4.25%, <br> due 6/30/2031 - 8/15/2050, with a value of <br> $2,805,000.<br>| 2750000 | 2750000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Goldman Sachs & Co. LLC, 4.35%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $3,002,537, collateralized by FHLMC, <br> 1.50% - 6.50%, due 10/1/2031 - <br> 8/1/2055, FNMA, 1.50% - 6.50%, due <br> 11/1/2029 - 7/1/2055 and GNMA, 2.00% - <br> 6.50%, due 7/15/2027 - 6/15/2064, with a <br> value of $3,061,648.<br>| 3000000 | 3000000 |
| Goldman Sachs & Co. LLC, 4.36%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $1,000,848, collateralized by FHLMC, <br> 2.00% - 6.50%, due 4/1/2037 - 6/1/2055, <br> FNMA, 1.50% - 6.50%, due 2/1/2032 - <br> 3/1/2060 and GNMA, 2.00% - 8.20%, due <br> 1/20/2034 - 6/16/2066, with a value of <br> $1,024,977.<br>| 1000000 | 1000000 |
| Goldman Sachs & Co. LLC, 4.50%, dated <br> 8/29/2025, due 10/15/2025, repurchase <br> price $1,508,812, collateralized by FHLMC, <br> 1.00% - 10.59%, due 1/25/2027 - <br> 9/25/2055, FNMA, 0.13% - 6.00%, due <br> 11/25/2031 - 6/25/2057 and GNMA, <br> 3.50% - 5.74%, due 8/20/2036 - <br> 8/20/2055, with a value of $1,545,000.<br>| 1500000 | 1500000 |
| ING Financial Markets LLC, 4.34%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $275,133, collateralized by FNMA, <br> 3.50% - 6.50%, due 4/1/2052 - 9/1/2057, <br> with a value of $280,635.<br>| 275000 | 275000 |
| Metropolitan Life Insurance Co., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $1,000,481, collateralized by <br> U.S. Treasury Securities, 0.00% - 3.50%, <br> due 1/31/2028 - 8/15/2051, with a value of <br> $1,020,123.<br>| 1000000 | 1000000 |
| Mitsubishi UFJ Trust & Banking Corp., 4.38%, <br> dated 8/29/2025, due 9/2/2025, <br> repurchase price $500,243, collateralized by <br> GNMA, 3.00% - 6.00%, due 8/15/2038 - <br> 6/20/2055, with a value of $510,248.<br>| 500000 | 500000 |
| Natixis SA, 4.33%, dated 8/29/2025, due <br> 9/2/2025, repurchase price $750,361, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.88%, due 9/4/2025 - <br> 11/15/2054, with a value of $765,368.<br>| 750000 | 750000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Natixis SA, 4.36%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $2,001,696, <br> collateralized by FHLB, 4.08%, due <br> 5/25/2033, FHLMC, 2.00% - 7.00%, due <br> 7/1/2029 - 8/1/2055, FNMA, 1.27% - <br> 7.00%, due 7/1/2028 - 8/1/2055, GNMA, <br> 2.00% - 6.50%, due 11/20/2033 - <br> 4/20/2075 and U.S. Treasury Securities, <br> 0.00% - 4.88%, due 1/31/2026 - <br> 8/15/2055, with a value of $2,055,614.<br>| 2000000 | 2000000 |
| Natixis SA, 4.36%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $2,001,696, <br> collateralized by FFCB, 1.73% - 1.95%, due <br> 9/10/2035 - 8/13/2040, FHLB, 4.10% - <br> 4.15%, due 10/24/2033 - 6/1/2038, <br> FHLMC, 2.00% - 7.00%, due 7/1/2029 - <br> 8/1/2055, FNMA, 1.27% - 7.00%, due <br> 7/1/2028 - 8/1/2055, Tennessee Valley <br> Authority, 0.00%, due 1/15/2038 - <br> 9/15/2065 and U.S. Treasury Securities, <br> 0.00% - 6.50%, due 9/11/2025 - <br> 8/15/2055, with a value of $2,052,106.<br>| 2000000 | 2000000 |
| Norinchukin Bank (The), 4.38%, dated <br> 8/29/2025, due 9/3/2025, repurchase <br> price $300,183, collateralized by <br> U.S. Treasury Securities, 4.13%, due <br> 11/30/2031, with a value of $306,000.<br>| 300000 | 300000 |
| Prudential Insurance Co. of America (The), <br> 4.33%, dated 8/29/2025, due 9/2/2025, <br> repurchase price $800,385, collateralized by <br> U.S. Treasury Securities, 0.00% - 4.75%, <br> due 7/31/2026 - 11/15/2054, with a value <br> of $816,098.<br>| 800000 | 800000 |
| Prudential Legacy Insurance Co. of New Jersey, <br> 4.33%, dated 8/29/2025, due 9/2/2025, <br> repurchase price $550,265, collateralized by <br> U.S. Treasury Securities, 0.00% - 4.75%, <br> due 3/31/2029 - 11/15/2054, with a value <br> of $561,067.<br>| 550000 | 550000 |
| RBC Capital Markets LLC, 4.35%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $3,603,045, collateralized by FFCB, <br> 1.00% - 5.63%, due 8/14/2026 - <br> 3/12/2040, FHLB, 1.42% - 6.00%, due <br> 6/9/2027 - 11/25/2044, FHLMC, 0.75% - <br> 8.00%, due 9/15/2025 - 2/1/2055, FNMA, <br> 1.00% - 6.50%, due 11/1/2025 - <br> 12/1/2054, GNMA, 0.75% - 8.00%, due <br> 9/20/2026 - 3/20/2064 and U.S. Treasury <br> Securities, 0.00% - 4.63%, due <br> 10/15/2025 - 2/15/2055, with a value of <br> $3,694,010.<br>| 3600000 | 3600000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Royal Bank of Canada, 4.11%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $1,000,799, collateralized by FHLMC, <br> 2.00% - 7.50%, due 10/1/2029 - <br> 7/25/2055, FNMA, 0.50% - 6.50%, due <br> 2/25/2026 - 3/1/2062 and U.S. Treasury <br> Securities, 4.39%, due 1/31/2026, with a <br> value of $1,037,619.<br>| 1000000 | 1000000 |
| Royal Bank of Canada, 4.25%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $1,000,826, collateralized by FHLMC, <br> 2.00% - 6.00%, due 1/1/2032 - 4/1/2055, <br> FNMA, 1.50% - 7.50%, due 2/1/2027 - <br> 8/1/2055 and U.S. Treasury Securities, <br> 0.25% - 4.50%, due 1/31/2026 - <br> 2/15/2045, with a value of $1,031,052.<br>| 1000000 | 1000000 |
| Royal Bank of Canada, 4.28%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $2,001,664, collateralized by FHLMC, <br> 2.00% - 3.50%, due 12/1/2051 - <br> 6/1/2052, FNMA, 7.50%, due 12/1/2053 <br> and U.S. Treasury Securities, 0.38% - <br> 4.25%, due 4/30/2027 - 11/15/2034, with <br> a value of $2,058,190.<br>| 2000000 | 2000000 |
| Royal Bank of Canada, 4.33%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $2,001,684, collateralized by FHLMC, <br> 2.00% - 7.00%, due 3/1/2033 - 8/1/2055, <br> FNMA, 1.50% - 7.00%, due 2/1/2027 - <br> 3/1/2062 and U.S. Treasury Securities, <br> 0.13% - 2.38%, due 1/15/2027 - <br> 2/15/2055, with a value of $2,055,900.<br>| 2000000 | 2000000 |
| Societe Generale SA, 4.38%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $2,000,973, collateralized by <br> U.S. Treasury Securities, 0.13% - 4.63%, <br> due 11/15/2025 - 2/15/2055, with a value <br> of $2,040,000.<br>| 2000000 | 2000000 |
| Societe Generale SA, 4.38%, dated <br> 8/29/2025, due 9/3/2025, repurchase <br> price $2,501,521, collateralized by FFCB, <br> 4.53%, due 2/25/2030, FHLMC, 1.50% - <br> 7.00%, due 6/1/2029 - 9/1/2055, FNMA, <br> 2.00% - 7.00%, due 11/1/2026 - <br> 7/1/2055 and GNMA, 1.50% - 7.50%, due <br> 1/20/2026 - 7/20/2075, with a value of <br> $2,550,023.<br>| 2500000 | 2500000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 43

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| Societe Generale SA, 4.35%, dated <br> 8/29/2025, due 9/4/2025, repurchase <br> price $400,290, collateralized by <br> U.S. Treasury Securities, 3.00% - 4.25%, <br> due 8/15/2044 - 8/15/2054, with a value of <br> $408,000.<br>| 400000 | 400000 |
| Sumitomo Mitsui Banking Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $700,337, collateralized by <br> U.S. Treasury Securities, 0.50% - 4.63%, <br> due 9/30/2025 - 2/15/2033, with a value of <br> $714,344.<br>| 700000 | 700000 |
| The Northwestern Mutual Life Insurance Co., <br> 4.34%, dated 8/29/2025, due 9/2/2025, <br> repurchase price $1,500,723, collateralized <br> by FHLMC, 2.00% - 6.00%, due 9/1/2042 - <br> 9/1/2053, FNMA, 0.00% - 6.50%, due <br> 12/1/2039 - 8/1/2053 and GNMA, 4.50%, <br> due 9/20/2052, with a value of $1,530,184.<br>| 1500000 | 1500000 |
| Treasury Joint Trading Account I, J.P. Morgan <br> Investment Management Inc., as agent, <br> 4.33%, dated 8/29/2025, due 9/2/2025, <br> repurchase price $975,469. (a)<br>| 975000 | 975000 |
| UBS Securities LLC, 4.34%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $200,096, <br> collateralized by FNMA, 3.50% - 5.50%, due <br> 6/1/2027 - 9/1/2043, GNMA, 4.50% - <br> 8.00%, due 2/20/2026 - 6/20/2040 and <br> U.S. Treasury Securities, 3.50% - 4.50%, <br> due 4/30/2030 - 11/15/2033, with a value <br> of $204,000.<br>| 200000 | 200000 |
| UBS Securities LLC, 4.39%, dated 8/29/2025, <br> due 9/3/2025, repurchase price $200,122, <br> collateralized by FHLMC, 2.00% - 8.50%, <br> due 10/1/2025 - 10/1/2053, FNMA, 2.00% <br> - 9.00%, due 9/25/2025 - 10/1/2052, <br> GNMA, 2.50% - 9.00%, due 9/15/2025 - <br> 9/20/2054 and U.S. Treasury Securities, <br> 2.13% - 4.50%, due 2/28/2027 - <br> 1/15/2035, with a value of $204,000.<br>| 200000 | 200000 |
| Wells Fargo Bank NA, 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $250,120, collateralized by <br> U.S. Treasury Securities, 0.63% - 2.13%, <br> due 2/15/2041 - 2/15/2044, with a value of <br> $255,123.<br>| 250000 | 250000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Wells Fargo Bank NA, 4.39%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $4,001,951, collateralized by GNMA, <br> 5.45%, due 8/20/2055 and U.S. Treasury <br> Securities, 0.00% - 4.75%, due <br> 10/21/2025 - 5/15/2050, with a value of <br> $4,083,633.<br>| 4000000 | 4000000 |
| Wells Fargo Bank NA, 4.35%, dated <br> 8/29/2025, due 9/5/2025, repurchase <br> price $3,002,538, collateralized by FHLMC, <br> 2.50% - 6.20%, due 10/20/2027 - <br> 2/1/2053, FNMA, 3.00% - 6.00%, due <br> 11/1/2034 - 8/1/2054, GNMA, 2.50% - <br> 5.45%, due 9/20/2051 - 8/20/2055 and <br> U.S. Treasury Securities, 0.00% - 4.88%, <br> due 10/21/2025 - 2/15/2054, with a value <br> of $3,062,620.<br>| 3000000 | 3000000 |
| Wells Fargo Securities LLC, 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $250,120, collateralized by <br> U.S. Treasury Securities, 0.63% - 4.13%, <br> due 5/15/2026 - 6/30/2030, with a value of <br> $255,123.<br>| 250000 | 250000 |
| Wells Fargo Securities LLC, 4.34%, dated <br> 8/29/2025, due 9/2/2025, repurchase <br> price $2,000,964, collateralized by GNMA, <br> 2.00% - 7.50%, due 12/20/2026 - <br> 8/20/2055, with a value of $2,040,984.<br>| 2000000 | 2000000 |
| Wells Fargo Securities LLC, 4.39%, dated <br> 8/29/2025, due 9/3/2025, repurchase <br> price $2,501,524, collateralized by FNMA, <br> 1.50% - 7.50%, due 6/1/2026 - 1/1/2059, <br> with a value of $2,552,177.<br>| 2500000 | 2500000 |
| Wells Fargo Securities LLC, 4.35%, dated <br> 8/29/2025, due 9/4/2025, repurchase <br> price $1,000,725, collateralized by FNMA, <br> 1.50% - 7.50%, due 11/1/2027 - <br> 2/1/2057, with a value of $1,020,863.<br>| 1000000 | 1000000 |
| Wells Fargo Securities LLC, 4.28%, dated <br> 8/29/2025, due 11/12/2025, repurchase <br> price $2,017,833, collateralized by FNMA, <br> 1.50% - 8.00%, due 7/1/2026 - 1/1/2059, <br> with a value of $2,062,071.<br>| 2000000 | 2000000 |
| Total Repurchase Agreements <br>(Cost $103,444,674)<br>|  | 103444674 |
| **U.S. Government Agency Securities — 17.9%** | **U.S. Government Agency Securities — 17.9%** | **U.S. Government Agency Securities — 17.9%** |
| FFCB Funding Corp. |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.21%), 4.35%, 9/2/2025 (b)<br>| 75000 | 75000 |
| (SOFR + 0.07%), 4.41%, 9/2/2025 (b) | 305000 | 305000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| (SOFR + 0.08%), 4.42%, 9/2/2025 (b) | 365000 | 365000 |
| (SOFR + 0.08%), 4.42%, 9/2/2025 (b) | 210000 | 210000 |
| (SOFR + 0.08%), 4.42%, 9/2/2025 (b) | 530000 | 530000 |
| (SOFR + 0.10%), 4.43%, 9/2/2025 (b) | 125000 | 125000 |
| (SOFR + 0.09%), 4.43%, 9/2/2025 (b) | 80000 | 80000 |
| (SOFR + 0.09%), 4.43%, 9/2/2025 (b) | 375000 | 375000 |
| (SOFR + 0.10%), 4.44%, 9/2/2025 (b) | 200000 | 200000 |
| (SOFR + 0.13%), 4.47%, 9/2/2025 (b) | 110000 | 110000 |
| (SOFR + 0.13%), 4.47%, 9/2/2025 (b) | 398000 | 398000 |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (b) | 275000 | 275000 |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (b) | 75000 | 75000 |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (b) | 275000 | 275000 |
| (SOFR + 0.16%), 4.49%, 9/2/2025 (b) | 600000 | 600000 |
| (SOFR + 0.15%), 4.49%, 9/2/2025 (b) | 185000 | 185000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 155000 | 155000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 135000 | 135000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 140000 | 140000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 140000 | 140000 |
| FHLB |  |  |
| DN, 4.15%, 9/2/2025 (c) | 149039 | 149022 |
| 4.34%, 9/2/2025 (d) | 75000 | 75000 |
| 4.34%, 9/2/2025 (d) | 100000 | 100000 |
| 4.34%, 9/2/2025 (d) | 650000 | 650000 |
| (SOFR + (0.01)%), 4.34%, 9/2/2025 (b) | 440000 | 440000 |
| (SOFR + (0.01)%), 4.34%, 9/2/2025 (b) | 1150000 | 1150000 |
| (SOFR + (0.01)%), 4.34%, 9/2/2025 (b) | 100000 | 100000 |
| (SOFR + (0.01)%), 4.34%, 9/2/2025 (b) | 1250000 | 1250000 |
| 4.34%, 9/2/2025 (d) | 1000000 | 1000000 |
| (SOFR + (0.01)%), 4.34%, 9/2/2025 (b) | 750000 | 750000 |
| (SOFR + (0.01)%), 4.34%, 9/2/2025 (b) | 1000000 | 1000000 |
| 4.34%, 9/2/2025 (d) | 800000 | 800000 |
| 4.34%, 9/2/2025 (d) | 450000 | 450000 |
| (SOFR + (0.01)%), 4.34%, 9/2/2025 (b) | 700000 | 700000 |
| (SOFR + 0.01%), 4.34%, 9/2/2025 (b) | 1895000 | 1895000 |
| 4.34%, 9/2/2025 (d) | 400000 | 400000 |
| (SOFR + 0.02%), 4.35%, 9/2/2025 (b) | 1000000 | 1000000 |
| (SOFR + 0.02%), 4.35%, 9/2/2025 (b) | 1000000 | 1000000 |
| (SOFR + 0.02%), 4.35%, 9/2/2025 (b) | 250000 | 250000 |
| (SOFR + 0.01%), 4.35%, 9/2/2025 (b) | 1000000 | 1000000 |
| (SOFR + 0.02%), 4.35%, 9/2/2025 (b) | 500000 | 500000 |
| (SOFR + 0.02%), 4.36%, 9/2/2025 (b) | 105000 | 105000 |
| (SOFR + 0.02%), 4.36%, 9/2/2025 (b) | 250000 | 250000 |
| (SOFR + 0.05%), 4.39%, 9/2/2025 (b) | 247000 | 247000 |
| (SOFR + 0.05%), 4.39%, 9/2/2025 (b) | 194000 | 194000 |
| (SOFR + 0.07%), 4.40%, 9/2/2025 (b) | 300000 | 300000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| (SOFR + 0.07%), 4.40%, 9/2/2025 (b) | 54000 | 54000 |
| (SOFR + 0.07%), 4.41%, 9/2/2025 (b) | 250000 | 250000 |
| (SOFR + 0.08%), 4.42%, 9/2/2025 (b) | 1000000 | 1000000 |
| (SOFR + 0.09%), 4.43%, 9/2/2025 (b) | 500000 | 500000 |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (b) | 1495000 | 1495000 |
| (SOFR + 0.16%), 4.49%, 9/2/2025 (b) | 1225000 | 1225000 |
| (SOFR + 0.16%), 4.49%, 9/2/2025 (b) | 250000 | 250000 |
| (SOFR + 0.16%), 4.49%, 9/2/2025 (b) | 925000 | 925000 |
| (SOFR + 0.16%), 4.49%, 9/2/2025 (b) | 950000 | 950000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 1000000 | 1000000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 1000000 | 1000000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 125000 | 125000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 700000 | 700000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 225000 | 225000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 175000 | 175000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 500000 | 500000 |
| (SOFR + 0.19%), 4.52%, 9/2/2025 (b) | 1400000 | 1400000 |
| (SOFR + 0.19%), 4.52%, 9/2/2025 (b) | 2000000 | 2000000 |
| (SOFR + 0.19%), 4.53%, 9/2/2025 (b) | 1000000 | 1000000 |
| (SOFR + 0.19%), 4.53%, 9/2/2025 (b) | 1000000 | 1000000 |
| DN, 4.31%, 9/26/2025 (c) | 300000 | 299104 |
| DN, 4.28%, 10/31/2025 (c) | 95000 | 94327 |
| DN, 4.22%, 11/4/2025 (c) | 100000 | 99255 |
| DN, 4.22%, 11/5/2025 (c) | 100000 | 99244 |
| DN, 4.23%, 1/8/2026 (c) | 500000 | 492538 |
| DN, 4.07%, 2/5/2026 (c) | 1750000 | 1719510 |
| 4.37%, 2/6/2026 | 1000000 | 1000000 |
| 4.37%, 2/6/2026 | 862500 | 862500 |
| 4.37%, 2/6/2026 | 800000 | 800000 |
| DN, 4.02%, 2/11/2026 (c) | 1260000 | 1237465 |
| DN, 4.00%, 2/23/2026 (c) | 250000 | 245263 |
| DN, 4.00%, 2/24/2026 (c) | 250000 | 245236 |
| DN, 4.00%, 3/3/2026 (c) | 1000000 | 980073 |
| 4.40%, 3/13/2026 | 822255 | 822255 |
| 4.40%, 3/17/2026 | 500000 | 500000 |
| 4.35%, 4/17/2026 | 953750 | 953750 |
| 4.35%, 4/17/2026 | 1000000 | 1000000 |
| FHLMC |  |  |
| (SOFR + 0.08%), 4.42%, 9/2/2025 (b) | 970000 | 970000 |
| (SOFR + 0.10%), 4.43%, 9/2/2025 (b) | 1980000 | 1980000 |
| (SOFR + 0.11%), 4.45%, 9/2/2025 (b) | 790000 | 790000 |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (b) | 1500000 | 1500000 |
| FNMA |  |  |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (b) | 1206000 | 1206000 |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (b) | 362000 | 362000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 45

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (b) | 275000 | 275000 |
| Total U.S. Government Agency Securities <br>(Cost $54,815,542)<br>|  | 54815542 |
| **U.S. Treasury Obligations — 8.0%** | **U.S. Treasury Obligations — 8.0%** | **U.S. Treasury Obligations — 8.0%** |
| U.S. Treasury Floating Rate Notes |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.15%), 4.29%, 9/2/2025 (b)<br>| 2906280 | 2906307 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 4.30%, 9/2/2025 (b)<br>| 6067200 | 6064102 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.17%), 4.31%, 9/2/2025 (b)<br>| 440000 | 439992 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.18%), 4.33%, 9/2/2025 (b)<br>| 5575300 | 5573825 |
| U.S. Treasury Notes |  |  |
| 0.25%, 9/30/2025 | 300000 | 299044 |
| 5.00%, 9/30/2025 | 1300000 | 1300673 |
| 2.25%, 11/15/2025 | 600000 | 597522 |
| 4.50%, 11/15/2025 | 100000 | 100009 |
| 0.38%, 11/30/2025 | 520000 | 515062 |
| 2.88%, 11/30/2025 | 632456 | 630239 |
| 4.88%, 11/30/2025 | 365000 | 365500 |
| 4.25%, 12/31/2025 | 1050000 | 1049881 |
| 0.50%, 2/28/2026 | 500000 | 490829 |
| 4.63%, 2/28/2026 | 745000 | 746272 |
| 2.25%, 3/31/2026 | 400000 | 395606 |
| 4.88%, 4/30/2026 | 719200 | 723042 |
| 1.63%, 5/15/2026 | 925000 | 908982 |
| 3.63%, 5/15/2026 | 470000 | 468181 |
| 1.88%, 6/30/2026 | 200000 | 196300 |
| 1.38%, 8/31/2026 | 50000 | 48764 |
| 3.75%, 8/31/2026 | 500000 | 499140 |
| Total U.S. Treasury Obligations <br>(Cost $24,319,272)<br>|  | 24319272 |
| **Short Term Investments — 38.2%** | **Short Term Investments — 38.2%** | **Short Term Investments — 38.2%** |
| **U.S. Treasury Obligations — 38.2%** | **U.S. Treasury Obligations — 38.2%** | **U.S. Treasury Obligations — 38.2%** |
| U.S. Treasury Bills |  |  |
| 4.14%, 9/4/2025 (c) | 1488500 | 1487987 |
| 4.28%, 9/9/2025 (c) | 200 | 200 |
| 4.12%, 9/11/2025 (c) | 867000 | 866008 |
| 4.25%, 9/16/2025 (c) | 5441020 | 5431411 |
| 4.12%, 9/18/2025 (c) | 1367000 | 1364344 |
| 4.10%, 9/25/2025 (c) | 1490000 | 1485942 |
| 4.30%, 9/30/2025 (c) | 4414800 | 4399543 |
| 4.02%, 10/2/2025 (c) | 1106400 | 1102584 |
| 4.24%, 10/7/2025 (c) | 11643800 | 11594638 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 4.01%, 10/9/2025 (c) | 6425800 | 6398688 |
| 4.24%, 10/14/2025 (c) | 2991200 | 2976123 |
| 4.08%, 10/16/2025 (c) | 1488300 | 1480747 |
| 4.25%, 10/21/2025 (c) | 5957600 | 5922620 |
| 4.07%, 10/23/2025 (c) | 2896500 | 2879556 |
| 4.19%, 10/28/2025 (c) | 4856300 | 4824692 |
| 4.11%, 10/30/2025 (c) | 1948500 | 1935449 |
| 4.19%, 11/4/2025 (c) | 938000 | 931058 |
| 4.18%, 11/6/2025 (c) | 4048700 | 4017896 |
| 4.26%, 11/18/2025 (c) | 654000 | 648020 |
| 4.18%, 11/20/2025 (c) | 1483000 | 1469356 |
| 4.25%, 11/25/2025 (c) | 1160000 | 1148462 |
| 4.22%, 11/28/2025 (c) | 3081000 | 3049525 |
| 4.25%, 12/2/2025 (c) | 6115000 | 6049209 |
| 4.20%, 12/4/2025 (c) | 1486975 | 1470844 |
| 4.15%, 12/9/2025 (c) | 6022500 | 5954514 |
| 4.20%, 12/11/2025 (c) | 1488200 | 1470873 |
| 4.10%, 12/16/2025 (c) | 2999000 | 2963237 |
| 4.21%, 12/18/2025 (c) | 2888825 | 2852816 |
| 4.17%, 12/26/2025 (c) | 2966200 | 2926822 |
| 4.17%, 1/2/2026 (c) | 2936200 | 2894968 |
| 4.20%, 1/8/2026 (c) | 2400000 | 2364353 |
| 4.19%, 1/15/2026 (c) | 3011200 | 2964276 |
| 4.18%, 1/29/2026 (c) | 200000 | 196577 |
| 4.05%, 2/5/2026 (c) | 1136200 | 1116479 |
| 4.04%, 2/12/2026 (c) | 2975000 | 2921195 |
| 3.99%, 2/26/2026 (c) | 2962000 | 2904663 |
| 3.93%, 4/16/2026 (c) | 7003200 | 6833579 |
| 4.04%, 5/14/2026 (c) | 1433000 | 1393109 |
| 4.06%, 6/11/2026 (c) | 3026200 | 2932470 |
| 4.06%, 7/9/2026 (c) | 400000 | 386437 |
| 3.90%, 8/6/2026 (c) | 744000 | 717657 |
| Total U.S. Treasury Obligations <br>(Cost $116,728,927)<br>|  | 116728927 |
| Total Short Term Investments <br>(Cost $116,728,927)<br>|  | 116728927 |
| **Total Investments — 98.0%** <br>**(Cost $299,308,415)** \*<br>|  | **299308415** |
| **Other Assets in Excess of Liabilities — 2.0%** |  | **6170224** |
| **NET ASSETS — 100.0%** |  | **305478639** |

---

&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;

46 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | |
|:---|:---|
| **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 August 31, 2025, 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 September 2, 2025, <br> as follows for JPMorgan U.S. Government Money <br> Market 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 | $650000 | $650313 | $670117 |
| Agency Joint Trading Account II | 1179457 | 1180026 | 1203046 |
| Agency Joint Trading Account III | 90217 | 90261 | 92100 |
| Treasury Joint Trading Account I | 975000 | 975469 | 994963 |

---

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

Repurchase Agreements - At August 31, 2025, 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 | 4.34% | $650000 |
| **Agency Joint Trading Account II** |  |  |
| BofA Securities, Inc. | 4.34% | 1179457 |
| **Agency Joint Trading Account III** |  |  |
| BNP Paribas SA | 4.34% | 90217 |
| **Treasury Joint Trading Account I** |  |  |
| BNP Paribas SA | 4.33% | 691935 |
| Citibank NA | 4.33% | 31452 |
| Wells Fargo Securities LLC | 4.33% | 251613 |
| Total |  | 975000 |

---

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

At August 31, 2025, 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%-6.50% | 1/25/2029-7/1/2055 |
| GNMA | 3.00%-6.00% | 12/20/2040-11/20/2054 |
| U.S. Treasury Securities | 0.00% | 10/7/2025 |
| **Agency Joint Trading Account II** |  |  |
| FHLMC | 1.50%-7.00% | 2/1/2026-9/1/2055 |
| FNMA | 1.50%-7.00% | 9/1/2035-3/1/2061 |
| **Agency Joint Trading Account** <br> **III**<br>|  |  |
| FHLMC | 2.00%-6.50% | 4/25/2026-9/1/2055 |
| FNMA | 1.58%-7.50% | 6/25/2026-8/1/2055 |
| **Treasury Joint Trading Account** <br> **I**<br>|  |  |
| U.S. Treasury Securities | 0.00%-6.63% | 8/31/2025-5/15/2055 |

---

&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 August 31, 2025.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) 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 August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 47

------

JPMorgan U.S. Treasury Plus Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 41.6%** | **Repurchase Agreements — 41.6%** | **Repurchase Agreements — 41.6%** |
| BNP Paribas SA, 4.35%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $400,338, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.63%, due 10/15/2026 - <br> 5/15/2054, with a value of $412,536.<br>| 400000 | 400000 |
| BNP Paribas SA, 4.36%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $250,212, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 3.75%, due 4/15/2028 - 2/15/2045, <br> with a value of $258,799.<br>| 250000 | 250000 |
| BNP Paribas SA, 4.37%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $500,425, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 5.00%, due 9/30/2025 - 2/15/2055, <br> with a value of $517,713.<br>| 500000 | 500000 |
| BNP Paribas SA, 4.44%, dated 8/29/2025, due <br> 9/5/2025, repurchase price $1,000,863, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 6.63%, due 2/15/2026 - 2/15/2045, <br> with a value of $1,065,112.<br>| 1000000 | 1000000 |
| BofA Securities, Inc., 4.36%, dated 8/29/2025, <br> due 9/5/2025, repurchase price $1,000,848, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 4.13%, due 11/30/2029 - <br> 11/15/2043, with a value of $1,020,000.<br>| 1000000 | 1000000 |
| Citigroup Global Markets Holdings, Inc., 4.33%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $1,250,602, collateralized by <br> U.S. Treasury Securities, 0.13% - 4.38%, due <br> 11/30/2029 - 2/28/2030, with a value of <br> $1,275,000.<br>| 1250000 | 1250000 |
| Citigroup Global Markets Holdings, Inc., 4.36%, <br> dated 8/29/2025, due 9/4/2025, repurchase <br> price $225,164, collateralized by U.S. Treasury <br> Securities, 0.13% - 4.38%, due 11/30/2029 - <br> 2/28/2030, with a value of $229,500.<br>| 225000 | 225000 |
| Citigroup Global Markets Holdings, Inc., 4.36%, <br> dated 8/29/2025, due 9/18/2025, repurchase <br> price $501,211, collateralized by U.S. Treasury <br> Securities, 0.13% - 4.38%, due 9/30/2029 - <br> 1/15/2030, with a value of $510,000.<br>| 500000 | 500000 |
| Citigroup Global Markets Holdings, Inc., 4.37%, <br> dated 8/29/2025, due 10/10/2025, <br> repurchase price $502,549, collateralized by <br> U.S. Treasury Securities, 0.63% - 4.38%, due <br> 5/15/2041 - 8/15/2043, with a value of <br> $510,094.<br>| 500000 | 500000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Citigroup Global Markets Holdings, Inc., 4.36%, <br> dated 8/29/2025, due 10/15/2025, <br> repurchase price $351,992, collateralized by <br> U.S. Treasury Securities, 0.00% - 4.38%, due <br> 9/2/2025 - 8/15/2043, with a value of <br> $357,000.<br>| 350000 | 350000 |
| Citigroup Global Markets Holdings, Inc., 4.24%, <br> dated 8/29/2025, due 11/20/2025, <br> repurchase price $504,888, collateralized by <br> U.S. Treasury Securities, 0.00% - 4.38%, due <br> 9/2/2025 - 8/15/2043, with a value of <br> $510,000.<br>| 500000 | 500000 |
| Credit Agricole Corporate and Investment Bank, <br> 4.34%, dated 8/29/2025, due 9/5/2025, <br> repurchase price $300,253, collateralized by <br> U.S. Treasury Securities, 2.25% - 4.88%, due <br> 2/15/2027 - 10/31/2028, with a value of <br> $306,000.<br>| 300000 | 300000 |
| Credit Agricole Corporate and Investment Bank, <br> 4.35%, dated 8/29/2025, due 9/5/2025, <br> repurchase price $250,211, collateralized by <br> U.S. Treasury Securities, 4.38%, due <br> 7/31/2026, with a value of $255,000.<br>| 250000 | 250000 |
| Fixed Income Clearing Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $1,000,481, collateralized by U.S. Treasury <br> Securities, 4.00% - 4.38%, due 7/15/2027 - <br> 5/31/2030, with a value of $1,020,000.<br>| 1000000 | 1000000 |
| Fixed Income Clearing Corp., 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $3,001,443, collateralized by U.S. Treasury <br> Securities, 1.38% - 4.38%, due 3/15/2027 - <br> 2/15/2044, with a value of $3,060,000.<br>| 3000000 | 3000000 |
| Goldman Sachs & Co. LLC, 4.35%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $250,211, collateralized by U.S. Treasury <br> Securities, 4.63%, due 9/15/2026, with a <br> value of $255,000.<br>| 250000 | 250000 |
| Goldman Sachs & Co. LLC, 4.35%, dated <br> 8/29/2025, due 9/5/2025, repurchase price <br> $500,423, collateralized by U.S. Treasury <br> Securities, 0.00% - 6.13%, due 8/31/2025 - <br> 2/15/2055, with a value of $510,000.<br>| 500000 | 500000 |
| ING Financial Markets LLC, 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $300,144, collateralized by U.S. Treasury <br> Securities, 0.38% - 4.50%, due 12/31/2025 - <br> 11/15/2033, with a value of $306,147.<br>| 300000 | 300000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Repurchase Agreements — continued** | **Repurchase Agreements — continued** | **Repurchase Agreements — continued** |
| ING Financial Markets LLC, 4.34%, dated <br> 8/29/2025, due 9/4/2025, repurchase price <br> $400,289, collateralized by U.S. Treasury <br> Securities, 0.50% - 4.88%, due 4/30/2026 - <br> 8/15/2035, with a value of $408,344.<br>| 400000 | 400000 |
| Norinchukin Bank (The), 4.38%, dated <br> 8/29/2025, due 9/3/2025, repurchase price <br> $200,122, collateralized by U.S. Treasury <br> Securities, 4.13%, due 11/30/2031, with a <br> value of $204,000.<br>| 200000 | 200000 |
| Societe Generale SA, 4.35%, dated 8/29/2025, <br> due 9/4/2025, repurchase price $100,073, <br> collateralized by U.S. Treasury Securities, <br> 3.38% - 4.75%, due 8/15/2042 - <br> 11/15/2043, with a value of $102,000.<br>| 100000 | 100000 |
| TD Securities USA LLC, 4.33%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $750,361, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 6.25%, due 2/26/2026 - 8/15/2052, <br> with a value of $765,368.<br>| 750000 | 750000 |
| Treasury Joint Trading Account I, J.P. Morgan <br> Investment Management Inc., as agent, 4.33%, <br> dated 8/29/2025, due 9/2/2025, repurchase <br> price $3,501,684. (a)<br>| 3500000 | 3500000 |
| Wells Fargo Bank NA, 4.33%, dated 8/29/2025, <br> due 9/2/2025, repurchase price $1,250,601, <br> collateralized by U.S. Treasury Securities, <br> 0.00% - 3.88%, due 6/15/2028 - 2/15/2037, <br> with a value of $1,275,614.<br>| 1250000 | 1250000 |
| Wells Fargo Securities LLC, 4.33%, dated <br> 8/29/2025, due 9/2/2025, repurchase price <br> $3,001,443, collateralized by U.S. Treasury <br> Securities, 0.00% - 4.88%, due 10/31/2025 - <br> 8/15/2034, with a value of $3,061,472.<br>| 3000000 | 3000000 |
| Total Repurchase Agreements <br>(Cost $21,275,000)<br>|  | 21275000 |
| **U.S. Treasury Obligations — 19.9%** | **U.S. Treasury Obligations — 19.9%** | **U.S. Treasury Obligations — 19.9%** |
| U.S. Treasury Floating Rate Notes |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.10%), 4.24%, 9/2/2025 (b)<br>| 1218000 | 1218016 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.15%), 4.29%, 9/2/2025 (b)<br>| 502000 | 501980 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 4.30%, 9/2/2025 (b)<br>| 240000 | 240056 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 4.30%, 9/2/2025 (b)<br>| 750000 | 749654 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.17%), 4.31%, 9/2/2025 (b)<br>| 1650000 | 1649883 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.18%), 4.33%, 9/2/2025 (b)<br>| 850000 | 849777 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.21%), 4.35%, 9/2/2025 (b)<br>| 1166000 | 1166186 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.25%), 4.39%, 9/2/2025 (b)<br>| 800000 | 800000 |
| U.S. Treasury Notes |  |  |
| 0.25%, 9/30/2025 | 440000 | 438596 |
| 3.00%, 9/30/2025 | 40000 | 39957 |
| 5.00%, 9/30/2025 | 120000 | 120063 |
| 0.25%, 10/31/2025 | 260000 | 258303 |
| 5.00%, 10/31/2025 | 60000 | 60065 |
| 4.25%, 12/31/2025 | 440000 | 440003 |
| 4.25%, 1/31/2026 | 250000 | 249991 |
| 4.63%, 2/28/2026 | 320000 | 320535 |
| 4.88%, 4/30/2026 | 200000 | 201114 |
| 1.63%, 5/15/2026 | 124000 | 121856 |
| 0.75%, 5/31/2026 | 19000 | 18546 |
| 4.13%, 6/15/2026 | 13000 | 13018 |
| 0.88%, 6/30/2026 | 131000 | 127590 |
| 1.88%, 6/30/2026 | 50000 | 49075 |
| 4.63%, 6/30/2026 | 562000 | 564504 |
| Total U.S. Treasury Obligations <br>(Cost $10,198,768)<br>|  | 10198768 |
| **Short Term Investments — 37.1%** | **Short Term Investments — 37.1%** | **Short Term Investments — 37.1%** |
| **U.S. Treasury Obligations — 37.1%** | **U.S. Treasury Obligations — 37.1%** | **U.S. Treasury Obligations — 37.1%** |
| U.S. Treasury Bills |  |  |
| 4.25%, 9/16/2025 (c) | 650000 | 648850 |
| 4.28%, 9/30/2025 (c) | 445000 | 443471 |
| 4.05%, 10/2/2025 (c) | 273000 | 272051 |
| 4.24%, 10/7/2025 (c) | 950000 | 945987 |
| 4.21%, 10/14/2025 (c) | 500000 | 497501 |
| 4.08%, 10/16/2025 (c) | 225000 | 223858 |
| 4.25%, 10/21/2025 (c) | 1000000 | 994128 |
| 4.17%, 10/23/2025 (c) | 800000 | 795215 |
| 4.24%, 10/28/2025 (c) | 950000 | 943787 |
| 4.10%, 10/30/2025 (c) | 350000 | 347663 |
| 4.22%, 11/4/2025 (c) | 480000 | 476429 |
| 4.22%, 11/12/2025 (c) | 1405000 | 1393232 |
| 4.14%, 11/13/2025 (c) | 450000 | 446254 |
| 4.26%, 11/18/2025 (c) | 580000 | 574691 |
| 4.18%, 11/20/2025 (c) | 230000 | 227884 |
| 4.23%, 11/28/2025 (c) | 200000 | 197952 |
| 4.16%, 12/2/2025 (c) | 245000 | 242420 |
| 4.20%, 12/4/2025 (c) | 234000 | 231462 |
| 4.15%, 12/9/2025 (c) | 480000 | 474581 |
| 4.10%, 12/16/2025 (c) | 400000 | 395230 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 49

------

JPMorgan U.S. Treasury Plus Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| 4.21%, 12/18/2025 (c) | 450000 | 444391 |
| 4.10%, 12/23/2025 (c) | 500000 | 493644 |
| 4.19%, 12/26/2025 (c) | 930000 | 917606 |
| 4.07%, 12/30/2025 (c) | 500000 | 493356 |
| 4.17%, 1/2/2026 (c) | 960000 | 946519 |
| 4.20%, 1/8/2026 (c) | 480000 | 472871 |
| 4.19%, 1/15/2026 (c) | 585000 | 575884 |
| 4.15%, 1/22/2026 (c) | 480000 | 472206 |
| 4.05%, 2/5/2026 (c) | 240000 | 235834 |
| 4.04%, 2/12/2026 (c) | 500000 | 490957 |
| 4.02%, 2/19/2026 (c) | 250000 | 245315 |
| 3.99%, 2/26/2026 (c) | 500000 | 490321 |
| 3.92%, 4/16/2026 (c) | 965000 | 941690 |
| 4.04%, 5/14/2026 (c) | 225000 | 218737 |
| 4.06%, 6/11/2026 (c) | 450000 | 436062 |
| 4.06%, 7/9/2026 (c) | 208000 | 200947 |
| 3.90%, 8/6/2026 (c) | 120000 | 115751 |
| Total U.S. Treasury Obligations <br>(Cost $18,964,737)<br>|  | 18964737 |
| Total Short Term Investments <br>(Cost $18,964,737)<br>|  | 18964737 |
| **Total Investments — 98.6%** <br>**(Cost $50,438,505)** \*<br>|  | **50438505** |
| **Other Assets in Excess of Liabilities — 1.4%** |  | **737873** |
| **NET ASSETS — 100.0%** |  | **51176378** |

---

&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) Treasury Joint Trading Account I - At August 31, 2025, the Fund had proportionate interests in the Treasury Joint Trading Account I with a maturity date of September 2, 2025, as follows for JPMorgan U.S. Treasury Plus 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>|
| Treasury Joint Trading Account I | $3500000 | $3501684 | $3571662 |

---

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

Repurchase Agreements - At August 31, 2025, 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 | 4.33% | $2483871 |
| Citibank NA | 4.33% | 112903 |
| Wells Fargo Securities LLC | 4.33% | 903226 |
| Total |  | 3500000 |

---

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

At August 31, 2025, 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%-6.63% | 8/31/2025-5/15/2055 |

---

&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 August 31, 2025.

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan Money Market Funds August 31, 2025

------

JPMorgan Federal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Government Agency Securities — 38.8%** | **U.S. Government Agency Securities — 38.8%** | **U.S. Government Agency Securities — 38.8%** |
| FFCB |  |  |
| DN, 4.13%, 9/9/2025 (a) | 25000 | 24977 |
| DN, 4.29%, 9/18/2025 (a) | 200000 | 199596 |
| DN, 4.10%, 12/17/2025 (a) | 50000 | 49398 |
| DN, 4.10%, 12/30/2025 (a) | 50000 | 49327 |
| DN, 4.01%, 2/5/2026 (a) | 30000 | 29484 |
| DN, 4.12%, 3/4/2026 (a) | 25000 | 24484 |
| DN, 4.13%, 3/11/2026 (a) | 25000 | 24464 |
| FFCB Funding Corp. |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.21%), 4.35%, 9/2/2025 (b)<br>| 25000 | 25000 |
| (SOFR + 0.14%), 4.48%, 9/2/2025 (b) | 100000 | 100000 |
| (Federal Reserve Bank Prime Loan Rate US + <br> (3.01)%), 4.49%, 9/2/2025 (b)<br>| 25000 | 25000 |
| (SOFR + 0.15%), 4.49%, 9/2/2025 (b) | 25000 | 25000 |
| (SOFR + 0.16%), 4.50%, 9/2/2025 (b) | 25000 | 25000 |
| FHLB |  |  |
| DN, 4.15%, 9/2/2025 (a) | 1000 | 1000 |
| (SOFR + 0.01%), 4.34%, 9/2/2025 (b) | 250000 | 250000 |
| 4.34%, 9/2/2025 (c) | 200000 | 200000 |
| 4.34%, 9/2/2025 (c) | 200000 | 200001 |
| (SOFR + (0.01)%), 4.34%, 9/2/2025 (b) | 250000 | 250000 |
| 4.34%, 9/2/2025 (c) | 250000 | 250002 |
| (SOFR + (0.01)%), 4.34%, 9/2/2025 (b) | 250000 | 250000 |
| 4.34%, 9/2/2025 (c) | 250000 | 250000 |
| (SOFR + 0.02%), 4.36%, 9/2/2025 (b) | 200000 | 200000 |
| (SOFR + 0.16%), 4.49%, 9/2/2025 (b) | 25000 | 25000 |
| (SOFR + 0.16%), 4.49%, 9/2/2025 (b) | 25000 | 25000 |
| (SOFR + 0.19%), 4.52%, 9/2/2025 (b) | 100000 | 100000 |
| (SOFR + 0.19%), 4.53%, 9/2/2025 (b) | 150000 | 150000 |
| DN, 4.23%, 9/16/2025 (a) | 100000 | 99824 |
| DN, 4.12%, 12/4/2025 (a) | 100000 | 98935 |
| DN, 4.04%, 12/26/2025 (a) | 100000 | 98716 |
| DN, 4.16%, 1/5/2026 (a) | 100000 | 98563 |
| 4.37%, 2/6/2026 | 47917 | 47917 |
| DN, 4.02%, 2/11/2026 (a) | 50000 | 49106 |
| DN, 4.07%, 5/15/2026 (a) | 28000 | 27211 |
| DN, 4.13%, 7/31/2026 (a) | 32000 | 30819 |
| Total U.S. Government Agency Securities <br>(Cost $3,303,824)<br>|  | 3303824 |
| **U.S. Treasury Obligations — 3.8%** | **U.S. Treasury Obligations — 3.8%** | **U.S. Treasury Obligations — 3.8%** |
| U.S. Treasury Floating Rate Notes |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.17%), 4.31%, 9/2/2025 (b)<br>| 200000 | 200036 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.21%), 4.35%, 9/2/2025 (b)<br>| 100000 | 100005 |
| U.S. Treasury Notes, 0.88%, 6/30/2026 | 25000 | 24336 |
| Total U.S. Treasury Obligations <br>(Cost $324,377)<br>|  | 324377 |
| **Short Term Investments — 54.4%** | **Short Term Investments — 54.4%** | **Short Term Investments — 54.4%** |
| **U.S. Treasury Obligations — 54.4%** | **U.S. Treasury Obligations — 54.4%** | **U.S. Treasury Obligations — 54.4%** |
| U.S. Treasury Bills |  |  |
| 4.30%, 9/2/2025 (a) | 100000 | 99988 |
| 4.14%, 9/4/2025 (a) | 50000 | 49983 |
| 4.28%, 9/11/2025 (a) | 250000 | 249703 |
| 4.26%, 9/16/2025 (a) | 50000 | 49912 |
| 4.24%, 9/18/2025 (a) | 150000 | 149700 |
| 4.30%, 9/23/2025 (a) | 100000 | 99738 |
| 4.10%, 9/25/2025 (a) | 50000 | 49864 |
| 4.28%, 9/30/2025 (a) | 300000 | 298969 |
| 4.22%, 10/2/2025 (a) | 300000 | 298913 |
| 4.22%, 10/7/2025 (a) | 100000 | 99579 |
| 4.19%, 10/9/2025 (a) | 350000 | 348458 |
| 4.24%, 10/14/2025 (a) | 100000 | 99496 |
| 4.24%, 10/16/2025 (a) | 300000 | 298420 |
| 4.26%, 10/21/2025 (a) | 100000 | 99412 |
| 4.23%, 10/23/2025 (a) | 300000 | 298176 |
| 4.24%, 10/28/2025 (a) | 200000 | 198691 |
| 4.23%, 10/30/2025 (a) | 325000 | 322764 |
| 4.12%, 11/6/2025 (a) | 100000 | 99250 |
| 4.14%, 11/13/2025 (a) | 100000 | 99168 |
| 4.18%, 11/20/2025 (a) | 100000 | 99080 |
| 4.18%, 11/28/2025 (a) | 225000 | 222725 |
| 4.25%, 12/2/2025 (a) | 100000 | 98924 |
| 4.19%, 12/4/2025 (a) | 50000 | 49458 |
| 4.15%, 12/9/2025 (a) | 100000 | 98871 |
| 4.20%, 12/11/2025 (a) | 50000 | 49418 |
| 4.10%, 12/16/2025 (a) | 100000 | 98807 |
| 4.21%, 12/18/2025 (a) | 100000 | 98753 |
| 4.16%, 12/26/2025 (a) | 75000 | 74008 |
| 4.19%, 1/2/2026 (a) | 100000 | 98587 |
| 4.20%, 1/8/2026 (a) | 50000 | 49257 |
| 4.19%, 1/15/2026 (a) | 25000 | 24610 |
| 4.13%, 1/22/2026 (a) | 50000 | 49192 |
| 4.19%, 1/29/2026 (a) | 25000 | 24571 |
| 4.04%, 2/12/2026 (a) | 25000 | 24548 |
| 4.02%, 2/19/2026 (a) | 25000 | 24532 |
| 3.99%, 2/26/2026 (a) | 25000 | 24516 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 51

------

JPMorgan Federal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| 4.04%, 5/14/2026 (a) | 50000 | 48606 |
| 4.06%, 6/11/2026 (a) | 25000 | 24226 |
| 4.06%, 7/9/2026 (a) | 25000 | 24152 |
| 3.90%, 8/6/2026 (a) | 25000 | 24115 |
| Total U.S. Treasury Obligations <br>(Cost $4,641,140)<br>|  | 4641140 |
| Total Short Term Investments <br>(Cost $4,641,140)<br>|  | 4641140 |
| **Total Investments — 97.0%** <br>**(Cost $8,269,341)** \*<br>|  | **8269341** |
| **Other Assets in Excess of Liabilities — 3.0%** |  | **253092** |
| **NET ASSETS — 100.0%** |  | **8522433** |

---

&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 |
| 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) | The rate shown is the effective yield as of August 31, <br> 2025. <br>|
| (b) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of August 31, 2025.<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 August 31, 2025. <br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

52 J.P. Morgan Money Market Funds August 31, 2025

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 16.2%** | **U.S. Treasury Obligations — 16.2%** | **U.S. Treasury Obligations — 16.2%** |
| U.S. Treasury Floating Rate Notes |  |  |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.10%), 4.24%, 9/2/2025 (a)<br>| 6025000 | 6025075 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.15%), 4.29%, 9/2/2025 (a)<br>| 2359000 | 2358906 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 4.30%, 9/2/2025 (a)<br>| 3635000 | 3635303 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.16%), 4.30%, 9/2/2025 (a)<br>| 3750000 | 3748269 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.17%), 4.31%, 9/2/2025 (a)<br>| 5783438 | 5783338 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.18%), 4.33%, 9/2/2025 (a)<br>| 6145000 | 6142480 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.21%), 4.35%, 9/2/2025 (a)<br>| 3877000 | 3877978 |
| (US Treasury 3 Month Bill Money Market Yield + <br> 0.25%), 4.39%, 9/2/2025 (a)<br>| 3880000 | 3880884 |
| U.S. Treasury Notes |  |  |
| 0.25%, 9/30/2025 | 1125000 | 1121349 |
| 0.25%, 10/31/2025 | 70000 | 69543 |
| 5.00%, 10/31/2025 | 140000 | 140154 |
| 0.38%, 12/31/2025 | 150000 | 148138 |
| 4.25%, 12/31/2025 | 1123000 | 1123056 |
| 0.38%, 1/31/2026 | 103275 | 101655 |
| 0.50%, 2/28/2026 | 380000 | 373030 |
| 4.63%, 2/28/2026 | 905000 | 906506 |
| 3.75%, 4/15/2026 | 150000 | 149763 |
| 0.75%, 4/30/2026 | 40000 | 39156 |
| 4.88%, 4/30/2026 | 250000 | 251392 |
| 1.63%, 5/15/2026 | 636000 | 625001 |
| 0.75%, 5/31/2026 | 108000 | 105419 |
| 4.13%, 6/15/2026 | 73384 | 73486 |
| 0.88%, 6/30/2026 | 108000 | 105282 |
| 4.63%, 6/30/2026 | 892000 | 896821 |
| Total U.S. Treasury Obligations <br>(Cost $41,681,984)<br>|  | 41681984 |
| **Short Term Investments — 86.6%** | **Short Term Investments — 86.6%** | **Short Term Investments — 86.6%** |
| **U.S. Treasury Obligations — 86.6%** | **U.S. Treasury Obligations — 86.6%** | **U.S. Treasury Obligations — 86.6%** |
| U.S. Treasury Bills |  |  |
| 4.29%, 9/2/2025 (b) | 13250000 | 13248422 |
| 4.24%, 9/4/2025 (b) | 8200000 | 8197102 |
| 4.30%, 9/9/2025 (b) | 5250000 | 5244992 |
| 4.28%, 9/11/2025 (b) | 8250000 | 8240215 |
| 4.27%, 9/16/2025 (b) | 10200000 | 10181889 |
| 4.30%, 9/18/2025 (b) | 8250000 | 8233268 |
| 4.30%, 9/23/2025 (b) | 11250000 | 11220544 |

---

---

| | | |
|:---|:---|:---|
| **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** |
| 4.22%, 9/25/2025 (b) | 4225000 | 4213134 |
| 4.29%, 9/30/2025 (b) | 9004720 | 8974359 |
| 4.23%, 10/2/2025 (b) | 16176000 | 16117345 |
| 4.25%, 10/7/2025 (b) | 12450000 | 12397348 |
| 4.15%, 10/9/2025 (b) | 12676000 | 12620714 |
| 4.22%, 10/14/2025 (b) | 15020000 | 14944754 |
| 4.21%, 10/16/2025 (b) | 3720000 | 3700543 |
| 4.25%, 10/21/2025 (b) | 12450000 | 12376926 |
| 4.17%, 10/23/2025 (b) | 4900000 | 4870649 |
| 4.23%, 10/28/2025 (b) | 8925000 | 8866982 |
| 4.17%, 10/30/2025 (b) | 3200000 | 3178284 |
| 4.22%, 11/4/2025 (b) | 2450000 | 2431772 |
| 4.15%, 11/6/2025 (b) | 6100000 | 6053916 |
| 4.14%, 11/13/2025 (b) | 2400000 | 2380022 |
| 4.18%, 11/20/2025 (b) | 2200000 | 2179749 |
| 4.21%, 11/28/2025 (b) | 4045000 | 4003750 |
| 4.20%, 12/4/2025 (b) | 1205000 | 1191928 |
| 4.15%, 12/9/2025 (b) | 1250000 | 1235889 |
| 4.20%, 12/11/2025 (b) | 1250000 | 1235446 |
| 4.10%, 12/16/2025 (b) | 1500000 | 1482113 |
| 4.21%, 12/18/2025 (b) | 2450000 | 2419461 |
| 4.10%, 12/23/2025 (b) | 2500000 | 2468219 |
| 4.16%, 12/26/2025 (b) | 4016688 | 3963544 |
| 4.07%, 12/30/2025 (b) | 2500000 | 2466779 |
| 4.20%, 1/8/2026 (b) | 1250000 | 1231434 |
| 4.19%, 1/15/2026 (b) | 2500000 | 2461042 |
| 4.13%, 1/22/2026 (b) | 3010000 | 2961429 |
| 4.19%, 1/29/2026 (b) | 2475000 | 2432512 |
| 4.05%, 2/5/2026 (b) | 1250000 | 1228303 |
| 4.04%, 2/12/2026 (b) | 1875000 | 1841090 |
| 4.03%, 2/19/2026 (b) | 1471000 | 1443325 |
| 3.99%, 2/26/2026 (b) | 2500000 | 2451606 |
| 3.93%, 4/16/2026 (b) | 2400000 | 2341926 |
| 4.04%, 5/14/2026 (b) | 1200000 | 1166595 |
| 4.06%, 6/11/2026 (b) | 1840000 | 1783010 |
| 4.06%, 7/9/2026 (b) | 1250000 | 1207615 |
| 3.90%, 8/6/2026 (b) | 630000 | 607694 |
| Total U.S. Treasury Obligations <br>(Cost $223,497,639)<br>|  | 223497639 |
| Total Short Term Investments <br>(Cost $223,497,639)<br>|  | 223497639 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 53

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 102.8%** <br>**(Cost $265,179,623)** \*<br>|  | **265179623** |
| **Liabilities in Excess of Other Assets — (2.8)%** |  | **(7137042)**<br>|
| **NET ASSETS — 100.0%** |  | **258042581** |

---

&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. <br> (a) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of August 31, 2025. <br> (b) The rate shown is the effective yield as of August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan Money Market Funds August 31, 2025

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 61.7%** | **Municipal Bonds — 61.7%** | **Municipal Bonds — 61.7%** |
| **Alabama — 1.0%** | **Alabama — 1.0%** | **Alabama — 1.0%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-BAML5061, Rev., VRDO, LOC : <br> Bank of America NA, 4.04%, 9/2/2025 (a) <br> (b)<br>| 12285 | 12285 |
| Series 2025-BAML5063, Rev., VRDO, LOC : <br> Bank of America NA, 2.93%, 9/8/2025 (a) <br> (b)<br>| 100000 | 100000 |
| **Total Alabama** |  | 112285 |
| **Alaska — 0.6%** | **Alaska — 0.6%** | **Alaska — 0.6%** |
| Alaska Housing Finance Corp., Home Mortgage <br> Series 2007B, Rev., VRDO, LIQ : FHLB, 2.70%, <br> 9/8/2025 (b)<br>| 14800 | 14800 |
| City of Valdez, Exxon Pipeline Co. Project |  |  |
| Series 1993A, Rev., VRDO, 3.90%, <br> 9/2/2025 (b)<br>| 8700 | 8700 |
| Series 1993B, Rev., VRDO, 3.90%, <br> 9/2/2025 (b)<br>| 16275 | 16275 |
| Series 1993C, Rev., VRDO, 3.90%, <br> 9/2/2025 (b)<br>| 21060 | 21060 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-XG0518, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.85%, 9/8/2025 (a) (b)<br>| 4305 | 4305 |
| **Total Alaska** |  | 65140 |
| **Arizona — 0.5%** | **Arizona — 0.5%** | **Arizona — 0.5%** |
| Arizona Industrial Development Authority, 67 Flats <br> Project Series 2023A, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.80%, 9/8/2025 (b)<br>| 735 | 735 |
| Deutsche Bank Spears Series DB-8166, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 2.76%, <br> 9/8/2025 (a) (b)<br>| 7010 | 7010 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-147, Rev., VRDO, LOC : <br> Royal Bank of Canada, 2.76%, 9/4/2025 (a) <br> (b)<br>| 21000 | 21000 |
| Salt River Pima-Maricopa Indian Community, Rev., <br> VRDO, LOC : Bank of America NA, 2.81%, <br> 9/4/2025 (b)<br>| 5685 | 5685 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF8042, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 2670 | 2670 |
| Series 2025-XL0609, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 20625 | 20625 |
| **Total Arizona** |  | 57725 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **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, 2.78%, <br> 9/8/2025 (a) (b)<br>| 37500 | 37500 |
| **California — 1.6%** | **California — 1.6%** | **California — 1.6%** |
| Deutsche Bank Spears Series DB-8144, GO, VRDO, <br> LIQ : Deutsche Bank AG, 3.50%, 9/2/2025 (a) <br> (b)<br>| 5975 | 5975 |
| Public Finance Authority |  |  |
| Series 2025-VRS212, Rev., VRDO, LOC : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (b)<br>| 32250 | 32250 |
| Series 25-VRS213, Rev., VRDO, LOC : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (b)<br>| 74490 | 74490 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML5060, Rev., VRDO, LOC : <br> Bank of America NA, 3.83%, 9/2/2025 (a) <br> (b)<br>| 4835 | 4835 |
| Series 2024-BAML6023, Rev., VRDO, LOC : <br> Bank of America NA, 3.98%, 9/2/2025 (a) <br> (b)<br>| 16920 | 16920 |
| Series 2022-XF3028, Rev., VRDO, LOC : <br> Barclays Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 17650 | 17650 |
| Series 2023-XG0502, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.75%, 9/8/2025 (a) (b)<br>| 5185 | 5185 |
| Series 2025-XF3334, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 5925 | 5925 |
| Series XG0100, Rev., VRDO, AMBAC, LOC : <br> Deutsche Bank AG, 2.77%, 9/8/2025 (a) (b)<br>| 1350 | 1350 |
| Series 2025- CF7005, Rev., VRDO, LOC : <br> Citibank NA, 2.85%, 9/8/2025 (a) (b)<br>| 7425 | 7425 |
| **Total California** |  | 172005 |
| **Colorado — 0.3%** | **Colorado — 0.3%** | **Colorado — 0.3%** |
| Colorado Health Facilities Authority, Intermountain <br> Healthcare Series 2024E, Rev., VRDO, LIQ : TD <br> Bank NA, 3.90%, 9/2/2025 (b)<br>| 2300 | 2300 |
| Deutsche Bank Spears |  |  |
| Series DB-8148, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 3.95%, 9/2/2025 (a) (b)<br>| 8595 | 8595 |
| Series 2025-DB-8167, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 8960 | 8960 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-YX1254, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 3905 | 3905 |
| Series 2024-XL0549, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 55

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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-XX1354, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 4900 | 4900 |
| Series 2025-XF8032, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 2665 | 2665 |
| **Total Colorado** |  | 35075 |
| **Connecticut — 1.8%** | **Connecticut — 1.8%** | **Connecticut — 1.8%** |
| City of Bristol, GO, BAN, 3.75%, 11/6/2025 | 35000 | 35043 |
| City of New London Series A, GO, BAN, 4.00%, <br> 3/12/2026<br>| 24954 | 25114 |
| City of Torrington, GO, BAN, 4.00%, 3/12/2026 | 22350 | 22491 |
| 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., 2.73%, 9/8/2025 (b)<br>| 2000 | 2000 |
| Connecticut State Health and Educational Facilities <br> Authority, Yale University Series 2017A-2, Rev., <br> VRDO, 2.37%, 9/8/2025 (b)<br>| 50000 | 50000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2017-YX1077, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 22760 | 22760 |
| Series 2024-XG0558, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Bank of America NA, <br> 2.76%, 9/8/2025 (a) (b)<br>| 5705 | 5705 |
| Series 2024-XX1346, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 10400 | 10400 |
| Town of Manchester, GO, 4.00%, 2/12/2026 | 13632 | 13703 |
| Town of Windham, GO, BAN, 4.00%, 9/26/2025 | 8890 | 8897 |
| **Total Connecticut** |  | 196113 |
| **District of Columbia — 1.5%** | **District of Columbia — 1.5%** | **District of Columbia — 1.5%** |
| Deutsche Bank Spears Series 2025-DB8211, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 2.76%, <br> 9/8/2025 (a) (b)<br>| 4750 | 4750 |
| District of Columbia Water and Sewer Authority, <br> Subordinate Lien Series 2025 C-1, Rev., VRDO, <br> LIQ : Bank of America NA, 3.80%, <br> 9/2/2025 (b)<br>| 15225 | 15225 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-108, GO, VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 50000 | 50000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3133, Rev., VRDO, LOC : <br> Barclays Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 40000 | 40000 |
| Series 2022-ZL0319, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 10000 | 10000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| Series 2025-CF7046, GO, VRDO, LIQ : Citibank <br> NA, 2.76%, 9/8/2025 (a) (b)<br>| 17360 | 17360 |
| Series 2025-XF8012, Rev., VRDO, LIQ : TD Bank <br> NA, 2.76%, 9/8/2025 (a) (b)<br>| 8000 | 8000 |
| Series 2025-XX1403, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 3990 | 3990 |
| Series 2025-ZF3379, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3270 | 3270 |
| Series 2025-ZF3380, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 4660 | 4660 |
| **Total District of Columbia** |  | 157255 |
| **Florida — 3.4%** | **Florida — 3.4%** | **Florida — 3.4%** |
| Alachua County Housing Finance Authority, <br> Multi-Family, Santa Fe Apartments Project <br> Series 2008, Rev., VRDO, LOC : FNMA, 2.75%, <br> 9/8/2025 (b)<br>| 1350 | 1350 |
| County of Broward, Power and Light Co. Project, <br> Rev., VRDO, 3.05%, 9/8/2025 (b)<br>| 43600 | 43600 |
| County of Martin, Florida Power and Light Co., <br> Project, Rev., VRDO, 2.88%, 9/8/2025 (b)<br>| 43900 | 43900 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 2.75%, 9/8/2025 (b)<br>| 20000 | 20000 |
| Deutsche Bank Spears Series DB-8165, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 2.76%, <br> 9/8/2025 (a) (b)<br>| 12435 | 12435 |
| Florida Housing Finance Corp., Multi-Family <br> Mortgage, Kings Terrace LLC Series 2013B, <br> Rev., VRDO, LIQ : FHLMC, 2.73%, 9/8/2025 (b)<br>| 12000 | 12000 |
| JEA Water and Sewer System Series 2008A-1, <br> Rev., VRDO, LIQ : US Bank NA, 3.85%, <br> 9/2/2025 (b)<br>| 3810 | 3810 |
| Lee County Industrial Development Authority, <br> Florida Power and Light Co., Project Series <br> 2016B, Rev., AMT, VRDO, 2.90%, 9/8/2025 (b)<br>| 15000 | 15000 |
| Miami-Dade County Industrial Development <br> Authority, Florida Power and Light Co. Project<br>|  |  |
| Series 2024A, Rev., AMT, VRDO, 2.90%, <br> 9/8/2025 (b)<br>| 20000 | 20000 |
| Series 2024B, Rev., AMT, VRDO, 2.90%, <br> 9/8/2025 (b)<br>| 32500 | 32500 |
| Orange County Health Facilities Authority, The <br> Nemours Foundation Project<br>|  |  |
| Series 2009C-1, Rev., VRDO, LOC : TD Bank NA, <br> 2.77%, 9/8/2025 (b)<br>| 200 | 200 |
| Series 2009C-2, Rev., VRDO, LOC : TD Bank NA, <br> 2.77%, 9/8/2025 (b)<br>| 130 | 130 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Pinellas County Housing Finance Authority, Booker <br> Creek Apartments, Rev., VRDO, LOC : FHLMC, <br> 2.75%, 9/8/2025 (b)<br>| 3770 | 3770 |
| Public Finance Authority |  |  |
| Series 2025-VRS202, Rev., VRDO, LOC : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (b)<br>| 40000 | 40000 |
| Series 25-VRS214, Rev., VRDO, LOC : Bank of <br> America NA, 2.79%, 9/8/2025 (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> 2.97%, 9/8/2025 (b)<br>| 6350 | 6350 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6040, Rev., VRDO, LOC : <br> Bank of America NA, 4.00%, 9/2/2025 (a) <br> (b)<br>| 8000 | 8000 |
| Series 2024-BAML6041, Rev., VRDO, LOC : <br> Bank of America NA, 4.00%, 9/2/2025 (a) <br> (b)<br>| 2560 | 2560 |
| Series 2021-XG0345, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 1775 | 1775 |
| Series 2022-XX1279, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 8845 | 8845 |
| Series 2022-YX1182, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 22105 | 22105 |
| Series 2023-XF3100, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 4265 | 4265 |
| Series 2023-XM1155, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 10000 | 10000 |
| Series 2024-XL0548, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 5625 | 5625 |
| Series 2024-YX1350, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 9100 | 9100 |
| Series 2025-XM1210, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 2.76%, 9/8/2025 (a) <br> (b)<br>| 3590 | 3590 |
| Series 2025-ZL0675, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3335 | 3335 |
| Series 2025-CF7017, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 4590 | 4590 |
| Series 2025-CF7027, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 9515 | 9515 |
| **Total Florida** |  | 365010 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Georgia — 2.6%** | **Georgia — 2.6%** | **Georgia — 2.6%** |
| Bartow-Cartersville Joint Development Authority, <br> Hanwha Q Cells USA, Inc., Project Series 2023A, <br> Rev., AMT, VRDO, LOC : Korea Development <br> Bank, 3.01%, 9/8/2025 (a) (b)<br>| 222000 | 222000 |
| Cobb County Kennestone Hospital Authority, <br> Wellstar Health System, Inc., Project Series <br> 2025A, Rev., VRDO, LOC : Bank of America NA, <br> 2.83%, 9/8/2025 (b)<br>| 3200 | 3200 |
| Deutsche Bank Spears Series 2025-DB8171, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 3.95%, <br> 9/2/2025 (a) (b)<br>| 7455 | 7455 |
| Development Authority of Monroe County (The), <br> Florida Power and Light Co. Project, Rev., AMT, <br> VRDO, 2.93%, 9/8/2025 (b)<br>| 30000 | 30000 |
| Roswell Development Authority, Wellsatar <br> Healthcare, Inc. Series 2025A, Rev., VRDO, LOC <br> : Truist Bank, 3.90%, 9/2/2025 (b)<br>| 7975 | 7975 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-BAML6042, Rev., VRDO, LOC : <br> Bank of America NA, 4.00%, 9/2/2025 (a) <br> (b)<br>| 8220 | 8220 |
| Series 2024-XX1341, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 2640 | 2640 |
| **Total Georgia** |  | 281490 |
| **Idaho — 0.0% ^** | **Idaho — 0.0% ^** | **Idaho — 0.0% ^** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XG0565, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Barclays Bank plc, 2.76%, <br> 9/8/2025 (a) (b)<br>| 150 | 150 |
| **Illinois — 4.7%** | **Illinois — 4.7%** | **Illinois — 4.7%** |
| County of Kane, Glenwood School for Boys, Rev., <br> VRDO, LOC : Northern Trust Co. (The), 2.93%, <br> 9/8/2025 (b)<br>| 3450 | 3450 |
| County of Lake, A L Hansen Manufacturing Co., <br> Project, Rev., VRDO, LOC : BMO Harris Bank NA, <br> 2.77%, 9/4/2025 (b)<br>| 140 | 140 |
| Illinois Finance Authority, American Youth Hostels <br> Project, Rev., VRDO, LOC : BMO Harris Bank NA, <br> 2.73%, 9/8/2025 (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., 2.75%, 9/8/2025 (b)<br>| 5000 | 5000 |
| Series 2009E-1, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 2.75%, 9/8/2025 (b)<br>| 50600 | 50600 |
| Illinois Finance Authority, University of Wesleyan, <br> Rev., VRDO, LOC : PNC Bank NA, 2.80%, <br> 9/8/2025 (b)<br>| 10400 | 10400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 57

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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 Housing Development Authority, Alden <br> Gardens Bloomingdale, Rev., VRDO, LOC : BMO <br> Harris Bank NA, 2.73%, 9/8/2025 (b)<br>| 6300 | 6300 |
| Illinois Housing Development Authority, <br> Homeowner Mortgage Series C-3, Rev., AMT, <br> VRDO, LIQ : FHLB, 2.85%, 9/8/2025 (b)<br>| 3535 | 3535 |
| Public Finance Authority |  |  |
| Series 2025-VRS206, Rev., VRDO, LOC : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (b)<br>| 80825 | 80825 |
| Series 2025-VRS207, Rev., VRDO, LOC : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (b)<br>| 147800 | 147800 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-YX1338, GO, VRDO, LOC : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 3960 | 3960 |
| Series 2025-XF1962, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2020-XL0145, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 1710 | 1710 |
| Series 2019-XL0105, GO, VRDO, LOC : Barclays <br> Bank plc, 2.79%, 9/8/2025 (a) (b)<br>| 23320 | 23320 |
| Series 2022-XF3042, GO, VRDO, LOC : Barclays <br> Bank plc, 2.79%, 9/8/2025 (a) (b)<br>| 18470 | 18470 |
| Series 2022-XF3045, GO, VRDO, LOC : Barclays <br> Bank plc, 2.79%, 9/8/2025 (a) (b)<br>| 55790 | 55790 |
| Series 2022-XX1264, GO, VRDO, LOC : Barclays <br> Bank plc, 2.79%, 9/8/2025 (a) (b)<br>| 31035 | 31035 |
| Series 2017-XG0108, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.81%, 9/8/2025 (a) (b)<br>| 62300 | 62300 |
| **Total Illinois** |  | 510135 |
| **Indiana — 0.1%** | **Indiana — 0.1%** | **Indiana — 0.1%** |
| Indiana Finance Authority, Parkview Health <br> System, Inc. Series 2009D, Rev., VRDO, LOC : TD <br> Bank NA, 3.90%, 9/2/2025 (b)<br>| 4525 | 4525 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2022-XX1220, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 9750 | 9750 |
| **Total Indiana** |  | 14275 |
| **Iowa — 1.5%** | **Iowa — 1.5%** | **Iowa — 1.5%** |
| Iowa Finance Authority, Chevron USA, Inc., Project <br> Series 2024, Rev., AMT, VRDO, 3.95%, <br> 9/2/2025 (b)<br>| 48355 | 48355 |
| Iowa Finance Authority, CJ Bio America, Inc., <br> Project, Rev., VRDO, LOC : Korea Development <br> Bank, 3.00%, 9/8/2025 (a) (b)<br>| 117800 | 117800 |
| **Total Iowa** |  | 166155 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Kansas — 0.1%** | **Kansas — 0.1%** | **Kansas — 0.1%** |
| Kansas Development Finance Authority, KU Health <br> System Series 2011J, Rev., VRDO, LOC : US Bank <br> NA, 3.90%, 9/2/2025 (b)<br>| 5550 | 5550 |
| **Kentucky — 1.2%** | **Kentucky — 1.2%** | **Kentucky — 1.2%** |
| Kentucky Economic Development Finance <br> Authority, Goodwill Industries of Kentucky, Inc., <br> Project, Rev., VRDO, LOC : PNC Bank NA, 2.70%, <br> 9/8/2025 (b)<br>| 12275 | 12275 |
| Kentucky Higher Education Student Loan Corp., <br> Student Loan Series 2023-1A-1, Rev., AMT, <br> VRDO, LOC : Bank of America NA, 2.93%, <br> 9/8/2025 (b)<br>| 72835 | 72835 |
| Public Finance Authority Series 2025-VRS203, <br> Rev., VRDO, LOC : Bank of America NA, 4.00%, <br> 9/2/2025 (a) (b)<br>| 39000 | 39000 |
| **Total Kentucky** |  | 124110 |
| **Louisiana — 2.8%** | **Louisiana — 2.8%** | **Louisiana — 2.8%** |
| East Baton Rouge Parish Industrial Development <br> Board, Inc., ExxonMobil Project, Gulf <br> Opportunity Zone<br>|  |  |
| Series 2010, Rev., VRDO, 3.92%, 9/2/2025 (b) | 73640 | 73640 |
| Series 2010B, Rev., VRDO, 3.92%, <br> 9/2/2025 (b)<br>| 78350 | 78350 |
| Louisiana Public Facilities Authority, Chevron USA, <br> Inc., Projects, Rev., AMT, VRDO, 3.95%, <br> 9/2/2025 (b)<br>| 15855 | 15855 |
| Louisiana Public Facilities Authority, Children <br> Medical Center Project Series 2017B, Rev., <br> VRDO, LOC : UBS AG, 2.73%, 9/8/2025 (b)<br>| 10000 | 10000 |
| Public Finance Authority Series 2025-VRS209, <br> Rev., VRDO, LOC : Bank of America NA, 4.00%, <br> 9/2/2025 (a) (b)<br>| 75000 | 75000 |
| State of Louisiana, Gasoline and Fuels Tax, Second <br> Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank <br> NA, 3.90%, 9/2/2025 (b)<br>| 50040 | 50040 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XF1971, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 2750 | 2750 |
| **Total Louisiana** |  | 305635 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XX1348, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 5500 | 5500 |
| **Maryland — 0.4%** | **Maryland — 0.4%** | **Maryland — 0.4%** |
| County of Montgomery Series 2017A, GO, 5.00%, <br> 11/1/2025<br>| 500 | 502 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| Deutsche Bank Spears Series 2025-DB-8177, GO, <br> VRDO, LIQ : Deutsche Bank AG, 2.76%, <br> 9/8/2025 (a) (b)<br>| 3865 | 3865 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6033, Rev., VRDO, LOC : <br> Bank of America NA, 4.05%, 9/2/2025 (a) <br> (b)<br>| 16125 | 16125 |
| Series 2024-BAML6034, Rev., VRDO, LOC : <br> Bank of America NA, 4.05%, 9/2/2025 (a) <br> (b)<br>| 10100 | 10100 |
| Series 2024-BAML6035, Rev., VRDO, LOC : <br> Bank of America NA, 4.05%, 9/2/2025 (a) <br> (b)<br>| 5510 | 5510 |
| Series 2024-XF3258, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 10445 | 10445 |
| **Total Maryland** |  | 46547 |
| **Massachusetts — 1.5%** | **Massachusetts — 1.5%** | **Massachusetts — 1.5%** |
| City of Somerville, GO, BAN, 4.00%, 2/20/2026 | 14200 | 14278 |
| City of Waltham, GO, BAN, 3.75%, 6/18/2026 | 15543 | 15639 |
| City of Westfield Series A, GO, BAN, 4.00%, <br> 6/4/2026<br>| 15956 | 16073 |
| Dennis-Yarmouth Regional School District, GO, <br> BAN, 3.75%, 11/14/2025<br>| 12000 | 12017 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB8199, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.84%, 9/2/2025 (a) (b)<br>| 5935 | 5935 |
| Series 2025-DB-8154, GO, VRDO, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (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, 2.72%, 9/8/2025 (b)<br>| 220 | 220 |
| Northborough-Southborough Regional School <br> District, GO, BAN, 3.75%, 7/23/2026<br>| 7500 | 7556 |
| Public Finance Authority Series 202A, Rev., VRDO, <br> LOC : Bank of America NA, 4.00%, <br> 9/2/2025 (a) (b)<br>| 5000 | 5000 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-148, GO, VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/4/2025 (a) (b)<br>| 10000 | 10000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XF3218, Rev., VRDO, LOC : <br> Barclays Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 9275 | 9275 |
| Town of Braintree, GO, BAN, 4.00%, 2/26/2026 | 1190 | 1196 |
| Town of Hatfield, GO, BAN, 4.00%, 10/31/2025 | 6158 | 6169 |
| Town of Needham, GO, BAN, 3.50%, 10/30/2025 | 11126 | 11136 |
| Town of Plymouth, GO, BAN, 4.00%, 4/24/2026 | 16175 | 16292 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| Town of Sharon, GO, BAN, 4.00%, 2/20/2026 | 6000 | 6033 |
| Town of Southbridge, GO, BAN, 4.00%, <br> 5/28/2026<br>| 9127 | 9192 |
| Town of West Springfield, GO, BAN, 4.00%, <br> 6/18/2026<br>| 14196 | 14307 |
| **Total Massachusetts** |  | 167108 |
| **Michigan — 0.7%** | **Michigan — 0.7%** | **Michigan — 0.7%** |
| Michigan Finance Authority Series 2025A-1, Rev., <br> 5.00%, 7/20/2026<br>| 3600 | 3669 |
| Michigan Strategic Fund, Chevron USA, Inc., <br> Project Series 2024, Rev., VRDO, 3.95%, <br> 9/2/2025 (b)<br>| 11050 | 11050 |
| RIB Floater Trust Various States Series 2025-001, <br> Rev., VRDO, LOC : Barclays Bank plc, 2.98%, <br> 10/3/2025 (a) (b)<br>| 14385 | 14385 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XL0573, Rev., VRDO, LIQ : UBS AG, <br> 3.88%, 9/2/2025 (a) (b)<br>| 3565 | 3565 |
| Series 2018-ZF2716, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3615 | 3615 |
| Series 2023-XM1130, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 14250 | 14250 |
| Series 2023-YX1320, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 14130 | 14130 |
| Series 2024-XF3221, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 1755 | 1755 |
| Series 2025-XF1967, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 4940 | 4940 |
| **Total Michigan** |  | 71359 |
| **Minnesota — 0.9%** | **Minnesota — 0.9%** | **Minnesota — 0.9%** |
| City of Minneapolis Series 2020, GO, 3.00%, <br> 12/1/2025<br>| 4740 | 4739 |
| City of Rochester, Health Care Facilities, Mayo <br> Clinic Series 2008A, Rev., VRDO, 2.65%, <br> 9/8/2025 (b)<br>| 30000 | 30000 |
| County of Hennepin Series 2020A, GO, 5.00%, <br> 12/1/2025<br>| 1000 | 1006 |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance<br>|  |  |
| Series 2017F, Rev., AMT, VRDO, GNMA / FNMA / <br> FHLMC, LIQ : Royal Bank of Canada, 2.73%, <br> 9/8/2025 (b)<br>| 3760 | 3760 |
| Series 2016F, Rev., AMT, VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : FHLB, 2.78%, <br> 9/8/2025 (b)<br>| 33945 | 33945 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 59

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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 2024-BAML6027, Rev., VRDO, LOC : <br> Bank of America NA, 4.00%, 9/2/2025 (a) <br> (b)<br>| 8600 | 8600 |
| Series 2025-XF1876, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 1435 | 1435 |
| Series 2023-XG0523, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 9665 | 9665 |
| Series 2023-BAML6016, Rev., VRDO, LOC : <br> Bank of America NA, 2.85%, 9/8/2025 (a) <br> (b)<br>| 3900 | 3900 |
| **Total Minnesota** |  | 97050 |
| **Mississippi — 1.8%** | **Mississippi — 1.8%** | **Mississippi — 1.8%** |
| Mississippi Business Finance Corp., Gulf <br> Opportunity Zone Industrial Development, <br> Chevron USA, Inc., Project<br>|  |  |
| Series 2007B, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 7525 | 7525 |
| Series 2007C, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 14940 | 14940 |
| Series 2007E, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 4640 | 4640 |
| Series 2009A, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 20635 | 20635 |
| Series 2009B, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 15295 | 15295 |
| Series 2009C, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 13900 | 13900 |
| Series 2009E, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 4890 | 4890 |
| Series 2009F, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 9230 | 9230 |
| Series 2009G, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 5100 | 5100 |
| Series 2010I, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 17350 | 17350 |
| Series 2011G, Rev., VRDO, 3.75%, <br> 9/2/2025 (b)<br>| 9040 | 9040 |
| Series 2007A, Rev., VRDO, 3.90%, <br> 9/2/2025 (b)<br>| 14450 | 14450 |
| Series 2007D, Rev., VRDO, 3.90%, <br> 9/2/2025 (b)<br>| 9700 | 9700 |
| Series 2009D, Rev., VRDO, 3.90%, <br> 9/2/2025 (b)<br>| 4700 | 4700 |
| Series 2010J, Rev., VRDO, 3.90%, <br> 9/2/2025 (b)<br>| 35400 | 35400 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mississippi — continued** | **Mississippi — continued** | **Mississippi — continued** |
| Series 2011F, Rev., VRDO, 3.90%, <br> 9/2/2025 (b)<br>| 2400 | 2400 |
| Mississippi Development Bank, Jackson County <br> Industrial Water System Project Series 2009, <br> Rev., VRDO, 3.75%, 9/2/2025 (b)<br>| 2080 | 2080 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-XG0546, COP, VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 1540 | 1540 |
| **Total Mississippi** |  | 192815 |
| **Missouri — 1.0%** | **Missouri — 1.0%** | **Missouri — 1.0%** |
| Industrial Development Authority of the City of St. <br> Louis Missouri (The), St. Luke's Preservation <br> Partners LP, Rev., VRDO, LOC : FHLMC, 2.75%, <br> 9/8/2025 (b)<br>| 1550 | 1550 |
| Missouri Development Finance Board, Nelson <br> Gallery Foundation (The) Series 2008-A, Rev., <br> VRDO, LIQ : US Bank NA, 3.75%, 9/2/2025 (b)<br>| 2950 | 2950 |
| Missouri Development Finance Board, St. Louis <br> Convention Center Hotel Garage Project Series <br> 2020C, Rev., VRDO, LOC : US Bank NA, 3.90%, <br> 9/2/2025 (b)<br>| 2460 | 2460 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series 2022-E154, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 21600 | 21600 |
| Series C-23, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.77%, 9/8/2025 (a) (b)<br>| 12000 | 12000 |
| Series C-16, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.78%, 9/8/2025 (a) (b)<br>| 43250 | 43250 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XG0382, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 10640 | 10640 |
| Series 2024-ZF1744, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 3445 | 3445 |
| Series 2022-YX1193, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 6605 | 6605 |
| **Total Missouri** |  | 104500 |
| **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, 4.00%, 9/2/2025 (a) (b)<br>| 10000 | 10000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **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, 3.88%, 9/2/2025 (a) (b)<br>| 10975 | 10975 |
| Series 2023-ZF3191, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.75%, 9/8/2025 (a) (b)<br>| 6675 | 6675 |
| **Total Nebraska** |  | 17650 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XL0660, GO, VRDO, LIQ : Bank of <br> America NA, 3.98%, 9/2/2025 (a) (b)<br>| 6375 | 6375 |
| Series 2023-XF3103, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 6660 | 6660 |
| Series 2025-XF1954, GO, VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 2900 | 2900 |
| Series 2025-XG0627, GO, VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 5135 | 5135 |
| Series 2025-ZF3413, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| **Total Nevada** |  | 26070 |
| **New Hampshire — 1.0%** | **New Hampshire — 1.0%** | **New Hampshire — 1.0%** |
| City of Manchester Series 2024-1, GO, BAN, <br> 3.75%, 11/14/2025<br>| 28300 | 28339 |
| City of Portsmouth, GO, BAN, 4.25%, 6/18/2026 | 7131 | 7200 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-157, Rev., VRDO, LOC : <br> Royal Bank of Canada, 2.76%, 9/8/2025 (a) <br> (b)<br>| 50925 | 50925 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2022-YX1190, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 21715 | 21715 |
| **Total New Hampshire** |  | 108179 |
| **New Jersey — 4.0%** | **New Jersey — 4.0%** | **New Jersey — 4.0%** |
| Borough of Fairview, GO, BAN, 4.00%, 8/21/2026 | 14468 | 14666 |
| Borough of Raritan Series 2025A, GO, BAN, <br> 4.00%, 7/8/2026<br>| 11558 | 11650 |
| Borough of South Plainfield Series 2025A, GO, <br> BAN, 4.00%, 4/9/2026<br>| 8866 | 8923 |
| Borough of South River, General Improvement <br> water Utility Series 2024A, GO, BAN, 4.00%, <br> 12/10/2025<br>| 10843 | 10873 |
| Borough of Woodland Park, GO, BAN, 4.00%, <br> 4/30/2026<br>| 9840 | 9881 |
| City of Cape May, GO, BAN, 3.75%, 9/11/2025 | 15214 | 15217 |
| City of East Orange, GO, BAN, 3.50%, <br> 10/16/2025<br>| 25406 | 25424 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| City of Linden, GO, BAN, 4.00%, 6/12/2026 | 10927 | 11009 |
| City of Ocean City, GO, BAN, 3.75%, 10/14/2025 | 30000 | 30033 |
| City of Woodbury, Capital Improvement Water and <br> Sewer Utility Series 2024A, GO, BAN, 3.75%, <br> 12/11/2025<br>| 5500 | 5513 |
| RIB Floater Trust Various States Series 20, Rev., <br> VRDO, LIQ : Barclays Bank plc, 2.79%, <br> 9/8/2025 (a) (b)<br>| 37200 | 37200 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF1480, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 5440 | 5440 |
| Series 2023-XL0470, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 5185 | 5185 |
| Series 2025-CF7019, Rev., VRDO, LOC : Citibank <br> NA, 2.83%, 9/8/2025 (a) (b)<br>| 9935 | 9935 |
| Series 2024-CF7010, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 7920 | 7920 |
| Town of Phillipsburg, GO, BAN, 4.00%, <br> 10/28/2025<br>| 16505 | 16530 |
| Township of Berkeley Series 2025B, GO, BAN, <br> 4.00%, 8/20/2026<br>| 18549 | 18803 |
| Township of Bordentown, GO, BAN, 4.00%, <br> 3/27/2026<br>| 25000 | 25154 |
| Township of Branchburg Series 2024B, GO, BAN, <br> 3.75%, 10/8/2025<br>| 12600 | 12611 |
| Township of Bridgewater, Water Utility Series <br> 2025A, GO, BAN, 4.00%, 7/29/2026<br>| 24476 | 24724 |
| Township of Hamilton Series 2024B, GO, BAN, <br> 3.50%, 10/9/2025<br>| 25000 | 25018 |
| Township of Hillsborough Series 2024B, GO, BAN, <br> 4.00%, 11/13/2025<br>| 13225 | 13250 |
| Township of Monroe Series 2024A, GO, BAN, <br> 4.00%, 9/9/2025<br>| 13863 | 13866 |
| Township of Robbinsville Series 2025A, GO, BAN, <br> 4.00%, 7/8/2026<br>| 4074 | 4106 |
| Township of South Orange Village, GO, BAN, <br> 4.00%, 6/24/2026<br>| 32805 | 33076 |
| Township of Verona Series 2025A, GO, BAN, <br> 4.00%, 2/26/2026<br>| 15062 | 15146 |
| Township of Voorhees Series 2024A, GO, BAN, <br> 4.00%, 9/23/2025<br>| 18337 | 18350 |
| **Total New Jersey** |  | 429503 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 61

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Mexico — 0.0% ^** | **New Mexico — 0.0% ^** | **New Mexico — 0.0% ^** |
| County of Sandoval, Multi-Family Sandoval Flats <br> Project Series 2024A, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.80%, 9/8/2025 (b)<br>| 1670 | 1670 |
| University of New Mexico (The), Subordinate Lien <br> System Series 2002C, Rev., VRDO, LIQ : US Bank <br> NA, 2.70%, 9/8/2025 (b)<br>| 2500 | 2500 |
| **Total New Mexico** |  | 4170 |
| **New York — 13.8%** | **New York — 13.8%** | **New York — 13.8%** |
| City of New York, Fiscal Year 2013 Series 2013, <br> Subseries A-2, GO, VRDO, LOC : Mizuho Bank <br> Ltd., 3.90%, 9/2/2025 (b)<br>| 9330 | 9330 |
| City of New York, Fiscal Year 2014 Series <br> 2014D-4, GO, VRDO, LOC : TD Bank NA, 3.90%, <br> 9/2/2025 (b)<br>| 15795 | 15795 |
| City of New York, Fiscal Year 2017 Series <br> 2017A-7, GO, VRDO, LOC : BMO Harris Bank NA, <br> 3.97%, 9/2/2025 (b)<br>| 5200 | 5200 |
| City of New York, Fiscal Year 2022 |  |  |
| Series 2022D, Subseries D-3, GO, VRDO, LIQ : <br> State Street Bank & Trust Co., 3.90%, <br> 9/2/2025 (b)<br>| 13600 | 13600 |
| Subseries D-4, GO, VRDO, LIQ : State Street Bank <br> & Trust Co., 3.95%, 9/2/2025 (b)<br>| 36050 | 36050 |
| City of New York, Fiscal Year 2023 |  |  |
| Series 2023A, Subseries A-3, GO, VRDO, LIQ : <br> Bank of Montreal, 3.90%, 9/2/2025 (b)<br>| 56505 | 56505 |
| Series 2023A, Subseries A-4, GO, VRDO, LIQ : <br> TD Bank NA, 3.90%, 9/2/2025 (b)<br>| 6390 | 6390 |
| City of New York, Fiscal Year 2025 Series 2025, <br> Subseries G-3, GO, VRDO, LIQ : TD Bank NA, <br> 3.90%, 9/2/2025 (b)<br>| 24700 | 24700 |
| Deutsche Bank Spears |  |  |
| Series 2024-DB-8147, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 3.85%, 9/2/2025 (a) (b)<br>| 9815 | 9815 |
| Series DB-8151, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 7355 | 7355 |
| Falconer Central School District, GO, BAN, 4.00%, <br> 7/15/2026<br>| 14750 | 14874 |
| Hamburg Central School District, GO, BAN, 4.00%, <br> 5/28/2026<br>| 35125 | 35351 |
| Long Island Power Authority, Electric System <br> Series 2025C, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.75%, 9/8/2025 (b)<br>| 25000 | 25000 |
| Medina Central School District, GO, BAN, 4.00%, <br> 6/25/2026<br>| 31607 | 31845 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Metropolitan Transportation Authority Dedicated <br> Tax Fund Series 2008A-2A, Rev., VRDO, LOC : <br> TD Bank NA, 3.90%, 9/2/2025 (b)<br>| 1065 | 1065 |
| Nassau County Industrial Development Agency, <br> Cold Spring Harbor Laboratory Project Series <br> 2006, Rev., VRDO, LIQ : TD Bank NA, 3.90%, <br> 9/2/2025 (b)<br>| 100 | 100 |
| 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., 3.90%, 9/2/2025 (b)<br>| 3800 | 3800 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2025 <br> Series 2025, Subseries EE-2, Rev., VRDO, LIQ : <br> TD Bank NA, 3.90%, 9/2/2025 (b)<br>| 19300 | 19300 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution Series 2009BB-2, Rev., VRDO, LIQ : <br> UBS AG, 3.90%, 9/2/2025 (b)<br>| 33025 | 33025 |
| 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> 3.90%, 9/2/2025 (b)<br>| 34660 | 34660 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2011<br>|  |  |
| Series DD-3A, Rev., VRDO, LIQ : US Bank NA, <br> 3.85%, 9/2/2025 (b)<br>| 15360 | 15360 |
| Series DD-1, Rev., VRDO, LIQ : TD Bank NA, <br> 3.90%, 9/2/2025 (b)<br>| 49160 | 49160 |
| 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., 3.90%, <br> 9/2/2025 (b)<br>| 68755 | 68755 |
| 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., 2.73%, 9/8/2025 (b)<br>| 9750 | 9750 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2017 Series 2017BB, <br> Rev., VRDO, LIQ : State Street Bank & Trust Co., <br> 3.70%, 9/2/2025 (b)<br>| 10420 | 10420 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 2021 Series 2021, <br> Subseries EE2, Rev., VRDO, LIQ : State Street <br> Bank & Trust Co., 3.85%, 9/2/2025 (b)<br>| 15000 | 15000 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2015 Series <br> A-4, Rev., VRDO, LIQ : Mizuho Bank Ltd., 3.70%, <br> 9/2/2025 (b)<br>| 10000 | 10000 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2018 Series <br> 2018C-7, Rev., VRDO, LIQ : TD Bank NA, 3.90%, <br> 9/2/2025 (b)<br>| 58650 | 58650 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2019 Series <br> B-5, Rev., VRDO, LIQ : US Bank NA, 3.85%, <br> 9/2/2025 (b)<br>| 10225 | 10225 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2023<br>|  |  |
| Series 2023, Subseries A-2, Rev., VRDO, LIQ : <br> UBS AG, 3.90%, 9/2/2025 (b)<br>| 83450 | 83450 |
| Series 2023, Subseries A-3, Rev., VRDO, LIQ : <br> Bank of New York Mellon (The), 3.95%, <br> 9/2/2025 (b)<br>| 12300 | 12300 |
| 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, 3.90%, 9/2/2025 (b)<br>| 46000 | 46000 |
| Series 2025 Subseries C-4, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 2.74%, <br> 9/8/2025 (b)<br>| 69360 | 69360 |
| Port Byron Central School District, GO, BAN, <br> 3.75%, 6/26/2026<br>| 13845 | 13927 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-118, GO, VRDO, LOC : Royal Bank of <br> Canada, 3.95%, 9/2/2025 (a) (b)<br>| 37500 | 37500 |
| Series 2018-E129, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/4/2025 (a) (b)<br>| 35000 | 35000 |
| Series E-146, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/4/2025 (a) (b)<br>| 43050 | 43050 |
| Series E-86, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/4/2025 (a) (b)<br>| 19165 | 19165 |
| Series E-87, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/4/2025 (a) (b)<br>| 14600 | 14600 |
| Series E-88, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/4/2025 (a) (b)<br>| 25835 | 25835 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-E-166, GO, VRDO, LOC : Royal Bank <br> of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 17000 | 17000 |
| Series E-159, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/8/2025 (a) (b)<br>| 62050 | 62050 |
| Rome City School District, GO, BAN, 4.00%, <br> 6/25/2026<br>| 17198 | 17334 |
| Sachem Central School District, GO, TAN, 3.75%, <br> 6/25/2026 (c)<br>| 72000 | 72715 |
| Sherburne Earlville Central School District, GO, <br> BAN, 4.00%, 7/16/2026<br>| 26520 | 26740 |
| South Jefferson Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 17475 | 17621 |
| South Lewis Central School District, GO, BAN, <br> 4.00%, 7/24/2026<br>| 15000 | 15136 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-ZF3418, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.75%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| Series 2022-XF1444, GO, VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |
| Series 2022-XM1009, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 4445 | 4445 |
| Series 2023-XF0524, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 4110 | 4110 |
| Series 2023-XF1507, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 11110 | 11110 |
| Series 2023-XF1644, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 6470 | 6470 |
| Series 2023-XL0434, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 9025 | 9025 |
| Series 2023-XL0441, GO, VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 3800 | 3800 |
| Series 2025-XF1882, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 3000 | 3000 |
| Series 2025-XF1932, Rev., VRDO, LIQ : TD Bank <br> NA, 2.76%, 9/8/2025 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XF1942, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 3520 | 3520 |
| Series 2025-XF1967, GO, VRDO, LIQ : TD Bank <br> NA, 2.76%, 9/8/2025 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XF3320, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 400 | 400 |
| Series 2025-XF3438, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3375 | 3375 |
| Series 2025-XF3456, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| Series 2025-XM1261, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 63

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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-XM1262, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 1250 | 1250 |
| Town of Colonie Series 2025A, GO, BAN, 4.00%, <br> 3/6/2026<br>| 2507 | 2522 |
| Town of Oyster Bay, GO, BAN, 4.00%, 8/21/2026 | 99845 | 101262 |
| Union Endicott Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 19843 | 20000 |
| Yorkshire-Pioneer Central School District, GO, BAN, <br> 4.00%, 6/18/2026<br>| 32151 | 32391 |
| **Total New York** |  | 1486793 |
| **North Carolina — 0.3%** | **North Carolina — 0.3%** | **North Carolina — 0.3%** |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust Series 52-C, Rev., <br> VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank <br> NA, 3.90%, 9/2/2025 (b)<br>| 4190 | 4190 |
| 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, 2.80%, <br> 9/8/2025 (b)<br>| 23985 | 23985 |
| **Total North Carolina** |  | 28175 |
| **Ohio — 1.9%** | **Ohio — 1.9%** | **Ohio — 1.9%** |
| Akron City School District, Unlimited Tax, GO, <br> 4.00%, 8/6/2026<br>| 5350 | 5406 |
| City of Sidney, Limited Tax Various Purpose, GO, <br> BAN, 3.75%, 10/8/2025<br>| 20620 | 20639 |
| Cleveland-Cuyahoga County Port Authority, <br> Museum of Natural History Project Series <br> 2005B, Rev., VRDO, LIQ : PNC Bank NA, 2.70%, <br> 9/8/2025 (b)<br>| 5750 | 5750 |
| Ohio State University (The) Series 2023A-1, Rev., <br> VRDO, 2.75%, 9/8/2025 (b)<br>| 9335 | 9335 |
| Ohio Water Development Authority, Water <br> Pollution Control Loan Fund Series 2024C, Rev., <br> VRDO, LIQ : TD Bank NA, 3.90%, 9/2/2025 (b)<br>| 8230 | 8230 |
| Public Finance Authority Series 2025-VRS210, <br> Rev., VRDO, LOC : Bank of America NA, 4.00%, <br> 9/2/2025 (a) (b)<br>| 5000 | 5000 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series 2019-E134, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/4/2025 (a) (b)<br>| 20280 | 20280 |
| Series E132, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/4/2025 (a) (b)<br>| 42350 | 42350 |
| Series C-18, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.77%, 9/8/2025 (a) (b)<br>| 8000 | 8000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| State of Ohio Series 2018-1, Rev., 5.00%, <br> 12/15/2025<br>| 945 | 952 |
| State of Ohio, Cleveland Clinic Health System <br> Series 2019E, Rev., VRDO, LIQ : PNC Bank NA, <br> 3.75%, 9/2/2025 (b)<br>| 6650 | 6650 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0570, Rev., VRDO, LOC : <br> Barclays Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 9470 | 9470 |
| Series 2024-XG0586, Rev., VRDO, LOC : <br> Barclays Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 39590 | 39590 |
| Series 2022-XX1247, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 11250 | 11250 |
| Series 2023-XG0507, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 2800 | 2800 |
| Series 2024-XL0553, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 2.76%, 9/8/2025 (a) <br> (b)<br>| 3635 | 3635 |
| Series 2024-XM1198, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 5625 | 5625 |
| Series 2025-XM1208, GO, VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 5200 | 5200 |
| **Total Ohio** |  | 210162 |
| **Oklahoma — 0.3%** | **Oklahoma — 0.3%** | **Oklahoma — 0.3%** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-140, Rev., VRDO, LOC : <br> Royal Bank of Canada, 2.76%, 9/4/2025 (a) <br> (b)<br>| 24405 | 24405 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF1572, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 2220 | 2220 |
| Series 2025-XF3305, Rev., VRDO, A.G., LIQ : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 2000 | 2000 |
| **Total Oklahoma** |  | 28625 |
| **Oregon — 0.2%** | **Oregon — 0.2%** | **Oregon — 0.2%** |
| RIB Floater Trust Various States Series 2025-003, <br> Rev., VRDO, LOC : Barclays Bank plc, 3.03%, <br> 9/4/2025 (a) (b)<br>| 15000 | 15000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XF1929, GO, VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| **Total Oregon** |  | 19000 |
| **Other — 0.4%** | **Other — 0.4%** | **Other — 0.4%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-CF7004, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 20000 | 20000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Other — continued** | **Other — continued** | **Other — continued** |
| Series 2024-CF7008, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 15000 | 15000 |
| Series 2024-CF7009, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 7475 | 7475 |
| **Total Other** |  | 42475 |
| **Pennsylvania — 0.9%** | **Pennsylvania — 0.9%** | **Pennsylvania — 0.9%** |
| Commonwealth of Pennsylvania Series 2022-1, <br> GO, 5.00%, 10/1/2025<br>| 500 | 501 |
| Delaware Valley Regional Finance Authority, Local <br> Government Series 2024B, Rev., VRDO, LOC : TD <br> Bank NA, 3.90%, 9/2/2025 (b)<br>| 2500 | 2500 |
| Deutsche Bank Spears Series DB-8161, Rev., <br> VRDO, LOC : Deutsche Bank AG, 4.15%, <br> 9/2/2025 (a) (b)<br>| 19950 | 19950 |
| Montgomery County Redevelopment Authority, <br> Multi-Family Housing, Brookside Manors <br> Apartments Project Series 2001A, Rev., VRDO, <br> LOC : FNMA, 2.73%, 9/8/2025 (b)<br>| 12610 | 12610 |
| Montgomery County Redevelopment Authority, <br> Multi-Family Housing, Kingswood Apartments <br> Project Series 2001A, Rev., VRDO, LOC : FNMA, <br> 2.76%, 9/8/2025 (b)<br>| 12120 | 12120 |
| RIB Floater Trust Various States Series 2022-044, <br> Rev., VRDO, LIQ : Barclays Bank plc, 3.88%, <br> 9/2/2025 (a) (b)<br>| 3640 | 3640 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0594, Rev., VRDO, LIQ : UBS AG, <br> 3.88%, 9/2/2025 (a) (b)<br>| 2330 | 2330 |
| Series 2024-XG0595, Rev., VRDO, LIQ : UBS AG, <br> 3.88%, 9/2/2025 (a) (b)<br>| 3500 | 3500 |
| Series 025-ZF3407, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3500 | 3500 |
| Series 2023-ZF3186, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2600 | 2600 |
| Series 2024-XF1700, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 10260 | 10260 |
| Series 2024-ZF1772, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 2.76%, 9/8/2025 (a) <br> (b)<br>| 3580 | 3580 |
| Series 2025-XF1939, Rev., VRDO, A.G. - CR, LOC <br> : Royal Bank of Canada, 2.76%, <br> 9/8/2025 (a) (b)<br>| 6855 | 6855 |
| Series 2025-XF3344, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XX1404, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 12375 | 12375 |
| **Total Pennsylvania** |  | 98321 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **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, 2.83%, 9/8/2025 (b)<br>| 810 | 810 |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| Lexington and Richland School District No. 5 Series <br> 2025B, GO, SCSDE, 3.75%, 2/27/2026<br>| 15000 | 15061 |
| Public Finance Authority Series 2025-VRS208, <br> Rev., VRDO, LOC : Bank of America NA, 4.00%, <br> 9/2/2025 (a) (b)<br>| 49200 | 49200 |
| South Carolina Jobs-Economic Development <br> Authority, Prisma Health Obligated Group Series <br> 2018C, Rev., VRDO, LOC : TD Bank NA, 3.90%, <br> 9/2/2025 (b)<br>| 10000 | 10000 |
| **Total South Carolina** |  | 74261 |
| **Tennessee — 0.3%** | **Tennessee — 0.3%** | **Tennessee — 0.3%** |
| Deutsche Bank Spears Series 2025-DB8180, GO, <br> VRDO, LIQ : Deutsche Bank AG, 2.76%, <br> 9/8/2025 (a) (b)<br>| 8440 | 8440 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XL0369, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 10000 | 10000 |
| Series 2018-XF2576, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 10335 | 10335 |
| **Total Tennessee** |  | 28775 |
| **Texas — 4.3%** | **Texas — 4.3%** | **Texas — 4.3%** |
| City of Austin, Texas Hotel Occupancy Tax, <br> Subordinate Lien<br>|  |  |
| Series 2008A, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 2.73%, 9/8/2025 (b)<br>| 12700 | 12700 |
| Series 2008-B, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 2.74%, 9/8/2025 (b)<br>| 150 | 150 |
| City of Plano, GO, 3.00%, 9/1/2025 | 1000 | 1000 |
| Collin County Housing Finance Corp., Multi-Family <br> Housing, Huntington Apartments Project, Rev., <br> VRDO, LOC : Northern Trust Co. (The), 2.80%, <br> 9/4/2025 (b)<br>| 12305 | 12305 |
| Dallas-Fort Worth International Airport Facility <br> Improvement Corp., United Parcel SVC, Inc., <br> Rev., VRDO, 3.93%, 9/2/2025 (b)<br>| 7825 | 7825 |
| Deutsche Bank Spears |  |  |
| Series 2025-DBE8158, Rev., VRDO, LOC : <br> Deutsche Bank AG, 4.15%, 9/2/2025 (a) (b)<br>| 12435 | 12435 |
| Series 2025-DB-8156, GO, VRDO, PSF-GTD, LIQ <br> : Deutsche Bank AG, 2.76%, 9/8/2025 (a) <br> (b)<br>| 5645 | 5645 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 65

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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-DB8198, GO, VRDO, LIQ : Deutsche <br> Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 5935 | 5935 |
| Series DB-8186, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 3165 | 3165 |
| Series DB-8187, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series DB-8212, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 11870 | 11870 |
| Gulf Coast Authority, American Acryl LP Project, <br> Rev., AMT, VRDO, LOC : Bank of Tokyo-Mitsubishi <br> UFJ Ltd., 2.78%, 9/8/2025 (b)<br>| 12000 | 12000 |
| Gulf Coast Authority, Waste Disposal Environmental <br> Facilities, ExxonMobil Project, Rev., VRDO, <br> 3.98%, 9/2/2025 (b)<br>| 1525 | 1525 |
| Lower Neches Valley Authority Industrial <br> Development Corp., ExxonMobil Project<br>|  |  |
| Rev., VRDO, 3.95%, 9/2/2025 (b) | 2055 | 2055 |
| Rev., VRDO, 3.95%, 9/2/2025 (b) | 3220 | 3220 |
| Lubbock Independent School District Series <br> 2005A, GO, VRDO, PSF-GTD, LIQ : Wells Fargo <br> Bank NA, 2.78%, 9/8/2025 (b)<br>| 6965 | 6965 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-149, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/4/2025 (a) (b)<br>| 9800 | 9800 |
| Series E-150, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| RIB Floater Trust Various States Series <br> 2025-1004, Rev., VRDO, LOC : Barclays Bank <br> plc, 3.08%, 10/3/2025 (a) (b)<br>| 4975 | 4975 |
| San Antonio Water System, Subordinate Lien <br> Series 2024A, Rev., VRDO, LIQ : Truist Bank, <br> 3.90%, 9/2/2025 (b)<br>| 82335 | 82335 |
| State of Texas, GO, 5.00%, 10/1/2025 | 550 | 551 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3272, Rev., VRDO, LIQ : UBS AG, <br> 3.88%, 9/2/2025 (a) (b)<br>| 2800 | 2800 |
| Series 2025-BAML6036, Rev., VRDO, LOC : <br> Bank of America NA, 4.00%, 9/2/2025 (a) <br> (b)<br>| 7560 | 7560 |
| Series 2025-BAML6043, Rev., VRDO, LOC : <br> Bank of America NA, 4.00%, 9/2/2025 (a) <br> (b)<br>| 7050 | 7050 |
| Series 2024-XG0588, Rev., VRDO, LOC : <br> Barclays Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 7450 | 7450 |
| Series 2025-XG0610, Rev., VRDO, LOC : <br> Barclays Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 20210 | 20210 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2023-XG0535, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 8000 | 8000 |
| Series 2023-XL0446, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 5905 | 5905 |
| Series 2023-XM1105, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 2.76%, 9/8/2025 (a) <br> (b)<br>| 6265 | 6265 |
| Series 2025-CF7036, GO, VRDO, LIQ : Citibank <br> NA, 2.76%, 9/8/2025 (a) (b)<br>| 11625 | 11625 |
| Series 2025-XF1997, GO, VRDO, PSF-GTD, LIQ : <br> TD Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2650 | 2650 |
| Series 2025-XF3414, GO, VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 2665 | 2665 |
| Series 2025-XG0616, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 1600 | 1600 |
| Series 2025-XG0622, GO, VRDO, PSF-GTD, LIQ : <br> Bank of America NA, 2.76%, 9/8/2025 (a) <br> (b)<br>| 4000 | 4000 |
| Series 2025-XL0593, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| Series 2025-XL0668, GO, VRDO, PSF-GTD, LIQ : <br> Bank of America NA, 2.76%, 9/8/2025 (a) <br> (b)<br>| 4330 | 4330 |
| Series 2025-ZL0661, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 1360 | 1360 |
| Series 2025-ZL0662, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 1640 | 1640 |
| Series 2025-XF1902, GO, VRDO, LIQ : TD Bank <br> NA, 2.77%, 9/8/2025 (a) (b)<br>| 7685 | 7685 |
| Series 2023-XL0455, GO, VRDO, LIQ : Wells <br> Fargo Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 7435 | 7435 |
| Series 2023-BAML6013, Rev., VRDO, LOC : <br> Bank of America NA, 2.86%, 9/8/2025 (a) <br> (b)<br>| 7200 | 7200 |
| Texas Department of Transportation State Highway <br> Fund, First Tier Series 2014-B, Rev., VRDO, LIQ : <br> Sumitomo Mitsui Banking Corp., 2.75%, <br> 9/8/2025 (b)<br>| 131975 | 131975 |
| **Total Texas** |  | 459861 |
| **Virginia — 0.5%** | **Virginia — 0.5%** | **Virginia — 0.5%** |
| City of Norfolk Series 2007, GO, VRDO, LIQ : Bank <br> of America NA, 2.73%, 9/8/2025 (b)<br>| 1565 | 1565 |
| Public Finance Authority Series 2025-VRS204, <br> Rev., VRDO, LOC : Bank of America NA, 2.79%, <br> 9/8/2025 (a) (b)<br>| 33725 | 33725 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series 2022C-20, Rev., VRDO, LOC : <br> Royal Bank of Canada, 2.77%, 9/8/2025 (a) <br> (b)<br>| 6000 | 6000 |
| Roanoke Economic Development Authority, <br> Carilion Health System Obligated Group Series <br> 2020B, Rev., VRDO, LIQ : PNC Bank NA, 2.70%, <br> 9/8/2025 (b)<br>| 2065 | 2065 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6039, Rev., VRDO, LOC : <br> Bank of America NA, 4.05%, 9/2/2025 (a) <br> (b)<br>| 7560 | 7560 |
| Series 2024-XX1356, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 3950 | 3950 |
| Series 2018-XF0606, Rev., VRDO, LIQ : Bank of <br> America NA, 2.79%, 9/8/2025 (a) (b)<br>| 1705 | 1705 |
| **Total Virginia** |  | 56570 |
| **Washington — 0.5%** | **Washington — 0.5%** | **Washington — 0.5%** |
| City of Seattle, Municipal Light and Power Series <br> 2023B, Rev., VRDO, LOC : TD Bank NA, 3.90%, <br> 9/2/2025 (b)<br>| 18800 | 18800 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB8163, GO, VRDO, LIQ : Deutsche <br> Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 11875 | 11875 |
| Series DB-8162, GO, VRDO, LIQ : Deutsche Bank <br> AG, 2.76%, 9/8/2025 (a) (b)<br>| 9495 | 9495 |
| RIB Floater Trust Various States Series <br> 2025-1000, Rev., VRDO, LIQ : Barclays Bank <br> plc, 2.81%, 9/8/2025 (a) (b)<br>| 4875 | 4875 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-ZF1963, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |
| Series 025-XF1955, Rev., VRDO, LIQ : TD Bank <br> NA, 2.77%, 9/8/2025 (a) (b)<br>| 8000 | 8000 |
| **Total Washington** |  | 56795 |
| **Wisconsin — 1.5%** | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3117, Rev., VRDO, LOC : <br> Barclays Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 18385 | 18385 |
| Series 2024-XG0571, Rev., VRDO, LOC : <br> Barclays Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 8995 | 8995 |
| Series 2024-XG0576, Rev., VRDO, LOC : <br> Barclays Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 5925 | 5925 |
| Series 2024-XL0570, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Royal Bank of Canada, <br> 2.76%, 9/8/2025 (a) (b)<br>| 3500 | 3500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Series 2025-XM1216, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2024-XF1779, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 4360 | 4360 |
| Series 2024-XL0533, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 4095 | 4095 |
| University of Wisconsin Hospitals and Clinics Series <br> 2018C, Rev., VRDO, LIQ : BMO Harris Bank NA, <br> 3.80%, 9/2/2025 (b)<br>| 3875 | 3875 |
| Wisconsin Health and Educational Facilities <br> Authority, Froedtert Thedacare Health Series <br> 2025D, Rev., VRDO, 2.75%, 9/8/2025 (b)<br>| 30000 | 30000 |
| Wisconsin Health and Educational Facilities <br> Authority, Hospital Sisters Credit Group Series <br> 2025B, Rev., VRDO, LOC : Truist Bank, 2.78%, <br> 9/8/2025 (b)<br>| 37880 | 37880 |
| Wisconsin Health and Educational Facilities <br> Authority, Medical College of Wisconsin, Inc., <br> (The) Series 2008B, Rev., VRDO, LOC : TD Bank <br> NA, 3.90%, 9/2/2025 (b)<br>| 15540 | 15540 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership<br>|  |  |
| Series 2019B, Rev., VRDO, FNMA COLL, LIQ : <br> FHLB, 2.73%, 9/8/2025 (b)<br>| 17400 | 17400 |
| Series 2021B, Rev., VRDO, LIQ : FHLB, 2.73%, <br> 9/8/2025 (b)<br>| 4000 | 4000 |
| Series 2025C, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 2.73%, 9/8/2025 (b)<br>| 9000 | 9000 |
| **Total Wisconsin** |  | 166955 |
| **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> 2.76%, 9/8/2025 (a) (b)<br>| 5105 | 5105 |
| Wyoming Community Development Authority |  |  |
| Series 2023-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : TD Bank NA, 2.73%, <br> 9/8/2025 (b)<br>| 3200 | 3200 |
| Series 2024-2, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 2.73%, 9/8/2025 (b)<br>| 9000 | 9000 |
| **Total Wyoming** |  | 17305 |
| Total Municipal Bonds <br>(Cost $6,660,942)<br>|  | 6660942 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 67

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Variable Rate Demand Preferred Shares — 9.7%** | **Variable Rate Demand Preferred Shares — 9.7%** | **Variable Rate Demand Preferred Shares — 9.7%** |
| **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., 2.76%, 9/8/2025# (a)<br>| 7500 | 7500 |
| Nuveen California Quality Municipal Income Fund |  |  |
| Series 7, LIQ : Royal Bank of Canada, 2.80%, <br> 9/8/2025# (a)<br>| 21000 | 21000 |
| Series 4, LIQ : Royal Bank of Canada, 2.80%, <br> 9/8/2025# (a)<br>| 72500 | 72500 |
| Series 1-1362, LIQ : Societe Generale, 2.82%, <br> 9/8/2025# (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> 2.89%, 9/8/2025# (a)<br>| 25000 | 25000 |
| **Other — 8.2%** | **Other — 8.2%** | **Other — 8.2%** |
| AllianceBernstein National Municipal Income Fund, <br> Inc. Series LIQ : Bank of America NA, 2.89%, <br> 9/8/2025# (a)<br>| 22500 | 22500 |
| BlackRock Municipal 2030 Target Term Trust <br> Series W-7, LIQ : Barclays Bank plc, 2.88%, <br> 9/8/2025# (a)<br>| 15000 | 15000 |
| BlackRock MuniYield Quality Fund, Inc. |  |  |
| Series W-7A, LIQ : Royal Bank of Canada, <br> 2.87%, 9/8/2025# (a)<br>| 50000 | 50000 |
| Series W-7, LIQ : TD Bank NA, 2.89%, <br> 9/8/2025# (a)<br>| 31100 | 31100 |
| Nuveen AMT - Free Municipal Credit Income Fund |  |  |
| Series 6, LIQ : Sumitomo Mitsui Banking Corp., <br> 2.78%, 9/8/2025# (a)<br>| 190300 | 190300 |
| Series 5, LIQ : Societe Generale, 2.78%, <br> 9/8/2025# (a)<br>| 110200 | 110200 |
| Nuveen AMT - Free Quality Municipal Income Fund |  |  |
| Series 4-4895, LIQ : Barclays Bank plc, 2.81%, <br> 9/4/2025# (a)<br>| 25000 | 25000 |
| Series 3-PFD, LIQ : TD Bank NA, 2.82%, <br> 9/8/2025# (a)<br>| 211000 | 211000 |
| Nuveen AMT-Free Quality Municipal Income Fund <br> Series LIQ : Bank of America NA, 2.80%, <br> 9/8/2025# (a)<br>| 20000 | 20000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Other — continued** | **Other — continued** | **Other — continued** |
| Nuveen Quality Municipal Income Fund |  |  |
| Series 2-2525, LIQ : Barclays Bank plc, 2.88%, <br> 9/4/2025# (a)<br>| 151900 | 151900 |
| Series 1-2118, LIQ : Barclays Bank plc, 2.88%, <br> 9/8/2025# (a)<br>| 51600 | 51600 |
| Total Other |  | 878600 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $1,045,800)<br>|  | 1045800 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Short Term Investments — 29.0%** | **Short Term Investments — 29.0%** | **Short Term Investments — 29.0%** |
| **Commercial Paper — 29.0%** | **Commercial Paper — 29.0%** | **Commercial Paper — 29.0%** |
| Board of Regents of the University of Texas System |  |  |
| Series A, 2.90%, 9/3/2025 | 5000 | 5000 |
| Series A, 2.97%, 9/4/2025 | 20000 | 20000 |
| Series C-2, 3.00%, 9/10/2025 | 25000 | 25000 |
| Series A, 2.87%, 9/11/2025 | 25000 | 25000 |
| Series C-2, 3.00%, 9/18/2025 | 12500 | 12500 |
| Series A, 2.90%, 9/23/2025 | 25000 | 25000 |
| Series A, 2.93%, 9/24/2025 | 25000 | 25000 |
| Series C-1, 2.72%, 10/1/2025 | 25000 | 25000 |
| Series A, 2.92%, 10/1/2025 | 20500 | 20500 |
| Series A, 2.90%, 10/14/2025 | 23299 | 23299 |
| Series A, 2.90%, 10/15/2025 | 25000 | 25000 |
| Series A, 2.89%, 10/27/2025 | 18000 | 18000 |
| Series A, 2.86%, 10/30/2025 | 25000 | 25000 |
| Series A, 2.79%, 11/10/2025 | 10000 | 10000 |
| Series A, 2.78%, 12/4/2025 | 5000 | 5000 |
| Series A, 2.80%, 12/29/2025 | 10900 | 10900 |
| Series A, 2.74%, 1/8/2026 | 25000 | 25000 |
| Series A, 2.74%, 1/12/2026 | 25000 | 25000 |
| Series A, 2.74%, 1/14/2026 | 25000 | 25000 |
| Series A, 2.77%, 1/15/2026 | 10000 | 10000 |
| Series A, 2.77%, 1/22/2026 | 10000 | 10000 |
| Series A, 2.74%, 2/2/2026 | 25000 | 25000 |
| Series A, 2.71%, 3/4/2026 | 12500 | 12500 |
| Board of Trustees Michigan State University Series <br> TE-H, 2.73%, 11/5/2025<br>| 4891 | 4891 |
| Boston Water & Sewer Commission Series A, <br> 2.97%, 10/7/2025<br>| 35000 | 35000 |
| California State University Series A-1, 2.75%, <br> 10/6/2025<br>| 18900 | 18900 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| California Statewide Communities Development <br> Authority<br>|  |  |
| Series 9B-3, 2.67%, 12/4/2025 | 9000 | 9000 |
| Series 06-D, 2.65%, 1/7/2026 | 4500 | 4500 |
| Series 08-C, 2.65%, 1/7/2026 | 35865 | 35865 |
| Series 09-D, 2.65%, 1/7/2026 | 11495 | 11495 |
| City and County of San Francisco Series A-2, <br> 2.62%, 11/6/2025<br>| 55500 | 55500 |
| City of Atlanta Series P-1, 2.85%, 9/17/2025 | 13342 | 13342 |
| City of Atlanta Water and Wastewater |  |  |
| Series A-2, 3.00%, 9/3/2025 | 11524 | 11524 |
| 2.80%, 9/11/2025 | 48070 | 48070 |
| City of Cape Coral |  |  |
| Series A, 2.94%, 9/9/2025 | 7000 | 7000 |
| Series A, 2.76%, 9/18/2025 | 13000 | 13000 |
| City of Dallas Waterworks and Sewer System |  |  |
| Series G, 2.85%, 10/21/2025 | 10100 | 10100 |
| Series G, 2.78%, 11/3/2025 | 10000 | 10000 |
| City of Garland Water and Sewer System Series <br> 2015, 2.75%, 10/15/2025<br>| 10000 | 10000 |
| City of Houston |  |  |
| Series A, 2.95%, 9/3/2025 | 8875 | 8875 |
| Series E-1, 2.78%, 9/30/2025 | 20000 | 20000 |
| Series H-2, 2.78%, 9/30/2025 | 45000 | 45000 |
| Series G-2, 2.78%, 9/30/2025 | 25000 | 25000 |
| Series E-1, 2.80%, 9/30/2025 | 10000 | 10000 |
| Series G-2, 2.80%, 9/30/2025 | 20000 | 20000 |
| City of Jacksonville |  |  |
| Series 2016, 2.70%, 10/16/2025 | 121000 | 121000 |
| Series 92, 2.92%, 11/12/2025 | 28300 | 28300 |
| City of Memphis Series A, 2.75%, 10/2/2025 | 65000 | 65000 |
| City of Philadelphia Water and Wastewater Series <br> B, 3.10%, 9/10/2025<br>| 7280 | 7280 |
| City of Rochester |  |  |
| Series 2014, 2.97%, 10/2/2025 | 25000 | 25000 |
| Series 08-C, 2.70%, 10/16/2025 | 50000 | 50000 |
| Series 2011, 2.98%, 10/16/2025 | 88000 | 88000 |
| City of San Antonio |  |  |
| Series A, 2.78%, 9/2/2025 | 100000 | 100000 |
| Series A, 2.80%, 9/23/2025 | 50000 | 50000 |
| County of Harris |  |  |
| Series K-2, 2.80%, 9/9/2025 | 1315 | 1315 |
| Series K-2, 2.80%, 9/9/2025 | 180 | 180 |
| Series K-2, 2.75%, 10/16/2025 | 24600 | 24600 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Series A-1, 2.95%, 12/4/2025 | 40910 | 40910 |
| County of King |  |  |
| Series A, 2.93%, 9/9/2025 | 6250 | 6250 |
| Series A, 2.92%, 9/16/2025 | 16200 | 16200 |
| Series A, 2.93%, 9/18/2025 | 6050 | 6050 |
| Series A, 2.88%, 10/6/2025 | 34200 | 34200 |
| County of Maricopa |  |  |
| 2.97%, 10/8/2025 | 46550 | 46550 |
| 2.90%, 11/5/2025 | 9000 | 9000 |
| County of Montgomery Series 10-A, 2.75%, <br> 11/4/2025<br>| 50000 | 50000 |
| Dormitory of The State, 2.75%, 9/11/2025 | 10000 | 10000 |
| Health and Educational Facilities Authority of the <br> State of Missouri<br>|  |  |
| Series 14-B, 2.95%, 9/9/2025 | 50000 | 50000 |
| Series 14-D, 2.93%, 9/11/2025 | 50000 | 50000 |
| Series 14-E, 2.75%, 10/14/2025 | 50000 | 50000 |
| Series 14-C, 2.75%, 10/16/2025 | 50000 | 50000 |
| Indiana Finance Authority Series D-2, 2.75%, <br> 2/6/2026<br>| 100325 | 100325 |
| Louisville and Jefferson County Metropolitan Sewer <br> District<br>|  |  |
| Series A-1, 2.79%, 9/22/2025 | 102435 | 102435 |
| Series A-1, 2.85%, 11/17/2025 | 10000 | 10000 |
| Lower Colorado River Authority Series B, 2.75%, <br> 9/23/2025<br>| 9873 | 9873 |
| Maricopa County Industrial Development Authority, <br> 2.90%, 10/15/2025<br>| 14000 | 14000 |
| Michigan State University Series G, 2.87%, <br> 10/2/2025<br>| 23989 | 23989 |
| Municipal Improvement Series A-3, 2.55%, <br> 10/3/2025<br>| 8750 | 8750 |
| Omaha Public Power District |  |  |
| Series A, 3.00%, 9/22/2025 | 12050 | 12050 |
| Series A, 2.96%, 10/2/2025 | 14950 | 14950 |
| Series A, 2.98%, 10/9/2025 | 15000 | 15000 |
| Series A, 2.78%, 10/14/2025 | 11000 | 11000 |
| Series A, 2.78%, 10/15/2025 | 11000 | 11000 |
| Series A, 2.99%, 10/16/2025 | 14300 | 14300 |
| Series A, 2.95%, 10/22/2025 | 13700 | 13700 |
| Series A, 2.78%, 10/23/2025 | 2500 | 2500 |
| Series A, 3.01%, 11/4/2025 | 15000 | 15000 |
| Series A, 2.92%, 11/6/2025 | 12500 | 12500 |
| Series A, 2.88%, 11/18/2025 | 15000 | 15000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 69

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| Pennsylvania Higher Educational Facilities <br> Authority<br>|  |  |
| 2.92%, 9/9/2025 | 10000 | 10000 |
| 2.94%, 9/18/2025 | 25000 | 25000 |
| 2.75%, 11/4/2025 | 25000 | 25000 |
| 2.75%, 11/12/2025 | 20000 | 20000 |
| Rhode Island Health and Educational Building <br> Corp.<br>|  |  |
| 2.90%, 10/16/2025 | 25000 | 25000 |
| 2.95%, 10/30/2025 | 11593 | 11593 |
| 2.80%, 11/6/2025 | 7794 | 7794 |
| Southwestern Illinois Development Authority |  |  |
| Series 17-B, 2.86%, 9/22/2025 | 49870 | 49870 |
| Series 17-B, 2.79%, 10/1/2025 | 15000 | 15000 |
| State of California Series A-1, 2.55%, 11/3/2025 | 12550 | 12550 |
| State of Oregon Department of Transportation |  |  |
| Series A-2, 3.05%, 9/4/2025 | 65357 | 65357 |
| Series A-1, 2.92%, 10/2/2025 | 24246 | 24246 |
| Texas Public Finance Authority |  |  |
| Series 19, 2.75%, 11/5/2025 | 62885 | 62885 |
| Series 19, 2.75%, 11/6/2025 | 65000 | 65000 |
| Series 19, 2.76%, 12/3/2025 | 49400 | 49400 |
| University of California |  |  |
| Series A, 2.65%, 9/11/2025 | 5000 | 5000 |
| Series A, 2.70%, 9/23/2025 | 16655 | 16655 |
| Series A, 2.70%, 9/30/2025 | 8000 | 8000 |
| Series A, 2.80%, 10/6/2025 | 12000 | 12000 |
| Series A, 2.75%, 11/3/2025 | 20000 | 20000 |
| Series A, 2.75%, 11/19/2025 | 15000 | 15000 |
| University of Houston |  |  |
| Series TE-A, 2.89%, 10/23/2025 | 3340 | 3340 |
| Series TE-A, 2.71%, 11/17/2025 | 11000 | 11000 |
| University of Massachusetts Building Authority <br> Series 13B-1, 2.88%, 11/5/2025<br>| 52817 | 52817 |
| University of Michigan |  |  |
| Series B, 2.95%, 9/2/2025 | 42460 | 42460 |
| Series B, 2.88%, 11/4/2025 | 20500 | 20500 |
| University of Minnesota |  |  |
| Series H, 2.99%, 9/8/2025 | 10000 | 10000 |
| Series H, 3.00%, 9/8/2025 | 6300 | 6300 |
| Series F, 2.92%, 10/1/2025 | 27100 | 27100 |
| Series H, 2.79%, 10/2/2025 | 44000 | 44000 |
| Series G, 2.89%, 10/15/2025 | 5146 | 5146 |
| Series H, 2.72%, 10/21/2025 | 7300 | 7300 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Series 07-B, 2.86%, 10/21/2025 | 3100 | 3100 |
| Series 07-C, 2.86%, 10/21/2025 | 5000 | 5000 |
| Series H, 2.86%, 10/21/2025 | 22100 | 22100 |
| Series H, 2.88%, 10/21/2025 | 3300 | 3300 |
| Series H, 2.76%, 11/3/2025 | 14300 | 14300 |
| University of North Carolina System |  |  |
| Series D, 2.87%, 10/21/2025 | 10000 | 10000 |
| Series D, 2.78%, 10/23/2025 | 19000 | 19000 |
| Series D, 2.80%, 10/23/2025 | 5000 | 5000 |
| University of Pittsburgh-of the Commonwealth <br> System of Higher Education Series B-2, 2.85%, <br> 9/4/2025<br>| 23000 | 23000 |
| Total Commercial Paper <br>(Cost $3,126,081)<br>|  | 3126081 |
| Total Short Term Investments <br>(Cost $3,126,081)<br>|  | 3126081 |
| **Total Investments — 100.4%** <br>**(Cost $10,832,823)** \*<br>|  | **10832823** |
| **Liabilities in Excess of Other Assets — (0.4)%** |  | **(42132)**<br>|
| **NET ASSETS — 100.0%** |  | **10790691** |

---

&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 |
| 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 |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| PSF-GTD | Permanent School Fund Guaranteed |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| 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. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 J.P. Morgan Money Market Funds August 31, 2025

------

# Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of August 31, 2025. 

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

(a) 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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) 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 August 31, 2025.

&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;

August 31, 2025 J.P. Morgan Money Market Funds 71

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 84.4%** | **Municipal Bonds — 84.4%** | **Municipal Bonds — 84.4%** |
| **Alabama — 1.1%** | **Alabama — 1.1%** | **Alabama — 1.1%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XM1131, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.78%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2025-BAML5063, Rev., VRDO, LOC : Bank <br> of America NA, 2.93%, 9/8/2025 (a) (b)<br>| 24600 | 24600 |
| **Total Alabama** |  | 28600 |
| **Alaska — 1.0%** | **Alaska — 1.0%** | **Alaska — 1.0%** |
| Alaska Housing Finance Corp., Home Mortgage <br> Series 2002A, Rev., AMT, VRDO, LIQ : FHLB, <br> 3.80%, 9/2/2025 (b)<br>| 18630 | 18630 |
| State of Alaska International Airports System Series <br> 2021C, Rev., AMT, 5.00%, 10/1/2025<br>| 2500 | 2504 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XF1788, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.79%, 9/8/2025 (a) (b)<br>| 5625 | 5625 |
| **Total Alaska** |  | 26759 |
| **Arizona — 0.1%** | **Arizona — 0.1%** | **Arizona — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-YX1272, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.78%, 9/8/2025 (a) (b)<br>| 2755 | 2755 |
| **Arkansas — 2.3%** | **Arkansas — 2.3%** | **Arkansas — 2.3%** |
| Arkansas Development Finance Authority, Green Bay <br> Packaging, Inc., Project, Rev., AMT, VRDO, LOC : <br> Wells Fargo Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 60000 | 60000 |
| **California — 4.8%** | **California — 4.8%** | **California — 4.8%** |
| Alameda County Industrial Development Authority, <br> Plyproperties Project Series 1997A, Rev., VRDO, <br> LOC : Wells Fargo Bank NA, 2.76%, <br> 9/8/2025 (b)<br>| 2900 | 2900 |
| City of Los Angeles Department of Airports Series <br> 2016A, Rev., AMT, 5.00%, 5/15/2026<br>| 950 | 962 |
| City of San Jose, Multi-Family Housing, Almaden <br> Lake Village Apartments<br>|  |  |
| Series 1997A, Rev., VRDO, LOC : FNMA, 2.72%, <br> 9/8/2025 (b)<br>| 8500 | 8500 |
| Series 2000A, Rev., VRDO, LOC : FNMA, 2.72%, <br> 9/8/2025 (b)<br>| 2000 | 2000 |
| Deutsche Bank Spears Series 2025-DB-8169, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 2.82%, <br> 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| Mizuho Floater Series 2023-MIZ9122, Rev., VRDO, <br> LIQ : Mizuho Capital Markets LLC, 4.45%, <br> 9/2/2025 (a) (b)<br>| 18780 | 18780 |
| San Diego Housing Authority, Multi-Family Housing <br> Series 2006B, Rev., VRDO, LOC : Citibank NA, <br> 2.81%, 9/8/2025 (b)<br>| 5830 | 5830 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XL0643, Rev., VRDO, LIQ : Bank of <br> America NA, 3.85%, 9/2/2025 (a) (b)<br>| 3570 | 3570 |
| Series 2024-BAML6024, Rev., VRDO, LOC : Bank <br> of America NA, 3.93%, 9/2/2025 (a) (b)<br>| 17955 | 17955 |
| Series 2025-BAML6045, Rev., VRDO, LOC : Bank <br> of America NA, 3.93%, 9/2/2025 (a) (b)<br>| 15000 | 15000 |
| Series 2024-BAML6023, Rev., VRDO, LOC : Bank <br> of America NA, 3.98%, 9/2/2025 (a) (b)<br>| 12000 | 12000 |
| Series 2022-XF3029, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 16025 | 16025 |
| Series 2022-XF3030, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 4660 | 4660 |
| Series 2025-ZF3388, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 1540 | 1540 |
| Series 2025-ZF3389, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 2010 | 2010 |
| Series 2025- CF7005, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 9815 | 9815 |
| **Total California** |  | 126547 |
| **Colorado — 3.9%** | **Colorado — 3.9%** | **Colorado — 3.9%** |
| County of Arapahoe, Multi-Family Rental Housing, <br> Hunter's Run Holdings LP, Rev., VRDO, LOC : <br> FHLMC, 2.75%, 9/8/2025 (b)<br>| 310 | 310 |
| RIB Floater Trust Various States |  |  |
| Series 2025-1005, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.81%, 9/8/2025 (a) (b)<br>| 11075 | 11075 |
| Series 2023-017, Rev., VRDO, LOC : Barclays <br> Bank plc, 3.03%, 10/3/2025 (a) (b)<br>| 20000 | 20000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-ZF1826, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 4430 | 4430 |
| Series 2016-ZF0467, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.78%, 9/8/2025 (a) (b)<br>| 6875 | 6875 |
| Series 2022-XF3053, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 10125 | 10125 |
| Series 2022-XG0424, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.78%, 9/8/2025 (a) (b)<br>| 4800 | 4800 |
| Series 2022-XX1260, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.78%, 9/8/2025 (a) (b)<br>| 9120 | 9120 |
| Series 2022-ZF3061, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 1745 | 1745 |
| Series 2023-XM1151, Rev., VRDO, LOC : UBS AG, <br> 2.78%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |
| Series 2024-ZF1771, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.78%, 9/8/2025 (a) (b)<br>| 1670 | 1670 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

72 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 2025-CF7028, Rev., VRDO, LIQ : Citibank <br> NA, 2.78%, 9/8/2025 (a) (b)<br>| 20610 | 20610 |
| Series XX1261, Rev., VRDO, LIQ : Barclays Bank <br> plc, 2.78%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |
| Series 2025-ZF3300, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.81%, 9/8/2025 (a) (b)<br>| 1000 | 1000 |
| Series 2023-XF1621, Rev., VRDO, LIQ : Bank of <br> America NA, 2.84%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |
| **Total Colorado** |  | 103010 |
| **Connecticut — 0.6%** | **Connecticut — 0.6%** | **Connecticut — 0.6%** |
| Town of Killingly, GO, BAN, 4.50%, 11/12/2025 | 15000 | 15029 |
| **District of Columbia — 2.1%** | **District of Columbia — 2.1%** | **District of Columbia — 2.1%** |
| Metropolitan Washington Airports Authority Aviation |  |  |
| Series 2020A, Rev., AMT, 5.00%, 10/1/2025 | 9470 | 9484 |
| Series 2021A, Rev., AMT, 5.00%, 10/1/2025 | 3000 | 3005 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XL0650, Rev., VRDO, LIQ : Bank of <br> America NA, 4.05%, 9/2/2025 (a) (b)<br>| 4960 | 4960 |
| Series 025-XF1957, Rev., VRDO, LIQ : Royal Bank <br> of Canada, 2.78%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 025-XL0652, Rev., VRDO, LIQ : Royal Bank <br> of Canada, 2.78%, 9/8/2025 (a) (b)<br>| 3375 | 3375 |
| Series 025-XM1287, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |
| Series 025-XM1288, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 6995 | 6995 |
| Series 2023-XL0454, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 4935 | 4935 |
| Series 2023-ZF3209, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 9835 | 9835 |
| Series 025-ZF3422, Rev., VRDO, LIQ : Wells Fargo <br> Bank NA, 2.81%, 9/8/2025 (a) (b)<br>| 4575 | 4575 |
| **Total District of Columbia** |  | 54914 |
| **Florida — 8.7%** | **Florida — 8.7%** | **Florida — 8.7%** |
| Alachua County Housing Finance Authority, <br> Multi-Family, Santa Fe Apartments Project, Rev., <br> VRDO, LOC : Citibank NA, 2.76%, 9/8/2025 (b)<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), 2.82%, <br> 9/8/2025 (b)<br>| 35000 | 35000 |
| County of Broward, Power and Light Co., Project <br> Series 2018A, Rev., AMT, VRDO, 2.80%, <br> 9/8/2025 (b)<br>| 20000 | 20000 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 2.80%, 9/8/2025 (b)<br>| 25000 | 25000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Florida Housing Finance Corp., College Park <br> Holdings Ltd. Project Series 2006D, Rev., VRDO, <br> LIQ : FHLMC, 2.75%, 9/8/2025 (b)<br>| 6375 | 6375 |
| Florida Housing Finance Corp., Valencia Village <br> Apartments Series 1999G-1, Rev., VRDO, FNMA, <br> LIQ : FNMA, 2.75%, 9/8/2025 (b)<br>| 5745 | 5745 |
| Hillsborough County, Housing Finance Authority, <br> Multi-Family Housing, Brandywine Apartments, <br> Rev., VRDO, LOC : Citibank NA, 2.76%, <br> 9/8/2025 (b)<br>| 45 | 45 |
| Miami-Dade County Industrial Development <br> Authority, Florida Power and Light Co. Project <br> Series 2024A, Rev., AMT, VRDO, 2.90%, <br> 9/8/2025 (b)<br>| 23500 | 23500 |
| Public Finance Authority Series 2025-VRS202, Rev., <br> VRDO, LOC : Bank of America NA, 4.00%, <br> 9/2/2025 (a) (b)<br>| 5000 | 5000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3223, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 9195 | 9195 |
| Series 2025-XL0644, Rev., VRDO, LIQ : Bank of <br> America NA, 4.05%, 9/2/2025 (a) (b)<br>| 5335 | 5335 |
| Series 2025-YX1371, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.10%, 9/2/2025 (a) (b)<br>| 4280 | 4280 |
| Series 2024-XF3239, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 8915 | 8915 |
| Series 2024-XF3242, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3340 | 3340 |
| Series 2023-XL0430, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |
| Series 2025-XF1849, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 3430 | 3430 |
| Series 2025-XG0614, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 3330 | 3330 |
| Series 2025-XL0592, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 5350 | 5350 |
| Series 2025-ZF1836, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 6660 | 6660 |
| Series 2023-XX1322, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.78%, 9/8/2025 (a) (b)<br>| 4085 | 4085 |
| Series 2023-XF1523, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.79%, 9/8/2025 (a) (b)<br>| 2440 | 2440 |
| Series 2023-XF1637, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.79%, 9/8/2025 (a) (b)<br>| 3400 | 3400 |
| Series 2022-XF3004, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.81%, 9/8/2025 (a) (b)<br>| 7500 | 7500 |
| Series 2025-ZF3294, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.81%, 9/8/2025 (a) (b)<br>| 8025 | 8025 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 73

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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 2025-ZF3383, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.81%, 9/8/2025 (a) (b)<br>| 4980 | 4980 |
| Series 2023-ZF3205, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.83%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| Series 2025-ZF1872, Rev., VRDO, LIQ : Bank of <br> America NA, 2.83%, 9/8/2025 (a) (b)<br>| 4690 | 4690 |
| Series 2022-XL0290, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.87%, 9/8/2025 (a) (b)<br>| 13190 | 13190 |
| **Total Florida** |  | 229985 |
| **Georgia — 3.6%** | **Georgia — 3.6%** | **Georgia — 3.6%** |
| Bartow-Cartersville Joint Development Authority, <br> Hanwha Q Cells USA, Inc., Project Series 2023A, <br> Rev., AMT, VRDO, LOC : Korea Development Bank, <br> 3.01%, 9/8/2025 (a) (b)<br>| 66000 | 66000 |
| Development Authority of Monroe County (The), <br> Florida Power and Light Co. Project Series 2019, <br> Rev., AMT, VRDO, 2.90%, 9/8/2025 (b)<br>| 2720 | 2720 |
| Development Authority of Monroe County (The), <br> Gulf Power Co. Project, Rev., AMT, VRDO, 2.93%, <br> 9/8/2025 (b)<br>| 20000 | 20000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1967, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2025-XF1967, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 3330 | 3330 |
| **Total Georgia** |  | 96050 |
| **Hawaii — 0.9%** | **Hawaii — 0.9%** | **Hawaii — 0.9%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XM1308, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.78%, 9/2/2025 (a) (b)<br>| 2440 | 2440 |
| Series 025-XM1289, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 4305 | 4305 |
| Series 2025-XL0589, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.78%, 9/8/2025 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XL0631, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.78%, 9/8/2025 (a) (b)<br>| 4220 | 4220 |
| Series 2025-YX1376, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.78%, 9/8/2025 (a) (b)<br>| 2730 | 2730 |
| Series 2025-YX1377, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.78%, 9/8/2025 (a) (b)<br>| 2220 | 2220 |
| Series 2025-XF8031, Rev., VRDO, LIQ : Bank of <br> America NA, 2.81%, 9/8/2025 (a) (b)<br>| 3000 | 3000 |
| Series 2025-ZF1831, Rev., VRDO, LIQ : Bank of <br> America NA, 2.81%, 9/8/2025 (a) (b)<br>| 1805 | 1805 |
| **Total Hawaii** |  | 22720 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Idaho — 0.2%** | **Idaho — 0.2%** | **Idaho — 0.2%** |
| Idaho Housing and Finance Association, Single <br> Family Mortgage Series 2016A-3, Class I, Rev., <br> AMT, VRDO, LIQ : FHLB, 2.80%, 9/8/2025 (b)<br>| 5165 | 5165 |
| **Illinois — 3.7%** | **Illinois — 3.7%** | **Illinois — 3.7%** |
| Chicago O'Hare International Airport, General <br> Airport, Senior Lien Series 2024C, Rev., AMT, <br> 5.00%, 1/1/2026<br>| 2765 | 2782 |
| Illinois Educational Facilities Authority, University of <br> Chicago Medical Center Series 2009D-2, Rev., <br> VRDO, LOC : TD Bank NA, 3.75%, 9/2/2025 (b)<br>| 395 | 395 |
| Public Finance Authority Series 2025-VRS206, Rev., <br> VRDO, LOC : Bank of America NA, 4.00%, <br> 9/2/2025 (a) (b)<br>| 5000 | 5000 |
| RIB Floater Trust Various States Series 2025-002, <br> Rev., VRDO, LOC : Barclays Bank plc, 3.03%, <br> 10/3/2025 (a) (b)<br>| 6420 | 6420 |
| State of Illinois |  |  |
| Series 2024B, GO, 5.00%, 10/1/2025 | 7700 | 7713 |
| GO, 5.00%, 11/1/2025 | 2040 | 2047 |
| Series 2017D, GO, 5.00%, 11/1/2025 | 28500 | 28601 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF3311, GO, VRDO, LIQ : UBS AG, <br> 3.88%, 9/2/2025 (a) (b)<br>| 7080 | 7080 |
| Series 2023-XG0434, GO, VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 2750 | 2750 |
| Series 2022-XX1243, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 5625 | 5625 |
| Series 2025-ZF1923, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.78%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |
| Series 2022-XX1264, GO, VRDO, LOC : Barclays <br> Bank plc, 2.79%, 9/8/2025 (a) (b)<br>| 10000 | 10000 |
| Series 2023-XG0538, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.79%, 9/8/2025 (a) (b)<br>| 3765 | 3765 |
| Series 2017-XG0108, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.81%, 9/8/2025 (a) (b)<br>| 14400 | 14400 |
| **Total Illinois** |  | 99078 |
| **Indiana — 0.5%** | **Indiana — 0.5%** | **Indiana — 0.5%** |
| Gary Chicago International Airport Authority, Special <br> Purpose Facilities, Jet Center Project, Rev., VRDO, <br> LOC : BMO Harris Bank NA, 2.77%, 9/8/2025 (b)<br>| 1370 | 1370 |
| Indiana Finance Authority, Parkview Health System, <br> Inc. Series 2009D, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (b)<br>| 4900 | 4900 |
| Indiana Finance Authority, Solid Waste Disposal, <br> Four-Leaf Clover Dairy LLC, Rev., VRDO, LOC : <br> Bank of America NA, 3.24%, 9/8/2025 (b)<br>| 4100 | 4100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

74 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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, Solid Waste Disposal, <br> New Holland Dairy Leasing, Rev., VRDO, LOC : <br> Bank of America NA, 3.22%, 9/8/2025 (b)<br>| 2000 | 2000 |
| Indiana Housing and Community Development <br> Authority, Single Family Series 2017B-3, Rev., <br> VRDO, LIQ : TD Bank NA, 3.90%, 9/2/2025 (b)<br>| 100 | 100 |
| **Total Indiana** |  | 12470 |
| **Iowa — 1.5%** | **Iowa — 1.5%** | **Iowa — 1.5%** |
| Iowa Finance Authority, Chevron USA, Inc., Project <br> Series 2024, Rev., AMT, VRDO, 3.95%, <br> 9/2/2025 (b)<br>| 40800 | 40800 |
| **Kentucky — 3.9%** | **Kentucky — 3.9%** | **Kentucky — 3.9%** |
| Kentucky Higher Education Student Loan Corp., <br> Student Loan Series 2023-1A-1, Rev., AMT, <br> VRDO, LOC : Bank of America NA, 2.93%, <br> 9/8/2025 (b)<br>| 31990 | 31990 |
| Louisville Regional Airport Authority, UPS Worldwide <br> Forwarding, Inc.<br>|  |  |
| Series 1999A, Rev., VRDO, 3.80%, 9/2/2025 (b) | 26600 | 26600 |
| Series 1999B, Rev., VRDO, 3.80%, 9/2/2025 (b) | 16500 | 16500 |
| Series 1999C, Rev., VRDO, 3.80%, 9/2/2025 (b) | 24200 | 24200 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-XF3181, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 4380 | 4380 |
| **Total Kentucky** |  | 103670 |
| **Louisiana — 2.2%** | **Louisiana — 2.2%** | **Louisiana — 2.2%** |
| Consolidated Government of the City of Baton Rouge <br> and Parish of East Baton Rouge, Exxon Mobil <br> Corp., Rev., VRDO, 3.98%, 9/2/2025 (b)<br>| 9000 | 9000 |
| Louisiana Public Facilities Authority, Chevron USA, <br> Inc., Projects, Rev., AMT, VRDO, 3.95%, <br> 9/2/2025 (b)<br>| 22450 | 22450 |
| State of Louisiana, Gasoline and Fuels Tax, Second <br> Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank <br> NA, 3.90%, 9/2/2025 (b)<br>| 25545 | 25545 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XG0612, Rev., VRDO, A.G. - CR, LOC : <br> Royal Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 2000 | 2000 |
| **Total Louisiana** |  | 58995 |
| **Maryland — 1.6%** | **Maryland — 1.6%** | **Maryland — 1.6%** |
| Deutsche Bank Spears Series 2023-DB-8096, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 3.95%, <br> 9/2/2025 (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, 2.76%, 9/8/2025 (b)<br>| 4750 | 4750 |
| Series 2006J, Rev., AMT, VRDO, LIQ : Wells Fargo <br> Bank NA, 2.76%, 9/8/2025 (b)<br>| 28860 | 28860 |
| Montgomery County Housing Opportunities <br> Commission, Single Family Mortgage Series <br> 2018B, Rev., AMT, VRDO, LOC : PNC Bank NA, <br> 2.77%, 9/8/2025 (b)<br>| 4030 | 4030 |
| **Total Maryland** |  | 43240 |
| **Massachusetts — 1.4%** | **Massachusetts — 1.4%** | **Massachusetts — 1.4%** |
| City of Beverly, GO, BAN, 4.00%, 6/26/2026 | 5750 | 5785 |
| City of Lowell, GO, BAN, 4.00%, 10/24/2025 | 4433 | 4438 |
| City of Pittsfield, GO, BAN, 4.25%, 2/20/2026 | 4537 | 4558 |
| Commonwealth of Massachusetts Series 2021A, GO, <br> 5.00%, 9/1/2025<br>| 2400 | 2400 |
| Deutsche Bank Spears Series 2025-DBE-8183, GO, <br> VRDO, LIQ : Deutsche Bank AG, 2.76%, <br> 9/8/2025 (a) (b)<br>| 4765 | 4765 |
| RIB Floater Trust Various States Series 39, Rev., <br> VRDO, LIQ : Barclays Bank plc, 3.88%, <br> 9/2/2025 (a) (b)<br>| 1235 | 1235 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XF3218, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 3775 | 3775 |
| Town of Groveland, GO, BAN, 4.25%, 5/29/2026 | 4317 | 4348 |
| Town of Templeton, GO, BAN, 4.00%, 2/19/2026 | 2430 | 2441 |
| Town of Topsfield, GO, BAN, 4.00%, 4/15/2026 | 3000 | 3018 |
| **Total Massachusetts** |  | 36763 |
| **Michigan — 1.0%** | **Michigan — 1.0%** | **Michigan — 1.0%** |
| Michigan State Housing Development Authority, <br> Rental Housing Series 2016C, Rev., AMT, VRDO, <br> LIQ : FHLB, 2.78%, 9/8/2025 (b)<br>| 12850 | 12850 |
| Michigan State Housing Development Authority, <br> Single Family Mortgage Series 2008A, Rev., AMT, <br> VRDO, LIQ : FHLB, 2.80%, 9/8/2025 (b)<br>| 6420 | 6420 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2021-XF1115, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.79%, 9/8/2025 (a) (b)<br>| 7990 | 7990 |
| **Total Michigan** |  | 27260 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 75

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| Minnesota Health and Education Facilities Authority, <br> Concordia University, St. Paul Series 6Q, Rev., <br> VRDO, LOC : US Bank NA, 3.99%, 9/2/2025 (b)<br>| 5720 | 5720 |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance Series 2017C, Rev., AMT, VRDO, <br> GNMA / FNMA / FHLMC COLL, LIQ : FHLB, 2.78%, <br> 9/8/2025 (b)<br>| 2600 | 2600 |
| **Total Minnesota** |  | 8320 |
| **Mississippi — 1.5%** | **Mississippi — 1.5%** | **Mississippi — 1.5%** |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project<br>|  |  |
| Series 2007C, Rev., VRDO, 3.75%, 9/2/2025 (b) | 1415 | 1415 |
| Series 2009F, Rev., VRDO, 3.75%, 9/2/2025 (b) | 2350 | 2350 |
| Series 2009G, Rev., VRDO, 3.75%, 9/2/2025 (b) | 1945 | 1945 |
| Series 2007A, Rev., VRDO, 3.90%, 9/2/2025 (b) | 14125 | 14125 |
| Series 2007D, Rev., VRDO, 3.90%, 9/2/2025 (b) | 11475 | 11475 |
| Series 2011E, Rev., VRDO, 3.90%, 9/2/2025 (b) | 7375 | 7375 |
| **Total Mississippi** |  | 38685 |
| **Montana — 0.4%** | **Montana — 0.4%** | **Montana — 0.4%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XF3447, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.00%, 9/2/2025 (a) (b)<br>| 10000 | 10000 |
| **Nebraska — 1.0%** | **Nebraska — 1.0%** | **Nebraska — 1.0%** |
| County of Washington, Rev., AMT, VRDO, Zero <br> Coupon, 9/8/2025 (b)<br>| 11665 | 11665 |
| Deutsche Bank Spears Series DB-8193, Rev., VRDO, <br> LIQ : Deutsche Bank AG, 3.95%, 9/2/2025 (a) <br> (b)<br>| 5625 | 5625 |
| Douglas County Hospital Authority No. 2, Health <br> Facilities Series 2008A, Rev., VRDO, LOC : US <br> Bank NA, 3.90%, 9/2/2025 (b)<br>| 7770 | 7770 |
| **Total Nebraska** |  | 25060 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| Deutsche Bank Spears Series 2025-DB-8190, GO, <br> VRDO, 2.76%, 9/8/2025 (a) (b)<br>| 5930 | 5930 |
| **New Hampshire — 0.2%** | **New Hampshire — 0.2%** | **New Hampshire — 0.2%** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-157, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 4075 | 4075 |
| **New Jersey — 3.9%** | **New Jersey — 3.9%** | **New Jersey — 3.9%** |
| Borough of Hopatcong, GO, BAN, 4.00%, <br> 7/15/2026<br>| 4341 | 4368 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Borough of Seaside Heights Series 2025A, GO, BAN, <br> 4.00%, 3/24/2026<br>| 6752 | 6787 |
| Borough of Seaside Park Series 2025A, GO, BAN, <br> 4.00%, 4/10/2026<br>| 2925 | 2940 |
| Borough of Stone Harbor, GO, BAN, 4.00%, <br> 7/24/2026<br>| 6942 | 6991 |
| Borough of Wood-Ridge, GO, BAN, 3.75%, <br> 2/23/2026<br>| 8000 | 8028 |
| City of Burlington Series 2025A, GO, BAN, 4.25%, <br> 6/4/2026<br>| 9678 | 9754 |
| New Jersey Higher Education Student Assistance <br> Authority, Senior Student Loan Immediate <br> Delivery Series 2025-2, Rev., AMT, 4.88%, <br> 6/2/2026 (b)<br>| 18000 | 18208 |
| Penns Grove-Carneys Point Regional School District, <br> GO, GAN, 4.00%, 7/2/2026<br>| 6478 | 6504 |
| RIB Floater Trust Various States Series 20, Rev., <br> VRDO, LIQ : Barclays Bank plc, 2.79%, <br> 9/8/2025 (a) (b)<br>| 4785 | 4785 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2020-XF0957, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.79%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |
| Series 2025-CF7019, Rev., VRDO, LOC : Citibank <br> NA, 2.83%, 9/8/2025 (a) (b)<br>| 5700 | 5700 |
| Township of Mendham, GO, BAN, 5.00%, <br> 4/28/2026<br>| 4754 | 4798 |
| Township of Pennsauken Series 2025A, GO, BAN, <br> 4.75%, 5/22/2026<br>| 18719 | 18914 |
| Township of Pequannock, GO, BAN, 4.00%, <br> 3/27/2026<br>| 3005 | 3021 |
| **Total New Jersey** |  | 103298 |
| **New York — 15.2%** | **New York — 15.2%** | **New York — 15.2%** |
| Arlington Central School District, GO, BAN, 4.00%, <br> 10/30/2025<br>| 3000 | 3004 |
| Candor Central School District, GO, BAN, 4.00%, <br> 6/26/2026<br>| 3000 | 3021 |
| City of Albany, GO, BAN, 4.00%, 3/20/2026 | 10000 | 10045 |
| City of Geneva, GO, BAN, 4.75%, 4/30/2026 | 6500 | 6552 |
| City of New York, Fiscal Year 2013 Series 2013, <br> Subseries A-2, GO, VRDO, LOC : Mizuho Bank Ltd., <br> 3.90%, 9/2/2025 (b)<br>| 9950 | 9950 |
| City of New York, Fiscal Year 2014 |  |  |
| Series 2014I, Subseries I-3, GO, VRDO, LIQ : US <br> Bank NA, 3.85%, 9/2/2025 (b)<br>| 8200 | 8200 |
| Series 2014D-4, GO, VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (b)<br>| 4600 | 4600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

76 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| City of New York, Fiscal Year 2017 Series 2017A, <br> Subseries A-4, GO, VRDO, LIQ : State Street Bank <br> & Trust Co., 3.88%, 9/2/2025 (b)<br>| 10800 | 10800 |
| City of New York, Fiscal Year 2018 Series 2018E, <br> GO, VRDO, LOC : TD Bank NA, 3.90%, <br> 9/2/2025 (b)<br>| 2025 | 2025 |
| City of New York, Fiscal Year 2022 Subseries D-4, <br> GO, VRDO, LIQ : State Street Bank & Trust Co., <br> 3.95%, 9/2/2025 (b)<br>| 4175 | 4175 |
| City of Newburgh Series 2025A, GO, BAN, 4.00%, <br> 3/5/2026<br>| 4000 | 4018 |
| City of Olean Series 2025A, GO, BAN, 3.75%, <br> 7/22/2026<br>| 8867 | 8883 |
| City of Rome, GO, BAN, 4.00%, 6/10/2026 | 7475 | 7522 |
| Cuba-Rushford Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 4880 | 4904 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB-8217, GO, VRDO, LIQ : Deutsche <br> Bank AG, 3.85%, 9/2/2025 (a) (b)<br>| 3165 | 3165 |
| Series 2025-DBE-8213, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 3.85%, 9/2/2025 (a) (b)<br>| 4735 | 4735 |
| Series DB-8185, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 3.85%, 9/2/2025 (a) (b)<br>| 16230 | 16230 |
| Dundee Central School District, GO, BAN, 4.00%, <br> 6/18/2026<br>| 3615 | 3634 |
| Enlarged City School District of the City of Troy, GO, <br> BAN, 4.00%, 6/5/2026<br>| 8000 | 8050 |
| Gananda Central School District, GO, BAN, 3.50%, <br> 6/26/2026 (c)<br>| 5000 | 5032 |
| Hoosic Valley Central School District, GO, BAN, <br> 4.00%, 6/24/2026<br>| 9769 | 9829 |
| Hunter-Tannersville Central School District, GO, BAN, <br> 4.00%, 6/25/2026<br>| 3850 | 3871 |
| Maine-Endwell Central School District, GO, BAN, <br> 4.00%, 9/26/2025<br>| 2129 | 2130 |
| Nanuet Union Free School District Series 2025B, <br> GO, BAN, 3.75%, 12/18/2025<br>| 5366 | 5375 |
| New York City Housing Development Corp., <br> Markham Gardens Apartment Series 2006A, Rev., <br> VRDO, LOC : FHLMC, 3.15%, 9/8/2025 (b)<br>| 16000 | 16000 |
| New York City Housing Development Corp., Multi <br> Family Housing, Westport Development Series <br> 2004A, Rev., VRDO, LOC : FNMA, 2.95%, <br> 9/8/2025 (b)<br>| 15975 | 15975 |
| 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, 3.90%, 9/2/2025 (b)<br>| 13125 | 13125 |

---

---

| | | |
|:---|:---|:---|
| **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 Series 2009BB-1, Rev., VRDO, LIQ : <br> UBS AG, 3.90%, 9/2/2025 (b)<br>| 20950 | 20950 |
| 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> 3.90%, 9/2/2025 (b)<br>| 18705 | 18705 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2011<br>|  |  |
| Series DD-3A, Rev., VRDO, LIQ : US Bank NA, <br> 3.85%, 9/2/2025 (b)<br>| 550 | 550 |
| Series DD-1, Rev., VRDO, LIQ : TD Bank NA, <br> 3.90%, 9/2/2025 (b)<br>| 2200 | 2200 |
| 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> 3.90%, 9/2/2025 (b)<br>| 2365 | 2365 |
| Series AA-5, Rev., VRDO, LIQ : Mizuho Bank Ltd., <br> 3.90%, 9/2/2025 (b)<br>| 2875 | 2875 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2014 Series D-3, Rev., <br> VRDO, LIQ : Mizuho Bank Ltd., 3.85%, <br> 9/2/2025 (b)<br>| 13125 | 13125 |
| 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, 3.90%, 9/2/2025 (b)<br>| 3755 | 3755 |
| New York State Housing Finance Agency, 363 West <br> 30th Street Housing, Rev., VRDO, LOC : FHLMC, <br> 3.15%, 9/8/2025 (b)<br>| 10000 | 10000 |
| New York State Housing Finance Agency, 435 East <br> 13th Street Housing Series 2016A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 2.80%, 9/8/2025 (b)<br>| 100 | 100 |
| New York State Housing Finance Agency, Tribeca <br> Park Series ADJ A, Rev., AMT, VRDO, LOC : FNMA, <br> 2.80%, 9/8/2025 (b)<br>| 15000 | 15000 |
| Oswego City School District Series 2025B, GO, BAN, <br> 4.00%, 7/17/2026<br>| 4690 | 4720 |
| Penn Yan Central School District Series 2025B, GO, <br> BAN, 4.00%, 9/11/2026 (c)<br>| 1260 | 1275 |
| Pine Valley Central School District, GO, BAN, 3.75%, <br> 8/20/2026<br>| 7360 | 7426 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 77

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-118, GO, VRDO, LOC : Royal <br> Bank of Canada, 3.95%, 9/2/2025 (a) (b)<br>| 8575 | 8575 |
| Schoharie Central School District Series 2025A, GO, <br> BAN, 4.00%, 7/10/2026<br>| 10025 | 10096 |
| Springville-Griffith Institute Central School District <br> Series 2025A, GO, BAN, 4.00%, 8/14/2026<br>| 2030 | 2048 |
| Susquehanna Valley Central School District, Conklin <br> Broome County, GO, BAN, 4.00%, 9/19/2025<br>| 1712 | 1713 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 025-YX1418, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 7900 | 7900 |
| Series 025-ZF1989, Rev., VRDO, LIQ : Bank of <br> America NA, 2.79%, 9/8/2025 (a) (b)<br>| 2625 | 2625 |
| Town of Greece, GO, BAN, 4.00%, 10/10/2025 | 1500 | 1501 |
| Town of Lansing, GO, BAN, 3.50%, 12/18/2025 | 1770 | 1772 |
| Town of Union, GO, BAN, 3.75%, 2/20/2026 | 3942 | 3955 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels Series 2005B-4A, Rev., <br> VRDO, LOC : TD Bank NA, 3.90%, 9/2/2025 (b)<br>| 1285 | 1285 |
| Union Endicott Central School District, Broome and <br> Tioga Counties, GO, BAN, 3.75%, 10/17/2025<br>| 1818 | 1819 |
| Valley Central School District, GO, BAN, 4.00%, <br> 6/23/2026 (c)<br>| 7700 | 7781 |
| Village of Freeport Series 2025C, GO, BAN, 4.75%, <br> 4/24/2026<br>| 6000 | 6047 |
| Village of Hamburg, GO, BAN, 4.00%, 9/18/2025 | 2000 | 2000 |
| Village of Hempstead Series 2025A, GO, BAN, <br> 4.75%, 5/1/2026<br>| 20000 | 20160 |
| Village of Lake Success Series 2025A, GO, BAN, <br> 4.00%, 6/12/2026<br>| 2000 | 2011 |
| Village of Nyack, GO, BAN, 4.00%, 2/13/2026 | 7400 | 7432 |
| Village of Port Jefferson, GO, BAN, 3.75%, <br> 10/10/2025<br>| 2300 | 2302 |
| Village of Sleepy Hollow, GO, BAN, 3.75%, <br> 11/14/2025<br>| 1896 | 1897 |
| Warrensburg Central School District, GO, BAN, <br> 4.00%, 6/23/2026<br>| 7000 | 7038 |
| West Genesee Central School District Series 2025B, <br> GO, BAN, 4.00%, 7/17/2026<br>| 5357 | 5396 |
| **Total New York** |  | 403249 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **North Carolina — 0.2%** | **North Carolina — 0.2%** | **North Carolina — 0.2%** |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust Series 52-C, Rev., <br> VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, <br> 3.90%, 9/2/2025 (b)<br>| 1250 | 1250 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2022-XM1011, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 2.79%, 9/8/2025 (a) (b)<br>| 4200 | 4200 |
| **Total North Carolina** |  | 5450 |
| **Ohio — 1.2%** | **Ohio — 1.2%** | **Ohio — 1.2%** |
| Ohio Water Development Authority, Water Pollution <br> Control Loan Fund Series 2024C, Rev., VRDO, LIQ <br> : TD Bank NA, 3.90%, 9/2/2025 (b)<br>| 4600 | 4600 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-164 29, Rev., VRDO, LOC : <br> Royal Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 8650 | 8650 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-YX1342, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 2815 | 2815 |
| Series 2025-XL0588, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 7500 | 7500 |
| Series 2025-XL0595, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 535 | 535 |
| Series 2025-ZF1835, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2025-ZF1973, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |
| **Total Ohio** |  | 30600 |
| **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, 2.76%, <br> 9/8/2025 (a) (b)<br>| 3615 | 3615 |
| **Oregon — 1.6%** | **Oregon — 1.6%** | **Oregon — 1.6%** |
| Marion County Housing Authority, Residence at <br> Marian, Rev., VRDO, LOC : US Bank NA, 3.33%, <br> 9/8/2025 (b)<br>| 255 | 255 |
| Port of Portland, International Airport |  |  |
| Subseries 18A, Rev., AMT, VRDO, LOC : Industrial <br> & Commercial Bank of China, 2.80%, <br> 9/3/2025 (b)<br>| 3100 | 3100 |
| Series Subseries18B, Rev., AMT, VRDO, LOC : <br> Industrial & Commercial Bank of China, 3.11%, <br> 9/3/2025 (b)<br>| 3395 | 3395 |
| Port of Portland, Special Obligation, Horizon Air <br> Industries, Inc., Project, Rev., VRDO, LOC : Bank of <br> America NA, 4.00%, 9/2/2025 (b)<br>| 6325 | 6325 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

78 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oregon — continued** | **Oregon — continued** | **Oregon — continued** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series 2025-E-163, Rev., VRDO, LOC : <br> Royal Bank of Canada, 2.76%, 9/4/2025 (a) (b)<br>| 12475 | 12475 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-ZL0472, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 6355 | 6355 |
| Series 2025-XF1873, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.79%, 9/8/2025 (a) (b)<br>| 3160 | 3160 |
| Series 2023-ZL0520, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.83%, 9/8/2025 (a) (b)<br>| 4190 | 4190 |
| Series 2025-ZF3386, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.83%, 9/8/2025 (a) (b)<br>| 2975 | 2975 |
| **Total Oregon** |  | 42230 |
| **Other — 0.4%** | **Other — 0.4%** | **Other — 0.4%** |
| FHLMC, Multi-Family VRD Certificates |  |  |
| Series M025, Rev., VRDO, LIQ : FHLMC, 3.41%, <br> 9/8/2025 (a) (b)<br>| 4230 | 4230 |
| Series M026, Rev., VRDO, LIQ : FHLMC, 3.41%, <br> 9/8/2025 (a) (b)<br>| 6515 | 6515 |
| **Total Other** |  | 10745 |
| **Pennsylvania — 1.7%** | **Pennsylvania — 1.7%** | **Pennsylvania — 1.7%** |
| Delaware Valley Regional Finance Authority, Local <br> Government Series 2024B, Rev., VRDO, LOC : TD <br> Bank NA, 3.90%, 9/2/2025 (b)<br>| 1975 | 1975 |
| RIB Floater Trust Various States Series 2023-013, <br> Rev., VRDO, LIQ : Barclays Bank plc, 2.76%, <br> 9/8/2025 (a) (b)<br>| 8805 | 8805 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XG0412, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 3115 | 3115 |
| Series 2023-XG0536, GO, VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |
| Series 2025-XF1911, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 2.77%, 9/8/2025 (a) <br> (b)<br>| 5475 | 5475 |
| Series 2025-XF1912, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 1995 | 1995 |
| Series 2025-ZF1832, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 2225 | 2225 |
| Series 2022-XG0437, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.78%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Series 2023-XF1634, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 2.79%, 9/8/2025 (a) <br> (b)<br>| 2665 | 2665 |
| Series 2022-XM1083, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 2.81%, 9/8/2025 (a) <br> (b)<br>| 11375 | 11375 |
| **Total Pennsylvania** |  | 45130 |
| **South Carolina — 0.3%** | **South Carolina — 0.3%** | **South Carolina — 0.3%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1810, Rev., VRDO, LOC : TD Bank <br> NA, 2.77%, 9/8/2025 (a) (b)<br>| 6300 | 6300 |
| Series 2024-XG0552, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.79%, 9/8/2025 (a) (b)<br>| 2590 | 2590 |
| **Total South Carolina** |  | 8890 |
| **Tennessee — 0.9%** | **Tennessee — 0.9%** | **Tennessee — 0.9%** |
| Montgomery County Public Building Authority, <br> Pooled Financing, Tennessee Country Pool Series <br> 2006, Rev., VRDO, LOC : Bank of America NA, <br> 3.95%, 9/2/2025 (b)<br>| 8515 | 8515 |
| Montgomery County Public Building Authority, Tenn <br> County Pool, Rev., VRDO, LOC : Bank of America <br> NA, 3.95%, 9/2/2025 (b)<br>| 5100 | 5100 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-YX1289, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.78%, 9/8/2025 (a) (b)<br>| 5210 | 5210 |
| Series 2022-XL0382, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.79%, 9/8/2025 (a) (b)<br>| 5055 | 5055 |
| **Total Tennessee** |  | 23880 |
| **Texas — 6.4%** | **Texas — 6.4%** | **Texas — 6.4%** |
| Dallas-Fort Worth International Airport Facility <br> Improvement Corp., United Parcel SVC, Inc., Rev., <br> VRDO, 3.93%, 9/2/2025 (b)<br>| 21225 | 21225 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB-8194, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 3.95%, 9/2/2025 (a) (b)<br>| 5000 | 5000 |
| Series 2025-DB-8195, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 3.95%, 9/2/2025 (a) (b)<br>| 5205 | 5205 |
| Series 2025-DBE8158, Rev., VRDO, LOC : <br> Deutsche Bank AG, 4.15%, 9/2/2025 (a) (b)<br>| 6000 | 6000 |
| Series 2025-DBE8159, Rev., VRDO, LOC : <br> Deutsche Bank AG, 4.15%, 9/2/2025 (a) (b)<br>| 9780 | 9780 |
| Series 2025-DB8157, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 4010 | 4010 |
| Series 2025-DB-8189, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 3560 | 3560 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 79

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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-DB-8191, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 5995 | 5995 |
| Series 2025-DB-8216, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 3480 | 3480 |
| Series 2025-DBE-8214, GO, VRDO, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 11705 | 11705 |
| Series DB-8174, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 4495 | 4495 |
| Series DB-8188, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 5935 | 5935 |
| Gilmer Industrial Development Corp., Duoline <br> Technologies LP Series 2008-A, Rev., VRDO, LOC : <br> Wells Fargo Bank NA, 2.83%, 9/8/2025 (b)<br>| 3910 | 3910 |
| Harris County Industrial Development Corp., Exxon <br> Corp. Project, Rev., VRDO, 3.98%, 9/2/2025 (b)<br>| 7700 | 7700 |
| Lower Neches Valley Authority Industrial <br> Development Corp., Exxon Capital Ventures, Inc. <br> Series B-4, Rev., VRDO, 3.98%, 9/2/2025 (b)<br>| 7825 | 7825 |
| Lower Neches Valley Authority Industrial <br> Development Corp., ExxonMobil Project<br>|  |  |
| Rev., VRDO, 3.95%, 9/2/2025 (b) | 700 | 700 |
| Rev., VRDO, 3.95%, 9/2/2025 (b) | 645 | 645 |
| Series 2001B3, Rev., VRDO, 3.98%, <br> 9/2/2025 (b)<br>| 5835 | 5835 |
| RIB Floater Trust Various States Series 2022-006, <br> Rev., VRDO, LOC : Barclays Bank plc, 3.03%, <br> 10/10/2025 (a) (b)<br>| 28280 | 28280 |
| State of Texas, Veterans |  |  |
| Series 2012B, GO, VRDO, LIQ : State Street Bank <br> & Trust Co., 2.75%, 9/8/2025 (b)<br>| 11915 | 11915 |
| GO, AMT, VRDO, LIQ : State Street Bank & Trust <br> Co., 2.80%, 9/8/2025 (b)<br>| 4830 | 4830 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-BAML6043, Rev., VRDO, LOC : Bank <br> of America NA, 4.00%, 9/2/2025 (a) (b)<br>| 600 | 600 |
| Series 2024-XG0588, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 725 | 725 |
| Series 2022-XM1050, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 950 | 950 |
| Series 2022-XF1140, Rev., VRDO, LOC : Deutsche <br> Bank AG, 2.77%, 9/8/2025 (a) (b)<br>| 9750 | 9750 |
| **Total Texas** |  | 170055 |
| **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, 2.77%, 9/8/2025 (a) (b)<br>| 2920 | 2920 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Utah — continued** | **Utah — continued** | **Utah — continued** |
| Series 2025-ZF1833, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 2225 | 2225 |
| Series 2025-ZF1848, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 3285 | 3285 |
| Series 2023-XM1146, Rev., VRDO, LOC : UBS AG, <br> 2.78%, 9/8/2025 (a) (b)<br>| 6750 | 6750 |
| Series 2025-XL0577, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.78%, 9/8/2025 (a) (b)<br>| 3500 | 3500 |
| **Total Utah** |  | 18680 |
| **Virginia — 0.0% ^** | **Virginia — 0.0% ^** | **Virginia — 0.0% ^** |
| Public Finance Authority Series 2025-VRS204, Rev., <br> VRDO, LOC : Bank of America NA, 2.79%, <br> 9/8/2025 (a) (b)<br>| 275 | 275 |
| **Washington — 1.7%** | **Washington — 1.7%** | **Washington — 1.7%** |
| Deutsche Bank Spears |  |  |
| Series 2025-DB-81, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.76%, 9/8/2025 (a) (b)<br>| 5580 | 5580 |
| Series 2025-DBE-8219, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.82%, 9/8/2025 (a) (b)<br>| 5695 | 5695 |
| Port of Seattle, First Lien Series 2021, Rev., AMT, <br> 5.00%, 9/1/2025<br>| 1600 | 1600 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XL0647, Rev., VRDO, LIQ : Bank of <br> America NA, 4.05%, 9/2/2025 (a) (b)<br>| 3500 | 3500 |
| Series 2025-XL0648, Rev., VRDO, LIQ : Bank of <br> America NA, 4.05%, 9/2/2025 (a) (b)<br>| 2240 | 2240 |
| Series 2023-ZL0513, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 2745 | 2745 |
| Series 2025-XF1967, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 4490 | 4490 |
| Series 2025-XF3452, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 6375 | 6375 |
| Series 2025-XM1307, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 3750 | 3750 |
| Series 2025-ZF3352, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 2160 | 2160 |
| Series 2025-ZF3364, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 4375 | 4375 |
| Series 2025-ZF3455, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 3735 | 3735 |
| **Total Washington** |  | 46245 |
| **Wisconsin — 1.4%** | **Wisconsin — 1.4%** | **Wisconsin — 1.4%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XL0447, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (b)<br>| 6750 | 6750 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

80 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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-XL0679, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.83%, 9/8/2025 (a) (b)<br>| 7500 | 7500 |
| Series 2025-XL0680, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.83%, 9/8/2025 (a) (b)<br>| 15000 | 15000 |
| University of Wisconsin Hospitals and Clinics Series <br> 2018C, Rev., VRDO, LIQ : BMO Harris Bank NA, <br> 3.80%, 9/2/2025 (b)<br>| 6975 | 6975 |
| Wisconsin Housing and Economic Development <br> Authority Housing Series 2007G, Rev., AMT, <br> VRDO, LOC : Bank of America NA, 2.86%, <br> 9/8/2025 (b)<br>| 2020 | 2020 |
| **Total Wisconsin** |  | 38245 |
| Total Municipal Bonds <br>(Cost $2,236,467)<br>|  | 2236467 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 8.3%** | **Variable Rate Demand Preferred Shares — 8.3%** | **Variable Rate Demand Preferred Shares — 8.3%** |
| **Other — 8.3%** | **Other — 8.3%** | **Other — 8.3%** |
| BlackRock MuniAssets Fund, Inc. Series LIQ : Bank of <br> America NA, 2.89%, 9/8/2025# (a)<br>| 45000 | 45000 |
| BlackRock Municipal 2030 Target Term Trust Series <br> W-7, LIQ : Barclays Bank plc, 2.88%, 9/8/2025# <br> (a)<br>| 66500 | 66500 |
| BlackRock MuniYield Quality Fund, Inc. |  |  |
| Series W-7A, LIQ : Royal Bank of Canada, 2.87%, <br> 9/8/2025# (a)<br>| 30000 | 30000 |
| Series W-7, LIQ : TD Bank NA, 2.89%, <br> 9/8/2025# (a)<br>| 30000 | 30000 |
| Nuveen AMT - Free Municipal Credit Income Fund <br> Series 6, LIQ : Sumitomo Mitsui Banking Corp., <br> 2.78%, 9/8/2025# (a)<br>| 20000 | 20000 |
| Nuveen AMT - Free Quality Municipal Income Fund <br> Series 3-PFD, LIQ : TD Bank NA, 2.82%, <br> 9/8/2025# (a)<br>| 7500 | 7500 |
| Nuveen Quality Municipal Income Fund Series <br> 2-2525, LIQ : Barclays Bank plc, 2.88%, <br> 9/4/2025# (a)<br>| 20000 | 20000 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $219,000)<br>|  | 219000 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Short Term Investments — 7.5%** | **Short Term Investments — 7.5%** | **Short Term Investments — 7.5%** |
| **Commercial Paper — 7.5%** | **Commercial Paper — 7.5%** | **Commercial Paper — 7.5%** |
| Board of Regents of the University of Texas System |  |  |
| Series A, 2.80%, 11/10/2025 | 7500 | 7500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Series A, 2.78%, 12/18/2025 | 12500 | 12500 |
| Series A, 2.77%, 1/15/2026 | 15000 | 15000 |
| Series A, 2.77%, 1/21/2026 | 8000 | 8000 |
| Series A, 2.74%, 2/4/2026 | 12500 | 12500 |
| City and County of San Francisco |  |  |
| Series A-2, 2.62%, 11/6/2025 | 20000 | 20000 |
| Series A-6, 2.65%, 11/6/2025 | 12000 | 12000 |
| City of Atlanta Series P-1, 2.85%, 9/17/2025 | 15000 | 15000 |
| City of Memphis Series A, 2.75%, 10/2/2025 | 10000 | 10000 |
| County of Harris |  |  |
| Series J-1, 2.75%, 10/16/2025 | 10360 | 10360 |
| Series C, 2.95%, 12/4/2025 | 2010 | 2010 |
| General Authority of Southcentral Pennsylvania, <br> 2.77%, 10/15/2025<br>| 37800 | 37800 |
| Health Care Authority of the City of Huntsville (The) |  |  |
| 2.83%, 9/25/2025 | 12000 | 12000 |
| 2.80%, 9/29/2025 | 13000 | 13000 |
| Louisville and Jefferson County Metropolitan Sewer <br> District Series A-1, 2.78%, 12/11/2025<br>| 10000 | 10000 |
| Total Commercial Paper <br>(Cost $197,670)<br>|  | 197670 |
| Total Short Term Investments <br>(Cost $197,670)<br>|  | 197670 |
| **Total Investments — 100.2%** <br>**(Cost $2,653,137)** \*<br>|  | **2653137** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(4664)**<br>|
| **NET ASSETS — 100.0%** |  | **2648473** |

---

&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 |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 81

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

PSF-GTD Permanent School Fund Guaranteed <br> Rev. Revenue <br> 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 August 31, 2025.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) 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;(b) 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 August 31, 2025.

&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;

82 J.P. Morgan Money Market Funds August 31, 2025

------

JPMorgan California Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 70.0%** | **Municipal Bonds — 70.0%** | **Municipal Bonds — 70.0%** |
| **California — 70.0%** | **California — 70.0%** | **California — 70.0%** |
| Anaheim Housing and Public Improvements Authority, <br> Electric Utility Distribution System Series 2024A, <br> Rev., 5.00%, 10/1/2025<br>| 2275 | 2280 |
| Anaheim Housing and Public Improvements Authority, <br> Water System Project Second Lien Series 2024A, <br> Rev., VRDO, LOC : Bank of America NA, 3.60%, <br> 9/2/2025 (a)<br>| 3000 | 3000 |
| Bay Area Toll Authority, Toll Bridge |  |  |
| Series 2024D, Rev., VRDO, LOC : TD Bank NA, <br> 3.30%, 9/2/2025 (a)<br>| 4055 | 4055 |
| Series 2024I, Rev., VRDO, LOC : TD Bank NA, <br> 3.40%, 9/2/2025 (a)<br>| 1700 | 1700 |
| Series 2007A-2, Rev., VRDO, LOC : PNC Bank NA, <br> 1.45%, 9/8/2025 (a)<br>| 1150 | 1150 |
| California Educational Facilities Authority, California <br> Institute of Technology Series A, Rev., VRDO, <br> 1.58%, 9/8/2025 (a)<br>| 2050 | 2050 |
| California Health Facilities Financing Authority, EL <br> Camino Health Series 2025B, Rev., VRDO, LOC : US <br> Bank NA, 3.35%, 9/2/2025 (a)<br>| 1940 | 1940 |
| California Infrastructure and Economic Development <br> Bank, Industrial Development, Silva Corks USA LLC <br> Project, Rev., VRDO, LOC : Bank of America NA, <br> 2.86%, 9/8/2025 (a)<br>| 780 | 780 |
| California Municipal Finance Authority, Multi-Family <br> Housing, Pacific Meadows Apartments Series <br> 2010A, Rev., VRDO, LIQ : FHLMC, 2.73%, <br> 9/8/2025 (a)<br>| 580 | 580 |
| California Municipal Finance Authority, Recovery Zone <br> Facility, Chevron USA, Inc., Project Series 2010C, <br> Rev., VRDO, 3.00%, 9/2/2025 (a)<br>| 5295 | 5295 |
| California Public Finance Authority, Sharp Healthcare <br> Series 2024E, Rev., VRDO, LOC : TD Bank NA, <br> 3.30%, 9/2/2025 (a)<br>| 395 | 395 |
| California Statewide Communities Development <br> Authority, Rady Children's Hospital Series 2008A, <br> Rev., VRDO, LOC : US Bank NA, 3.25%, <br> 9/2/2025 (a)<br>| 2225 | 2225 |
| California Statewide Communities Development <br> Authority, Sweep Loan Program, Scripps Health <br> Obligated Group Series 2007A, Rev., VRDO, LOC : <br> US Bank NA, 1.20%, 9/8/2025 (a)<br>| 100 | 100 |
| City of Irvine, Assessment District No. 07-22, Limited <br> Obligation Improvement Series A, VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 3.45%, <br> 9/2/2025 (a)<br>| 951 | 951 |
| City of Irvine, Assessment District No. 93-14, Limited <br> Obligation Improvement, VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 3.45%, 9/2/2025 (a)<br>| 800 | 800 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| City of Modesto, Multi-Family Housing Westdale <br> Commons Series 2002A, Rev., VRDO, LOC : FNMA, <br> 1.82%, 9/8/2025 (a)<br>| 2200 | 2200 |
| County of San Bernardino, Somerset Apartments LLC <br> Series 1999A, Rev., VRDO, LOC : FNMA, 2.43%, <br> 9/8/2025 (a)<br>| 950 | 950 |
| County of San Diego, Museum of Art, COP, VRDO, LOC : <br> Wells Fargo Bank NA, 1.81%, 9/8/2025 (a)<br>| 2200 | 2200 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB-8176, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 3.75%, 9/2/2025 (a) (b)<br>| 3415 | 3415 |
| Series 2025-DB8181, GO, VRDO, LIQ : Deutsche <br> Bank AG, 3.75%, 9/2/2025 (a) (b)<br>| 5815 | 5815 |
| Series 2025-DBE-8182, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 3.75%, 9/2/2025 (a) (b)<br>| 3825 | 3825 |
| Series 2025-DB-8169, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.82%, 9/8/2025 (a) (b)<br>| 2280 | 2280 |
| Metropolitan Water District of Southern California, <br> Waterworks<br>|  |  |
| Series 2016B-2, Rev., VRDO, LIQ : TD Bank NA, <br> 3.30%, 9/2/2025 (a)<br>| 1240 | 1240 |
| Series 2024B-1, Rev., VRDO, LIQ : Bank of America <br> NA, 2.18%, 9/8/2025 (a)<br>| 3000 | 3000 |
| Mizuho Floater Series 2023-MIZ9122, Rev., VRDO, <br> LIQ : Mizuho Capital Markets LLC, 4.45%, <br> 9/2/2025 (a) (b)<br>| 3100 | 3100 |
| Modesto Public Financing Authority, Rev., VRDO, LOC : <br> BMO Harris Bank NA, 1.65%, 9/8/2025 (a)<br>| 2055 | 2055 |
| Rancho Water District Community Facilities District No. <br> 89-5, VRDO, LOC : Wells Fargo Bank NA, 1.62%, <br> 9/8/2025 (a)<br>| 300 | 300 |
| RBC Municipal Products, Inc. Trust, Floater Certificates <br> Series C-21, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.73%, 9/8/2025 (a) (b)<br>| 7250 | 7250 |
| Regents of the University of California Medical Center <br> Pooled<br>|  |  |
| Series 2013K, Rev., VRDO, 3.20%, 9/2/2025 (a) | 600 | 600 |
| Series 2020O-1, Rev., VRDO, 3.20%, 9/2/2025 (a) | 5000 | 5000 |
| RIB Floater Trust Various States |  |  |
| Series 2022-010, Rev., VRDO, LOC : Barclays Bank <br> plc, 3.80%, 9/2/2025 (a) (b)<br>| 1975 | 1975 |
| Series 2022-015, Rev., VRDO, LOC : Barclays Bank <br> plc, 2.98%, 10/3/2025 (a) (b)<br>| 5670 | 5670 |
| Sacramento County Housing Authority, Multi-Family <br> Housing, Ashford Park Apartments Series 1996D, <br> Rev., VRDO, FNMA, LIQ : FNMA, 2.15%, <br> 9/8/2025 (a)<br>| 2240 | 2240 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 83

------

JPMorgan California Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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** |
| Sacramento County Housing Authority, River Terrace <br> Apartments Series C, Rev., VRDO, FNMA, LIQ : <br> FNMA, 2.15%, 9/8/2025 (a)<br>| 765 | 765 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XM1245, Rev., VRDO, LIQ : UBS AG, <br> 3.73%, 9/2/2025 (a) (b)<br>| 7375 | 7375 |
| Series 2024-BAML5060, Rev., VRDO, LOC : Bank of <br> America NA, 3.83%, 9/2/2025 (a) (b)<br>| 3000 | 3000 |
| Series 2024-BAML6030, Rev., VRDO, LOC : Bank of <br> America NA, 3.83%, 9/2/2025 (a) (b)<br>| 4000 | 4000 |
| Series 2025-XF1879, Rev., VRDO, LIQ : Bank of <br> America NA, 3.88%, 9/2/2025 (a) (b)<br>| 2400 | 2400 |
| Series 2025-XF1899, GO, VRDO, LIQ : Bank of <br> America NA, 3.88%, 9/2/2025 (a) (b)<br>| 1500 | 1500 |
| Series 2025-XF1967, Rev., VRDO, LIQ : Bank of <br> America NA, 3.88%, 9/2/2025 (a) (b)<br>| 2250 | 2250 |
| Series 2022-XF3028, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 1850 | 1850 |
| Series 2022-XF3030, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (b)<br>| 2315 | 2315 |
| Series 2022-XM1007, Rev., VRDO, LIQ : Royal Bank <br> of Canada, 2.75%, 9/4/2025 (a) (b)<br>| 3840 | 3840 |
| Series 2022-XF1376, Rev., VRDO, LIQ : Bank of <br> America NA, 2.71%, 9/8/2025 (a) (b)<br>| 2500 | 2500 |
| Series 2025-XF3448, Rev., VRDO, LIQ : Wells Fargo <br> Bank NA, 2.73%, 9/8/2025 (a) (b)<br>| 2945 | 2945 |
| Series 2025-XM1231, Rev., VRDO, LIQ : Wells Fargo <br> Bank NA, 2.73%, 9/8/2025 (a) (b)<br>| 2000 | 2000 |
| Series 2023-ZF3175, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.74%, 9/8/2025 (a) (b)<br>| 6595 | 6595 |
| Series 2023-ZF3187, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.74%, 9/8/2025 (a) (b)<br>| 5535 | 5535 |
| Series 2022-XX1239, GO, VRDO, LIQ : Barclays <br> Bank plc, 2.75%, 9/8/2025 (a) (b)<br>| 4675 | 4675 |
| Series 2022-XX1262, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.75%, 9/8/2025 (a) (b)<br>| 1875 | 1875 |
| Series 2022-XX1263, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.75%, 9/8/2025 (a) (b)<br>| 1875 | 1875 |
| Series 2022-YX1200, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.75%, 9/8/2025 (a) (b)<br>| 1600 | 1600 |
| Series 2023-XG0502, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.75%, 9/8/2025 (a) (b)<br>| 2800 | 2800 |
| Series 2024-XG0587, Rev., VRDO, LIQ : Bank of <br> America NA, 2.75%, 9/8/2025 (a) (b)<br>| 1800 | 1800 |
| Series 2025-ZF1809, Rev., VRDO, LOC : Royal Bank <br> of Canada, 2.75%, 9/8/2025 (a) (b)<br>| 2675 | 2675 |
| Series 2022-XF1415, Rev., VRDO, LIQ : TD Bank <br> NA, 2.76%, 9/8/2025 (a) (b)<br>| 1705 | 1705 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| Series 2022-XG0393, GO, VRDO, LOC : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (b)<br>| 2400 | 2400 |
| Series 2022-XG0430, Rev., VRDO, LIQ : Wells Fargo <br> Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 3105 | 3105 |
| Series 2022-XL0384, GO, VRDO, LOC : Royal Bank <br> of Canada, 2.76%, 9/8/2025 (a) (b)<br>| 1900 | 1900 |
| Series 2025-XF3334, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (b)<br>| 10010 | 10010 |
| Series 2024-ZF1773, Rev., VRDO, LOC : Royal Bank <br> of Canada, 2.77%, 9/8/2025 (a) (b)<br>| 1670 | 1670 |
| Series XG0100, Rev., VRDO, AMBAC, LOC : Deutsche <br> Bank AG, 2.77%, 9/8/2025 (a) (b)<br>| 3300 | 3300 |
| Series 2025-XM1302, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (b)<br>| 2560 | 2560 |
| Series 2025-CF7014, Rev., VRDO, LOC : Citibank <br> NA, 2.85%, 9/8/2025 (a) (b)<br>| 5000 | 5000 |
| Series 2023-007, Rev., VRDO, LOC : Barclays Bank <br> plc, 2.98%, 10/3/2025 (a) (b)<br>| 7700 | 7700 |
| University of California |  |  |
| Series 2013AL-3, Rev., VRDO, 3.45%, <br> 9/2/2025 (a)<br>| 3245 | 3245 |
| Series 2013AL-1, Rev., VRDO, 3.55%, <br> 9/2/2025 (a)<br>| 450 | 450 |
| Series 2023BP - 2, Rev., VRDO, 2.66%, <br> 9/8/2025 (a)<br>| 3525 | 3525 |
| Western Municipal Water District Facilities Authority <br> Series 2012A, Rev., VRDO, LOC : TD Bank NA, <br> 1.65%, 9/8/2025 (a)<br>| 565 | 565 |
| **Total California** |  | 193721 |
| Total Municipal Bonds <br>(Cost $193,721)<br>|  | 193721 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 13.4%** | **Variable Rate Demand Preferred Shares — 13.4%** | **Variable Rate Demand Preferred Shares — 13.4%** |
| **California — 13.4%** | **California — 13.4%** | **California — 13.4%** |
| Nuveen California AMT - Free Quality Municipal <br> Income Fund Series 6, LIQ : Sumitomo Mitsui <br> Banking Corp., 2.76%, 9/8/2025# (b)<br>| 12000 | 12000 |
| Nuveen California Quality Municipal Income Fund <br> Series 1-1362, LIQ : Societe Generale, 2.82%, <br> 9/8/2025# (b)<br>| 25000 | 25000 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $37,000)<br>|  | 37000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short Term Investments — 16.0%** | **Short Term Investments — 16.0%** | **Short Term Investments — 16.0%** |
| **Commercial Paper — 16.0%** | **Commercial Paper — 16.0%** | **Commercial Paper — 16.0%** |
| California Statewide Communities Development <br> Authority<br>|  |  |
| Series B-6, 2.87%, 11/4/2025 | 3000 | 3000 |
| Series 9B-1, 2.58%, 1/6/2026 | 4000 | 3999 |
| Series 09-D, 2.65%, 1/7/2026 | 2000 | 2000 |
| City and County of San Francisco |  |  |
| Series A-4, 2.62%, 11/4/2025 | 3000 | 3000 |
| Series A-2, 2.62%, 11/6/2025 | 2500 | 2500 |
| East Bay Municipal Utility District Series A-1, 2.80%, <br> 10/1/2025<br>| 5000 | 5000 |
| Los Angeles County Capital Asset Leasing Corp. Series <br> A-TE, 2.50%, 9/11/2025<br>| 5000 | 5000 |
| Municipal Improvement Corp. of Los Angeles |  |  |
| Series A-1, 2.72%, 9/3/2025 | 5000 | 5000 |
| Series A-3, 2.75%, 9/4/2025 | 4400 | 4400 |
| Series A-3, 2.55%, 10/1/2025 | 1000 | 1000 |
| Santa Clara Valley Water District Series A, 2.70%, <br> 10/2/2025<br>| 1563 | 1563 |
| State of California |  |  |
| Series A-7, 2.80%, 9/2/2025 | 1700 | 1700 |
| Series 11A-5, 2.55%, 10/1/2025 | 1998 | 1998 |
| University of California |  |  |
| Series A, 2.75%, 9/24/2025 | 2000 | 2000 |
| Series A, 2.70%, 9/30/2025 | 2000 | 2000 |
| Total Commercial Paper <br>(Cost $44,160)<br>|  | 44160 |
| Total Short Term Investments <br>(Cost $44,160)<br>|  | 44160 |
| **Total Investments — 99.4%** <br>**(Cost $274,881)** \*<br>|  | **274881** |
| **Other Assets in Excess of Liabilities — 0.6%** |  | **1654** |
| **NET ASSETS — 100.0%** |  | **276535** |

---

&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 |
| 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 August 31, 2025.<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 August 31, 2025. <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;

August 31, 2025 J.P. Morgan Money Market Funds 85

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 90.4%** | **Municipal Bonds — 90.4%** | **Municipal Bonds — 90.4%** |
| **New York — 90.4%** | **New York — 90.4%** | **New York — 90.4%** |
| Akron Central School District Series 2025A, GO, <br> BAN, 4.00%, 8/13/2026<br>| 1501 | 1515 |
| Albany Industrial Development Agency, Civic Facility, <br> Living Resources Corp., Project Series 2007A, <br> Rev., VRDO, LOC : HSBC Bank USA NA, 2.75%, <br> 9/8/2025 (a)<br>| 4580 | 4580 |
| Amherst Development Corp., Student Housing <br> Facility, South Lake Village Project Series 2010B, <br> Rev., VRDO, LOC : HSBC Bank USA NA, 2.83%, <br> 9/8/2025 (a)<br>| 9095 | 9095 |
| Arlington Central School District, GO, BAN, 4.00%, <br> 10/30/2025<br>| 3265 | 3269 |
| Battery Park City Authority Series 2019D-1, Rev., <br> VRDO, LIQ : TD Bank NA, 3.78%, 9/2/2025 (a)<br>| 13100 | 13100 |
| Canton Central School District, GO, BAN, 3.75%, <br> 9/4/2026 (b)<br>| 1783 | 1800 |
| Canton Central School District, St. Lawrence County <br> Series 2024B, GO, BAN, 4.00%, 9/5/2025<br>| 932 | 932 |
| Cato-Meridian Central School District, GO, BAN, <br> 3.75%, 7/29/2026<br>| 4488 | 4527 |
| Cazenovia Central School District, GO, BAN, 4.00%, <br> 7/17/2026<br>| 4000 | 4025 |
| City of Albany, GO, BAN, 4.00%, 3/20/2026 | 16312 | 16385 |
| City of Geneva, GO, BAN, 4.75%, 4/30/2026 | 5000 | 5040 |
| City of New York, Fiscal Year 2013 Series 2013, <br> Subseries A-2, GO, VRDO, LOC : Mizuho Bank Ltd., <br> 3.90%, 9/2/2025 (a)<br>| 2495 | 2495 |
| City of New York, Fiscal Year 2017 Series 2017A-7, <br> GO, VRDO, LOC : BMO Harris Bank NA, 3.97%, <br> 9/2/2025 (a)<br>| 5915 | 5915 |
| City of New York, Fiscal Year 2022 Subseries D-4, <br> GO, VRDO, LIQ : State Street Bank & Trust Co., <br> 3.95%, 9/2/2025 (a)<br>| 3710 | 3710 |
| City of New York, Fiscal Year 2023 Series 2023A, <br> Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, <br> 3.90%, 9/2/2025 (a)<br>| 3490 | 3490 |
| City of New York, Fiscal Year 2025 Series 2025, <br> Subseries G-3, GO, VRDO, LIQ : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 10525 | 10525 |
| City of Newburgh Series 2025A, GO, BAN, 4.00%, <br> 3/5/2026<br>| 4000 | 4018 |
| City of Oneida, GO, BAN, 4.00%, 3/27/2026 | 245 | 247 |
| City of Peekskill, GO, TAN, 3.75%, 11/4/2025 | 3000 | 3004 |
| City of Rome, GO, BAN, 4.00%, 6/10/2026 | 13650 | 13737 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB-8179, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 3.85%, 9/2/2025 (a) (c)<br>| 2135 | 2135 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-DB8210, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 3.85%, 9/2/2025 (a) (c)<br>| 6500 | 6500 |
| Series 2025-DB-8215, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 3.85%, 9/2/2025 (a) (c)<br>| 3955 | 3955 |
| Series DB-8149, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 3.85%, 9/2/2025 (a) (c)<br>| 3800 | 3800 |
| Series 2025-DB8173 A, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.76%, 9/8/2025 (a) (c)<br>| 5080 | 5080 |
| Enlarged City School District of the City of Troy, GO, <br> BAN, 4.00%, 6/5/2026<br>| 15583 | 15680 |
| Erie County Industrial Development Agency (The), <br> Our Lady Victory Corp. Series 2007A, Rev., VRDO, <br> LOC : HSBC Bank USA NA, 2.76%, 9/8/2025 (a)<br>| 1975 | 1975 |
| Gananda Central School District, GO, BAN, 3.50%, <br> 6/26/2026 (b)<br>| 6000 | 6038 |
| Hunter-Tannersville Central School District, GO, BAN, <br> 4.00%, 6/25/2026<br>| 3000 | 3016 |
| Hyde Park Central School District, GO, BAN, 4.25%, <br> 6/12/2026<br>| 1970 | 1985 |
| Long Island Power Authority, Electric System |  |  |
| Series 2023D, Rev., VRDO, LOC : Barclays Bank <br> plc, 2.70%, 9/8/2025 (a)<br>| 16970 | 16970 |
| Series 2025C, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.75%, 9/8/2025 (a)<br>| 25000 | 25000 |
| Metropolitan Transportation Authority |  |  |
| Series 2012G-1, Rev., VRDO, LOC : Barclays Bank <br> plc, 3.85%, 9/2/2025 (a)<br>| 2235 | 2235 |
| Series 2015E-1, Rev., VRDO, LOC : Barclays Bank <br> plc, 3.85%, 9/2/2025 (a)<br>| 5755 | 5755 |
| Series 2002D, Subseries2B, Rev., VRDO, LOC : <br> Truist Bank, 3.90%, 9/2/2025 (a)<br>| 40770 | 40770 |
| Metropolitan Transportation Authority Dedicated <br> Tax Fund<br>|  |  |
| Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 8335 | 8335 |
| Series 2008A-2A, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 5225 | 5225 |
| Series 2008A-2B, Rev., VRDO, LOC : PNC Bank <br> NA, 2.70%, 9/8/2025 (a)<br>| 15100 | 15100 |
| Middle Country Central School District At <br> Centereach, GO, TAN, 4.00%, 6/24/2026<br>| 10000 | 10107 |
| Miller Place Union Free School District, GO, TAN, <br> 3.75%, 6/24/2026 (b)<br>| 13000 | 13113 |
| Nanuet Union Free School District Series 2025B, <br> GO, BAN, 3.75%, 12/18/2025<br>| 3000 | 3005 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

86 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Nassau County Industrial Development Agency, Cold <br> Spring Harbor Laboratory Project Series 2006, <br> Rev., VRDO, LIQ : TD Bank NA, 3.90%, <br> 9/2/2025 (a)<br>| 17625 | 17625 |
| Nassau County Local Economic Assistance Corp., <br> Cold Harbor Laboratory Project Series 2024B, <br> Rev., VRDO, LIQ : TD Bank NA, 2.75%, <br> 9/8/2025 (a)<br>| 260 | 260 |
| New York City Health and Hospitals Corp., Health <br> System Series 2008B, Rev., VRDO, LOC : TD Bank <br> NA, 2.78%, 9/8/2025 (a)<br>| 6100 | 6100 |
| New York City Housing Development Corp., 92nd <br> Realty LLC Series 1999A, Rev., VRDO, FNMA, LOC <br> : FNMA, 3.15%, 9/8/2025 (a)<br>| 16400 | 16400 |
| New York City Housing Development Corp., Multi <br> Family Housing, Westport Development Series <br> 2004A, Rev., VRDO, LOC : FNMA, 2.95%, <br> 9/8/2025 (a)<br>| 16425 | 16425 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, Manhattan Court Series <br> 2004A, Rev., VRDO, LOC : Citibank NA, 2.76%, <br> 9/8/2025 (a)<br>| 6920 | 6920 |
| New York City Housing Development Corp., <br> Multi-Family Rent Housing, Gold Street Series <br> 2006A, Rev., VRDO, LOC : FNMA, 2.70%, <br> 9/8/2025 (a)<br>| 15400 | 15400 |
| New York City Housing Development Corp., <br> Multi-Family Rental Housing, West 89th Street <br> Development<br>|  |  |
| Series 2006A, Rev., VRDO, LOC : FNMA, 2.75%, <br> 9/8/2025 (a)<br>| 29050 | 29050 |
| Series 2000A, Rev., VRDO, LOC : FNMA, 2.80%, <br> 9/8/2025 (a)<br>| 30 | 30 |
| New York City Housing Development Corp., <br> Multi-Family, 201 Pearl LLC Series 2006A, Rev., <br> VRDO, LOC : FNMA, 2.70%, 9/8/2025 (a)<br>| 3550 | 3550 |
| New York City Housing Development Corp., <br> Multi-Family, La Fontaine Owners LLC Series <br> 2005A, Rev., VRDO, LOC : Citibank NA, 2.76%, <br> 9/8/2025 (a)<br>| 1450 | 1450 |
| New York City Industrial Development Agency, <br> Washington LLC Project, Rev., VRDO, LOC : Bank <br> of China Ltd., 3.90%, 9/2/2025 (a)<br>| 28115 | 28115 |
| 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., 3.90%, 9/2/2025 (a)<br>| 3900 | 3900 |

---

---

| | | |
|:---|:---|:---|
| **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 Series 2009BB-1, Rev., VRDO, LIQ : <br> UBS AG, 3.90%, 9/2/2025 (a)<br>| 4525 | 4525 |
| 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> 3.90%, 9/2/2025 (a)<br>| 30845 | 30845 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2017 Series 2017BB, <br> Rev., VRDO, LIQ : State Street Bank & Trust Co., <br> 3.70%, 9/2/2025 (a)<br>| 11370 | 11370 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2023 Series 2023, <br> Subseries BB-2, Rev., VRDO, LIQ : Mizuho Bank <br> Ltd., 3.70%, 9/2/2025 (a)<br>| 14110 | 14110 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2013<br>|  |  |
| Series 2013A-7, Rev., VRDO, LIQ : State Street <br> Bank & Trust Co., 2.70%, 9/8/2025 (a)<br>| 1525 | 1525 |
| Series 2013C-5, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 2.75%, 9/8/2025 (a)<br>| 2400 | 2400 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2015 Series A-4, Rev., <br> VRDO, LIQ : Mizuho Bank Ltd., 3.70%, <br> 9/2/2025 (a)<br>| 7975 | 7975 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2023 Series 2023, <br> Subseries A-2, Rev., VRDO, LIQ : UBS AG, 3.90%, <br> 9/2/2025 (a)<br>| 10000 | 10000 |
| 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, 3.90%, 9/2/2025 (a)<br>| 6000 | 6000 |
| Series 2025 Subseries C-4, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 2.74%, <br> 9/8/2025 (a)<br>| 5000 | 5000 |
| New York State Dormitory Authority Series C, Rev., <br> 5.00%, 10/1/2025<br>| 1210 | 1212 |
| New York State Dormitory Authority, Columbia <br> University Series 2003B, Rev., VRDO, 2.67%, <br> 9/8/2025 (a)<br>| 12462 | 12462 |
| New York State Dormitory Authority, Fordham <br> University Series 2008A-1, Rev., VRDO, LOC : <br> Bank of America NA, 2.74%, 9/8/2025 (a)<br>| 4800 | 4800 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 87

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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 State Energy Research and Development <br> Authority, Consolidated Edison Co. of New York, <br> Inc., Project<br>|  |  |
| Series 2005A-1, Rev., VRDO, LOC : Mizuho Bank <br> Ltd., 2.65%, 9/8/2025 (a)<br>| 600 | 600 |
| Series 2005A-3, Rev., VRDO, LOC : Mizuho Bank <br> Ltd., 2.70%, 9/8/2025 (a)<br>| 5300 | 5300 |
| Series 2005A-3, Rev., VRDO, LOC : Mizuho Bank <br> Ltd., 2.70%, 9/8/2025 (a)<br>| 9600 | 9600 |
| Series 2004C-2, Rev., VRDO, LOC : Mizuho Bank <br> Ltd., 2.75%, 9/8/2025 (a)<br>| 11400 | 11400 |
| New York State Housing Finance Agency, <br> 10 Barclay Street Series 2004A, Rev., VRDO, LOC <br> : FNMA, 2.75%, 9/8/2025 (a)<br>| 35000 | 35000 |
| New York State Housing Finance Agency, 160 <br> Madison Avenue LLC<br>|  |  |
| Series 2013A, Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 3.88%, <br> 9/2/2025 (a)<br>| 41025 | 41025 |
| Series 2014A, Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 3.88%, <br> 9/2/2025 (a)<br>| 20200 | 20200 |
| New York State Housing Finance Agency, 316 <br> Eleventh Avenue Housing Series 2009A, Rev., <br> VRDO, LOC : FNMA, 2.75%, 9/8/2025 (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> 2.85%, 9/8/2025 (a)<br>| 1640 | 1640 |
| New York State Housing Finance Agency, 350 West <br> 43rd Street Housing Series 2001A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 3.97%, 9/2/2025 (a)<br>| 11000 | 11000 |
| New York State Housing Finance Agency, 360 West <br> 43rd Street Housing, Rev., VRDO, LOC : FNMA, <br> 2.80%, 9/8/2025 (a)<br>| 2400 | 2400 |
| New York State Housing Finance Agency, 435 East <br> 13th Street Housing Series 2016A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 2.80%, 9/8/2025 (a)<br>| 7220 | 7220 |
| New York State Housing Finance Agency, Historic <br> Front Street Series 2003A, Rev., VRDO, LOC : <br> Landesbank Hessen-Thuringen Girozentrale, <br> 2.77%, 9/8/2025 (a)<br>| 10300 | 10300 |
| New York State Housing Finance Agency, Housing <br> Related Taconic Series 2009A, Rev., VRDO, LOC : <br> FNMA, 2.75%, 9/8/2025 (a)<br>| 41130 | 41130 |

---

---

| | | |
|:---|:---|:---|
| **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, Liberty <br> Street Realty LLC Series 2003A, Rev., VRDO, LOC : <br> FHLMC, 3.06%, 9/8/2025 (a)<br>| 5200 | 5200 |
| New York State Housing Finance Agency, Maiden <br> Lane Properties LLC Series 2004A, Rev., VRDO, <br> LOC : FNMA, 2.70%, 9/8/2025 (a)<br>| 500 | 500 |
| New York State Housing Finance Agency, North End <br> Series 2004A, Rev., VRDO, LOC : FNMA, 2.77%, <br> 9/8/2025 (a)<br>| 400 | 400 |
| New York State Housing Finance Agency, Prospect <br> Plaza Apartments Project Series 2007, Rev., <br> VRDO, LOC : Citibank NA, 2.80%, 9/8/2025 (a)<br>| 7200 | 7200 |
| New York State Housing Finance Agency, Theater <br> Row Tower Housing Series 2001A, Rev., VRDO, <br> LIQ : FHLMC, 2.80%, 9/8/2025 (a)<br>| 10000 | 10000 |
| New York State Housing Finance Agency, Tribeca <br> Park Series ADJ A, Rev., AMT, VRDO, LOC : FNMA, <br> 2.80%, 9/8/2025 (a)<br>| 7000 | 7000 |
| New York State Housing Finance Agency, Weyant <br> Green Apartments Series 2007A, Rev., VRDO, <br> LOC : FNMA, 2.80%, 9/8/2025 (a)<br>| 100 | 100 |
| North Merrick Union Free School District, GO, TAN, <br> 4.00%, 5/28/2026 (b)<br>| 2000 | 2019 |
| Oneonta City School District, GO, BAN, 4.00%, <br> 6/26/2026<br>| 4730 | 4756 |
| Penn Yan Central School District, GO, BAN, 4.00%, <br> 9/12/2025<br>| 1103 | 1103 |
| Port Authority of New York and New Jersey Series <br> 2023-0009, Rev., VRDO, LIQ : Citibank NA, <br> 2.76%, 9/8/2025 (a) (c)<br>| 7500 | 7500 |
| Port Authority of New York and New Jersey, <br> Consolidated Series 193, Rev., AMT, 5.00%, <br> 10/15/2025<br>| 4015 | 4026 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-118, GO, VRDO, LOC : Royal Bank of <br> Canada, 3.95%, 9/2/2025 (a) (c)<br>| 42320 | 42320 |
| Series E-120, Rev., VRDO, LOC : Royal Bank of <br> Canada, 3.95%, 9/2/2025 (a) (c)<br>| 5300 | 5300 |
| Series E-146, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/4/2025 (a) (c)<br>| 10000 | 10000 |
| Series 2025-E-166, GO, VRDO, LOC : Royal Bank <br> of Canada, 2.76%, 9/8/2025 (a) (c)<br>| 5000 | 5000 |
| Series E-159, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.76%, 9/8/2025 (a) (c)<br>| 6025 | 6025 |
| Series 2022-E154, Rev., VRDO, LOC : Royal Bank <br> of Canada, 2.83%, 9/8/2025 (a) (c)<br>| 20325 | 20325 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

88 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| RIB Floater Trust Various States |  |  |
| Series 2022-011, Rev., VRDO, LIQ : Barclays Bank <br> plc, 2.75%, 9/8/2025 (a) (c)<br>| 3300 | 3300 |
| Series 2022-012, Rev., VRDO, LIQ : Barclays Bank <br> plc, 2.76%, 9/8/2025 (a) (c)<br>| 11760 | 11760 |
| Series 2025-1003, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.80%, 9/8/2025 (a) (c)<br>| 4365 | 4365 |
| Series 2022-008, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.98%, 10/3/2025 (a) (c)<br>| 60000 | 60000 |
| Series 2024-002, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.98%, 10/3/2025 (a) (c)<br>| 12500 | 12500 |
| Riverhead Central School District Series A, GO, TAN, <br> 3.50%, 2/10/2026 (b)<br>| 10000 | 10036 |
| Roslyn Union Free School District, GO, BAN, 3.75%, <br> 8/26/2026<br>| 1804 | 1820 |
| Schoharie Central School District |  |  |
| Series 2025B, GO, BAN, 4.00%, 6/25/2026 | 2750 | 2765 |
| Series 2025A, GO, BAN, 4.00%, 7/10/2026 | 11000 | 11077 |
| State of New York Mortgage Agency Homeowner <br> Mortgage<br>|  |  |
| Series 207, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 2.70%, 9/8/2025 (a)<br>| 200 | 200 |
| Series 234, Rev., VRDO, LIQ : UBS AG, 2.70%, <br> 9/8/2025 (a)<br>| 19250 | 19250 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XX1424, Rev., VRDO, LIQ : Barclays <br> Bank plc, 3.85%, 9/2/2025 (a) (c)<br>| 3250 | 3250 |
| Series 2025-XX1430, Rev., VRDO, LIQ : Barclays <br> Bank plc, 3.85%, 9/2/2025 (a) (c)<br>| 11250 | 11250 |
| Series 2024-XG0590, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 3.88%, 9/2/2025 (a) (c)<br>| 9795 | 9795 |
| Series 2025-XF8014, Rev., VRDO, LIQ : Bank of <br> America NA, 3.98%, 9/2/2025 (a) (c)<br>| 10665 | 10665 |
| Series 2025-XF8037, Rev., VRDO, LIQ : Bank of <br> America NA, 3.98%, 9/2/2025 (a) (c)<br>| 5330 | 5330 |
| Series 2025-XL0601, Rev., VRDO, LIQ : Bank of <br> America NA, 3.98%, 9/2/2025 (a) (c)<br>| 3175 | 3175 |
| Series 2025-XF8005, Rev., VRDO, LIQ : Bank of <br> America NA, 4.00%, 9/2/2025 (a) (c)<br>| 6665 | 6665 |
| Series 2025-YX1372, Rev., VRDO, LOC : Barclays <br> Bank plc, 4.05%, 9/2/2025 (a) (c)<br>| 22075 | 22075 |
| Series 2024-BAML6026, Rev., VRDO, LOC : Bank <br> of America NA, 4.09%, 9/2/2025 (a) (c)<br>| 3420 | 3420 |
| Series 2022-ZF1417, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/4/2025 (a) (c)<br>| 1635 | 1635 |
| Series 2022-XM1058, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.75%, 9/8/2025 (a) (c)<br>| 2870 | 2870 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2022-XM1070, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.75%, 9/8/2025 (a) (c)<br>| 3280 | 3280 |
| Series 2023-XF3182, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.75%, 9/8/2025 (a) (c)<br>| 2755 | 2755 |
| Series 2023-XF3185, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.75%, 9/8/2025 (a) (c)<br>| 5930 | 5930 |
| Series 2023-XM1142, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.75%, 9/8/2025 (a) (c)<br>| 10070 | 10070 |
| Series 2023-XX1323, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.75%, 9/8/2025 (a) (c)<br>| 6000 | 6000 |
| Series 2025-ZF3373, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.75%, 9/8/2025 (a) (c)<br>| 3530 | 3530 |
| Series 025-ZF1987, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 4835 | 4835 |
| Series 025-ZF1994, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 2290 | 2290 |
| Series 025-ZF1995, GO, VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 2530 | 2530 |
| Series 2019-XF0847, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (c)<br>| 7220 | 7220 |
| Series 2020-XF2868, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 1900 | 1900 |
| Series 2020-XG0276, Rev., VRDO, LOC : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 1545 | 1545 |
| Series 2022-XF1339, GO, VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 4090 | 4090 |
| Series 2022-XF1383, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 3050 | 3050 |
| Series 2022-XF1393, Rev., VRDO, LIQ : TD Bank <br> NA, 2.76%, 9/8/2025 (a) (c)<br>| 3500 | 3500 |
| Series 2022-XF1399, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 1835 | 1835 |
| Series 2022-XF3002, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 10700 | 10700 |
| Series 2022-XF3016, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 19705 | 19705 |
| Series 2022-XF3021, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 3600 | 3600 |
| Series 2022-XF3047, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 2400 | 2400 |
| Series 2022-XG0405, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 1875 | 1875 |
| Series 2022-XL0322, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 6700 | 6700 |
| Series 2022-XL0353, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 2860 | 2860 |
| Series 2022-XL0381, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 1875 | 1875 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 89

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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 2022-XM1006, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 2400 | 2400 |
| Series 2022-XM1010, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (c)<br>| 2950 | 2950 |
| Series 2022-XM1015, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 18750 | 18750 |
| Series 2022-XM1031, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 3750 | 3750 |
| Series 2022-XM1052, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (c)<br>| 5625 | 5625 |
| Series 2022-XM1069, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 2445 | 2445 |
| Series 2022-XX1282, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 4970 | 4970 |
| Series 2022-YX1208, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 12050 | 12050 |
| Series 2022-YX1242, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 5630 | 5630 |
| Series 2022-YX1250, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 1730 | 1730 |
| Series 2022-YX1257, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 3440 | 3440 |
| Series 2022-YX1277, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 2985 | 2985 |
| Series 2022-ZL0263, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (c)<br>| 2985 | 2985 |
| Series 2022-ZL0350, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 5000 | 5000 |
| Series 2022-ZL0393, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 2050 | 2050 |
| Series 2023-XF1495, Rev., VRDO, LIQ : TD Bank <br> NA, 2.76%, 9/8/2025 (a) (c)<br>| 1565 | 1565 |
| Series 2023-XF1505, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 3350 | 3350 |
| Series 2023-XF1506, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 8900 | 8900 |
| Series 2023-XF1614, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (c)<br>| 1245 | 1245 |
| Series 2023-XF1622, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 1875 | 1875 |
| Series 2023-XF1633, Rev., VRDO, LIQ : TD Bank <br> NA, 2.76%, 9/8/2025 (a) (c)<br>| 3880 | 3880 |
| Series 2023-XF1643, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 2905 | 2905 |
| Series 2023-XF1652, Rev., VRDO, LIQ : TD Bank <br> NA, 2.76%, 9/8/2025 (a) (c)<br>| 3750 | 3750 |
| Series 2023-XF1665, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 3310 | 3310 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2023-XF3161, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 3840 | 3840 |
| Series 2023-XF3169, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 14835 | 14835 |
| Series 2023-XF3184, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 11575 | 11575 |
| Series 2023-XL0434, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 10975 | 10975 |
| Series 2023-XL0441, GO, VRDO, LIQ : Royal Bank <br> of Canada, 2.76%, 9/8/2025 (a) (c)<br>| 2000 | 2000 |
| Series 2023-XL0463, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 5210 | 5210 |
| Series 2023-XX1281, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 8290 | 8290 |
| Series 2023-ZF1656, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (c)<br>| 3210 | 3210 |
| Series 2023-ZF3167, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 2500 | 2500 |
| Series 2023-ZF3171, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 2130 | 2130 |
| Series 2023-ZL0494, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 5330 | 5330 |
| Series 2023-ZL0517, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 1670 | 1670 |
| Series 2024-XF3229, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 6275 | 6275 |
| Series 2024-XF3273, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 4125 | 4125 |
| Series 2024-XG0561, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 2360 | 2360 |
| Series 2024-XL0568, Rev., VRDO, A.G., LOC : TD <br> Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 160 | 160 |
| Series 2024-XM1181, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 2165 | 2165 |
| Series 2024-XX1358, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 1080 | 1080 |
| Series 2024-YX1344, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 5750 | 5750 |
| Series 2024-YX1347, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.76%, 9/8/2025 (a) (c)<br>| 3375 | 3375 |
| Series 2025-CF7021, Rev., VRDO, LIQ : Citibank <br> NA, 2.76%, 9/8/2025 (a) (c)<br>| 13215 | 13215 |
| Series 2025-CF7025, Rev., VRDO, LIQ : Citibank <br> NA, 2.76%, 9/8/2025 (a) (c)<br>| 5895 | 5895 |
| Series 2025-XF1967, GO, VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 2665 | 2665 |
| Series 2025-XF3320, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 500 | 500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

90 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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-XF3384, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 830 | 830 |
| Series 2025-XL0676, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 7455 | 7455 |
| Series 2025-XM1306, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 6000 | 6000 |
| Series 2025-ZF1844, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 1875 | 1875 |
| Series 2025-ZF1861, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 3725 | 3725 |
| Series 2025-ZF1862, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 1675 | 1675 |
| Series 2025-ZF1883, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 2500 | 2500 |
| Series 2025-ZF1897, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 3810 | 3810 |
| Series 2025-ZF1906, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 1875 | 1875 |
| Series 2025-ZF1907, Rev., VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 1875 | 1875 |
| Series 2025-ZF1936, GO, VRDO, LIQ : Bank of <br> America NA, 2.76%, 9/8/2025 (a) (c)<br>| 2110 | 2110 |
| Series 2025-ZF3323, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 3520 | 3520 |
| Series 2025-ZF3391, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 2810 | 2810 |
| Series 2025-ZF3408, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.76%, 9/8/2025 (a) (c)<br>| 2500 | 2500 |
| Series 2025-ZF8024, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.76%, 9/8/2025 (a) (c)<br>| 3370 | 3370 |
| Series 2022-XF3065, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (c)<br>| 5995 | 5995 |
| Series 2022-ZL0270, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.77%, 9/8/2025 (a) (c)<br>| 2070 | 2070 |
| Series 2023-XL0526, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.77%, 9/8/2025 (a) (c)<br>| 3635 | 3635 |
| Series 2024-XM1196, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 2.77%, 9/8/2025 (a) <br> (c)<br>| 5100 | 5100 |
| Series 2023-XF1496, Rev., VRDO, LIQ : TD Bank <br> NA, 2.78%, 9/8/2025 (a) (c)<br>| 2150 | 2150 |
| Series 2025-XG0623, Rev., VRDO, A.G., LOC : <br> Bank of America NA, 2.78%, 9/8/2025 (a) (c)<br>| 5060 | 5060 |
| Series 2025-ZF3319, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.78%, 9/8/2025 (a) (c)<br>| 6665 | 6665 |
| Series 025-ZF1991, Rev., VRDO, LIQ : Bank of <br> America NA, 2.79%, 9/8/2025 (a) (c)<br>| 4685 | 4685 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2022-XG0379, Rev., VRDO, LIQ : Bank of <br> America NA, 2.79%, 9/8/2025 (a) (c)<br>| 3565 | 3565 |
| Series 2022-XG0394, Rev., VRDO, LIQ : Bank of <br> America NA, 2.79%, 9/8/2025 (a) (c)<br>| 5040 | 5040 |
| Series 2022-XG0438, Rev., VRDO, LIQ : Bank of <br> America NA, 2.79%, 9/8/2025 (a) (c)<br>| 2145 | 2145 |
| Series 2023-XG0526, Rev., VRDO, LIQ : Bank of <br> America NA, 2.79%, 9/8/2025 (a) (c)<br>| 3200 | 3200 |
| Town of Bethlehem, GO, BAN, 5.00%, 5/1/2026 | 5960 | 6017 |
| Town of DeWitt, GO, BAN, 3.75%, 10/13/2025 | 16000 | 16014 |
| Town of Hamburg, GO, BAN, 4.25%, 6/17/2026 | 3000 | 3022 |
| Town of LaGrange, GO, BAN, 4.00%, 9/11/2025 | 929 | 929 |
| Town of Oyster Bay, GO, BAN, 4.00%, 3/6/2026 | 13779 | 13865 |
| Town of Pembroke, GO, BAN, 4.00%, 3/26/2026 | 4000 | 4023 |
| Town of Skaneateles, GO, BAN, 4.25%, 5/22/2026 | 2827 | 2844 |
| Town of Vestal, GO, BAN, 4.00%, 6/4/2026 | 4292 | 4319 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels<br>|  |  |
| Series 2005B-4C, Rev., VRDO, LOC : US Bank NA, <br> 3.85%, 9/2/2025 (a)<br>| 7875 | 7875 |
| Series 2003B-2, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 12910 | 12910 |
| Series 2005B-4A, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (a)<br>| 24160 | 24160 |
| Series 2025B-2B, Rev., VRDO, LOC : State Street <br> Bank & Trust Co., 2.69%, 9/8/2025 (a)<br>| 600 | 600 |
| Series 2023A, Rev., 5.00%, 11/15/2025 | 500 | 502 |
| Trust for Cultural Resources of The City of New York <br> (The), American Museum of Natural History<br>|  |  |
| Series 2014B2, Rev., VRDO, 2.76%, <br> 12/29/2025 (a)<br>| 10190 | 10190 |
| Series 2014B-1, Rev., VRDO, 2.77%, <br> 5/5/2026 (a)<br>| 5225 | 5225 |
| Trust for Cultural Resources of The City of New York <br> (The), The Museum of Modern Art Series <br> 2006A-2, Rev., VRDO, 2.69%, 9/8/2025 (a)<br>| 27875 | 27875 |
| Union Springs Central School District, GO, BAN, <br> 3.75%, 7/17/2026<br>| 1056 | 1063 |
| Valley Central School District, GO, BAN, 4.00%, <br> 6/23/2026 (b)<br>| 10000 | 10105 |
| Village of Freeport |  |  |
| Series 2024D, GO, BAN, 4.00%, 10/17/2025 | 9500 | 9510 |
| Series 2025A, GO, BAN, 3.75%, 2/27/2026 | 1713 | 1718 |
| Series 2025C, GO, BAN, 4.75%, 4/24/2026 | 6925 | 6979 |
| Village of Hamburg, GO, BAN, 4.00%, 9/18/2025 | 2000 | 2000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 91

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| Village of Haverstraw |  |  |
| Series 2024A, GO, BAN, 4.00%, 9/12/2025 | 2245 | 2245 |
| Series 2025B, GO, BAN, 4.00%, 9/11/2026 (b) | 2197 | 2225 |
| Village of Hempstead Series 2025A, GO, BAN, <br> 4.75%, 5/1/2026<br>| 6000 | 6048 |
| Village of Highland Falls Series 2024A, GO, BAN, <br> 4.00%, 3/11/2026<br>| 4375 | 4397 |
| Village of Lake Success Series 2024B, GO, BAN, <br> 3.75%, 10/29/2025<br>| 2090 | 2092 |
| Village of New Paltz |  |  |
| Series 2024C, GO, BAN, 4.00%, 9/12/2025 | 3855 | 3856 |
| Series 2025C, GO, BAN, 4.00%, 9/11/2026 (b) | 3250 | 3291 |
| Village of Pelham, GO, BAN, 4.00%, 2/13/2026 | 2241 | 2251 |
| Village of Penn Yan, GO, BAN, 4.00%, 7/16/2026 | 7583 | 7630 |
| Village of Port Chester, GO, BAN, 4.00%, 5/1/2026 | 5000 | 5008 |
| Warrensburg Central School District, GO, BAN, <br> 4.00%, 6/23/2026<br>| 3900 | 3921 |
| West Genesee Central School District Series 2025B, <br> GO, BAN, 4.00%, 7/17/2026<br>| 4000 | 4029 |
| **Total New York** |  | 1777702 |
| Total Municipal Bonds <br>(Cost $1,777,702)<br>|  | 1777702 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 9.0%** | **Variable Rate Demand Preferred Shares — 9.0%** | **Variable Rate Demand Preferred Shares — 9.0%** |
| **New York — 9.0%** | **New York — 9.0%** | **New York — 9.0%** |
| BlackRock MuniHoldings New York Quality Fund, Inc. <br> Series W-7-2436, LIQ : Bank of America NA, <br> 2.87%, 9/8/2025#<br>| 28200 | 28200 |
| Nuveen New York AMT - Free Quality Municipal <br> Income Fund<br>|  |  |
| Series 1, LIQ : Societe Generale, 2.78%, <br> 9/8/2025# (c)<br>| 18600 | 18600 |
| Series 2, LIQ : Royal Bank of Canada, 2.78%, <br> 9/8/2025# (c)<br>| 26800 | 26800 |
| Series 3, LIQ : Sumitomo Mitsui Banking Corp., <br> 2.78%, 9/8/2025# (c)<br>| 43200 | 43200 |
| Series 5, LIQ : TD Bank NA, 2.80%, 9/8/2025# <br> (c)<br>| 40000 | 40000 |
| Nuveen New York Quality Municipal Income Fund <br> Series 1-PFD, LIQ : TD Bank NA, 2.89%, <br> 9/8/2025# (c)<br>| 20500 | 20500 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $177,300)<br>|  | 177300 |

---

---

| | | |
|:---|:---|:---|
| **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%** |
| Dormitory of The State |  |  |
| 2.75%, 9/11/2025 | 12500 | 12500 |
| 2.74%, 9/18/2025 | 40000 | 40000 |
| Total Commercial Paper <br>(Cost $52,500)<br>|  | 52500 |
| Total Short Term Investments <br>(Cost $52,500)<br>|  | 52500 |
| **Total Investments — 102.1%** <br>**(Cost $2,007,502)** \*<br>|  | **2007502** |
| **Liabilities in Excess of Other Assets — (2.1)%** |  | **(41889)**<br>|
| **NET ASSETS — 100.0%** |  | **1965613** |

---

&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 August 31, 2025.<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 August 31, 2025. <br>|
| (b) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (c) | 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;

92 J.P. Morgan Money Market Funds August 31, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited)

(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** <br>|
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $64929731 | &nbsp;&nbsp;&nbsp; $2716977 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; 22622361 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 2600001 | &nbsp;&nbsp;&nbsp; 12 |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 105 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1250 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 161824 | &nbsp;&nbsp;&nbsp; 9432 |
| Total Assets | &nbsp;&nbsp;&nbsp; 90313917 | &nbsp;&nbsp;&nbsp; 2727776 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 190937 | &nbsp;&nbsp;&nbsp; 5238 |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 5910 | &nbsp;&nbsp;&nbsp; 190 |
| Administration fees | &nbsp;&nbsp;&nbsp; 2313 | &nbsp;&nbsp;&nbsp; 75 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Service fees | &nbsp;&nbsp;&nbsp; 4888 | &nbsp;&nbsp;&nbsp; 48 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 38 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| Other | &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 33 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 204346 | &nbsp;&nbsp;&nbsp; 5624 |
| Net Assets | &nbsp;&nbsp;&nbsp; $90109571 | &nbsp;&nbsp;&nbsp; $2722152 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 93

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited) (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** <br>|
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $90114767 | &nbsp;&nbsp;&nbsp; $2722146 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (5196)<br>| &nbsp;&nbsp;&nbsp; 6 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $90109571 | &nbsp;&nbsp;&nbsp; $2722152 |
| Net Assets: |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $1376442 | &nbsp;&nbsp;&nbsp; $— |
| Agency | &nbsp;&nbsp;&nbsp; 3080458 | &nbsp;&nbsp;&nbsp; 60961 |
| Capital | &nbsp;&nbsp;&nbsp; 50087497 | &nbsp;&nbsp;&nbsp; 372229 |
| Empower | &nbsp;&nbsp;&nbsp; 719755 | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp; 12020930 | &nbsp;&nbsp;&nbsp; 1885800 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 19231542 | &nbsp;&nbsp;&nbsp; 403162 |
| Morgan | &nbsp;&nbsp;&nbsp; 701569 | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; 2888392 | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; 2986 | &nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp;&nbsp; $90109571 | &nbsp;&nbsp;&nbsp; $2722152 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Academy | &nbsp;&nbsp;&nbsp; 1376265 | &nbsp;&nbsp;&nbsp; — |
| Agency | &nbsp;&nbsp;&nbsp; 3077831 | &nbsp;&nbsp;&nbsp; 60948 |
| Capital | &nbsp;&nbsp;&nbsp; 50076817 | &nbsp;&nbsp;&nbsp; 372133 |
| Empower | &nbsp;&nbsp;&nbsp; 719630 | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp; 12018040 | &nbsp;&nbsp;&nbsp; 1885631 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 19226426 | &nbsp;&nbsp;&nbsp; 403098 |
| Morgan | &nbsp;&nbsp;&nbsp; 700583 | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; 2887282 | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; 2984 | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value offering and redemption price per share |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $1.0001 | &nbsp;&nbsp;&nbsp; $— |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp;1.0009 | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;1.0003 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;1.0001 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp;1.0014 | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp; — |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $64928955 | &nbsp;&nbsp;&nbsp; $2716977 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; 22622361 | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

94 J.P. Morgan Money Market Funds August 31, 2025

------

&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**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $64355826 | &nbsp;&nbsp;&nbsp; $445043 | &nbsp;&nbsp;&nbsp; $195863741 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; 16877000 | &nbsp;&nbsp;&nbsp; 1281295 | &nbsp;&nbsp;&nbsp; 103444674 |
| Cash | &nbsp;&nbsp;&nbsp; 2137095 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 10551687 |
| Receivables: |  |  |  |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 154792 | &nbsp;&nbsp;&nbsp; 1562 | &nbsp;&nbsp;&nbsp; 776199 |
| Total Assets | &nbsp;&nbsp;&nbsp; 83524713 | &nbsp;&nbsp;&nbsp; 1727901 | &nbsp;&nbsp;&nbsp; 310636301 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 102419 | &nbsp;&nbsp;&nbsp; 5017 | &nbsp;&nbsp;&nbsp; 630758 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 100000 | &nbsp;&nbsp;&nbsp; 10000 | &nbsp;&nbsp;&nbsp; 4470785 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 5593 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 20376 |
| Administration fees | &nbsp;&nbsp;&nbsp; 2188 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 8161 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 815 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1403 |
| Service fees | &nbsp;&nbsp;&nbsp; 14258 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24204 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 247 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 597 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 55 |
| Other | &nbsp;&nbsp;&nbsp; 464 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 1323 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 225984 | &nbsp;&nbsp;&nbsp; 15114 | &nbsp;&nbsp;&nbsp; 5157662 |
| Net Assets | &nbsp;&nbsp;&nbsp; $83298729 | &nbsp;&nbsp;&nbsp; $1712787 | &nbsp;&nbsp;&nbsp; $305478639 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 95

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited) (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**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $83298724 | &nbsp;&nbsp;&nbsp; $1712769 | &nbsp;&nbsp;&nbsp; $305543599 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; (64960)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $83298729 | &nbsp;&nbsp;&nbsp; $1712787 | &nbsp;&nbsp;&nbsp; $305478639 |
| Net Assets: |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $4382136 |
| Agency | &nbsp;&nbsp;&nbsp; 4737568 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16718728 |
| Agency SL | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1712787 | &nbsp;&nbsp;&nbsp; — |
| Capital | &nbsp;&nbsp;&nbsp; 21612731 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 182898133 |
| Empower | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9806666 |
| IM | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11683614 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 11721763 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43166341 |
| Investor | &nbsp;&nbsp;&nbsp; 10078 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3674719 |
| Morgan | &nbsp;&nbsp;&nbsp; 9594021 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15176212 |
| Premier | &nbsp;&nbsp;&nbsp; 35605103 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17835653 |
| Reserve | &nbsp;&nbsp;&nbsp; 17465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34892 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 101545 |
| Total | &nbsp;&nbsp;&nbsp; $83298729 | &nbsp;&nbsp;&nbsp; $1712787 | &nbsp;&nbsp;&nbsp; $305478639 |
| 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; 4383066 |
| Agency | &nbsp;&nbsp;&nbsp; 4737557 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16722284 |
| Agency SL | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1712798 | &nbsp;&nbsp;&nbsp; — |
| Capital | &nbsp;&nbsp;&nbsp; 21612685 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 182937008 |
| Empower | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9808748 |
| IM | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11686102 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 11721738 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 43175520 |
| Investor | &nbsp;&nbsp;&nbsp; 10078 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3675499 |
| Morgan | &nbsp;&nbsp;&nbsp; 9594001 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15179441 |
| Premier | &nbsp;&nbsp;&nbsp; 35605027 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17839445 |
| Reserve | &nbsp;&nbsp;&nbsp; 17465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 34899 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 101567 |
| 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; $64355826 | &nbsp;&nbsp;&nbsp; $445043 | &nbsp;&nbsp;&nbsp; $195863741 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; 16877000 | &nbsp;&nbsp;&nbsp; 1281295 | &nbsp;&nbsp;&nbsp; 103444674 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

96 J.P. Morgan Money Market Funds August 31, 2025

------

&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; $29163505 | &nbsp;&nbsp;&nbsp; $8269341 | &nbsp;&nbsp;&nbsp; $265179623 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; 21275000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 1727218 | &nbsp;&nbsp;&nbsp; 352879 | &nbsp;&nbsp;&nbsp; 6344591 |
| Receivables: |  |  |  |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 113319 | &nbsp;&nbsp;&nbsp; 17367 | &nbsp;&nbsp;&nbsp; 169348 |
| Total Assets | &nbsp;&nbsp;&nbsp; 52279042 | &nbsp;&nbsp;&nbsp; 8639587 | &nbsp;&nbsp;&nbsp; 271693562 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 101405 | &nbsp;&nbsp;&nbsp; 15667 | &nbsp;&nbsp;&nbsp; 692652 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 990132 | &nbsp;&nbsp;&nbsp; 99355 | &nbsp;&nbsp;&nbsp; 12911662 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 3396 | &nbsp;&nbsp;&nbsp; 573 | &nbsp;&nbsp;&nbsp; 16904 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1329 | &nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 6799 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 524 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 785 |
| Service fees | &nbsp;&nbsp;&nbsp; 5408 | &nbsp;&nbsp;&nbsp; 1156 | &nbsp;&nbsp;&nbsp; 21362 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 372 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 30 |
| Other | &nbsp;&nbsp;&nbsp; 344 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 415 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 1102664 | &nbsp;&nbsp;&nbsp; 117154 | &nbsp;&nbsp;&nbsp; 13650981 |
| Net Assets | &nbsp;&nbsp;&nbsp; $51176378 | &nbsp;&nbsp;&nbsp; $8522433 | &nbsp;&nbsp;&nbsp; $258042581 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 97

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited) (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; $51176263 | &nbsp;&nbsp;&nbsp; $8522332 | &nbsp;&nbsp;&nbsp; $258043148 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 115 | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; (567)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $51176378 | &nbsp;&nbsp;&nbsp; $8522433 | &nbsp;&nbsp;&nbsp; $258042581 |
| Net Assets: |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $114787 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $366585 |
| Agency | &nbsp;&nbsp;&nbsp; 3259255 | &nbsp;&nbsp;&nbsp; 602143 | &nbsp;&nbsp;&nbsp; 17900397 |
| Capital | &nbsp;&nbsp;&nbsp; 20114883 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 139769647 |
| Empower | &nbsp;&nbsp;&nbsp; 177485 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 936245 |
| IM | &nbsp;&nbsp;&nbsp; 494199 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 136310 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 16118844 | &nbsp;&nbsp;&nbsp; 5221648 | &nbsp;&nbsp;&nbsp; 69407729 |
| Investor | &nbsp;&nbsp;&nbsp; 17332 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan | &nbsp;&nbsp;&nbsp; 4987132 | &nbsp;&nbsp;&nbsp; 385250 | &nbsp;&nbsp;&nbsp; 6711081 |
| Premier | &nbsp;&nbsp;&nbsp; 5328258 | &nbsp;&nbsp;&nbsp; 2313392 | &nbsp;&nbsp;&nbsp; 21776959 |
| Reserve | &nbsp;&nbsp;&nbsp; 564203 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1037628 |
| Total | &nbsp;&nbsp;&nbsp; $51176378 | &nbsp;&nbsp;&nbsp; $8522433 | &nbsp;&nbsp;&nbsp; $258042581 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; 114787 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 366586 |
| Agency | &nbsp;&nbsp;&nbsp; 3259248 | &nbsp;&nbsp;&nbsp; 602135 | &nbsp;&nbsp;&nbsp; 17900430 |
| Capital | &nbsp;&nbsp;&nbsp; 20114838 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 139769905 |
| Empower | &nbsp;&nbsp;&nbsp; 177485 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 936247 |
| IM | &nbsp;&nbsp;&nbsp; 494198 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 136311 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 16118808 | &nbsp;&nbsp;&nbsp; 5221582 | &nbsp;&nbsp;&nbsp; 69407857 |
| Investor | &nbsp;&nbsp;&nbsp; 17332 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan | &nbsp;&nbsp;&nbsp; 4987121 | &nbsp;&nbsp;&nbsp; 385245 | &nbsp;&nbsp;&nbsp; 6711093 |
| Premier | &nbsp;&nbsp;&nbsp; 5328246 | &nbsp;&nbsp;&nbsp; 2313363 | &nbsp;&nbsp;&nbsp; 21777000 |
| Reserve | &nbsp;&nbsp;&nbsp; 564202 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1037629 |
| 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; $29163505 | &nbsp;&nbsp;&nbsp; $8269341 | &nbsp;&nbsp;&nbsp; $265179623 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; 21275000 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

98 J.P. Morgan Money Market Funds August 31, 2025

------

&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; $10832823 | &nbsp;&nbsp;&nbsp; $2653137 | &nbsp;&nbsp;&nbsp; $274881 | &nbsp;&nbsp;&nbsp; $2007502 |
| Cash | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 7510 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 400 | &nbsp;&nbsp;&nbsp; 10505 | &nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp; 790 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 46620 | &nbsp;&nbsp;&nbsp; 13202 | &nbsp;&nbsp;&nbsp; 1387 | &nbsp;&nbsp;&nbsp; 9956 |
| Total Assets | &nbsp;&nbsp;&nbsp; 10887387 | &nbsp;&nbsp;&nbsp; 2676853 | &nbsp;&nbsp;&nbsp; 277042 | &nbsp;&nbsp;&nbsp; 2018248 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| Distributions | &nbsp;&nbsp;&nbsp; 19057 | &nbsp;&nbsp;&nbsp; 1957 | &nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp; 3556 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 2405 | &nbsp;&nbsp;&nbsp; 11665 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 72715 | &nbsp;&nbsp;&nbsp; 14088 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48626 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp; 182 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 125 |
| Administration fees | &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 49 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 129 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 |
| Service fees | &nbsp;&nbsp;&nbsp; 1212 | &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 195 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 19 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 58 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 96696 | &nbsp;&nbsp;&nbsp; 28380 | &nbsp;&nbsp;&nbsp; 507 | &nbsp;&nbsp;&nbsp; 52635 |
| Net Assets | &nbsp;&nbsp;&nbsp; $10790691 | &nbsp;&nbsp;&nbsp; $2648473 | &nbsp;&nbsp;&nbsp; $276535 | &nbsp;&nbsp;&nbsp; $1965613 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 99

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited) (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; $10790718 | &nbsp;&nbsp;&nbsp; $2648430 | &nbsp;&nbsp;&nbsp; $276549 | &nbsp;&nbsp;&nbsp; $1965629 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (27)<br>| &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (16)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $10790691 | &nbsp;&nbsp;&nbsp; $2648473 | &nbsp;&nbsp;&nbsp; $276535 | &nbsp;&nbsp;&nbsp; $1965613 |
| Net Assets: |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; $353855 | &nbsp;&nbsp;&nbsp; $184576 | &nbsp;&nbsp;&nbsp; $15804 | &nbsp;&nbsp;&nbsp; $194623 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 8487450 | &nbsp;&nbsp;&nbsp; 1700375 | &nbsp;&nbsp;&nbsp; 170170 | &nbsp;&nbsp;&nbsp; 1453882 |
| Morgan | &nbsp;&nbsp;&nbsp; 90734 | &nbsp;&nbsp;&nbsp; 93168 | &nbsp;&nbsp;&nbsp; 4131 | &nbsp;&nbsp;&nbsp; 43678 |
| Premier | &nbsp;&nbsp;&nbsp; 1291780 | &nbsp;&nbsp;&nbsp; 670344 | &nbsp;&nbsp;&nbsp; 86420 | &nbsp;&nbsp;&nbsp; 272071 |
| Reserve | &nbsp;&nbsp;&nbsp; 566872 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1349 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| Total | &nbsp;&nbsp;&nbsp; $10790691 | &nbsp;&nbsp;&nbsp; $2648473 | &nbsp;&nbsp;&nbsp; $276535 | &nbsp;&nbsp;&nbsp; $1965613 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; 353838 | &nbsp;&nbsp;&nbsp; 184563 | &nbsp;&nbsp;&nbsp; 15798 | &nbsp;&nbsp;&nbsp; 194620 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 8487027 | &nbsp;&nbsp;&nbsp; 1700251 | &nbsp;&nbsp;&nbsp; 170109 | &nbsp;&nbsp;&nbsp; 1453862 |
| Morgan | &nbsp;&nbsp;&nbsp; 90729 | &nbsp;&nbsp;&nbsp; 93161 | &nbsp;&nbsp;&nbsp; 4130 | &nbsp;&nbsp;&nbsp; 43678 |
| Premier | &nbsp;&nbsp;&nbsp; 1291716 | &nbsp;&nbsp;&nbsp; 670294 | &nbsp;&nbsp;&nbsp; 86390 | &nbsp;&nbsp;&nbsp; 272068 |
| Reserve | &nbsp;&nbsp;&nbsp; 566844 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1349 |
| 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; $10832823 | &nbsp;&nbsp;&nbsp; $2653137 | &nbsp;&nbsp;&nbsp; $274881 | &nbsp;&nbsp;&nbsp; $2007502 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

100 J.P. Morgan Money Market Funds August 31, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited)

(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**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $1869676 | &nbsp;&nbsp;&nbsp; $31074 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 56160 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 1925836 | &nbsp;&nbsp;&nbsp; 31074 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 34248 | &nbsp;&nbsp;&nbsp; 916 |
| Administration fees | &nbsp;&nbsp;&nbsp; 13577 | &nbsp;&nbsp;&nbsp; 363 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 28737 | &nbsp;&nbsp;&nbsp; 364 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp; 98 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 31 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 106 | &nbsp;&nbsp;&nbsp; 16 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; 13 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp; 41 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 734 | &nbsp;&nbsp;&nbsp; 66 |
| Other | &nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp; 22 |
| Total expenses | &nbsp;&nbsp;&nbsp; 79070 | &nbsp;&nbsp;&nbsp; 1930 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (785)<br>| &nbsp;&nbsp;&nbsp; (105)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 78275 | &nbsp;&nbsp;&nbsp; 1825 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 1847561 | &nbsp;&nbsp;&nbsp; 29249 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation on investments in non-affiliates | &nbsp;&nbsp;&nbsp; (10914)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (10827)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1836734 | &nbsp;&nbsp;&nbsp; $29249 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 101

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited) (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; $1753116 | &nbsp;&nbsp;&nbsp; $30661 | &nbsp;&nbsp;&nbsp; $6369194 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 46264 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 219356 |
| Income from interfund lending (net) | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 1799476 | &nbsp;&nbsp;&nbsp; 30661 | &nbsp;&nbsp;&nbsp; 6588550 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 32047 | &nbsp;&nbsp;&nbsp; 558 | &nbsp;&nbsp;&nbsp; 120554 |
| Administration fees | &nbsp;&nbsp;&nbsp; 12705 | &nbsp;&nbsp;&nbsp; 221 | &nbsp;&nbsp;&nbsp; 47795 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 4745 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8172 |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 83110 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 141838 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 782 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 1437 |
| Professional fees | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 527 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 101 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 355 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 257 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 578 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 801 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 824 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 1934 |
| Other | &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 646 |
| Total expenses | &nbsp;&nbsp;&nbsp; 135472 | &nbsp;&nbsp;&nbsp; 964 | &nbsp;&nbsp;&nbsp; 324660 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (726)<br>| &nbsp;&nbsp;&nbsp; (545)<br>| &nbsp;&nbsp;&nbsp; (4191)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 134746 | &nbsp;&nbsp;&nbsp; 419 | &nbsp;&nbsp;&nbsp; 320469 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 1664730 | &nbsp;&nbsp;&nbsp; 30242 | &nbsp;&nbsp;&nbsp; 6268081 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 5738 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $1664743 | &nbsp;&nbsp;&nbsp; $30244 | &nbsp;&nbsp;&nbsp; $6273819 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

102 J.P. Morgan Money Market Funds August 31, 2025

------

&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; $1011333 | &nbsp;&nbsp;&nbsp; $172712 | &nbsp;&nbsp;&nbsp; $5230266 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 33603 | &nbsp;&nbsp;&nbsp; 9303 | &nbsp;&nbsp;&nbsp; 153404 |
| Total investment income | &nbsp;&nbsp;&nbsp; 1044936 | &nbsp;&nbsp;&nbsp; 182015 | &nbsp;&nbsp;&nbsp; 5383670 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 19184 | &nbsp;&nbsp;&nbsp; 3361 | &nbsp;&nbsp;&nbsp; 99653 |
| Administration fees | &nbsp;&nbsp;&nbsp; 7605 | &nbsp;&nbsp;&nbsp; 1332 | &nbsp;&nbsp;&nbsp; 39505 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 2982 | &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 4806 |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 31279 | &nbsp;&nbsp;&nbsp; 7171 | &nbsp;&nbsp;&nbsp; 125985 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp; 1128 |
| Professional fees | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 373 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 293 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 123 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 520 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 1384 |
| Other | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 592 |
| Total expenses | &nbsp;&nbsp;&nbsp; 62312 | &nbsp;&nbsp;&nbsp; 12487 | &nbsp;&nbsp;&nbsp; 274362 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (605)<br>| &nbsp;&nbsp;&nbsp; (336)<br>| &nbsp;&nbsp;&nbsp; (4590)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 61707 | &nbsp;&nbsp;&nbsp; 12151 | &nbsp;&nbsp;&nbsp; 269772 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 983229 | &nbsp;&nbsp;&nbsp; 169864 | &nbsp;&nbsp;&nbsp; 5113898 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1152 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 1811 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $984381 | &nbsp;&nbsp;&nbsp; $169913 | &nbsp;&nbsp;&nbsp; $5115709 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 103

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited) (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; $159920 | &nbsp;&nbsp;&nbsp; $38245 | &nbsp;&nbsp;&nbsp; $3834 | &nbsp;&nbsp;&nbsp; $27151 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Total investment income | &nbsp;&nbsp;&nbsp; 159925 | &nbsp;&nbsp;&nbsp; 38246 | &nbsp;&nbsp;&nbsp; 3834 | &nbsp;&nbsp;&nbsp; 27152 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 4486 | &nbsp;&nbsp;&nbsp; 1060 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 760 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1779 | &nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 301 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 784 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 26 |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 7727 | &nbsp;&nbsp;&nbsp; 2169 | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 1334 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 52 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 10 |
| Professional fees | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 30 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 15 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 14 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 39 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 22 |
| Other | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 10 |
| Total expenses | &nbsp;&nbsp;&nbsp; 15219 | &nbsp;&nbsp;&nbsp; 3998 | &nbsp;&nbsp;&nbsp; 547 | &nbsp;&nbsp;&nbsp; 2613 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (437)<br>| &nbsp;&nbsp;&nbsp; (220)<br>| &nbsp;&nbsp;&nbsp; (99)<br>| &nbsp;&nbsp;&nbsp; (163)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 14782 | &nbsp;&nbsp;&nbsp; 3778 | &nbsp;&nbsp;&nbsp; 448 | &nbsp;&nbsp;&nbsp; 2450 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 145143 | &nbsp;&nbsp;&nbsp; 34468 | &nbsp;&nbsp;&nbsp; 3386 | &nbsp;&nbsp;&nbsp; 24702 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $145207 | &nbsp;&nbsp;&nbsp; $34506 | &nbsp;&nbsp;&nbsp; $3386 | &nbsp;&nbsp;&nbsp; $24711 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

104 J.P. Morgan Money Market Funds August 31, 2025

------

**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; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1847561 | &nbsp;&nbsp;&nbsp; $4194147 | &nbsp;&nbsp;&nbsp; $29249 | &nbsp;&nbsp;&nbsp; $51994 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (10914)<br>| &nbsp;&nbsp;&nbsp; (2807)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 1836734 | &nbsp;&nbsp;&nbsp; 4191493 | &nbsp;&nbsp;&nbsp; 29249 | &nbsp;&nbsp;&nbsp; 51987 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; (22501)<br>| &nbsp;&nbsp;&nbsp; (49184)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Agency | &nbsp;&nbsp;&nbsp; (61616)<br>| &nbsp;&nbsp;&nbsp; (140556)<br>| &nbsp;&nbsp;&nbsp; (982)<br>| &nbsp;&nbsp;&nbsp; (2471)<br>|
| Capital | &nbsp;&nbsp;&nbsp; (1014069)<br>| &nbsp;&nbsp;&nbsp; (2053917)<br>| &nbsp;&nbsp;&nbsp; (5124)<br>| &nbsp;&nbsp;&nbsp; (13726)<br>|
| Empower | &nbsp;&nbsp;&nbsp; (13562)<br>| &nbsp;&nbsp;&nbsp; (27914)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp; (277721)<br>| &nbsp;&nbsp;&nbsp; (741074)<br>| &nbsp;&nbsp;&nbsp; (17926)<br>| &nbsp;&nbsp;&nbsp; (26221)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (386920)<br>| &nbsp;&nbsp;&nbsp; (932908)<br>| &nbsp;&nbsp;&nbsp; (5217)<br>| &nbsp;&nbsp;&nbsp; (9581)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (12274)<br>| &nbsp;&nbsp;&nbsp; (111146)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; (58842)<br>| &nbsp;&nbsp;&nbsp; (137314)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (135)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (1847561)<br>| &nbsp;&nbsp;&nbsp; (4194148)<br>| &nbsp;&nbsp;&nbsp; (29249)<br>| &nbsp;&nbsp;&nbsp; (51999)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 2140617 | &nbsp;&nbsp;&nbsp; 1676719 | &nbsp;&nbsp;&nbsp; 746145 | &nbsp;&nbsp;&nbsp; 561386 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 2129790 | &nbsp;&nbsp;&nbsp; 1674064 | &nbsp;&nbsp;&nbsp; 746145 | &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; $90109571 | &nbsp;&nbsp;&nbsp; $87979781 | &nbsp;&nbsp;&nbsp; $2722152 | &nbsp;&nbsp;&nbsp; $1976007 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 105

------

**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; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $1664730 | &nbsp;&nbsp;&nbsp; $3259352 | &nbsp;&nbsp;&nbsp; $30242 | &nbsp;&nbsp;&nbsp; $67152 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 2 | &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; 1664743 | &nbsp;&nbsp;&nbsp; 3259382 | &nbsp;&nbsp;&nbsp; 30244 | &nbsp;&nbsp;&nbsp; 66769 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; (98256)<br>| &nbsp;&nbsp;&nbsp; (191544)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Agency SL | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30242)<br>| &nbsp;&nbsp;&nbsp; (67152)<br>|
| Capital | &nbsp;&nbsp;&nbsp; (423568)<br>| &nbsp;&nbsp;&nbsp; (799862)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp;&nbsp; (245247)<br>| &nbsp;&nbsp;&nbsp; (513747)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investor | &nbsp;&nbsp;&nbsp; (209)<br>| &nbsp;&nbsp;&nbsp; (369)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan | &nbsp;&nbsp;&nbsp; (185366)<br>| &nbsp;&nbsp;&nbsp; (372490)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; (711791)<br>| &nbsp;&nbsp;&nbsp; (1380628)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; (293)<br>| &nbsp;&nbsp;&nbsp; (712)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (1664730)<br>| &nbsp;&nbsp;&nbsp; (3259352)<br>| &nbsp;&nbsp;&nbsp; (30242)<br>| &nbsp;&nbsp;&nbsp; (67152)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 7031616 | &nbsp;&nbsp;&nbsp; 14271968 | &nbsp;&nbsp;&nbsp; 357685 | &nbsp;&nbsp;&nbsp; (1161080)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 7031629 | &nbsp;&nbsp;&nbsp; 14271998 | &nbsp;&nbsp;&nbsp; 357687 | &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; $83298729 | &nbsp;&nbsp;&nbsp; $76267100 | &nbsp;&nbsp;&nbsp; $1712787 | &nbsp;&nbsp;&nbsp; $1355100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

106 J.P. Morgan Money Market Funds August 31, 2025

------

&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; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $6268081 | &nbsp;&nbsp;&nbsp; $13115669 | &nbsp;&nbsp;&nbsp; $983229 | &nbsp;&nbsp;&nbsp; $2019717 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 5738 | &nbsp;&nbsp;&nbsp; 2573 | &nbsp;&nbsp;&nbsp; 1152 | &nbsp;&nbsp;&nbsp; 1959 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 6273819 | &nbsp;&nbsp;&nbsp; 13118242 | &nbsp;&nbsp;&nbsp; 984381 | &nbsp;&nbsp;&nbsp; 2021676 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; (90126)<br>| &nbsp;&nbsp;&nbsp; (339820)<br>| &nbsp;&nbsp;&nbsp; (6419)<br>| &nbsp;&nbsp;&nbsp; (62398)<br>|
| Agency | &nbsp;&nbsp;&nbsp; (346986)<br>| &nbsp;&nbsp;&nbsp; (712924)<br>| &nbsp;&nbsp;&nbsp; (65357)<br>| &nbsp;&nbsp;&nbsp; (132419)<br>|
| Capital | &nbsp;&nbsp;&nbsp; (3805430)<br>| &nbsp;&nbsp;&nbsp; (7784861)<br>| &nbsp;&nbsp;&nbsp; (400247)<br>| &nbsp;&nbsp;&nbsp; (806488)<br>|
| Empower | &nbsp;&nbsp;&nbsp; (216094)<br>| &nbsp;&nbsp;&nbsp; (417083)<br>| &nbsp;&nbsp;&nbsp; (3594)<br>| &nbsp;&nbsp;&nbsp; (3086)<br>|
| IM | &nbsp;&nbsp;&nbsp; (226191)<br>| &nbsp;&nbsp;&nbsp; (455485)<br>| &nbsp;&nbsp;&nbsp; (8687)<br>| &nbsp;&nbsp;&nbsp; (15083)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (875869)<br>| &nbsp;&nbsp;&nbsp; (1998445)<br>| &nbsp;&nbsp;&nbsp; (297260)<br>| &nbsp;&nbsp;&nbsp; (552602)<br>|
| Investor | &nbsp;&nbsp;&nbsp; (70294)<br>| &nbsp;&nbsp;&nbsp; (112497)<br>| &nbsp;&nbsp;&nbsp; (338)<br>| &nbsp;&nbsp;&nbsp; (661)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (288836)<br>| &nbsp;&nbsp;&nbsp; (536858)<br>| &nbsp;&nbsp;&nbsp; (87156)<br>| &nbsp;&nbsp;&nbsp; (183521)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (344574)<br>| &nbsp;&nbsp;&nbsp; (715817)<br>| &nbsp;&nbsp;&nbsp; (104094)<br>| &nbsp;&nbsp;&nbsp; (234539)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; (644)<br>| &nbsp;&nbsp;&nbsp; (32567)<br>| &nbsp;&nbsp;&nbsp; (10077)<br>| &nbsp;&nbsp;&nbsp; (28920)<br>|
| Service | &nbsp;&nbsp;&nbsp; (3037)<br>| &nbsp;&nbsp;&nbsp; (9312)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (6268081)<br>| &nbsp;&nbsp;&nbsp; (13115669)<br>| &nbsp;&nbsp;&nbsp; (983229)<br>| &nbsp;&nbsp;&nbsp; (2019717)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 996270 | &nbsp;&nbsp;&nbsp; 36980461 | &nbsp;&nbsp;&nbsp; 4191044 | &nbsp;&nbsp;&nbsp; 6016979 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1002008 | &nbsp;&nbsp;&nbsp; 36983034 | &nbsp;&nbsp;&nbsp; 4192196 | &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; $305478639 | &nbsp;&nbsp;&nbsp; $304476631 | &nbsp;&nbsp;&nbsp; $51176378 | &nbsp;&nbsp;&nbsp; $46984182 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 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 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; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $169864 | &nbsp;&nbsp;&nbsp; $364067 | &nbsp;&nbsp;&nbsp; $5113898 | &nbsp;&nbsp;&nbsp; $9847387 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 1811 | &nbsp;&nbsp;&nbsp; 3163 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 169913 | &nbsp;&nbsp;&nbsp; 364319 | &nbsp;&nbsp;&nbsp; 5115709 | &nbsp;&nbsp;&nbsp; 9850550 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4771)<br>| &nbsp;&nbsp;&nbsp; (6694)<br>|
| Agency | &nbsp;&nbsp;&nbsp; (12672)<br>| &nbsp;&nbsp;&nbsp; (30423)<br>| &nbsp;&nbsp;&nbsp; (346917)<br>| &nbsp;&nbsp;&nbsp; (721622)<br>|
| Capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2791959)<br>| &nbsp;&nbsp;&nbsp; (5043503)<br>|
| Empower | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19828)<br>| &nbsp;&nbsp;&nbsp; (55515)<br>|
| IM | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2800)<br>| &nbsp;&nbsp;&nbsp; (11877)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (104264)<br>| &nbsp;&nbsp;&nbsp; (221647)<br>| &nbsp;&nbsp;&nbsp; (1380667)<br>| &nbsp;&nbsp;&nbsp; (2842668)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (7021)<br>| &nbsp;&nbsp;&nbsp; (14736)<br>| &nbsp;&nbsp;&nbsp; (130393)<br>| &nbsp;&nbsp;&nbsp; (274488)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (45907)<br>| &nbsp;&nbsp;&nbsp; (97261)<br>| &nbsp;&nbsp;&nbsp; (417010)<br>| &nbsp;&nbsp;&nbsp; (836573)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (19553)<br>| &nbsp;&nbsp;&nbsp; (54447)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (169864)<br>| &nbsp;&nbsp;&nbsp; (364067)<br>| &nbsp;&nbsp;&nbsp; (5113898)<br>| &nbsp;&nbsp;&nbsp; (9847387)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (75623)<br>| &nbsp;&nbsp;&nbsp; 1366364 | &nbsp;&nbsp;&nbsp; 14804324 | &nbsp;&nbsp;&nbsp; 59593804 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (75574)<br>| &nbsp;&nbsp;&nbsp; 1366616 | &nbsp;&nbsp;&nbsp; 14806135 | &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; $8522433 | &nbsp;&nbsp;&nbsp; $8598007 | &nbsp;&nbsp;&nbsp; $258042581 | &nbsp;&nbsp;&nbsp; $243236446 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

108 J.P. Morgan Money Market Funds August 31, 2025

------

&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; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $145143 | &nbsp;&nbsp;&nbsp; $321874 | &nbsp;&nbsp;&nbsp; $34468 | &nbsp;&nbsp;&nbsp; $63291 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 59 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 145207 | &nbsp;&nbsp;&nbsp; 322200 | &nbsp;&nbsp;&nbsp; 34506 | &nbsp;&nbsp;&nbsp; 63350 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; (4796)<br>| &nbsp;&nbsp;&nbsp; (13731)<br>| &nbsp;&nbsp;&nbsp; (2432)<br>| &nbsp;&nbsp;&nbsp; (4477)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (116806)<br>| &nbsp;&nbsp;&nbsp; (254146)<br>| &nbsp;&nbsp;&nbsp; (22583)<br>| &nbsp;&nbsp;&nbsp; (41846)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (1003)<br>| &nbsp;&nbsp;&nbsp; (2035)<br>| &nbsp;&nbsp;&nbsp; (1048)<br>| &nbsp;&nbsp;&nbsp; (2244)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (16038)<br>| &nbsp;&nbsp;&nbsp; (36260)<br>| &nbsp;&nbsp;&nbsp; (8382)<br>| &nbsp;&nbsp;&nbsp; (14652)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; (6500)<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; (145143)<br>| &nbsp;&nbsp;&nbsp; (322029)<br>| &nbsp;&nbsp;&nbsp; (34469)<br>| &nbsp;&nbsp;&nbsp; (63333)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (629509)<br>| &nbsp;&nbsp;&nbsp; 1173229 | &nbsp;&nbsp;&nbsp; 246273 | &nbsp;&nbsp;&nbsp; 764807 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (629445)<br>| &nbsp;&nbsp;&nbsp; 1173400 | &nbsp;&nbsp;&nbsp; 246310 | &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; $10790691 | &nbsp;&nbsp;&nbsp; $11420136 | &nbsp;&nbsp;&nbsp; $2648473 | &nbsp;&nbsp;&nbsp; $2402163 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 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 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; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $3386 | &nbsp;&nbsp;&nbsp; $10525 | &nbsp;&nbsp;&nbsp; $24702 | &nbsp;&nbsp;&nbsp; $68036 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 85 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 3386 | &nbsp;&nbsp;&nbsp; 10548 | &nbsp;&nbsp;&nbsp; 24711 | &nbsp;&nbsp;&nbsp; 68121 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; (238)<br>| &nbsp;&nbsp;&nbsp; (876)<br>| &nbsp;&nbsp;&nbsp; (2641)<br>| &nbsp;&nbsp;&nbsp; (7062)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (2001)<br>| &nbsp;&nbsp;&nbsp; (6162)<br>| &nbsp;&nbsp;&nbsp; (18220)<br>| &nbsp;&nbsp;&nbsp; (49361)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (52)<br>| &nbsp;&nbsp;&nbsp; (164)<br>| &nbsp;&nbsp;&nbsp; (522)<br>| &nbsp;&nbsp;&nbsp; (1320)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (1078)<br>| &nbsp;&nbsp;&nbsp; (3266)<br>| &nbsp;&nbsp;&nbsp; (3301)<br>| &nbsp;&nbsp;&nbsp; (10305)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (14)<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; (3386)<br>| &nbsp;&nbsp;&nbsp; (10544)<br>| &nbsp;&nbsp;&nbsp; (24702)<br>| &nbsp;&nbsp;&nbsp; (68122)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (40982)<br>| &nbsp;&nbsp;&nbsp; (89252)<br>| &nbsp;&nbsp;&nbsp; 73709 | &nbsp;&nbsp;&nbsp; (429650)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (40982)<br>| &nbsp;&nbsp;&nbsp; (89248)<br>| &nbsp;&nbsp;&nbsp; 73718 | &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; $276535 | &nbsp;&nbsp;&nbsp; $317517 | &nbsp;&nbsp;&nbsp; $1965613 | &nbsp;&nbsp;&nbsp; $1891895 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

110 J.P. Morgan Money Market Funds August 31, 2025

------

&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; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $689834 | &nbsp;&nbsp;&nbsp; $4265641 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 18323 | &nbsp;&nbsp;&nbsp; 40569 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (380569)<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; 327588 | &nbsp;&nbsp;&nbsp; 262902 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4642669 | &nbsp;&nbsp;&nbsp; 97631285 | &nbsp;&nbsp;&nbsp; 120138 | &nbsp;&nbsp;&nbsp; 222201 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 15729 | &nbsp;&nbsp;&nbsp; 29423 | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 229 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4342220)<br>| &nbsp;&nbsp;&nbsp; (98176443)<br>| &nbsp;&nbsp;&nbsp; (127097)<br>| &nbsp;&nbsp;&nbsp; (250695)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 316178 | &nbsp;&nbsp;&nbsp; (515735)<br>| &nbsp;&nbsp;&nbsp; (6878)<br>| &nbsp;&nbsp;&nbsp; (28265)<br>|
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 86705487 | &nbsp;&nbsp;&nbsp; 156444898 | &nbsp;&nbsp;&nbsp; 964358 | &nbsp;&nbsp;&nbsp; 1366611 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 547132 | &nbsp;&nbsp;&nbsp; 1065375 | &nbsp;&nbsp;&nbsp; 1227 | &nbsp;&nbsp;&nbsp; 3449 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (82014865)<br>| &nbsp;&nbsp;&nbsp; (155448791)<br>| &nbsp;&nbsp;&nbsp; (936027)<br>| &nbsp;&nbsp;&nbsp; (1234733)<br>|
| Change in net assets resulting from Capital capital transactions | &nbsp;&nbsp;&nbsp; 5237754 | &nbsp;&nbsp;&nbsp; 2061482 | &nbsp;&nbsp;&nbsp; 29558 | &nbsp;&nbsp;&nbsp; 135327 |
| **Empower** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1171461 | &nbsp;&nbsp;&nbsp; 1428776 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 10751 | &nbsp;&nbsp;&nbsp; 24123 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1060927)<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; 121285 | &nbsp;&nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **IM** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 48840920 | &nbsp;&nbsp;&nbsp; 75400044 | &nbsp;&nbsp;&nbsp; 4695985 | &nbsp;&nbsp;&nbsp; 6912664 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8532 | &nbsp;&nbsp;&nbsp; 13437 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (54024359)<br>| &nbsp;&nbsp;&nbsp; (71522065)<br>| &nbsp;&nbsp;&nbsp; (4076000)<br>| &nbsp;&nbsp;&nbsp; (6410318)<br>|
| Change in net assets resulting from IM capital transactions | &nbsp;&nbsp;&nbsp; (5174907)<br>| &nbsp;&nbsp;&nbsp; 3891416 | &nbsp;&nbsp;&nbsp; 619985 | &nbsp;&nbsp;&nbsp; 502346 |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 40938058 | &nbsp;&nbsp;&nbsp; 84234732 | &nbsp;&nbsp;&nbsp; 996417 | &nbsp;&nbsp;&nbsp; 984498 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 86763 | &nbsp;&nbsp;&nbsp; 212701 | &nbsp;&nbsp;&nbsp; 1091 | &nbsp;&nbsp;&nbsp; 1273 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (39613364)<br>| &nbsp;&nbsp;&nbsp; (85107534)<br>| &nbsp;&nbsp;&nbsp; (894028)<br>| &nbsp;&nbsp;&nbsp; (1033793)<br>|
| Change in net assets resulting from Institutional Class capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1411457 | &nbsp;&nbsp;&nbsp; (660101)<br>| &nbsp;&nbsp;&nbsp; 103480 | &nbsp;&nbsp;&nbsp; (48022)<br>|
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 539254 | &nbsp;&nbsp;&nbsp; 419376376 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7473 | &nbsp;&nbsp;&nbsp; 16943 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (566104)<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; (19377)<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;

August 31, 2025 J.P. Morgan Money Market Funds 111

------

**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; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $3122977 | &nbsp;&nbsp;&nbsp; $9740433 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 7541 | &nbsp;&nbsp;&nbsp; 16246 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3209921)<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; (79403)<br>| &nbsp;&nbsp;&nbsp; (40292)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (54)<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; 42 | &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; $2140617 | &nbsp;&nbsp;&nbsp; $1676719 | &nbsp;&nbsp;&nbsp; $746145 | &nbsp;&nbsp;&nbsp; $561386 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 689699 | &nbsp;&nbsp;&nbsp; 4264697 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 18321 | &nbsp;&nbsp;&nbsp; 40556 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (380478)<br>| &nbsp;&nbsp;&nbsp; (4042328)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Academy Shares | &nbsp;&nbsp;&nbsp; 327542 | &nbsp;&nbsp;&nbsp; 262925 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4638585 | &nbsp;&nbsp;&nbsp; 97549387 | &nbsp;&nbsp;&nbsp; 120112 | &nbsp;&nbsp;&nbsp; 222164 |
| Reinvested | &nbsp;&nbsp;&nbsp; 15716 | &nbsp;&nbsp;&nbsp; 29395 | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 229 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4338428)<br>| &nbsp;&nbsp;&nbsp; (98093846)<br>| &nbsp;&nbsp;&nbsp; (127070)<br>| &nbsp;&nbsp;&nbsp; (250653)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; 315873 | &nbsp;&nbsp;&nbsp; (515064)<br>| &nbsp;&nbsp;&nbsp; (6877)<br>| &nbsp;&nbsp;&nbsp; (28260)<br>|
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 86686819 | &nbsp;&nbsp;&nbsp; 156396848 | &nbsp;&nbsp;&nbsp; 964038 | &nbsp;&nbsp;&nbsp; 1366334 |
| Reinvested | &nbsp;&nbsp;&nbsp; 547023 | &nbsp;&nbsp;&nbsp; 1065013 | &nbsp;&nbsp;&nbsp; 1227 | &nbsp;&nbsp;&nbsp; 3448 |
| Redeemed | &nbsp;&nbsp;&nbsp; (81997301)<br>| &nbsp;&nbsp;&nbsp; (155400607)<br>| &nbsp;&nbsp;&nbsp; (935717)<br>| &nbsp;&nbsp;&nbsp; (1234478)<br>|
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; 5236541 | &nbsp;&nbsp;&nbsp; 2061254 | &nbsp;&nbsp;&nbsp; 29548 | &nbsp;&nbsp;&nbsp; 135304 |
| **Empower** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1171232 | &nbsp;&nbsp;&nbsp; 1428385 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 10748 | &nbsp;&nbsp;&nbsp; 24115 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1060723)<br>| &nbsp;&nbsp;&nbsp; (1317236)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Empower Shares | &nbsp;&nbsp;&nbsp; 121257 | &nbsp;&nbsp;&nbsp; 135264 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **IM** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 48829491 | &nbsp;&nbsp;&nbsp; 75375370 | &nbsp;&nbsp;&nbsp; 4695499 | &nbsp;&nbsp;&nbsp; 6912048 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8530 | &nbsp;&nbsp;&nbsp; 13432 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (54011381)<br>| &nbsp;&nbsp;&nbsp; (71498784)<br>| &nbsp;&nbsp;&nbsp; (4075574)<br>| &nbsp;&nbsp;&nbsp; (6409739)<br>|
| Change in IM Shares | &nbsp;&nbsp;&nbsp; (5173360)<br>| &nbsp;&nbsp;&nbsp; 3890018 | &nbsp;&nbsp;&nbsp; 619925 | &nbsp;&nbsp;&nbsp; 502309 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

112 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 40927000 | &nbsp;&nbsp;&nbsp; 84205708 | &nbsp;&nbsp;&nbsp; 996208 | &nbsp;&nbsp;&nbsp; 984322 |
| Reinvested | &nbsp;&nbsp;&nbsp; 86736 | &nbsp;&nbsp;&nbsp; 212622 | &nbsp;&nbsp;&nbsp; 1091 | &nbsp;&nbsp;&nbsp; 1273 |
| Redeemed | &nbsp;&nbsp;&nbsp; (39602477)<br>| &nbsp;&nbsp;&nbsp; (85078157)<br>| &nbsp;&nbsp;&nbsp; (893836)<br>| &nbsp;&nbsp;&nbsp; (1033606)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; 1411259 | &nbsp;&nbsp;&nbsp; (659827)<br>| &nbsp;&nbsp;&nbsp; 103463 | &nbsp;&nbsp;&nbsp; (48011)<br>|
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 538495 | &nbsp;&nbsp;&nbsp; 418885709 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 7461 | &nbsp;&nbsp;&nbsp; 16921 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (565294)<br>| &nbsp;&nbsp;&nbsp; (422353652)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; (19338)<br>| &nbsp;&nbsp;&nbsp; (3451022)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3121746 | &nbsp;&nbsp;&nbsp; 9735979 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 7537 | &nbsp;&nbsp;&nbsp; 16237 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (3208648)<br>| &nbsp;&nbsp;&nbsp; (9792434)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (79365)<br>| &nbsp;&nbsp;&nbsp; (40218)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (53)<br>| &nbsp;&nbsp;&nbsp; (665)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp; (326)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 113

------

**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; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $4444939 | &nbsp;&nbsp;&nbsp; $7886576 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 21980 | &nbsp;&nbsp;&nbsp; 40054 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4255854)<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; 211065 | &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; 12664693 | &nbsp;&nbsp;&nbsp; 17653616 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12307008)<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; 357685 | &nbsp;&nbsp;&nbsp; (1161080)<br>|
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 15126669 | &nbsp;&nbsp;&nbsp; 23329079 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 277239 | &nbsp;&nbsp;&nbsp; 529572 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (12236532)<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; 3167376 | &nbsp;&nbsp;&nbsp; 3474344 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9657088 | &nbsp;&nbsp;&nbsp; 18166028 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 31658 | &nbsp;&nbsp;&nbsp; 67820 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (9341154)<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; 347592 | &nbsp;&nbsp;&nbsp; 1115630 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Investor** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 512 | &nbsp;&nbsp;&nbsp; 11261 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1023)<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; (302)<br>| &nbsp;&nbsp;&nbsp; 3749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4913831 | &nbsp;&nbsp;&nbsp; 9885883 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 184912 | &nbsp;&nbsp;&nbsp; 371559 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4566284)<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; 532459 | &nbsp;&nbsp;&nbsp; 1959720 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 23126116 | &nbsp;&nbsp;&nbsp; 40352696 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 569949 | &nbsp;&nbsp;&nbsp; 1083614 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (20925646)<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; 2770419 | &nbsp;&nbsp;&nbsp; 7074383 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

114 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $5793 | &nbsp;&nbsp;&nbsp; $2604 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3077)<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; 3007 | &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; $7031616 | &nbsp;&nbsp;&nbsp; $14271968 | &nbsp;&nbsp;&nbsp; $357685 | &nbsp;&nbsp;&nbsp; $(1161080)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4444936 | &nbsp;&nbsp;&nbsp; 7886573 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 21980 | &nbsp;&nbsp;&nbsp; 40054 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (4255851)<br>| &nbsp;&nbsp;&nbsp; (7279056)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; 211065 | &nbsp;&nbsp;&nbsp; 647571 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency SL** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12664692 | &nbsp;&nbsp;&nbsp; 17652978 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12307008)<br>| &nbsp;&nbsp;&nbsp; (18813765)<br>|
| Change in Agency SL Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 357684 | &nbsp;&nbsp;&nbsp; (1160787)<br>|
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15126662 | &nbsp;&nbsp;&nbsp; 23329068 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 277239 | &nbsp;&nbsp;&nbsp; 529572 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (12236527)<br>| &nbsp;&nbsp;&nbsp; (20384296)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; 3167374 | &nbsp;&nbsp;&nbsp; 3474344 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9657085 | &nbsp;&nbsp;&nbsp; 18166021 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 31658 | &nbsp;&nbsp;&nbsp; 67820 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (9341150)<br>| &nbsp;&nbsp;&nbsp; (17118209)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; 347593 | &nbsp;&nbsp;&nbsp; 1115632 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Investor** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp; 11260 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1023)<br>| &nbsp;&nbsp;&nbsp; (7881)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Investor Shares | &nbsp;&nbsp;&nbsp; (301)<br>| &nbsp;&nbsp;&nbsp; 3748 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4913830 | &nbsp;&nbsp;&nbsp; 9885879 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 184912 | &nbsp;&nbsp;&nbsp; 371559 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (4566282)<br>| &nbsp;&nbsp;&nbsp; (8297720)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 532460 | &nbsp;&nbsp;&nbsp; 1959718 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 115

------

**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; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 23126109 | &nbsp;&nbsp;&nbsp; 40352688 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 569949 | &nbsp;&nbsp;&nbsp; 1083614 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (20925640)<br>| &nbsp;&nbsp;&nbsp; (34361920)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; 2770418 | &nbsp;&nbsp;&nbsp; 7074382 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5793 | &nbsp;&nbsp;&nbsp; 2603 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (3077)<br>| &nbsp;&nbsp;&nbsp; (6738)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 3007 | &nbsp;&nbsp;&nbsp; (3429)<br>| &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 August 31, 2025

------

&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; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $15264752 | &nbsp;&nbsp;&nbsp; $61046148 | &nbsp;&nbsp;&nbsp; $3400038 | &nbsp;&nbsp;&nbsp; $17905787 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 68828 | &nbsp;&nbsp;&nbsp; 157422 | &nbsp;&nbsp;&nbsp; 6071 | &nbsp;&nbsp;&nbsp; 59483 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (17468967)<br>| &nbsp;&nbsp;&nbsp; (62216187)<br>| &nbsp;&nbsp;&nbsp; (4073907)<br>| &nbsp;&nbsp;&nbsp; (19307492)<br>|
| Change in net assets resulting from Academy capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2135387)<br>| &nbsp;&nbsp;&nbsp; (1012617)<br>| &nbsp;&nbsp;&nbsp; (667798)<br>| &nbsp;&nbsp;&nbsp; (1342222)<br>|
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 956125091 | &nbsp;&nbsp;&nbsp; 1712446960 | &nbsp;&nbsp;&nbsp; 94216666 | &nbsp;&nbsp;&nbsp; 175686074 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 68430 | &nbsp;&nbsp;&nbsp; 165059 | &nbsp;&nbsp;&nbsp; 8108 | &nbsp;&nbsp;&nbsp; 19074 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (955515401)<br>| &nbsp;&nbsp;&nbsp; (1711656218)<br>| &nbsp;&nbsp;&nbsp; (94059375)<br>| &nbsp;&nbsp;&nbsp; (175226380)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 678120 | &nbsp;&nbsp;&nbsp; 955801 | &nbsp;&nbsp;&nbsp; 165399 | &nbsp;&nbsp;&nbsp; 478768 |
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 953662286 | &nbsp;&nbsp;&nbsp; 1852220667 | &nbsp;&nbsp;&nbsp; 86407745 | &nbsp;&nbsp;&nbsp; 157502521 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1732708 | &nbsp;&nbsp;&nbsp; 3481197 | &nbsp;&nbsp;&nbsp; 147162 | &nbsp;&nbsp;&nbsp; 330848 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (954585676)<br>| &nbsp;&nbsp;&nbsp; (1834572783)<br>| &nbsp;&nbsp;&nbsp; (85639718)<br>| &nbsp;&nbsp;&nbsp; (153234273)<br>|
| Change in net assets resulting from Capital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 809318 | &nbsp;&nbsp;&nbsp; 21129081 | &nbsp;&nbsp;&nbsp; 915189 | &nbsp;&nbsp;&nbsp; 4599096 |
| **Empower** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 54658288 | &nbsp;&nbsp;&nbsp; 87842085 | &nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 91547 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 144621 | &nbsp;&nbsp;&nbsp; 223759 | &nbsp;&nbsp;&nbsp; 3594 | &nbsp;&nbsp;&nbsp; 3086 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (54394589)<br>| &nbsp;&nbsp;&nbsp; (86467411)<br>| &nbsp;&nbsp;&nbsp; (25001)<br>| &nbsp;&nbsp;&nbsp; (33830)<br>|
| Change in net assets resulting from Empower capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 408320 | &nbsp;&nbsp;&nbsp; 1598433 | &nbsp;&nbsp;&nbsp; 53593 | &nbsp;&nbsp;&nbsp; 60803 |
| **IM** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 40792857 | &nbsp;&nbsp;&nbsp; 62858680 | &nbsp;&nbsp;&nbsp; 1681945 | &nbsp;&nbsp;&nbsp; 2642708 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 12939 | &nbsp;&nbsp;&nbsp; 32156 | &nbsp;&nbsp;&nbsp; 5717 | &nbsp;&nbsp;&nbsp; 8704 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (40579604)<br>| &nbsp;&nbsp;&nbsp; (59882710)<br>| &nbsp;&nbsp;&nbsp; (1497826)<br>| &nbsp;&nbsp;&nbsp; (2525509)<br>|
| Change in net assets resulting from IM capital transactions | &nbsp;&nbsp;&nbsp; 226192 | &nbsp;&nbsp;&nbsp; 3008126 | &nbsp;&nbsp;&nbsp; 189836 | &nbsp;&nbsp;&nbsp; 125903 |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 277324250 | &nbsp;&nbsp;&nbsp; 463031247 | &nbsp;&nbsp;&nbsp; 35203285 | &nbsp;&nbsp;&nbsp; 77894986 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 293854 | &nbsp;&nbsp;&nbsp; 674386 | &nbsp;&nbsp;&nbsp; 152433 | &nbsp;&nbsp;&nbsp; 201789 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (278517674)<br>| &nbsp;&nbsp;&nbsp; (460848083)<br>| &nbsp;&nbsp;&nbsp; (32674286)<br>| &nbsp;&nbsp;&nbsp; (76386283)<br>|
| Change in net assets resulting from Institutional Class <br> capital transactions<br>| &nbsp;&nbsp;&nbsp; (899570)<br>| &nbsp;&nbsp;&nbsp; 2857550 | &nbsp;&nbsp;&nbsp; 2681432 | &nbsp;&nbsp;&nbsp; 1710492 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 117

------

**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; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Investor** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2913269 | &nbsp;&nbsp;&nbsp; $4352060 | &nbsp;&nbsp;&nbsp; $109300 | &nbsp;&nbsp;&nbsp; $121588 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 70293 | &nbsp;&nbsp;&nbsp; 112497 | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 217 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2865554)<br>| &nbsp;&nbsp;&nbsp; (2964116)<br>| &nbsp;&nbsp;&nbsp; (107620)<br>| &nbsp;&nbsp;&nbsp; (122274)<br>|
| Change in net assets resulting from Investor capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 118008 | &nbsp;&nbsp;&nbsp; 1500441 | &nbsp;&nbsp;&nbsp; 1820 | &nbsp;&nbsp;&nbsp; (469)<br>|
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1430745877 | &nbsp;&nbsp;&nbsp; 2167302318 | &nbsp;&nbsp;&nbsp; 459807625 | &nbsp;&nbsp;&nbsp; 801602312 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 60426 | &nbsp;&nbsp;&nbsp; 133781 | &nbsp;&nbsp;&nbsp; 10906 | &nbsp;&nbsp;&nbsp; 24731 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1430383947)<br>| &nbsp;&nbsp;&nbsp; (2160497945)<br>| &nbsp;&nbsp;&nbsp; (459135912)<br>| &nbsp;&nbsp;&nbsp; (800918939)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 422356 | &nbsp;&nbsp;&nbsp; 6938154 | &nbsp;&nbsp;&nbsp; 682619 | &nbsp;&nbsp;&nbsp; 708104 |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 110599803 | &nbsp;&nbsp;&nbsp; 220322944 | &nbsp;&nbsp;&nbsp; 6905093 | &nbsp;&nbsp;&nbsp; 11094761 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 117750 | &nbsp;&nbsp;&nbsp; 222695 | &nbsp;&nbsp;&nbsp; 70819 | &nbsp;&nbsp;&nbsp; 156710 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (109246036)<br>| &nbsp;&nbsp;&nbsp; (217685033)<br>| &nbsp;&nbsp;&nbsp; (6835363)<br>| &nbsp;&nbsp;&nbsp; (10878180)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1471517 | &nbsp;&nbsp;&nbsp; 2860606 | &nbsp;&nbsp;&nbsp; 140549 | &nbsp;&nbsp;&nbsp; 373291 |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 11898 | &nbsp;&nbsp;&nbsp; 2580243 | &nbsp;&nbsp;&nbsp; 394632 | &nbsp;&nbsp;&nbsp; 1573527 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp; 25631 | &nbsp;&nbsp;&nbsp; 10076 | &nbsp;&nbsp;&nbsp; 27432 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (9269)<br>| &nbsp;&nbsp;&nbsp; (5420379)<br>| &nbsp;&nbsp;&nbsp; (376303)<br>| &nbsp;&nbsp;&nbsp; (2297746)<br>|
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 3273 | &nbsp;&nbsp;&nbsp; (2814505)<br>| &nbsp;&nbsp;&nbsp; 28405 | &nbsp;&nbsp;&nbsp; (696787)<br>|
| **Service** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 16862 | &nbsp;&nbsp;&nbsp; 34316 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3037 | &nbsp;&nbsp;&nbsp; 9312 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (125776)<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; (105877)<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; $996270 | &nbsp;&nbsp;&nbsp; $36980461 | &nbsp;&nbsp;&nbsp; $4191044 | &nbsp;&nbsp;&nbsp; $6016979 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15262452 | &nbsp;&nbsp;&nbsp; 61035666 | &nbsp;&nbsp;&nbsp; 3400001 | &nbsp;&nbsp;&nbsp; 17904800 |
| Reinvested | &nbsp;&nbsp;&nbsp; 68828 | &nbsp;&nbsp;&nbsp; 157422 | &nbsp;&nbsp;&nbsp; 6071 | &nbsp;&nbsp;&nbsp; 59483 |
| Redeemed | &nbsp;&nbsp;&nbsp; (17467174)<br>| &nbsp;&nbsp;&nbsp; (62206183)<br>| &nbsp;&nbsp;&nbsp; (4073874)<br>| &nbsp;&nbsp;&nbsp; (19306593)<br>|
| Change in Academy Shares | &nbsp;&nbsp;&nbsp; (2135894)<br>| &nbsp;&nbsp;&nbsp; (1013095)<br>| &nbsp;&nbsp;&nbsp; (667802)<br>| &nbsp;&nbsp;&nbsp; (1342310)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

118 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 956121426 | &nbsp;&nbsp;&nbsp; 1712439269 | &nbsp;&nbsp;&nbsp; 94216640 | &nbsp;&nbsp;&nbsp; 175685512 |
| Reinvested | &nbsp;&nbsp;&nbsp; 68430 | &nbsp;&nbsp;&nbsp; 165059 | &nbsp;&nbsp;&nbsp; 8108 | &nbsp;&nbsp;&nbsp; 19074 |
| Redeemed | &nbsp;&nbsp;&nbsp; (955511580)<br>| &nbsp;&nbsp;&nbsp; (1711648798)<br>| &nbsp;&nbsp;&nbsp; (94059350)<br>| &nbsp;&nbsp;&nbsp; (175225810)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; 678276 | &nbsp;&nbsp;&nbsp; 955530 | &nbsp;&nbsp;&nbsp; 165398 | &nbsp;&nbsp;&nbsp; 478776 |
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 953650115 | &nbsp;&nbsp;&nbsp; 1852197306 | &nbsp;&nbsp;&nbsp; 86407680 | &nbsp;&nbsp;&nbsp; 157500974 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1732708 | &nbsp;&nbsp;&nbsp; 3481197 | &nbsp;&nbsp;&nbsp; 147162 | &nbsp;&nbsp;&nbsp; 330848 |
| Redeemed | &nbsp;&nbsp;&nbsp; (954573460)<br>| &nbsp;&nbsp;&nbsp; (1834549709)<br>| &nbsp;&nbsp;&nbsp; (85639656)<br>| &nbsp;&nbsp;&nbsp; (153232616)<br>|
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; 809363 | &nbsp;&nbsp;&nbsp; 21128794 | &nbsp;&nbsp;&nbsp; 915186 | &nbsp;&nbsp;&nbsp; 4599206 |
| **Empower** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 54656000 | &nbsp;&nbsp;&nbsp; 87836261 | &nbsp;&nbsp;&nbsp; 75000 | &nbsp;&nbsp;&nbsp; 91539 |
| Reinvested | &nbsp;&nbsp;&nbsp; 144621 | &nbsp;&nbsp;&nbsp; 223759 | &nbsp;&nbsp;&nbsp; 3594 | &nbsp;&nbsp;&nbsp; 3086 |
| Redeemed | &nbsp;&nbsp;&nbsp; (54392197)<br>| &nbsp;&nbsp;&nbsp; (86461462)<br>| &nbsp;&nbsp;&nbsp; (25000)<br>| &nbsp;&nbsp;&nbsp; (33822)<br>|
| Change in Empower Shares | &nbsp;&nbsp;&nbsp; 408424 | &nbsp;&nbsp;&nbsp; 1598558 | &nbsp;&nbsp;&nbsp; 53594 | &nbsp;&nbsp;&nbsp; 60803 |
| **IM** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 40789048 | &nbsp;&nbsp;&nbsp; 62851655 | &nbsp;&nbsp;&nbsp; 1681939 | &nbsp;&nbsp;&nbsp; 2642628 |
| Reinvested | &nbsp;&nbsp;&nbsp; 12939 | &nbsp;&nbsp;&nbsp; 32156 | &nbsp;&nbsp;&nbsp; 5717 | &nbsp;&nbsp;&nbsp; 8704 |
| Redeemed | &nbsp;&nbsp;&nbsp; (40575766)<br>| &nbsp;&nbsp;&nbsp; (59875252)<br>| &nbsp;&nbsp;&nbsp; (1497820)<br>| &nbsp;&nbsp;&nbsp; (2525420)<br>|
| Change in IM Shares | &nbsp;&nbsp;&nbsp; 226221 | &nbsp;&nbsp;&nbsp; 3008559 | &nbsp;&nbsp;&nbsp; 189836 | &nbsp;&nbsp;&nbsp; 125912 |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 277315706 | &nbsp;&nbsp;&nbsp; 463014923 | &nbsp;&nbsp;&nbsp; 35203241 | &nbsp;&nbsp;&nbsp; 77893831 |
| Reinvested | &nbsp;&nbsp;&nbsp; 293854 | &nbsp;&nbsp;&nbsp; 674386 | &nbsp;&nbsp;&nbsp; 152433 | &nbsp;&nbsp;&nbsp; 201789 |
| Redeemed | &nbsp;&nbsp;&nbsp; (278509383)<br>| &nbsp;&nbsp;&nbsp; (460832438)<br>| &nbsp;&nbsp;&nbsp; (32674241)<br>| &nbsp;&nbsp;&nbsp; (76385137)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (899823)<br>| &nbsp;&nbsp;&nbsp; 2856871 | &nbsp;&nbsp;&nbsp; 2681433 | &nbsp;&nbsp;&nbsp; 1710483 |
| **Investor** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2912587 | &nbsp;&nbsp;&nbsp; 4351087 | &nbsp;&nbsp;&nbsp; 109299 | &nbsp;&nbsp;&nbsp; 121579 |
| Reinvested | &nbsp;&nbsp;&nbsp; 70293 | &nbsp;&nbsp;&nbsp; 112498 | &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; 217 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2864845)<br>| &nbsp;&nbsp;&nbsp; (2962852)<br>| &nbsp;&nbsp;&nbsp; (107619)<br>| &nbsp;&nbsp;&nbsp; (122265)<br>|
| Change in Investor Shares | &nbsp;&nbsp;&nbsp; 118035 | &nbsp;&nbsp;&nbsp; 1500733 | &nbsp;&nbsp;&nbsp; 1820 | &nbsp;&nbsp;&nbsp; (469)<br>|
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1430743931 | &nbsp;&nbsp;&nbsp; 2167298911 | &nbsp;&nbsp;&nbsp; 459807611 | &nbsp;&nbsp;&nbsp; 801601832 |
| Reinvested | &nbsp;&nbsp;&nbsp; 60426 | &nbsp;&nbsp;&nbsp; 133781 | &nbsp;&nbsp;&nbsp; 10906 | &nbsp;&nbsp;&nbsp; 24731 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1430381909)<br>| &nbsp;&nbsp;&nbsp; (2160493130)<br>| &nbsp;&nbsp;&nbsp; (459135896)<br>| &nbsp;&nbsp;&nbsp; (800918436)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 422448 | &nbsp;&nbsp;&nbsp; 6939562 | &nbsp;&nbsp;&nbsp; 682621 | &nbsp;&nbsp;&nbsp; 708127 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 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; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 110594831 | &nbsp;&nbsp;&nbsp; 220311023 | &nbsp;&nbsp;&nbsp; 6905079 | &nbsp;&nbsp;&nbsp; 11094343 |
| Reinvested | &nbsp;&nbsp;&nbsp; 117750 | &nbsp;&nbsp;&nbsp; 222695 | &nbsp;&nbsp;&nbsp; 70819 | &nbsp;&nbsp;&nbsp; 156710 |
| Redeemed | &nbsp;&nbsp;&nbsp; (109240735)<br>| &nbsp;&nbsp;&nbsp; (217672868)<br>| &nbsp;&nbsp;&nbsp; (6835347)<br>| &nbsp;&nbsp;&nbsp; (10877764)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; 1471846 | &nbsp;&nbsp;&nbsp; 2860850 | &nbsp;&nbsp;&nbsp; 140551 | &nbsp;&nbsp;&nbsp; 373289 |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11893 | &nbsp;&nbsp;&nbsp; 2578704 | &nbsp;&nbsp;&nbsp; 394630 | &nbsp;&nbsp;&nbsp; 1573371 |
| Reinvested | &nbsp;&nbsp;&nbsp; 644 | &nbsp;&nbsp;&nbsp; 25631 | &nbsp;&nbsp;&nbsp; 10076 | &nbsp;&nbsp;&nbsp; 27432 |
| Redeemed | &nbsp;&nbsp;&nbsp; (9264)<br>| &nbsp;&nbsp;&nbsp; (5419609)<br>| &nbsp;&nbsp;&nbsp; (376300)<br>| &nbsp;&nbsp;&nbsp; (2297641)<br>|
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 3273 | &nbsp;&nbsp;&nbsp; (2815274)<br>| &nbsp;&nbsp;&nbsp; 28406 | &nbsp;&nbsp;&nbsp; (696838)<br>|
| **Service** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 16825 | &nbsp;&nbsp;&nbsp; 34254 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 3037 | &nbsp;&nbsp;&nbsp; 9311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (125760)<br>| &nbsp;&nbsp;&nbsp; (84193)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Service Shares | &nbsp;&nbsp;&nbsp; (105898)<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;

120 J.P. Morgan Money Market Funds August 31, 2025

------

&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; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<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; $694703 | &nbsp;&nbsp;&nbsp; $1759824 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4237 | &nbsp;&nbsp;&nbsp; 2130 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (362462)<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; 336478 | &nbsp;&nbsp;&nbsp; (119022)<br>|
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 445282 | &nbsp;&nbsp;&nbsp; 955379 | &nbsp;&nbsp;&nbsp; 364062350 | &nbsp;&nbsp;&nbsp; 743236777 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1571 | &nbsp;&nbsp;&nbsp; 3822 | &nbsp;&nbsp;&nbsp; 53654 | &nbsp;&nbsp;&nbsp; 124721 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (455860)<br>| &nbsp;&nbsp;&nbsp; (1082617)<br>| &nbsp;&nbsp;&nbsp; (362711914)<br>| &nbsp;&nbsp;&nbsp; (740539127)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (9007)<br>| &nbsp;&nbsp;&nbsp; (123416)<br>| &nbsp;&nbsp;&nbsp; 1404090 | &nbsp;&nbsp;&nbsp; 2822371 |
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 201229108 | &nbsp;&nbsp;&nbsp; 386692990 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 674679 | &nbsp;&nbsp;&nbsp; 1370815 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (190818831)<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; 11084956 | &nbsp;&nbsp;&nbsp; 33531124 |
| **Empower** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 442111 | &nbsp;&nbsp;&nbsp; 1056799 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18904 | &nbsp;&nbsp;&nbsp; 53902 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (599692)<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; (138677)<br>| &nbsp;&nbsp;&nbsp; (8944)<br>|
| **IM** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 330709 | &nbsp;&nbsp;&nbsp; 1365423 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2780 | &nbsp;&nbsp;&nbsp; 11772 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (300495)<br>| &nbsp;&nbsp;&nbsp; (1512648)<br>|
| Change in net assets resulting from IM capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32994 | &nbsp;&nbsp;&nbsp; (135453)<br>|
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4905032 | &nbsp;&nbsp;&nbsp; 10715397 | &nbsp;&nbsp;&nbsp; 103376357 | &nbsp;&nbsp;&nbsp; 202296469 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34120 | &nbsp;&nbsp;&nbsp; 80633 | &nbsp;&nbsp;&nbsp; 182031 | &nbsp;&nbsp;&nbsp; 411050 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4965108)<br>| &nbsp;&nbsp;&nbsp; (9823619)<br>| &nbsp;&nbsp;&nbsp; (102252494)<br>| &nbsp;&nbsp;&nbsp; (185430970)<br>|
| Change in net assets resulting from Institutional Class capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (25956)<br>| &nbsp;&nbsp;&nbsp; 972411 | &nbsp;&nbsp;&nbsp; 1305894 | &nbsp;&nbsp;&nbsp; 17276549 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 121

------

**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; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $225033 | &nbsp;&nbsp;&nbsp; $470008 | &nbsp;&nbsp;&nbsp; $573039983 | &nbsp;&nbsp;&nbsp; $1043256192 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6981 | &nbsp;&nbsp;&nbsp; 14656 | &nbsp;&nbsp;&nbsp; 31145 | &nbsp;&nbsp;&nbsp; 68900 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (203209)<br>| &nbsp;&nbsp;&nbsp; (417408)<br>| &nbsp;&nbsp;&nbsp; (573219325)<br>| &nbsp;&nbsp;&nbsp; (1041039804)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 28805 | &nbsp;&nbsp;&nbsp; 67256 | &nbsp;&nbsp;&nbsp; (148197)<br>| &nbsp;&nbsp;&nbsp; 2285288 |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1409352 | &nbsp;&nbsp;&nbsp; 2946797 | &nbsp;&nbsp;&nbsp; 32111712 | &nbsp;&nbsp;&nbsp; 62813558 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 33649 | &nbsp;&nbsp;&nbsp; 66382 | &nbsp;&nbsp;&nbsp; 184007 | &nbsp;&nbsp;&nbsp; 357625 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1512466)<br>| &nbsp;&nbsp;&nbsp; (2563066)<br>| &nbsp;&nbsp;&nbsp; (31288177)<br>| &nbsp;&nbsp;&nbsp; (58749375)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (69465)<br>| &nbsp;&nbsp;&nbsp; 450113 | &nbsp;&nbsp;&nbsp; 1007542 | &nbsp;&nbsp;&nbsp; 4421808 |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3516978 | &nbsp;&nbsp;&nbsp; 6845722 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; 1398 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3598036)<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; (80756)<br>| &nbsp;&nbsp;&nbsp; (479917)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(75623)<br>| &nbsp;&nbsp;&nbsp; $1366364 | &nbsp;&nbsp;&nbsp; $14804324 | &nbsp;&nbsp;&nbsp; $59593804 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 694702 | &nbsp;&nbsp;&nbsp; 1759787 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4237 | &nbsp;&nbsp;&nbsp; 2130 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (362459)<br>| &nbsp;&nbsp;&nbsp; (1880942)<br>|
| Change in Academy Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 336480 | &nbsp;&nbsp;&nbsp; (119025)<br>|
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 445280 | &nbsp;&nbsp;&nbsp; 955366 | &nbsp;&nbsp;&nbsp; 364062324 | &nbsp;&nbsp;&nbsp; 743236493 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1571 | &nbsp;&nbsp;&nbsp; 3822 | &nbsp;&nbsp;&nbsp; 53654 | &nbsp;&nbsp;&nbsp; 124721 |
| Redeemed | &nbsp;&nbsp;&nbsp; (455857)<br>| &nbsp;&nbsp;&nbsp; (1082608)<br>| &nbsp;&nbsp;&nbsp; (362711886)<br>| &nbsp;&nbsp;&nbsp; (740538862)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; (9006)<br>| &nbsp;&nbsp;&nbsp; (123420)<br>| &nbsp;&nbsp;&nbsp; 1404092 | &nbsp;&nbsp;&nbsp; 2822352 |
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 201229029 | &nbsp;&nbsp;&nbsp; 386692251 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 674679 | &nbsp;&nbsp;&nbsp; 1370815 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (190818743)<br>| &nbsp;&nbsp;&nbsp; (354531945)<br>|
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11084965 | &nbsp;&nbsp;&nbsp; 33531121 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

122 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Empower** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 442107 | &nbsp;&nbsp;&nbsp; 1056773 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18904 | &nbsp;&nbsp;&nbsp; 53902 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (599689)<br>| &nbsp;&nbsp;&nbsp; (1119624)<br>|
| Change in Empower Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (138678)<br>| &nbsp;&nbsp;&nbsp; (8949)<br>|
| **IM** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 330708 | &nbsp;&nbsp;&nbsp; 1365394 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2780 | &nbsp;&nbsp;&nbsp; 11772 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (300494)<br>| &nbsp;&nbsp;&nbsp; (1512622)<br>|
| Change in IM Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32994 | &nbsp;&nbsp;&nbsp; (135456)<br>|
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4905024 | &nbsp;&nbsp;&nbsp; 10715364 | &nbsp;&nbsp;&nbsp; 103376299 | &nbsp;&nbsp;&nbsp; 202295931 |
| Reinvested | &nbsp;&nbsp;&nbsp; 34120 | &nbsp;&nbsp;&nbsp; 80633 | &nbsp;&nbsp;&nbsp; 182031 | &nbsp;&nbsp;&nbsp; 411050 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4965100)<br>| &nbsp;&nbsp;&nbsp; (9823586)<br>| &nbsp;&nbsp;&nbsp; (102252446)<br>| &nbsp;&nbsp;&nbsp; (185430394)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (25956)<br>| &nbsp;&nbsp;&nbsp; 972411 | &nbsp;&nbsp;&nbsp; 1305884 | &nbsp;&nbsp;&nbsp; 17276587 |
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 225032 | &nbsp;&nbsp;&nbsp; 470005 | &nbsp;&nbsp;&nbsp; 573039960 | &nbsp;&nbsp;&nbsp; 1043256067 |
| Reinvested | &nbsp;&nbsp;&nbsp; 6981 | &nbsp;&nbsp;&nbsp; 14656 | &nbsp;&nbsp;&nbsp; 31145 | &nbsp;&nbsp;&nbsp; 68900 |
| Redeemed | &nbsp;&nbsp;&nbsp; (203208)<br>| &nbsp;&nbsp;&nbsp; (417404)<br>| &nbsp;&nbsp;&nbsp; (573219303)<br>| &nbsp;&nbsp;&nbsp; (1041039656)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 28805 | &nbsp;&nbsp;&nbsp; 67257 | &nbsp;&nbsp;&nbsp; (148198)<br>| &nbsp;&nbsp;&nbsp; 2285311 |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1409346 | &nbsp;&nbsp;&nbsp; 2946775 | &nbsp;&nbsp;&nbsp; 32111695 | &nbsp;&nbsp;&nbsp; 62813337 |
| Reinvested | &nbsp;&nbsp;&nbsp; 33649 | &nbsp;&nbsp;&nbsp; 66382 | &nbsp;&nbsp;&nbsp; 184007 | &nbsp;&nbsp;&nbsp; 357625 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1512460)<br>| &nbsp;&nbsp;&nbsp; (2563042)<br>| &nbsp;&nbsp;&nbsp; (31288159)<br>| &nbsp;&nbsp;&nbsp; (58749165)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (69465)<br>| &nbsp;&nbsp;&nbsp; 450115 | &nbsp;&nbsp;&nbsp; 1007543 | &nbsp;&nbsp;&nbsp; 4421797 |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3516973 | &nbsp;&nbsp;&nbsp; 6845658 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp; 1398 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3598032)<br>| &nbsp;&nbsp;&nbsp; (7326992)<br>|
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (80757)<br>| &nbsp;&nbsp;&nbsp; (479936)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 123

------

**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; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $267712 | &nbsp;&nbsp;&nbsp; $607319 | &nbsp;&nbsp;&nbsp; $176526 | &nbsp;&nbsp;&nbsp; $296993 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp; 1388 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (260948)<br>| &nbsp;&nbsp;&nbsp; (804635)<br>| &nbsp;&nbsp;&nbsp; (165030)<br>| &nbsp;&nbsp;&nbsp; (291291)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 7133 | &nbsp;&nbsp;&nbsp; (195814)<br>| &nbsp;&nbsp;&nbsp; 12117 | &nbsp;&nbsp;&nbsp; 7090 |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 12176494 | &nbsp;&nbsp;&nbsp; 28260117 | &nbsp;&nbsp;&nbsp; 9506818 | &nbsp;&nbsp;&nbsp; 15788017 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8817 | &nbsp;&nbsp;&nbsp; 19250 | &nbsp;&nbsp;&nbsp; 14343 | &nbsp;&nbsp;&nbsp; 26872 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (12771452)<br>| &nbsp;&nbsp;&nbsp; (26975097)<br>| &nbsp;&nbsp;&nbsp; (9314885)<br>| &nbsp;&nbsp;&nbsp; (15374815)<br>|
| Change in net assets resulting from Institutional Class capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (586141)<br>| &nbsp;&nbsp;&nbsp; 1304270 | &nbsp;&nbsp;&nbsp; 206276 | &nbsp;&nbsp;&nbsp; 440074 |
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 72030 | &nbsp;&nbsp;&nbsp; 102652 | &nbsp;&nbsp;&nbsp; 56351 | &nbsp;&nbsp;&nbsp; 96810 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 994 | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp; 2200 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (64264)<br>| &nbsp;&nbsp;&nbsp; (90790)<br>| &nbsp;&nbsp;&nbsp; (51853)<br>| &nbsp;&nbsp;&nbsp; (78134)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 8760 | &nbsp;&nbsp;&nbsp; 13875 | &nbsp;&nbsp;&nbsp; 5507 | &nbsp;&nbsp;&nbsp; 20876 |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 833428 | &nbsp;&nbsp;&nbsp; 1810511 | &nbsp;&nbsp;&nbsp; 621330 | &nbsp;&nbsp;&nbsp; 1002950 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8667 | &nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp; 6196 | &nbsp;&nbsp;&nbsp; 10457 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (906288)<br>| &nbsp;&nbsp;&nbsp; (1691942)<br>| &nbsp;&nbsp;&nbsp; (601073)<br>| &nbsp;&nbsp;&nbsp; (714818)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (64193)<br>| &nbsp;&nbsp;&nbsp; 135683 | &nbsp;&nbsp;&nbsp; 26453 | &nbsp;&nbsp;&nbsp; 298589 |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2631916 | &nbsp;&nbsp;&nbsp; 6433216 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2627341)<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; 4932 | &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; (4115)<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; (4080)<br>| &nbsp;&nbsp;&nbsp; (1822)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(629509)<br>| &nbsp;&nbsp;&nbsp; $1173229 | &nbsp;&nbsp;&nbsp; $246273 | &nbsp;&nbsp;&nbsp; $764807 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

124 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Tax Free Money Market Fund** | **JPMorgan Tax Free Money Market Fund** | **JPMorgan Municipal Money Market Fund** | **JPMorgan Municipal Money Market Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 267701 | &nbsp;&nbsp;&nbsp; 607298 | &nbsp;&nbsp;&nbsp; 176513 | &nbsp;&nbsp;&nbsp; 296970 |
| Reinvested | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp; 1388 |
| Redeemed | &nbsp;&nbsp;&nbsp; (260937)<br>| &nbsp;&nbsp;&nbsp; (804607)<br>| &nbsp;&nbsp;&nbsp; (165017)<br>| &nbsp;&nbsp;&nbsp; (291263)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; 7133 | &nbsp;&nbsp;&nbsp; (195807)<br>| &nbsp;&nbsp;&nbsp; 12117 | &nbsp;&nbsp;&nbsp; 7095 |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 12176432 | &nbsp;&nbsp;&nbsp; 28259985 | &nbsp;&nbsp;&nbsp; 9506772 | &nbsp;&nbsp;&nbsp; 15787948 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8817 | &nbsp;&nbsp;&nbsp; 19250 | &nbsp;&nbsp;&nbsp; 14343 | &nbsp;&nbsp;&nbsp; 26872 |
| Redeemed | &nbsp;&nbsp;&nbsp; (12771387)<br>| &nbsp;&nbsp;&nbsp; (26974978)<br>| &nbsp;&nbsp;&nbsp; (9314843)<br>| &nbsp;&nbsp;&nbsp; (15374741)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (586138)<br>| &nbsp;&nbsp;&nbsp; 1304257 | &nbsp;&nbsp;&nbsp; 206272 | &nbsp;&nbsp;&nbsp; 440079 |
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 72027 | &nbsp;&nbsp;&nbsp; 102649 | &nbsp;&nbsp;&nbsp; 56347 | &nbsp;&nbsp;&nbsp; 96802 |
| Reinvested | &nbsp;&nbsp;&nbsp; 994 | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 1009 | &nbsp;&nbsp;&nbsp; 2200 |
| Redeemed | &nbsp;&nbsp;&nbsp; (64262)<br>| &nbsp;&nbsp;&nbsp; (90787)<br>| &nbsp;&nbsp;&nbsp; (51849)<br>| &nbsp;&nbsp;&nbsp; (78126)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 8759 | &nbsp;&nbsp;&nbsp; 13875 | &nbsp;&nbsp;&nbsp; 5507 | &nbsp;&nbsp;&nbsp; 20876 |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 833401 | &nbsp;&nbsp;&nbsp; 1810459 | &nbsp;&nbsp;&nbsp; 621299 | &nbsp;&nbsp;&nbsp; 1002896 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8667 | &nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp; 6196 | &nbsp;&nbsp;&nbsp; 10457 |
| Redeemed | &nbsp;&nbsp;&nbsp; (906261)<br>| &nbsp;&nbsp;&nbsp; (1691889)<br>| &nbsp;&nbsp;&nbsp; (601039)<br>| &nbsp;&nbsp;&nbsp; (714772)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (64193)<br>| &nbsp;&nbsp;&nbsp; 135684 | &nbsp;&nbsp;&nbsp; 26456 | &nbsp;&nbsp;&nbsp; 298581 |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2631866 | &nbsp;&nbsp;&nbsp; 6433123 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (2627293)<br>| &nbsp;&nbsp;&nbsp; (6518836)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 4930 | &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;

August 31, 2025 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 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; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $6610 | &nbsp;&nbsp;&nbsp; $87364 | &nbsp;&nbsp;&nbsp; $177707 | &nbsp;&nbsp;&nbsp; $343649 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 149 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (17139)<br>| &nbsp;&nbsp;&nbsp; (90946)<br>| &nbsp;&nbsp;&nbsp; (189214)<br>| &nbsp;&nbsp;&nbsp; (411463)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (10495)<br>| &nbsp;&nbsp;&nbsp; (3436)<br>| &nbsp;&nbsp;&nbsp; (11472)<br>| &nbsp;&nbsp;&nbsp; (67665)<br>|
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 73795 | &nbsp;&nbsp;&nbsp; 274321 | &nbsp;&nbsp;&nbsp; 1604093 | &nbsp;&nbsp;&nbsp; 2481458 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 1531 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (88320)<br>| &nbsp;&nbsp;&nbsp; (317194)<br>| &nbsp;&nbsp;&nbsp; (1499729)<br>| &nbsp;&nbsp;&nbsp; (2714616)<br>|
| Change in net assets resulting from Institutional Class capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (14120)<br>| &nbsp;&nbsp;&nbsp; (41288)<br>| &nbsp;&nbsp;&nbsp; 104614 | &nbsp;&nbsp;&nbsp; (231627)<br>|
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 3891 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 15429 | &nbsp;&nbsp;&nbsp; 12385 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp; 1199 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (4162)<br>| &nbsp;&nbsp;&nbsp; (6879)<br>| &nbsp;&nbsp;&nbsp; (17565)<br>| &nbsp;&nbsp;&nbsp; (21891)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (225)<br>| &nbsp;&nbsp;&nbsp; (4218)<br>| &nbsp;&nbsp;&nbsp; (1689)<br>| &nbsp;&nbsp;&nbsp; (8307)<br>|
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 91400 | &nbsp;&nbsp;&nbsp; 203592 | &nbsp;&nbsp;&nbsp; 162794 | &nbsp;&nbsp;&nbsp; 516131 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 455 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (104617)<br>| &nbsp;&nbsp;&nbsp; (243476)<br>| &nbsp;&nbsp;&nbsp; (180071)<br>| &nbsp;&nbsp;&nbsp; (637861)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (13002)<br>| &nbsp;&nbsp;&nbsp; (39234)<br>| &nbsp;&nbsp;&nbsp; (17053)<br>| &nbsp;&nbsp;&nbsp; (121275)<br>|
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 1936 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 56 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (313)<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; (8)<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; $(40982)<br>| &nbsp;&nbsp;&nbsp; $(89252)<br>| &nbsp;&nbsp;&nbsp; $73709 | &nbsp;&nbsp;&nbsp; $(429650)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

126 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **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; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6606 | &nbsp;&nbsp;&nbsp; 87335 | &nbsp;&nbsp;&nbsp; 177705 | &nbsp;&nbsp;&nbsp; 343646 |
| Reinvested | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 149 |
| Redeemed | &nbsp;&nbsp;&nbsp; (17132)<br>| &nbsp;&nbsp;&nbsp; (90918)<br>| &nbsp;&nbsp;&nbsp; (189212)<br>| &nbsp;&nbsp;&nbsp; (411458)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; (10492)<br>| &nbsp;&nbsp;&nbsp; (3437)<br>| &nbsp;&nbsp;&nbsp; (11472)<br>| &nbsp;&nbsp;&nbsp; (67663)<br>|
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 73773 | &nbsp;&nbsp;&nbsp; 274262 | &nbsp;&nbsp;&nbsp; 1604087 | &nbsp;&nbsp;&nbsp; 2481448 |
| Reinvested | &nbsp;&nbsp;&nbsp; 405 | &nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 1531 |
| Redeemed | &nbsp;&nbsp;&nbsp; (88302)<br>| &nbsp;&nbsp;&nbsp; (317138)<br>| &nbsp;&nbsp;&nbsp; (1499725)<br>| &nbsp;&nbsp;&nbsp; (2714606)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (14124)<br>| &nbsp;&nbsp;&nbsp; (41291)<br>| &nbsp;&nbsp;&nbsp; 104612 | &nbsp;&nbsp;&nbsp; (231627)<br>|
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3888 | &nbsp;&nbsp;&nbsp; 2498 | &nbsp;&nbsp;&nbsp; 15429 | &nbsp;&nbsp;&nbsp; 12384 |
| Reinvested | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp; 1199 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4160)<br>| &nbsp;&nbsp;&nbsp; (6876)<br>| &nbsp;&nbsp;&nbsp; (17565)<br>| &nbsp;&nbsp;&nbsp; (21890)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; (226)<br>| &nbsp;&nbsp;&nbsp; (4217)<br>| &nbsp;&nbsp;&nbsp; (1689)<br>| &nbsp;&nbsp;&nbsp; (8307)<br>|
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 91379 | &nbsp;&nbsp;&nbsp; 203545 | &nbsp;&nbsp;&nbsp; 162792 | &nbsp;&nbsp;&nbsp; 516125 |
| Reinvested | &nbsp;&nbsp;&nbsp; 215 | &nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp; 455 |
| Redeemed | &nbsp;&nbsp;&nbsp; (104596)<br>| &nbsp;&nbsp;&nbsp; (243426)<br>| &nbsp;&nbsp;&nbsp; (180068)<br>| &nbsp;&nbsp;&nbsp; (637855)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (13002)<br>| &nbsp;&nbsp;&nbsp; (39231)<br>| &nbsp;&nbsp;&nbsp; (17052)<br>| &nbsp;&nbsp;&nbsp; (121275)<br>|
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp; 1936 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 56 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (313)<br>| &nbsp;&nbsp;&nbsp; (2497)<br>|
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (505)<br>|
| **Service** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11 | &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; (3165)<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;

August 31, 2025 J.P. Morgan Money Market Funds 127

------

**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 Prime Money Market Fund** |  |  |  |  |  |  |  |
| **Academy** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.0003 | &nbsp;&nbsp; $0.0218 | &nbsp;&nbsp; $—<br> (d)<br>| &nbsp;&nbsp; $0.0218 | &nbsp;&nbsp; $(0.0218)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.0218)<br>|
| Year Ended February 28, 2025 | 1.0005 | 0.0501 | &nbsp;&nbsp; (0.0002)<br>| 0.0499 | &nbsp;&nbsp; (0.0501)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0527)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0240 | 0.0003 | 0.0243 | &nbsp;&nbsp; (0.0240)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0007)<br>|
| Year Ended February 28, 2021 | 1.0006 | 0.0036 | &nbsp;&nbsp; —<br> (d)<br>| 0.0036 | &nbsp;&nbsp; (0.0036)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0036)<br>|
| **Agency** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.0010 | 0.0214 | &nbsp;&nbsp; —<br> (d)<br>| 0.0214 | &nbsp;&nbsp; (0.0214)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0214)<br>|
| Year Ended February 28, 2025 | 1.0009 | 0.0492 | 0.0001 | 0.0493 | &nbsp;&nbsp; (0.0492)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0492)<br>|
| Year Ended February 29, 2024 | 1.0009 | 0.0518 | &nbsp;&nbsp; —<br> (d)<br>| 0.0518 | &nbsp;&nbsp; (0.0518)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0518)<br>|
| Year Ended February 28, 2023 | 1.0005 | 0.0231 | 0.0004 | 0.0235 | &nbsp;&nbsp; (0.0231)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0001)<br>|
| Year Ended February 28, 2021 | 1.0007 | 0.0028 | 0.0001 | 0.0029 | &nbsp;&nbsp; (0.0028)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0028)<br>|
| **Capital** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.0003 | 0.0218 | &nbsp;&nbsp; —<br> (d)<br>| 0.0218 | &nbsp;&nbsp; (0.0218)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0218)<br>|
| Year Ended February 28, 2025 | 1.0004 | 0.0501 | &nbsp;&nbsp; (0.0001)<br>| 0.0500 | &nbsp;&nbsp; (0.0501)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0527)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0240 | 0.0002 | 0.0242 | &nbsp;&nbsp; (0.0240)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0007)<br>|
| Year Ended February 28, 2021 | 1.0005 | 0.0036 | &nbsp;&nbsp; —<br> (d)<br>| 0.0036 | &nbsp;&nbsp; (0.0036)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0036)<br>|
| **Empower** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.0003 | 0.0218 | &nbsp;&nbsp; —<br> (d)<br>| 0.0218 | &nbsp;&nbsp; (0.0218)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0218)<br>|
| Year Ended February 28, 2025 | 1.0004 | 0.0501 | &nbsp;&nbsp; (0.0001)<br>| 0.0500 | &nbsp;&nbsp; (0.0501)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0526)<br>|
| Year Ended February 28, 2023 | 1.0002 | 0.0240 | 0.0003 | 0.0243 | &nbsp;&nbsp; (0.0240)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0007)<br>|
| February 23, 2021 (f) through February 28, 2021 | 1.0005 | &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (d)<br>|
| **IM** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.0004 | 0.0221 | &nbsp;&nbsp; —<br> (d)<br>| 0.0221 | &nbsp;&nbsp; (0.0221)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0221)<br>|
| Year Ended February 28, 2025 | 1.0005 | 0.0506 | &nbsp;&nbsp; (0.0001)<br>| 0.0505 | &nbsp;&nbsp; (0.0506)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0506)<br>|
| Year Ended February 29, 2024 | 1.0005 | 0.0532 | &nbsp;&nbsp; —<br> (d)<br>| 0.0532 | &nbsp;&nbsp; (0.0532)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0532)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0244 | 0.0002 | 0.0246 | &nbsp;&nbsp; (0.0244)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0007)<br>|
| Year Ended February 28, 2021 | 1.0006 | 0.0039 | &nbsp;&nbsp; —<br> (d)<br>| 0.0039 | &nbsp;&nbsp; (0.0039)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0039)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.0004 | 0.0216 | &nbsp;&nbsp; —<br> (d)<br>| 0.0216 | &nbsp;&nbsp; (0.0216)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0216)<br>|
| Year Ended February 28, 2025 | 1.0005 | 0.0497 | &nbsp;&nbsp; (0.0001)<br>| 0.0496 | &nbsp;&nbsp; (0.0497)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0497)<br>|
| Year Ended February 29, 2024 | 1.0005 | 0.0523 | &nbsp;&nbsp; —<br> (d)<br>| 0.0523 | &nbsp;&nbsp; (0.0523)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0523)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0237 | 0.0002 | 0.0239 | &nbsp;&nbsp; (0.0237)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0005)<br>|
| Year Ended February 28, 2021 | 1.0005 | 0.0033 | &nbsp;&nbsp; —<br> (d)<br>| 0.0033 | &nbsp;&nbsp; (0.0033)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0033)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

128 J.P. Morgan Money Market Funds August 31, 2025

------

&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(b) | &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(c)<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; $1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1376442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33<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; 1048990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (e)<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; 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; 618235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (e)<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; 918415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (e)<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;1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1011973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &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; 3080458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &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; 2764683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (e)<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; 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; 2766889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (e)<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; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1403993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (e)<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;1.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1492906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &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;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50087497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33 | &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; 44855575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (e)<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; 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; 41621459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (e)<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; 40505885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (e)<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;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42867638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &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;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 719755 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33 | &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; 598550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (e)<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; 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; 355132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (e)<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; 564948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (e)<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;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12020930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.38 | &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; 17197596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (e)<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; 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; 6054242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (e)<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; 9524945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (e)<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;1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7515957 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &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;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19231542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.29 | &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; 17822266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (e)<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; 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; 14307780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (e)<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; 14794803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (e)<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;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19063596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 129

------

**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)<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 Prime Money Market Fund (continued)** |  |  |  |  |  |  |  |
| **Morgan** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.0015 | &nbsp;&nbsp; $0.0201 | &nbsp;&nbsp; $—<br> (d)<br>| &nbsp;&nbsp; $0.0201 | &nbsp;&nbsp; $(0.0201)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.0201)<br>|
| Year Ended February 28, 2025 | 1.0011 | 0.0469 | 0.0004 | 0.0473 | &nbsp;&nbsp; (0.0469)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0469)<br>|
| Year Ended February 29, 2024 | 1.0010 | 0.0496 | 0.0001 | 0.0497 | &nbsp;&nbsp; (0.0496)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0496)<br>|
| Year Ended February 28, 2023 | 1.0007 | 0.0209 | 0.0003 | 0.0212 | &nbsp;&nbsp; (0.0209)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0001)<br>|
| Year Ended February 28, 2021 | 1.0008 | 0.0016 | 0.0003 | 0.0019 | &nbsp;&nbsp; (0.0016)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0016)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.0005 | 0.0206 | &nbsp;&nbsp; —<br> (d)<br>| 0.0206 | &nbsp;&nbsp; (0.0206)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0206)<br>|
| Year Ended February 28, 2025 | 1.0006 | 0.0476 | &nbsp;&nbsp; (0.0001)<br>| 0.0475 | &nbsp;&nbsp; (0.0476)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0501)<br>|
| Year Ended February 28, 2023 | 1.0004 | 0.0214 | 0.0003 | 0.0217 | &nbsp;&nbsp; (0.0214)<br>| &nbsp;&nbsp; — | &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>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0001)<br>|
| Year Ended February 28, 2021 | 1.0006 | 0.0019 | 0.0001 | 0.0020 | &nbsp;&nbsp; (0.0019)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0019)<br>|
| **Reserve** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.0007 | 0.0192 | &nbsp;&nbsp; —<br> (d)<br>| 0.0192 | &nbsp;&nbsp; (0.0192)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0192)<br>|
| Year Ended February 28, 2025 | 1.0008 | 0.0448 | &nbsp;&nbsp; (0.0001)<br>| 0.0447 | &nbsp;&nbsp; (0.0448)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0448)<br>|
| Year Ended February 29, 2024 | 1.0008 | 0.0474 | &nbsp;&nbsp; —<br> (d)<br>| 0.0474 | &nbsp;&nbsp; (0.0474)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0474)<br>|
| Year Ended February 28, 2023 | 1.0006 | 0.0192 | 0.0002 | 0.0194 | &nbsp;&nbsp; (0.0192)<br>| &nbsp;&nbsp; — | &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; (0.0001)<br>|
| Year Ended February 28, 2021 | 1.0007 | 0.0010 | 0.0002 | 0.0012 | &nbsp;&nbsp; (0.0010)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0010)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

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

(d) Amount rounds to less than $0.00005.

(e) 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.08<br> %<br>| 0.01<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.10<br> %<br>| 0.02<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.08<br> %<br>| 0.02<br> %<br>|
| Empower | &nbsp;&nbsp; — | 0.01<br> %<br>| &nbsp;&nbsp; — | 0.02<br> %<br>| 0.08<br> %<br>| &nbsp;&nbsp; — <br><sup>\*</sup><br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.04<br> %<br>| 0.01<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.09<br> %<br>| 0.02<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.02<br> %<br>| 0.34<br> %<br>| 0.12<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.27<br> %<br>| 0.09<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.05<br> %<br>| 0.54<br> %<br>| 0.16<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; <br>\* Amount rounds to less than 0.005%. |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(f) Commencement of offering of class of shares.

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

130 J.P. Morgan Money Market Funds August 31, 2025

------

&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(b) | &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(c)<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; $1.0015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.02<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $701569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>|
| &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; 721023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> (e)<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; 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; 1857527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> (e)<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; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (e)<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;1.0011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1353316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &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;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2888392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08 | &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; 2968154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> (e)<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; 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; 2287879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (e)<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; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (e)<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;1.0007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1337044 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2986 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 |
| &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; 2944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (e)<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; 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; 3295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> (e)<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; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 131

------

**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** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.0002 | &nbsp;&nbsp; $0.0126 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0.0126 | &nbsp;&nbsp; $(0.0126)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.0126)<br>|
| Year Ended February 28, 2025 | 1.0002 | 0.0291 | &nbsp;&nbsp; —<br> (d)<br>| 0.0291 | &nbsp;&nbsp; (0.0291)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0291)<br>|
| Year Ended February 29, 2024 | 1.0002 | 0.0310 | &nbsp;&nbsp; —<br> (d)<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> (d)<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> (d)<br>| &nbsp;&nbsp; (0.0001)<br>|
| Year Ended February 28, 2021 | 1.0001 | 0.0023 | 0.0004 | 0.0027 | &nbsp;&nbsp; (0.0023)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0023)<br>|
| **Capital** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.0003 | 0.0130 | &nbsp;&nbsp; — | 0.0130 | &nbsp;&nbsp; (0.0130)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0130)<br>|
| Year Ended February 28, 2025 | 1.0003 | 0.0299 | &nbsp;&nbsp; —<br> (d)<br>| 0.0299 | &nbsp;&nbsp; (0.0299)<br>| &nbsp;&nbsp; —<br> (d)<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> (d)<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> (d)<br>| &nbsp;&nbsp; (0.0002)<br>|
| Year Ended February 28, 2021 | 1.0000 | 0.0028 | 0.0006 | 0.0034 | &nbsp;&nbsp; (0.0028)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0028)<br>|
| **IM** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.0001 | 0.0133 | &nbsp;&nbsp; — | 0.0133 | &nbsp;&nbsp; (0.0133)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0133)<br>|
| Year Ended February 28, 2025 | 1.0001 | 0.0303 | &nbsp;&nbsp; —<br> (d)<br>| 0.0303 | &nbsp;&nbsp; (0.0303)<br>| &nbsp;&nbsp; —<br> (d)<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> (d)<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> (d)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0002)<br>|
| Year Ended February 28, 2021 | 1.0000 | 0.0030 | 0.0005 | 0.0035 | &nbsp;&nbsp; (0.0030)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0030)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.0002 | 0.0129 | &nbsp;&nbsp; — | 0.0129 | &nbsp;&nbsp; (0.0129)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0129)<br>|
| Year Ended February 28, 2025 | 1.0002 | 0.0296 | &nbsp;&nbsp; —<br> (d)<br>| 0.0296 | &nbsp;&nbsp; (0.0296)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0296)<br>|
| Year Ended February 29, 2024 | 1.0002 | 0.0315 | &nbsp;&nbsp; —<br> (d)<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> (d)<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> (d)<br>| &nbsp;&nbsp; (0.0001)<br>|
| Year Ended February 28, 2021 | 1.0000 | 0.0026 | 0.0005 | 0.0031 | &nbsp;&nbsp; (0.0026)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.0026)<br>|

---

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

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

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

(d) Amount rounds to less than $0.00005.

(e) 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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.16<br> %<br>| 0.02<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.09<br> %<br>| &nbsp;&nbsp; — <br><sup>\*</sup><br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.07<br> %<br>| 0.01<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>| 0.01<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; <br>\* Amount rounds to less than 0.005%. |

---

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

132 J.P. Morgan Money Market Funds August 31, 2025

------

&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(b) | &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(c)<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; 1.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $60961 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.51<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; 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; 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; 108719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (e)<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; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> (e)<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;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372229 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &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; 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; 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; 399560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (e)<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; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (e)<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;1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &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;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1885800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &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; 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; 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; 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> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> (e)<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;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665960 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 403162 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &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; 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; 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; 397559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (e)<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; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478239 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 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)(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>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Liquid Assets Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Capital** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Investor** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (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;

134 J.P. Morgan Money Market Funds August 31, 2025

------

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

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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; 2.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4737568 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.23<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; 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; 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; 3045257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (f)<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; 691008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<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;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1234800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &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;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21612731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32 | &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; 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; 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; 9633984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (f)<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; 1804197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<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;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4806805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &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;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11721763 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28 | &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; 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; 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; 8277974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (f)<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; 1763092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (f)<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;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3055814 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &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;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &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;4.79 | &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; 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; 3013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> (f)<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; 1804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<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;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6189 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &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;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9594021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &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; 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; 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; 2177582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> (f)<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; 453086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<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;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 627541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &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;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35605103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &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; 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; 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; 12312271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (f)<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; 1532491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &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;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2373258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 135

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**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

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

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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)(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>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Liquid Assets Money Market Fund (continued)** |  |  |  |  |  |  |  |
| **Reserve** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.09<br> %<br>| 0.02<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.03<br> %<br>| &nbsp;&nbsp; — <br><sup>\*</sup><br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.05<br> %<br>| &nbsp;&nbsp; — <br><sup>\*</sup><br>|
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.32<br> %<br>| 0.16<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.42<br> %<br>| 0.19<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.28<br> %<br>| 0.10<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.53<br> %<br>| 0.29<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; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

136 J.P. Morgan Money Market Funds August 31, 2025

------

&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; 1.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17465 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.68<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> (f)<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> (f)<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;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Money Market Funds 137

------

**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** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.02<br> (d)<br>| &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05<br> (d)<br>| &nbsp;&nbsp; —<br> (e)<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; —<br> (f)<br>| &nbsp;&nbsp; (0.0010)<br>|
| Year Ended February 28, 2021 | 1.0002 | 0.0045 | &nbsp;&nbsp; (0.0001)<br>| 0.0044 | &nbsp;&nbsp; (0.0045)<br>| &nbsp;&nbsp; —<br> (f)<br>| &nbsp;&nbsp; (0.0045)<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) Annualized for periods less than one year, unless otherwise noted.

(b) Not annualized for periods less than one year.

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

(d) Calculated based upon average shares outstanding.

(e) Amount rounds to less than $0.005.

(f) Amount rounds to less than $0.00005.

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

138 <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 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(b) | &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(c)<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; 2.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1712787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.33<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; 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; 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; 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; 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;&nbsp;&nbsp;&nbsp;&nbsp;1.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2168587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |

---

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

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

139 <br>

------

**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** |
|  |  | **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>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan U.S. Government Money Market Fund** |  |  |  |  |  |  |
| **Academy** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Agency** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Capital** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Empower** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| February 23, 2021 (g) through February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **IM** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Institutional Class** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |

---

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

140 <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 to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |
| Total return(c) | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp; 2.14<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4382136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6517448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7529994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4267302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10734174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3689489 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16718728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16040283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15084344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10098820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8485249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16148773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182898133 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182085385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160954781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119811381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166488233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143184525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9806666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9398144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7799631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5393885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4160732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 500028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11683614 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11457218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8449005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9457598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10046645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7317310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43166341 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44065112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41207185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29664717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27455761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39608624 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |

---

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

141 <br>

------

**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** |
|  |  | **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>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan U.S. Government Money Market Fund (continued)** |  |  |  |  |  |  |
| **Investor** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Morgan** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —<br> (e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Premier** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Reserve** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —<br> (e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Service** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —<br> (e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.04 | &nbsp;&nbsp; —<br> (e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |

---

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.13<br> %<br>| 0.04<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.02<br> %<br>| 0.20<br> %<br>| 0.06<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.13<br> %<br>| 0.03<br> %<br>|
| Empower | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.13<br> %<br>| &nbsp;&nbsp; — <br><sup>\*</sup><br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.09<br> %<br>| 0.01<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.15<br> %<br>| 0.04<br> %<br>|
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.41<br> %<br>| 0.25<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.04<br> %<br>| 0.51<br> %<br>| 0.33<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.37<br> %<br>| 0.21<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.11<br> %<br>| 0.61<br> %<br>| 0.47<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.16<br> %<br>| 0.96<br> %<br>| 0.74<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; <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%.

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

142 <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 to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |
| Total return(c) | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp; 1.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3674719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3556639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2056169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2406713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 842931 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15176212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14753566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7815291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4027309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1870723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17835653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16363800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13503049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6543879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5020827 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34892 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2846123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3350896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7409330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101545 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 514476 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&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;

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

143 <br>

------

**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** |
|  |  | **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>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan U.S. Treasury Plus Money Market Fund** |  |  |  |  |  |  |
| **Academy** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| September 30, 2020 (g) through February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Agency** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Capital** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Empower** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| February 23, 2021 (g) through February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **IM** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Institutional Class** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |

---

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

144 <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 to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |
| Total return(c) | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp; 2.13<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $114787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2124743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3259255 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3093782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2614882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1745265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1865281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20114883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19199227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14599378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12166783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10784903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13539346 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494199 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24276 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16118844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13437078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11726034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8222799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7963115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12055194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |

---

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

145 <br>

------

**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** |
|  |  | **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>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan U.S. Treasury Plus Money Market Fund (continued)** |  |  |  |  |  |  |
| **Investor** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Morgan** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —<br> (e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Premier** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| **Reserve** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —<br> (e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| 1.00 |
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| 1.00 |
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| 1.00 |
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| 1.00 |

---

&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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03<br> %<br>| 0.14<br> %<br>| 0.05<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.20<br> %<br>| 0.06<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.12<br> %<br>| 0.02<br> %<br>|
| Empower | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.13<br> %<br>| &nbsp;&nbsp; — <br><sup>\*</sup><br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.09<br> %<br>| 0.01<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.15<br> %<br>| 0.04<br> %<br>|
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.42<br> %<br>| 0.22<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.52<br> %<br>| 0.31<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03<br> %<br>| 0.38<br> %<br>| 0.19<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.08<br> %<br>| 0.61<br> %<br>| 0.35<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; <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%.

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

146 <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 to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |
| Total return(c) | &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp; 1.98<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17332 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16604 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4987132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4304404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3596110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 436183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5328258 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5187580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4814054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2659992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2032795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1694724 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564203 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1232544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4562 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 |

---

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

147 <br>

------

**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)(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>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Federal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.20<br> %<br>| 0.06<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.16<br> %<br>| 0.04<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.53<br> %<br>| 0.36<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.39<br> %<br>| 0.21<br> %<br>|

---

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

(g) Amount rounds to less than 0.005%.

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

148 <br>

------

**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 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; 2.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $602143 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07<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; 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; 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; 417945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (f)<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; 217942 | &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;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &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;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5221648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &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; 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; 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; 3070971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (f)<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; 1322211 | &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;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2344288 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &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;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &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; 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; 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; 135312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (f)<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> (g)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (g)<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;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2313392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91 | &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; 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; 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; 1002392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (f)<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; 123328 | &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;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 198516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |

---

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

149 <br>

------

**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** | **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)(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>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan 100% U.S. Treasury Securities Money Market Fund** |  |  |  |  |  |  |  |
| **Academy** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| September 30, 2020 (g) through February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| **Agency** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| **Capital** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| **Empower** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| February 23, 2021 (g) through February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| **IM** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|

---

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

150 <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 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; 2.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $366585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.14<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> (f)<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> (f)<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; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &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; 17900397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 | &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> (f)<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> (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;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4187912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.09 | &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;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 139769647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 | &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> (f)<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> (f)<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;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58366269 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &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;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 936245 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16 | &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> (f)<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> (f)<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; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &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; 136310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &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> (f)<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> (f)<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;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &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;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69407729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &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> (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; 23076533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<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;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24097829 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |

---

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

151 <br>

------

**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)(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>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan 100% U.S. Treasury Securities Money Market Fund** <br> **(continued)**<br>|  |  |  |  |  |  |  |
| **Morgan** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (e)<br>|
| **Reserve** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; — | &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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>| 0.08<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.21<br> %<br>| 0.05<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>| 0.02<br> %<br>|
| Empower | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.13<br> %<br>| 0.12<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.14<br> %<br>| &nbsp;&nbsp; — <br><sup>\*</sup><br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.16<br> %<br>| 0.03<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.05<br> %<br>| 0.52<br> %<br>| 0.34<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.38<br> %<br>| 0.19<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.09<br> %<br>| 0.62<br> %<br>| 0.44<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; <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%.

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

152 <br>

------

**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 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; 1.91<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6711081 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76<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;4.55 | &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> (f)<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> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2206039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2251619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &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;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21776959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91 | &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> (f)<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> (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;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1999999 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &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;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1037628 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &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; 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; 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; 1422097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (f)<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> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3821500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<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;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2893380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |

---

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

153 <br>

------

**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)(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>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Tax Free Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Reserve** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.16<br> %<br>| 0.03<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.12<br> %<br>| 0.01<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.49<br> %<br>| 0.29<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.33<br> %<br>| 0.14<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.07<br> %<br>| 0.59<br> %<br>| 0.39<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; <br>\* Amount rounds to less than 0.005%. |

---

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

154 <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 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; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $353855 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59<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; 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; 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; 581661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (f)<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; 281075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (f)<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;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 372457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &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;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8487450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &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; 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; 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; 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; 5135738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (f)<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;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6858653 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &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;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &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; 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; 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; 43671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> (f)<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; 17140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (f)<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;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22830 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &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;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1291780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &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; 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; 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; 871759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (f)<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; 338064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (f)<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;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 498856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &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;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 566872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &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; 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; 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; 761834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> (f)<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; 1807835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (f)<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;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1574145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.29<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |

---

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

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

155 <br>

------

**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)(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>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Municipal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Service** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Agency | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.13<br> %<br>| 0.01<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.09<br> %<br>| 0.01<br> %<br>|
| Morgan | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.46<br> %<br>| 0.24<br> %<br>|
| Premier | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.32<br> %<br>| 0.10<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.19<br> %<br>| 0.92<br> %<br>| 0.60<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; <br>\* Amount rounds to less than 0.005%. |

---

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

156 <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 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; 1.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $184576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62<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; 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; 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; 154048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (f)<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; 38272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (f)<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;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &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;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1700375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &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; 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; 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; 836112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (f)<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; 879357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<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;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 834116 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &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;1.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &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; 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; 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; 36619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (f)<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; 24236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (f)<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;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43853 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &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;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 670344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &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; 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; 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; 156828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (f)<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; 37902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (f)<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;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &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;0.93 | &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;1.05 |
| &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; 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; 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; 8796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (f)<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; 19679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (f)<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;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |

---

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

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

157 <br>

------

**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)(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>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan California Municipal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Service** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<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; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.14<br> %<br>| 0.04<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>| 0.01<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.49<br> %<br>| 0.31<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.36<br> %<br>| 0.18<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.21<br> %<br>| 0.95<br> %<br>| 0.68<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; <br>\* Amount rounds to less than 0.005%. |

---

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

158 <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 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; 1.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15804 | &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; 0.34<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> (f)<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> (f)<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;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.22<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &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;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170170 | &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;0.29 |
| &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> (f)<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> (f)<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;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156740 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &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;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4131 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &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;2.58 | &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> (f)<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> (f)<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;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &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;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86420 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &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;2.72 | &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> (f)<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> (f)<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;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &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;0.79 | &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;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 |
| &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> (f)<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> (f)<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;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12065 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.37<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |

---

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

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

159 <br>

------

**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)(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>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan New York Municipal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $1.00 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $—<br> (e)<br>| &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.01)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Reserve** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —<br> (e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Service** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —<br> (e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —<br> (e)<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> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| Year Ended February 28, 2021 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (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;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **August 31, 2025** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** | **February 28, 2021** |
| Agency | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.14<br> %<br>| 0.01<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.09<br> %<br>| &nbsp;&nbsp; — <br><sup>\*</sup><br>|
| Morgan | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.46<br> %<br>| 0.27<br> %<br>|
| Premier | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.33<br> %<br>| 0.11<br> %<br>|
| Reserve | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.06<br> %<br>| 0.58<br> %<br>| 0.35<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.20<br> %<br>| 0.92<br> %<br>| 0.63<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; <br>\* Amount rounds to less than 0.005%. |

---

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

160 <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 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; 1.31<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $194623 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.59<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; 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; 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; 268303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (f)<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; 50157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<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;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72812 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &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;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1453882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &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; 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; 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; 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; 425093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<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;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 532580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &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;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.25 | &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; 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; 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; 50655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (f)<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; 50015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (f)<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;0.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &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;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 272071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &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; 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; 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; 492280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (f)<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; 97415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<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;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &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;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &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;2.59 | &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; 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; 1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (f)<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; 2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<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;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1498 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.34<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &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;0.90 | &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;1.90 | &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; 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; 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; 1846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (f)<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; 2551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (f)<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;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.11 |

---

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

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

161 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited)

(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:

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| | | | |
|:---|:---|:---|:---|
|  | **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, 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 |

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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"), JPMorgan Securities Lending Money Market Fund ("Securities Lending 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") 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.

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.

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162 J.P. Morgan Money Market Funds August 31, 2025

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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.

Under SEC Rule 2a-5 (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 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

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

August 31, 2025 J.P. Morgan Money Market Funds 163

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**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

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"):

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| | | | | |
|:---|:---|:---|:---|:---|
| **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; $87552092 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $87552092 |

---

&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;

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| | | | | |
|:---|:---|:---|:---|:---|
| **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; $2716977 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2716977 |

---

&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; $81232826 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $81232826 |

---

&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;

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| | | | | |
|:---|:---|:---|:---|:---|
| **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; $1726338 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1726338 |

---

&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;

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164 J.P. Morgan Money Market Funds August 31, 2025

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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; $299308415 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $299308415 |

---

&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;

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| | | | | |
|:---|:---|:---|:---|:---|
| **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; $50438505 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $50438505 |

---

&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; $8269341 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8269341 |

---

&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;

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| | | | | |
|:---|:---|:---|:---|:---|
| **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; $265179623 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $265179623 |

---

&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; $10832823 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10832823 |

---

&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; $2653137 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2653137 |

---

&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;

August 31, 2025 J.P. Morgan Money Market Funds 165

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**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

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| | | | | |
|:---|:---|:---|:---|:---|
| **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; $274881 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $274881 |

---

&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; $2007502 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2007502 |

---

&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 August 31, 2025, 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 August 31, 2025, 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 August 31, 2025 are detailed on the SOIs, if any.

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

166 J.P. Morgan Money Market Funds August 31, 2025

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&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 six months ended August 31, 2025, are as follows:

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| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **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 | $19 | n/a | n/a | n/a | $29 | $2 | n/a | $6 | n/a | n/a | n/a | n/a |
| Agency | 37 | $14 | $35 | n/a | 107 | 19 | $4 | 98 | $2 | $1 | $—<br> (a)<br>| $1 |
| Agency SL | n/a | n/a | n/a | $4 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Capital | 268 | 18 | 96 | n/a | 1177 | 111 | n/a | 650 | n/a | n/a | n/a | n/a |
| Empower | 17 | n/a | n/a | n/a | 53 | 1 | n/a | 8 | n/a | n/a | n/a | n/a |
| IM | 81 | 16 | n/a | n/a | 50 | 1 | n/a | 1 | n/a | n/a | n/a | n/a |
| Institutional Class | 129 | 18 | 75 | n/a | 260 | 85 | 30 | 370 | 49 | 10 | 1 | 8 |
| Investor | n/a | n/a | —<br> (a)<br>| n/a | 18 | —<br> (a)<br>| n/a | n/a | n/a | n/a | n/a | n/a |
| Morgan | 130 | n/a | 119 | n/a | 131 | 44 | 13 | 119 | 5 | 3 | 1 | 10 |
| Premier | 38 | n/a | 169 | n/a | 106 | 31 | 14 | 126 | 9 | 4 | 2 | 3 |
| Reserve | 15 | n/a | 1 | n/a | 1 | 4 | n/a | 6 | 3 | n/a | n/a | —<br> (a)<br>|
| Service | n/a | n/a | n/a | n/a | 2 | n/a | n/a | n/a | n/a | —<br> (a)<br>| —<br> (a)<br>| —<br> (a)<br>|
| **Total** | $734 | $66 | $495 | $4 | $1934 | $298 | $61 | $1384 | $68 | $18 | $4 | $22 |

---

&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 August 31, 2025, 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.

**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;

August 31, 2025 J.P. Morgan Money Market Funds 167

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

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

**I. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. 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 is currently evaluating the amendment and its impact to the financial statements.

**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 six months ended August 31, 2025, the effective annualized 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 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &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 |
| 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 six months ended August 31, 2025, 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>|

---

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

168 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| 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** | **Empower** | &nbsp;&nbsp;&nbsp; **Institutional** <br>**Class**<br>| **Investor** |
| 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; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 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;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 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;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| 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 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| 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;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| 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;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 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;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 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;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 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;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 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;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 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;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Morgan** | **Premier** | **Reserve** | **Service** |
| Prime Money Market Fund | &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 |
| Liquid Assets Money Market Fund | &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 |
| U.S. Government Money Market Fund | &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;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Federal Money Market Fund | &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;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;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;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;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;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |

---

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.

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

August 31, 2025 J.P. Morgan Money Market Funds 169

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

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

**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** | **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; 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 |
| 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 |
| 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 |
| 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 |
| 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;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 |
| 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;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 |
| 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 |
| 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 |
| 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;&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 six months ended August 31, 2025 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 six months ended August 31, 2025. However, the Funds' service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

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.

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

170 J.P. Morgan Money Market Funds August 31, 2025

------

For the six months ended August 31, 2025, 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.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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; $785 | &nbsp;&nbsp; $785 | &nbsp;&nbsp; $10 |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; — |
| Liquid Assets Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 726 | &nbsp;&nbsp; 726 | &nbsp;&nbsp; — |
| Securities Lending Money Market Fund | &nbsp;&nbsp; 337 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; — | &nbsp;&nbsp; 545 | &nbsp;&nbsp; — |
| U.S. Government Money Market Fund | &nbsp;&nbsp; 2466 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 4191 | &nbsp;&nbsp; — |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 605 | &nbsp;&nbsp; 605 | &nbsp;&nbsp; — |
| Federal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 336 | &nbsp;&nbsp; — |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp; 2374 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2216 | &nbsp;&nbsp; 4590 | &nbsp;&nbsp; — |
| Tax Free Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 437 | &nbsp;&nbsp; — |
| Municipal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; — |
| California Municipal Money Market Fund | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; — |
| New York Municipal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; — |

---

&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; $1 | &nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp; $1 |
| New York Municipal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; — |

---

&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 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 six months ended August 31, 2025, 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, as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the six months ended August 31, 2025, 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; $1488595 | &nbsp;&nbsp;&nbsp;&nbsp; $837505 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 315705 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1219610 | &nbsp;&nbsp;&nbsp;&nbsp; 1780875 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 590755 | &nbsp;&nbsp;&nbsp;&nbsp; 1096365 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 86130 | &nbsp;&nbsp;&nbsp;&nbsp; 107570 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

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

August 31, 2025 J.P. Morgan Money Market Funds 171

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized Gain (Loss)** |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $932470 | &nbsp;&nbsp;&nbsp;&nbsp; $810950 | &nbsp;&nbsp;&nbsp;&nbsp; $— |

---

**4. Class-Specific Expenses** 

The Funds' class specific gross expenses for the six months ended August 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Distribution** | **Service** |
| **Prime Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $260 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2182 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11706 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 157 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9023 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1078 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4327 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $4 | &nbsp;&nbsp;&nbsp;&nbsp; $28737 |
| **Institutional Tax Free Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $59 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 205 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $364 |
| **Liquid Assets Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3482 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4899 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5727 |
| Investor | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 4726 | &nbsp;&nbsp;&nbsp;&nbsp; 16541 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52420 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; 23 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $4745 | &nbsp;&nbsp;&nbsp;&nbsp; $83110 |
| **U.S. Government Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1070 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12656 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45219 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2568 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21032 |
| Investor | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6293 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 7586 | &nbsp;&nbsp;&nbsp;&nbsp; 26559 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26118 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 52 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 542 | &nbsp;&nbsp;&nbsp;&nbsp; 271 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $8172 | &nbsp;&nbsp;&nbsp;&nbsp; $141838 |

---

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

172 J.P. Morgan Money Market Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Distribution** | **Service** |
| **U.S. Treasury Plus Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $77 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2393 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4775 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7168 |
| Investor | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 2300 | &nbsp;&nbsp;&nbsp;&nbsp; 8050 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7924 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 682 | &nbsp;&nbsp;&nbsp;&nbsp; 819 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $2982 | &nbsp;&nbsp;&nbsp;&nbsp; $31279 |
| **Federal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $467 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2529 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3521 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $187 | &nbsp;&nbsp;&nbsp;&nbsp; $7171 |
| **100% U.S. Treasury Securities Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $58 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12805 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33570 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33558 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 3470 | &nbsp;&nbsp;&nbsp;&nbsp; 12146 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32007 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 1336 | &nbsp;&nbsp;&nbsp;&nbsp; 1603 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $4806 | &nbsp;&nbsp;&nbsp;&nbsp; $125985 |
| **Tax Free Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $278 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4420 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1986 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 740 | &nbsp;&nbsp;&nbsp;&nbsp; 888 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $784 | &nbsp;&nbsp;&nbsp;&nbsp; $7727 |
| **Municipal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $139 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 845 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp;&nbsp; 160 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1021 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $53 | &nbsp;&nbsp;&nbsp;&nbsp; $2169 |
| **California Municipal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 83 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 148 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $9 | &nbsp;&nbsp;&nbsp;&nbsp; $258 |

---

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

August 31, 2025 J.P. Morgan Money Market Funds 173

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | |
|:---|:---|:---|
|  | **Distribution** | **Service** |
| **New York Municipal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $153 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 687 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp;&nbsp; 81 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 410 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $26 | &nbsp;&nbsp;&nbsp;&nbsp; $1334 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated tax cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2025 generally equals their book cost and unrealized appreciation (depreciation) in value of investments.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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>|
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $87551316 | &nbsp;&nbsp;&nbsp;&nbsp; $7818 | &nbsp;&nbsp;&nbsp;&nbsp; $7042 | &nbsp;&nbsp;&nbsp;&nbsp; $776 |

---

Estimated tax cost and unrealized appreciation (depreciation) in value of investments for the Funds equals their book cost and unrealized appreciation (depreciation) in value of investments.

At February 28, 2025, 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; $6056 | &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; 69578 | &nbsp;&nbsp;&nbsp;&nbsp; 1120 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp; 124 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2377 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

During the year ended February 28, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
|  | **Capital Loss Utilized**  |
|  | **Short-Term** |
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $125 |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 17 |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 115 |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2605 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1962 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3163 |

---

**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).

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

174 J.P. Morgan Money Market Funds August 31, 2025

------

As of August 31, 2025, 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 six months ended August 31, 2025, 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; $21319 | &nbsp;&nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp;&nbsp; $96 |

---

Interest earned as a result of lending money to another fund for the six months ended August 31, 2025, 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 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2025.

**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 August 31, 2025, 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; 52.5<br> %<br>|
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;92.2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Liquid Assets Money Market Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;52.7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;43.7 |
| 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;38.6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;41.3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;11.7 |
| Federal Money Market Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;62.0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;17.4 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;60.6 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax Free Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;49.5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;35.5 |
| Municipal Money Market Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;73.9 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;15.6 |
| California Municipal Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;65.2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;13.0 |
| New York Municipal Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;94.5 | &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

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

August 31, 2025 J.P. Morgan Money Market Funds 175

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

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.

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 August 31, 2025, 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>| **U.S.** <br>**Treasury** <br>**Plus** <br>**Money** <br>**Market** <br>**Fund**<br>|
| France | 15.6<br> %<br>| 13.4<br> %<br>| 19.4<br> %<br>| 10.5<br> %<br>|

---

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

176 J.P. Morgan Money Market Funds August 31, 2025

------

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.

![](g24505img5f2f926e2.jpg)

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![](g24505imga0bec5e83.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., 2025. All rights reserved. August 2025.

SAN-MMKT-825

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**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.

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**Statement Regarding Basis for Approval of Investment Advisory Agreements**

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an "Advisory Agreement" and collectively, the "Advisory Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) (the "1940 Act") of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2025.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' performance as compared to the performance of their peers and analyses by the Adviser of the Funds' performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar, Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the Adviser, counsel to the

Funds and independent legal counsel to the Trustees, and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year, as well as materials furnished specifically in connection with the annual review process. The Trustees also considered information provided with respect to the amount of time and resources the Adviser dedicated to ensuring the Funds comply with amendments to Rule 2a-7 under the 1940 Act as approved by the Securities and Exchange Commission. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

**Nature, Extent and Quality of Services Provided by the Adviser**

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for

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each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its role as Administrator;

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.

**Costs of Services Provided and Profitability to the Adviser and its Affiliates**

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser's determination of its and its affiliates' revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers' operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMorgan Distribution Services, Inc. ("JPMDS"), an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and

administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds' distributor, and that these fees are in turn generally paid to financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.

**Fall-Out Benefits**

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which, as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.

**Economies of Scale**

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints or revise the breakpoints on the administration fee schedule. The Trustees noted certain Funds with contractual expense limitations and fee waivers ("Fee Caps"), which allow a Fund's shareholders to share potential economies of scale from a Fund's inception, prior to reaching scale. The Trustees also noted that certain other Funds that had achieved scale as asset levels had increased, no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees further noted that the Adviser and JPMDS had previously implemented additional voluntary waivers in connection with a low interest rate environment. In addition, the Trustees noted that, for each of the U.S. Government Money Market Fund and 100% U.S. Treasury Securities Money Market Fund, the Adviser made a commitment to waive 0.01% of its fee on assets in excess of

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$250 billion and $200 billion, respectively, for two years effective November 1, 2024. The Trustees informed management that they would continue to analyze potential economies of scale as the Funds increase in assets. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees also noted that the Adviser expects to make significant near-term investments to support the Funds in response to regulatory initiatives and industry developments that specifically impact the Funds' operations. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of a Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Funds' shareholders received the benefits of potential economies of scale through the Fee Caps and, for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Funds' shareholders benefited from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefited from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

**Independent Written Evaluation of the Funds' Senior Officer**

The Trustees noted that, upon their direction, the Senior Officer for the Prime Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, 100% U.S. Treasury Securities Money Market Fund and Municipal Money Market Fund, had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer's report.

**Fees Relative to Adviser's Other Clients**

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including to the extent applicable, institutional separate accounts, collective investment trusts, other registered investment companies and/or

private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser's other clients were reasonable.

**Investment Performance**

The Trustees receive and consider information about each Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds' selected share classes with the same Broadridge investment classification and objective (the "Universe") by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting mutual funds in each Fund's Universe and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative share classes to assist the Trustees in their review. As part of this review, the Trustees also considered the performance information provided for the Funds at regular Board meetings by the Adviser. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund's performance for certain representative share classes are summarized below:

The Trustees noted that the Prime Money Market Fund's performance for the Institutional shares was in the third, second and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment

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strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Money Market and Alternative Products Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Institutional Tax Free Money Market Fund's performance for the Institutional shares was in the third quintile of the Universe for each of the one-, three and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, including the adoption of a non-fundamental policy to ordinarily invest, under normal circumstances, 100% of its total assets in weekly liquid assets (as defined under Rule 2a-7), and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the Securities Lending Money Market Fund's performance for the Agency SL shares was in the first quintile of the Universe for each of the one-, three and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser, including the conversion of the Fund to qualify as a "government money market fund" as defined in Rule 2a-7 under the 1940 Act, effective September 3, 2024, and, based upon this discussion and various other factors, the Trustees concluded that the performance was satisfactory.

The Trustees noted that the Liquid Assets Money Market Fund's performance for the Institutional shares was in the second, second and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for the Premier shares was in the third quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Money Market and Alternative Products Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the U.S. Government Money Market Fund's performance for the Institutional shares was in the second quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees

discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Money Market and Alternative Products Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the U.S. Treasury Plus Money Market Fund's performance for the Institutional shares was in the third, second and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for the Premier shares was in the third quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the Federal Money Market Fund's performance for the Institutional shares was in the third, second and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three-, and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund's performance for the Institutional shares was in the third, third and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Money Market and Alternative Products Committee at each of their regular meetings over the course of the next year.

The Trustees noted that the Tax Free Money Market Fund's performance for the Institutional shares was in the second, first and first quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for the Premier shares

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was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

The Trustees noted that the Municipal Money Market Fund's performance for the Institutional shares was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees noted that the performance for the Premier shares was in the fourth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

The Trustees noted that the California Municipal Money Market Fund's performance for the Institutional shares was in the third, fourth and fourth quintiles of the Universe for the one-, three and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for the Premier shares was in the fifth quintile of the Universe for each of the one-, three- and five- year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

The Trustees noted that the New York Municipal Money Market Fund's performance for the Institutional shares was in the second quintile of the Universe for each of the one-, three and five-year periods ended December 31, 2024. The Trustees noted that the performance for the Premier shares was in the fifth quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and, based upon this discussion and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

**Advisory Fees and Expense Ratios**

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds' selected share classes in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees recognized that Broadridge reported each Fund's management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for

each Fund and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees also considered any proposed changes to a Fee Cap, and, where deemed appropriate by the Trustees, additional waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of each Fund's advisory fees and expense ratios for certain representative share classes are summarized below:

The Trustees noted that the Prime Money Market Fund's net advisory fee for the Institutional shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Institutional shares were in the fifth and third quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Premier shares were in the fifth quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Institutional Tax Free Money Market Fund's net advisory fee and actual total expenses for the Institutional shares were in the second and third quintiles, respectively, of the Universe. Broadridge did not calculate quintile rankings of the Peer Group due to the limited number of funds in the Peer Group. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Securities Lending Money Market Fund's net advisory fee and actual total expenses for the Agency SL shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund and the services that will be provided to the Fund following its conversion to a government money market fund.

The Trustees noted that the Liquid Assets Money Market Fund's net advisory fee for the Institutional shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for the Institutional shares were in the fifth and second quintiles of the Peer Group and Universe,

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respectively. The Trustees noted that the net advisory fee for the Premier shares was in the first quintile of both the Peer Group and Universe, and that the actual total expenses for the Premier shares were in the fourth and third quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the U.S. Government Money Market Fund's net advisory fee for the Institutional shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Institutional shares were in the fourth and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Premier shares were in the fifth and fourth quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, including, as noted above, the Adviser's commitment to waive 0.01% of its fee on assets in excess of $250 billion for two years effective November 1, 2024, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the U.S. Treasury Plus Money Market Fund's net advisory fee for the Institutional shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Institutional shares were in the third and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Premier shares were in the fourth and third quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Federal Money Market Fund's net advisory fee for the Institutional shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Institutional shares were in the third quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for the Premier shares was in the second quintile of both the Peer Group and Universe, and that the actual total expenses for the Premier shares were in the fourth quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the 100% U.S. Treasury Securities Money Market Fund's net advisory fee for the Institutional shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Institutional shares were in the fourth and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Premier shares were in the fifth and fourth quintiles of the Peer Group and Universe, respectively. After considering the factors identified above, including, as noted above, the Adviser's commitment to waive 0.01% of its fee on assets in excess of $200 billion for two years effective November 1, 2024, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Tax Free Money Market Fund's net advisory fee for the Institutional shares was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Institutional shares were in the third and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Premier shares were in the fourth quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Municipal Money Market Fund's net advisory fee and actual total expenses for the Institutional shares were in the third and second quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee for the Premier shares was in the third and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Premier shares were in the fifth a quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the California Municipal Money Market Fund's net advisory fee and actual total expenses for the Institutional shares were in the first and third quintiles of the Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for the Premier shares were in the first and fifth quintiles of the Universe, respectively. Broadridge did not calculate quintile rankings of the Peer Groups due to the limited number of funds in the Peer Groups.

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After considering the factors identified above, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the New York Municipal Money Market Fund's net advisory fee and actual total expenses for the Institutional shares were in the third quintile of the Universe. The Trustees noted that the net advisory fee and actual total

expenses for the Premier shares were in the third and fifth quintiles of the Universe, respectively. Broadridge did not calculate quintile rankings of the Peer Groups due to the limited number of funds in the Peer Groups. After considering the factors identified above, the Trustees concluded that the advisory was fair and reasonable in light of the services provided to the Fund.

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Semi-Annual Financial Statements

J.P. Morgan Municipal Bond Funds

August 31, 2025 (Unaudited)

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| |
|:---|
| JPMorgan California Tax Free Bond Fund |
| JPMorgan National Municipal Income Fund |
| JPMorgan New York Tax Free Bond Fund |
| JPMorgan Short-Intermediate Municipal Bond Fund |
| JPMorgan Tax Free Bond Fund |
| JPMorgan Ultra-Short Municipal Fund |

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![](g80664img0dfb79ff1.jpg)

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**CONTENTS** 

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| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_2d1c15e9-4e68-4c67-8adb-eb8fcf5535d3_SOI-TOC-ScheduleofInvestments-758_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_2d1c15e9-4e68-4c67-8adb-eb8fcf5535d3_FS-TOC-FinancialStatement-758_1) | &nbsp;&nbsp; **79** |
| [Financial Highlights](#xx_2d1c15e9-4e68-4c67-8adb-eb8fcf5535d3_FIHI-TOC-FinancialHighlights-758_2) | &nbsp;&nbsp; **96** |
| [Notes to Financial Statements](#xx_2d1c15e9-4e68-4c67-8adb-eb8fcf5535d3_NTF-NTFRunningFooter-758_1) | &nbsp;&nbsp; **108** |

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**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.

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JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

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| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal** <br>**Amount** <br>**($000)**<br>| <br> **Value** <br>**($000)**<br>|
| **Municipal Bonds—88.7%** (a) | **Municipal Bonds—88.7%** (a) | **Municipal Bonds—88.7%** (a) |
| **Alabama—1.9%** | **Alabama—1.9%** | **Alabama—1.9%** |
| **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 Series 2025A, Rev., AMT, <br> 5.00%, 6/1/2032 (b) (c)<br>| 1000 | 1002 |
| **Utility—1.7%** | **Utility—1.7%** | **Utility—1.7%** |
| Black Belt Energy Gas District, Gas Project Series <br> 2024D, Rev., 5.00%, 11/1/2034 (c)<br>| 3750 | 3953 |
| Energy Southeast A Cooperative District Series 2024B, <br> Rev., 5.25%, 6/1/2032 (c)<br>| 1500 | 1610 |
| Southeast Alabama Gas Supply District (The), Project <br> No. 2 Series 2024B, Rev., 5.00%, 5/1/2032 (c)<br>| 1000 | 1064 |
|  |  | 6627 |
| Total Alabama |  | 7629 |
| **California—79.9%** | **California—79.9%** | **California—79.9%** |
| **Certificate of Participation/Lease—0.1%** | **Certificate of Participation/Lease—0.1%** | **Certificate of Participation/Lease—0.1%** |
| County of San Diego, County Public Health and Capital <br> Improvement Series 2023, COP, 5.00%, 10/1/2037<br>| 425 | 476 |
| **Education—5.7%** | **Education—5.7%** | **Education—5.7%** |
| California Educational Facilities Authority, University of <br> Southern California Series 2025A, Rev., 5.00%, <br> 10/1/2035<br>| 1860 | 2201 |
| 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 | 1214 |
| California Enterprise Development Authority, Rocklin <br> Academy Project Series 2024, Rev., 5.00%, <br> 6/1/2054 (b)<br>| 1250 | 1118 |
| California Infrastructure and Economic Development <br> Bank, California Academy of Science Series 2024A, <br> Rev., 3.25%, 8/1/2029<br>| 3000 | 3043 |
| California Infrastructure and Economic Development <br> Bank, Equitable School Revolving Fund LLC<br>|  |  |
| Series 2024B, Rev., 5.00%, 11/1/2029 | 4400 | 4718 |
| Series 2024B, Rev., 5.00%, 11/1/2041 | 1175 | 1192 |
| California School Finance Authority, Green Dot Public <br> School Project Series 2022A, Rev., 5.00%, <br> 8/1/2032 (b)<br>| 300 | 313 |
| California State University, Systemwide Series 2025A, <br> Rev., 5.00%, 11/1/2040<br>| 1000 | 1096 |
| Palmdale Elementary School District |  |  |
| Series 2023, 5.00%, 8/1/2041 | 250 | 265 |
| Series 2023, 4.00%, 8/1/2043 | 1000 | 939 |
| Series 2023, 5.00%, 8/1/2044 | 800 | 838 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Education — continued** | **Education — continued** | **Education — continued** |
| University of California |  |  |
| Series 2020BE, Rev., 5.00%, 5/15/2034 | 1065 | 1162 |
| Series 2016AR, Rev., 5.00%, 5/15/2035 | 1500 | 1520 |
| Series 2025CC, Rev., 5.00%, 5/15/2043 | 2975 | 3132 |
|  |  | 22751 |
| **General Obligation—15.0%** | **General Obligation—15.0%** | **General Obligation—15.0%** |
| Alvord Unified School District, 2007 Election Series <br> 2011B, GO, A.G., Zero Coupon, 8/1/2036<br>| 5750 | 3586 |
| Chico Unified School District, Election of 2024 Series <br> 2024A, GO, 4.50%, 8/1/2049<br>| 1500 | 1439 |
| Cupertino Union School District, Election of 2024 Series <br> A, GO, 5.75%, 8/1/2050<br>| 1000 | 1103 |
| Desert Community College District, Election of 2016 , <br> GO, 4.00%, 8/1/2051<br>| 4000 | 3470 |
| Desert Sands Unified School District, Election of 2024 , <br> GO, 4.00%, 8/1/2050<br>| 1500 | 1308 |
| Foothill-De Anza Community College District, Election of <br> 2020 Series 2020D, GO, 5.00%, 8/1/2042<br>| 1200 | 1299 |
| Grossmont Healthcare District Series 2025F, GO, <br> 5.00%, 7/15/2040<br>| 3000 | 3256 |
| Los Alamitos Unified School District, School Facilities <br> Improvement District, Election of 2018 Series C, GO, <br> 4.00%, 8/1/2045<br>| 1235 | 1137 |
| Los Angeles Unified School District, Dedicated Unlimited <br> Ad Valorem Property Tax<br>|  |  |
| Series 2024A, GO, 5.00%, 7/1/2034 | 1295 | 1520 |
| Series 2023 QRR, GO, 5.25%, 7/1/2040 | 1000 | 1096 |
| Series 2024 QRR, GO, 5.25%, 7/1/2049 | 1000 | 1044 |
| Menlo Park City School District, Capital Appreciation |  |  |
| GO, Zero Coupon, 7/1/2031 | 500 | 399 |
| GO, Zero Coupon, 7/1/2032 | 880 | 672 |
| Modesto High School District, Election of 2022 |  |  |
| Series B, GO, 5.00%, 8/1/2039 | 850 | 939 |
| Series B, GO, 5.00%, 8/1/2040 | 1000 | 1093 |
| Mount Diablo Unified School District |  |  |
| GO, 5.00%, 8/1/2032 | 750 | 871 |
| GO, 5.00%, 8/1/2033 | 700 | 819 |
| Napa Valley Unified School District, Election of 2006 <br> Series 2010A, GO, Zero Coupon, 8/1/2027<br>| 2000 | 1909 |
| Napa Valley Unified School District, Election of 2024 <br> Series A, GO, 4.50%, 8/1/2055<br>| 1000 | 944 |
| New Haven Unified School District, Election of 2024 <br> Series A, GO, 4.50%, 8/1/2054<br>| 1000 | 954 |
| Palo Alto Unified School District, Election of 2008 <br> Series 2008-2, GO, Zero Coupon, 8/1/2026<br>| 1790 | 1755 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 1

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| Redondo Beach Unified School District, Election of 2024 <br> Series 2024A, GO, 4.63%, 8/1/2055<br>| 1000 | 975 |
| Rio Hondo Community College District, Election of 2024 <br> Series 2025A, GO, 4.38%, 8/1/2055<br>| 1750 | 1616 |
| San Diego Unified School District, Election of 1998 |  |  |
| Series G-1, GO, A.G., 5.25%, 7/1/2028 (d) | 385 | 418 |
| Series G-1, GO, A.G., 5.25%, 7/1/2028 | 2115 | 2308 |
| San Dieguito Union High School District , GO, 5.00%, <br> 8/1/2037<br>| 1700 | 1936 |
| San Francisco Bay Area Rapid Transit District Series <br> 2025E-1, GO, 5.00%, 8/1/2042 (e)<br>| 1500 | 1608 |
| San Jose Evergreen Community College District |  |  |
| Series C, GO, 4.00%, 9/1/2041 | 650 | 639 |
| Series C, GO, 4.00%, 9/1/2043 | 1490 | 1423 |
| San Jose Unified School District, Election of 2002 Series <br> C, GO, NATL - RE, Zero Coupon, 6/1/2031<br>| 3035 | 2601 |
| San Mateo County Community College District, Election <br> of 2005<br>|  |  |
| Series A, GO, NATL - RE, Zero Coupon, 9/1/2026 | 1100 | 1077 |
| Series A, GO, NATL - RE, Zero Coupon, 9/1/2029 | 2000 | 1822 |
| Series 2006B, GO, NATL - RE, Zero Coupon, <br> 9/1/2034<br>| 1000 | 748 |
| San Rafael City Elementary School District, Election of <br> 2002 Series 2004B, GO, NATL - RE, Zero Coupon, <br> 8/1/2029<br>| 2000 | 1796 |
| 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 | 1654 |
| State of California, Various Purpose |  |  |
| GO, 5.00%, 8/1/2037 | 820 | 909 |
| GO, 4.00%, 10/1/2041 | 5000 | 4868 |
| Ventura Unified School District, Election of 2022 Series <br> 2022B, GO, 4.25%, 8/1/2051<br>| 1000 | 922 |
| 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 | 2261 |
|  |  | 60194 |
| **Hospital—9.2%** | **Hospital—9.2%** | **Hospital—9.2%** |
| California Health Facilities Financing Authority |  |  |
| Series 2025A, Rev., 5.00%, 2/1/2044 | 1000 | 1029 |
| Series 2025A, Rev., 5.25%, 2/1/2048 | 1750 | 1816 |
| California Health Facilities Financing Authority, <br> Adventist Health System Series 2016A, Rev., 4.00%, <br> 3/1/2029<br>| 2165 | 2173 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Hospital — continued** | **Hospital — continued** | **Hospital — continued** |
| 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 | 1762 |
| California Health Facilities Financing Authority, <br> Children's Hospital of Orange County<br>|  |  |
| Series 2024B, Rev., 5.00%, 5/1/2031 (c) | 1000 | 1127 |
| Series 2024A, Rev., 5.00%, 11/1/2054 | 1500 | 1523 |
| California Health Facilities Financing Authority, <br> CommonSpirit Health Series 2024A, Rev., 5.00%, <br> 12/1/2025<br>| 100 | 100 |
| California Health Facilities Financing Authority, PIH <br> Health Series 2020A, Rev., 4.00%, 6/1/2050<br>| 1500 | 1239 |
| California Health Facilities Financing Authority, Scripps <br> Health Series 2024B-2, Rev., 5.00%, 2/4/2031 (c)<br>| 1800 | 2023 |
| California Health Facilities Financing Authority, St. <br> Joseph Health System Series 2019C, Rev., 5.00%, <br> 10/1/2025 (c)<br>| 3000 | 3006 |
| California Health Facilities Financing Authority, Stanford <br> Health Care Series 2025B, Rev., 5.00%, 8/15/2035<br>| 1120 | 1320 |
| California Health Facilities Financing Authority, Sutter <br> Health<br>|  |  |
| Series 2018A, Rev., 5.00%, 11/15/2025 | 500 | 502 |
| Series 2017A, Rev., 5.00%, 11/15/2034 | 1500 | 1558 |
| Series 2017A, Rev., 4.00%, 11/15/2048 | 1000 | 843 |
| 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 Public Finance Authority, Health Care <br> Hazelden Betty Ford Foundation Project<br>|  |  |
| Series 2025, Rev., 5.00%, 11/1/2049 | 750 | 723 |
| Series 2025, Rev., 5.00%, 11/1/2054 | 2000 | 1892 |
| California Public Finance Authority, PIH Health Series <br> 2024A, Rev., 5.00%, 6/1/2035<br>| 1790 | 1957 |
| California Statewide Communities Development <br> Authority, John Muir Health<br>|  |  |
| Series 2024E-2, Rev., 5.00%, 10/1/2027 (c) | 675 | 706 |
| Series 2024A, Rev., 5.00%, 12/1/2027 | 450 | 476 |
| Series 2024A, Rev., 5.25%, 12/1/2054 | 1000 | 1021 |
| California Statewide Communities Development <br> Authority, Kaiser Permanente Series 2009C-2, Rev., <br> 5.00%, 11/1/2029 (c)<br>| 2000 | 2194 |
| California Statewide Communities Development <br> Authority, Loma Linda University Medical Center<br>|  |  |
| Series 2016A, Rev., 5.25%, 12/1/2056 (b) | 1000 | 911 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

2 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Hospital — continued** | **Hospital — continued** | **Hospital — continued** |
| Series 2018A, Rev., 5.50%, 12/1/2058 (b) | 1000 | 961 |
| Regents of the University of California Medical Center <br> Pooled Series 2022P, Rev., 5.00%, 5/15/2037<br>| 2105 | 2270 |
|  |  | 36968 |
| **Housing—5.4%** | **Housing—5.4%** | **Housing—5.4%** |
| California Enterprise Development Authority, Pamona <br> Properties LLC Project<br>|  |  |
| Series 2024A, Rev., 5.00%, 1/15/2039 | 3220 | 3328 |
| Series 2024A, Rev., 5.00%, 1/15/2045 | 1500 | 1482 |
| California Municipal Finance Authority, Caritas Projects |  |  |
| Series 2024A, Rev., 5.00%, 8/15/2026 | 450 | 460 |
| Series 2024A, Rev., 5.00%, 8/15/2027 | 575 | 600 |
| Series 2024A, Rev., 5.00%, 8/15/2029 | 820 | 886 |
| Series 2024A, Rev., 5.00%, 8/15/2031 | 540 | 593 |
| Series 2024A, Rev., 5.00%, 8/15/2054 | 1000 | 974 |
| California Municipal Finance Authority, Linxs <br> Apartments Project, Senior Lien Series 2018A, Rev., <br> AMT, 5.00%, 12/31/2028<br>| 1750 | 1823 |
| California Municipal Finance Authority, Martha Gardens <br> Apartments Series 2025A-2, Rev., 3.45%, <br> 12/1/2028 (c)<br>| 1500 | 1525 |
| California Municipal Finance Authority, Terracina At <br> Westpark Apartments Series 2024A, Rev., 3.20%, <br> 8/1/2027 (c)<br>| 2500 | 2504 |
| California Public Finance Authority, Senior Living The <br> James Series 2024A, Rev., 6.50%, 6/1/2054 (b)<br>| 1000 | 920 |
| California Statewide Communities Development <br> Authority, Heritage Park Apartments Project Series <br> 2025A, Rev., FNMA COLL, 3.70%, 4/1/2035<br>| 2500 | 2509 |
| California Statewide Communities Development <br> Authority, Sequoia Living Projects Series 2025A, <br> Rev., 5.00%, 7/1/2039<br>| 1735 | 1866 |
| City of San Jose, Multi-Family Housing Parkmoor Series <br> 2023F2, Rev., 5.00%, 6/1/2026 (c)<br>| 2000 | 2032 |
|  |  | 21502 |
| **Industrial Development Revenue/Pollution Control Revenue—4.7%** | **Industrial Development Revenue/Pollution Control Revenue—4.7%** | **Industrial Development Revenue/Pollution Control Revenue—4.7%** |
| California Infrastructure and Economic Development <br> Bank, Segerstrom Center for the Arts Series 2024, <br> Rev., 5.00%, 1/1/2032<br>| 2000 | 2214 |
| California Infrastructure and Economic Development <br> Bank, The J. Paul Getty Trust Series 2023B, Rev., <br> 5.00%, 10/1/2026 (c)<br>| 3000 | 3070 |
| California Municipal Finance Authority, Republic <br> Services, Inc., Project Series 2024A, Rev., AMT, <br> 3.88%, 3/1/2034 (c)<br>| 2985 | 2912 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** |
| California Municipal Finance Authority, Waste <br> Management, Inc., Project Series 2009A, Rev., <br> 3.30%, 2/1/2028 (b) (c)<br>| 2000 | 1987 |
| California Pollution Control Financing Authority, <br> Poseidon Resources Channelside LP Desalination <br> Project , Rev., AMT, 5.00%, 7/1/2035 (b)<br>| 2105 | 2228 |
| California Pollution Control Financing Authority, Solid <br> Waste Disposal, Republic Services, Inc., Project Series <br> 2017A-2, Rev., AMT, 3.85%, 10/15/2025 (b) (c)<br>| 1000 | 1000 |
| California Pollution Control Financing Authority, Solid <br> Waste Disposal, Waste Management, Inc., Project <br> Series B-1, Rev., AMT, 3.00%, 11/1/2025<br>| 1500 | 1500 |
| Rancho Cucamonga Redevelopment Agency Successor <br> Agency Series 2024, Rev., 5.00%, 9/1/2026<br>| 1000 | 1027 |
| Rialto Public Financing Authority, Police Station Project |  |  |
| Series 2023A, Rev., 5.00%, 6/1/2036 | 450 | 489 |
| Series 2023A, Rev., 5.00%, 6/1/2038 | 400 | 427 |
| Series 2023A, Rev., 5.00%, 6/1/2048 | 2000 | 2044 |
|  |  | 18898 |
| **Other Revenue—12.1%** | **Other Revenue—12.1%** | **Other Revenue—12.1%** |
| California Community Choice Financing Authority, Green <br> Bond Series 2022A-1, Rev., 4.00%, 8/1/2026<br>| 1000 | 1010 |
| California County Tobacco Securitization Agency Series <br> 2006A, Rev., Zero Coupon, 6/1/2046<br>| 3000 | 645 |
| California County Tobacco Securitization Agency, Golden <br> Gate Tobacco Funding Corp. Series A, Rev., 5.00%, <br> 6/1/2047<br>| 1500 | 1312 |
| California County Tobacco Securitization Agency, Los <br> Angeles County Securitization Corp.<br>|  |  |
| Series 2020A, Rev., 5.00%, 6/1/2030 | 1095 | 1150 |
| Series 2020A, Rev., 4.00%, 6/1/2049 | 1150 | 945 |
| Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | 4000 | 701 |
| California County Tobacco Securitization Agency, <br> Sonoma County Securitization Corp.<br>|  |  |
| Series 2020A, Rev., 4.00%, 6/1/2049 | 1000 | 831 |
| Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | 5250 | 958 |
| California Municipal Finance Authority |  |  |
| Series 2024A, Rev., 5.00%, 4/1/2026 | 450 | 455 |
| Series 2024A, Rev., 5.00%, 4/1/2027 | 365 | 376 |
| Series 2024A, Rev., 5.00%, 4/1/2028 | 310 | 325 |
| Series 2024A, Rev., 5.00%, 4/1/2029 | 250 | 266 |
| Series 2024A, Rev., 5.00%, 4/1/2030 | 200 | 215 |
| Series 2024A, Rev., 5.00%, 4/1/2031 | 265 | 286 |
| Series 2024A, Rev., 5.00%, 4/1/2032 | 310 | 336 |
| Rev., 3.44%, 2/20/2041 (c) | 997 | 877 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 3

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Series 2024A, Rev., 5.00%, 4/1/2044 | 1415 | 1384 |
| Series 2024A, Rev., 5.00%, 4/1/2049 | 1300 | 1227 |
| California Municipal Finance Authority, Eskaton <br> Properties, Inc. Obligated Group<br>|  |  |
| Series 2024, Rev., 5.00%, 11/15/2027 | 1360 | 1411 |
| Series 2024, Rev., 5.00%, 11/15/2044 | 1500 | 1466 |
| California Municipal Finance Authority, Humangood <br> California Obligated Group Series 2025A, Rev., <br> 5.00%, 10/1/2036<br>| 1000 | 1061 |
| California Municipal Finance Authority, Waste <br> Management, Inc., Project Series 2020B, Rev., AMT, <br> 3.85%, 6/1/2026 (c)<br>| 3500 | 3503 |
| California Statewide Communities Development <br> Authority, Southern California Edison Co. Series <br> 2006C, Rev., 4.50%, 11/1/2033<br>| 1100 | 1129 |
| City of Los Angeles , Rev., TRAN, 5.00%, 6/25/2026 | 5000 | 5120 |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement<br>|  |  |
| Series 2021B, Rev., 3.00%, 6/1/2046 | 1580 | 1400 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 22700 | 2107 |
| Jurupa Public Financing Authority Series 2024, A.G., <br> 5.00%, 9/1/2035<br>| 2000 | 2273 |
| Long Beach Bond Finance Authority Series 2007A, Rev., <br> 5.00%, 11/15/2035<br>| 2875 | 3070 |
| Los Angeles County Public Works Financing Authority <br> Series 2022G, Rev., 5.00%, 12/1/2037<br>| 1500 | 1613 |
| M-S-R Energy Authority Series 2009B, Rev., 7.00%, <br> 11/1/2034<br>| 2000 | 2389 |
| Municipal Improvement Corp. of Los Angeles, Real <br> Property<br>|  |  |
| Series 2016B, Rev., 4.00%, 11/1/2035 | 2000 | 1984 |
| Series 2023A, Rev., 5.00%, 5/1/2043 | 1000 | 1045 |
| Ontario Public Financing Authority |  |  |
| Series 2025A, Rev., 5.00%, 11/1/2032 | 300 | 342 |
| Series 2025A, Rev., 5.00%, 11/1/2033 | 475 | 542 |
| Pasadena Public Financing Authority, Rose Bowl <br> Renovation Series 2024, Rev., Zero Coupon, <br> 6/1/2042<br>| 1200 | 541 |
| Tobacco Securitization Authority of Northern California, <br> Sacramento County Tobacco Securitization Corp. <br> Series 2021B-1, Rev., 4.00%, 6/1/2049<br>| 1445 | 1352 |
| Tobacco Securitization Authority of Southern California, <br> San Diego County Tobacco Asset Securitization Corp.<br>|  |  |
| Series 2019A, Rev., 5.00%, 6/1/2029 | 1035 | 1103 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Series 2019A, Rev., 5.00%, 6/1/2037 | 1000 | 1022 |
| Series 2019A, Rev., 5.00%, 6/1/2048 | 1000 | 946 |
|  |  | 48718 |
| **Prerefunded—1.3%** | **Prerefunded—1.3%** | **Prerefunded—1.3%** |
| Campbell Union High School District, Election of 2016 <br> Series B, GO, 5.00%, 8/1/2026 (d)<br>| 2370 | 2433 |
| State of California Department of Water Resources, <br> Central Valley Project, Water System Series AW, Rev., <br> 5.00%, 12/1/2026 (d)<br>| 2600 | 2693 |
|  |  | 5126 |
| **Transportation—7.8%** | **Transportation—7.8%** | **Transportation—7.8%** |
| Bay Area Toll Authority, Toll Bridge Series 2025F-2, <br> Rev., 5.00%, 4/1/2043<br>| 1295 | 1378 |
| Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign Series 2024B, Rev., AMT, A.G., 4.38%, <br> 7/1/2049<br>| 795 | 711 |
| California Infrastructure and Economic Development <br> Bank, Academy of Motion Picture Series 2023A, Rev., <br> 5.00%, 11/1/2034<br>| 1000 | 1141 |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025A, Rev., AMT, 9.50%, 1/1/2035 (b) (c)<br>| 3795 | 3488 |
| 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 | 995 |
| City of Los Angeles Department of Airports |  |  |
| Series 2025A, Rev., AMT, 5.00%, 5/15/2027 | 2000 | 2079 |
| Series 2020A, Rev., 5.00%, 5/15/2039 | 2000 | 2087 |
| Series 2022B, Rev., 4.00%, 5/15/2041 | 1755 | 1681 |
| City of Los Angeles Department of Airports, <br> International Airport Subordinate Series 2022G, Rev., <br> AMT, 5.00%, 5/15/2033<br>| 1250 | 1347 |
| Foothill Eastern Transportation Corridor Agency, Capital <br> Appreciation, Senior Lien Series 1995A, Rev., Zero <br> Coupon, 1/1/2026 (d)<br>| 1795 | 1781 |
| Norman Y Mineta San Jose International Airport SJC <br> Series 2021A, Rev., AMT, 5.00%, 3/1/2032<br>| 2000 | 2142 |
| Port of Los Angeles, Harbor Department |  |  |
| Series 2019B, Rev., 5.00%, 8/1/2026 | 3420 | 3507 |
| Series 2024A 1, Rev., AMT, 5.00%, 8/1/2032 | 1000 | 1113 |
| San Diego County Regional Airport Authority, Senior <br> Private Activity<br>|  |  |
| Series 2023B, Rev., AMT, 5.25%, 7/1/2037 | 1500 | 1615 |
| Series 2025B, Rev., AMT, 5.25%, 7/1/2045 | 3000 | 3079 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

4 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| San Francisco City and County Airport Commission, San <br> Francisco International Airport Series 2019A, Rev., <br> AMT, 5.00%, 5/1/2037<br>| 1500 | 1530 |
| San Francisco City and County Airport Comm-San <br> Francisco International Airport Series 2016B, Rev., <br> AMT, 5.00%, 5/1/2046<br>| 1750 | 1718 |
|  |  | 31392 |
| **Utility—7.4%** | **Utility—7.4%** | **Utility—7.4%** |
| California Community Choice Financing Authority, Clean <br> Energy Project<br>|  |  |
| Series 2023G-1, Rev., 5.25%, 4/1/2030 (c) | 2175 | 2328 |
| Series 2024A, Rev., 5.00%, 4/1/2032 (c) | 2000 | 2136 |
| Series 2024D, Rev., 5.00%, 9/1/2032 (c) | 5000 | 5383 |
| Series 2024H, Rev., 5.00%, 8/1/2033 (c) | 1250 | 1359 |
| City of Glendale Electric |  |  |
| Series 2024-2, Rev., 5.00%, 2/1/2045 | 1000 | 1031 |
| Series 2024-2, Rev., A.G. - CR, 5.00%, 2/1/2047 | 1220 | 1243 |
| Series 2024, Rev., 5.00%, 2/1/2049 | 3000 | 3031 |
| Sacramento Municipal Utility District Series 2023D, <br> Rev., 5.00%, 10/15/2030 (c)<br>| 3500 | 3894 |
| San Joaquin Valley Clean Energy Authority Series <br> 2025A, Rev., 5.50%, 7/1/2035 (c)<br>| 1000 | 1109 |
| Southern California Public Power Authority, Canyon <br> Power Project Series 2025A, Rev., 5.00%, 7/1/2032<br>| 1000 | 1098 |
| Southern California Public Power Authority, <br> Transmission System Renewal Project Series 2023-1, <br> Rev., 5.00%, 7/1/2042<br>| 3000 | 3076 |
| Vista Joint Powers Financing Authority |  |  |
| Series 2025A, Rev., 5.00%, 5/1/2033 | 750 | 858 |
| Series 2025A, Rev., 5.00%, 5/1/2034 | 1000 | 1147 |
| Series 2025A, Rev., 5.00%, 5/1/2035 | 750 | 860 |
| Series 2025A, Rev., 5.00%, 5/1/2037 | 885 | 987 |
|  |  | 29540 |
| **Water & Sewer—11.2%** | **Water & Sewer—11.2%** | **Water & Sewer—11.2%** |
| Antelope Valley-East Kern Water Agency Financing <br> Authority Series 2025B, Rev., 5.00%, 4/1/2028 (c)<br>| 1000 | 1034 |
| California Infrastructure and Economic Development <br> Bank, Clean Water State Revolving Fund , Rev., <br> 4.00%, 10/1/2040<br>| 2000 | 2009 |
| City of Bakersfield, Wastewater Series 2015A, Rev., <br> 5.00%, 9/25/2025<br>| 2000 | 2003 |
| City of Los Angeles, Wastewater System |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2034 | 1000 | 1055 |
| Series 2018A, Rev., 5.00%, 6/1/2035 | 1500 | 1575 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Water & Sewer — continued** | **Water & Sewer — continued** | **Water & Sewer — continued** |
| City of Los Angeles, Wastewater System, Subordinate |  |  |
| Series 2025C, Rev., 5.00%, 6/1/2030 | 2000 | 2262 |
| Series 2025C, Rev., 5.00%, 6/1/2040 | 2000 | 2178 |
| City of San Francisco, Public Utilities Commission Water <br> Series 2020, Subseries C-10, Rev., 4.00%, <br> 11/1/2040<br>| 2650 | 2581 |
| 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 | 1685 |
| East Bay Municipal Utility District Wastewater System <br> Series 2025B, Rev., 5.00%, 6/1/2037<br>| 1000 | 1148 |
| East Bay Municipal Utility District Water System Series <br> 2025A, Rev., 5.00%, 6/1/2050<br>| 1000 | 1038 |
| Eastern Municipal Water District, Water and Wastewater <br> Series 2016A, Rev., 5.00%, 7/1/2035<br>| 2885 | 2931 |
| Goleta Water District |  |  |
| Series 2023A, Rev., 5.00%, 9/1/2025 | 300 | 300 |
| Series 2023A, Rev., 5.00%, 9/1/2027 | 450 | 475 |
| Series 2023A, Rev., 5.00%, 9/1/2029 | 260 | 287 |
| Los Angeles Department of Water and Power System |  |  |
| Series 2017C, Rev., 5.00%, 7/1/2026 | 1105 | 1127 |
| Series 2024C, Rev., 5.00%, 7/1/2026 | 1000 | 1020 |
| Series 2016A, Rev., 5.00%, 7/1/2031 | 1610 | 1619 |
| Series 2021B, Rev., 5.00%, 7/1/2041 | 680 | 696 |
| Series 2022D, Rev., 5.00%, 7/1/2041 | 270 | 279 |
| Series 2023D, Rev., 5.00%, 7/1/2042 | 520 | 533 |
| Series 2017A, Rev., 4.00%, 7/1/2047 | 3000 | 2616 |
| Series 2022D, Rev., 5.00%, 7/1/2052 | 3000 | 3000 |
| Metropolitan Water District of Southern California Series <br> 2024B3, Rev., 5.00%, 7/1/2031 (c)<br>| 1000 | 1114 |
| Metropolitan Water District of Southern California, <br> Waterworks Series 2024B-2, Rev., 5.00%, <br> 7/1/2029 (c)<br>| 2240 | 2405 |
| San Francisco City and County Public Utilities <br> Commission Wastewater<br>|  |  |
| Series 2018B, Rev., 5.00%, 10/1/2026 (d) | 440 | 454 |
| Series 2018B, Rev., 5.00%, 10/1/2026 | 635 | 656 |
| Series 2018B, Rev., 5.00%, 10/1/2036 | 1675 | 1744 |
| Santa Clara Valley Water District, Water System Series <br> 2023A, Rev., 5.00%, 6/1/2042<br>| 1665 | 1759 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 5

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Water & Sewer — continued** | **Water & Sewer — continued** | **Water & Sewer — continued** |
| Southern California Water Replenishment District , Rev., <br> 5.00%, 8/1/2038<br>| 1250 | 1291 |
| State of California Department of Water Resources, <br> Central Valley Project Series BF, Rev., 5.00%, <br> 12/1/2035<br>| 2000 | 2262 |
|  |  | 45136 |
| Total California |  | 320701 |
| **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 Series 2024, Rev., AMT, <br> 5.50%, 7/1/2053<br>| 250 | 206 |
| **Georgia—1.9%** | **Georgia—1.9%** | **Georgia—1.9%** |
| **Utility—1.9%** | **Utility—1.9%** | **Utility—1.9%** |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 2000 | 2131 |
| Series 2024A, Rev., 5.00%, 9/1/2031 (c) | 1150 | 1228 |
| Series 2024E, Rev., 5.00%, 12/1/2032 (c) | 3940 | 4216 |
|  |  | 7575 |
| **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 | 1330 |
| **Idaho—0.3%** | **Idaho—0.3%** | **Idaho—0.3%** |
| **Housing—0.3%** | **Housing—0.3%** | **Housing—0.3%** |
| Idaho Housing and Finance Association, Single Family <br> Mortgage Series 2025C, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2056<br>| 1000 | 1127 |
| **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 | 866 |
| **North Carolina—0.2%** | **North Carolina—0.2%** | **North Carolina—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust Series 55-C, Rev., GNMA <br> / FNMA / FHLMC, 3.20%, 1/15/2026 (c)<br>| 1000 | 1000 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Housing — continued** | **Housing — continued** | **Housing — continued** |
| **Ohio—0.7%** | **Ohio—0.7%** | **Ohio—0.7%** |
| **Other Revenue—0.4%** | **Other Revenue—0.4%** | **Other Revenue—0.4%** |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 1750 | 1414 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 3215 | 281 |
|  |  | 1695 |
| **Transportation—0.3%** | **Transportation—0.3%** | **Transportation—0.3%** |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 1000 | 1002 |
| Total Ohio |  | 2697 |
| **Pennsylvania—0.3%** | **Pennsylvania—0.3%** | **Pennsylvania—0.3%** |
| **Housing—0.3%** | **Housing—0.3%** | **Housing—0.3%** |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage Series 2024-146A, Rev., 6.25%, <br> 10/1/2054<br>| 980 | 1080 |
| **Puerto Rico—1.5%** | **Puerto Rico—1.5%** | **Puerto Rico—1.5%** |
| **General Obligation—0.5%** | **General Obligation—0.5%** | **General Obligation—0.5%** |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 2000 | 2068 |
| **Other Revenue—1.0%** | **Other Revenue—1.0%** | **Other Revenue—1.0%** |
| Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2029 | 1000 | 877 |
| Series A-1, Rev., Zero Coupon, 7/1/2046 | 2935 | 922 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 2400 | 2195 |
|  |  | 3994 |
| Total Puerto Rico |  | 6062 |
| **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>| 500 | 559 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 11/1/2055<br>| 1000 | 1137 |
|  |  | 1696 |
| **Utah—0.3%** | **Utah—0.3%** | **Utah—0.3%** |
| **Housing—0.3%** | **Housing—0.3%** | **Housing—0.3%** |
| Utah Housing Corp., Single Family Mortgage Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055<br>| 995 | 1116 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

6 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Housing — continued** | **Housing — continued** | **Housing — continued** |
| **Wisconsin—0.8%** | **Wisconsin—0.8%** | **Wisconsin—0.8%** |
| **Housing—0.3%** | **Housing—0.3%** | **Housing—0.3%** |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership Series 2024A, Rev., <br> GNMA / FNMA / FHLMC, 6.00%, 9/1/2054<br>| 975 | 1056 |
| **Transportation—0.5%** | **Transportation—0.5%** | **Transportation—0.5%** |
| Public Finance Authority, Senior Lien |  |  |
| Rev., AMT, 5.50%, 7/1/2044 | 1000 | 984 |
| Rev., AMT, 5.75%, 7/1/2049 | 1000 | 994 |
|  |  | 1978 |
| Total Wisconsin |  | 3034 |
| Total Municipal Bonds <br>(Cost $359,032)<br>|  | 356119 |
|  | <br> **Shares** <br>**(000)**<br>|  |
| **Short-Term Investments—10.5%** | **Short-Term Investments—10.5%** | **Short-Term Investments—10.5%** |
| **Investment Companies—10.5%** | **Investment Companies—10.5%** | **Investment Companies—10.5%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 3.13% (f) (g)(Cost $41,929)<br>| 41926 | 41930 |
| **Total Investments—99.2%** <br>**(Cost $400,961)**<br>|  | **398049** |
| **Assets in Excess of Other Liabilities—0.8%** |  | **3289** |
| **Net Assets—100.0%** |  | **401338** |

---

&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 |

---

&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 August 31, 2025. <br>|
| (d) | Security is prerefunded or escrowed to maturity. |
| (e) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (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 August 31, <br> 2025.<br>|

---

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4227 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2975)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 7

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

8 J.P. Morgan Municipal Bond Funds August 31, 2025

------

JPMorgan National Municipal Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 92.7% (a)** | **Municipal Bonds — 92.7% (a)** | **Municipal Bonds — 92.7% (a)** |
| **Alabama — 2.4%** | **Alabama — 2.4%** | **Alabama — 2.4%** |
| Baldwin County Industrial Development Authority, <br> Novelis Corp., Project Series 2025A, Rev., AMT, <br> 5.00%, 6/1/2032 (b) (c)<br>| 7000 | 7010 |
| Black Belt Energy Gas District, Gas Project |  |  |
| Series 2022B-1, Rev., 4.00%, 10/1/2027 (c) | 8455 | 8544 |
| Series 2024D, Rev., 5.00%, 11/1/2034 (c) | 13590 | 14325 |
| County of Jefferson sewer, Rev., 5.00%, 10/1/2037 | 4000 | 4242 |
| Mobile County Industrial Development Authority, <br> Calvert LLC Project Series 2024B, Rev., AMT, <br> 4.75%, 12/1/2054<br>| 3500 | 3040 |
| Selma Industrial Development Board, International <br> Paper Co. Projects Series 2019A, Rev., 3.45%, <br> 10/1/2031 (c)<br>| 1225 | 1217 |
| Southeast Energy Authority A Cooperative District, <br> Project No. 2 Series 2021B, Rev., 4.00%, <br> 12/1/2031 (c)<br>| 6705 | 6677 |
| Total Alabama |  | 45055 |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| 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>| 10385 | 1170 |
| **Arizona — 1.9%** | **Arizona — 1.9%** | **Arizona — 1.9%** |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC<br>|  |  |
| Series 2022A, Rev., 5.00%, 11/1/2034 | 1550 | 1653 |
| Series 2022A, Rev., 5.00%, 11/1/2036 | 1775 | 1856 |
| Series 2024A, Rev., 5.00%, 11/1/2043 | 1000 | 982 |
| Arizona Industrial Development Authority, Great <br> Lakes Senior Living Communities LLC Project <br> Series 2025A-2, Rev., 5.13%, 1/1/2059<br>| 6665 | 6004 |
| Arizona Industrial Development Authority, National <br> Charter School Revolving Loan Fund Series <br> 2023A, Rev., 5.00%, 11/1/2028<br>| 1500 | 1579 |
| City of Buckeye, Excise Tax, Rev., 5.00%, <br> 7/1/2038 (d)<br>| 1250 | 1352 |
| City of Lake Havasu City Wastewater System, Senior <br> Lien, GO, 5.00%, 7/1/2039<br>| 1300 | 1408 |
| City of Mesa Utility System |  |  |
| Rev., A.G., 5.00%, 7/1/2034 | 2000 | 2275 |
| Rev., A.G., 5.00%, 7/1/2035 | 1000 | 1133 |
| 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%, 7/1/2028 | 700 | 728 |
| Series 2018A, Rev., 5.00%, 7/1/2029 | 1300 | 1349 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Maricopa County Industrial Development Authority, <br> Honorhealth Series 2019A, Rev., 5.00%, <br> 9/1/2037<br>| 1250 | 1280 |
| Maricopa County Industrial Development Authority, <br> HonorHealth Series 2019A, Rev., 5.00%, <br> 9/1/2034<br>| 1000 | 1040 |
| Maricopa County Industrial Development Authority, <br> Ottawa University, Rev., 5.13%, 10/1/2030 (b)<br>| 215 | 207 |
| Maricopa County Industrial Development Authority, <br> Valley Christian Schools Project Series 2023A, <br> Rev., 6.00%, 7/1/2043 (b)<br>| 940 | 894 |
| Maricopa County Union High School District No. 216 <br> Agua Fria, Project of 2023 and 2024, GO, <br> 5.00%, 7/1/2036<br>| 1250 | 1387 |
| Salt River Project Agricultural Improvement and <br> Power District, Arizona Electric System<br>|  |  |
| Series 2017A, Rev., 5.00%, 1/1/2033 | 3000 | 3132 |
| Series 2017A, Rev., 5.00%, 1/1/2034 | 6000 | 6243 |
| Scottsdale Municipal Property Corp., Excise Tax, <br> Rev., 5.00%, 7/1/2026<br>| 1570 | 1603 |
| Total Arizona |  | 36105 |
| **California — 6.0%** | **California — 6.0%** | **California — 6.0%** |
| Alvord Unified School District, 2007 Election Series <br> 2011B, GO, A.G., Zero Coupon, 8/1/2036<br>| 1500 | 936 |
| California Community Choice Financing Authority, <br> Clean Energy Project<br>|  |  |
| Series 2021B-1, Rev., 4.00%, 8/1/2031 (c) | 19915 | 20000 |
| Series 2024H, Rev., 5.00%, 8/1/2033 (c) | 5750 | 6250 |
| California County Tobacco Securitization Agency <br> Series 2006A, Rev., Zero Coupon, 6/1/2046<br>| 9500 | 2042 |
| California County Tobacco Securitization Agency, Los <br> Angeles County Securitization Corp.<br>|  |  |
| Series 2020A, Rev., 5.00%, 6/1/2027 | 400 | 413 |
| Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | 10000 | 1753 |
| California Health Facilities Financing Authority, PIH <br> Health Series 2020A, Rev., 4.00%, 6/1/2050<br>| 2000 | 1652 |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project <br> Series 2025A, Rev., AMT, 9.50%, 1/1/2035 (b) <br> (c)<br>| 16260 | 14943 |
| California Municipal Finance Authority Series <br> 2021A, Rev., AMT, 3.75%, 10/1/2025 (c)<br>| 3000 | 3000 |
| California Municipal Finance Authority, Community <br> Health System Series 2021A, Rev., A.G. - CR, <br> 3.00%, 2/1/2046<br>| 5000 | 3720 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 9

------

JPMorgan National Municipal Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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** |
| California Pollution Control Financing Authority, <br> Poseidon Resources Channelside LP Desalination <br> Project<br>|  |  |
| Rev., AMT, 5.00%, 7/1/2036 (b) | 1095 | 1147 |
| Rev., AMT, 5.00%, 7/1/2037 (b) | 1100 | 1144 |
| Rev., AMT, 5.00%, 11/21/2045 (b) | 1000 | 989 |
| California Public Finance Authority, Senior Living <br> The James Series 2024A, Rev., 6.50%, <br> 6/1/2054 (b)<br>| 3355 | 3085 |
| California Statewide Communities Development <br> Authority, Loma Linda University Medical Center <br> Series 2016A, Rev., 5.25%, 12/1/2056 (b)<br>| 2000 | 1821 |
| City of Los Angeles, Wastewater System, <br> Subordinate Series 2025A, Rev., 5.00%, <br> 6/1/2055<br>| 2000 | 2036 |
| Desert Sands Unified School District, Election of <br> 2024, GO, 4.00%, 8/1/2050<br>| 1000 | 872 |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement Series 2021B-2, Rev., Zero <br> Coupon, 6/1/2066<br>| 40000 | 3712 |
| Grossmont-Cuyamaca Community College District, <br> Election of 2002 Series 2008C, GO, A.G., Zero <br> Coupon, 8/1/2026<br>| 19585 | 19163 |
| Los Angeles Department of Water and Power System |  |  |
| Series 2024C, Rev., 5.00%, 7/1/2026 | 3500 | 3568 |
| Series 2017A, Rev., 4.00%, 7/1/2047 | 1000 | 872 |
| Series 2025A, Rev., 5.00%, 7/1/2055 | 1500 | 1501 |
| Menlo Park City School District, Capital Appreciation |  |  |
| GO, Zero Coupon, 7/1/2036 | 1150 | 732 |
| GO, Zero Coupon, 7/1/2037 | 1950 | 1184 |
| GO, Zero Coupon, 7/1/2041 | 1250 | 606 |
| Mountain View-Los Altos Union High School District, <br> Election of 2010 Series C, GO, Zero Coupon, <br> 8/1/2027<br>| 1000 | 957 |
| Ontario Public Financing Authority Series 2025A, <br> Rev., 4.50%, 11/1/2055<br>| 2000 | 1864 |
| River Islands Public Financing Authority, Facilities <br> District No. 2003 Series 2022A-1, A.G., 5.00%, <br> 9/1/2042<br>| 1000 | 1035 |
| San Diego County Regional Airport Authority Series <br> 2021B, Rev., AMT, 5.00%, 7/1/2051<br>| 5180 | 5101 |
| San Diego County Regional Airport Authority, Senior <br> Private Activity Series 2020C, Rev., AMT, 5.25%, <br> 7/1/2043<br>| 4400 | 4561 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| San Jose Evergreen Community College District <br> Series C, GO, 4.00%, 9/1/2042<br>| 2000 | 1934 |
| West Hills Community College District, GO, A.G., <br> 4.00%, 8/1/2037<br>| 1650 | 1666 |
| Total California |  | 114259 |
| **Colorado — 3.2%** | **Colorado — 3.2%** | **Colorado — 3.2%** |
| Baseline Metropolitan District No. 1 Series 2024A, <br> GO, A.G., 5.00%, 12/1/2030<br>| 1500 | 1645 |
| City and County of Denver, Airport System |  |  |
| Series 2018A, Rev., AMT, 5.00%, 12/1/2035 | 10000 | 10255 |
| Series 2022A, Rev., AMT, 5.00%, 11/15/2037 | 8750 | 9127 |
| Series 2022A, Rev., AMT, 5.50%, 11/15/2038 | 5000 | 5377 |
| Clear Creek Transit Metropolitan District No. 2, <br> Limited Tax Series 2021A, GO, 5.00%, <br> 12/1/2041<br>| 574 | 438 |
| Colorado Health Facilities Authority, Children's <br> Hospital Colorado Project Series 2019A-2, Rev., <br> 5.00%, 8/1/2039<br>| 1225 | 1247 |
| Colorado Health Facilities Authority, CommonSpirit <br> Health<br>|  |  |
| Series 2019A-2, Rev., 5.00%, 8/1/2031 | 1000 | 1064 |
| Series 2019A-2, Rev., 5.00%, 8/1/2032 | 2000 | 2115 |
| Series 2019A-2, Rev., 5.00%, 8/1/2044 | 10000 | 9837 |
| Colorado Health Facilities Authority, School Health <br> System Series 2019A, Rev., 4.00%, 1/1/2037<br>| 2605 | 2569 |
| Dominion Water and Sanitation District, Rev., <br> 5.25%, 12/1/2032<br>| 1905 | 1938 |
| Raindance Metropolitan District No. 1, Non-Potable <br> Water System, Rev., 5.00%, 12/1/2040<br>| 746 | 700 |
| Rocky Mountain Rail Park Metropolitan District, <br> Limited Tax<br>|  |  |
| Series 2021A, GO, 5.00%, 12/1/2031 (b) | 750 | 754 |
| Series 2021A, GO, 5.00%, 12/1/2041 (b) | 750 | 702 |
| Southern Ute Indian Tribe of the Southern Ute <br> Reservation of Colorado Series 2025A, GO, <br> 5.00%, 4/1/2035 (b)<br>| 6000 | 6370 |
| State of Colorado |  |  |
| Series 2020A, COP, 4.00%, 12/15/2039 | 1445 | 1369 |
| Series 2021A, COP, 4.00%, 12/15/2039 | 3100 | 2938 |
| Third Creek Metropolitan District No. 1, Limited Tax <br> Series 2022A-1, GO, 4.75%, 12/1/2051<br>| 1515 | 1119 |
| Verve Metropolitan District No. 1, GO, 5.75%, <br> 12/1/2033<br>| 2000 | 2022 |
| Total Colorado |  | 61586 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

10 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — 0.2%** | **Connecticut — 0.2%** | **Connecticut — 0.2%** |
| City of Stamford, Water Pollution Control System <br> and Facility Series 2013A, Rev., 5.00%, <br> 8/15/2029<br>| 300 | 301 |
| State of Connecticut Series 2022E, GO, 5.00%, <br> 11/15/2035<br>| 2815 | 3098 |
| Total Connecticut |  | 3399 |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| Delaware State Economic Development Authority, <br> Newark Charter School, Inc., Project, Rev., <br> 5.00%, 9/1/2040<br>| 1550 | 1546 |
| **District of Columbia — 1.1%** | **District of Columbia — 1.1%** | **District of Columbia — 1.1%** |
| Washington Metropolitan Area Transit Authority <br> Series 2017B, Rev., 5.00%, 7/1/2032<br>| 5750 | 5949 |
| Washington Metropolitan Area Transit Authority <br> Dedicated Series 2024A, Rev., 4.38%, <br> 7/15/2056<br>| 10690 | 9733 |
| Washington Metropolitan Area Transit Authority <br> Dedicated, Second Lien Series 2025A, Rev., <br> 5.25%, 7/15/2055<br>| 5000 | 5134 |
| Total District of Columbia |  | 20816 |
| **Florida — 2.5%** | **Florida — 2.5%** | **Florida — 2.5%** |
| City of Jacksonville, Health Care Facilities, Brooks <br> Rehabilitation Project, Rev., 4.00%, 11/1/2045<br>| 6500 | 5454 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South Series 2025B, Rev., 5.00%, <br> 8/15/2030 (c)<br>| 4250 | 4587 |
| County of Miami-Dade, Rev., Zero Coupon, <br> 10/1/2040<br>| 5000 | 2497 |
| County of Miami-Dade, Building Better Communities <br> Program Series 2016A, GO, 5.00%, 7/1/2034<br>| 5355 | 5433 |
| Florida Atlantic University Finance Corp., Student <br> Housing Project Series 2024, Rev., 5.00%, <br> 7/1/2049<br>| 2000 | 2014 |
| Florida Development Finance Corp., Brightline <br> Florida Passenger Rail Project Series 2024, Rev., <br> AMT, 5.50%, 7/1/2053<br>| 3500 | 2886 |
| Florida Housing Finance Corp., Homeowner <br> Mortgage<br>|  |  |
| Series 2022 1, Rev., GNMA / FNMA / FHLMC, <br> 3.50%, 7/1/2052<br>| 1105 | 1110 |
| Series 2024-5, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 1/1/2055<br>| 3225 | 3565 |
| Florida Local Government Finance Commission, <br> Bridgeprep Academy Project Series 2025A, Rev., <br> 6.25%, 6/15/2055 (b)<br>| 3000 | 2992 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Hillsborough County Housing Finance Authority, <br> Multi- Family Tampa 47th Street Apartments <br> Series 2025A, Rev., FNMA COLL, 5.00%, <br> 12/1/2042<br>| 1000 | 1000 |
| Hillsborough County Industrial Development <br> Authority, Baycare Health System Series 2024E, <br> Rev., VRDO, LIQ : Royal Bank of Canada, 2.62%, <br> 9/2/2025 (c)<br>| 3000 | 3000 |
| Lee County School Board (The) Series 2023A, COP, <br> 5.00%, 8/1/2042<br>| 6725 | 6901 |
| Middleton Community Development District A, City <br> of Wildwood, Florida Special Assessment, 5.85%, <br> 5/1/2037<br>| 740 | 777 |
| Peace River Manasota Regional Water Supply <br> Authority, Utility System Series 2025A, Rev., <br> 5.25%, 10/1/2046<br>| 2000 | 2093 |
| Southeast Overtown Park West Community <br> Redevelopment Agency, Flag Tax Increment <br> Series 2025A, Rev., A.G., 5.00%, 3/1/2034<br>| 1500 | 1663 |
| State of Florida, Department of Transportation <br> Turnpike System Series 2024D, Rev., 4.00%, <br> 7/1/2048<br>| 1390 | 1217 |
| Village Community Development District No. 15, <br> 4.85%, 5/1/2038 (b)<br>| 1000 | 1008 |
| Total Florida |  | 48197 |
| **Georgia — 5.3%** | **Georgia — 5.3%** | **Georgia — 5.3%** |
| Bartow County Development Authority, Georgia <br> Power Co. Plant Series 2009-1, Rev., 3.95%, <br> 3/8/2028 (c)<br>| 2000 | 2047 |
| County of DeKalb, Water and Sewerage Series <br> 2006B, Rev., 5.25%, 10/1/2026<br>| 5500 | 5673 |
| Fayette County Development Authority, <br> United States Soccer Federation, Inc. Project <br> Series 2024, Rev., 5.00%, 10/1/2042<br>| 1100 | 1113 |
| Gainesville and Hall County Hospital Authority, <br> Northeast Georgia Health System, Inc., Project, <br> Rev., RAN, 5.00%, 10/15/2030<br>| 2105 | 2328 |
| George L Smith II Congress Center Authority, <br> Convention Center Hotel First Series 2021A, Rev., <br> 4.00%, 1/1/2054<br>| 2005 | 1604 |
| Georgia Higher Education Facilities Authority, USG <br> Real Estate Foundation II LLC Projects<br>|  |  |
| Rev., 3.00%, 6/15/2032 | 1175 | 1116 |
| Rev., 4.00%, 6/15/2037 | 1500 | 1478 |
| Rev., 4.00%, 6/15/2039 | 1785 | 1718 |
| Georgia State Road and Tollway Authority, Managed <br> Lane System Series 2021A, Rev., GTD, 4.00%, <br> 7/15/2038<br>| 2380 | 2380 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 11

------

JPMorgan National Municipal Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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** |
| Henry County, Water and Sewerage Authority, Rev., <br> A.G. - CR, BHAC - CR, NATL - RE, 5.25%, <br> 2/1/2028<br>| 5000 | 5348 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2021C, Rev., 4.00%, 12/1/2028 (c) | 2500 | 2536 |
| Series 2022B, Rev., 5.00%, 6/1/2029 (c) | 28490 | 29841 |
| Series 2023B, Rev., 5.00%, 3/1/2030 (c) | 9430 | 9986 |
| Series 2023A, Rev., 5.00%, 6/1/2030 (c) | 1175 | 1244 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 8440 | 8993 |
| Series 2024A, Rev., 5.00%, 9/1/2031 (c) | 8690 | 9281 |
| Series 2024E, Rev., 5.00%, 12/1/2032 (c) | 2000 | 2140 |
| Municipal Electric Authority of Georgia, Plant Vogtle <br> Units 3 and 4 Project<br>|  |  |
| Series 2019A, Rev., 5.00%, 1/1/2049 | 3000 | 2943 |
| Series 2019A, Rev., 5.00%, 1/1/2049 | 1000 | 989 |
| Roswell Development Authority, Wellsatar <br> Healthcare, Inc. Series 2025A, Rev., VRDO, LOC : <br> Truist Bank, 3.90%, 9/2/2025 (c)<br>| 9500 | 9500 |
| Total Georgia |  | 102258 |
| **Idaho — 0.5%** | **Idaho — 0.5%** | **Idaho — 0.5%** |
| Idaho Health Facilities Authority, St. Luke's Health <br> System Project<br>|  |  |
| Series 2025B, Rev., 5.00%, 3/1/2032 (c) | 2000 | 2172 |
| Series 2025C, Rev., 5.00%, 3/1/2035 (c) | 3000 | 3229 |
| Idaho Housing and Finance Association, Federal <br> Highway Trust Series 2015A, Rev., 5.00%, <br> 7/15/2026<br>| 4800 | 4912 |
| Total Idaho |  | 10313 |
| **Illinois — 8.0%** | **Illinois — 8.0%** | **Illinois — 8.0%** |
| Chicago Midway International Airport, Senior Lien |  |  |
| Series 2023A, Rev., AMT, 5.00%, 1/1/2030 | 1455 | 1565 |
| Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | 1000 | 1044 |
| Chicago O'Hare International Airport, General <br> Airport, Senior Lien<br>|  |  |
| Series 2024D, Rev., 5.00%, 1/1/2026 | 1000 | 1008 |
| Series 2024B, Rev., 5.00%, 1/1/2048 | 2000 | 2009 |
| Chicago Transit Authority Sales Tax Receipts Fund <br> Series 2024A, Rev., 5.00%, 12/1/2049<br>| 5500 | 5419 |
| City of Chicago |  |  |
| Series 2025B, GO, 5.50%, 1/1/2041 | 2500 | 2555 |
| Series 2019A, GO, 5.50%, 1/1/2049 | 2000 | 1909 |
| Series 2025A, GO, 6.00%, 1/1/2050 | 1000 | 1018 |
| City of Chicago, Waterworks, Second Lien |  |  |
| Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | 5500 | 5880 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Series 2023B, Rev., A.G., 5.00%, 11/1/2039 | 3160 | 3287 |
| Cook County Community Consolidated School <br> District No. 15 Palatine, GO, 4.00%, 12/1/2041<br>| 750 | 704 |
| County of Cook, Sales Tax, Rev., 5.00%, <br> 11/15/2031<br>| 3600 | 3761 |
| DuPage and Cook Counties, Community Unit School <br> District No. 205 Elmhurst Series 2022, GO, <br> 4.00%, 9/15/2042<br>| 1060 | 953 |
| Illinois Finance Authority, Centerpointjoliet Terminal |  |  |
| Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) <br> (c)<br>| 2750 | 2641 |
| Rev., AMT, 4.80%, 7/2/2035 (b) (c) | 1000 | 1001 |
| Illinois Finance Authority, Northwestern Memorial <br> Healthcare Series 2021B, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 2.60%, 9/2/2025 (c)<br>| 1250 | 1250 |
| Illinois Finance Authority, Silver Cross Hospital and <br> Medical Centers Series 2025B-2, Rev., 5.00%, <br> 8/15/2035 (c)<br>| 3500 | 3723 |
| Illinois Housing Development Authority |  |  |
| Series 2024E, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 3235 | 3566 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 1000 | 1129 |
| Park Ridge Park District Series 2023B, GO, 4.00%, <br> 12/1/2042<br>| 1030 | 944 |
| Sales Tax Securitization Corp. |  |  |
| Series 2018C, Rev., 5.50%, 1/1/2030 | 10000 | 10813 |
| Series 2018C, Rev., 5.50%, 1/1/2032 | 22820 | 24441 |
| Series 2018C, Rev., 5.25%, 1/1/2034 | 13520 | 14244 |
| Series 2018C, Rev., 5.25%, 1/1/2035 | 9000 | 9441 |
| State of Illinois |  |  |
| GO, 5.00%, 2/1/2026 | 4900 | 4949 |
| Series 2017D, GO, 5.00%, 11/1/2026 | 5175 | 5315 |
| Series 2022B, GO, 5.00%, 10/1/2032 | 10000 | 11070 |
| Series 2022A, GO, 5.00%, 3/1/2034 | 5765 | 6243 |
| Series 2022A, GO, 5.00%, 3/1/2035 | 12000 | 12852 |
| Series 2019C, GO, 4.00%, 11/1/2042 | 5880 | 5048 |
| Series 2023B, GO, 5.50%, 5/1/2047 | 1125 | 1146 |
| Village of Bolingbrook, Will and Dupage Counties, <br> Special Service Areas Numbers 2001-1, 2001-2, <br> 2001-3, and 2002-1, Rev., A.G., 4.00%, <br> 3/1/2028<br>| 995 | 1014 |
| Will County Community Unit School District No. <br> 365-U Valley View, GO, 3.00%, 7/1/2036<br>| 1700 | 1567 |
| Total Illinois |  | 153509 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

12 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — 1.0%** | **Indiana — 1.0%** | **Indiana — 1.0%** |
| City of Goshen, Multi-Family, Green Oaks of Goshen <br> Project Series 2021A, Rev., 5.00%, <br> 8/1/2041 (b)<br>| 750 | 611 |
| City of Jeffersonville, Vivera Senior Living of <br> Jeffersonville Project Series 2020A, Rev., 5.25%, <br> 11/1/2040 (b)<br>| 4560 | 3904 |
| City of Valparaiso, Green Oaks of Valparaiso Project, <br> Rev., 5.38%, 12/1/2041 (b)<br>| 1550 | 1333 |
| Indiana Finance Authority, CHF- Tippecanoe LLC- <br> Student Housing Project<br>|  |  |
| Series 2023A, Rev., 5.00%, 6/1/2038 | 400 | 406 |
| Series 2023A, Rev., 5.00%, 6/1/2053 | 210 | 195 |
| Indiana Finance Authority, Indiana University Health <br> Obligated Group Series 2023B1, Rev., 5.00%, <br> 7/1/2028 (c)<br>| 3000 | 3169 |
| Indiana Finance Authority, State Revolving Fund <br> Program Series 2025C, Rev., 5.00%, 2/1/2034<br>| 1000 | 1143 |
| Indiana Housing and Community Development <br> Authority, Vita of Marion Project Series 2021A, <br> Rev., 5.25%, 4/1/2041 (b)<br>| 1875 | 1553 |
| Indiana Housing and Community Development <br> Authority, Vita of New Whiteland Project, Rev., <br> 6.75%, 1/1/2043<br>| 5000 | 4588 |
| Indianapolis Local Public Improvement Bond Bank, <br> Indianapolis Public Transportation Corp. Project<br>|  |  |
| Series 2025A, Rev., 5.00%, 1/15/2031 | 600 | 666 |
| Series 2025A, Rev., 5.00%, 7/15/2040 | 800 | 844 |
| Series 2025A, Rev., 5.00%, 7/15/2042 | 1650 | 1707 |
| Total Indiana |  | 20119 |
| **Iowa — 0.2%** | **Iowa — 0.2%** | **Iowa — 0.2%** |
| Iowa Finance Authority, Senior Living Facility, <br> Sunrise Retirement Community Project<br>|  |  |
| Rev., 5.00%, 9/1/2026 | 85 | 85 |
| Rev., 5.00%, 9/1/2028 | 200 | 198 |
| Rev., 5.00%, 9/1/2030 | 110 | 108 |
| Rev., 5.00%, 9/1/2031 | 100 | 97 |
| Rev., 5.00%, 9/1/2036 | 440 | 394 |
| Iowa Tobacco Settlement Authority, Subordinate <br> Senior Capital Appreciation Asset Backed Series <br> 2021-B-2, Class 2, Rev., Zero Coupon, 6/1/2065<br>| 19280 | 2666 |
| Total Iowa |  | 3548 |
| **Kansas — 0.9%** | **Kansas — 0.9%** | **Kansas — 0.9%** |
| Johnson and Miami Counties Unified School District <br> No. 230 Spring Hills Series 2018A, GO, 4.00%, <br> 9/1/2033<br>| 2965 | 2972 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Kansas — continued** | **Kansas — continued** | **Kansas — continued** |
| Kansas Development Finance Authority |  |  |
| Series 2025A, Rev., 4.00%, 5/1/2039 | 6765 | 6563 |
| Series 2025A, Rev., 4.00%, 5/1/2040 | 6415 | 6125 |
| State of Kansas, Department of Transportation <br> Series 2025A, Rev., 5.00%, 9/1/2043<br>| 2315 | 2422 |
| Total Kansas |  | 18082 |
| **Kentucky — 1.2%** | **Kentucky — 1.2%** | **Kentucky — 1.2%** |
| County of Boone, Duke Energy Kentucky, Inc. Series <br> 2008A, Rev., 3.70%, 8/1/2027<br>| 5220 | 5277 |
| County of Carroll, Kentucky Environmental Facilities |  |  |
| Series 2008A, Rev., AMT, 2.00%, 2/1/2032 | 11025 | 9556 |
| Series 2006B, Rev., AMT, 2.13%, 10/1/2034 | 7440 | 5981 |
| Kentucky Economic Development Finance Authority, <br> CommonSpirit Health Obligated Group Series <br> 2019A-1, Rev., 5.00%, 8/1/2031<br>| 1250 | 1327 |
| Total Kentucky |  | 22141 |
| **Louisiana — 0.9%** | **Louisiana — 0.9%** | **Louisiana — 0.9%** |
| Louisiana Public Facilities Authority, Mentorship <br> Steam Academy Project<br>|  |  |
| Series 2021A, Rev., 5.00%, 6/1/2036 (b) | 385 | 357 |
| Series 2021A, Rev., 5.00%, 6/1/2042 (b) | 440 | 372 |
| Series 2021A, Rev., 5.00%, 6/1/2051 (b) | 705 | 547 |
| Louisiana Public Facilities Authority, Ochsner Clinic <br> Foundation Project<br>|  |  |
| Series 2025B, Rev., 5.00%, 5/15/2030 | 5000 | 5463 |
| Series 2025A, Rev., 5.25%, 5/15/2055 | 5250 | 5309 |
| Series 2025A, Rev., 5.50%, 5/15/2055 | 3500 | 3614 |
| State of Louisiana, Gasoline and Fuels Tax, Second <br> Lien Series 2025A, Rev., 5.00%, 5/1/2039<br>| 2000 | 2151 |
| Total Louisiana |  | 17813 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Maine Municipal Bond Bank Series 2025A, Rev., <br> 5.00%, 11/1/2029<br>| 1000 | 1102 |
| **Maryland — 1.3%** | **Maryland — 1.3%** | **Maryland — 1.3%** |
| City of Baltimore, Consolidated Public Improvement <br> Series 2017B, GO, 5.00%, 10/15/2027<br>| 2000 | 2113 |
| Maryland Community Development Administration, <br> Multi- Family, Villages at Marley Station Series <br> 2024D-2, Rev., 3.30%, 1/1/2029<br>| 1000 | 1015 |
| Maryland Health and Higher Educational Facilities <br> Authority, Lifebridge Health Issue<br>|  |  |
| Rev., 4.00%, 7/1/2035 | 1000 | 1001 |
| Rev., 4.00%, 7/1/2036 | 1000 | 994 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 13

------

JPMorgan National Municipal Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| Maryland Stadium Authority, Built to Learn, Rev., <br> 5.00%, 6/1/2054<br>| 3500 | 3507 |
| Washington Suburban Sanitary Commission |  |  |
| Rev., GTD, 4.00%, 6/1/2045 | 13035 | 11865 |
| Rev., GTD, 4.00%, 6/1/2048 | 5430 | 4792 |
| Total Maryland |  | 25287 |
| **Massachusetts — 0.8%** | **Massachusetts — 0.8%** | **Massachusetts — 0.8%** |
| Commonwealth of Massachusetts, Consolidated <br> Loan Series E, GO, AMBAC, 5.00%, 11/1/2025<br>| 5000 | 5021 |
| Massachusetts Bay Transportation Authority, Sales <br> Tax Series 2006A, Rev., 5.25%, 7/1/2029<br>| 5000 | 5552 |
| 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., 5.50%, <br> 6/1/2050<br>| 1500 | 1556 |
| Massachusetts Water Resources Authority, Green <br> Bond Series 2016C, Rev., 4.00%, 8/1/2040<br>| 2000 | 1909 |
| Total Massachusetts |  | 15102 |
| **Michigan — 0.9%** | **Michigan — 0.9%** | **Michigan — 0.9%** |
| City of Detroit, Unlimited Tax Series 2021A, GO, <br> 5.00%, 4/1/2037<br>| 475 | 494 |
| Michigan Finance Authority, Henry Ford Health <br> System, Rev., 4.00%, 11/15/2036<br>| 1900 | 1824 |
| Michigan Finance Authority, Trinity Health Credit <br> Group<br>|  |  |
| Series 2016MI, Rev., 5.00%, 12/1/2035 | 4600 | 4641 |
| Series 2013MI-4, Rev., 4.00%, 12/1/2038 | 1000 | 969 |
| Michigan State Hospital Finance Authority, Corewell <br> Health Series 2025B-2, Rev., 5.00%, <br> 6/1/2035 (c)<br>| 1000 | 1079 |
| Michigan State Housing Development Authority <br> Series 2023B, Rev., 5.75%, 6/1/2054<br>| 1000 | 1077 |
| Michigan Strategic Fund, Graphic Packaging <br> International, LLC Coated Recycled Board <br> Machine Project, Rev., AMT, 4.00%, <br> 10/1/2026 (c)<br>| 1125 | 1119 |
| State of Michigan, Trunk Line Series 2020B, Rev., <br> 4.00%, 11/15/2037<br>| 5150 | 5123 |
| West Ottawa Public Schools, Unlimited Tax, GO, A.G., <br> 4.00%, 11/1/2039<br>| 1055 | 1031 |
| Total Michigan |  | 17357 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Minnesota — 0.6%** | **Minnesota — 0.6%** | **Minnesota — 0.6%** |
| City of Center City, Health Care Facilities, Hazelden <br> Betty Ford Foundation Project Series 2025, Rev., <br> 5.00%, 11/1/2047<br>| 1000 | 973 |
| City of Minneapolis, Health Care System, Fairview <br> Health Services<br>|  |  |
| Series 2018A, Rev., 4.00%, 11/15/2037 | 6230 | 5907 |
| Series 2018A, Rev., 4.00%, 11/15/2038 | 750 | 699 |
| Series 2018A, Rev., 5.00%, 11/15/2049 | 1000 | 960 |
| Minnesota Housing Finance Agency, Residential <br> Housing Series 2024O, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2055<br>| 2225 | 2494 |
| Total Minnesota |  | 11033 |
| **Mississippi — 1.0%** | **Mississippi — 1.0%** | **Mississippi — 1.0%** |
| State of Mississippi |  |  |
| Series 2018A, GO, 4.00%, 11/1/2026 (e) | 5030 | 5124 |
| Series 2018A, GO, 4.00%, 11/1/2038 | 14500 | 14222 |
| Total Mississippi |  | 19346 |
| **Missouri — 0.7%** | **Missouri — 0.7%** | **Missouri — 0.7%** |
| Health and Educational Facilities Authority of the <br> State of Missouri, Lutheran Senior Services <br> Projects<br>|  |  |
| Series 2019C, Rev., 4.00%, 2/1/2030 | 1500 | 1514 |
| Series 2016B, Rev., 5.00%, 2/1/2035 | 1000 | 1001 |
| Series 2019A, Rev., 5.00%, 2/1/2042 | 1000 | 969 |
| Health and Educational Facilities Authority of the <br> State of Missouri, St. Louis University Series <br> 2008B, Rev., VRDO, LOC : Wells Fargo Bank NA, <br> 2.75%, 9/2/2025 (c)<br>| 500 | 500 |
| Health and Educational Facilities Authority of the <br> State of Missouri, Wright Memorial Hospital, Rev., <br> 5.00%, 9/1/2028<br>| 1355 | 1395 |
| Kansas City Industrial Development Authority, <br> Airport Terminal Modernization Project Series <br> 2019B, Rev., AMT, 5.00%, 3/1/2039<br>| 4710 | 4736 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Union Improvement <br> Co. Project Series 1998C, Rev., 2.75%, <br> 9/1/2033<br>| 3500 | 3165 |
| Total Missouri |  | 13280 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| County of Gallatin, Bozeman Fiber Project Series <br> 2021A, Rev., 4.00%, 10/15/2036 (b)<br>| 2000 | 1583 |
| **Nebraska — 0.8%** | **Nebraska — 0.8%** | **Nebraska — 0.8%** |
| Douglas County School District No. 001, Omaha <br> Public, GO, 4.00%, 12/15/2041<br>| 10000 | 9414 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

14 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| Nebraska Educational Health Cultural and Social <br> Services Finance Authority, Immanuel Retirement <br> Communities Obligated Group Series 2019A, <br> Rev., 4.00%, 1/1/2034<br>| 2000 | 1971 |
| Nebraska Investment Finance Authority, Single <br> Family Housing Series 2024G, Rev., GNMA / <br> FNMA / FHLMC, 6.00%, 9/1/2054<br>| 990 | 1101 |
| Omaha Public Power District Series 2025A, Rev., <br> 5.00%, 2/1/2043<br>| 1425 | 1481 |
| Omaha Public Power District, Electric System Series <br> 2024C, Rev., 5.00%, 2/1/2042<br>| 2150 | 2249 |
| Total Nebraska |  | 16216 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| City of North Las Vegas, Water and Wastewater <br> Reclamation, System Ltd. Tax Series 2024B, GO, <br> 5.00%, 6/1/2036<br>| 1000 | 1109 |
| Clark County School District, Limited Tax Series <br> 2020A, GO, A.G., 4.00%, 6/15/2039<br>| 1065 | 1014 |
| Nye County School District Series 2023, GO, <br> PSF-GTD, 5.00%, 5/1/2035<br>| 1360 | 1510 |
| Total Nevada |  | 3633 |
| **New Hampshire — 0.7%** | **New Hampshire — 0.7%** | **New Hampshire — 0.7%** |
| New Hampshire Business Finance Authority, <br> Tamarron Project Series 2024, Rev., 5.25%, <br> 12/1/2035 (b)<br>| 1700 | 1699 |
| New Hampshire Business Finance Authority, <br> University of Nevada Reno Project Series 2023A, <br> Rev., 5.25%, 6/1/2051<br>| 4000 | 4076 |
| New Hampshire Business Finance Authority, Winston <br> Salem Sustainable Energy Partners<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2035 | 1000 | 1072 |
| Series 2025A, Rev., 5.50%, 6/1/2050 | 2000 | 2033 |
| New Hampshire Health and Education Facilities <br> Authority Act, Rev., 5.25%, 8/1/2055<br>| 5400 | 5425 |
| Total New Hampshire |  | 14305 |
| **New Jersey — 3.6%** | **New Jersey — 3.6%** | **New Jersey — 3.6%** |
| New Jersey Economic Development Authority, <br> School Facilities Construction<br>|  |  |
| Series 2019LLL, Rev., 5.00%, 6/15/2034 | 1000 | 1062 |
| Series 2018EEE, Rev., 5.00%, 6/15/2043 | 1255 | 1263 |
| New Jersey Economic Development Authority, <br> Transit Transportation Project Series 2020A, <br> Rev., 4.00%, 11/1/2038<br>| 3250 | 3064 |
| New Jersey Transportation Trust Fund Authority, <br> Federal Highway Reimbursement<br>|  |  |
| Series 2018A, Rev., 5.00%, 6/15/2030 | 9585 | 9746 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Series A, Rev., 5.00%, 6/15/2031 | 11500 | 11677 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation Program<br>|  |  |
| Series 2019BB, Rev., 5.00%, 6/15/2032 | 2000 | 2123 |
| Series 2024CC, Rev., 5.00%, 6/15/2034 | 3000 | 3352 |
| Series 2020AA, Rev., 4.00%, 6/15/2036 | 2750 | 2716 |
| Series 2022A, Rev., 4.00%, 6/15/2042 | 3000 | 2692 |
| Series 2024CC, Rev., 5.00%, 6/15/2044 | 3000 | 3030 |
| Series 2024CC, Rev., 4.13%, 6/15/2050 | 1250 | 1081 |
| Series 2024CC, Rev., 5.25%, 6/15/2055 | 1500 | 1521 |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2026 | 6300 | 6398 |
| Series 2018A, Rev., 5.00%, 6/1/2027 | 8005 | 8277 |
| Series 2018A, Rev., 5.00%, 6/1/2036 | 3000 | 3054 |
| Series 2018A, Rev., 4.00%, 6/1/2037 | 1450 | 1376 |
| Series 2018A, Rev., 5.00%, 6/1/2046 | 6255 | 6025 |
| Township of North Brunswick, General <br> Improvement, GO, 4.00%, 7/1/2039<br>| 1040 | 1042 |
| Total New Jersey |  | 69499 |
| **New Mexico — 0.0% ^** | **New Mexico — 0.0% ^** | **New Mexico — 0.0% ^** |
| County of Bernalillo Gross Receipts Tax Series <br> 1996B, Rev., NATL - RE - IBC, 5.70%, 4/1/2027<br>| 345 | 363 |
| **New York — 17.1%** | **New York — 17.1%** | **New York — 17.1%** |
| Build NYC Resource Corp., Grand Concourse <br> Academy Charter School Series 2022A, Rev., <br> 5.00%, 7/1/2052<br>| 350 | 318 |
| Build NYC Resource Corp., Urban Resource Institute <br> Project Series 2025A, Rev., 5.50%, 12/1/2051<br>| 1100 | 1123 |
| City of New York, Fiscal Year 2018 Series 2018B-1, <br> GO, 4.00%, 10/1/2041<br>| 6450 | 5912 |
| City of New York, Fiscal Year 2024 |  |  |
| Series 2024D, GO, 5.50%, 4/1/2048 | 3000 | 3157 |
| Series 2024D, GO, 5.50%, 4/1/2049 | 3105 | 3257 |
| City of New York, Fiscal Year 2025 Series 2025G, <br> Subseries G-1, GO, 5.00%, 2/1/2042<br>| 2530 | 2639 |
| Empire State Development Corp., State Sales Tax <br> Series 2019A, Rev., 4.00%, 3/15/2042<br>| 10080 | 9252 |
| Long Island Power Authority, Electric System |  |  |
| Series 2025B, Rev., VRDO, 3.00%, 9/1/2028 (c) | 3000 | 3000 |
| Series 2024B, Rev., 3.00%, 9/1/2029 (c) | 18775 | 18738 |
| Series 2018, Rev., 5.00%, 9/1/2034 | 5000 | 5245 |
| Series 2018, Rev., 5.00%, 9/1/2035 | 3000 | 3131 |
| Metropolitan Transportation Authority Series <br> 2024B, Rev., 5.00%, 11/15/2041<br>| 2000 | 2050 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 15

------

JPMorgan National Municipal Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| Metropolitan Transportation Authority, Climate Bond |  |  |
| Series 2025A, Rev., 5.25%, 11/15/2043 | 2000 | 2058 |
| Series 2019B, Rev., 4.00%, 11/15/2050 | 1000 | 804 |
| Series 2020C-1, Rev., 5.00%, 11/15/2050 | 1500 | 1468 |
| Monroe County Industrial Development Corp., <br> Academy of Health Sciences Charter School <br> Project<br>|  |  |
| Series 2022A, Rev., 5.00%, 7/1/2032 (b) | 250 | 255 |
| Series 2022A, Rev., 5.63%, 7/1/2042 (b) | 1385 | 1332 |
| New York City Housing Development Corp. Series <br> 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055<br>| 3000 | 3031 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 8 Spruce Street Project <br> Series 2024, Class F, Rev., 5.25%, 12/15/2031<br>| 1300 | 1334 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2025 <br> Series 2025DD, Rev., 5.50%, 6/15/2039<br>| 1500 | 1697 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution Series 2009BB-2, Rev., VRDO, LIQ : <br> UBS AG, 3.90%, 9/2/2025 (c)<br>| 2000 | 2000 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2017 Series 2017EE, <br> Rev., 5.00%, 6/15/2036<br>| 5000 | 5124 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2020<br>|  |  |
| Series 2020CC-1, Rev., 4.00%, 6/15/2038 | 10000 | 9849 |
| Series 2020CC-2, Rev., 4.00%, 6/15/2042 | 5000 | 4580 |
| New York City Transitional Finance Authority <br> Building Aid Series 2026, S-1, Rev., 5.00%, <br> 7/15/2041<br>| 3405 | 3594 |
| New York City Transitional Finance Authority Future <br> Tax Secured Series 2025, Subseries G-1, Rev., <br> 5.00%, 5/1/2052<br>| 3000 | 3020 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2017<br>|  |  |
| Series C, Rev., 5.00%, 11/1/2033 | 6500 | 6695 |
| Series 2017E1, Rev., 5.00%, 2/1/2035 | 3000 | 3069 |
| Series B, Rev., 5.00%, 8/1/2036 | 6445 | 6526 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2019 Series 2019A-1, <br> Rev., 5.00%, 8/1/2040<br>| 2100 | 2146 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2020 Series 2020B-1, <br> Rev., 4.00%, 11/1/2038<br>| 3770 | 3647 |

---

---

| | | |
|:---|:---|:---|
| **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, Fiscal Year 2021 Series 2021A, <br> Rev., 4.00%, 11/1/2038<br>| 10575 | 10068 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2022<br>|  |  |
| Series 2022F, Subseries F-1, Rev., 4.00%, <br> 2/1/2038<br>| 1700 | 1657 |
| Series 2022C, Subseries C-1, Rev., 4.00%, <br> 2/1/2047<br>| 7750 | 6712 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025<br>|  |  |
| Series 2025E, Rev., 5.00%, 11/1/2047 | 3000 | 3033 |
| Series 2025J, Subseries J-1, Rev., 5.50%, <br> 5/1/2053<br>| 1000 | 1049 |
| New York Convention Center Development Corp., <br> Subordinate Lien, Hotel Unit Fee Secured<br>|  |  |
| Series B, Rev., Zero Coupon, 11/15/2032 | 2000 | 1522 |
| Series B, Rev., Zero Coupon, 11/15/2033 | 2150 | 1553 |
| Series B, Rev., A.G. - CR, Zero Coupon, <br> 11/15/2049<br>| 9315 | 2657 |
| New York Liberty Development Corp., Secured by <br> Port Authority<br>|  |  |
| Series 1WTC-2021, Rev., A.G. - CR, 3.00%, <br> 2/15/2042<br>| 3345 | 2634 |
| Series 1WTC-2021, Rev., 2.75%, 2/15/2044 | 2000 | 1405 |
| New York Liberty Development Corp., World Trade <br> Centre Series 1WTC-2021, Rev., 2.25%, <br> 2/15/2041<br>| 4500 | 3193 |
| New York Power Authority, Green Bonds Series <br> 2024A, Rev., 4.00%, 11/15/2049<br>| 3200 | 2771 |
| New York Power Authority, Green Transmission <br> Project<br>|  |  |
| Series 2023A, Rev., A.G., 5.00%, 11/15/2053 | 3000 | 3021 |
| Series 2023A, Rev., A.G., 5.13%, 11/15/2058 | 3250 | 3290 |
| New York State Dormitory Authority, Memorial Sloan <br> Kettering Cancer Center Series 2025 2-B, Rev., <br> 5.00%, 7/1/2032 (c)<br>| 2000 | 2185 |
| New York State Dormitory Authority, Mount Sinai <br> Obligated Group, Rev., 5.25%, 7/1/2050<br>| 5250 | 5073 |
| New York State Dormitory Authority, Pace University <br> Series 2024A, Rev., 5.50%, 5/1/2049<br>| 1050 | 1045 |
| New York State Dormitory Authority, Personal <br> Income Tax<br>|  |  |
| Series 2021A, Rev., 4.00%, 3/15/2037 | 2300 | 2278 |
| Series 2019D, Rev., 4.00%, 2/15/2047 | 1500 | 1303 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

16 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 Dormitory Authority, School Districts <br> Financing Program Series 2025A, Rev., A.G., <br> 5.00%, 10/1/2034<br>| 2160 | 2477 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose<br>|  |  |
| Series 2022A, Rev., 4.00%, 3/15/2038 | 4680 | 4590 |
| Series 2021E, Rev., 4.00%, 3/15/2042 | 7000 | 6362 |
| Series 2020A, Rev., 4.00%, 3/15/2047 | 18070 | 15709 |
| New York State Dormitory Authority, State Sales Tax <br> Series 2018C, Rev., 5.00%, 3/15/2036<br>| 8020 | 8318 |
| New York State Dormitory Authority, White Plains <br> Hospital, Rev., A.G., 5.50%, 10/1/2054<br>| 1000 | 1020 |
| New York State Environmental Facilities Corp., State <br> Clean Water and Drinking Water Revolving Funds, <br> Municipal Water Finance Authority Projects - <br> Second Resolution<br>|  |  |
| Series 2021A, Rev., 4.00%, 6/15/2038 | 7515 | 7582 |
| Series 2024A, Rev., 5.25%, 6/15/2053 | 3000 | 3105 |
| New York State Thruway Authority Series O, Rev., <br> 4.00%, 1/1/2043<br>| 3900 | 3517 |
| New York State Thruway Authority, Personal Income <br> Tax Series 2022A, Rev., 5.00%, 3/15/2042<br>| 12000 | 12385 |
| New York Transportation Development Corp., Delta <br> Air Lines, Inc., LaGuardia Airport Terminals C&D <br> Redevelopment Project<br>|  |  |
| Rev., AMT, 5.00%, 1/1/2029 | 1400 | 1439 |
| Series 2018, Rev., AMT, 5.00%, 1/1/2030 | 6230 | 6390 |
| Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 3500 | 3578 |
| Rev., AMT, 5.00%, 1/1/2034 | 9885 | 10015 |
| Rev., AMT, 5.00%, 10/1/2035 | 3920 | 3975 |
| Rev., AMT, 5.00%, 10/1/2040 | 5350 | 5312 |
| Rev., AMT, 4.38%, 10/1/2045 | 1690 | 1466 |
| New York Transportation Development Corp., JFK <br> Airport Terminal 6 Redevelopment Project, Green <br> Bonds Series 2024A, Rev., AMT, 5.50%, <br> 12/31/2054<br>| 3000 | 2915 |
| New York Transportation Development Corp., JFK <br> International Airport New Terminal One Project, <br> Green Bonds<br>|  |  |
| Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2042 | 1750 | 1792 |
| Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2043 | 2250 | 2294 |
| Series 2023, Rev., AMT, A.G., 5.50%, 6/30/2044 | 2250 | 2286 |
| Series 2023, Rev., AMT, A.G., 5.00%, 6/30/2049 | 1500 | 1443 |
| Rev., AMT, A.G., 5.50%, 6/30/2059 | 1000 | 1002 |
| Onondaga Civic Development Corp., Syracuse <br> University Project, Rev., 4.50%, 12/1/2050<br>| 3000 | 2824 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 223, Rev., AMT, 4.00%, 7/15/2039 | 2975 | 2776 |
| Series 248, Rev., 5.00%, 1/15/2042 | 1635 | 1716 |
| Series 248, Rev., 5.00%, 1/15/2050 | 3250 | 3302 |
| Series 93, Rev., 6.13%, 6/1/2094 | 6000 | 6010 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels<br>|  |  |
| Series 2012B, Rev., Zero Coupon, 11/15/2032 | 8860 | 6971 |
| Series 2025A-1, Rev., 5.00%, 11/15/2037 | 2300 | 2540 |
| Series 2018D, Rev., 4.00%, 11/15/2038 | 4000 | 3910 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels, Real Estate Transfer Tax, <br> TBTA Capital Lockbox<br>|  |  |
| Series 2025A, Rev., 5.25%, 12/1/2054 | 1000 | 1022 |
| Series 2025A, Rev., A.G., 4.50%, 12/1/2056 | 1000 | 911 |
| Utility Debt Securitization Authority, Rev., 5.00%, <br> 12/15/2037<br>| 5250 | 5269 |
| Westchester County Local Development Corp., <br> Purchase Senior Learning Community, Inc., <br> Project Series 2021A, Rev., 5.00%, <br> 7/1/2041 (b)<br>| 5450 | 5123 |
| Total New York |  | 327846 |
| **North Carolina — 1.9%** | **North Carolina — 1.9%** | **North Carolina — 1.9%** |
| County of Buncombe, Limited Tax, Rev., 5.00%, <br> 6/1/2033<br>| 750 | 853 |
| County of Harnett, Limited Tax, Rev., 5.00%, <br> 4/1/2034<br>| 1000 | 1125 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 55-C, Rev., GNMA / FNMA / FHLMC, <br> 3.20%, 1/15/2026 (c)<br>| 4000 | 4000 |
| Series 55-A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 7/1/2055<br>| 6980 | 7734 |
| Series 58-A, Rev., GNMA / FNMA / FHLMC, <br> 6.50%, 1/1/2056<br>| 5000 | 5704 |
| North Carolina Medical Care Commission, Twin <br> Lakes Community Series 2025A, Rev., 5.25%, <br> 1/1/2055<br>| 1000 | 947 |
| State of North Carolina, Rev., 5.00%, 3/1/2033 | 15345 | 16365 |
| Total North Carolina |  | 36728 |
| **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>| 1750 | 1936 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 17

------

JPMorgan National Municipal Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — 2.8%** | **Ohio — 2.8%** | **Ohio — 2.8%** |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020A-2, Rev., 4.00%, 6/1/2037 | 4000 | 3786 |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 13270 | 10719 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 20400 | 1785 |
| County of Allen, Hospital Facilities, Bon Secours <br> Mercy Health, Inc. Series 2025A, Rev., 5.00%, <br> 11/1/2040<br>| 1960 | 2055 |
| Jefferson County Port Authority, JSW Steel USA <br> Ohio, Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 9105 | 9124 |
| Ohio Air Quality Development Authority, Duke <br> Energy Corp. Series 2022A, Rev., AMT, 4.25%, <br> 6/1/2027 (c)<br>| 1000 | 1018 |
| Ohio Water Development Authority, Drinking Water <br> Assistance Series 2025A, Rev., 5.00%, <br> 12/1/2041<br>| 2000 | 2127 |
| Ohio Water Development Authority, Water Pollution <br> Control Loan Fund<br>|  |  |
| Series 2024C, Rev., VRDO, LIQ : TD Bank NA, <br> 3.90%, 9/2/2025 (c)<br>| 1100 | 1100 |
| Series 2019A, Rev., 5.00%, 6/1/2029 | 16390 | 17841 |
| Port of Greater Cincinnati Development Authority, <br> Duke Energy Convention Center Project<br>|  |  |
| Series 2024B, Rev., 5.00%, 12/1/2041 | 875 | 904 |
| Series 2024B, Rev., 5.00%, 12/1/2042 | 1000 | 1023 |
| Series 2024B, Rev., 5.00%, 12/1/2044 | 900 | 909 |
| State of Ohio, University Hospitals Health System, <br> Inc. Series 2021E, Rev., 4.00%, 1/15/2038<br>| 1700 | 1614 |
| Total Ohio |  | 54005 |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |
| Oklahoma Capitol Improvement Authority, <br> Oklahoma Department of Transportation Project <br> Series 2025A, Rev., 5.00%, 7/1/2034<br>| 1050 | 1196 |
| **Oregon — 0.8%** | **Oregon — 0.8%** | **Oregon — 0.8%** |
| Multnomah and Clackamas Counties School District <br> No. 10JT Gresham-Barlow Series B, GO, Zero <br> Coupon, 6/15/2035<br>| 7000 | 4568 |
| Multnomah County School District No. 40 |  |  |
| Series A, GO, Zero Coupon, 6/15/2034 | 1250 | 893 |
| Series A, GO, Zero Coupon, 6/15/2036 | 1000 | 633 |
| Oregon State Facilities Authority, Peacehealth Series <br> 2018A, Rev., VRDO, LOC : US Bank NA, 2.70%, <br> 9/2/2025 (c)<br>| 9875 | 9875 |
| Total Oregon |  | 15969 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — 3.3%** | **Pennsylvania — 3.3%** | **Pennsylvania — 3.3%** |
| Allegheny County Hospital Development Authority, <br> Allegheny Health Network Obligated Group<br>|  |  |
| Series 2018A, Rev., 5.00%, 4/1/2030 | 5000 | 5259 |
| Series 2018A, Rev., 5.00%, 4/1/2031 | 3800 | 3978 |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment<br>|  |  |
| Rev., 5.00%, 6/1/2026 | 1120 | 1140 |
| Rev., 5.00%, 6/1/2028 | 2620 | 2794 |
| Rev., 5.00%, 6/1/2029 | 1120 | 1191 |
| Commonwealth of Pennsylvania Series 2024B, GO, <br> 4.00%, 8/15/2041<br>| 1870 | 1759 |
| Delaware River Port Authority, Rev., 5.00%, <br> 1/1/2037<br>| 3500 | 3865 |
| Erie City Water Authority Series 2019B, Rev., A.G., <br> 5.00%, 12/1/2032<br>| 1235 | 1333 |
| Montgomery County Higher Education and Health <br> Authority Series 2022B, Rev., 5.00%, 5/1/2057<br>| 2000 | 1902 |
| Montgomery County Higher Education and Health <br> Authority, Thomas Jefferson University Series <br> 2018A, Rev., 4.00%, 9/1/2038<br>| 2950 | 2749 |
| Montgomery County Industrial Development <br> Authority, Acts Retirement-Life Communities, Inc., <br> Obligated Group Series 2020C, Rev., 4.00%, <br> 11/15/2043<br>| 300 | 258 |
| Montgomery County Industrial Development <br> Authority, Constellation Energy Generation Series <br> 2023A, Rev., 4.10%, 4/3/2028 (c)<br>| 12050 | 12329 |
| Pennsylvania Economic Development Financing <br> Authority, The Penndot Major Bridges, Rev., AMT, <br> A.G., 5.00%, 12/31/2057<br>| 5645 | 5384 |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage<br>|  |  |
| Series 2023-141A, Rev., 5.75%, 10/1/2053 | 3450 | 3674 |
| Series 2024 -147A, Rev., 6.25%, 10/1/2054 | 1000 | 1110 |
| Series 2024-146A, Rev., 6.25%, 10/1/2054 | 980 | 1080 |
| Series 2025-150A, Rev., 6.25%, 10/1/2055 (d) | 5000 | 5617 |
| Pennsylvania Turnpike Commission, Subordinate |  |  |
| Series 2021B, Rev., 4.00%, 12/1/2038 | 1500 | 1454 |
| Series 2021B, Rev., 4.00%, 12/1/2039 | 2250 | 2148 |
| Series 2023, Rev., 5.00%, 12/1/2040 | 1000 | 1050 |
| Redevelopment Authority of the City of Philadelphia, <br> Service Agreement Series 2024B, Rev., 5.00%, <br> 9/1/2043<br>| 1100 | 1129 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

18 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| School District of the City of Erie (The), Limited Tax <br> Series 2019A, GO, A.G., 4.00%, 4/1/2033<br>| 1150 | 1170 |
| Wilkes-Barre Area School District, GO, 3.75%, <br> 4/15/2044<br>| 1500 | 1320 |
| Total Pennsylvania |  | 63693 |
| **Puerto Rico — 1.5%** | **Puerto Rico — 1.5%** | **Puerto Rico — 1.5%** |
| Puerto Rico Public Finance Corp. Series 2001E, <br> Rev., A.G. - CR, 6.00%, 8/1/2026 (e)<br>| 10000 | 10299 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> (Puerto Rico)<br>|  |  |
| Series A-2, Rev., 4.33%, 7/1/2040 | 3500 | 3238 |
| Series A-1, Rev., Zero Coupon, 7/1/2046 | 14000 | 4398 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 12391 | 11331 |
| Total Puerto Rico |  | 29266 |
| **Rhode Island — 0.3%** | **Rhode Island — 0.3%** | **Rhode Island — 0.3%** |
| Rhode Island Housing and Mortgage Finance Corp., <br> Homeowenership Series 84-A, Rev., GNMA COLL, <br> 5.00%, 4/1/2044<br>| 705 | 705 |
| Tobacco Settlement Financing Corp. Series B, Rev., <br> 5.00%, 6/1/2050<br>| 5000 | 4799 |
| Total Rhode Island |  | 5504 |
| **South Carolina — 0.5%** | **South Carolina — 0.5%** | **South Carolina — 0.5%** |
| South Carolina Jobs-Economic Development <br> Authority, Foothill Affordable Housing Series <br> 2025, Rev., 4.00%, 3/1/2035 (c)<br>| 1000 | 990 |
| South Carolina Jobs-Economic Development <br> Authority, Novant Health Obligated Group Series <br> 2024A, Rev., 5.50%, 11/1/2054<br>| 1000 | 1027 |
| South Carolina Public Service Authority, Santee <br> Cooper Series 2024A, Rev., 5.25%, 12/1/2049<br>| 2000 | 2037 |
| South Carolina State Housing Finance and <br> Development Authority Series 2025B, Rev., <br> GNMA / FNMA / FHLMC, 6.50%, 7/1/2055<br>| 5000 | 5690 |
| Total South Carolina |  | 9744 |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** |
| South Dakota Housing Development Authority Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 11/1/2055<br>| 1000 | 1137 |
| **Tennessee — 5.4%** | **Tennessee — 5.4%** | **Tennessee — 5.4%** |
| Metropolitan Government of Nashville and Davidson <br> County, GO, 4.00%, 7/1/2036<br>| 11800 | 11813 |
| Metropolitan Government of Nashville and Davidson <br> County, Water and Sewer, Rev., 5.00%, <br> 7/1/2038<br>| 1000 | 1086 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Metropolitan Nashville Airport Authority (The) |  |  |
| Series 2022B, Rev., AMT, 5.50%, 7/1/2041 | 1875 | 1966 |
| Series 2022B, Rev., AMT, 5.50%, 7/1/2042 | 2000 | 2082 |
| Series 2022B, Rev., AMT, 5.25%, 7/1/2047 | 9470 | 9546 |
| Metropolitan Nashville Airport Authority (The), <br> Subordinate Airport<br>|  |  |
| Series 2019A, Rev., 5.00%, 7/1/2049 | 1680 | 1683 |
| Series 2019B, Rev., AMT, 5.00%, 7/1/2054 | 5000 | 4844 |
| Shelby County Health Educational and Housing <br> Facilities Board, Baptism Memorial Health <br> Obligated Group Series 2024B, Rev., 5.00%, <br> 9/1/2029 (c)<br>| 3605 | 3845 |
| Shelby County Health Educational and Housing <br> Facilities Board, The Farms at Bailey Station <br> Project Series 2019A, Rev., 5.75%, 10/1/2059<br>| 7940 | 5395 |
| Tennergy Corp., Gas Supply Series 2021A, Rev., <br> 4.00%, 9/1/2028 (c)<br>| 10330 | 10488 |
| Tennessee Energy Acquisition Corp., Gas Project |  |  |
| Series 2018, Rev., 4.00%, 11/1/2025 (c) | 33150 | 33230 |
| Series 2023A-1, Rev., 5.00%, 5/1/2028 (c) | 14065 | 14598 |
| Tennessee Housing Development Agency Series <br> 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 1/1/2056<br>| 2600 | 2878 |
| Total Tennessee |  | 103454 |
| **Texas — 6.4%** | **Texas — 6.4%** | **Texas — 6.4%** |
| Central Texas Regional Mobility Authority, Senior <br> Lien Series 2021B, Rev., 4.00%, 1/1/2041<br>| 1000 | 933 |
| Central Texas Turnpike System, First Tier |  |  |
| Series 2024B, Rev., 5.00%, 5/15/2030 (c) | 2000 | 2155 |
| Series 2024A, Rev., 5.00%, 8/15/2032 | 1000 | 1122 |
| Central Texas Turnpike System, Second Tier |  |  |
| Series 2024C, Rev., 5.00%, 8/15/2033 | 3000 | 3357 |
| Series 2024C, Rev., 5.00%, 8/15/2034 | 2040 | 2282 |
| City of Dallas Housing Finance Corp., Rosemont at <br> Ash Creek Apartments Series 2023, Rev., FHA, <br> 5.00%, 12/1/2025 (c)<br>| 1375 | 1382 |
| City of Houston Airport System, United Airlines, Inc., <br> Terminal Improvement Projects<br>|  |  |
| Series 2020C, Rev., AMT, 5.00%, 7/15/2027 | 3500 | 3549 |
| Series 2024B, Rev., AMT, 5.25%, 7/15/2033 | 6250 | 6582 |
| City of Houston, Combined Utility System, Junior <br> Lien Series 2002A, Rev., A.G., 5.75%, <br> 12/1/2032 (e)<br>| 2000 | 2373 |
| City of Mesquite, Combination Tax and Ltd., Surplus, <br> GO, 4.13%, 2/15/2040<br>| 1665 | 1578 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 19

------

JPMorgan National Municipal Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| City of Pflugerville, Combination Tax Series 2023A, <br> GO, 4.13%, 8/1/2053<br>| 2260 | 1930 |
| City of San Antonio Electric and Gas Systems Series <br> 2024C, Rev., 5.50%, 2/1/2049<br>| 2000 | 2100 |
| Clifton Higher Education Finance Corp., Idea Public <br> Schools Series 2019, Rev., PSF-GTD, 4.00%, <br> 8/15/2037<br>| 1860 | 1829 |
| Coastal Water Authority, City of Houston Projects, <br> Rev., 5.00%, 12/15/2025<br>| 5115 | 5123 |
| County of Fort Bend Toll Road, Senior Lien, Rev., <br> A.G., 5.00%, 3/1/2045<br>| 2000 | 2039 |
| County of Harris, First Lien Series 2024A, Rev., <br> 5.00%, 8/15/2039<br>| 1500 | 1597 |
| County of Harris, Unlimited Tax Series 2023A, GO, <br> 4.25%, 9/15/2048<br>| 2000 | 1825 |
| Cypress-Fairbanks Independent School District, <br> Unlimited Tax Series 2022A, GO, PSF-GTD, <br> 5.00%, 2/15/2043<br>| 2000 | 2058 |
| Dallas Area Rapid Transit, Sales Tax, Senior Lien <br> Series 2016A, Rev., 5.00%, 12/1/2025 (e)<br>| 9905 | 9966 |
| Denison Independent School District, Unlimited Tax <br> Series 2023, GO, PSF-GTD, 4.00%, 8/1/2045<br>| 2865 | 2570 |
| Grand Parkway Transportation Corp., Grand Parkway <br> System Subordinate Tier<br>|  |  |
| Series 2018A, Rev., 5.00%, 10/1/2043 | 4000 | 4041 |
| Series 2020C, Rev., 4.00%, 10/1/2045 | 5100 | 4440 |
| Series 2020C, Rev., 4.00%, 10/1/2049 | 1100 | 928 |
| Housing Options, Inc., The Culbreath, Rev., 3.75%, <br> 11/1/2028 (c)<br>| 2000 | 2036 |
| Little Elm Independent School District Series 2024, <br> GO, PSF-GTD, 4.00%, 8/15/2054<br>| 1000 | 842 |
| Lower Colorado River Authority, Rev., 5.00%, <br> 5/15/2040<br>| 4750 | 4958 |
| Mansfield Independent School District, Unlimited <br> Tax<br>|  |  |
| GO, PSF-GTD, 5.00%, 2/15/2044 | 1500 | 1540 |
| Series 2024, GO, PSF-GTD, 4.00%, 2/15/2054 | 1200 | 994 |
| Mission Economic Development Corp., Graphic <br> Packaging International LLC Project, Rev., AMT, <br> 5.00%, 6/1/2030 (c)<br>| 1500 | 1524 |
| North Texas Tollway Authority, First Tier Series <br> 2020A, Rev., 4.00%, 1/2/2038<br>| 5000 | 4987 |
| Pasadena Independent School District, Unlimited <br> Tax, GO, PSF-GTD, 5.00%, 2/15/2048<br>| 5000 | 5089 |
| Round Rock Independent School District Series <br> 2025B, GO, PSF-GTD, 5.00%, 8/1/2039<br>| 1450 | 1563 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System Series 2025C, <br> Rev., 5.00%, 11/15/2032 (c)<br>| 5000 | 5514 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Retirement Facility, MRC Stevenson Oaks <br> Project Series 2020B-1, Rev., 4.00%, <br> 11/15/2027<br>| 2490 | 2450 |
| Texas Municipal Gas Acquisition and Supply Corp. IV, <br> Gas Supply Series 2023B, Rev., 5.50%, <br> 1/1/2034 (c)<br>| 6135 | 6710 |
| Texas Municipal Gas Acquisition and Supply Corp. V, <br> Gas Supply Series 2024, Rev., 5.00%, <br> 1/1/2034 (c)<br>| 9000 | 9575 |
| Texas Water Development Board, State Water <br> Implementation Fund Series 2018B, Rev., <br> 5.00%, 4/15/2030<br>| 7000 | 7489 |
| Trinity River Authority of Texas, Livingston Regional <br> Water Supply System Project Series 2023, Rev., <br> 5.00%, 8/1/2038<br>| 1220 | 1293 |
| Total Texas |  | 122323 |
| **Utah — 2.6%** | **Utah — 2.6%** | **Utah — 2.6%** |
| City of Salt Lake City, International Airport Series <br> 2025A, Rev., AMT, 5.25%, 7/1/2043<br>| 1500 | 1542 |
| County of Utah, IHC Health Services, Inc. Series <br> 2018C, Rev., VRDO, LIQ : TD Bank NA, 2.70%, <br> 9/2/2025 (c)<br>| 35000 | 35000 |
| Downtown Revitalization Public Infrastructure <br> District, Second Lien Sales Tax SEG <br> Redevelopment Project Series 2025B, Rev., A.G., <br> 5.50%, 6/1/2050<br>| 1000 | 1047 |
| Intermountain Power Agency, Utah Powe Supply <br> Series 2022A, Rev., 5.00%, 7/1/2037<br>| 3855 | 4032 |
| Intermountain Power Agency, Utah Power Supply <br> Series 2023A, Rev., 5.00%, 7/1/2037<br>| 2305 | 2437 |
| Utah Housing Corp., Single Family Mortgage Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055<br>| 1990 | 2233 |
| Utah Infrastructure Agency, Clearfield City Project, <br> Rev., 4.00%, 10/15/2040<br>| 915 | 858 |
| Utah Infrastructure Agency, Tax-Exempt <br> Telecommunications<br>|  |  |
| Series 2018A, Rev., 5.00%, 10/15/2025 | 745 | 746 |
| Series 2018A, Rev., 5.00%, 10/15/2028 | 1000 | 1032 |
| Rev., 4.00%, 10/15/2038 | 1560 | 1520 |
| Total Utah |  | 50447 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

20 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — 0.4%** | **Virginia — 0.4%** | **Virginia — 0.4%** |
| Fairfax County Industrial Development Authority, <br> Rev., 4.00%, 5/15/2042<br>| 1650 | 1514 |
| Prince William County Service Authority, Water and <br> Sewer System, Rev., 5.00%, 7/15/2038<br>| 1000 | 1101 |
| Virginia College Building Authority, Educational <br> Facilities, Washington and Lee University Project, <br> Rev., NATL - RE, 5.25%, 1/1/2026<br>| 1120 | 1131 |
| Virginia Port Authority, Rev., 5.00%, 7/1/2044 | 1365 | 1401 |
| Virginia Public School Authority, 1997 Resolution <br> Series 2025A, Rev., 5.00%, 8/1/2038<br>| 2210 | 2431 |
| Total Virginia |  | 7578 |
| **Washington — 1.5%** | **Washington — 1.5%** | **Washington — 1.5%** |
| Chelan County Public Utility District No. 1 Series <br> 2020A, Rev., 4.00%, 7/1/2038<br>| 1670 | 1645 |
| County of Snohomish, Limited Tax, GO, 4.00%, <br> 12/1/2039<br>| 1470 | 1451 |
| Energy Northwest, Project 1 |  |  |
| Series 2025A, Rev., 5.00%, 7/1/2034 | 2500 | 2844 |
| Series 2025A, Rev., 5.00%, 7/1/2035 | 2000 | 2273 |
| King and Pierce Counties Valley Regional Fire <br> Authority, Unlimited Tax<br>|  |  |
| Series 2024, GO, A.G., 5.00%, 12/1/2036 | 1525 | 1695 |
| Series 2024, GO, A.G., 5.00%, 12/1/2037 | 1000 | 1100 |
| Series 2024, GO, A.G., 5.00%, 12/1/2038 | 1300 | 1414 |
| Series 2024, GO, A.G., 5.00%, 12/1/2039 | 1085 | 1170 |
| Series 2024, GO, A.G., 5.00%, 12/1/2040 | 1055 | 1126 |
| Vancouver Housing Authority Series 2025, Rev., <br> 4.25%, 2/1/2038<br>| 3000 | 2917 |
| Washington State Housing Finance Commission, <br> Blakeley and Laurel Villages Portfolio<br>|  |  |
| Series 2025A, Rev., 5.50%, 7/1/2050 (b) | 2405 | 2325 |
| Series 2025A, Rev., 5.75%, 7/1/2060 (b) | 5000 | 4868 |
| Washington State Housing Finance Commission, <br> Rockwood Retirement Communities Project<br>|  |  |
| Series 2020A, Rev., 5.00%, 1/1/2032 (b) | 1920 | 1954 |
| Series 2020A, Rev., 5.00%, 1/1/2041 (b) | 2000 | 1870 |
| Total Washington |  | 28652 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| West Virginia Economic Development Authority, <br> Solid Waste Disposal Facilities, Commercial Metal <br> Co. Project, Rev., AMT, 4.63%, 5/15/2032 (c)<br>| 3000 | 2950 |
| **Wisconsin — 0.6%** | **Wisconsin — 0.6%** | **Wisconsin — 0.6%** |
| Public Finance Authority, Ascend Leadership <br> Academy Project Series 2021A, Rev., 5.00%, <br> 6/15/2041 (b)<br>| 1035 | 861 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Public Finance Authority, Cone Health Series 2022A, <br> Rev., 5.00%, 10/1/2052<br>| 6530 | 6427 |
| Public Finance Authority, Senior Lien, Rev., AMT, <br> 5.50%, 7/1/2044<br>| 2000 | 1968 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership<br>|  |  |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 9/1/2054<br>| 925 | 1002 |
| Series 2024C, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 3/1/2055<br>| 985 | 1077 |
| Total Wisconsin |  | 11335 |
| **Wyoming — 0.8%** | **Wyoming — 0.8%** | **Wyoming — 0.8%** |
| County of Campbell, Solid Waste Facilities, Basin <br> Electric Power Co-operative, Dry Fork Station <br> Facilities Series 2019A, Rev., 3.63%, 7/15/2039<br>| 13570 | 11823 |
| Wyoming Community Development Authority Series <br> 2023-1, Rev., 5.75%, 6/1/2053<br>| 2690 | 2856 |
| Total Wyoming |  | 14679 |
| Total Municipal Bonds <br>(Cost $1,781,946)<br>|  | 1776464 |
|  | **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, 3.13% (f) (g) <br>(Cost $126,686)<br>| 126678 | 126691 |
| **Total Investments — 99.3%** <br>**(Cost $1,908,632)**<br>|  | **1903155** |
| **Other Assets in Excess of Liabilities — 0.7%** |  | **14113** |
| **NET ASSETS — 100.0%** |  | **1917268** |

---

&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 |
| BHAC | Insured by Berkshire Hathaway Assurance Corp. |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 21

------

JPMorgan National Municipal Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | |
|:---|:---|
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| IBC | Insured Bond Certificates |
| 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 |
| RAN | Revenue Anticipation Note |
| RE | Reinsured |
| Rev. | Revenue |
| 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) | 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;(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 August 31, 2025.

&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) 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 August 31, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 21936 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (132)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (15104)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (65)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (7566)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 30 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (40)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (34)<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;

22 J.P. Morgan Municipal Bond Funds August 31, 2025

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal** <br>**Amount** <br>**($000)**<br>| <br> **Value** <br>**($000)**<br>|
| **Municipal Bonds—95.1%** (a) | **Municipal Bonds—95.1%** (a) | **Municipal Bonds—95.1%** (a) |
| **Alabama—1.0%** | **Alabama—1.0%** | **Alabama—1.0%** |
| **Utility—1.0%** | **Utility—1.0%** | **Utility—1.0%** |
| Black Belt Energy Gas District, Gas Project Series <br> 2024D, Rev., 5.00%, 11/1/2034 (b)<br>| 2750 | 2899 |
| Southeast Alabama Gas Supply District (The), Project <br> No. 2 Series 2024B, Rev., 5.00%, 5/1/2032 (b)<br>| 1000 | 1064 |
|  |  | 3963 |
| **California—1.0%** | **California—1.0%** | **California—1.0%** |
| **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 | 339 |
| **Transportation—0.9%** | **Transportation—0.9%** | **Transportation—0.9%** |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025A, Rev., AMT, 9.50%, 1/1/2035 (b) (c)<br>| 3795 | 3487 |
| Total California |  | 3826 |
| **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 Series 2024, Rev., AMT, <br> 5.50%, 7/1/2053<br>| 250 | 206 |
| **Georgia—1.9%** | **Georgia—1.9%** | **Georgia—1.9%** |
| **Utility—1.9%** | **Utility—1.9%** | **Utility—1.9%** |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2021C, Rev., 4.00%, 12/1/2028 (b) | 2750 | 2789 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (b) | 2000 | 2131 |
| Series 2024A, Rev., 5.00%, 9/1/2031 (b) | 2360 | 2521 |
|  |  | 7441 |
| **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 | 1330 |
| **Kentucky—0.4%** | **Kentucky—0.4%** | **Kentucky—0.4%** |
| **Utility—0.4%** | **Utility—0.4%** | **Utility—0.4%** |
| Kentucky Public Energy Authority, Gas Supply Series <br> 2024A, Rev., 5.00%, 7/1/2030 (b)<br>| 1500 | 1586 |
| **New York—87.2%** | **New York—87.2%** | **New York—87.2%** |
| **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 | 1154 |
| Build NYC Resource Corp., Success Academy Charter <br> School Project Series 2025, Rev., 5.00%, 9/1/2033<br>| 1000 | 1080 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Education — continued** | **Education — continued** | **Education — continued** |
| Clinton County Capital Resource Corp., CVCES Boces <br> Project Series 2025, Rev., 5.00%, 7/1/2046 (c)<br>| 750 | 741 |
| Madison County Capital Resource Corp., Colgate <br> University Refunding Project , Rev., 5.00%, <br> 7/1/2041<br>| 1150 | 1230 |
| 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 | 1168 |
| New York State Dormitory Authority Series 2024, Rev., <br> 5.25%, 7/1/2054<br>| 3000 | 3007 |
| New York State Dormitory Authority, Brooklyn Law <br> School Series 2019A, Rev., 5.00%, 7/1/2033<br>| 2400 | 2489 |
| New York State Dormitory Authority, Court Facilities <br> Lease Series 2005A, Rev., AMBAC, 5.50%, <br> 5/15/2026<br>| 5000 | 5107 |
| New York State Dormitory Authority, Pace University <br> Series 2024A, Rev., 5.25%, 5/1/2035<br>| 1000 | 1073 |
| New York State Dormitory Authority, School Districts <br> Financing Program Series 2025A, Rev., A.G., 5.00%, <br> 10/1/2036<br>| 2110 | 2322 |
| New York State Dormitory Authority, State Supported <br> Debt University Facilities Series 2020A, Rev., 4.00%, <br> 7/1/2050<br>| 2000 | 1690 |
| New York State Dormitory Authority, The New School <br> Series 2025A, Rev., 4.25%, 7/1/2050<br>| 1500 | 1278 |
| Onondaga Civic Development Corp., Syracuse University <br> Project , Rev., 4.50%, 12/1/2050<br>| 2000 | 1883 |
| Saratoga County Capital Resource Corp., WSWHE Boces <br> Project<br>|  |  |
| Rev., 5.00%, 7/1/2033 (d) | 470 | 528 |
| Rev., 5.00%, 7/1/2034 (d) | 300 | 336 |
| Westchester County Local Development Corp., Purchase <br> Senior Learning Community, Inc., Project Series <br> 2021A, Rev., 5.00%, 7/1/2046 (c)<br>| 2000 | 1757 |
|  |  | 26843 |
| **General Obligation—14.9%** | **General Obligation—14.9%** | **General Obligation—14.9%** |
| Chappaqua Central School District , GO, 4.00%, <br> 7/15/2039<br>| 1015 | 1016 |
| City of Jamestown , GO, BAN, 4.25%, 5/15/2026 | 5670 | 5723 |
| City of New York, Fiscal Year 2008 Series 2008L-4, GO, <br> VRDO, 2.75%, 9/2/2025 (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 | 1600 |
| City of New York, Fiscal Year 2023 Series 2023A, <br> Subseries A-4, GO, VRDO, 3.90%, 9/2/2025 (b)<br>| 935 | 935 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 23

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| City of New York, Fiscal Year 2024 Series 2024A, GO, <br> 5.00%, 8/1/2045<br>| 3850 | 3907 |
| City of New York, Fiscal Year 2025 |  |  |
| Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2042 | 1000 | 1043 |
| Series 2025G, Subseries G-1, GO, 5.25%, 2/1/2050 | 1000 | 1027 |
| City of Yonkers |  |  |
| Series 2024A, GO, A.G., 5.00%, 2/15/2041 | 1000 | 1049 |
| Series 2024B, GO, A.G., 5.00%, 2/15/2041 | 1000 | 1050 |
| Series 2024A, GO, A.G., 5.00%, 2/15/2042 | 1505 | 1571 |
| Series 2024B, GO, A.G., 5.00%, 2/15/2042 | 1000 | 1044 |
| County of Albany Series 2022A, GO, 4.00%, 6/1/2036 | 1080 | 1102 |
| County of Erie, Buffalo Bills Stadium Project |  |  |
| Series 2024B, GO, 4.00%, 9/15/2047 | 1360 | 1227 |
| Series 2024B, GO, 5.25%, 9/15/2048 | 1500 | 1573 |
| County of Nassau |  |  |
| Series 2021A, GO, A.G., 4.00%, 4/1/2036 | 2000 | 2054 |
| Series 2022A, GO, 4.25%, 4/1/2052 | 2000 | 1796 |
| County of Nassau, General Improvement Series 2023A, <br> GO, A.G., 4.00%, 4/1/2042<br>| 1500 | 1409 |
| County of Onondaga |  |  |
| Series 2022, GO, 4.00%, 6/15/2037 | 2000 | 2028 |
| Series 2024, GO, 4.00%, 8/1/2043 | 1565 | 1423 |
| County of Suffolk Series 2017D, GO, 4.00%, <br> 10/15/2028<br>| 3375 | 3483 |
| State of New York Series 2023A, GO, 5.00%, <br> 3/15/2041<br>| 1000 | 1071 |
| Town of Clarkstown Series 2023, GO, 4.00%, <br> 11/15/2039<br>| 990 | 975 |
| Town of Hempstead |  |  |
| Series 2025A, GO, 4.00%, 6/1/2041 | 2000 | 1923 |
| GO, 4.00%, 5/1/2043 | 1725 | 1619 |
| Town of Huntington, Public Improvement Series 2022A, <br> GO, 4.00%, 6/15/2037<br>| 1385 | 1398 |
| Town of Oyster Bay , GO, BAN, 4.00%, 8/21/2026 | 6000 | 6083 |
| Town of Webster , GO, BAN, 4.00%, 8/25/2026 | 4000 | 4055 |
| Uniondale Union Free School District |  |  |
| GO, 4.00%, 1/15/2038 | 2000 | 2024 |
| GO, 4.00%, 1/15/2041 | 2000 | 1935 |
|  |  | 59143 |
| **Hospital—5.4%** | **Hospital—5.4%** | **Hospital—5.4%** |
| Build NYC Resource Corp., Urban Resource Institute <br> Project Series 2025A, Rev., 5.00%, 12/1/2041<br>| 1000 | 1021 |
| New York City Health and Hospitals Corp., Health System <br> Series 2025A, Rev., 5.00%, 2/15/2035<br>| 3500 | 3906 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Hospital — continued** | **Hospital — continued** | **Hospital — continued** |
| New York State Dormitory Authority, Memorial Sloan <br> Kettering Cancer Center<br>|  |  |
| Series 2025 2-B, Rev., 5.00%, 7/1/2032 (b) | 1000 | 1093 |
| Series 2025 1, Rev., 5.00%, 7/1/2035 | 1655 | 1886 |
| Series 2022 1-B, Rev., 4.00%, 7/1/2051 | 1300 | 1110 |
| Series 2025 1, Rev., 5.25%, 7/1/2054 | 515 | 530 |
| New York State Dormitory Authority, Mount Sinai <br> Obligated Group , Rev., 5.00%, 7/1/2045<br>| 2000 | 1930 |
| New York State Dormitory Authority, Northwell Health <br> Obligated Group<br>|  |  |
| Series 2025A, Rev., 5.00%, 5/1/2035 | 1000 | 1097 |
| Series 2022A, Rev., 4.25%, 5/1/2052 | 1595 | 1362 |
| Series 2022A, Rev., 5.00%, 5/1/2052 | 2000 | 1952 |
| New York State Dormitory Authority, Rosewell Park <br> Cancer Institute Obligated Group<br>|  |  |
| Series 2025A, Rev., A.G., 5.25%, 7/1/2043 | 500 | 516 |
| Series 2025A, Rev., A.G., 5.50%, 7/1/2050 | 1250 | 1300 |
| New York State Dormitory Authority, White Plains <br> Hospital , Rev., A.G., 5.50%, 10/1/2054<br>| 2000 | 2040 |
| Oneida County Local Development Corp., Mohawk Valley <br> Health System Project Series 2019A, Rev., A.G., <br> 4.00%, 12/1/2049<br>| 1785 | 1521 |
|  |  | 21264 |
| **Housing—3.1%** | **Housing—3.1%** | **Housing—3.1%** |
| New York City Housing Development Corp. Series <br> 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055<br>| 1170 | 1182 |
| New York City Housing Development Corp., Multi-Family <br> Mortgage, 8 Spruce Street Project Series 2024, Rev., <br> 5.25%, 12/15/2031<br>| 3900 | 4002 |
| New York State Housing Finance Agency, 160 Madison <br> Avenue LLC Series 2013A, Rev., VRDO, 3.88%, <br> 9/2/2025 (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 | 2012 |
| Onondaga County Trust for Cultural Resources, Abby <br> Lane Housing Corp. Series 2017, Rev., 5.00%, <br> 5/1/2040<br>| 1000 | 986 |
|  |  | 12407 |
| **Industrial Development Revenue/Pollution Control Revenue—2.9%** | **Industrial Development Revenue/Pollution Control Revenue—2.9%** | **Industrial Development Revenue/Pollution Control Revenue—2.9%** |
| New York City Industrial Development Agency, Queens <br> Baseball Stadium Project Series 2021A, Rev., A.G., <br> 5.00%, 1/1/2031<br>| 1250 | 1377 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

24 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** |
| New York City Industrial Development Agency, Yankee <br> Stadium Project Series 2020A, Rev., A.G., 5.00%, <br> 3/1/2029<br>| 2500 | 2695 |
| New York Liberty Development Corp., Goldman Sachs <br> Headquarters LLC Series 2005, Rev., 5.25%, <br> 10/1/2035<br>| 2460 | 2768 |
| New York State Environmental Facilities Corp., Solid <br> Waste Disposal, Waste Management, Inc. Project , <br> Rev., AMT, 3.85%, 11/3/2025 (b)<br>| 3500 | 3500 |
| New York State Environmental Facilities Corp., State <br> Revolving Funds, Master Financing Program Series <br> 2021B, Rev., 4.00%, 8/15/2039<br>| 1380 | 1370 |
|  |  | 11710 |
| **Other Revenue—20.0%** | **Other Revenue—20.0%** | **Other Revenue—20.0%** |
| Battery Park City Authority |  |  |
| Series 2019D-1, Rev., VRDO, 3.78%, 9/2/2025 (b) | 13600 | 13600 |
| Series 2019B, Rev., 5.00%, 11/1/2040 | 2000 | 2074 |
| Series 2023A, Rev., 5.00%, 11/1/2053 | 1335 | 1359 |
| 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 | 1053 |
| Series 2024, Rev., 5.00%, 12/1/2032 | 3620 | 4039 |
| Chautauqua Tobacco Asset Securitization Corp. Series <br> 2014, Rev., 5.00%, 6/1/2048<br>| 3200 | 2425 |
| New York City Transitional Finance Authority Building <br> Aid Series 2026, S-1, Rev., 5.00%, 7/15/2037<br>| 1000 | 1098 |
| New York City Transitional Finance Authority, Building <br> Aid, Fiscal Year 2019<br>|  |  |
| Series 2019S-2A, Rev., 5.00%, 7/15/2034 | 2000 | 2099 |
| Series 2019S-3A, Rev., 5.00%, 7/15/2034 | 4000 | 4198 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2011 Series 2011A-4, Rev., <br> VRDO, 2.65%, 9/2/2025 (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 | 2046 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2019 Series 2019C-4, Rev., <br> VRDO, 2.65%, 9/2/2025 (b)<br>| 1100 | 1100 |
| 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 | 1949 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2023 Series 2023F, Rev., <br> 5.00%, 2/1/2042<br>| 2000 | 2064 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2024<br>|  |  |
| Series 2024B, Rev., 5.00%, 5/1/2042 | 1000 | 1035 |
| Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054 | 1000 | 889 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2025 Series 2025D, Rev., <br> 5.00%, 5/1/2044<br>| 1000 | 1028 |
| 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 | 1604 |
| 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 | 2098 |
| New York Convention Center Development Corp., Hotel <br> Unit Fee Secured , Rev., 5.00%, 11/15/2045<br>| 2170 | 2156 |
| New York Convention Center Development Corp., Senior <br> Lien, Hotel Unit Fee Secured Series A, Rev., Zero <br> Coupon, 11/15/2047<br>| 1600 | 512 |
| New York Convention Center Development Corp., <br> Subordinate Lien, Hotel Unit Fee Secured Series B, <br> Rev., Zero Coupon, 11/15/2033<br>| 4090 | 2955 |
| New York State Dormitory Authority, State Sales Tax |  |  |
| Series 2015B, Rev., 5.00%, 3/15/2030 | 5000 | 5009 |
| Series 2016A, Rev., 5.00%, 3/15/2031 | 2000 | 2047 |
| Series 2018E-2, Rev., 5.00%, 3/15/2033 | 2000 | 2113 |
| Series 2017A, Rev., 5.00%, 3/15/2034 | 2000 | 2053 |
| Series 2023A-1, Rev., 4.00%, 3/15/2043 | 1110 | 1005 |
| Suffolk Regional Off-Track Betting Corp. Series 2024, <br> Rev., 5.75%, 12/1/2044<br>| 1000 | 1000 |
| Suffolk Tobacco Asset Securitization Corp. |  |  |
| Series 2021A-2, Rev., 5.00%, 6/1/2029 | 2250 | 2397 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 3000 | 244 |
| TSASC, Inc. |  |  |
| Series A, Rev., 5.00%, 6/1/2035 | 2000 | 2009 |
| Series A, Rev., 5.00%, 6/1/2036 | 2000 | 2005 |
| Series B, Rev., 5.00%, 6/1/2048 | 2350 | 1992 |
| Westchester County Local Development Corp., Kendal on <br> Hudson Project Series 2022B, Rev., 5.00%, <br> 1/1/2032<br>| 240 | 254 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 25

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Westchester Tobacco Asset Securitization Corp., Tobacco <br> Settlement<br>|  |  |
| Series B, Rev., 5.00%, 6/1/2033 | 1775 | 1811 |
| Series B, Rev., 5.00%, 6/1/2034 | 2000 | 2032 |
|  |  | 79352 |
| **Special Tax—4.3%** | **Special Tax—4.3%** | **Special Tax—4.3%** |
| Empire State Development Corp., State Personal Income <br> Tax, General Purpose<br>|  |  |
| Series 2020C, Rev., 4.00%, 3/15/2037 | 1000 | 999 |
| Series 2020A, Rev., 4.00%, 3/15/2040 | 3000 | 2830 |
| Series 2020E, Rev., 4.00%, 3/15/2045 | 1500 | 1330 |
| Empire State Development Corp., State Sales Tax Series <br> 2021A, Rev., 4.00%, 3/15/2044<br>| 5000 | 4451 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose Series 2020A, Rev., <br> 4.00%, 3/15/2047<br>| 1700 | 1478 |
| New York State Housing Finance Agency, State Personal <br> Income Tax<br>|  |  |
| Series 2024B-2, Rev., 3.30%, 12/15/2028 (b) | 1500 | 1504 |
| Series 2024C, Rev., 4.55%, 12/15/2054 | 1000 | 902 |
| New York State Thruway Authority, Personal Income Tax |  |  |
| Series 2021A-1, Rev., 4.00%, 3/15/2038 | 1500 | 1464 |
| Series 2021A-1, Rev., 4.00%, 3/15/2042 | 2500 | 2298 |
|  |  | 17256 |
| **Transportation—17.3%** | **Transportation—17.3%** | **Transportation—17.3%** |
| Hudson Yards Infrastructure Corp., Second Indenture |  |  |
| Series 2017A, Rev., 5.00%, 2/15/2031 | 1585 | 1635 |
| Series 2017A, Rev., 5.00%, 2/15/2037 | 2500 | 2547 |
| Series 2017A, Rev., 5.00%, 2/15/2038 | 2125 | 2161 |
| Series 2022A, Rev., 4.00%, 2/15/2040 | 1730 | 1676 |
| Series 2022A, Rev., 4.00%, 2/15/2043 | 2100 | 1917 |
| Metropolitan Transportation Authority |  |  |
| Series 2016B, Rev., 5.00%, 11/15/2025 | 3480 | 3495 |
| Series 2024B, Rev., 5.00%, 11/15/2041 | 4000 | 4099 |
| Series 2020C-1, Rev., 5.25%, 11/15/2055 | 2200 | 2190 |
| Metropolitan Transportation Authority Dedicated Tax <br> Fund<br>|  |  |
| Series 2012A, Rev., Zero Coupon, 11/15/2030 | 4000 | 3414 |
| Series 2016A, Rev., 5.25%, 11/15/2034 | 1020 | 1043 |
| New York State Thruway Authority |  |  |
| Series L, Rev., 5.00%, 1/1/2032 | 2250 | 2354 |
| Series N, Rev., 4.00%, 1/1/2041 | 2500 | 2314 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| 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%, 1/1/2026 | 4000 | 4016 |
| Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 2155 | 2203 |
| Series 2018, Rev., AMT, 4.00%, 1/1/2036 | 2315 | 2161 |
| New York Transportation Development Corp., JFK <br> Airport Terminal 6 Redevelopment Project, Green <br> Bonds Series 2024A, Rev., AMT, A.G., 5.25%, <br> 12/31/2054<br>| 1000 | 985 |
| New York Transportation Development Corp., JFK <br> International Airport New Terminal One Project, <br> Green Bonds<br>|  |  |
| Rev., AMT, A.G., 6.00%, 6/30/2045 | 1000 | 1064 |
| Rev., AMT, 5.50%, 6/30/2054 | 1500 | 1454 |
| Series 2024B, Rev., AMT, A.G., 0.0%, 12/31/2054 | 2000 | 1183 |
| New York Transportation Development Corp., JFK <br> International Airport Project , Rev., AMT, 3.00%, <br> 8/1/2031<br>| 2000 | 1847 |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 221, Rev., AMT, 4.00%, 7/15/2039 | 1355 | 1264 |
| Series 244, Rev., 5.00%, 7/15/2042 | 2000 | 2095 |
| Series 248, Rev., 5.00%, 1/15/2050 | 2000 | 2032 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels<br>|  |  |
| Series 2013A, Rev., Zero Coupon, 11/15/2032 | 3000 | 2344 |
| Series B, Rev., 5.00%, 11/15/2033 | 1500 | 1547 |
| Series 2019C, Rev., 4.00%, 11/15/2042 | 1375 | 1253 |
| Series 2025L-2, Rev., 5.00%, 11/15/2043 | 1250 | 1298 |
| Series 2020A, Rev., 5.00%, 11/15/2054 | 1500 | 1492 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, Payroll Mobility Tax, Senior Lien Series <br> 2022A, Rev., 4.00%, 5/15/2041<br>| 2040 | 1917 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, Payroll Mobility Tax, Senior Lien, Green <br> Bonds<br>|  |  |
| Series 2024B,SubseriesB-3, Rev., 5.00%, <br> 11/15/2025 (b)<br>| 5000 | 5023 |
| Series 2023A, Rev., 4.00%, 11/15/2037 | 1600 | 1615 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

26 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, Real Estate Transfer Tax, TBTA Capital <br> Lockbox Series 2025A, Rev., 5.25%, 12/1/2054<br>| 2000 | 2044 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, Sales Tax, TBTA Capital Lockbox Series <br> 2023A, Rev., 4.25%, 5/15/2058<br>| 1000 | 880 |
|  |  | 68562 |
| **Utility—6.6%** | **Utility—6.6%** | **Utility—6.6%** |
| Long Island Power Authority, Electric System |  |  |
| Series 2024B, Rev., 3.00%, 9/1/2029 (b) | 3500 | 3493 |
| Series 2019A, Rev., 4.00%, 9/1/2034 | 2725 | 2746 |
| Series 2018, Rev., 5.00%, 9/1/2035 | 2000 | 2087 |
| Series 2021A, Rev., 4.00%, 9/1/2041 | 2030 | 1922 |
| New York Power Authority, Green Bonds Series 2024A, <br> Rev., 5.00%, 11/15/2041<br>| 1500 | 1598 |
| New York Power Authority, Green Transmission Project <br> Series 2022A, Rev., A.G., 5.00%, 11/15/2035<br>| 840 | 919 |
| New York Power Authority, Tax Exempt Series 2020A, <br> Rev., 4.00%, 11/15/2045<br>| 3000 | 2677 |
| 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 | 1010 |
| Series 1997B, Rev., 3.80%, 8/1/2032 | 4000 | 4072 |
| Utility Debt Securitization Authority Series 2016A, Rev., <br> 5.00%, 12/15/2034<br>| 3250 | 3302 |
| Utility Debt Securitization Authority, Restructuring Bond <br> Series 2016B, Rev., 5.00%, 12/15/2035<br>| 2450 | 2487 |
|  |  | 26313 |
| **Water & Sewer—5.9%** | **Water & Sewer—5.9%** | **Water & Sewer—5.9%** |
| New York City Municipal Water Finance Authority, <br> Second General Resolution Series 2025BB, Rev., <br> 5.00%, 6/15/2048<br>| 1000 | 1016 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2025<br>|  |  |
| Series 2025DD, Rev., 5.50%, 6/15/2039 | 1000 | 1131 |
| Series 2025CC, Rev., 5.00%, 6/15/2046 | 2000 | 2044 |
| 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 | 1134 |
| 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 | 1870 |
| Subseries 202DD-3, Rev., 4.00%, 6/15/2042 | 2500 | 2289 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Water & Sewer — continued** | **Water & Sewer — continued** | **Water & Sewer — continued** |
| 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 | 1032 |
| New York City Water and Sewer System, Second General <br> Resolution Series BB 1B, Rev., VRDO, 2.70%, <br> 9/2/2025 (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 | 1264 |
| Series 2025C, Rev., 5.00%, 6/15/2050 | 1000 | 1018 |
| Series 2024A, Rev., 5.25%, 6/15/2053 | 1000 | 1035 |
| New York State Environmental Facilities Corp., State <br> Clean Water and Drinking Water Revolving Funds, <br> Pooled Financing Program Series 2005B, Rev., <br> 5.50%, 10/15/2025 (e)<br>| 3535 | 3547 |
|  |  | 23380 |
| Total New York |  | 346230 |
| **North Carolina—0.2%** | **North Carolina—0.2%** | **North Carolina—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust Series 55-C, Rev., GNMA <br> / FNMA / FHLMC, 3.20%, 1/15/2026 (b)<br>| 1000 | 1000 |
| **Ohio—0.7%** | **Ohio—0.7%** | **Ohio—0.7%** |
| **Other Revenue—0.4%** | **Other Revenue—0.4%** | **Other Revenue—0.4%** |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 1750 | 1414 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 3900 | 341 |
|  |  | 1755 |
| **Transportation—0.3%** | **Transportation—0.3%** | **Transportation—0.3%** |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 1000 | 1002 |
| Total Ohio |  | 2757 |
| **Pennsylvania—0.3%** | **Pennsylvania—0.3%** | **Pennsylvania—0.3%** |
| **Housing—0.3%** | **Housing—0.3%** | **Housing—0.3%** |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage Series 2024-146A, Rev., 6.25%, <br> 10/1/2054<br>| 980 | 1080 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 27

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Housing — continued** | **Housing — continued** | **Housing — continued** |
| **Puerto Rico—1.7%** | **Puerto Rico—1.7%** | **Puerto Rico—1.7%** |
| **General Obligation—0.5%** | **General Obligation—0.5%** | **General Obligation—0.5%** |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 2000 | 2068 |
| **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 | 722 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2046 | 4500 | 1414 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 2800 | 2561 |
|  |  | 4697 |
| Total Puerto Rico |  | 6765 |
| **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 | 1596 |
| Total Municipal Bonds <br>(Cost $382,844)<br>|  | 377780 |
|  | <br> **Shares** <br>**(000)**<br>|  |
| **Short-Term Investments—4.0%** | **Short-Term Investments—4.0%** | **Short-Term Investments—4.0%** |
| **Investment Companies—4.0%** | **Investment Companies—4.0%** | **Investment Companies—4.0%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 3.13% (f) (g)(Cost $15,823)<br>| 15823 | 15824 |
| **Total Investments—99.1%** <br>**(Cost $398,667)**<br>|  | **393604** |
| **Assets in Excess of Other Liabilities—0.9%** |  | **3629** |
| **Net Assets—100.0%** |  | **397233** |

---

&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 |
| COLL | Collateral |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| MTA | Metropolitan Transportation Authority |

---

Rev. Revenue <br> 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) | 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 August 31, 2025. <br>|
| (c) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<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 August 31, <br> 2025.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

28 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4341 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2975)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1513)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (7)<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;

August 31, 2025 J.P. Morgan Municipal Bond Funds 29

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 91.1% (a)** | **Municipal Bonds — 91.1% (a)** | **Municipal Bonds — 91.1% (a)** |
| **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** |
| Baldwin County Industrial Development Authority, <br> Novelis Corp., Project Series 2025A, Rev., AMT, <br> 5.00%, 6/1/2032 (b) (c)<br>| 2500 | 2504 |
| Black Belt Energy Gas District, Gas Prepay Project No. <br> 7 Series 2021C-1, Rev., 4.00%, 12/1/2026 (c)<br>| 7515 | 7592 |
| Black Belt Energy Gas District, Gas Project Series <br> 2022B-1, Rev., 4.00%, 10/1/2027 (c)<br>| 2500 | 2526 |
| County of Jefferson sewer |  |  |
| Series 2024, Rev., 5.00%, 10/1/2025 | 1700 | 1703 |
| Series 2024, Rev., 5.00%, 10/1/2026 | 1095 | 1123 |
| Southeast Energy Authority A Cooperative District, <br> Project No. 4 Series 2022B-1, Rev., 5.00%, <br> 8/1/2028 (c)<br>| 5000 | 5210 |
| Total Alabama |  | 20658 |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| Borough of Matanuska-Susitna, Goose Creek <br> Correctional Center Project Series 2025A, Rev., <br> 5.00%, 9/1/2029<br>| 1000 | 1091 |
| **Arizona — 3.9%** | **Arizona — 3.9%** | **Arizona — 3.9%** |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC Series 2024A, Rev., <br> 5.00%, 11/1/2029<br>| 2500 | 2672 |
| Arizona Industrial Development Authority, National <br> Charter School Revolving Loan Fund Series 2023A, <br> Rev., 5.00%, 11/1/2028<br>| 6000 | 6318 |
| Arizona Sports and Tourism Authority, Senior Lien <br> Multipurpose Stadium Facility Project Series 2022, <br> Rev., 5.00%, 7/1/2030<br>| 5000 | 5495 |
| City of Glendale Excise Tax, Rev., 5.00%, 7/1/2028 | 2850 | 3060 |
| Maricopa County Industrial Development Authority, <br> Banner Health<br>|  |  |
| Series 2023A-1, Rev., 5.00%, 5/15/2026 (c) | 1235 | 1250 |
| Series 2023A-2, Rev., 5.00%, 5/15/2028 (c) | 1925 | 2024 |
| Series 2023A3, Rev., 5.00%, 11/1/2030 (c) | 3050 | 3335 |
| Maricopa County Pollution Control Corp., Palo Verde <br> Project<br>|  |  |
| Series 2010A, Rev., 0.88%, 10/1/2026 (c) | 4500 | 4374 |
| Series 2010B, Rev., 0.88%, 10/1/2026 (c) | 2150 | 2090 |
| Maricopa County Union High School District No. <br> 210-Phoenix, Project of 2023 Series 2025B, GO, <br> 5.00%, 7/1/2030<br>| 1000 | 1118 |
| Total Arizona |  | 31736 |
| **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 | 334 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arkansas — continued** | **Arkansas — continued** | **Arkansas — continued** |
| University of Central Arkansas, Student Housing <br> System<br>|  |  |
| Series 2019C, Rev., A.G., 4.00%, 11/1/2025 | 110 | 110 |
| Series 2019C, Rev., A.G., 4.00%, 11/1/2026 | 240 | 242 |
| Series 2019C, Rev., A.G., 4.00%, 11/1/2027 | 180 | 182 |
| Total Arkansas |  | 868 |
| **California — 2.4%** | **California — 2.4%** | **California — 2.4%** |
| California Community Choice Financing Authority, <br> Clean Energy Project<br>|  |  |
| Series 2023B-1, Rev., 5.00%, 8/1/2029 (c) | 2500 | 2637 |
| Series 2023E-1, Rev., 5.00%, 3/1/2031 (c) | 2500 | 2658 |
| California Statewide Communities Development <br> Authority, Marin General Hospital Project Series <br> 2018A, Rev., 5.00%, 8/1/2028<br>| 250 | 261 |
| City of Los Angeles Department of Airports, <br> International Airport Subordinate Series 2018B, <br> Rev., AMT, 5.00%, 5/15/2030<br>| 2950 | 3100 |
| Los Angeles Community College District, Election of <br> 2016 Series C-1, GO, 5.00%, 8/1/2026<br>| 150 | 154 |
| Los Angeles Department of Water and Power System |  |  |
| Series 2025A, Rev., 5.00%, 7/1/2028 | 2000 | 2107 |
| Series 2016A, Rev., 5.00%, 7/1/2029 | 500 | 504 |
| State of California, Various Purpose |  |  |
| GO, 4.00%, 8/1/2028 | 4000 | 4049 |
| GO, 4.00%, 8/1/2029 | 4180 | 4229 |
| Total California |  | 19699 |
| **Colorado — 1.9%** | **Colorado — 1.9%** | **Colorado — 1.9%** |
| Colorado Health Facilities Authority, Adventist Health <br> System<br>|  |  |
| Series 2024A-1, Rev., 5.00%, 11/15/2029 (c) | 1000 | 1085 |
| Series 2025A, Rev., 5.00%, 11/15/2030 (c) | 2000 | 2189 |
| Colorado Health Facilities Authority, Intermountain <br> Healthcare Series 2022C, Rev., 5.00%, <br> 8/15/2028 (c)<br>| 2800 | 2976 |
| Colorado Housing and Finance Authority, Single Family <br> Mortgage Series 2023L, Class III, Rev., GNMA COLL, <br> 5.75%, 11/1/2053<br>| 2920 | 3137 |
| Colorado School of Mines Series 2022D, Rev., (SIFMA <br> Municipal Swap Index Yield + 0.87%), 3.50%, <br> 9/11/2025 (d)<br>| 1410 | 1410 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

30 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 | 2654 |
| State of Colorado Series 2018A, COP, 5.00%, <br> 12/15/2029<br>| 2140 | 2300 |
| Total Colorado |  | 15751 |
| **Connecticut — 0.4%** | **Connecticut — 0.4%** | **Connecticut — 0.4%** |
| State of Connecticut |  |  |
| Series 2020A, GO, 5.00%, 1/15/2028 | 725 | 770 |
| Series 2025B, GO, 5.00%, 12/1/2028 | 1000 | 1083 |
| Series 2025B, GO, 5.00%, 12/1/2029 | 1000 | 1105 |
| Total Connecticut |  | 2958 |
| **District of Columbia — 1.7%** | **District of Columbia — 1.7%** | **District of Columbia — 1.7%** |
| District of Columbia Series 2019A, GO, 5.00%, <br> 10/15/2028<br>| 1440 | 1556 |
| District of Columbia, Georgetown University Issue <br> Series 2025A, Rev., 5.00%, 4/3/2035 (c)<br>| 3750 | 4074 |
| Metropolitan Washington Airports Authority Aviation |  |  |
| Series 2023A, Rev., AMT, 5.00%, 10/1/2025 | 875 | 876 |
| Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | 5000 | 5320 |
| Series 2024A, Rev., AMT, 5.00%, 10/1/2030 | 1000 | 1093 |
| Washington Metropolitan Area Transit Authority Series <br> 2017B, Rev., 5.00%, 7/1/2029<br>| 1120 | 1169 |
| Total District of Columbia |  | 14088 |
| **Florida — 2.5%** | **Florida — 2.5%** | **Florida — 2.5%** |
| City of Lakeland, Department of Electric Utilities <br> Series 2010A, Rev., A.G., 5.25%, 10/1/2028<br>| 1000 | 1080 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South Series 2025B, Rev., 5.00%, <br> 8/15/2030 (c)<br>| 1000 | 1079 |
| City of Tallahassee, Energy System, Rev., 5.00%, <br> 10/1/2025 (e)<br>| 300 | 301 |
| County of Miami-Dade, Water and Sewer System <br> Series 2017B, Rev., 5.00%, 10/1/2029<br>| 1815 | 1899 |
| 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 | 994 |
| Florida Housing Finance Corp., Homeowner Mortgage <br> Series 2025 1, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 1/1/2056<br>| 2000 | 2225 |
| Florida Local Government Finance Commission, Fleet <br> Landing at Nocatee Project Series 2025B-3, Rev., <br> 4.20%, 11/15/2030 (b) (f)<br>| 1200 | 1205 |
| Florida Municipal Power Agency, St. Lucie Project <br> Series 2021B, Rev., 5.00%, 10/1/2030<br>| 2540 | 2720 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Fort Pierce Utilities Authority |  |  |
| Series 2022A, Rev., A.G., 5.00%, 10/1/2028 | 400 | 428 |
| Series 2022A, Rev., A.G., 5.00%, 10/1/2029 | 475 | 518 |
| Highlands County Health Facilities Authority, <br> Adventhealth Obligated Group Series 2024C, Rev., <br> 5.00%, 11/15/2031 (c)<br>| 1000 | 1107 |
| JEA Water and Sewer System Series 2017A, Rev., <br> 5.00%, 10/1/2025<br>| 365 | 366 |
| Mid-Bay Bridge Authority Series A, Rev., 5.00%, <br> 10/1/2025<br>| 2000 | 2004 |
| Pasco County School Board Series 2022A, COP, <br> 5.00%, 8/1/2026<br>| 1155 | 1181 |
| Polk County Housing Finance Authority, Episcopal <br> Catholic Apartments Series 2023, Rev., 4.15%, <br> 6/1/2026 (c)<br>| 750 | 756 |
| Polk County School District, Sales Tax, Rev., 5.00%, <br> 10/1/2030<br>| 1020 | 1108 |
| State of Florida, Department of Transportation <br> Turnpike System Series 2025A, Rev., 5.00%, <br> 7/1/2029<br>| 1000 | 1097 |
| State of Florida, Full Faith and Credit, Board of <br> Education, Public Education Capital Outlay Series <br> 2020B, GO, 5.00%, 6/1/2028<br>| 500 | 536 |
| Total Florida |  | 20604 |
| **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 | 406 |
| Series 2023B, Rev., 5.00%, 4/1/2027 | 350 | 363 |
| Series 2023B, Rev., 5.00%, 4/1/2028 | 750 | 798 |
| Columbus Medical Center Hospital Authority, Piedmont <br> Healthcare Inc., Project Series 2019B, Rev., 5.00%, <br> 7/1/2029 (c)<br>| 1480 | 1581 |
| Dahlonega Downtown Development Authority, North <br> Georgia MAC, LLC Project<br>|  |  |
| Rev., 5.00%, 7/1/2026 | 275 | 280 |
| Rev., 5.00%, 7/1/2028 | 375 | 390 |
| 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 | 1005 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2024C, Rev., 5.00%, 12/1/2027 | 1000 | 1040 |
| Series 2024C, Rev., 5.00%, 12/1/2028 | 1000 | 1054 |
| Series 2024C, Rev., 5.00%, 12/1/2029 | 1500 | 1596 |
| Series 2023B, Rev., 5.00%, 3/1/2030 (c) | 3250 | 3442 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 4000 | 4262 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 31

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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 2024C, Rev., 5.00%, 12/1/2031 (c) | 3745 | 3979 |
| State of Georgia Series 2016F, GO, 5.00%, 7/1/2028 | 2000 | 2072 |
| Total Georgia |  | 22268 |
| **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |
| Territory of Guam Series 2025G, Rev., 5.00%, <br> 1/1/2030<br>| 905 | 969 |
| **Illinois — 8.2%** | **Illinois — 8.2%** | **Illinois — 8.2%** |
| Champaign County Community Unit School District No. <br> 4<br>|  |  |
| GO, 4.00%, 6/1/2029 | 1000 | 1046 |
| GO, 4.00%, 6/1/2030 | 180 | 188 |
| Series 2019, GO, 4.00%, 6/1/2034 | 1160 | 1173 |
| Chicago Midway International Airport, Senior Lien |  |  |
| Series 2023A, Rev., AMT, 5.00%, 1/1/2027 | 1000 | 1025 |
| Series 2023A, Rev., AMT, 5.00%, 1/1/2028 | 3400 | 3559 |
| Series 2023C, Rev., AMT, 5.00%, 1/1/2028 | 7115 | 7447 |
| Chicago Transit Authority Capital Grant Receipts Series <br> 2021, Rev., 5.00%, 6/1/2027<br>| 2085 | 2154 |
| City of Chicago, Capital Appreciation City College <br> Series 1999, GO, NATL - RE, Zero Coupon, <br> 1/1/2028 (e)<br>| 1000 | 937 |
| City of Springfield Electric, Senior Lien |  |  |
| Rev., 5.00%, 3/1/2030 | 5000 | 5443 |
| Rev., 5.00%, 3/1/2031 | 2000 | 2196 |
| City of Waukegan |  |  |
| Series 2018B, GO, A.G., 5.00%, 12/30/2026 | 1125 | 1162 |
| Series 2018B, GO, A.G., 5.00%, 12/30/2027 | 1185 | 1225 |
| City of Waukegan, First Lien, Water and Sewer System |  |  |
| Series 2018C, Rev., A.G., 5.00%, 12/30/2026 | 680 | 703 |
| Series 2018C, Rev., A.G., 5.00%, 12/30/2027 | 710 | 734 |
| Cook County Community Unit School District No. 401 <br> Elmwood Park Series 2021A, GO, A.G., 4.00%, <br> 12/1/2030<br>| 1220 | 1284 |
| Effingham Community Unit School District No. 40 <br> Series 2019A, GO, 4.00%, 12/1/2028<br>| 565 | 585 |
| Glenview Park District |  |  |
| GO, 5.00%, 12/1/2026 | 300 | 310 |
| GO, 5.00%, 12/1/2029 | 350 | 361 |
| Grundy and Kendall Counties Consolidated Grade <br> School District No. 60-C, GO, 4.00%, 2/1/2030<br>| 1145 | 1198 |
| Illinois Finance Authority, DePaul University, Rev., <br> 5.00%, 10/1/2025<br>| 300 | 300 |
| Illinois Finance Authority, Lake Zurich Community Unit <br> School District No. 95 Project, Rev., 4.00%, <br> 1/15/2032<br>| 2120 | 2155 |

---

---

| | | |
|:---|:---|:---|
| **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 | 3814 |
| Illinois Housing Development Authority |  |  |
| Series 2022E, Rev., GNMA / FNMA / FHLMC COLL, <br> 5.25%, 10/1/2052<br>| 1555 | 1637 |
| Series 2024E, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 4875 | 5373 |
| Kane and DeKalb Counties Community Unit School <br> District No. 301 Burlington, GO, 5.00%, 1/1/2027<br>| 355 | 367 |
| 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 | 2035 |
| 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 | 386 |
| Peoria Public Building Commission Series 2019A, <br> Rev., A.G., 5.00%, 12/1/2028<br>| 1455 | 1530 |
| State of Illinois |  |  |
| Series 2017A, GO, 5.00%, 12/1/2026 | 2000 | 2058 |
| Series 2017D, GO, 5.00%, 11/1/2027 | 1000 | 1049 |
| Series 2023B, GO, 5.00%, 5/1/2028 | 1025 | 1087 |
| Series 2024B, GO, 5.00%, 5/1/2028 | 1500 | 1591 |
| Series 2018A, GO, 5.00%, 10/1/2028 | 25 | 27 |
| Series 2024B, GO, 5.00%, 5/1/2029 | 4095 | 4420 |
| Series 2017C, GO, 5.00%, 11/1/2029 | 1000 | 1047 |
| GO, 5.50%, 5/1/2030 | 1525 | 1648 |
| Village of Skokie, GO, 5.00%, 12/1/2028 | 1550 | 1673 |
| Will County Forest Preservation District, Limited Tax, <br> GO, 5.00%, 12/15/2027<br>| 805 | 852 |
| Total Illinois |  | 66448 |
| **Indiana — 1.7%** | **Indiana — 1.7%** | **Indiana — 1.7%** |
| Indiana Finance Authority, Community Foundation of <br> Northern Indiana Obligated Group, Rev., 5.00%, <br> 9/1/2028<br>| 1000 | 1023 |
| Indiana Finance Authority, Indiana University Health <br> Obligated Group<br>|  |  |
| Series 2023B1, Rev., 5.00%, 7/1/2028 (c) | 1000 | 1056 |
| Series 2025D-1, Rev., 5.00%, 10/1/2029 (c) | 2500 | 2687 |
| Series 2023B-2, Rev., 5.00%, 7/1/2030 (c) | 2000 | 2187 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

32 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 | 6394 |
| Indiana Finance Authority, State Revolving Fund <br> Program Series 2021A, Rev., 5.00%, 2/1/2031<br>| 180 | 202 |
| Total Indiana |  | 13549 |
| **Kansas — 1.2%** | **Kansas — 1.2%** | **Kansas — 1.2%** |
| City of Wichita, Sales Tax, River District Stadium Star <br> Bond Project<br>|  |  |
| Series 2018, Rev., 5.00%, 9/1/2025 | 300 | 300 |
| Series 2018, Rev., 5.00%, 9/1/2026 | 465 | 476 |
| State of Kansas, Department of Transportation |  |  |
| Series 2024A, Rev., 5.00%, 9/1/2028 | 3500 | 3776 |
| Series 2025A, Rev., 5.00%, 9/1/2029 | 3725 | 4103 |
| Wyandotte County Unified School District No. 202 <br> Turner<br>|  |  |
| Series 2019A, GO, A.G., 5.00%, 9/1/2025 | 495 | 495 |
| Series 2019A, GO, A.G., 5.00%, 9/1/2026 | 320 | 327 |
| Series 2019A, GO, A.G., 5.00%, 9/1/2028 | 400 | 422 |
| Total Kansas |  | 9899 |
| **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 | 3592 |
| Kentucky State Property and Building Commission, <br> Project No. 113 Series 2024B, Rev., 5.00%, <br> 11/1/2027<br>| 2005 | 2116 |
| Kentucky State Property and Building Commission, <br> Project No. 124 Series A, Rev., A.G., 5.00%, <br> 11/1/2030<br>| 500 | 556 |
| Kentucky State Property and Building Commission, <br> Project No. 130 Series 2024B, Rev., 5.00%, <br> 11/1/2028<br>| 1510 | 1631 |
| Kentucky State Property and Building Commission, <br> Project No. 131 Series A, Rev., 5.00%, 10/1/2029<br>| 685 | 753 |
| Total Kentucky |  | 8648 |
| **Louisiana — 0.8%** | **Louisiana — 0.8%** | **Louisiana — 0.8%** |
| Louisiana Public Facilities Authority, Tulane University <br> of Louisiana Project<br>|  |  |
| Series 2017A, Rev., 5.00%, 12/15/2025 | 250 | 252 |
| Series 2023A, Rev., 5.00%, 10/15/2028 | 175 | 188 |
| Series 2023A, Rev., 5.00%, 10/15/2029 | 175 | 191 |
| Series 2023A, Rev., 5.00%, 10/15/2030 | 200 | 222 |
| Parish of St. John the Baptist, Marathon Oil Corp., <br> Project Series 2017C, Rev., 3.30%, 7/3/2028 (c)<br>| 4000 | 4035 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| State of Louisiana |  |  |
| Series 2024E, GO, 5.00%, 9/1/2029 | 700 | 768 |
| Series 2023A, GO, 5.00%, 2/1/2031 | 1085 | 1214 |
| Total Louisiana |  | 6870 |
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Maine Turnpike Authority, Rev., 5.00%, 7/1/2029 | 1000 | 1095 |
| **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 | 1058 |
| Maryland Community Development Administration, <br> Multi- Family, Villages at Marley Station Series <br> 2024D-2, Rev., 3.30%, 1/1/2029<br>| 1500 | 1523 |
| State of Maryland Series 2021-2, GO, 5.00%, <br> 8/1/2030<br>| 2000 | 2234 |
| Total Maryland |  | 4815 |
| **Massachusetts — 0.2%** | **Massachusetts — 0.2%** | **Massachusetts — 0.2%** |
| Massachusetts Department of Transportation Series <br> 1997A, Rev., NATL - RE, Zero Coupon, 1/1/2029<br>| 1560 | 1429 |
| **Michigan — 0.4%** | **Michigan — 0.4%** | **Michigan — 0.4%** |
| City of Royal Oak, Limited Tax, Capital Improvement |  |  |
| GO, 5.00%, 4/1/2027 | 625 | 650 |
| GO, 5.00%, 4/1/2028 | 245 | 260 |
| Michigan State Hospital Finance Authority, Trinity <br> Health Credit Group Series 2008C, Rev., 5.00%, <br> 12/1/2029<br>| 1525 | 1601 |
| Northville Public Schools, School Building and Site |  |  |
| Series 2019-II, GO, 5.00%, 5/1/2028 | 600 | 640 |
| Series 2019-II, GO, 5.00%, 5/1/2029 | 250 | 272 |
| Total Michigan |  | 3423 |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| Duluth Independent School District No. 709 |  |  |
| Series 2019B, COP, 5.00%, 2/1/2027 | 185 | 191 |
| Series 2019B, COP, 5.00%, 2/1/2028 | 175 | 185 |
| Series 2019C, COP, 5.00%, 2/1/2028 | 350 | 369 |
| Housing and Redevelopment Authority of The City of <br> St. Paul Minnesota, Healtheast Care System Series <br> 2015A, Rev., 5.00%, 11/15/2025 (e)<br>| 570 | 573 |
| State of Minnesota, Various Purpose Series 2018A, <br> GO, 5.00%, 8/1/2030<br>| 1000 | 1075 |
| Total Minnesota |  | 2393 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 33

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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 | 1015 |
| Jackson State University Educational Building Corp. <br> Series 2021A, Rev., 1.40%, 3/1/2034<br>| 1000 | 837 |
| Mississippi Business Finance Corp., Pollution Control, <br> Power Co., Project, Rev., 3.20%, 9/1/2028<br>| 4000 | 4001 |
| Mississippi Development Bank, Desoto County <br> Mississippi Highway Project Series 2024A, Rev., <br> 5.00%, 1/1/2029<br>| 1000 | 1078 |
| State of Mississippi, Gaming Tax Series 2019A, Rev., <br> 5.00%, 10/15/2028<br>| 1400 | 1492 |
| Total Mississippi |  | 8423 |
| **Missouri — 2.8%** | **Missouri — 2.8%** | **Missouri — 2.8%** |
| City of St. Louis Airport Series 2007A, Rev., A.G., <br> 5.25%, 7/1/2026<br>| 2635 | 2696 |
| Curators of the University of Missouri (The) |  |  |
| Series 2024, Rev., 5.00%, 11/1/2029 | 1000 | 1105 |
| Series 2020B, Rev., 5.00%, 11/1/2030 | 5705 | 6403 |
| Health and Educational Facilities Authority of the State <br> of Missouri Series 2021C, Rev., 5.00%, <br> 5/1/2028 (c)<br>| 7500 | 7960 |
| 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 | 1409 |
| Missouri Highway and Transportation Commission <br> Series 2022A, Rev., 4.00%, 5/1/2033<br>| 2685 | 2879 |
| Total Missouri |  | 22452 |
| **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>| 860 | 938 |
| **Nebraska — 0.9%** | **Nebraska — 0.9%** | **Nebraska — 0.9%** |
| Nebraska Investment Finance Authority, Single Family <br> Housing Series 2023C, Rev., GNMA / FNMA / <br> FHLMC COLL, 5.50%, 9/1/2053<br>| 4255 | 4522 |
| Omaha School District Series 2016, GO, 5.00%, <br> 12/15/2028<br>| 1000 | 1029 |
| Southeast Community College Area, Tax Supported |  |  |
| COP, 5.00%, 12/15/2026 | 275 | 284 |
| COP, 5.00%, 12/15/2027 | 495 | 523 |
| COP, 5.00%, 12/15/2028 | 540 | 576 |
| Total Nebraska |  | 6934 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |
| State of Nevada, Department of Business and Industry, <br> Brighline West Passenger Rail Project Series <br> 2025A, Rev., AMT, 9.50%, 1/1/2033 (b) (c)<br>| 4000 | 3676 |
| **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 | 2036 |
| **New Jersey — 4.2%** | **New Jersey — 4.2%** | **New Jersey — 4.2%** |
| New Jersey Economic Development Authority, School <br> Facilities Construction<br>|  |  |
| Series 2024SSS, Rev., 5.00%, 6/15/2026 | 2320 | 2364 |
| Series 2019GGG, Rev., 5.25%, 9/1/2026 (b) | 5500 | 5648 |
| New Jersey Housing and Mortgage Finance Agency, <br> Multi- Family Series 2024B, Rev., 3.50%, <br> 5/1/2029<br>| 1000 | 1017 |
| New Jersey Transportation Trust Fund Authority, <br> Federal Highway Reimbursement<br>|  |  |
| Series A, Rev., 5.00%, 6/15/2028 | 3000 | 3057 |
| Series A, Rev., 5.00%, 6/15/2029 | 5350 | 5445 |
| Series A, Rev., 5.00%, 6/15/2031 | 4750 | 4823 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation System Series 2006C, Rev., NATL - <br> RE, Zero Coupon, 12/15/2030<br>| 3000 | 2544 |
| Passaic Valley Sewerage Commission, Sewer System <br> Series J, Rev., A.G., 3.00%, 12/1/2030<br>| 2740 | 2745 |
| State of New Jersey, COVID-19 Emergency Bonds <br> Series 2020A, GO, 5.00%, 6/1/2026<br>| 4255 | 4336 |
| Tobacco Settlement Financing Corp. Series 2018A, <br> Rev., 5.00%, 6/1/2028<br>| 2230 | 2346 |
| Total New Jersey |  | 34325 |
| **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 | 3889 |
| County of Sandoval, GO, 5.00%, 8/1/2026 | 650 | 664 |
| New Mexico Finance Authority, State Transportation, <br> Subordinate Lien Series 2018A, Rev., 5.00%, <br> 6/15/2029<br>| 5080 | 5418 |
| Total New Mexico |  | 9971 |
| **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 | 2001 |
| Empire State Development Corp., State Personal <br> Income Tax Series 2017C, Rev., 5.00%, <br> 3/15/2032<br>| 1115 | 1162 |
| Long Island Power Authority, Electric System |  |  |
| Rev., 5.00%, 9/1/2027 | 500 | 527 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

34 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 2025B, Rev., VRDO, 3.00%, 9/1/2028 (c) | 2000 | 2000 |
| Metropolitan Transportation Authority Dedicated Tax <br> Fund Series B-2, Rev., 4.00%, 11/15/2032<br>| 4000 | 4037 |
| Metropolitan Transportation Authority, Green Bond |  |  |
| Series 2017C-1, Rev., 5.00%, 11/15/2026 | 2610 | 2689 |
| Series 2018B, Rev., 5.00%, 11/15/2026 | 1000 | 1030 |
| New York City Industrial Development Agency, Yankee <br> Stadium LLC Project Series 2020A, Rev., A.G., <br> 5.00%, 3/1/2030<br>| 1600 | 1748 |
| 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 | 3524 |
| New York City Transitional Finance Authority Future <br> Tax Secured Series 2024G, Subseries G-1, Rev., <br> 5.00%, 5/1/2027<br>| 600 | 627 |
| 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 | 2512 |
| 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 | 3304 |
| Series 2025F, Subseries F-1, Rev., 5.00%, <br> 11/1/2030<br>| 1000 | 1117 |
| Series 2025H, Sub H-1, Rev., 5.00%, 11/1/2030 | 1000 | 1117 |
| New York State Dormitory Authority Series 2024A, <br> Rev., A.G., 5.00%, 10/1/2028<br>| 5800 | 6267 |
| New York State Dormitory Authority, Personal Income <br> Tax Series 2017B-2, Rev., 5.00%, 2/15/2030<br>| 1875 | 1961 |
| New York State Dormitory Authority, Sales Tax Series <br> 2024B, Rev., 5.00%, 3/15/2030<br>| 6140 | 6815 |
| 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 | 5378 |
| New York State Dormitory Authority, St. John's <br> University Series 2021A, Rev., 4.00%, 7/1/2030<br>| 875 | 922 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose Series 2021A, Rev., <br> 5.00%, 3/15/2031<br>| 535 | 599 |
| New York State Housing Finance Agency, State <br> Personal Income Tax Series 2024B-2, Rev., 3.35%, <br> 12/15/2029 (c)<br>| 1500 | 1511 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Port Authority of New York and New Jersey, <br> Consolidated Series 246, Rev., AMT, 5.00%, <br> 9/1/2027<br>| 5000 | 5212 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, Payroll Mobility Tax Series 2024B, <br> Rev., BAN, 5.00%, 3/15/2027<br>| 7000 | 7276 |
| Total New York |  | 65541 |
| **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>| 3825 | 4039 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2056<br>| 1500 | 1683 |
| Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 1/1/2056<br>| 7000 | 7985 |
| Total North Carolina |  | 13707 |
| **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 | 1106 |
| **Ohio — 3.1%** | **Ohio — 3.1%** | **Ohio — 3.1%** |
| City of Cleveland, Income Tax, Subordinate Lien, Public <br> Facilities Improvements<br>|  |  |
| Series 2018A, Rev., 5.00%, 10/1/2025 | 150 | 150 |
| Series 2018A, Rev., 5.00%, 10/1/2027 | 250 | 264 |
| Series 2018A, Rev., 5.00%, 10/1/2028 | 250 | 265 |
| Series 2017B-1, Rev., 5.00%, 10/1/2030 | 2510 | 2656 |
| City of Columbus, Unlimited Tax Series 2024-1, GO, <br> 5.00%, 2/15/2030<br>| 1500 | 1665 |
| City of Dublin, Various Purpose, GO, 4.00%, <br> 12/1/2025<br>| 200 | 201 |
| City of Toledo Series 2023, GO, 5.00%, 12/1/2026 | 445 | 459 |
| County of Van Wert, Ohio Hospital Facilities, Rev., <br> 6.13%, 12/1/2029 (e)<br>| 3000 | 3352 |
| Cuyahoga Community College District, Facilities <br> Construction Improvement, Unlimited Tax, GO, <br> 5.00%, 12/1/2028<br>| 2300 | 2343 |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 2790 | 2796 |
| Ohio Turnpike and Infrastructure Commission Series <br> 2018A, Rev., 5.00%, 2/15/2032<br>| 1000 | 1050 |
| State of Ohio, Common School Series 2023A, GO, <br> 5.00%, 3/15/2027<br>| 7870 | 8197 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 35

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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** |
| State of Ohio, Infrastructure Improvement |  |  |
| Series 2025A, GO, 5.00%, 3/1/2029 | 1000 | 1092 |
| Series 2025A, GO, 5.00%, 3/1/2030 | 1000 | 1110 |
| Total Ohio |  | 25600 |
| **Oklahoma — 2.7%** | **Oklahoma — 2.7%** | **Oklahoma — 2.7%** |
| Carter County Public Facilities Authority, Educational <br> Facilities Lease, Ardmore City Schools Project<br>|  |  |
| Rev., 5.00%, 9/1/2025 | 365 | 365 |
| Rev., 5.00%, 9/1/2026 | 820 | 834 |
| Rev., 5.00%, 9/1/2027 | 1250 | 1293 |
| Cleveland County Educational Facilities Authority, <br> Moore Public School Project<br>|  |  |
| Series 2021, Rev., 4.00%, 6/1/2026 | 7015 | 7076 |
| Series 2021, Rev., 4.00%, 6/1/2028 | 5080 | 5258 |
| Cleveland County Educational Facilities Authority, <br> Norman Public Schools Project Series 2023A, Rev., <br> 5.00%, 6/1/2028<br>| 2000 | 2124 |
| Grady County School Finance Authority, Educational <br> Facilities Lease, Minco Public Schools Project<br>|  |  |
| Rev., 5.00%, 9/1/2028 | 375 | 397 |
| Rev., 5.00%, 9/1/2029 | 1175 | 1244 |
| Oklahoma County Independent School District No. 52 <br> Midwest City-Del City Series 2024, GO, 4.00%, <br> 7/1/2028<br>| 2000 | 2071 |
| Tulsa County Independent School District No. 1 Tulsa <br> Series 2025A, GO, 4.00%, 4/1/2030<br>| 1000 | 1053 |
| Total Oklahoma |  | 21715 |
| **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 | 342 |
| **Pennsylvania — 7.5%** | **Pennsylvania — 7.5%** | **Pennsylvania — 7.5%** |
| Allegheny County Airport Authority, Pittsburgh <br> International Airport<br>|  |  |
| Series 2023A, Rev., AMT, A.G., 5.00%, 1/1/2026 | 350 | 352 |
| Series 2023A, Rev., AMT, A.G., 5.00%, 1/1/2027 | 850 | 872 |
| Allegheny County Higher Education Building Authority, <br> Carnegie Mellon University Series 2022A, Rev., <br> (SOFR + 0.29%), 3.36%, 9/8/2025 (d)<br>| 2500 | 2493 |
| Bethlehem Area School District Series 2021, GO, <br> 5.00%, 11/15/2026<br>| 4165 | 4281 |
| 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 | 543 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment<br>|  |  |
| Rev., 5.00%, 6/1/2029 | 2680 | 2850 |
| Rev., 5.00%, 6/1/2030 | 3900 | 4126 |
| Rev., 5.00%, 6/1/2031 | 1100 | 1159 |
| Commonwealth of Pennsylvania |  |  |
| Series 2025A, GO, 5.00%, 8/15/2028 | 1000 | 1076 |
| Series 2023, GO, 5.00%, 9/1/2029 | 650 | 714 |
| Series 2024-1, GO, 5.00%, 8/15/2030 | 5875 | 6542 |
| Series 2024-1, GO, 5.00%, 8/15/2031 | 4000 | 4495 |
| County of Northampton Series 2019A, GO, 4.00%, <br> 10/1/2028<br>| 920 | 927 |
| Geisinger Authority, Health System Series 2020C, <br> Rev., 5.00%, 4/1/2030 (c)<br>| 1000 | 1079 |
| General Authority of Southcentral Pennsylvania, <br> Hanover Hospital, Inc., Rev., 5.00%, 12/1/2026<br>| 1400 | 1407 |
| Montgomery County Industrial Development Authority, <br> Constellation Energy Generation Series 2023B, <br> Rev., 4.10%, 6/1/2029<br>| 5200 | 5399 |
| Panther Valley School District |  |  |
| GO, 2.00%, 10/15/2026 | 750 | 741 |
| GO, 2.00%, 10/15/2027 | 680 | 663 |
| GO, 2.00%, 10/15/2028 | 300 | 289 |
| GO, 2.00%, 10/15/2029 | 300 | 285 |
| Pennsylvania Economic Development Financing <br> Authority, Waste Management, Inc. Project Series <br> 2021A-2, Rev., 4.60%, 10/1/2026 (c)<br>| 5000 | 5017 |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage<br>|  |  |
| Series 2023-141A, Rev., 5.75%, 10/1/2053 | 1135 | 1209 |
| Series 2024 -147A, Rev., 6.25%, 10/1/2054 | 1000 | 1110 |
| Series 2024-146A, Rev., 6.25%, 10/1/2054 | 2940 | 3241 |
| Series 2025-150A, Rev., 6.25%, 10/1/2055 (f) | 1000 | 1123 |
| Pennsylvania Turnpike Commission Series 2019, Rev., <br> 5.00%, 12/1/2030<br>| 3900 | 4152 |
| Pennsylvania Turnpike Commission, Motor License <br> Fund, Enhanced, Subordinate Series 2017-3, Rev., <br> 5.00%, 12/1/2028<br>| 1370 | 1444 |
| Pennsylvania Turnpike Commission, Subordinate <br> Series 2021B, Rev., 5.00%, 12/1/2027<br>| 1025 | 1083 |
| Southeastern Pennsylvania Transportation Authority, <br> Asset Improvement Program, Rev., 5.00%, <br> 6/1/2032<br>| 100 | 113 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

36 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Upper St. Clair Township School District |  |  |
| Series 2019B, GO, 4.00%, 10/1/2028 | 575 | 584 |
| Series 2019B, GO, 4.00%, 10/1/2029 | 420 | 426 |
| Total Pennsylvania |  | 60907 |
| **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 | 1080 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Series <br> A-1, Rev., Zero Coupon, 7/1/2029<br>| 4500 | 3947 |
| Total Puerto Rico |  | 5027 |
| **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** |
| Rhode Island Commerce Corp., Department of <br> Transportation Series 2016B, Rev., 5.00%, <br> 6/15/2026<br>| 50 | 51 |
| **South Carolina — 1.6%** | **South Carolina — 1.6%** | **South Carolina — 1.6%** |
| 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 | 1130 |
| County Square Redevelopment Corp., Greenville South <br> Carolina Project, Rev., 5.00%, 4/1/2030<br>| 2100 | 2334 |
| Patriots Energy Group Financing Agency Series 2023 <br> Subseries B-1, Rev., 5.25%, 3/1/2031 (c)<br>| 3665 | 3962 |
| 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 | 3280 |
| South Carolina Jobs-Economic Development Authority, <br> Mcleod Health Projects, Rev., 5.00%, 11/1/2031<br>| 1030 | 1079 |
| South Carolina Public Service Authority, Santee <br> Cooper Series 2022B, Rev., A.G. - CR, 4.00%, <br> 12/1/2029<br>| 1000 | 1049 |
| Total South Carolina |  | 12834 |
| **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>| 1495 | 1671 |
| **Tennessee — 2.5%** | **Tennessee — 2.5%** | **Tennessee — 2.5%** |
| City of Chattanooga Electric, Rev., 5.00%, 9/1/2028 | 2000 | 2157 |
| 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>| 5000 | 5753 |
| 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 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Metropolitan Government of Nashville and Davidson <br> County, Water and Sewer, Rev., 5.00%, 7/1/2045<br>| 3875 | 4011 |
| 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 | 1078 |
| Tennergy Corp., Gas Supply Series 2021A, Rev., <br> 4.00%, 9/1/2028 (c)<br>| 6500 | 6600 |
| Total Tennessee |  | 20617 |
| **Texas — 12.6%** | **Texas — 12.6%** | **Texas — 12.6%** |
| 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 | 256 |
| Series 2018C, Rev., 5.00%, 8/1/2027 | 200 | 210 |
| Series 2018C, Rev., 5.00%, 8/1/2029 | 325 | 340 |
| Bastrop Independent School District, Unlimited Tax <br> Series 2024, GO, PSF-GTD, 5.00%, 2/15/2030<br>| 3530 | 3884 |
| Bridge City Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/15/2033<br>| 520 | 570 |
| City of Austin Water and Wastewater System Series <br> 2024, Rev., 5.00%, 11/15/2028<br>| 2500 | 2700 |
| City of Austin, Airport System Series 2017A, Rev., <br> 5.00%, 11/15/2028<br>| 1130 | 1161 |
| City of Austin, Public Property Finance Contractual <br> Obligation, GO, 5.00%, 5/1/2030<br>| 2190 | 2429 |
| City of Houston Series 2024A, GO, 5.00%, 3/1/2030 | 500 | 549 |
| City of Houston Combined Utility System Series <br> 2016B, Rev., 5.00%, 11/15/2027<br>| 940 | 968 |
| City of Houston, Combined Utility System, First Lien |  |  |
| Series 2024A, Rev., 5.00%, 11/15/2026 | 6000 | 6191 |
| Series 2024A, Rev., 5.00%, 11/15/2027 | 4150 | 4383 |
| City of Lubbock, Electric Light and Power System <br> Series 2022, Rev., A.G., 5.00%, 4/15/2028<br>| 1120 | 1193 |
| City of San Antonio Series 2024, GO, 5.00%, <br> 2/1/2030<br>| 600 | 660 |
| City of San Antonio Electric and Gas Systems Series <br> 2024D, Rev., 5.00%, 2/1/2030<br>| 1000 | 1100 |
| City of Waco, Combination Tax |  |  |
| Series 2024A, GO, 5.00%, 2/1/2028 | 1920 | 2034 |
| Series 2024A, GO, 5.00%, 2/1/2029 | 2000 | 2161 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 37

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| Conroe Independent School District, Unlimited Tax <br> Series 2019, GO, PSF-GTD, 5.00%, 8/15/2028<br>| 1000 | 1076 |
| County of Bastrop, Combination Tax, GO, 5.00%, <br> 8/1/2030<br>| 1145 | 1267 |
| County of Ector, GO, 5.00%, 2/15/2029 | 1975 | 2125 |
| Cypress-Fairbanks Independent School District, <br> Unlimited Tax<br>|  |  |
| Series 2023A, GO, PSF-GTD, 5.00%, 2/15/2030 | 1000 | 1105 |
| GO, PSF-GTD, 5.00%, 2/15/2031 | 4750 | 5306 |
| Dallas County Utility and Reclamation District, <br> Unlimited Tax Series 2016, GO, 5.00%, 2/15/2028<br>| 1100 | 1162 |
| Fort Worth Independent School District, GO, PSF-GTD, <br> 5.00%, 2/15/2029<br>| 1950 | 2115 |
| Grand Parkway Transportation Corp. Series 2023, <br> Rev., 5.00%, 4/1/2028 (c)<br>| 3000 | 3154 |
| Harris County Cultural Education Facilities Finance <br> Corp., Memorial Hermann Health System<br>|  |  |
| Series 2022B, Rev., 5.00%, 12/1/2028 (c) | 1475 | 1567 |
| Series 2024C, Rev., 5.00%, 7/1/2029 (c) | 2000 | 2144 |
| Series 2024B, Rev., 5.00%, 7/1/2031 | 1250 | 1400 |
| Harris County Fresh Water Supply District No. 61, <br> Unlimited Tax, GO, A.G., 3.00%, 9/1/2025<br>| 530 | 530 |
| Hereford Independent School District, School Building, <br> Unlimited Tax<br>|  |  |
| GO, PSF-GTD, 4.00%, 2/15/2028 | 1420 | 1451 |
| GO, PSF-GTD, 4.00%, 2/15/2029 | 1480 | 1510 |
| Lewisville Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 8/15/2030<br>| 1750 | 1948 |
| Lone Star College System, Limited Tax Series 2016, <br> GO, 4.00%, 2/15/2032<br>| 1125 | 1128 |
| Lower Colorado River Authority, LCRA Transmission <br> Services Corp., Project<br>|  |  |
| Series 2022A, Rev., 5.00%, 5/15/2030 | 805 | 887 |
| Series 2023A, Rev., A.G., 5.00%, 5/15/2030 | 2380 | 2629 |
| Metropolitan Transit Authority of Harris County Sales <br> and Use Tax<br>|  |  |
| Series A, Rev., 5.00%, 11/1/2028 | 1000 | 1029 |
| Rev., 5.00%, 11/1/2029 | 1530 | 1646 |
| North Texas Tollway Authority, First Tier |  |  |
| Series 2023A, Rev., 5.00%, 1/1/2026 | 3740 | 3771 |
| Series A, Rev., 4.00%, 1/1/2033 | 2500 | 2516 |
| Northwest Independent School District, Unlimited Tax <br> Series 2024A, GO, PSF-GTD, 5.00%, 2/15/2029<br>| 1000 | 1085 |
| Plano Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 5.00%, 2/15/2029<br>| 1000 | 1082 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Round Rock Independent School District, Unlimited <br> Tax Series 2025A, GO, PSF-GTD, 5.00%, <br> 8/1/2030 (c)<br>| 1500 | 1643 |
| S&S Consolidated Independent School District, GO, <br> PSF-GTD, 4.00%, 2/15/2028<br>| 580 | 599 |
| San Antonio Water System, Junior Lien Series 2014B, <br> Rev., (SIFMA Municipal Swap Index Yield + 0.65%), <br> 3.28%, 9/11/2025 (d)<br>| 1565 | 1564 |
| Spring Independent School District, Unlimited Tax <br> Series 2024B, GO, 5.00%, 8/15/2030<br>| 1575 | 1736 |
| State of Texas, College Student Loan Series 2023A, <br> GO, AMT, 5.25%, 8/1/2029<br>| 2470 | 2696 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Baylor Scott & White Health Project Series <br> 2022F, Rev., 5.00%, 11/15/2030 (c)<br>| 1000 | 1087 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System Series 2025B, Rev., <br> 5.00%, 11/15/2029 (c)<br>| 2500 | 2708 |
| Texas A&M University, Financing System Series <br> 2017E, Rev., 5.00%, 5/15/2027<br>| 1435 | 1501 |
| Texas Municipal Gas Acquisition and Supply Corp. I, <br> Gas Supply, Senior Lien Series 2008D, Rev., 6.25%, <br> 12/15/2026<br>| 615 | 630 |
| Texas Municipal Gas Acquisition and Supply Corp. IV, <br> Gas Supply Series 2023A, Rev., 5.50%, <br> 1/1/2030 (c)<br>| 7800 | 8320 |
| Texas State University System Series 2024, Rev., <br> 5.00%, 3/15/2029<br>| 2000 | 2169 |
| West Travis County Public Utility Agency, Rev., 5.00%, <br> 8/15/2027<br>| 350 | 366 |
| Total Texas |  | 102518 |
| **Utah — 0.7%** | **Utah — 0.7%** | **Utah — 0.7%** |
| Intermountain Power Agency, Utah Power Supply |  |  |
| Series 2023A, Rev., 5.00%, 7/1/2030 | 1080 | 1186 |
| Series 2022A, Rev., 5.00%, 7/1/2031 | 320 | 355 |
| Utah Infrastructure Agency, Tax-Exempt <br> Telecommunications Series 2017A, Rev., 5.00%, <br> 10/15/2025<br>| 2560 | 2564 |
| West Valley City Municipal Building Authority |  |  |
| Rev., A.G., 5.00%, 2/1/2027 | 720 | 744 |
| Rev., A.G., 5.00%, 2/1/2029 | 1070 | 1104 |
| Total Utah |  | 5953 |
| **Virginia — 2.0%** | **Virginia — 2.0%** | **Virginia — 2.0%** |
| Hampton Roads Sanitation District Series 2024A, <br> Rev., 5.00%, 11/1/2026<br>| 3240 | 3342 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

38 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Hampton Roads Transportation Accountability <br> Commission, Transportation Fund, Senior Lien <br> Series 2021A, Rev., BAN, 5.00%, 7/1/2026 (e)<br>| 7660 | 7823 |
| Louisa Industrial Development Authority, Electric and <br> Power Co. Project Series 2008A, Rev., 3.13%, <br> 10/1/2030 (c) (f)<br>| 2500 | 2502 |
| Norfolk Economic Development Authority, Sentara <br> Healthcare Series 2018A, Rev., 5.00%, <br> 11/1/2028 (c)<br>| 2190 | 2338 |
| Total Virginia |  | 16005 |
| **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 | 1747 |
| Energy Northwest, Project 1 Series 2024B, Rev., <br> 5.00%, 7/1/2027<br>| 2500 | 2621 |
| Port of Seattle, Intermediate Lien Series C, Rev., AMT, <br> 5.00%, 4/1/2027<br>| 500 | 500 |
| State of Washington, Various Purpose Series 2024C, <br> GO, 5.00%, 2/1/2027<br>| 3000 | 3114 |
| Washington Health Care Facilities Authority, <br> Commonspirit Health Series 2019B-3, Rev., 5.00%, <br> 8/1/2026 (c)<br>| 15000 | 15096 |
| Total Washington |  | 23078 |
| **Wisconsin — 1.1%** | **Wisconsin — 1.1%** | **Wisconsin — 1.1%** |
| Public Finance Authority, Astro Texas Land Projects, <br> Rev., 5.00%, 12/15/2036 (b)<br>| 999 | 986 |
| State of Wisconsin Series 2025A, GO, 5.00%, <br> 5/1/2030<br>| 1000 | 1112 |
| Sun Prairie Area School District, GO, 4.00%, <br> 3/1/2028<br>| 2500 | 2558 |
| Wisconsin Health and Educational Facilities Authority, <br> Advocate Aurora Health Credit Group<br>|  |  |
| Series 2018B-1, Rev., 5.00%, 7/1/2027 (c) | 1280 | 1302 |
| Series 2018C-4, Rev., 5.00%, 6/22/2029 (c) | 1000 | 1076 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership Series 2024C, Rev., <br> GNMA / FNMA / FHLMC, 6.00%, 3/1/2055<br>| 1480 | 1619 |
| Total Wisconsin |  | 8653 |
| Total Municipal Bonds <br>(Cost $734,812)<br>|  | 743339 |
| **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** |
| FNMA, REMIC Series 2002-36, Class FS, 4.96%, <br> 6/25/2032 (c)(Cost $3)<br>| 3 | 3 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 8.0%** | **Short-Term Investments — 8.0%** | **Short-Term Investments — 8.0%** |
| **Investment Companies — 8.0%** | **Investment Companies — 8.0%** | **Investment Companies — 8.0%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 3.13% (g) (h) <br>(Cost $65,597)<br>| 65592 | 65598 |
| **Total Investments — 99.1%** <br>**(Cost $800,412)**<br>|  | **808940** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | **7137** |
| **NET ASSETS — 100.0%** |  | **816077** |

---

&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 |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RE | Reinsured |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SIFMA | The Securities Industry and Financial Markets Association |
| 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. |
| (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 August 31, 2025. <br>|
| (d) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of August 31, 2025.<br>|
| (e) | Security is prerefunded or escrowed to maturity. |
| (f) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 39

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

&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 August 31, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12152 | &nbsp;&nbsp;&nbsp;&nbsp; 55 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4227 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 56 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2975)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (12)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1397)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 6 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (8)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 48 |

---

&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 August 31, 2025

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 95.4% (a)** | **Municipal Bonds — 95.4% (a)** | **Municipal Bonds — 95.4% (a)** |
| **Alabama — 2.3%** | **Alabama — 2.3%** | **Alabama — 2.3%** |
| Baldwin County Industrial Development Authority, <br> Novelis Corp., Project Series 2025A, Rev., AMT, <br> 5.00%, 6/1/2032 (b) (c)<br>| 2500 | 2504 |
| Black Belt Energy Gas District, Gas Project Series <br> 2024D, Rev., 5.00%, 11/1/2034 (c)<br>| 7250 | 7642 |
| Mobile County Industrial Development Authority, <br> Calvert LLC Project Series 2024B, Rev., AMT, <br> 4.75%, 12/1/2054<br>| 1000 | 868 |
| Selma Industrial Development Board, International <br> Paper Co. Projects Series 2019A, Rev., 3.45%, <br> 10/1/2031 (c)<br>| 1000 | 994 |
| Southeast Energy Authority A Cooperative District, <br> Project No. 6 Series 2023B, Rev., LIQ : Royal Bank <br> of Canada, 5.00%, 6/1/2030 (c)<br>| 5530 | 5853 |
| Total Alabama |  | 17861 |
| **Alaska — 0.4%** | **Alaska — 0.4%** | **Alaska — 0.4%** |
| Alaska Industrial Development and Export Authority, <br> Tanana Chiefs Conference Project Series 2019A, <br> Rev., 4.00%, 10/1/2049<br>| 1250 | 1020 |
| Northern Tobacco Securitization Corp., Senior Lien <br> Series 2021A, Class 1, Rev., 5.00%, 6/1/2029<br>| 1000 | 1062 |
| 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>| 5855 | 660 |
| Total Alaska |  | 2742 |
| **Arizona — 1.6%** | **Arizona — 1.6%** | **Arizona — 1.6%** |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC<br>|  |  |
| Series 2021A, Rev., 4.00%, 11/1/2051 | 2810 | 2229 |
| Series 2023A, Rev., 5.25%, 11/1/2053 | 2000 | 1956 |
| Arizona Industrial Development Authority, Great Lakes <br> Senior Living Communities LLC Project Series <br> 2025A-2, Rev., 5.13%, 1/1/2059<br>| 2000 | 1802 |
| City of Buckeye, GO, 5.25%, 7/1/2050 | 1700 | 1761 |
| City of Lake Havasu City Wastewater System, Senior <br> Lien, GO, 5.00%, 7/1/2037<br>| 1600 | 1774 |
| City of Mesa Utility System, Rev., A.G., 5.00%, <br> 7/1/2030<br>| 1625 | 1801 |
| 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 | 358 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Series 2018A, Rev., 5.00%, 7/1/2037 | 200 | 201 |
| Maricopa County Union High School District No. 216 <br> Agua Fria, Project of 2023 and 2024, GO, 5.00%, <br> 7/1/2035<br>| 470 | 527 |
| Total Arizona |  | 12409 |
| **California — 7.8%** | **California — 7.8%** | **California — 7.8%** |
| California Community Choice Financing Authority, <br> Clean Energy Project<br>|  |  |
| Series 2023B-1, Rev., 5.00%, 8/1/2029 (c) | 2565 | 2706 |
| Series 2023G-1, Rev., 5.25%, 4/1/2030 (c) | 2500 | 2676 |
| Series 2024H, Rev., 5.00%, 8/1/2033 (c) | 2000 | 2174 |
| California County Tobacco Securitization Agency Series <br> 2006A, Rev., Zero Coupon, 6/1/2046<br>| 3000 | 645 |
| California County Tobacco Securitization Agency, Los <br> Angeles County Securitization Corp.<br>|  |  |
| Series 2020A, Rev., 5.00%, 6/1/2029 | 110 | 117 |
| Series 2020A, Rev., 4.00%, 6/1/2034 | 510 | 498 |
| Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | 6250 | 1096 |
| California Educational Facilities Authority, Claremont <br> McKenna College Series 2015A, Rev., 4.00%, <br> 1/1/2026 (d)<br>| 500 | 503 |
| California Health Facilities Financing Authority, <br> Cedars-Sinai Medical Center Series 2021A, Rev., <br> 4.00%, 8/15/2048<br>| 2000 | 1762 |
| California Health Facilities Financing Authority, <br> CommonSpirit Health Series 2020A, Rev., 4.00%, <br> 4/1/2049<br>| 1450 | 1219 |
| California Health Facilities Financing Authority, PIH <br> Health Series 2020A, Rev., 4.00%, 6/1/2050<br>| 1000 | 826 |
| California Health Facilities Financing Authority, Sutter <br> Health Series 2017A, Rev., 4.00%, 11/15/2048<br>| 2000 | 1686 |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025A, Rev., AMT, 9.50%, 1/1/2035 (b) (c)<br>| 5000 | 4595 |
| California Infrastructure and Economic Development <br> Bank, California Academy of Science Series 2024A, <br> Rev., 3.25%, 8/1/2029<br>| 5000 | 5072 |
| California Municipal Finance Authority Series 2021A, <br> Rev., AMT, 3.75%, 10/1/2025 (c)<br>| 2000 | 2000 |
| California Municipal Finance Authority, Waste <br> Management, Inc., Project Series 2020, Rev., AMT, <br> VRDO, 3.80%, 12/1/2025 (c)<br>| 1000 | 1000 |
| California Public Finance Authority, Senior Living The <br> James Series 2024A, Rev., 6.50%, 6/1/2054 (b)<br>| 1000 | 920 |
| California School Finance Authority, Green Dot Public <br> School Projects<br>|  |  |
| Series 2018A, Rev., 5.00%, 8/1/2026 (b) | 150 | 152 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 41

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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 2018A, Rev., 5.00%, 8/1/2027 (b) | 150 | 155 |
| California Statewide Communities Development <br> Authority, Loma Linda University Medical Center <br> Series 2016A, Rev., 5.25%, 12/1/2056 (b)<br>| 2875 | 2618 |
| California Statewide Communities Development <br> Authority, Marin General Hospital Project Series <br> 2018A, Rev., 4.00%, 8/1/2045<br>| 2130 | 1758 |
| California Statewide Communities Development <br> Authority, Southern California Edison Co. Series <br> 2006C, Rev., 4.50%, 11/1/2033<br>| 1100 | 1129 |
| Desert Sands Unified School District, Election of 2024, <br> GO, 4.00%, 8/1/2050<br>| 2000 | 1744 |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement<br>|  |  |
| Series 2021B, Rev., 3.00%, 6/1/2046 | 980 | 868 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 17000 | 1578 |
| Los Angeles Department of Water and Power System |  |  |
| Series 2024C, Rev., 5.00%, 7/1/2026 | 1000 | 1019 |
| Series 2017A, Rev., 4.00%, 7/1/2047 | 500 | 436 |
| Series 2025A, Rev., 5.00%, 7/1/2055 | 3445 | 3447 |
| Mount San Antonio Community College District, <br> Election of 2008 Series 2013A, GO, 0.00%, <br> 8/1/2043<br>| 7150 | 6861 |
| San Diego County Regional Airport Authority, Senior <br> Private Activity<br>|  |  |
| Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 5540 | 5476 |
| Series 2023B, Rev., AMT, 5.00%, 7/1/2053 | 2500 | 2460 |
| Total California |  | 59196 |
| **Colorado — 2.8%** | **Colorado — 2.8%** | **Colorado — 2.8%** |
| City and County of Denver, Airport System Series <br> 2018A, Rev., AMT, 4.00%, 12/1/2043<br>| 1000 | 873 |
| Colorado Educational and Cultural Facilities Authority, <br> James Irwin Educational Foundation, Rev., 5.00%, <br> 9/1/2062<br>| 2000 | 1787 |
| Colorado Health Facilities Authority, Adventist Health <br> System<br>|  |  |
| Series 2024A-1, Rev., 5.00%, 11/15/2029 (c) | 2000 | 2170 |
| Series 2021A, Rev., 4.00%, 11/15/2050 | 1630 | 1372 |
| Colorado Health Facilities Authority, CommonSpirit <br> Health Series 2019A-1, Rev., 4.00%, 8/1/2044<br>| 2565 | 2218 |
| Colorado Health Facilities Authority, Covenant Living <br> Communities and Services<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2030 | 1070 | 1156 |
| Series 2025A, Rev., 5.00%, 12/1/2032 | 1180 | 1283 |
| Series 2025A, Rev., 5.00%, 12/1/2035 | 1000 | 1074 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Colorado Health Facilities Authority, Vail Valley <br> Medical Centre Project, Rev., 4.00%, 1/15/2045<br>| 1095 | 944 |
| Denver Health and Hospital Authority |  |  |
| Series A, Rev., 5.25%, 12/1/2045 | 1000 | 1001 |
| Series 2025A, Rev., 6.00%, 12/1/2055 | 1500 | 1569 |
| Raindance Metropolitan District No. 1, Non-Potable <br> Water System, Rev., 5.25%, 12/1/2050<br>| 1000 | 911 |
| Southern Ute Indian Tribe of the Southern Ute <br> Reservation of Colorado Series 2025A, GO, 5.00%, <br> 4/1/2035 (b)<br>| 2250 | 2389 |
| St Vrain Lakes Metropolitan District No. 4 Series <br> 2024A, GO, 0.00%, 9/20/2054 (b)<br>| 1000 | 677 |
| Verve Metropolitan District No. 1, GO, 6.75%, <br> 12/1/2052<br>| 1500 | 1503 |
| Total Colorado |  | 20927 |
| **Connecticut — 0.0% ^** | **Connecticut — 0.0% ^** | **Connecticut — 0.0% ^** |
| State of Connecticut Series A, GO, 5.00%, 4/15/2029 | 150 | 156 |
| **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 | 938 |
| Delaware State Economic Development Authority, <br> Newark Charter School, Inc., Project Series A, Rev., <br> 5.00%, 9/1/2046<br>| 500 | 480 |
| Total Delaware |  | 1418 |
| **District of Columbia — 2.3%** | **District of Columbia — 2.3%** | **District of Columbia — 2.3%** |
| District of Columbia, Georgetown University Issue <br> Series 2025A, Rev., 5.00%, 4/3/2035 (c)<br>| 3750 | 4074 |
| District of Columbia, Kipp DC Project, Rev., 4.00%, <br> 7/1/2039<br>| 1925 | 1750 |
| District of Columbia, Rocketship Obligated Group <br> Series 2021A, Rev., 5.00%, 6/1/2041 (b)<br>| 1130 | 1054 |
| Metropolitan Washington Airports Authority Aviation |  |  |
| Series 2024A, Rev., AMT, 5.00%, 10/1/2025 | 875 | 877 |
| Series 2021A, Rev., AMT, 4.00%, 10/1/2040 | 3250 | 2980 |
| Washington Metropolitan Area Transit Authority Series <br> 2018, Rev., 5.00%, 7/1/2043<br>| 5010 | 5040 |
| Washington Metropolitan Area Transit Authority <br> Dedicated, Second Lien Series 2025A, Rev., <br> 5.25%, 7/15/2055<br>| 2000 | 2054 |
| Total District of Columbia |  | 17829 |
| **Florida — 3.5%** | **Florida — 3.5%** | **Florida — 3.5%** |
| Capital Projects Finance Authority, Student Housing, <br> Program Unionwest Properties LLC Project<br>|  |  |
| Series 2024A-1, Rev., 5.00%, 6/1/2049 (b) | 1000 | 924 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

42 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 2024B, Rev., 0.00%, 6/1/2062 (b) | 26250 | 3117 |
| City of Pompano Beach, John Knox Village Project <br> Series 2021A, Rev., 4.00%, 9/1/2051<br>| 3400 | 2594 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South Series 2025B, Rev., 5.00%, <br> 8/15/2030 (c)<br>| 2000 | 2158 |
| City of Tallahassee Utility System Series 2024A, Rev., <br> 5.00%, 10/1/2035<br>| 1000 | 1119 |
| County of Miami-Dade, Jackson Health System, Rev., <br> 5.50%, 6/1/2055<br>| 2000 | 2101 |
| Florida Development Finance Corp., Brightline Florida <br> Passenger Rail Project Series 2024, Rev., AMT, <br> 5.50%, 7/1/2053<br>| 4000 | 3299 |
| Florida Gulf Coast University Financing Corp., Housing <br> Project Series 2020A, Rev., 4.00%, 2/1/2037<br>| 225 | 223 |
| Florida Local Government Finance Commission, <br> Bridgeprep Academy Project Series 2025A, Rev., <br> 6.25%, 6/15/2055 (b)<br>| 1000 | 997 |
| Florida Local Government Finance Commission, Fleet <br> Landing at Nocatee Project Series 2025A, Rev., <br> 6.75%, 11/15/2055 (b) (e)<br>| 2000 | 2008 |
| 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 | 1001 |
| Hillsborough County Industrial Development Authority, <br> Baycare Health System Series 2024E, Rev., VRDO, <br> LIQ : Royal Bank of Canada, 2.62%, 9/2/2025 (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 | 1037 |
| 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 | 1864 |
| Peace River Manasota Regional Water Supply <br> Authority, Utility System Series 2025A, Rev., <br> 5.25%, 10/1/2050<br>| 2000 | 2072 |
| Seminole County Industrial Development Authority, <br> Legacy Pointe at UCF Project Series 2019A, Rev., <br> 5.75%, 11/15/2054<br>| 1500 | 1336 |
| Total Florida |  | 26850 |
| **Georgia — 5.0%** | **Georgia — 5.0%** | **Georgia — 5.0%** |
| Atlanta Urban Residential Finance Authority, <br> Multi-Family Housing North Block Series 2025, <br> Rev., FHA, 3.40%, 2/1/2028 (c)<br>| 1000 | 1015 |
| Carroll City-County Hospital Authority, Tanner Medical <br> Center Project, Rev., GTD, 4.00%, 7/1/2045<br>| 1250 | 1130 |
| Cobb-Marietta Coliseum and Exhibit Hall Authority, <br> Galleria Center Project, Rev., 5.50%, 10/1/2050<br>| 1000 | 1047 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| College Park Housing Authority, Rev., 3.45%, <br> 4/1/2028 (c)<br>| 2000 | 2021 |
| 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 | 1003 |
| Downtown Development Authority of The City of <br> Dalton, Hamilton Health Care System, Rev., NATL - <br> RE, 5.50%, 8/15/2026<br>| 285 | 290 |
| Fayette County Development Authority, United States <br> Soccer Federation, Inc. Project Series 2024, Rev., <br> 5.00%, 10/1/2044<br>| 1050 | 1050 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2021C, Rev., 4.00%, 12/1/2028 (c) | 6500 | 6593 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 3000 | 3197 |
| Series 2023E, Subseries E-1, Rev., 5.00%, <br> 6/1/2031 (c)<br>| 6770 | 7247 |
| Series 2024E, Rev., 5.00%, 12/1/2032 (c) | 3195 | 3419 |
| Series 2025B, Rev., 5.00%, 12/1/2035 (c) | 1500 | 1586 |
| Municipal Electric Authority of Georgia, Plant Vogtle <br> Units 3 and 4 Project Series 2019B, Rev., 5.00%, <br> 1/1/2059<br>| 5000 | 4773 |
| Roswell Development Authority, Wellsatar Healthcare, <br> Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, <br> 3.90%, 9/2/2025 (c)<br>| 3500 | 3500 |
| Total Georgia |  | 37871 |
| **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |
| Territory of Guam Series 2025G, Rev., 5.25%, <br> 1/1/2037<br>| 1000 | 1071 |
| **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 | 1127 |
| Idaho Housing and Finance Association, Transporation <br> Expansion and Congestion, Sales Tax Series 2023A, <br> Rev., 5.00%, 8/15/2037<br>| 1650 | 1801 |
| Total Idaho |  | 2928 |
| **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 | 1738 |
| Series 2023A, Rev., AMT, 5.50%, 1/1/2053 | 2195 | 2232 |
| Chicago O'Hare International Airport, General Airport, <br> Senior Lien Series 2018B, Rev., 5.00%, 1/1/2053<br>| 3000 | 2983 |
| Chicago Transit Authority Sales Tax Receipts Fund <br> Series 2024A, Rev., 5.00%, 12/1/2049<br>| 2500 | 2463 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 43

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| City of Chicago |  |  |
| Series 2025B, GO, 5.50%, 1/1/2041 | 1000 | 1022 |
| Series 2025A, GO, 6.00%, 1/1/2050 | 1000 | 1018 |
| City of Chicago, Waterworks, Second Lien |  |  |
| Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | 1715 | 1833 |
| Series 2023A, Rev., A.G., 5.25%, 11/1/2053 | 635 | 641 |
| Illinois Finance Authority, Centerpointjoliet Terminal |  |  |
| Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) <br> (c)<br>| 1000 | 960 |
| Rev., AMT, 4.80%, 7/2/2035 (b) (c) | 1500 | 1501 |
| Illinois Finance Authority, Mercy Health System, Rev., <br> 5.00%, 12/1/2046<br>| 305 | 296 |
| Illinois Finance Authority, Northwestern Memorial <br> Healthcare<br>|  |  |
| Series 2021B, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 2.60%, 9/2/2025 (c)<br>| 500 | 500 |
| Series 2017A, Rev., 4.00%, 7/15/2047 | 1500 | 1296 |
| Illinois Finance Authority, University of Chicago <br> Medical Center (The) Series 2025A-2, Rev., 5.00%, <br> 8/15/2032 (c)<br>| 1000 | 1075 |
| Illinois Housing Development Authority |  |  |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 10/1/2054<br>| 935 | 1016 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 1000 | 1130 |
| Metropolitan Pier and Exposition Authority, Mccormick <br> Place Expansion Project Series 2022B, Rev., <br> 5.00%, 12/15/2027<br>| 3345 | 3363 |
| Sales Tax Securitization Corp. |  |  |
| Series 2018C, Rev., 5.00%, 1/1/2026 | 3500 | 3523 |
| Series 2018C, Rev., 5.25%, 1/1/2043 | 1500 | 1515 |
| State of Illinois |  |  |
| Series 2024B, GO, 5.00%, 5/1/2026 | 1500 | 1523 |
| Series 2022B, GO, 5.00%, 3/1/2033 | 6000 | 6567 |
| GO, 4.00%, 6/1/2037 | 45 | 43 |
| Series 2023B, GO, 5.50%, 5/1/2047 | 1000 | 1019 |
| Village of Bolingbrook Series 2018A, GO, A.G., <br> 5.00%, 1/1/2033<br>| 1000 | 1036 |
| Total Illinois |  | 40293 |
| **Indiana — 1.9%** | **Indiana — 1.9%** | **Indiana — 1.9%** |
| City of Goshen, Multi-Family, Green Oaks of Goshen <br> Project Series 2021A, Rev., 5.00%, 8/1/2041 (b)<br>| 500 | 407 |
| City of Rockport, Indiana Michigan Power Co. Project <br> Series 2025A, Rev., 3.70%, 6/1/2029 (c)<br>| 2000 | 2029 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| Indiana Finance Authority, CHF- Tippecanoe LLC- <br> Student Housing Project Series 2023A, Rev., <br> 5.00%, 6/1/2053<br>| 900 | 834 |
| Indiana Finance Authority, Indiana University Health <br> Obligated Group Series 2023B1, Rev., 5.00%, <br> 7/1/2028 (c)<br>| 3000 | 3169 |
| Indiana Finance Authority, State Revolving Fund <br> Program Series 2025C, Rev., 5.00%, 2/1/2036<br>| 1250 | 1404 |
| Indiana Housing and Community Development <br> Authority, Single Family Mortgage Series 2017C-3, <br> Rev., VRDO, LIQ : TD Bank NA, 2.75%, <br> 9/2/2025 (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 | 1505 |
| Indianapolis Local Public Improvement Bond Bank, <br> Indianapolis Public Transportation Corp. Project<br>|  |  |
| Series 2025A, Rev., 5.00%, 1/15/2033 | 500 | 559 |
| Series 2025A, Rev., 5.00%, 1/15/2035 | 550 | 616 |
| Total Indiana |  | 14348 |
| **Iowa — 0.2%** | **Iowa — 0.2%** | **Iowa — 0.2%** |
| Iowa Tobacco Settlement Authority, Subordinate <br> Senior Capital Appreciation Asset Backed Series <br> 2021-B-2, Class 2, Rev., Zero Coupon, 6/1/2065<br>| 11810 | 1633 |
| **Kentucky — 0.3%** | **Kentucky — 0.3%** | **Kentucky — 0.3%** |
| Kentucky State Property and Building Commission, <br> Project No. 131 Series A, Rev., 5.00%, 10/1/2043<br>| 1265 | 1304 |
| Kentucky State Property and Building Commission, <br> Project No. 132 Series A, Rev., 5.00%, 4/1/2032<br>| 1000 | 1122 |
| Total Kentucky |  | 2426 |
| **Louisiana — 2.9%** | **Louisiana — 2.9%** | **Louisiana — 2.9%** |
| Louisiana Local Government Environmental Facilities <br> and Community Development Authority, City of <br> Bossier City, Louisiana Project, Rev., 5.00%, <br> 6/1/2035 (e)<br>| 800 | 890 |
| Louisiana Public Facilities Authority, I-10 Calcasieu <br> River Bridge Public Private Partnership Project, <br> Rev., AMT, 5.00%, 9/1/2066<br>| 3500 | 3138 |
| Louisiana Public Facilities Authority, Lincoln <br> Preparatory School Project Series 2021A, Rev., <br> 5.25%, 6/1/2060 (b)<br>| 1140 | 839 |
| Louisiana Public Facilities Authority, Mentorship Steam <br> Academy Project Series 2021A, Rev., 5.00%, <br> 6/1/2056 (b)<br>| 740 | 561 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

44 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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, Ochsner Clinic <br> Foundation Project<br>|  |  |
| Series 2025B, Rev., 5.00%, 5/15/2030 | 1500 | 1639 |
| Series 2025A, Rev., 5.25%, 5/15/2055 | 1500 | 1517 |
| Series 2025A, Rev., 5.50%, 5/15/2055 | 1000 | 1033 |
| State of Louisiana, Gasoline and Fuels Tax, Second <br> Lien<br>|  |  |
| Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, <br> 3.90%, 9/2/2025 (c)<br>| 10000 | 10000 |
| Series 2025A, Rev., 5.00%, 5/1/2039 | 2000 | 2151 |
| Total Louisiana |  | 21768 |
| **Maine — 0.3%** | **Maine — 0.3%** | **Maine — 0.3%** |
| Maine Municipal Bond Bank Series 2025A, Rev., <br> 5.00%, 11/1/2031<br>| 1100 | 1239 |
| Maine Turnpike Authority, Rev., 5.00%, 7/1/2033 | 1175 | 1334 |
| Total Maine |  | 2573 |
| **Maryland — 0.5%** | **Maryland — 0.5%** | **Maryland — 0.5%** |
| County of Howard Series 2025A, GO, 4.00%, <br> 8/15/2042<br>| 1820 | 1714 |
| Maryland State Transportation Authority Series <br> 2021A, Rev., 5.00%, 7/1/2046<br>| 2115 | 2134 |
| Total Maryland |  | 3848 |
| **Massachusetts — 2.1%** | **Massachusetts — 2.1%** | **Massachusetts — 2.1%** |
| Commonwealth of Massachusetts Series 2025A, GO, <br> 5.00%, 4/1/2046<br>| 4000 | 4124 |
| Commonwealth of Massachusetts, Transportation <br> Fund Series 2015A, Rev., 5.00%, 6/1/2028<br>| 1010 | 1011 |
| Massachusetts Bay Transportation Authority, Sales Tax <br> Series 2020B-1, Rev., 5.00%, 7/1/2050<br>| 1000 | 994 |
| Massachusetts Development Finance Agency, Boston <br> Medical Center Issue Series 2025W, Rev., 4.25%, <br> 7/1/2055<br>| 2000 | 1753 |
| 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 | 2480 |
| Massachusetts Port Authority, Bosfuel Project Series <br> 2019A, Rev., AMT, 5.00%, 7/1/2049<br>| 4675 | 4554 |
| Total Massachusetts |  | 15980 |
| **Michigan — 2.0%** | **Michigan — 2.0%** | **Michigan — 2.0%** |
| City of Detroit, Unlimited Tax |  |  |
| Series 2021A, GO, 4.00%, 4/1/2041 | 300 | 265 |
| Series 2021A, GO, 4.00%, 4/1/2042 | 350 | 302 |

---

---

| | | |
|:---|:---|:---|
| **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 | 2215 |
| Michigan Finance Authority, Henry Ford Health System |  |  |
| Rev., 4.00%, 11/15/2046 | 2075 | 1720 |
| Series 2019A, Rev., 4.00%, 11/15/2050 | 4890 | 4059 |
| Michigan State University Series 2025A, Rev., 5.00%, <br> 2/15/2055<br>| 1650 | 1660 |
| Michigan Strategic Fund, Graphic Packaging <br> International, LLC Coated Recycled Board Machine <br> Project, Rev., AMT, 4.00%, 10/1/2026 (c)<br>| 5000 | 4973 |
| Total Michigan |  | 15194 |
| **Minnesota — 0.2%** | **Minnesota — 0.2%** | **Minnesota — 0.2%** |
| 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>| 985 | 1104 |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance Series C, Rev., AMT, GNMA / FNMA <br> / FHLMC, 4.00%, 1/1/2045<br>| 90 | 90 |
| Total Minnesota |  | 1214 |
| **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 | 837 |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project Series 2009F, Rev., VRDO, 3.75%, <br> 9/2/2025 (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 | 1015 |
| Total Mississippi |  | 2902 |
| **Missouri — 1.0%** | **Missouri — 1.0%** | **Missouri — 1.0%** |
| 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 | 1019 |
| Series 2019A, Rev., 5.00%, 2/1/2042 | 1000 | 969 |
| Health and Educational Facilities Authority of the State <br> of Missouri, St. Louis University Series 2008B, Rev., <br> VRDO, LOC : Wells Fargo Bank NA, 2.75%, <br> 9/2/2025 (c)<br>| 250 | 250 |
| Kansas City Industrial Development Authority, Historic <br> Northeast Redevelopment Plan Series 2024A-1, <br> Rev., 5.00%, 6/1/2054 (b)<br>| 675 | 594 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 45

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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** |
| 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>| 920 | 1009 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Union Improvement <br> Co. Project Series 1998C, Rev., 2.75%, 9/1/2033<br>| 1250 | 1130 |
| 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 | 2893 |
| Total Missouri |  | 7864 |
| **Nebraska — 1.4%** | **Nebraska — 1.4%** | **Nebraska — 1.4%** |
| Central Plains Energy Project, Gas Project No. 3 |  |  |
| Series 2017A, Rev., 5.00%, 9/1/2035 | 1500 | 1596 |
| Series 2017A, Rev., 5.00%, 9/1/2042 | 750 | 763 |
| Central Plains Energy Project, Gas Project No. 5 Series <br> 2022-1, Rev., 5.00%, 10/1/2029 (c)<br>| 7625 | 8027 |
| Total Nebraska |  | 10386 |
| **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> 2025A, Rev., AMT, 9.50%, 1/1/2033 (b) (c)<br>| 1000 | 919 |
| **New Hampshire — 0.7%** | **New Hampshire — 0.7%** | **New Hampshire — 0.7%** |
| New Hampshire Business Finance Authority Series <br> 2025-1, Class A-1, Rev., 4.09%, 1/20/2041 (c)<br>| 1744 | 1641 |
| New Hampshire Business Finance Authority, Tamarron <br> Project Series 2024, Rev., 5.25%, 12/1/2035 (b)<br>| 450 | 450 |
| New Hampshire Business Finance Authority, University <br> of Nevada Reno Project Series 2023A, Rev., <br> 4.50%, 6/1/2053<br>| 1075 | 991 |
| New Hampshire Business Finance Authority, Winston <br> Salem Sustainable Energy Partners<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2035 | 1000 | 1071 |
| Series 2025A, Rev., 5.50%, 6/1/2050 | 1000 | 1016 |
| Total New Hampshire |  | 5169 |
| **New Jersey — 4.1%** | **New Jersey — 4.1%** | **New Jersey — 4.1%** |
| Bergen County Improvement Authority (The), <br> Guaranteed Government Pooled Project Series <br> 2025A, Rev., GTD, 4.00%, 5/21/2026<br>| 2000 | 2020 |
| New Jersey Economic Development Authority, <br> Biomedical Research Facilities Series 2016A, Rev., <br> 5.00%, 7/15/2027<br>| 240 | 244 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| New Jersey Economic Development Authority, State <br> House Project Series 2017B, Rev., 4.13%, <br> 6/15/2039<br>| 2800 | 2692 |
| New Jersey Transportation Trust Fund Authority Series <br> 2020AA, Rev., 4.00%, 6/15/2039<br>| 2250 | 2130 |
| New Jersey Transportation Trust Fund Authority, <br> Federal Highway Reimbursement Series A-1, Rev., <br> 5.00%, 6/15/2027<br>| 2670 | 2722 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation Program<br>|  |  |
| Series 2022BB, Rev., 4.00%, 6/15/2038 | 2500 | 2387 |
| Series 2024CC, Rev., 5.00%, 6/15/2044 | 2000 | 2020 |
| Series 2024CC, Rev., 4.13%, 6/15/2050 | 1000 | 865 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation System Series 2008A, Rev., Zero <br> Coupon, 12/15/2036<br>| 10355 | 6487 |
| New Jersey Turnpike Authority Series 2017G, Rev., <br> 4.00%, 1/1/2043<br>| 1000 | 913 |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2036 | 2000 | 2036 |
| Series 2018A, Rev., 4.00%, 6/1/2037 | 1000 | 949 |
| Series 2018A, Rev., 5.00%, 6/1/2046 | 2500 | 2408 |
| Series 2018B, Rev., 5.00%, 6/1/2046 | 3770 | 3623 |
| Total New Jersey |  | 31496 |
| **New Mexico — 0.5%** | **New Mexico — 0.5%** | **New Mexico — 0.5%** |
| City of Farmington, San Juan Project Series 2010B, <br> Rev., 3.88%, 6/1/2029 (c)<br>| 1550 | 1581 |
| County of Santa Fe, Cresta Ranch Apartments Series <br> 2024, Rev., 3.29%, 6/1/2028 (c)<br>| 2000 | 2012 |
| Total New Mexico |  | 3593 |
| **New York — 10.6%** | **New York — 10.6%** | **New York — 10.6%** |
| Build NYC Resource Corp., Grand Concourse Academy <br> Charter School Series 2022A, Rev., 5.00%, <br> 7/1/2052<br>| 350 | 318 |
| Build NYC Resource Corp., Urban Resource Institute <br> Project Series 2025A, Rev., 5.50%, 12/1/2056<br>| 1000 | 1015 |
| City of New York, Fiscal Year 2020 Series 2020D-1, <br> GO, 4.00%, 3/1/2050<br>| 530 | 453 |
| City of New York, Fiscal Year 2025 Series 2025G, <br> Subseries G-1, GO, 5.00%, 2/1/2035<br>| 1915 | 2152 |
| Dutchess County Local Development Corp., Millbrook <br> School Project Series 2021, Rev., 4.00%, <br> 9/1/2051<br>| 1030 | 840 |
| Long Island Power Authority, Electric System |  |  |
| Series 2025B, Rev., VRDO, 3.00%, 9/1/2028 (c) | 2000 | 2000 |
| Series 2024B, Rev., 3.00%, 9/1/2029 (c) | 6000 | 5988 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

46 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Metropolitan Transportation Authority Series <br> 2020C-1, Rev., 5.25%, 11/15/2055<br>| 1800 | 1792 |
| Metropolitan Transportation Authority, Climate Bond <br> Series 2025A, Rev., 5.25%, 11/15/2045<br>| 1000 | 1019 |
| New York City Housing Development Corp. Series <br> 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055<br>| 2250 | 2273 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 8 Spruce Street Project <br> Series 2024, Class F, Rev., 5.25%, 12/15/2031<br>| 1300 | 1334 |
| New York City Industrial Development Agency, Yankee <br> Stadium Project Series 2020A, Rev., A.G., 5.00%, <br> 3/1/2029<br>| 2100 | 2264 |
| 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, 3.90%, 9/2/2025 (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 | 2195 |
| 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 | 5109 |
| 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 | 1080 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2025 Series 2025D, Rev., <br> 4.25%, 5/1/2054<br>| 1000 | 898 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025 Series <br> 2025J, Subseries J-1, Rev., 5.50%, 5/1/2053<br>| 3500 | 3671 |
| New York Liberty Development Corp., Secured by Port <br> Authority Series 1WTC-2021, Rev., 2.75%, <br> 2/15/2044<br>| 1900 | 1335 |
| New York Power Authority, Green Transmission Project <br> Series 2023A, Rev., A.G., 5.13%, 11/15/2058<br>| 5000 | 5061 |
| New York State Dormitory Authority Series 2020A, <br> Rev., 4.00%, 7/1/2053<br>| 2500 | 2043 |
| New York State Dormitory Authority, Mount Sinai <br> Obligated Group, Rev., 5.25%, 7/1/2050<br>| 2250 | 2174 |
| New York State Dormitory Authority, New York <br> University Series 2025A, Rev., 5.00%, 7/1/2048<br>| 1000 | 1012 |
| New York State Dormitory Authority, School Districts <br> Financing Program Series 2025A, Rev., A.G., <br> 5.00%, 10/1/2036<br>| 2000 | 2201 |
| New York State Dormitory Authority, State Sales Tax <br> Series 2018A, Rev., 5.00%, 3/15/2037<br>| 40 | 41 |
| 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 | 2005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| 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 | 4262 |
| Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 2000 | 2045 |
| Rev., AMT, 5.00%, 1/1/2034 | 1125 | 1140 |
| Series 2018, Rev., AMT, 4.00%, 1/1/2036 | 1500 | 1400 |
| Rev., AMT, 4.38%, 10/1/2045 | 1200 | 1041 |
| New York Transportation Development Corp., JFK <br> International Airport New Terminal One Project, <br> Green Bonds<br>|  |  |
| Series 2023, Rev., AMT, A.G., 5.00%, 6/30/2049 | 2800 | 2694 |
| Rev., AMT, A.G., 5.50%, 6/30/2059 | 1000 | 1002 |
| New York Transportation Development Corp., JFK <br> International Airport Project, Rev., AMT, 3.00%, <br> 8/1/2031<br>| 1000 | 924 |
| Onondaga Civic Development Corp., Syracuse <br> University Project, Rev., 4.50%, 12/1/2050<br>| 1000 | 941 |
| Port Authority of New York and New Jersey, <br> Consolidated Series 93, Rev., 6.13%, 6/1/2094<br>| 7320 | 7333 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels Series 2025A-1, Rev., 5.00%, <br> 11/15/2037<br>| 1500 | 1657 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, Payroll Mobility Tax, Senior Lien Series <br> 2021A-1, Rev., 4.00%, 5/15/2046<br>| 1000 | 885 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, Real Estate Transfer Tax, TBTA Capital <br> Lockbox Series 2025A, Rev., 5.25%, 12/1/2054<br>| 2000 | 2044 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, Sales Tax, TBTA Capital Lockbox Series <br> 2023A, Rev., 4.25%, 5/15/2058<br>| 1000 | 880 |
| Westchester County Local Development Corp., <br> Purchase Senior Learning Community, Inc., Project <br> Series 2021A, Rev., 4.50%, 7/1/2056 (b)<br>| 2000 | 1518 |
| Total New York |  | 80789 |
| **North Carolina — 2.5%** | **North Carolina — 2.5%** | **North Carolina — 2.5%** |
| 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 | 2016 |
| County of Harnett, Limited Tax, Rev., 5.00%, <br> 4/1/2033<br>| 930 | 1045 |
| County of Wake Series 2025A, Rev., 5.00%, <br> 5/1/2040<br>| 1250 | 1341 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 47

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 55-C, Rev., GNMA / FNMA / FHLMC, 3.20%, <br> 1/15/2026 (c)<br>| 1000 | 1000 |
| Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2055<br>| 1220 | 1333 |
| Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2056<br>| 2000 | 2243 |
| Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 1/1/2056<br>| 1000 | 1141 |
| North Carolina Medical Care Commission, Twin Lakes <br> Community Series 2025A, Rev., 5.25%, 1/1/2055<br>| 250 | 237 |
| University of North Carolina, Hospital at Chapel Hill <br> Series A, Rev., VRDO, LIQ : TD Bank NA, 2.75%, <br> 9/2/2025 (c)<br>| 9000 | 9000 |
| Total North Carolina |  | 19356 |
| **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 | 1411 |
| **Ohio — 2.9%** | **Ohio — 2.9%** | **Ohio — 2.9%** |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020A-2, Rev., 5.00%, 6/1/2030 | 3295 | 3532 |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 5965 | 4818 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 6605 | 578 |
| Butler County Port Authority, Community First <br> Solutions Series 2021A, Rev., 4.00%, 5/15/2046<br>| 250 | 198 |
| County of Allen, Hospital Facilities, Bon Secours Mercy <br> Health, Inc. Series 2015A, Rev., 4.25%, <br> 11/1/2045<br>| 2000 | 1786 |
| Dublin City School District, Ohio School Facilities <br> Unlimited Tax Series 2024B, GO, 4.00%, <br> 12/1/2048<br>| 200 | 178 |
| Grandview Heights City School District |  |  |
| GO, 5.00%, 12/1/2045 | 1000 | 1029 |
| GO, 5.00%, 12/1/2054 | 2700 | 2712 |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 2655 | 2660 |
| North Ridgeville City School District Series 2024, GO, <br> 4.50%, 12/1/2061<br>| 1115 | 1020 |
| Northeast Ohio Medical University Series 2021A, Rev., <br> 3.00%, 12/1/2040<br>| 250 | 192 |
| Ohio Water Development Authority, Drinking Water <br> Assistance Series 2025A, Rev., 5.00%, 12/1/2041<br>| 1000 | 1064 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| Ohio Water Development Authority, Water Pollution <br> Control Loan Fund Series 2024C, Rev., VRDO, LIQ : <br> TD Bank NA, 3.90%, 9/2/2025 (c)<br>| 500 | 500 |
| Olmsted Falls City School District Series 2017A, GO, <br> 4.00%, 12/1/2051<br>| 1000 | 851 |
| Port of Greater Cincinnati Development Authority, <br> Duke Energy Convention Center Project Series <br> 2024B, Rev., 5.00%, 12/1/2043<br>| 1000 | 1017 |
| Total Ohio |  | 22135 |
| **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>| 2000 | 1904 |
| Oklahoma Housing Finance Agency, Home Ownership <br> Loan Program Series 2025A, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 9/1/2056<br>| 1000 | 1128 |
| Oklahoma Water Resources Board, Clean Water <br> Program Series 2025A, Rev., 5.25%, 4/1/2050<br>| 3400 | 3536 |
| Total Oklahoma |  | 6568 |
| **Oregon — 1.7%** | **Oregon — 1.7%** | **Oregon — 1.7%** |
| City of Portland Sewer System, Second Lien Series <br> 2023A, Rev., 5.00%, 12/1/2040<br>| 6000 | 6369 |
| Multnomah and Clackamas Counties School District <br> No. 10JT Gresham-Barlow Series B, GO, Zero <br> Coupon, 6/15/2035<br>| 3425 | 2235 |
| Oregon State Facilities Authority, Peacehealth Series <br> 2018A, Rev., VRDO, LOC : US Bank NA, 2.70%, <br> 9/2/2025 (c)<br>| 3250 | 3250 |
| State of Oregon, Article XI-F Project Series 2025F, GO, <br> 5.00%, 8/1/2033<br>| 1000 | 1142 |
| Total Oregon |  | 12996 |
| **Pennsylvania — 3.8%** | **Pennsylvania — 3.8%** | **Pennsylvania — 3.8%** |
| Chester County Industrial Development Authority, <br> Longwood Gardens Project Series 2021, Rev., <br> 4.00%, 12/1/2046<br>| 1250 | 1097 |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment, Rev., 5.00%, 6/1/2029<br>| 110 | 117 |
| Commonwealth of Pennsylvania Series 2024-1, GO, <br> 4.00%, 8/15/2042<br>| 5000 | 4604 |
| Delaware River Port Authority, Rev., 5.00%, <br> 1/1/2037<br>| 1500 | 1656 |
| Geisinger Authority, Health System Series 2020A, <br> Rev., 5.00%, 4/1/2050<br>| 2500 | 2433 |
| Montgomery County Industrial Development Authority, <br> Constellation Energy Generation Series 2023A, <br> Rev., 4.10%, 4/3/2028 (c)<br>| 5000 | 5116 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

48 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Montgomery County Industrial Development Authority, <br> Waverly Heights Ltd., Project, Rev., 5.00%, <br> 12/1/2044<br>| 350 | 334 |
| Mount Lebanon Hospital Authority, St. Clair Memorial <br> Hospital Project, Rev., 4.00%, 7/1/2048<br>| 3000 | 2482 |
| Pennsylvania Economic Development Financing <br> Authority, Junior Guaranteed, Capitol Region <br> Parking System Series 2024B, Rev., GTD, 4.25%, <br> 1/1/2050<br>| 1000 | 893 |
| Pennsylvania Economic Development Financing <br> Authority, The Penndot Major Bridges, Rev., AMT, <br> A.G., 5.00%, 12/31/2057<br>| 2825 | 2694 |
| Pennsylvania Higher Educational Facilities Authority, <br> Thomas Jefferson University Series 2024B-2, Rev., <br> 4.38%, 11/1/2054<br>| 2750 | 2349 |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage<br>|  |  |
| Series 2023-141A, Rev., 5.75%, 10/1/2053 | 860 | 916 |
| Series 2024-145A, Rev., 6.00%, 10/1/2054 | 1450 | 1582 |
| Series 2024 -147A, Rev., 6.25%, 10/1/2054 | 1500 | 1665 |
| Series 2025-150A, Rev., 6.25%, 10/1/2055 (e) | 1000 | 1123 |
| Total Pennsylvania |  | 29061 |
| **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>| 4000 | 770 |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 2000 | 2068 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> (Puerto Rico)<br>|  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2029 | 1000 | 877 |
| Series A-1, Rev., Zero Coupon, 7/1/2051 | 5985 | 1387 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 6150 | 5624 |
| Total Puerto Rico |  | 10726 |
| **Rhode Island — 0.4%** | **Rhode Island — 0.4%** | **Rhode Island — 0.4%** |
| State of Rhode Island Series 2025A, GO, 5.00%, <br> 5/1/2045<br>| 2020 | 2096 |
| Tobacco Settlement Financing Corp. Series B, Rev., <br> 5.00%, 6/1/2050<br>| 1000 | 960 |
| Total Rhode Island |  | 3056 |
| **South Carolina — 0.8%** | **South Carolina — 0.8%** | **South Carolina — 0.8%** |
| Horry County School District Series 2015A, GO, <br> SCSDE, 4.00%, 3/1/2028<br>| 2085 | 2086 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **South Carolina — continued** | **South Carolina — continued** | **South Carolina — continued** |
| Patriots Energy Group Financing Agency Series 2023 <br> Subseries B-1, Rev., 5.25%, 3/1/2031 (c)<br>| 2665 | 2881 |
| South Carolina Jobs-Economic Development Authority, <br> Foothill Affordable Housing Series 2025, Rev., <br> 4.00%, 3/1/2035 (c)<br>| 1000 | 990 |
| Total South Carolina |  | 5957 |
| **Tennessee — 3.6%** | **Tennessee — 3.6%** | **Tennessee — 3.6%** |
| 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 | 1025 |
| 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 | 1112 |
| 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 | 3122 |
| Metropolitan Government of Nashville and Davidson <br> County Series 2024C, GO, 5.00%, 1/1/2040<br>| 1340 | 1431 |
| Metropolitan Nashville Airport Authority (The) Series <br> 2022B, Rev., AMT, 5.00%, 7/1/2052<br>| 1975 | 1922 |
| Metropolitan Nashville Airport Authority (The), <br> Subordinate Airport Series 2019A, Rev., 5.00%, <br> 7/1/2049<br>| 4500 | 4507 |
| 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 | 1424 |
| 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 | 1699 |
| Tennergy Corp., Gas Supply Series 2021A, Rev., <br> 4.00%, 9/1/2028 (c)<br>| 10110 | 10265 |
| Tennessee Housing Development Agency Series <br> 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 1/1/2056<br>| 1000 | 1107 |
| Total Tennessee |  | 27614 |
| **Texas — 7.5%** | **Texas — 7.5%** | **Texas — 7.5%** |
| Austin Community College District, Unlimited Tax, GO, <br> 5.00%, 8/1/2037<br>| 2000 | 2176 |
| Carrollton-Farmers Branch Independent School <br> District, Unlimited Tax, GO, PSF-GTD, 4.75%, <br> 2/15/2050<br>| 3600 | 3525 |
| Central Texas Turnpike System, First Tier Series <br> 2024B, Rev., 5.00%, 5/15/2030 (c)<br>| 1000 | 1078 |
| Central Texas Turnpike System, Second Tier Series <br> 2024C, Rev., 5.00%, 8/15/2040<br>| 1500 | 1572 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 49

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| City of Garland Electric Utility System, Rev., 5.00%, <br> 11/15/2035<br>| 1150 | 1282 |
| City of Houston Airport System, United Airlines, Inc., <br> Terminal Improvement Projects Series 2024B, Rev., <br> AMT, 5.25%, 7/15/2034<br>| 1850 | 1939 |
| City of Houston, Airport System, United Airlines, Inc., <br> Terminal E Project, Rev., AMT, 5.00%, 7/1/2029<br>| 2100 | 2100 |
| City of Houston, Combined Utility System, First Lien <br> Series 2024A, Rev., 5.00%, 11/15/2025<br>| 2500 | 2513 |
| City of Houston, Combined Utility System, Junior Lien <br> Series 2002A, Rev., A.G., 5.75%, 12/1/2032 (d)<br>| 2500 | 2966 |
| City of San Antonio Electric and Gas Systems Series <br> 2024C, Rev., 5.50%, 2/1/2049<br>| 1000 | 1050 |
| Collin County Community College District, Rev., <br> 4.00%, 8/15/2042<br>| 2000 | 1836 |
| County of Fort Bend Toll Road, Senior Lien, Rev., A.G., <br> 5.25%, 3/1/2050<br>| 1250 | 1290 |
| County of Harris, Unlimited Tax Series 2023A, GO, <br> 4.25%, 9/15/2048<br>| 2000 | 1825 |
| Crandall Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 4.25%, 2/1/2053<br>| 375 | 333 |
| Grand Parkway Transportation Corp., Grand Parkway <br> System Subordinate Tier Series 2018A, Rev., <br> 5.00%, 10/1/2043<br>| 1500 | 1515 |
| Johnson City Independent School District Series 2023, <br> GO, PSF-GTD, 4.13%, 2/15/2052<br>| 3405 | 2973 |
| Lower Colorado River Authority Series 2024, Rev., <br> 5.00%, 5/15/2033<br>| 1610 | 1809 |
| Marshall Independent School District, Unlimited Tax <br> Series 2023, GO, PSF-GTD, 4.00%, 2/15/2045<br>| 2525 | 2293 |
| Melissa Independent School District, Unlimited Tax <br> Series 2023, GO, PSF-GTD, 4.25%, 2/1/2053<br>| 2225 | 1982 |
| Midland Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 4.00%, 2/15/2040<br>| 3170 | 3040 |
| Mount Vernon Independent School District, Unlimited <br> Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048<br>| 3500 | 3626 |
| Permanent University Fund - University of Texas <br> System Series 2025A, Rev., 5.00%, 7/1/2036<br>| 1500 | 1701 |
| Plano Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 4.00%, 2/15/2045<br>| 2250 | 2065 |
| Round Rock Independent School District Series <br> 2025B, GO, PSF-GTD, 5.00%, 8/1/2039<br>| 1000 | 1078 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Cook Children's Medical Center, Rev., 4.13%, <br> 12/1/2054<br>| 2000 | 1718 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System Series 2025C, Rev., <br> 5.00%, 11/15/2032 (c)<br>| 3500 | 3860 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Texas Municipal Gas Acquisition and Supply Corp. V, <br> Gas Supply Series 2024, Rev., 5.00%, <br> 1/1/2034 (c)<br>| 3000 | 3191 |
| Texas Private Activity Bond Surface Transportation <br> Corp., NTE Mobility Partners Segments 3 LLC <br> Project, Rev., AMT, 5.00%, 6/30/2058<br>| 1000 | 930 |
| Total Texas |  | 57266 |
| **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 | 1047 |
| Intermountain Power Agency, Utah Power Supply |  |  |
| Series 2023A, Rev., 5.00%, 7/1/2035 | 1130 | 1214 |
| Series 2023A, Rev., 5.00%, 7/1/2036 | 1000 | 1065 |
| Mida Mountain Village Public Infrastructure District, <br> Utah Subordinate Tax Allocation Series 2024-2, <br> Rev., 6.00%, 6/15/2054 (b)<br>| 2000 | 1983 |
| Utah Housing Corp., Single Family Mortgage Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055<br>| 995 | 1116 |
| Total Utah |  | 6425 |
| **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 | 360 |
| **Virginia — 1.1%** | **Virginia — 1.1%** | **Virginia — 1.1%** |
| Halifax County Industrial Development Authority, <br> Virginia Electric and Power Series 2010A, Rev., <br> 3.80%, 5/28/2027 (c)<br>| 1435 | 1459 |
| Virginia Port Authority, Rev., 5.00%, 7/1/2045 | 1200 | 1226 |
| Virginia Public Building Authority Series 2015A, Rev., <br> 4.00%, 8/1/2031<br>| 5000 | 5004 |
| Virginia Small Business Financing Authority, Senior <br> Lien, Transform 66 P3 Project, Rev., AMT, 5.00%, <br> 12/31/2056<br>| 1000 | 924 |
| Total Virginia |  | 8613 |
| **Washington — 2.0%** | **Washington — 2.0%** | **Washington — 2.0%** |
| Central Puget Sound Regional Transit Authority Series <br> 2021S-1, Rev., 4.00%, 11/1/2046<br>| 2005 | 1781 |
| Energy Northwest, Project 1 Series 2025A, Rev., <br> 5.00%, 7/1/2035<br>| 1000 | 1136 |
| State of Washington Series 2024C, GO, 5.00%, <br> 2/1/2049<br>| 2000 | 2030 |
| State of Washington, Motor Vehicle Fuel Tax Series <br> 2025C, GO, 5.00%, 7/1/2030<br>| 2000 | 2232 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

50 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| State of Washington, Various Purpose Series 2025A, <br> GO, 5.00%, 8/1/2046<br>| 2500 | 2569 |
| Vancouver Housing Authority Series 2025, Rev., <br> 4.25%, 2/1/2038<br>| 2000 | 1945 |
| Washington Health Care Facilities Authority, Seattle <br> Cancer Care Alliance<br>|  |  |
| Rev., 4.00%, 12/1/2040 (b) | 860 | 785 |
| Rev., 4.00%, 12/1/2048 (b) | 1190 | 998 |
| Washington State Housing Finance Commission, <br> Rockwood Retirement Communities Project Series <br> 2020A, Rev., 5.00%, 1/1/2041 (b)<br>| 2000 | 1870 |
| Total Washington |  | 15346 |
| **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 | 983 |
| **Wisconsin — 4.5%** | **Wisconsin — 4.5%** | **Wisconsin — 4.5%** |
| Public Finance Authority, Acts Retirement Life <br> Communities, Inc., Obligated Group Series 2020A, <br> Rev., 5.00%, 11/15/2041<br>| 1395 | 1396 |
| Public Finance Authority, Astro Texas Land Projects, <br> Rev., 5.00%, 12/15/2036 (b)<br>| 1999 | 1972 |
| Public Finance Authority, Kahala Nui Project, Rev., <br> 5.25%, 11/15/2061<br>| 1000 | 966 |
| Public Finance Authority, KSU Bixby Real Estate <br> Foundation LLC Project Series 2025B, Rev., 5.50%, <br> 6/15/2055<br>| 750 | 737 |
| Public Finance Authority, Presbyterian Villages of <br> Michigan Obligated Group Series 2020A, Rev., <br> 4.75%, 11/15/2053 (b)<br>| 2740 | 1832 |
| Public Finance Authority, Senior Lien |  |  |
| Rev., AMT, 5.50%, 7/1/2044 | 1000 | 984 |
| Rev., AMT, 5.75%, 7/1/2049 | 2000 | 1988 |
| Public Finance Authority, Triad Educational Services, <br> Inc.<br>|  |  |
| Rev., 5.25%, 6/15/2052 | 1610 | 1500 |
| Rev., 5.38%, 6/15/2057 | 775 | 729 |
| University of Wisconsin Hospitals and Clinics Series <br> 2018C, Rev., VRDO, LIQ : BMO Harris Bank NA, <br> 3.80%, 9/2/2025 (c)<br>| 13600 | 13600 |
| Wisconsin Department of Transportation |  |  |
| Series 2025-1, Rev., 5.00%, 7/1/2034 | 1665 | 1912 |
| Series 2025 1, Rev., 5.00%, 7/1/2036 | 1000 | 1131 |
| Series 2025 1, Rev., 5.00%, 7/1/2037 | 1500 | 1676 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Wisconsin Health and Educational Facilities Authority, <br> Aspirus, Inc., Obligated Group, Rev., 5.25%, <br> 8/15/2050<br>| 1000 | 1008 |
| 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 | 1523 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership<br>|  |  |
| Series B, Rev., 4.00%, 3/1/2048 | 120 | 120 |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 9/1/2054<br>| 1030 | 1115 |
| Total Wisconsin |  | 34189 |
| **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 | 566 |
| Wyoming Community Development Authority Series <br> 2024-1, Rev., 6.00%, 12/1/2054<br>| 985 | 1077 |
| Total Wyoming |  | 1643 |
| Total Municipal Bonds <br>(Cost $731,707)<br>|  | 727358 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** | **Short-Term Investments — 4.1%** |
| **Investment Companies — 4.1%** | **Investment Companies — 4.1%** | **Investment Companies — 4.1%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 3.13% (f) (g) <br>(Cost $31,390)<br>| 31389 | 31392 |
| **Total Investments — 99.5%** <br>**(Cost $763,097)**<br>|  | **758750** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **3723** |
| **NET ASSETS — 100.0%** |  | **762473** |

---

&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 |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 51

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | |
|:---|:---|
| 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 |
| SCSDE | South Carolina School District Enhancement |
| 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) | 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;(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 August 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Security is prerefunded or escrowed to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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;(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 August 31, 2025.

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

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8112 | &nbsp;&nbsp;&nbsp;&nbsp; 2 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (5607)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (26)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12/19/2025 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2794)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (15)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (13)<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;

52 J.P. Morgan Municipal Bond Funds August 31, 2025

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited)

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 84.9% (a)** | **Municipal Bonds — 84.9% (a)** | **Municipal Bonds — 84.9% (a)** |
| **Alabama — 1.7%** | **Alabama — 1.7%** | **Alabama — 1.7%** |
| Alabama Federal Aid Highway Finance Authority |  |  |
| Series 2016A, Rev., 5.00%, 9/1/2026 (b) | 1695 | 1737 |
| Series A, Rev., 5.00%, 9/1/2027 (b) | 2705 | 2840 |
| Birmingham Airport Authority, Rev., 5.00%, <br> 7/1/2026<br>| 225 | 230 |
| Black Belt Energy Gas District, Gas Supply Series <br> 2022D-2, Rev., LIQ : Royal Bank of Canada, <br> (SOFR + 1.40%), 4.34%, 9/8/2025 (c)<br>| 25450 | 25675 |
| County of Jefferson sewer Series 2024, Rev., <br> 5.00%, 10/1/2027<br>| 1250 | 1310 |
| 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%), 4.73%, 9/8/2025 (c)<br>| 10000 | 10183 |
| State of Alabama Series 2016C, GO, 5.00%, <br> 8/1/2026<br>| 25 | 25 |
| Total Alabama |  | 42036 |
| **Alaska — 0.1%** | **Alaska — 0.1%** | **Alaska — 0.1%** |
| Alaska Municipal Bond Bank Authority Series 3, <br> Rev., 5.00%, 12/1/2026<br>| 25 | 26 |
| Borough of Matanuska-Susitna, Alaska School <br> General Obligation Series 2025B, GO, 5.00%, <br> 11/1/2026<br>| 1000 | 1029 |
| State of Alaska Series 2024B, GO, 5.00%, <br> 8/1/2028<br>| 1000 | 1075 |
| Total Alaska |  | 2130 |
| **Arizona — 1.0%** | **Arizona — 1.0%** | **Arizona — 1.0%** |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC Series 2024A, Rev., <br> 5.00%, 11/1/2029<br>| 1300 | 1389 |
| Arizona Industrial Development Authority, Phoenix <br> Children's Hospital Series 2020A, Rev., 5.00%, <br> 2/1/2026<br>| 155 | 157 |
| Arizona Sports and Tourism Authority, Senior Lien <br> Multipurpose Stadium Facility Project, Rev., <br> 5.00%, 7/1/2027<br>| 750 | 785 |
| Arizona Water Infrastructure Finance Authority <br> Series 2024, Rev., 5.00%, 10/1/2027<br>| 4000 | 4221 |
| City of Chandler Series 2016, GO, 5.00%, <br> 7/1/2027<br>| 1000 | 1049 |
| City of Mesa Utility System Series 2017, Rev., <br> 4.00%, 7/1/2027<br>| 1000 | 1029 |
| City of Phoenix Civic Improvement Corp., Junior <br> Lien, Airport System Series 2017D, Rev., 5.00%, <br> 7/1/2029<br>| 55 | 57 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| City of Phoenix Civic Improvement Corp., Junior <br> Lien, Water System Series 2014B, Rev., 5.00%, <br> 7/1/2027<br>| 170 | 170 |
| City of Tucson Series 2018A, GO, 5.00%, 7/1/2026 | 325 | 332 |
| County of Pima Sewer System Series 2020B, COP, <br> 5.00%, 7/1/2027<br>| 40 | 42 |
| Maricopa County High School District No. 214 <br> Tolleson Union High School, GO, 5.00%, <br> 7/1/2026<br>| 315 | 322 |
| Maricopa County Industrial Development Authority, <br> Banner Health<br>|  |  |
| Series 2016A, Rev., 5.00%, 1/1/2026 | 150 | 151 |
| Series 2019D, Rev., 5.00%, 5/15/2026 (d) | 1150 | 1168 |
| Series 2023A-1, Rev., 5.00%, 5/15/2026 (d) | 7530 | 7623 |
| Series 2023A-2, Rev., 5.00%, 5/15/2028 (d) | 250 | 263 |
| Maricopa County Union High School District No. <br> 210-Phoenix, Project of 2023<br>|  |  |
| Series 2024A, GO, 5.00%, 7/1/2027 | 1200 | 1258 |
| Series 2025B, GO, 5.00%, 7/1/2027 | 1500 | 1573 |
| Salt River Project Agricultural Improvement and <br> Power District, Arizona Electric System Series <br> 2019A, Rev., 5.00%, 1/1/2027<br>| 385 | 399 |
| Scottsdale Municipal Property Corp. Series 2017, <br> Rev., 5.00%, 7/1/2027 (b)<br>| 55 | 58 |
| Town of Queen, Creek Excise Tax, Rev., 5.00%, <br> 8/1/2026 (b)<br>| 1240 | 1265 |
| Total Arizona |  | 23311 |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| State of Arkansas, Federal Highway, GO, 5.00%, <br> 10/1/2025<br>| 40 | 40 |
| 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 | 226 |
| Series 2020A, Rev., 5.00%, 11/1/2027 | 200 | 209 |
| Total Arkansas |  | 501 |
| **California — 0.9%** | **California — 0.9%** | **California — 0.9%** |
| California Community Choice Financing Authority, <br> Green Bond Series 2022A-2, Rev., (SOFR + <br> 1.70%), 4.64%, 9/8/2025 (c)<br>| 5000 | 5028 |
| California Health Facilities Financing Authority, St. <br> Joseph Health System Series 2019C, Rev., <br> 5.00%, 10/1/2025 (d)<br>| 1000 | 1002 |
| California Health Facilities Financing Authority, <br> Sutter Health Series 2016A, Rev., 5.00%, <br> 11/15/2025 (b)<br>| 120 | 120 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 53

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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** |
| 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 | 27 |
| California Municipal Finance Authority Series <br> 2021A, Rev., AMT, 3.75%, 10/1/2025 (d)<br>| 3375 | 3375 |
| California Municipal Finance Authority, Waste <br> Management, Inc., Project<br>|  |  |
| Series 2020, Rev., AMT, VRDO, 3.80%, <br> 12/1/2025 (d)<br>| 2200 | 2200 |
| Series 2017A, Rev., AMT, 4.10%, 12/1/2025 (d) | 1000 | 1000 |
| California Pollution Control Financing Authority, <br> Solid Waste Disposal, Republic Services, Inc., <br> Project, Rev., AMT, 3.80%, 2/17/2026 (d) (e)<br>| 2500 | 2500 |
| California Statewide Communities Development <br> Authority, Enloe Medical Center, Rev., 5.00%, <br> 2/15/2026 (b)<br>| 25 | 25 |
| 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 |
| Desert Community College District, GO, 5.00%, <br> 2/1/2026 (b)<br>| 20 | 20 |
| Golden State Tobacco Securitization Corp. Series <br> 2017A-1, Rev., 5.00%, 6/1/2026 (b)<br>| 90 | 92 |
| Los Angeles Department of Water and Power System |  |  |
| Series 2020A, Rev., 5.00%, 7/1/2026 | 500 | 510 |
| Series 2022E, Rev., 5.00%, 7/1/2026 | 1350 | 1376 |
| Series 2016B, Rev., 5.00%, 7/1/2027 | 1000 | 1007 |
| Series 2017B, Rev., 5.00%, 7/1/2030 | 515 | 529 |
| Series 2024C, Rev., 5.00%, 7/1/2030 | 400 | 442 |
| San Diego Community College District, GO, 5.00%, <br> 8/1/2026 (b)<br>| 25 | 26 |
| Southern California Public Power Authority Series <br> 2023-1, Rev., 5.00%, 7/1/2026<br>| 800 | 816 |
| State of California, Various Purpose, GO, 5.00%, <br> 12/1/2027<br>| 2205 | 2345 |
| Total California |  | 22545 |
| **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 | 2079 |
| Boulder Larimer and Weld Countes St. Vrain Valley <br> School District Re-1J Series 2016C, GO, 5.00%, <br> 12/15/2025 (b)<br>| 20 | 20 |
| City and County of Denver |  |  |
| Series 2024A, GO, 5.00%, 8/1/2026 | 700 | 717 |
| Series 2024B, GO, 5.00%, 8/1/2026 | 600 | 615 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| City and County of Denver, Airport System |  |  |
| Series 2022C, Rev., 5.00%, 11/15/2025 | 40 | 40 |
| Series 2023B, Rev., AMT, 5.00%, 11/15/2027 | 1500 | 1572 |
| Series 2023B, Rev., AMT, 5.00%, 11/15/2028 | 5000 | 5334 |
| City and County of Denver, Wellington E. Webb <br> Municipal Office Building, COP, 5.00%, <br> 12/1/2026<br>| 30 | 31 |
| Colorado Bridge Enterprise Series 2019A, Rev., <br> 4.00%, 12/1/2025<br>| 115 | 115 |
| Colorado Health Facilities Authority, Adventhealth <br> Obligated Group Series 2019B, Rev., 5.00%, <br> 11/19/2026 (d)<br>| 1260 | 1291 |
| Colorado Health Facilities Authority, Adventist <br> Health System<br>|  |  |
| Series 2018B, Rev., 5.00%, 11/20/2025 (d) | 2965 | 2981 |
| Series 2016C, Rev., 5.00%, 11/15/2026 (d) | 3260 | 3349 |
| Series 2025A, Rev., 5.00%, 11/15/2030 (d) | 2000 | 2189 |
| Colorado Health Facilities Authority, CommonSpirit <br> Health<br>|  |  |
| Series 2019B-2, Rev., 5.00%, 8/1/2026 (d) | 115 | 116 |
| Series 2019A-2, Rev., 5.00%, 8/1/2028 | 25 | 27 |
| Colorado Health Facilities Authority, Intermountain <br> Healthcare<br>|  |  |
| Series 2022B, Rev., 5.00%, 8/17/2026 (d) | 1700 | 1737 |
| Series 2022C, Rev., 5.00%, 8/15/2028 (d) | 1300 | 1382 |
| Colorado Health Facilities Authority, Parkview <br> Medical Center, Inc., Project Series 2020A, Rev., <br> 4.00%, 9/1/2030 (b)<br>| 1650 | 1768 |
| Colorado Health Facilities Authority, The Evangelical <br> Lutheran Good Samaritan Society Project Series <br> 2017, Rev., 5.00%, 6/1/2027 (b)<br>| 220 | 229 |
| Denver City and County School District No. 1, GO, <br> 5.00%, 12/1/2025<br>| 25 | 25 |
| Denver Urban Renewal Authority Series 2010B-1, <br> Rev., 5.00%, 12/1/2025<br>| 70 | 70 |
| Regional Transportation District Sales Tax Series <br> 2023A, Rev., 5.00%, 11/1/2026<br>| 60 | 62 |
| Regional Transportation District, Denver Transit <br> Partners<br>|  |  |
| Series 2020A, Rev., 3.00%, 1/15/2026 | 110 | 110 |
| Series 2020A, Rev., 5.00%, 7/15/2026 | 225 | 229 |
| State of Colorado |  |  |
| Series 2017K, COP, 5.00%, 3/15/2026 | 30 | 30 |
| Series 2018L, COP, 5.00%, 3/15/2026 | 50 | 51 |
| Series 2020A, COP, 5.00%, 9/1/2027 | 25 | 26 |
| Series 2018A, COP, 5.00%, 12/15/2027 | 20 | 21 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

54 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 2018L, COP, 4.00%, 3/15/2029 | 50 | 52 |
| 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, 2.75%, <br> 9/2/2025 (d)<br>| 10000 | 10000 |
| Total Colorado |  | 36320 |
| **Connecticut — 0.9%** | **Connecticut — 0.9%** | **Connecticut — 0.9%** |
| Connecticut State Health and Educational Facilities <br> Authority, Stamford Hospital Series L-1, Rev., <br> 4.00%, 7/1/2026<br>| 350 | 353 |
| State of Connecticut |  |  |
| Series F, GO, 5.00%, 11/15/2025 | 75 | 75 |
| Series 2025B, GO, 5.00%, 12/1/2026 | 9200 | 9498 |
| Series 2025B, GO, 5.00%, 12/1/2027 | 4225 | 4475 |
| Series 2018F, GO, 5.00%, 9/15/2028 | 755 | 814 |
| 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 | 1018 |
| Series 2021D, Rev., 5.00%, 11/1/2026 | 100 | 103 |
| Series B, Rev., 5.00%, 9/1/2028 | 140 | 144 |
| State of Connecticut Special Tax, Transportation <br> Infrastructure Purpose Series B, Rev., 5.00%, <br> 9/1/2027<br>| 50 | 51 |
| Town of Groton, GO, BAN, 4.25%, 4/23/2026 | 4300 | 4335 |
| Total Connecticut |  | 20906 |
| **Delaware — 0.3%** | **Delaware — 0.3%** | **Delaware — 0.3%** |
| University of Delaware Series 2013C, Rev., VRDO, <br> LIQ : TD Bank NA, 2.75%, 9/2/2025 (d)<br>| 8000 | 8000 |
| **District of Columbia — 0.9%** | **District of Columbia — 0.9%** | **District of Columbia — 0.9%** |
| District of Columbia |  |  |
| Series 2024C, GO, 5.00%, 12/1/2027 | 5000 | 5295 |
| Series 2024C, GO, 5.00%, 12/1/2028 | 2000 | 2167 |
| Series 2017D, GO, 5.00%, 6/1/2029 | 2000 | 2085 |
| 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 | 5116 |
| District of Columbia Housing Finance Agency, Paxton <br> Project Series 2022, Rev., VRDO, 2.95%, <br> 12/1/2025 (d)<br>| 3250 | 3250 |
| District of Columbia, Children's Hospital Obligated <br> Group<br>|  |  |
| Series 2015, Rev., 5.00%, 7/15/2026 | 100 | 101 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| Series 2015, Rev., 5.00%, 7/15/2027 | 50 | 50 |
| Series 2015, Rev., 5.00%, 7/15/2028 | 170 | 172 |
| Series 2015, Rev., 5.00%, 7/15/2029 | 20 | 20 |
| District of Columbia, Gallaudet University Project <br> Series 2021A, Rev., 5.00%, 4/1/2026<br>| 100 | 101 |
| 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 | 2186 |
| Washington Metropolitan Area Transit Authority |  |  |
| Series 2017B, Rev., 5.00%, 7/1/2027 | 170 | 178 |
| Series A-1, Rev., 5.00%, 7/1/2028 | 375 | 392 |
| Total District of Columbia |  | 21163 |
| **Florida — 2.8%** | **Florida — 2.8%** | **Florida — 2.8%** |
| Alachua County School Board Series 2020, COP, <br> A.G., 5.00%, 7/1/2027<br>| 65 | 68 |
| Central Florida Expressway Authority, Senior Lien |  |  |
| Series 2019B, Rev., 5.00%, 7/1/2026 | 40 | 41 |
| Series 2016B, Rev., 5.00%, 7/1/2028 | 685 | 699 |
| Series 2017, Rev., 5.00%, 7/1/2029 | 90 | 94 |
| City of Fort Myers Utility System Series 2020A, Rev., <br> A.G., 5.00%, 10/1/2025<br>| 70 | 70 |
| City of Gainesville, Utilities System |  |  |
| Series 2017A, Rev., 5.00%, 10/1/2028 | 765 | 803 |
| 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 | 106 |
| City of Lakeland, Department of Electric Utilities <br> Series 2010A, Rev., A.G., 5.25%, 10/1/2028<br>| 500 | 540 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South, Rev., 5.00%, 8/15/2028<br>| 65 | 68 |
| 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 | 1001 |
| County of Lee, Airport Series 2021A, Rev., AMT, <br> 5.00%, 10/1/2028<br>| 1500 | 1594 |
| County of Miami-Dade |  |  |
| Series 2020, GO, 5.00%, 7/1/2027 | 20 | 21 |
| Series 2016, Rev., 5.00%, 10/1/2029 | 125 | 128 |
| County of Miami-Dade, Aviation System |  |  |
| Series B, Rev., 5.00%, 10/1/2026 | 35 | 35 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 55

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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%, 10/1/2027 | 175 | 179 |
| Series A, Rev., 5.00%, 10/1/2028 | 1340 | 1374 |
| Series A, Rev., 5.00%, 10/1/2029 | 155 | 159 |
| 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 | 775 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 2.75%, 9/8/2025 (d)<br>| 10000 | 10000 |
| Duval County Public Schools |  |  |
| Series 2022A, COP, A.G., 5.00%, 7/1/2027 | 235 | 246 |
| Series 2022A, COP, A.G., 5.00%, 7/1/2028 | 95 | 102 |
| Escambia County School Board Series 2020A, COP, <br> 5.00%, 2/1/2026<br>| 195 | 197 |
| Florida Department of Environmental Protection |  |  |
| Series 2017A, Rev., 5.00%, 7/1/2027 | 100 | 105 |
| Series 2019B, Rev., 5.00%, 7/1/2027 | 45 | 47 |
| Florida Department of Management Services |  |  |
| Series 2017A, Rev., 5.00%, 9/1/2026 | 115 | 118 |
| Series 2018A, COP, 5.00%, 11/1/2026 | 595 | 613 |
| Series 2018A, COP, 5.00%, 11/1/2027 | 1805 | 1907 |
| Series 2021A, COP, 5.00%, 11/1/2029 | 1350 | 1490 |
| Florida Housing Finance Corp., Culmer Apartments <br> Series 2023C, Rev., 5.00%, 12/1/2025 (d)<br>| 3725 | 3743 |
| Florida Local Government Finance Commission, <br> Fleet Landing at Nocatee Project Series 2025B-3, <br> Rev., 4.20%, 11/15/2030 (e) (f)<br>| 3500 | 3515 |
| Florida Municipal Power Agency, All-Requirements <br> Power Supply Project<br>|  |  |
| Series 2017A, Rev., 5.00%, 10/1/2025 | 1075 | 1077 |
| Series 2016A, Rev., 5.00%, 10/1/2026 | 55 | 57 |
| Series 2017A, Rev., 5.00%, 10/1/2026 | 70 | 72 |
| Series 2016A, Rev., 5.00%, 10/1/2027 | 70 | 72 |
| Series 2017A, Rev., 5.00%, 10/1/2027 | 1345 | 1414 |
| Series 2019A, Rev., 5.00%, 10/1/2027 | 215 | 226 |
| Series 2018A, Rev., 4.00%, 10/1/2028 | 2820 | 2876 |
| Series 2016A, Rev., 5.00%, 10/1/2028 | 900 | 924 |
| Greater Orlando Aviation Authority Series 2017A, <br> Rev., AMT, 5.00%, 10/1/2027 (b)<br>| 750 | 785 |
| Hillsborough County Industrial Development <br> Authority, Baycare Health System Series 2024E, <br> Rev., VRDO, LIQ : Royal Bank of Canada, 2.62%, <br> 9/2/2025 (d)<br>| 10000 | 10000 |
| JEA Electric System |  |  |
| Series 2017B, Rev., 5.00%, 10/1/2027 | 75 | 79 |
| Series 2017B, Rev., 5.00%, 10/1/2029 | 25 | 26 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Lee County School Board (The) |  |  |
| Series 2020A, COP, 5.00%, 8/1/2026 | 260 | 266 |
| Series 2014A, COP, 5.00%, 8/1/2028 | 145 | 145 |
| Manatee County School District Series 2017, Rev., <br> A.G., 5.00%, 10/1/2029<br>| 45 | 46 |
| Miami-Dade County Expressway Authority, Toll <br> System<br>|  |  |
| Series 2014A, Rev., 5.00%, 7/1/2027 | 210 | 210 |
| Series 2016A, Rev., 5.00%, 7/1/2028 | 100 | 102 |
| Miami-Dade County Housing Finance Authority, <br> Quail Roost Transit Village Series 2023, Rev., <br> VRDO, 5.00%, 9/1/2025 (d)<br>| 2250 | 2250 |
| Miami-Dade County Housing Finance Authority, <br> Santa Clara II Apartments Series 2023, Rev., <br> 5.00%, 10/1/2025 (d)<br>| 4655 | 4662 |
| Orange County Convention Center Series 2017, <br> Rev., 5.00%, 10/1/2026<br>| 210 | 216 |
| 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 2016C, COP, 5.00%, 8/1/2026 (b) | 4225 | 4323 |
| Series 2016B, COP, 5.00%, 8/1/2027 | 55 | 56 |
| Series 2017B, COP, 5.00%, 8/1/2027 | 2155 | 2258 |
| Series 2017C, COP, 5.00%, 8/1/2028 | 85 | 91 |
| 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 | 275 | 282 |
| Series 2022B, COP, 5.00%, 8/1/2026 | 60 | 62 |
| Series 2017A, COP, 5.00%, 8/1/2027 | 180 | 189 |
| Series 2018B, COP, 5.00%, 8/1/2027 | 400 | 420 |
| Series 2018C, COP, 5.00%, 8/1/2029 | 115 | 123 |
| Palm Beach County Solid Waste Authority |  |  |
| Series 2015, Rev., 5.00%, 10/1/2025 | 250 | 251 |
| Series 2015, Rev., 5.00%, 10/1/2026 | 80 | 80 |
| Pasco County School Board Series 2022A, COP, <br> 5.00%, 8/1/2027<br>| 80 | 84 |
| Polk County School District Series 2019B, COP, <br> 5.00%, 1/1/2026<br>| 110 | 111 |
| School Board of Miami-Dade County (The), Florida <br> Certificates of Participation<br>|  |  |
| Series 2015D, COP, 5.00%, 2/1/2027 | 1325 | 1337 |
| Series 2012A, COP, 4.00%, 8/1/2028 | 150 | 150 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

56 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| 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 | 111 |
| State of Florida, Board of Education, Lottery Series <br> 2016A, Rev., 5.00%, 7/1/2026<br>| 95 | 97 |
| 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 | 113 |
| State of Florida, Department of Transportation <br> Turnpike System Series 2025A, Rev., 5.00%, <br> 7/1/2029<br>| 1900 | 2084 |
| State of Florida, Full Faith and Credit, Board of <br> Education, Public Education Capital Outlay<br>|  |  |
| Series 2023A, GO, 5.00%, 6/1/2026 | 200 | 204 |
| Series 2020A, GO, 5.00%, 6/1/2027 | 105 | 110 |
| State of Florida, Lottery Series 2017A, Rev., 5.00%, <br> 7/1/2027<br>| 20 | 21 |
| Tampa Bay Water, Regional Water Supply Authority, <br> Utility System Series 2016C, Rev., 5.00%, <br> 10/1/2027<br>| 225 | 237 |
| Tampa Sports Authority Series 2015, Rev., 5.00%, <br> 1/1/2026<br>| 80 | 80 |
| Total Florida |  | 69065 |
| **Georgia — 0.4%** | **Georgia — 0.4%** | **Georgia — 0.4%** |
| Albany-Dougherty Payroll Development Authority, <br> Procter & Gamble Paper Products Series 1999, <br> Rev., 5.20%, 5/15/2028<br>| 25 | 27 |
| 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 | 1573 |
| 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 | 112 |
| City of Atlanta Water and Wastewater Series 2004, <br> Rev., A.G., 5.75%, 11/1/2027<br>| 1000 | 1074 |
| 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 |

---

---

| | | |
|:---|:---|:---|
| **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> 2012-2, Rev., 3.30%, 8/21/2029 (d)<br>| 2250 | 2262 |
| 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 | 1023 |
| Municipal Electric Authority of Georgia, Plant Vogtle <br> Units 3 and 4 Project Series 2019A, Rev., 5.00%, <br> 1/1/2026<br>| 1000 | 1007 |
| State of Georgia Series 2014A, GO, 4.00%, <br> 2/1/2026<br>| 100 | 100 |
| Total Georgia |  | 8841 |
| **Guam — 0.0% ^** | **Guam — 0.0% ^** | **Guam — 0.0% ^** |
| Territory of Guam (Guam) |  |  |
| Series 2025G, Rev., 5.00%, 1/1/2028 | 275 | 287 |
| Series 2025G, Rev., 5.00%, 1/1/2029 | 475 | 504 |
| Total Guam |  | 791 |
| **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** |
| City and County Honolulu |  |  |
| Series A, Rev., 4.00%, 7/1/2026 | 20 | 20 |
| Series D, GO, 5.00%, 9/1/2026 | 70 | 72 |
| City and County of Honolulu Series 2022A, GO, <br> 5.00%, 11/1/2026<br>| 120 | 124 |
| 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 | 72 |
| Total Hawaii |  | 416 |
| **Illinois — 3.8%** | **Illinois — 3.8%** | **Illinois — 3.8%** |
| Carol Stream Park District Series 2020C, GO, <br> 4.00%, 11/1/2026<br>| 1020 | 1037 |
| Chicago O'Hare International Airport, General <br> Airport, Senior Lien<br>|  |  |
| Series A, Rev., 5.00%, 1/1/2027 | 20 | 21 |
| Series C, Rev., 5.00%, 1/1/2027 | 20 | 20 |
| Series C, Rev., 5.00%, 1/1/2028 | 575 | 579 |
| Series C, Rev., 5.00%, 1/1/2028 | 40 | 41 |
| Series C, Rev., 5.00%, 1/1/2029 | 595 | 600 |
| City of Springfield Electric, Senior Lien, Rev., <br> 5.00%, 3/1/2030<br>| 1870 | 2036 |
| County of Cook |  |  |
| Series 2022A, GO, 5.00%, 11/15/2025 | 1955 | 1965 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 57

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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 2021B, GO, 4.00%, 11/15/2026 | 230 | 234 |
| Series 2021A, GO, 5.00%, 11/15/2026 | 205 | 211 |
| Series 2016A, GO, 5.00%, 11/15/2027 | 2800 | 2878 |
| Series 2016A, GO, 5.00%, 11/15/2028 | 45 | 46 |
| County of Cook, Sales Tax Series 2022A, Rev., <br> 5.00%, 11/15/2025<br>| 45 | 45 |
| DuPage County Community High School District No. <br> 94 West Chicago, GO, 4.00%, 1/1/2033<br>| 10 | 10 |
| Illinois Development Finance Authority, Solid waste <br> Management, Inc. Project, Rev., AMT, 4.25%, <br> 11/3/2025 (d)<br>| 6000 | 6005 |
| Illinois Finance Authority, Clean Water Initiative <br> Revolving Fund<br>|  |  |
| Series 2019, Rev., 5.00%, 1/1/2027 | 240 | 248 |
| Series 2019, Rev., 5.00%, 7/1/2027 | 250 | 262 |
| 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 |
| Illinois Finance Authority, Northwestern Memorial <br> Healthcare Series 2017A, Rev., 5.00%, <br> 7/15/2027<br>| 80 | 84 |
| Illinois Finance Authority, Northwestern University |  |  |
| Series 2015, Rev., 5.00%, 12/1/2025 | 25 | 25 |
| Series 2017A, Rev., 5.00%, 7/15/2026 | 270 | 276 |
| Illinois Finance Authority, Presbyterian Homes <br> Obligated Group Series 2021B, Rev., (SIFMA <br> Municipal Swap Index Yield + 0.70%), 3.33%, <br> 9/11/2025 (c)<br>| 1125 | 1118 |
| Illinois Finance Authority, Presence Health Network <br> Series 2016C, Rev., 5.00%, 2/15/2027<br>| 145 | 151 |
| Illinois Finance Authority, Rush University Medical <br> Center Obligated Group<br>|  |  |
| Series 2015A, Rev., 5.00%, 11/15/2025 | 765 | 766 |
| Series 2015A, Rev., 5.00%, 11/15/2027 | 20 | 20 |
| Illinois Finance Authority, State Clean Water <br> Initiative<br>|  |  |
| Series 2016, Rev., 5.00%, 1/1/2026 | 20 | 20 |
| Series 2017, Rev., 5.00%, 1/1/2026 | 95 | 96 |
| Series 2017, Rev., 5.00%, 7/1/2027 | 20 | 21 |
| Illinois Finance Authority, Swedish Covenant Hospital <br> Series 2016A, Rev., 5.00%, 8/15/2026 (b)<br>| 1145 | 1170 |
| Illinois Finance Authority, The Carle Foundation <br> Series 2021A, Rev., 5.00%, 8/15/2028<br>| 100 | 107 |
| Illinois Finance Authority, Uchicago Medicine Series <br> 2022B-2, Rev., 5.00%, 8/15/2027 (d)<br>| 2065 | 2141 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Illinois Finance Authority, Unitypoint Health Series <br> 2016D, Rev., 4.00%, 2/15/2026 (b)<br>| 5000 | 5035 |
| Illinois Finance Authority, University of Chicago <br> Series 2015A, Rev., 5.00%, 10/1/2025 (b)<br>| 23000 | 23046 |
| Illinois Municipal Electric Agency, Power Supply <br> System<br>|  |  |
| Series 2015A, Rev., 4.00%, 9/9/2025 | 3200 | 3201 |
| Series 2015A, Rev., 5.00%, 9/9/2025 | 100 | 100 |
| Illinois State Toll Highway Authority |  |  |
| Series 2019C, Rev., 5.00%, 1/1/2026 | 95 | 96 |
| Series 2018A, Rev., 5.00%, 1/1/2027 | 45 | 47 |
| Series 2019B, Rev., 5.00%, 1/1/2027 | 555 | 575 |
| Series 2019C, Rev., 5.00%, 1/1/2027 | 165 | 171 |
| 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 | 432 |
| 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 | 180 |
| Series 2016A, Rev., 5.00%, 12/1/2029 | 1185 | 1216 |
| Regional Transportation Authority |  |  |
| Series 2017A, Rev., 5.00%, 7/1/2028 | 285 | 296 |
| Series 2017A, Rev., 5.00%, 7/1/2029 | 1700 | 1764 |
| State of Illinois |  |  |
| Series 2019B, GO, 5.00%, 9/1/2025 | 3860 | 3860 |
| Series 2020D, GO, 5.00%, 10/1/2025 | 20 | 20 |
| Series 2017D, GO, 5.00%, 11/1/2025 | 2325 | 2334 |
| Series 2017A, GO, 5.00%, 12/1/2025 | 250 | 251 |
| GO, 5.00%, 2/1/2026 | 695 | 702 |
| GO, 5.50%, 5/1/2026 | 5000 | 5093 |
| Series 2023D, GO, 5.00%, 7/1/2026 | 8000 | 8154 |
| Series 2017D, GO, 5.00%, 11/1/2026 | 1110 | 1140 |
| Series 2016, GO, 5.00%, 2/1/2027 | 150 | 155 |
| Series 2021B, GO, 5.00%, 3/1/2027 | 125 | 129 |
| Series 2022A, GO, 5.00%, 3/1/2027 | 20 | 21 |
| Series 2023D, GO, 5.00%, 7/1/2027 | 90 | 94 |
| Series 2018A, GO, 5.00%, 10/1/2027 | 200 | 210 |
| Series 2017D, GO, 5.00%, 11/1/2027 | 1160 | 1217 |
| Series 2022B, GO, 5.00%, 3/1/2028 | 50 | 53 |
| Series 2016, GO, 5.00%, 6/1/2028 | 1345 | 1368 |
| Series 2017D, GO, 5.00%, 11/1/2028 | 2965 | 3119 |
| Series 2017A, GO, 5.00%, 12/1/2028 | 90 | 95 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

58 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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 2016, GO, 5.00%, 2/1/2029 | 35 | 36 |
| Series 2018A, GO, 5.00%, 5/1/2029 | 400 | 423 |
| 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 | 1254 |
| Series 2021A, Rev., 4.00%, 6/15/2027 | 40 | 41 |
| Series 2016, Rev., 5.00%, 6/15/2029 | 25 | 25 |
| University of Illinois Series 2023A, Rev., 5.00%, <br> 4/1/2027<br>| 80 | 83 |
| University of Illinois, Auxiliary Facilities System <br> Series 2023A, Rev., 5.00%, 4/1/2026<br>| 1550 | 1571 |
| Village of Oswego Series 2016, GO, 5.00%, <br> 12/15/2025 (b)<br>| 1380 | 1389 |
| Will Grundy Etc Counties Community College District <br> No. 525, Joliet Junior College, GO, 5.00%, <br> 1/1/2026<br>| 30 | 30 |
| Total Illinois |  | 91570 |
| **Indiana — 1.4%** | **Indiana — 1.4%** | **Indiana — 1.4%** |
| City of Indianapolis, Department of Public Utilities <br> Water System<br>|  |  |
| Series 2016B, Rev., 5.00%, 10/1/2026 | 20 | 21 |
| Series 2018A, Rev., 5.00%, 10/1/2026 | 80 | 82 |
| City of Indianapolis, Department of Public Utilities <br> Water System, First Lien Series 2018A, Rev., <br> 5.00%, 10/1/2027<br>| 45 | 47 |
| City of Whiting, BP Products North America, Inc. <br> Project Series 2019A, Rev., AMT, 5.00%, <br> 6/5/2026 (d)<br>| 1900 | 1923 |
| Gary Community School Building Corp., Ad Valorem <br> Property Tax First Mortgage<br>|  |  |
| Series 2020B, Rev., 4.00%, 1/15/2026 | 220 | 221 |
| Series 2020B, Rev., 4.00%, 7/15/2026 | 235 | 237 |
| 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 | 2113 |
| 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 2016A, Rev., 5.00%, 12/1/2025 | 165 | 166 |
| Series 2023B1, Rev., 5.00%, 7/1/2028 (d) | 2100 | 2218 |
| Series 2025D-1, Rev., 5.00%, 10/1/2029 (d) | 1500 | 1612 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| Indiana Finance Authority, Parkview Health System, <br> Inc. Series 2017A, Rev., 5.00%, 11/1/2025<br>| 250 | 251 |
| Indiana Finance Authority, Stadium Project Series <br> 2022A, Rev., 5.00%, 2/1/2026<br>| 40 | 40 |
| 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, 3.90%, 9/2/2025 (d)<br>| 20000 | 20000 |
| Indiana Municipal Power Agency, Power Supply <br> System<br>|  |  |
| Series 2016C, Rev., 5.00%, 1/1/2026 | 55 | 55 |
| Series 2016C, Rev., 5.00%, 1/1/2027 | 40 | 41 |
| Series 2016C, Rev., 5.00%, 1/1/2028 | 30 | 31 |
| Series 2016C, Rev., 5.00%, 1/1/2029 | 185 | 189 |
| Purdue University Series EE, Rev., 5.00%, <br> 7/1/2027<br>| 35 | 37 |
| Tippecanoe School Corp. |  |  |
| Series 2024A, GO, 5.00%, 1/15/2026 | 2830 | 2855 |
| Series 2024B, GO, 5.00%, 1/15/2026 | 2830 | 2855 |
| Total Indiana |  | 35197 |
| **Iowa — 2.1%** | **Iowa — 2.1%** | **Iowa — 2.1%** |
| City of Shenandoah, Iowa Sewer Capital Loan <br> Project, Rev., 4.00%, 6/30/2026<br>| 11900 | 11987 |
| Iowa Finance Authority, Midwestern Disaster Area, <br> Archer-Daniels-Midland Co., Project, Rev., VRDO, <br> 2.77%, 9/11/2025 (d)<br>| 15200 | 15200 |
| Iowa Finance Authority, State Revolving Fund Series <br> 2016, Rev., 5.00%, 8/1/2026<br>| 95 | 97 |
| State of Iowa, Ijobs Program Series 2016A, Rev., <br> 5.00%, 6/1/2027<br>| 2000 | 2036 |
| University of Iowa (The), Parking System Series <br> 2023, Rev., BAN, 3.50%, 10/7/2025<br>| 21595 | 21614 |
| Total Iowa |  | 50934 |
| **Kansas — 0.6%** | **Kansas — 0.6%** | **Kansas — 0.6%** |
| City of Derby Series 2024-1, GO, 4.00%, <br> 12/1/2026<br>| 2000 | 2006 |
| Kansas Development Finance Authority, <br> AdventHealth Series 2021B, Rev., 5.00%, <br> 11/15/2028 (d)<br>| 5600 | 5968 |
| Kansas Development Finance Authority, State of <br> Kansas Project Series 2020R, Rev., 5.00%, <br> 11/1/2025<br>| 155 | 156 |
| Riley County Unified School District No. 383, <br> Manhattan-Ogden Series 2018A, GO, 5.00%, <br> 9/1/2027 (b)<br>| 60 | 63 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 59

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Kansas — continued** | **Kansas — continued** | **Kansas — continued** |
| State of Kansas, Department of Transportation |  |  |
| Series 2025A, Rev., 5.00%, 9/1/2027 | 2000 | 2107 |
| Series 2025A, Rev., 5.00%, 9/1/2028 | 3000 | 3236 |
| University of Kansas Hospital Authority, Health <br> System Series 2017A, Rev., 4.00%, <br> 3/1/2027 (b)<br>| 225 | 230 |
| 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 |  | 15768 |
| **Kentucky — 0.5%** | **Kentucky — 0.5%** | **Kentucky — 0.5%** |
| Commonwealth of Kentucky, State Office Building <br> Project Series 2018A, COP, 4.00%, 4/15/2027<br>| 1250 | 1277 |
| County of Trimble Series 2023A, Rev., AMT, 4.70%, <br> 6/1/2027 (d)<br>| 1000 | 1013 |
| Kentucky Asset Liability Commission Series 2021A, <br> Rev., 5.00%, 11/1/2027<br>| 25 | 26 |
| Kentucky State Property and Building Commission, <br> Project No. 112<br>|  |  |
| Series B, Rev., 5.00%, 11/1/2026 | 105 | 108 |
| Series B, Rev., 5.00%, 11/1/2027 | 1000 | 1030 |
| Series B, Rev., 5.00%, 11/1/2028 | 305 | 314 |
| Kentucky State Property and Building Commission, <br> Project No. 113 Series 2024B, Rev., 5.00%, <br> 11/1/2027<br>| 1000 | 1056 |
| Kentucky State Property and Building Commission, <br> Project No. 115, Rev., 5.00%, 4/1/2028<br>| 500 | 521 |
| Kentucky State Property and Building Commission, <br> Project No. 122 Series A, Rev., 5.00%, <br> 11/1/2027<br>| 260 | 274 |
| Kentucky State Property and Building Commission, <br> Project No. 124 Series A, Rev., A.G., 5.00%, <br> 11/1/2025<br>| 25 | 25 |
| 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 | 1079 |
| Kentucky Turnpike Authority, Revitalization Projects |  |  |
| Series B, Rev., 5.00%, 7/1/2026 | 90 | 92 |
| Series B, Rev., 5.00%, 7/1/2027 | 125 | 131 |
| Louisville and Jefferson County Metropolitan <br> Government, Louisville Gas and Electric Co. <br> Project Series 2001A, Rev., 0.90%, 9/1/2026<br>| 5000 | 4877 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| Louisville and Jefferson County Metropolitan <br> Government, Norton Healthcare, Inc. Series <br> 2016A, Rev., 5.00%, 10/1/2027<br>| 75 | 77 |
| Louisville Water Co. Series 2019, Rev., 5.00%, <br> 11/15/2025<br>| 100 | 101 |
| 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 |  | 12194 |
| **Louisiana — 0.7%** | **Louisiana — 0.7%** | **Louisiana — 0.7%** |
| City of New Orleans, Water System Series 2015, <br> Rev., 5.00%, 12/1/2025 (b)<br>| 25 | 25 |
| City of Shreveport, Water and Sewer, Junior Lien <br> Series 2018C, Rev., 5.00%, 12/1/2026<br>| 75 | 77 |
| Louisiana Public Facilities Authority, Elementus <br> Minerals, LLC Project Series 2023, Rev., 5.00%, <br> 11/1/2025 (d) (e)<br>| 9000 | 9020 |
| Louisiana Public Facilities Authority, Ochsner Clinic <br> Foundation Project Series 2002B, Rev., 5.50%, <br> 5/15/2026 (b)<br>| 30 | 31 |
| 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 | 81 |
| State of Louisiana |  |  |
| Series 2023A, GO, 5.00%, 4/1/2027 | 680 | 708 |
| Series 2024E, GO, 5.00%, 9/1/2028 | 1600 | 1721 |
| Series 2024E, GO, 5.00%, 9/1/2029 | 1000 | 1097 |
| State of Louisiana, Gasoline and Fuels Tax, Second <br> Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank <br> NA, 3.90%, 9/2/2025 (d)<br>| 4000 | 4000 |
| Total Louisiana |  | 16780 |
| **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 | 255 |
| Maine Municipal Bond Bank Series 2020A, Rev., <br> 5.00%, 9/1/2027<br>| 20 | 21 |
| Maine School Administrative District No. 51 Series <br> 2025A, GO, BAN, 4.50%, 12/30/2025<br>| 6400 | 6437 |
| Maine Turnpike Authority |  |  |
| Rev., 5.00%, 7/1/2029 | 1000 | 1095 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

60 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maine — continued** | **Maine — continued** | **Maine — continued** |
| Rev., 5.00%, 7/1/2030 | 1000 | 1112 |
| State of Maine Series 2022B, GO, 5.00%, <br> 6/1/2026<br>| 65 | 66 |
| Total Maine |  | 8986 |
| **Maryland — 0.2%** | **Maryland — 0.2%** | **Maryland — 0.2%** |
| 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 | 88 |
| County of Howard Series 2017A, GO, 5.00%, <br> 2/15/2027<br>| 45 | 47 |
| County of Montgomery Series 2018A, GO, 5.00%, <br> 11/1/2026<br>| 75 | 77 |
| Maryland Health and Higher Educational Facilities <br> Authority, The Johns Hopkins Health System <br> Series 2024A, Rev., VRDO, LOC : TD Bank NA, <br> 2.70%, 9/2/2025 (d)<br>| 5000 | 5000 |
| State of Maryland |  |  |
| Series 2016, GO, 4.00%, 9/22/2025 | 130 | 130 |
| Series 2021A, GO, 5.00%, 8/1/2026 | 135 | 138 |
| State of Maryland, Department of Transportation <br> Series 2017, Rev., 5.00%, 5/1/2026<br>| 250 | 250 |
| State of Maryland, Department of Transportation, <br> Second Issue Series 2018, Rev., 5.00%, <br> 10/1/2027<br>| 50 | 52 |
| University System of Maryland |  |  |
| Series 2017A, Rev., 5.00%, 4/1/2026 | 40 | 41 |
| Series 2019B, Rev., 5.00%, 4/1/2026 | 35 | 36 |
| Series 2019C, Rev., 5.00%, 4/1/2027 | 100 | 104 |
| Total Maryland |  | 5989 |
| **Massachusetts — 3.6%** | **Massachusetts — 3.6%** | **Massachusetts — 3.6%** |
| Central Berkshire Regional School District, GO, BAN, <br> 4.25%, 9/26/2025<br>| 7208 | 7216 |
| City of Boston Series 2015B, GO, 5.00%, 4/1/2026 | 50 | 50 |
| City of Pittsfield, GO, BAN, 4.50%, 2/20/2026 | 3100 | 3125 |
| City of Somerville Series 2025B, GO, BAN, 5.00%, <br> 7/1/2026<br>| 11500 | 11729 |
| City of Springfield, GO, BAN, 4.25%, 5/1/2026 | 6000 | 6059 |
| Commonwealth of Massachusetts |  |  |
| Series C, GO, A.G., 5.25%, 11/1/2026 | 50 | 52 |
| Series 2021A, GO, 5.00%, 9/1/2029 | 2000 | 2202 |
| Commonwealth of Massachusetts, Consolidated <br> Loan of 2023 Series 2023B, GO, 5.00%, <br> 10/1/2026<br>| 40 | 41 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| Massachusetts Development Finance Agency, <br> Children's Hospital Corp. Obligated Group Series <br> 2024U-2, Rev., VRDO, LOC : TD Bank NA, 2.50%, <br> 9/2/2025 (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 | 225 |
| Massachusetts School Building Authority, Dedicated <br> Sales Tax Series 2016B, Rev., 5.00%, <br> 11/15/2026 (b)<br>| 135 | 139 |
| Merrimack Valley Regional Transit Authority, Rev., <br> RAN, 4.25%, 6/18/2026<br>| 5000 | 5052 |
| Town of Abington, GO, BAN, 4.50%, 4/23/2026 | 2000 | 2018 |
| Town of Charlton, GO, BAN, 4.25%, 4/16/2026 | 5500 | 5556 |
| Town of Middleborough, GO, BAN, 4.25%, <br> 9/26/2025<br>| 7554 | 7562 |
| Town of Nahant, GO, BAN, 4.25%, 7/24/2026 | 2000 | 2025 |
| Town of Oxford, GO, BAN, 4.00%, 3/5/2026 | 3000 | 3019 |
| Town of Seekonk, GO, BAN, 4.25%, 4/16/2026 | 3400 | 3435 |
| Town of Westford, GO, BAN, 4.25%, 4/30/2026 | 11000 | 11117 |
| University of Massachusetts Building Authority <br> Series 2015-1, Rev., 5.00%, 11/1/2029<br>| 2000 | 2008 |
| Worcester Regional Transit Authority, Rev., RAN, <br> 4.25%, 6/18/2026<br>| 4000 | 4042 |
| Total Massachusetts |  | 86722 |
| **Michigan — 3.0%** | **Michigan — 3.0%** | **Michigan — 3.0%** |
| Fulton School District, Unlimited Tax |  |  |
| GO, A.G., 4.00%, 5/1/2026 | 220 | 222 |
| 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 | 219 |
| Series 2018A, Rev., 5.00%, 7/1/2027 | 25 | 26 |
| Series 2018A, Rev., 5.00%, 7/1/2028 | 100 | 107 |
| Michigan Finance Authority, Henry Ford Health <br> System<br>|  |  |
| Series 2016, Rev., 5.00%, 11/15/2026 | 1280 | 1319 |
| Rev., 5.00%, 11/15/2027 | 760 | 782 |
| Michigan Finance Authority, Hospital Trinity Health <br> Credit Group<br>|  |  |
| Series 2017A-MI, Rev., 5.00%, 12/1/2027 | 140 | 148 |
| Series 2015MI, Rev., 5.50%, 12/1/2027 | 1140 | 1145 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 61

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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 Finance Authority, Trinity Health Credit <br> Group<br>|  |  |
| Series 2013MI-1, Rev., VRDO, 2.90%, <br> 12/1/2025 (d)<br>| 3000 | 3000 |
| 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, Facilities Program |  |  |
| Series 2023-I, Rev., VRDO, 2.73%, <br> 9/11/2025 (d)<br>| 10000 | 10000 |
| Series 2015I, Rev., 5.00%, 10/15/2025 | 2165 | 2171 |
| Series 2016I, Rev., 5.00%, 4/15/2026 | 75 | 76 |
| Series 2016I, Rev., 5.00%, 10/15/2030 | 1000 | 1024 |
| Michigan State Hospital Finance Authority, <br> Ascension Senior Credit Group Series 2010F-7, <br> Rev., 5.00%, 11/15/2026 (b)<br>| 2300 | 2370 |
| Michigan State Hospital Finance Authority, Trinity <br> Health Credit Group Series 2008C, Rev., 5.00%, <br> 12/1/2025<br>| 100 | 101 |
| Michigan State Housing Development Authority, <br> Rental Housing<br>|  |  |
| Series 2024A, Rev., 3.63%, 10/1/2029 | 7750 | 7752 |
| Series 2024A, Rev., 3.70%, 4/1/2030 | 9000 | 9015 |
| Michigan State University Series 2020A, Rev., <br> 5.00%, 8/15/2027<br>| 80 | 84 |
| Michigan Strategic Fund, Consumers Co. Project <br> Series 2019, Rev., AMT, 3.35%, 10/1/2027 (d)<br>| 1300 | 1284 |
| RIB Floater Trust Various States Series 2022-046, <br> Rev., VRDO, LOC : Barclays Bank plc, 2.68%, <br> 9/2/2025 (d) (e)<br>| 31410 | 31410 |
| State of Michigan Series 2016, Rev., GAN, 5.00%, <br> 3/15/2026<br>| 55 | 56 |
| University of Michigan, Rev., 5.00%, 4/1/2026 (b) | 50 | 51 |
| Total Michigan |  | 72654 |
| **Minnesota — 0.1%** | **Minnesota — 0.1%** | **Minnesota — 0.1%** |
| City of St. Cloud, Centracare Health System Series <br> 2016A, Rev., 5.00%, 5/1/2026<br>| 140 | 142 |
| Duluth Independent School District No. 709 Series <br> 2019B, COP, 5.00%, 2/1/2028<br>| 300 | 317 |
| Minneapolis-St. Paul Metropolitan Airports <br> Commission<br>|  |  |
| Series 2023A, Rev., 5.00%, 1/1/2027 | 50 | 52 |
| Series A, Rev., 5.00%, 1/1/2027 | 80 | 83 |
| Series A, Rev., 5.00%, 1/1/2029 | 35 | 36 |
| Minnesota Health and Education Facilities Authority, <br> Carleton College Series 2017, Rev., 5.00%, <br> 3/1/2026<br>| 30 | 30 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| State of Minnesota |  |  |
| Series 2022A, Rev., 5.00%, 3/1/2027 | 1285 | 1336 |
| Series 2019B, GO, 5.00%, 8/1/2027 | 35 | 37 |
| Western Minnesota Municipal Power Agency, Red <br> Rock Hydroelectric Project Series 2018A, Rev., <br> 5.00%, 1/1/2026<br>| 40 | 40 |
| Total Minnesota |  | 2073 |
| **Mississippi — 1.0%** | **Mississippi — 1.0%** | **Mississippi — 1.0%** |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project Series 2010H, Rev., VRDO, 2.78%, <br> 9/2/2025 (d)<br>| 15000 | 15000 |
| Mississippi Development Bank, Desoto County <br> Mississippi Highway Project Series 2024A, Rev., <br> 5.00%, 1/1/2029<br>| 1500 | 1618 |
| Mississippi Hospital Equipment and Facilities <br> Authority, Baptist Memorial Health Care Corp. <br> Series 2020A-1, Rev., VRDO, 5.00%, <br> 9/2/2025 (d)<br>| 7000 | 7000 |
| State of Mississippi |  |  |
| Series 2015F, GO, 4.00%, 11/1/2025 (b) | 795 | 797 |
| Series 2016B, GO, 5.00%, 12/1/2026 (b) | 500 | 516 |
| Total Mississippi |  | 24931 |
| **Missouri — 1.4%** | **Missouri — 1.4%** | **Missouri — 1.4%** |
| 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 | 183 |
| 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 | 248 |
| 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 | 1083 |
| Series 2024, Rev., 5.00%, 11/1/2029 | 2500 | 2763 |
| Health and Educational Facilities Authority of the <br> State of Missouri Series 2021C, Rev., 5.00%, <br> 5/1/2028 (d)<br>| 1000 | 1061 |
| Health and Educational Facilities Authority of the <br> State of Missouri, BJC Health System Series <br> 2021B, Rev., 4.00%, 5/1/2026 (d)<br>| 5500 | 5543 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

62 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| 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, 2.65%, <br> 9/2/2025 (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 | 71 |
| Health and Educational Facilities Authority of the <br> State of Missouri, St. Luke's Health System, Inc. <br> Series 2016, Rev., 5.00%, 11/15/2025<br>| 30 | 30 |
| Missouri Development Finance Board, Procter & <br> Gamble Co. Project Series 1999, Rev., 5.20%, <br> 3/15/2029<br>| 700 | 747 |
| Missouri Public Utilities Commission, Rev., 4.00%, <br> 5/1/2026<br>| 7250 | 7281 |
| Total Missouri |  | 33879 |
| **Nebraska — 0.4%** | **Nebraska — 0.4%** | **Nebraska — 0.4%** |
| County of Washington, Wastewater and Solid Waste <br> Disposal Facilities, Cargill Incorporated Projects, <br> Rev., AMT, VRDO, 0.90%, 9/1/2025 (d)<br>| 6800 | 6800 |
| Nebraska Public Power District |  |  |
| Series A-1, Rev., 5.00%, 1/1/2026 | 50 | 50 |
| Series B, Rev., 5.00%, 1/1/2026 | 25 | 25 |
| Series 2016A, Rev., 5.00%, 1/1/2027 | 60 | 61 |
| Series A-1, Rev., 5.00%, 1/1/2027 | 35 | 35 |
| Series C, Rev., 5.00%, 1/1/2028 | 125 | 126 |
| 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 | 1956 |
| Total Nebraska |  | 9118 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| Carson City Nevada Hospital, Carson Tahoe Regional <br> Healthcare Project, Rev., 5.00%, 9/1/2027<br>| 685 | 709 |
| 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 | 83 |
| Series 2017A, GO, 5.00%, 6/15/2027 | 190 | 199 |
| Series 2018A, GO, 5.00%, 6/15/2027 | 150 | 157 |
| Series 2015D, GO, 5.00%, 6/15/2028 | 140 | 141 |
| Series 2017A, GO, 5.00%, 6/15/2028 | 115 | 120 |
| Series 2018A, GO, 5.00%, 6/15/2029 | 60 | 64 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Nevada — continued** | **Nevada — continued** | **Nevada — continued** |
| County of Clark |  |  |
| Series 2018, GO, 5.00%, 12/1/2026 | 1000 | 1033 |
| Series 2018B, GO, 5.00%, 12/1/2026 | 50 | 52 |
| 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>| 120 | 126 |
| Las Vegas Valley Water District Series 2016B, GO, <br> 5.00%, 6/1/2027<br>| 50 | 51 |
| State of Nevada, Capital Improvement and Cultural <br> Affairs Series 2019A, GO, 5.00%, 5/1/2027<br>| 85 | 89 |
| State of Nevada, Department of Business and <br> Industry, Republic Services, Inc. Project Series <br> 2001, Rev., AMT, 3.95%, 12/1/2025 (d) (e)<br>| 1000 | 1000 |
| State of Nevada, Water Pollution Control Series <br> 2019E, GO, 5.00%, 8/1/2027<br>| 30 | 31 |
| Total Nevada |  | 3952 |
| **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 | 2519 |
| New Hampshire Municipal Bond Bank Series 2022C, <br> Rev., 5.00%, 8/15/2027<br>| 30 | 31 |
| Total New Hampshire |  | 2550 |
| **New Jersey — 10.7%** | **New Jersey — 10.7%** | **New Jersey — 10.7%** |
| 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 | 102 |
| Bergen County Improvement Authority (The), <br> Guaranteed Government Pooled Project<br>|  |  |
| Rev., GTD, 4.00%, 10/16/2025 | 20000 | 20033 |
| Series 2025A, Rev., GTD, 4.00%, 5/21/2026 | 14000 | 14139 |
| Borough of Avalon, GO, BAN, 4.50%, 2/4/2026 | 9350 | 9418 |
| Borough of Bloomingdale, GO, BAN, 4.50%, <br> 2/12/2026<br>| 1500 | 1511 |
| Borough of Carlstadt, GO, BAN, 4.50%, 5/1/2026 | 8500 | 8591 |
| Borough of East Rutherford, GO, BAN, 4.00%, <br> 4/2/2026<br>| 8500 | 8564 |
| Borough of Fanwood Series 2025A, GO, BAN, <br> 4.00%, 2/26/2026<br>| 4000 | 4024 |
| Borough of Flemington Series 2025A, GO, BAN, <br> 4.50%, 1/26/2026<br>| 4000 | 4027 |
| Borough of Mountain Lakes, GO, BAN, 4.25%, <br> 10/10/2025<br>| 2200 | 2203 |
| Borough of North Plainfield, GO, BAN, 4.25%, <br> 11/25/2025<br>| 5000 | 5015 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 63

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| Borough of Palisades Park, Swimming Pool Utility, <br> GO, BAN, 4.25%, 3/11/2026<br>| 2000 | 2011 |
| Borough of Point Pleasant Beach, General Capital <br> Notes Water and Sewer Utility, GO, BAN, 4.00%, <br> 11/7/2025<br>| 4600 | 4610 |
| Burlington County Bridge Commission, Government <br> Leasing Program Series 2024D, Rev., RAN, <br> 4.25%, 12/11/2025<br>| 4300 | 4316 |
| City of Jersey City Series 2025A, GO, BAN, 4.00%, <br> 7/8/2026<br>| 6500 | 6571 |
| Essex County Improvement Authority, Family Court <br> Building Project, Rev., GTD, 5.00%, 3/17/2026<br>| 5500 | 5572 |
| Hudson County Improvement Authority, Local Unit <br> Loan Program Series B-1, Rev., GTD, 4.00%, <br> 6/24/2026<br>| 10000 | 10108 |
| Jersey City Municipal Utilities Authority, Water <br> Project Series 2025A, Rev., GTD, 5.00%, <br> 5/1/2026<br>| 4500 | 4564 |
| Monmouth County Improvement Authority (The), <br> Rev., GTD, 4.00%, 3/13/2026<br>| 15525 | 15634 |
| New Jersey Building Authority Series 2016A, Rev., <br> 5.00%, 6/15/2026 (b)<br>| 900 | 919 |
| 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 | 2497 |
| Series 2019GGG, Rev., 5.25%, 9/1/2026 (e) | 2500 | 2567 |
| Series 2024SSS, Rev., 5.00%, 6/15/2027 | 1400 | 1461 |
| 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 | 4617 |
| New Jersey Higher Education Student Assistance <br> Authority, Senior Student Loan Immediate <br> Delivery Series 2025-2, Rev., AMT, 4.88%, <br> 6/2/2026 (d)<br>| 9000 | 9117 |
| New Jersey Transportation Trust Fund Authority, <br> Capital Appreciation Series 2010A, Rev., Zero <br> Coupon, 12/15/2028<br>| 2485 | 2266 |
| New Jersey Transportation Trust Fund Authority, <br> Federal Highway Reimbursement Series <br> 2016A-1, Rev., 5.00%, 6/15/2028<br>| 410 | 418 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation Program Series 2023AA, Rev., <br> 5.00%, 6/15/2026<br>| 1875 | 1911 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| New Jersey Transportation Trust Fund Authority, <br> Transportation System Series 2006C, Rev., NATL - <br> RE, Zero Coupon, 12/15/2030<br>| 3500 | 2968 |
| New Jersey Turnpike Authority |  |  |
| Series 2005D-2, Rev., A.G., 5.25%, 1/1/2026 | 16890 | 17048 |
| Series 2005D-3, Rev., A.G., 5.25%, 1/1/2026 | 900 | 908 |
| Series 2014A, Rev., 5.00%, 1/1/2027 | 220 | 220 |
| Series 2017E, Rev., 5.00%, 1/1/2027 | 1000 | 1034 |
| Passaic County Improvement Authority (The), City of <br> Paterson Project, Rev., GTD, 5.00%, 8/15/2026<br>| 350 | 359 |
| State of New Jersey, COVID-19 Emergency Bonds |  |  |
| Series 2020A, GO, 5.00%, 6/1/2026 | 2000 | 2038 |
| Series 2020A, GO, 5.00%, 6/1/2027 | 110 | 115 |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2026 | 335 | 340 |
| Series 2018A, Rev., 5.00%, 6/1/2028 | 1045 | 1099 |
| Series 2018A, Rev., 5.00%, 6/1/2029 | 280 | 294 |
| Town of Dover, General Improvement Water Utility, <br> GO, BAN, 4.50%, 1/21/2026<br>| 11700 | 11781 |
| Town of Guttenberg, GO, BAN, 4.25%, 10/16/2025 | 5920 | 5930 |
| Township of Boonton, GO, BAN, 4.00%, 8/28/2026 | 4300 | 4346 |
| Township of East Windsor, GO, BAN, 4.25%, <br> 9/19/2025<br>| 7219 | 7223 |
| Township of Edison, Water Utility Series 2024B, GO, <br> BAN, 4.00%, 11/6/2025<br>| 8860 | 8881 |
| Township of Howell, GO, TAN, 4.25%, 2/19/2026 | 1500 | 1508 |
| Township of Little Egg Harbor Series 2025A, GO, <br> BAN, 4.25%, 1/20/2026<br>| 2425 | 2437 |
| Township of Manchester Series 2025A, GO, BAN, <br> 4.50%, 5/6/2026<br>| 6000 | 6065 |
| Township of Medford Series 2024A, GO, BAN, <br> 4.25%, 9/25/2025<br>| 10290 | 10299 |
| Township of Middle, General Improvement Sewer <br> Utility, GO, BAN, 4.25%, 9/3/2025<br>| 5225 | 5225 |
| Township of Readington, GO, BAN, 4.25%, <br> 9/30/2025<br>| 2100 | 2102 |
| Township of Washington, GO, BAN, 4.25%, <br> 7/2/2026<br>| 2500 | 2530 |
| Township of Woodbridge, GO, BAN, 4.00%, <br> 10/10/2025<br>| 7200 | 7210 |
| Total New Jersey |  | 258969 |
| **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 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

64 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Mexico — continued** | **New Mexico — continued** | **New Mexico — continued** |
| Albuquerque Bernalillo County Water Utility <br> Authority, Senior Lien Joint Water and Sewer <br> System Series 2015, Rev., 5.00%, 7/1/2026<br>| 50 | 50 |
| New Mexico Finance Authority, State Transportation, <br> Subordinate Lien<br>|  |  |
| Series 2021A, Rev., 5.00%, 6/15/2026 | 1000 | 1021 |
| Series 2018A, Rev., 5.00%, 6/15/2027 | 70 | 73 |
| New Mexico Mortgage Finance Authority, Santee <br> Apartments and Sangre De Cristo Project, Rev., <br> 3.73%, 12/1/2025 (d)<br>| 1000 | 1001 |
| State of New Mexico, Capital Projects, GO, 5.00%, <br> 3/1/2026<br>| 45 | 46 |
| State of New Mexico, Severance Tax Permanent <br> Fund<br>|  |  |
| Series 2018A, Rev., 5.00%, 7/1/2027 | 45 | 47 |
| Series 2021A, Rev., 5.00%, 7/1/2028 | 65 | 70 |
| Total New Mexico |  | 2359 |
| **New York — 14.0%** | **New York — 14.0%** | **New York — 14.0%** |
| Altmar-Parish-Williamstown Central School District <br> Series 2025B, GO, BAN, 4.25%, 6/25/2026<br>| 10000 | 10111 |
| Ausable Valley Central School District, GO, BAN, <br> 4.25%, 7/10/2026<br>| 3000 | 3033 |
| Brasher Falls Central School District, GO, BAN, <br> 4.25%, 7/16/2026<br>| 3500 | 3536 |
| Brocton Central School District, GO, BAN, 4.25%, <br> 6/25/2026<br>| 6000 | 6066 |
| 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 | 5264 |
| Canisteo-Greenwood Central School District, GO, <br> BAN, 4.25%, 6/26/2026<br>| 3000 | 3029 |
| City of Long Beach Series 2024B, GO, BAN, 4.25%, <br> 9/26/2025<br>| 9175 | 9181 |
| City of New York, Fiscal Year 2008 Series 2018 <br> J-11, GO, 5.00%, 8/1/2026<br>| 85 | 87 |
| City of New York, Fiscal Year 2017 Series 2014I, <br> Subseries I-3, GO, 5.00%, 8/1/2028<br>| 745 | 772 |
| City of New York, Fiscal Year 2019 |  |  |
| Series A, GO, 5.00%, 8/1/2026 | 120 | 123 |
| Series 2019E, GO, 5.00%, 8/1/2027 | 135 | 142 |
| City of New York, Fiscal Year 2023 |  |  |
| Series 2023, Subseries F-1, GO, 5.00%, <br> 8/1/2026<br>| 200 | 205 |
| Series 2024, Subseries A-1, GO, 5.00%, <br> 9/1/2026<br>| 180 | 185 |

---

---

| | | |
|:---|:---|:---|
| **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 2024 Series 2024E, <br> GO, 5.00%, 8/1/2029<br>| 800 | 872 |
| City of New York, Fiscal Year 2025 Series 2025A, <br> GO, 5.00%, 8/1/2028<br>| 1000 | 1071 |
| City of New York, Fiscal Year 2026 Series 2026B, <br> Subseries B-1, GO, 5.00%, 8/1/2030<br>| 3500 | 3867 |
| City of Troy, GO, BAN, 4.50%, 1/30/2026 | 2000 | 2014 |
| City of Utica, GO, BAN, 4.50%, 1/23/2026 | 5000 | 5029 |
| Clinton Central School District, GO, BAN, 4.25%, <br> 6/25/2026<br>| 5000 | 5055 |
| Croton-Harmon Union Free School District Series <br> 2025A, GO, BAN, 4.00%, 6/26/2026<br>| 20000 | 20229 |
| Delaware Academy Central School District at Delhi, <br> GO, BAN, 4.25%, 7/22/2026<br>| 6000 | 6057 |
| 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 | 3029 |
| Gouverneur Central School District, GO, BAN, <br> 4.25%, 7/16/2026<br>| 10800 | 10904 |
| Hornell City School District, GO, BAN, 4.25%, <br> 6/24/2026<br>| 5000 | 5051 |
| Hudson Falls Central School District, GO, BAN, <br> 4.25%, 6/24/2026<br>| 4000 | 4043 |
| Hudson Yards Infrastructure Corp., Second <br> Indenture Series 2022A, Rev., 5.00%, <br> 2/15/2026<br>| 45 | 46 |
| Johnstown City School District, GO, BAN, 4.25%, <br> 6/26/2026<br>| 3000 | 3029 |
| Lansingburgh Central School District at Troy, GO, <br> BAN, 4.25%, 7/10/2026<br>| 5000 | 5044 |
| Liverpool Central School District Series 2024B, GO, <br> BAN, 4.25%, 9/19/2025<br>| 6412 | 6416 |
| Long Island Power Authority, Electric System |  |  |
| Rev., 1.00%, 9/1/2025 | 25000 | 25000 |
| Series 2019A, Rev., 5.00%, 9/1/2025 | 30 | 30 |
| Series 2023F, Rev., 5.00%, 9/1/2027 | 20 | 21 |
| Series 2025B, Rev., VRDO, 3.00%, 9/1/2028 (d) | 1000 | 1000 |
| Lyons Central School District, GO, BAN, 4.25%, <br> 6/26/2026<br>| 3000 | 3030 |
| Madrid-Waddington Central School District, GO, BAN, <br> 4.00%, 7/24/2026<br>| 2000 | 2017 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 65

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| Metropolitan Transportation Authority |  |  |
| Series 2002G-1F, Rev., (SOFR + 0.43%), 3.37%, <br> 9/2/2025 (c)<br>| 590 | 590 |
| Series 2016B, Rev., 4.00%, 11/15/2025 | 40 | 40 |
| Milford Central School District, GO, BAN, 4.25%, <br> 12/12/2025<br>| 1500 | 1504 |
| Nassau County Sewer and Storm Water Finance <br> Authority Series A, Rev., 5.00%, 10/1/2025<br>| 500 | 500 |
| 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., 2.65%, 9/2/2025 (d)<br>| 10000 | 10000 |
| New York City Transitional Finance Authority <br> Building Aid<br>|  |  |
| Series 2016S-1, Rev., 5.00%, 1/15/2026 | 25 | 25 |
| Series 2019S-2A, Rev., 5.00%, 7/15/2027 | 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 | 97 |
| Series C, Rev., 5.00%, 11/1/2026 | 80 | 80 |
| Series B1, Rev., 5.00%, 11/1/2028 | 5030 | 5048 |
| Series 2017A-1, Rev., 5.00%, 5/1/2029 | 25 | 25 |
| 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 Future <br> Tax Secured, Fiscal Year 2022 Series 2020B-1, <br> Rev., 5.00%, 11/1/2026<br>| 80 | 83 |
| New York City Transitional Finance Authority Future <br> Tax Secured, Fiscal Year 2025 Series 2021 <br> Subseries A-1, Rev., 5.00%, 11/1/2026<br>| 40 | 41 |
| New York City Transitional Finance Authority, <br> Building Aid, Fiscal Year 2018 Series S-1, Rev., <br> 5.00%, 7/15/2028<br>| 105 | 110 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2019 Series B-5, Rev., <br> VRDO, LIQ : US Bank NA, 3.85%, 9/2/2025 (d)<br>| 25000 | 25000 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2021 Series 2021A, <br> Rev., 5.00%, 11/1/2025 (b)<br>| 20 | 20 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2025<br>|  |  |
| Series 2025C, Subseries C-1, Rev., 5.00%, <br> 5/1/2027<br>| 3600 | 3762 |
| Series 2025C, Subseries C-1, Rev., 5.00%, <br> 5/1/2028<br>| 3265 | 3488 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025C, Subseries C-1, Rev., 5.00%, <br> 5/1/2029<br>| 2000 | 2182 |
| 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 | 2112 |
| Series 2025F, Subseries F-1, Rev., 5.00%, <br> 11/1/2029<br>| 2000 | 2203 |
| Series 2025H, Sub H-1, Rev., 5.00%, 11/1/2029 | 1750 | 1927 |
| Series 2025F, Subseries F-1, Rev., 5.00%, <br> 11/1/2030<br>| 1400 | 1563 |
| New York City Water and Sewer System, Second <br> General Resolution Series BB 1B, Rev., VRDO, LIQ <br> : State Street Bank & Trust Co., 2.70%, <br> 9/2/2025 (d)<br>| 10000 | 10000 |
| New York State Dormitory Authority |  |  |
| Series 2024A, Rev., A.G., 5.00%, 10/1/2025 | 1800 | 1804 |
| Series 2018-1, Rev., 5.00%, 1/15/2026 | 20 | 20 |
| Series 2024A, Rev., A.G., 5.00%, 10/1/2026 | 1000 | 1029 |
| 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 | 1161 |
| New York State Dormitory Authority, School Districts <br> Financing Program<br>|  |  |
| Series 2025A, Rev., A.G., 5.00%, 10/1/2027 | 2500 | 2638 |
| Series 2025A, Rev., A.G., 5.00%, 10/1/2028 | 1000 | 1081 |
| New York State Dormitory Authority, State Personal <br> Income Tax<br>|  |  |
| Series 2016D, Rev., 5.00%, 2/15/2026 (b) | 245 | 248 |
| Series 2017BGRP 1, Rev., 5.00%, <br> 2/15/2026 (b)<br>| 85 | 86 |
| Series 2021A, Rev., 5.00%, 3/15/2027 (b) | 180 | 188 |
| Series 2021E, Rev., 5.00%, 3/15/2028 | 205 | 218 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose Series 2018A, Rev., <br> 5.00%, 3/15/2026 (b)<br>| 20 | 20 |
| New York State Dormitory Authority, State Sales Tax |  |  |
| Series 2016A, Rev., 5.00%, 9/15/2026 (b) | 85 | 87 |
| 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 | 652 |
| New York State Housing Finance Agency, State <br> Personal Income Tax Series 2024A-2, Rev., <br> 3.35%, 6/15/2029 (d)<br>| 2000 | 2010 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

66 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Owego Apalachin Central School District |  |  |
| Series 2025A, GO, BAN, 4.25%, 7/2/2026 | 2500 | 2527 |
| Series 2025B, GO, BAN, 4.25%, 7/17/2026 | 2500 | 2529 |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 183, Rev., 5.00%, 12/15/2025 | 160 | 160 |
| Series 246, Rev., AMT, 5.00%, 9/1/2026 | 8250 | 8435 |
| 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 | 5052 |
| Ridge Road Fire District, GO, BAN, 4.25%, <br> 10/22/2025<br>| 7000 | 7015 |
| Sherman Central School District, GO, BAN, 4.25%, <br> 6/24/2026<br>| 5400 | 5456 |
| Town of Cortlandt, GO, BAN, 4.25%, 10/3/2025 | 2400 | 2403 |
| Town of Grand Island, GO, BAN, 4.25%, 10/3/2025 | 12000 | 12017 |
| Town of Milton, GO, BAN, 4.00%, 7/24/2026 | 3500 | 3521 |
| Town of Newburgh, GO, BAN, 4.50%, 1/30/2026 | 2500 | 2518 |
| Town of Putnam Valley Series 2024B, GO, BAN, <br> 4.25%, 9/5/2025<br>| 7500 | 7501 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels<br>|  |  |
| Series A, Rev., 5.00%, 11/15/2026 | 75 | 78 |
| Series A, Rev., 5.00%, 11/15/2027 | 50 | 52 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels, Payroll Mobility Tax Series <br> 2024B, Rev., BAN, 5.00%, 3/15/2027<br>| 2000 | 2079 |
| Village of Farmingdale Series 2024B, GO, BAN, <br> 4.25%, 9/25/2025<br>| 5700 | 5705 |
| Village of Highland Falls Series 2024C, GO, BAN, <br> 4.25%, 9/26/2025<br>| 4045 | 4049 |
| Village of Johnson City Series 2024C, GO, BAN, <br> 4.25%, 9/26/2025<br>| 12425 | 12433 |
| Webb Union Free School District, GO, BAN, 4.25%, <br> 7/16/2026<br>| 3000 | 3024 |
| West Genesee Central School District, GO, RAN, <br> 4.25%, 10/24/2025<br>| 6000 | 6011 |
| West Seneca Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 10000 | 10107 |
| Wheatland Chili Central School District Series <br> 2025A, GO, BAN, 4.25%, 7/9/2026<br>| 1500 | 1517 |
| Total New York |  | 340974 |
| **North Carolina — 1.2%** | **North Carolina — 1.2%** | **North Carolina — 1.2%** |
| Charlotte-Mecklenburg Hospital Authority (The), <br> Atrium Health Care System Series 2021C, Rev., <br> 5.00%, 12/1/2028 (d)<br>| 1000 | 1069 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| County of Harnett Series 2020, Rev., 5.00%, <br> 12/1/2026<br>| 200 | 206 |
| County of Mecklenburg Series 2013A, GO, 5.00%, <br> 12/1/2025<br>| 1000 | 1007 |
| County of New Hanover, New Hanover Regional <br> Medical Center Series 2017, Rev., 5.00%, <br> 10/1/2027 (b)<br>| 1580 | 1667 |
| County of Union Enterprise System Series 2021, <br> Rev., 5.00%, 6/1/2026<br>| 35 | 36 |
| Cumberland County Industrial Facilities and <br> Pollution Control Financing Authority, Solid Waste <br> Disposal Project Hero Series 2024, Rev., AMT, <br> 3.75%, 11/1/2025 (d)<br>| 5000 | 5001 |
| North Carolina Eastern Municipal Power Agency <br> Series 1993B, Rev., 6.00%, 1/1/2026 (b)<br>| 165 | 167 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 52-C, Rev., VRDO, GNMA / FNMA / FHLMC, <br> LIQ : TD Bank NA, 3.90%, 9/2/2025 (d)<br>| 9500 | 9500 |
| Series 55-C, Rev., GNMA / FNMA / FHLMC, <br> 3.20%, 1/15/2026 (d)<br>| 4000 | 4001 |
| North Carolina Medical Care Commission, Caromont <br> Health Series 2021B, Rev., 5.00%, 2/1/2026 (d)<br>| 1290 | 1302 |
| North Carolina Municipal Power Agency No. 1 |  |  |
| Series A, Rev., 5.00%, 1/1/2026 | 65 | 66 |
| Series 2016A, Rev., 5.00%, 1/1/2028 | 265 | 271 |
| Series 2016A, Rev., 5.00%, 1/1/2029 | 250 | 255 |
| Orange County Public Facilities Co., Rev., 5.00%, <br> 10/1/2026<br>| 175 | 180 |
| Raleigh Durham Airport Authority Series 2020B, <br> Rev., 5.00%, 5/1/2026<br>| 135 | 137 |
| Raleigh Housing Authority, Toulun Place, Rev., FHA, <br> 5.00%, 12/1/2025 (d)<br>| 4150 | 4171 |
| State of North Carolina |  |  |
| Series 2018A, GO, 5.00%, 6/1/2026 | 50 | 51 |
| Series 2014C, Rev., 5.00%, 5/1/2027 | 440 | 441 |
| State of North Carolina, Limited Obligation Series <br> 2017B, Rev., 5.00%, 5/1/2029<br>| 525 | 547 |
| Total North Carolina |  | 30075 |
| **Ohio — 4.7%** | **Ohio — 4.7%** | **Ohio — 4.7%** |
| American Municipal Power, Inc., AMP Fremont <br> Energy Center Project Series 2017A, Rev., <br> 5.00%, 2/15/2028<br>| 100 | 106 |
| American Municipal Power, Inc., Combined <br> Hydroelectric Projects Series 2020A, Rev., <br> 5.00%, 2/15/2027<br>| 330 | 342 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 67

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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** |
| City of Columbus, Various Purpose, Unlimited Tax |  |  |
| Series 2022B, GO, 5.00%, 4/1/2028 | 1745 | 1866 |
| Series 2017-1, GO, 5.00%, 4/1/2029 | 4000 | 4198 |
| City of Hamilton, Limited Tax Various Purpose, GO, <br> BAN, 4.00%, 12/17/2025<br>| 1800 | 1806 |
| City of Huber Heights, Various Purpose, GO, BAN, <br> 5.00%, 6/25/2026<br>| 6000 | 6104 |
| City of New Albany, GO, BAN, 4.00%, 9/10/2025 | 10000 | 10002 |
| Cleveland Department of Public Utilities Division of <br> Water, Second Lien Series 2017B, Rev., 5.00%, <br> 1/1/2026<br>| 60 | 61 |
| Cleveland-Cuyahoga County Port Authority, The <br> Cleveland Museum of Natural History Project, <br> Rev., 5.00%, 7/1/2026<br>| 125 | 127 |
| County of Allen, Hospital Facilities, Bon Secours <br> Mercy Health, Inc. Series 2017A, Rev., 5.00%, <br> 8/1/2027<br>| 300 | 314 |
| County of Cuyahoga |  |  |
| Series 2020D, Rev., 5.00%, 12/1/2025 | 150 | 151 |
| Series 2020D, Rev., 5.00%, 12/1/2026 | 40 | 41 |
| County of Cuyahoga, Convention Hotel Project |  |  |
| COP, 5.00%, 12/1/2025 | 5500 | 5529 |
| COP, 5.00%, 12/1/2026 | 4220 | 4342 |
| County of Hamilton Sales Tax Series 2016A, Rev., <br> 5.00%, 12/1/2029<br>| 110 | 113 |
| County of Hamilton Sewer System Series 2020A, <br> Rev., 5.00%, 12/1/2026<br>| 20 | 21 |
| County of Hamilton, Trihealth, Inc. Group Project <br> Series 2020A, Rev., 5.00%, 8/15/2027<br>| 205 | 214 |
| County of Lake, GO, 4.00%, 9/24/2025 | 3000 | 3002 |
| County of Mahoning, Limited Tax Various Tax, GO, <br> 4.00%, 10/14/2025<br>| 3840 | 3844 |
| County of Montgomery, Dayton Children's Hospital <br> Series 2021, Rev., 5.00%, 8/1/2026<br>| 425 | 434 |
| County of Muskingum, Limited Tax, GO, 4.00%, <br> 12/17/2025<br>| 8000 | 8027 |
| County of Wayne, Limited Tax, GO, 3.50%, <br> 12/18/2025<br>| 12000 | 12021 |
| Cuyahoga Metropolitan Housing Authority, Wade <br> Park Apartments, Rev., FHA, 4.75%, <br> 12/1/2025 (d)<br>| 100 | 100 |
| Kings Local School District, Unlimited Tax, GO, BAN, <br> 5.00%, 7/9/2026<br>| 2000 | 2038 |
| Monroe Local School District, GO, BAN, 3.88%, <br> 12/4/2025<br>| 2000 | 2006 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| Ohio Air Quality Development Authority, American <br> Electric Power Co. Project Series 2014D, Rev., <br> 3.20%, 5/1/2026<br>| 2000 | 1997 |
| Ohio Higher Educational Facility Commission, Case <br> Western Reserve University Project<br>|  |  |
| Series 2018, Rev., 5.00%, 12/1/2026 | 120 | 124 |
| Series 2018, Rev., 5.00%, 12/1/2029 | 40 | 42 |
| Ohio State University (The) |  |  |
| Series 2010D, Rev., 5.00%, 12/1/2025 | 25 | 25 |
| Series 2021A, Rev., 5.00%, 12/1/2026 | 225 | 232 |
| Ohio Turnpike and Infrastructure Commission Series <br> 1998A, Rev., NATL - RE, 5.50%, 2/15/2026<br>| 1800 | 1824 |
| Ohio Water Development Authority, Water Pollution <br> Control Loan Fund<br>|  |  |
| Series 2015B, Rev., 5.00%, 12/1/2025 (b) | 790 | 795 |
| Series 2020B, Rev., 5.00%, 12/1/2025 | 125 | 126 |
| State of Ohio |  |  |
| Series 2016A, Rev., 5.00%, 2/1/2026 | 35 | 35 |
| Series 2017V, GO, 5.00%, 10/1/2026 | 100 | 103 |
| State of Ohio, Capital Facilities Lease Appropriation, <br> Park and Recreation Improvement Fund Project <br> Series 2016C, Rev., 5.00%, 12/1/2026<br>| 45 | 47 |
| State of Ohio, Cleveland Clinic Health System Series <br> 2019F, Rev., VRDO, LIQ : US Bank NA, 2.75%, <br> 9/2/2025 (d)<br>| 15000 | 15000 |
| State of Ohio, Common School |  |  |
| Series 2015A, GO, 5.00%, 9/15/2026 | 115 | 118 |
| Series 2017B, GO, 5.00%, 9/15/2026 | 50 | 51 |
| Series 2025A, GO, 5.00%, 6/15/2029 | 8130 | 8926 |
| Series 2025A, GO, 5.00%, 6/15/2030 | 7500 | 8362 |
| State of Ohio, Higher Education Series 2025B, GO, <br> 5.00%, 11/1/2030<br>| 1485 | 1664 |
| State of Ohio, Infrastructure Improvement Series <br> 2025A, GO, 5.00%, 3/1/2030<br>| 4000 | 4440 |
| State of Ohio, Major New State Infrastructure Project <br> Series 2024-1, Rev., 5.00%, 12/15/2027<br>| 1235 | 1310 |
| State of Ohio, State Infrastructure Improvement <br> Series 2016-1, Rev., 5.00%, 12/15/2028<br>| 1000 | 1019 |
| State of Ohio, State Infrastructure Project Series <br> 2016-1, Rev., 5.00%, 12/15/2025<br>| 100 | 101 |
| State of Ohio, Voting System Acquisition Project, <br> COP, 5.00%, 9/1/2026<br>| 20 | 21 |
| University of Cincinnati |  |  |
| Series 2016A, Rev., 5.00%, 6/1/2026 | 25 | 26 |
| Series 2019A, Rev., 5.00%, 6/1/2027 | 85 | 89 |
| Total Ohio |  | 113286 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

68 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **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 | 1591 |
| City of Oklahoma City |  |  |
| GO, 5.00%, 3/1/2027 | 2600 | 2700 |
| Series 2016, GO, 5.00%, 3/1/2027 | 1000 | 1038 |
| GO, 5.00%, 3/1/2028 | 1470 | 1568 |
| Cleveland County Educational Facilities Authority, <br> Norman Public Schools Project Series 2023A, <br> Rev., 5.00%, 6/1/2028<br>| 1300 | 1381 |
| Grand River Dam Authority |  |  |
| Series 2014A, Rev., 5.00%, 6/1/2026 | 405 | 406 |
| Series 2016A, Rev., 5.00%, 6/1/2026 | 65 | 66 |
| Series 2016A, Rev., 5.00%, 6/1/2027 | 60 | 62 |
| Series 2016A, Rev., 5.00%, 6/1/2029 | 30 | 31 |
| Oklahoma Municipal Power Authority, Power Supply <br> System Series 2021A, Rev., A.G., 5.00%, <br> 1/1/2027<br>| 65 | 67 |
| Pittsburg County Educational Facilities Authority, <br> McAlester Public Schools Project, Rev., 4.00%, <br> 12/1/2026<br>| 250 | 254 |
| Tulsa County Independent School District No. 1 Tulsa <br> Series 2025A, GO, 4.00%, 4/1/2028<br>| 2800 | 2897 |
| Tulsa County Independent School District No. 4 <br> Bixby, GO, 5.00%, 6/1/2027<br>| 5400 | 5609 |
| Total Oklahoma |  | 17670 |
| **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 | 1562 |
| State of Oregon, Article XI-G Project Series 2025G, <br> GO, 5.00%, 8/1/2027<br>| 3400 | 3576 |
| 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 | 31 |
| State of Oregon, Department of Transportation <br> Series A, Rev., 5.00%, 11/15/2026<br>| 225 | 232 |
| Tri-County Metropolitan Transportation District of <br> Oregon Series 2018A, Rev., 5.00%, 10/1/2029<br>| 100 | 106 |
| Total Oregon |  | 5507 |
| **Pennsylvania — 5.7%** | **Pennsylvania — 5.7%** | **Pennsylvania — 5.7%** |
| Allegheny County Higher Education Building <br> Authority, Robert Morris University, Rev., 5.00%, <br> 10/15/2027 (b)<br>| 570 | 598 |
| Allegheny County Higher Education Building <br> Authority, University Refunding Duquesne <br> University Series 2016, Rev., 5.00%, 3/1/2027<br>| 90 | 91 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Allegheny County Hospital Development Authority, <br> Allegheny Health Network Obligated Group Series <br> 2018A, Rev., 5.00%, 4/1/2026<br>| 2500 | 2531 |
| Allegheny County Hospital Development Authority, <br> Pittsburgh Medical Center Series 2019A, Rev., <br> 5.00%, 7/15/2026<br>| 45 | 46 |
| Allegheny County Hospital Development Authority, <br> UPMC Health Center Series 1997B, Rev., NATL - <br> RE, 6.00%, 7/1/2027<br>| 75 | 80 |
| Allegheny County Sanitary Authority, Sewer Series <br> 2020A, Rev., 5.00%, 6/1/2026<br>| 650 | 663 |
| Altoona Area School District, GO, 5.00%, <br> 12/1/2025 (b)<br>| 25 | 25 |
| City of Philadelphia |  |  |
| Series 2021A, GO, 5.00%, 5/1/2026 | 50 | 51 |
| 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 | 58 |
| 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 | 308 |
| Commonwealth Financing Authority |  |  |
| Series 2019B, Rev., 5.00%, 6/1/2027 | 365 | 380 |
| 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 | 1043 |
| Rev., 5.00%, 6/1/2028 | 1825 | 1946 |
| Rev., 5.00%, 6/1/2029 | 3550 | 3775 |
| Rev., 5.00%, 6/1/2030 | 2200 | 2327 |
| Commonwealth of Pennsylvania |  |  |
| Series 1ST, GO, 5.00%, 9/15/2026 | 825 | 848 |
| Series 2018A, COP, 5.00%, 7/1/2027 | 405 | 423 |
| Series 2016, GO, 5.00%, 9/15/2027 | 775 | 795 |
| Series 2025A, GO, 5.00%, 8/15/2028 | 11000 | 11834 |
| Series 2025B, GO, 5.00%, 8/15/2028 | 3750 | 4034 |
| County of Allegheny Series C-75, GO, 5.00%, <br> 11/1/2025<br>| 280 | 281 |
| County of Dauphin |  |  |
| Series 2020A, GO, 5.00%, 11/15/2026 (b) | 20 | 21 |
| Series 2020A, GO, 5.00%, 11/15/2027 (b) | 25 | 26 |
| County of Indiana |  |  |
| GO, 3.00%, 12/15/2025 | 250 | 250 |
| GO, 3.00%, 12/15/2026 | 435 | 437 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 69

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

---

| | | |
|:---|:---|:---|
| **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** |
| Delaware County Authority, Cabrini University, Rev., <br> 5.00%, 7/1/2027 (b)<br>| 1640 | 1706 |
| Delaware Valley Regional Finance Authority, Local <br> Government Series 1998A, Rev., AMBAC, 5.50%, <br> 8/1/2028<br>| 1240 | 1343 |
| Geisinger Authority, Health System |  |  |
| Series 2020B, Rev., 5.00%, 2/15/2027 (d) | 8700 | 8873 |
| Series 2017A-2, Rev., 5.00%, 2/15/2029 | 600 | 617 |
| Series 2020C, Rev., 5.00%, 4/1/2030 (d) | 1000 | 1079 |
| General Authority of Southcentral Pennsylvania, <br> Wellspan Health Obligated Group Series 2019E, <br> Rev., VRDO, LIQ : US Bank NA, 2.80%, <br> 9/2/2025 (d)<br>| 23600 | 23600 |
| Lancaster County Hospital Authority, University of <br> Pennsylvania Health System Series 2016A, Rev., <br> 5.00%, 8/15/2026<br>| 20 | 21 |
| Pennsylvania Economic Development Financing <br> Authority, Solid Waste Disposal, Republic <br> Services, Inc., Project Series 2019A, Rev., AMT, <br> 3.85%, 10/15/2025 (d)<br>| 7500 | 7501 |
| Pennsylvania Economic Development Financing <br> Authority, University of Pittsburgh Medical Center<br>|  |  |
| Series 2017A, Rev., 5.00%, 11/15/2026 | 65 | 67 |
| Series 2016, Rev., 5.00%, 3/15/2027 | 55 | 56 |
| Pennsylvania Economic Development Financing <br> Authority, Waste Management, Inc. Project Series <br> 2021A, Rev., AMT, 4.00%, 7/1/2026 (d)<br>| 7000 | 6992 |
| Pennsylvania Economic Development Financing <br> Authority, Waste Management, Inc., Project Series <br> 2017A, Rev., AMT, 3.88%, 8/3/2026 (d)<br>| 2900 | 2901 |
| Pennsylvania Higher Educational Facilities Authority <br> Series 2017AU-2, Rev., 5.00%, 6/15/2027 (b)<br>| 15 | 15 |
| Pennsylvania Higher Educational Facilities Authority, <br> State System Higher Education Series 2017AU-2, <br> Rev., 5.00%, 6/15/2027<br>| 35 | 37 |
| 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, 2.62%, <br> 9/11/2025 (d)<br>| 35000 | 35000 |
| Series 2019, Rev., 5.00%, 12/1/2025 | 155 | 156 |
| Series 2016, Rev., 5.00%, 6/1/2026 | 75 | 75 |
| Series 2020B, Rev., 5.00%, 12/1/2026 | 400 | 413 |
| Series 2021C, Rev., 5.00%, 12/1/2026 | 100 | 103 |
| Series 2019A, Rev., 4.00%, 12/1/2027 | 215 | 222 |
| Series 2016A-1, Rev., 5.00%, 12/1/2027 | 100 | 102 |
| Series 2016A-3, Rev., 5.00%, 12/1/2027 | 1355 | 1396 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Series 2016B, Rev., 5.00%, 6/1/2029 | 75 | 76 |
| Series 2017, Rev., 5.00%, 12/1/2029 | 50 | 53 |
| Pennsylvania Turnpike Commission Oil Franchise Tax |  |  |
| Series A, Rev., 5.00%, 12/1/2025 | 25 | 25 |
| Series B, Rev., 5.00%, 12/1/2028 | 485 | 499 |
| Pennsylvania Turnpike Commission, Subordinate <br> Series A-2, Rev., 5.00%, 6/1/2027<br>| 2000 | 2035 |
| Philadelphia Authority for Industrial Development |  |  |
| Series 2019, Rev., 5.00%, 10/1/2025 | 1610 | 1613 |
| 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%, 10/1/2025 | 25 | 25 |
| Series 14TH, Rev., 5.00%, 10/1/2026 | 30 | 31 |
| Series 14TH, Rev., 5.00%, 10/1/2028 | 300 | 307 |
| Series 14TH, Rev., 5.00%, 10/1/2029 | 325 | 333 |
| School District of Philadelphia (The) |  |  |
| Series 2019B, GO, 5.00%, 9/1/2026 | 1000 | 1025 |
| Series 2019A, GO, 5.00%, 9/1/2028 | 70 | 75 |
| Series F, GO, 5.00%, 9/1/2028 | 5000 | 5101 |
| Southeastern Pennsylvania Transportation Authority |  |  |
| Series 2017, Rev., 5.00%, 6/1/2027 | 80 | 83 |
| Series 2017, Rev., 5.00%, 6/1/2029 | 300 | 312 |
| Township of East Coventry |  |  |
| GO, 3.00%, 12/1/2025 | 345 | 345 |
| GO, 3.00%, 12/1/2026 | 275 | 276 |
| Wyalusing Area School District, GO, 3.00%, <br> 4/1/2026<br>| 300 | 301 |
| Total Pennsylvania |  | 139906 |
| **Rhode Island — 0.8%** | **Rhode Island — 0.8%** | **Rhode Island — 0.8%** |
| City of Pawtucket Series 2024-2, GO, BAN, 4.50%, <br> 10/24/2025<br>| 2100 | 2103 |
| Rhode Island Commerce Corp., Department of <br> Transportation<br>|  |  |
| Series 2016B, Rev., 5.00%, 6/15/2026 | 115 | 117 |
| Series 2016B, Rev., 5.00%, 6/15/2027 | 340 | 346 |
| Series 2020A, Rev., 5.00%, 5/15/2028 | 280 | 298 |
| Series 2016B, Rev., 5.00%, 6/15/2029 | 440 | 448 |
| Town of South Kingstown, GO, BAN, 4.00%, <br> 6/25/2026<br>| 15000 | 15167 |
| Total Rhode Island |  | 18479 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

70 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **South Carolina — 1.1%** | **South Carolina — 1.1%** | **South Carolina — 1.1%** |
| County Square Redevelopment Corp., Greenville <br> South Carolina Project, Rev., 5.00%, 4/1/2030<br>| 5900 | 6558 |
| Fort Mill School District No. 4 Series 2025A, GO, <br> SCSDE, 4.25%, 3/2/2026<br>| 6200 | 6249 |
| Horry County School District |  |  |
| Series 2015A, GO, SCSDE, 5.00%, 3/1/2026 | 185 | 185 |
| Series 2015A, GO, SCSDE, 5.00%, 3/1/2027 | 25 | 25 |
| Piedmont Municipal Power Agency Series 2015A, <br> Rev., 5.00%, 1/1/2026<br>| 1300 | 1302 |
| SCAGO Educational Facilities Corp. for Pickens <br> School District<br>|  |  |
| Series 2015, Rev., 5.00%, 12/1/2025 | 375 | 376 |
| Rev., 5.00%, 12/1/2027 | 80 | 80 |
| SCAGO Educational Facilities Corp. for Pickens <br> School District, Installment Purchase Project <br> Series 2015, Rev., 5.00%, 12/1/2026<br>| 3420 | 3425 |
| 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 | 2187 |
| 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 | 2506 |
| South Carolina Jobs-Economic Development <br> Authority, Mcleod Health Projects, Rev., 5.00%, <br> 11/1/2025<br>| 960 | 964 |
| South Carolina Public Service Authority, Santee <br> Cooper Series 2022B, Rev., A.G. - CR, 4.00%, <br> 12/1/2029<br>| 2500 | 2622 |
| Total South Carolina |  | 26479 |
| **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>| 75 | 77 |
| **Tennessee — 0.7%** | **Tennessee — 0.7%** | **Tennessee — 0.7%** |
| City of Chattanooga Electric |  |  |
| Series A, Rev., 4.00%, 9/1/2025 | 1750 | 1750 |
| Rev., 5.00%, 9/1/2028 | 6000 | 6471 |
| 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 | 4099 |
| Memphis-Shelby County Industrial Development <br> Board Series 2017B, Rev., 5.00%, 11/1/2025<br>| 120 | 121 |
| 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 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| 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 | 27 |
| Metropolitan Government of Nashville and Davidson <br> County Series 2016, GO, 5.00%, 1/1/2027<br>| 300 | 306 |
| 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 | 2156 |
| Tennessee Energy Acquisition Corp., Commodity <br> Project Series 2021A, Rev., 5.00%, 11/1/2026<br>| 350 | 357 |
| Tennessee State School Bond Authority, Higher <br> Educational Facilities Second Program<br>|  |  |
| Series 2015B, Rev., 5.00%, 11/1/2025 (b) | 100 | 100 |
| Series A, Rev., 5.00%, 11/1/2026 | 65 | 67 |
| Total Tennessee |  | 16472 |
| **Texas — 5.8%** | **Texas — 5.8%** | **Texas — 5.8%** |
| 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 | 78 |
| Arlington Housing Finance Corp., Multi Family <br> Housing 6900 Matlock Road Series 2023, Rev., <br> 4.50%, 4/1/2027 (d)<br>| 1580 | 1595 |
| Austin Independent School District, Unlimited Tax <br> Series 2019, GO, PSF-GTD, 5.00%, 8/1/2029<br>| 35 | 37 |
| Birdville Independent School District, Unlimited Tax <br> Series 2021, GO, PSF-GTD, 5.00%, 2/15/2026<br>| 440 | 445 |
| 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 | 308 |
| Series 2016J, Rev., 5.00%, 8/15/2026 | 25 | 26 |
| Series 2021A, Rev., 5.00%, 8/15/2027 | 95 | 100 |
| Celina Independent School District, Unlimited Tax <br> Series 2016, GO, PSF-GTD, 5.00%, 8/15/2029<br>| 1300 | 1314 |
| Central Texas Regional Mobility Authority, Senior <br> Lien, Rev., 5.00%, 1/1/2027<br>| 1060 | 1068 |
| Central Texas Regional Mobility Authority, <br> Subordinate Lien Series 2021C, Rev., BAN, <br> 5.00%, 1/1/2027<br>| 3355 | 3380 |
| City of Austin Water and Wastewater System |  |  |
| Series 2021, Rev., 5.00%, 11/15/2026 | 275 | 284 |
| Series 2022, Rev., 5.00%, 11/15/2026 | 300 | 310 |
| Series 2024, Rev., 5.00%, 11/15/2028 | 1000 | 1080 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 71

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| City of Austin, Airport System Series 2017A, Rev., <br> 5.00%, 11/15/2028<br>| 50 | 51 |
| City of Austin, Water and Wastewater System Series <br> 2017, Rev., 5.00%, 11/15/2028<br>| 280 | 295 |
| City of Dallas Series 2017, GO, 5.00%, 2/15/2026 | 320 | 324 |
| City of Dallas, Equipment Acquisition Contractual <br> Obligation, GO, 5.00%, 2/15/2026<br>| 205 | 207 |
| City of Denton, Utility System |  |  |
| Series 2017, Rev., 5.00%, 12/1/2027 | 225 | 232 |
| Series 2017, Rev., 5.00%, 12/1/2028 | 125 | 129 |
| City of Fort Worth |  |  |
| Series 2015A, GO, 5.00%, 3/1/2026 | 45 | 45 |
| Series 2016, GO, 5.00%, 3/1/2026 | 90 | 91 |
| City of Fort Worth Water and Sewer System |  |  |
| Series 2015A, Rev., 5.00%, 2/15/2026 | 25 | 25 |
| Series 2020A, Rev., 5.00%, 2/15/2026 | 130 | 132 |
| Series 2020A, Rev., 5.00%, 2/15/2027 | 165 | 171 |
| 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 | 78 |
| 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 |
| Series 2017A, GO, 5.00%, 3/1/2028 | 265 | 275 |
| City of Houston Airport System, Subordinate Lien <br> Series 2018D, Rev., 5.00%, 7/1/2027<br>| 65 | 68 |
| City of Houston Combined Utility System, First Lien |  |  |
| Series 2015D, Rev., 5.00%, 11/15/2025 | 300 | 302 |
| Series 2016B, Rev., 5.00%, 11/15/2025 | 570 | 573 |
| Series 2018D, Rev., 5.00%, 11/15/2025 | 20 | 20 |
| Series 2021A, Rev., 5.00%, 11/15/2027 | 25 | 26 |
| City of Houston, Airport System, Subordinate Lien |  |  |
| Series 2020B, Rev., 5.00%, 7/1/2026 | 35 | 36 |
| 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 |
| 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 | 1032 |
| Series 2014D, Rev., 5.00%, 11/15/2027 | 20 | 20 |
| Series 2015D, Rev., 5.00%, 11/15/2027 | 1015 | 1019 |
| City of Houston, Public Improvement Series 2019A, <br> GO, 5.00%, 3/1/2027<br>| 105 | 109 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of Lubbock Series 2018, GO, 5.00%, <br> 2/15/2026<br>| 40 | 40 |
| City of Lubbock, Electric Light and Power System |  |  |
| Series 2018, Rev., 5.00%, 4/15/2026 | 250 | 254 |
| Series 2018, Rev., 5.00%, 4/15/2027 | 480 | 500 |
| Series 2021, Rev., 5.00%, 4/15/2028 | 50 | 53 |
| City of San Antonio |  |  |
| Series 2015, GO, 5.00%, 9/30/2025 | 35 | 35 |
| GO, 5.00%, 2/1/2027 | 2120 | 2198 |
| City of San Antonio Electric and Gas Systems |  |  |
| Series 2016, Rev., 5.00%, 2/1/2026 | 175 | 177 |
| Series 2017, Rev., 5.00%, 2/1/2026 | 55 | 56 |
| Series 2018A, Rev., 5.00%, 2/1/2026 | 610 | 617 |
| Series 2016, Rev., 5.00%, 2/1/2027 | 1925 | 1966 |
| Series 2018, Rev., 5.00%, 2/1/2027 | 505 | 524 |
| Rev., 5.00%, 2/1/2030 | 1355 | 1384 |
| Series 2024D, Rev., 5.00%, 2/1/2030 | 1000 | 1100 |
| City of San Antonio, Combination Tax, GO, 5.00%, <br> 2/1/2029<br>| 1125 | 1218 |
| City of San Antonio, General Improvement, GO, <br> 5.00%, 8/1/2027<br>| 145 | 152 |
| Colorado River Municipal Water District, Rev., <br> 5.00%, 1/1/2026<br>| 100 | 101 |
| Comal Independent School District, Unlimited Tax <br> Series 2017, GO, PSF-GTD, 5.00%, 2/1/2028<br>| 35 | 35 |
| Conroe Independent School District, Unlimited Tax <br> Series 2019, GO, PSF-GTD, 5.00%, 2/15/2026<br>| 30 | 30 |
| 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) | 65 | 67 |
| Series 2017, GO, 5.00%, 6/15/2027 | 2000 | 2037 |
| County of Dallas, GO, 5.00%, 8/15/2026 | 35 | 36 |
| County of Fort Bend, Unlimited Tax |  |  |
| Series A, GO, 5.00%, 3/1/2027 | 90 | 91 |
| Series A, GO, 5.00%, 3/1/2028 | 95 | 96 |
| County of Harris Toll Road Series 2023A, Rev., <br> 5.00%, 8/15/2029<br>| 865 | 948 |
| County of Harris Toll Road, First Lien Series 2022A, <br> Rev., 5.00%, 8/15/2026<br>| 270 | 277 |
| County of Harris, First Lien Series 2022A, Rev., <br> 5.00%, 8/15/2027<br>| 120 | 126 |
| County of Harris, Senior Lien Series 2016A, Rev., <br> 5.00%, 8/15/2026<br>| 30 | 31 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

72 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| County of Harris, Toll Road, Senior Lien |  |  |
| Series 2016A, Rev., 5.00%, 8/15/2028 | 80 | 82 |
| Series 2016A, Rev., 5.00%, 8/15/2029 | 1145 | 1168 |
| County of Hays Series 2017, GO, 5.00%, <br> 2/15/2028<br>| 25 | 26 |
| Cypress-Fairbanks Independent School District, <br> Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2028<br>| 3350 | 3563 |
| Dallas Area Rapid Transit, Sales Tax, Senior Lien |  |  |
| Series 2016A, Rev., 5.00%, 12/1/2025 (b) | 265 | 266 |
| Series 2019, Rev., 5.00%, 12/1/2026 | 75 | 77 |
| Dallas County Utility and Reclamation District, <br> Unlimited Tax Series 2016, GO, 5.00%, <br> 2/15/2028<br>| 300 | 317 |
| Dallas Fort Worth International Airport |  |  |
| Series 2023B, Rev., 5.00%, 11/1/2025 | 4025 | 4041 |
| Series 2021B, Rev., 5.00%, 11/1/2026 | 35 | 36 |
| Series 2020A, Rev., 5.00%, 11/1/2027 | 65 | 69 |
| Series 2020B, Rev., 5.00%, 11/1/2027 | 25 | 26 |
| Series 2023B, Rev., 5.00%, 11/1/2027 | 1000 | 1056 |
| Series 2023B, Rev., 5.00%, 11/1/2028 | 1250 | 1350 |
| Dallas Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 4.00%, 2/15/2026 | 25 | 25 |
| Series 2020, GO, PSF-GTD, 5.00%, 2/15/2026 | 30 | 30 |
| 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 | 3568 |
| Grady Independent School District, Unlimited Tax <br> Series 2018B, GO, PSF-GTD, 5.00%, <br> 2/15/2026 (b)<br>| 45 | 46 |
| Harris County Cultural Education Facilities Finance <br> Corp., Memorial Hermann Health System<br>|  |  |
| Series 2020C-3, Rev., 5.00%, 12/1/2026 (d) | 2345 | 2411 |
| Series 2019A, Rev., 5.00%, 12/1/2027 | 20 | 21 |
| Series 2024C, Rev., 5.00%, 7/1/2029 (d) | 5250 | 5627 |
| Houston Independent School District, Limited Tax <br> Series 2025B, GO, PSF-GTD, 5.00%, 2/15/2027<br>| 4250 | 4411 |
| Humble Independent School District Series 2016C, <br> GO, 5.00%, 2/15/2026<br>| 100 | 101 |
| Irving Independent School District Series 2015, GO, <br> PSF-GTD, 5.00%, 2/15/2028<br>| 25 | 25 |
| Katy Independent School District Series D, GO, <br> PSF-GTD, 5.00%, 2/15/2026<br>| 240 | 243 |
| Keller Independent School District, Unlimited Tax |  |  |
| Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2026 | 25 | 25 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2015, GO, PSF-GTD, 5.00%, 8/15/2026 | 1000 | 1002 |
| Lamar Consolidated Independent School District, <br> Unlimited Tax Series 2018, GO, PSF-GTD, 5.00%, <br> 2/15/2026<br>| 85 | 86 |
| Lewisville Independent School District, Unlimited Tax |  |  |
| Series 2023, GO, PSF-GTD, 5.00%, 8/15/2026 | 825 | 846 |
| GO, PSF-GTD, 5.00%, 8/15/2027 | 2000 | 2101 |
| GO, PSF-GTD, 5.00%, 8/15/2028 | 2250 | 2419 |
| GO, PSF-GTD, 5.00%, 8/15/2029 | 1750 | 1919 |
| Lower Colorado River Authority, LCRA Transmission <br> Services Corp., Project<br>|  |  |
| Series 2023A, Rev., A.G., 5.00%, 5/15/2026 | 890 | 906 |
| Series 2019, Rev., 5.00%, 5/15/2027 | 245 | 255 |
| Series 2021, Rev., 5.00%, 5/15/2027 | 75 | 78 |
| Series 2022, Rev., 5.00%, 5/15/2027 | 85 | 89 |
| Series 2023, Rev., A.G., 5.00%, 5/15/2027 | 20 | 21 |
| Series 2023A, Rev., A.G., 5.00%, 5/15/2027 | 60 | 63 |
| Series 2019, Rev., 5.00%, 5/15/2028 | 80 | 85 |
| Series 2022, Rev., 5.00%, 5/15/2028 | 275 | 293 |
| 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 | 264 |
| Metropolitan Transit Authority of Harris County <br> Sales and Use Tax, Rev., 5.00%, 11/1/2029<br>| 1000 | 1076 |
| Mission Economic Development Corp., Republic <br> Services, Inc., Project, Rev., AMT, 3.85%, <br> 11/3/2025 (d)<br>| 2250 | 2250 |
| 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 | 1826 |
| 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 | 546 |
| Series 2016, Rev., 5.00%, 12/15/2029 | 190 | 196 |
| North Texas Tollway Authority Series 2016A, Rev., <br> 5.00%, 1/1/2028<br>| 30 | 30 |
| North Texas Tollway Authority, First Tier Series A, <br> Rev., 5.00%, 1/1/2028<br>| 245 | 247 |
| North Texas Tollway Authority, Second Tier |  |  |
| Series 2020C, Rev., 5.00%, 1/1/2026 | 75 | 76 |
| Series 2019B, Rev., 5.00%, 1/1/2027 | 75 | 78 |
| Series B, Rev., 5.00%, 1/1/2027 | 295 | 297 |
| Series 2019B, Rev., 5.00%, 1/1/2029 | 215 | 232 |
| Series B, Rev., 5.00%, 1/1/2029 | 20 | 20 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 73

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| Northwest Independent School District, Unlimited <br> Tax, GO, PSF-GTD, 5.00%, 2/15/2026 (b)<br>| 25 | 25 |
| Permanent University Fund - Texas A&M University <br> System Series 2017A, Rev., 5.00%, 7/1/2027<br>| 80 | 84 |
| Plano Independent School District Series 2016A, <br> GO, PSF-GTD, 5.00%, 2/15/2026<br>| 25 | 25 |
| Plano Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 5.00%, 2/15/2027 | 3500 | 3629 |
| GO, PSF-GTD, 5.00%, 2/15/2029 | 1800 | 1948 |
| Rankin Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/15/2026 (b)<br>| 1250 | 1264 |
| San Antonio Independent School District Series <br> 2015, GO, PSF-GTD, 5.00%, 9/24/2025<br>| 110 | 110 |
| 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 | 334 |
| Spring Independent School District, Unlimited Tax <br> Series 2024B, GO, 5.00%, 8/15/2029<br>| 500 | 545 |
| State of Texas, College Student Loan Series 2013B, <br> GO, AMT, 4.13%, 8/1/2030<br>| 1500 | 1500 |
| State of Texas, Public Finance Authority Series <br> 2017A, GO, 5.00%, 10/1/2027<br>| 1500 | 1581 |
| State of Texas, Transportation Commission Mobility <br> Fund<br>|  |  |
| Series 2024, GO, 5.00%, 10/1/2027 | 2585 | 2730 |
| Series 2015A, GO, 5.00%, 10/1/2028 | 1000 | 1002 |
| Series 2024, GO, 5.00%, 10/1/2028 | 4000 | 4323 |
| GO, 5.00%, 10/1/2030 | 1200 | 1341 |
| State of Texas, Veterans Series 2011A, GO, VRDO, <br> LIQ : State Street Bank & Trust Co., 2.70%, <br> 9/11/2025 (d)<br>| 9275 | 9275 |
| State of Texas, Veterans Housing Assistance <br> Program Series 2008B, GO, VRDO, LIQ : State <br> Street Bank & Trust Co., 2.70%, 9/11/2025 (d)<br>| 4365 | 4365 |
| 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 | 108 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Baylor Scott & White Health Project Series <br> 2022F, Rev., 5.00%, 11/15/2030 (d)<br>| 1100 | 1196 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System Series 2025B, <br> Rev., 5.00%, 11/15/2029 (d)<br>| 7000 | 7583 |
| 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, First Tier<br>|  |  |
| Rev., 5.25%, 4/1/2026 | 25 | 25 |
| Series 2015, Rev., 5.00%, 10/1/2026 | 55 | 57 |
| Texas Home Collaborative, 1518 Apartments Series <br> 2023, Rev., 5.00%, 10/1/2026 (d)<br>| 3325 | 3346 |
| Texas Municipal Gas Acquisition and Supply Corp. IV, <br> Gas Supply Series 2023A, Rev., 5.50%, <br> 1/1/2030 (d)<br>| 12260 | 13077 |
| Texas Public Finance Authority |  |  |
| Series 2019, Rev., 5.00%, 2/1/2026 | 30 | 30 |
| Rev., 5.00%, 2/1/2027 | 25 | 26 |
| Texas State Technical College Series 2022A, Rev., <br> A.G., 5.00%, 8/1/2028<br>| 385 | 412 |
| Texas State University System Series 2017A, Rev., <br> 5.00%, 3/15/2026<br>| 100 | 101 |
| Texas Tech University System Series 2017A, Rev., <br> 5.00%, 2/15/2026<br>| 110 | 111 |
| Texas Water Development Board, State Revolving <br> Fund Series 2020, Rev., 5.00%, 8/1/2026<br>| 140 | 143 |
| Tomball Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/15/2028 (b)<br>| 600 | 638 |
| 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 | 282 |
| Trinity River Authority, Central Regional Wastewater <br> System<br>|  |  |
| Series 2016, Rev., 5.00%, 8/1/2026 | 205 | 210 |
| Series 2019, Rev., 5.00%, 8/1/2026 | 100 | 102 |
| Series 2017, Rev., 5.00%, 8/1/2029 | 25 | 26 |
| Trinity River Authority, Water Project, Rev., 5.00%, <br> 2/1/2026<br>| 390 | 394 |
| University of Houston |  |  |
| Series 2016A, Rev., 4.00%, 2/15/2026 | 20 | 20 |
| Series 2020A, Rev., 5.00%, 2/15/2026 | 100 | 101 |
| 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>| 125 | 130 |
| Total Texas |  | 140007 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

74 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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% ^** |
| Alpine School District, Utah School Bond Guaranty <br> Program Series 2017, GO, 5.00%, 3/15/2026<br>| 25 | 25 |
| Provo City School District Municipal Building <br> Authority Series 2022, Rev., 5.00%, 3/15/2027<br>| 195 | 203 |
| University of Utah (The) Series 2017A, Rev., <br> 5.00%, 8/1/2026<br>| 75 | 77 |
| Utah Infrastructure Agency, Tax-Exempt <br> Telecommunications, Rev., 3.00%, 10/15/2025<br>| 125 | 125 |
| Total Utah |  | 430 |
| **Virginia — 4.9%** | **Virginia — 4.9%** | **Virginia — 4.9%** |
| Alexandria Redevelopment and Housing Authority, <br> Multi-Family Housing 431 S Columbus State Block <br> 4 Series 2024, Rev., 3.40%, 12/1/2025 (d)<br>| 1500 | 1502 |
| City of Portsmouth Series 2017A, GO, 5.00%, <br> 7/15/2026<br>| 70 | 72 |
| 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 | 41 |
| County of Henrico Water and Sewer, Rev., 5.00%, <br> 5/1/2026 (b)<br>| 1000 | 1017 |
| Fairfax County Industrial Development Authority, <br> Virginia Health Care, Inova Health System Project <br> Series 2018C, Rev., VRDO, 2.66%, <br> 9/11/2025 (d)<br>| 22000 | 22000 |
| Hampton Roads Sanitation District |  |  |
| Series 2024A, Rev., 5.00%, 11/1/2025 | 1500 | 1506 |
| Series 2016A, Rev., 5.00%, 8/1/2026 (b) | 50 | 51 |
| Hampton Roads Transportation Accountability <br> Commission, Transportation Fund, Senior Lien <br> Series 2021A, Rev., BAN, 5.00%, 7/1/2026 (b)<br>| 8495 | 8676 |
| Louisa Industrial Development Authority, Electric <br> and Power Co. Project Series 2008A, Rev., <br> 3.13%, 10/1/2030 (d) (f)<br>| 1000 | 1001 |
| Lynchburg Economic Development Authority, Centra <br> Health Obligated Group Series 2017B, Rev., <br> VRDO, LOC : Truist Bank, 2.65%, 9/2/2025 (d)<br>| 15000 | 15000 |
| Roanoke Economic Development Authority, Carilion <br> Health System Obligated Group Series 2005A, <br> Rev., VRDO, LIQ : PNC Bank NA, 2.70%, <br> 9/8/2025 (d)<br>| 30000 | 30000 |
| Virginia College Building Authority Series 2023A, <br> Rev., 5.00%, 2/1/2028<br>| 50 | 53 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| Virginia College Building Authority, Educational <br> Facilities, 21st Century College and Equipment <br> Programs<br>|  |  |
| Series 2014B, Rev., 4.00%, 9/1/2025 | 20 | 20 |
| Series 2016A, Rev., 5.00%, 2/1/2026 | 125 | 126 |
| Series 2020A, Rev., 5.00%, 2/1/2026 | 260 | 263 |
| Series 2020A, Rev., 5.00%, 2/1/2027 | 125 | 130 |
| Series 2017A, Rev., 5.00%, 9/1/2027 | 50 | 53 |
| Virginia Commonwealth Transportation Board, Rev., <br> GAN, 5.00%, 3/15/2027<br>| 70 | 73 |
| Virginia Commonwealth Transportation Board, <br> Capital Projects Series 2017A, Rev., 5.00%, <br> 5/15/2026<br>| 75 | 76 |
| Virginia Commonwealth Transportation Board, <br> Federal Transportation<br>|  |  |
| Rev., GAN, 5.00%, 9/15/2026 | 20 | 21 |
| Rev., GAN, 5.00%, 9/15/2028 | 750 | 787 |
| Virginia Port Authority Series 2016B, Rev., AMT, <br> 5.00%, 7/1/2026 (b)<br>| 4700 | 4781 |
| Virginia Public Building Authority |  |  |
| Series 2017A, Rev., 4.00%, 8/1/2027 | 830 | 856 |
| Series 2020B, Rev., 5.00%, 8/1/2027 | 25 | 26 |
| Virginia Small Business Financing Authority, <br> Environmental Facilities Pure Salmon Virginia LLC <br> Project, Rev., AMT, 4.00%, 11/20/2025 (d)<br>| 3350 | 3352 |
| Winchester Economic Development Authority, Valley <br> Health System Obligated Group Series 2024B-2, <br> Rev., VRDO, LOC : Truist Bank, 2.75%, <br> 9/2/2025 (d)<br>| 5000 | 5000 |
| Wise County Industrial Development Authority, <br> Electric and Power Co., Project Series 2009A, <br> Rev., VRDO, 0.75%, 9/2/2025 (d)<br>| 22765 | 22765 |
| Total Virginia |  | 119304 |
| **Washington — 1.7%** | **Washington — 1.7%** | **Washington — 1.7%** |
| Auburn School District No. 408 of King and Pierce <br> Counties, Unlimited Tax Series 2020, GO, 5.00%, <br> 12/1/2025<br>| 25 | 25 |
| Central Puget Sound Regional Transit Authority <br> Series 2021S-1, Rev., 5.00%, 11/1/2025<br>| 945 | 949 |
| Central Puget Sound Regional Transit Authority, <br> Sales and Use Tax Series 2015S-1, Rev., 5.00%, <br> 11/1/2025 (b)<br>| 550 | 552 |
| City of Seattle Municipal Light and Power |  |  |
| Series 2018A, Rev., 5.00%, 1/1/2026 | 185 | 187 |
| Series 2019B, Rev., 5.00%, 2/1/2026 | 100 | 101 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 75

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

AS OF August 31, 2025 (Unaudited) (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** |
| Clark County Public Utility District No. 1 Electric |  |  |
| Series 2024, Rev., 5.00%, 1/1/2027 | 1600 | 1658 |
| Series 2024, Rev., 5.00%, 1/1/2030 | 875 | 963 |
| Energy Northwest, Columbia Generating Station <br> Series 2025A, Rev., 5.00%, 7/1/2029<br>| 2400 | 2627 |
| Energy Northwest, Project 1 |  |  |
| Series 2024B, Rev., 5.00%, 7/1/2026 | 2420 | 2473 |
| Series 2017-A, Rev., 5.00%, 7/1/2027 | 250 | 262 |
| Series 2020A, Rev., 5.00%, 7/1/2027 | 85 | 89 |
| Series 2024B, Rev., 5.00%, 7/1/2027 | 1000 | 1048 |
| Series 2025A, Rev., 5.00%, 7/1/2027 | 1810 | 1898 |
| Series 2025A, Rev., 5.00%, 7/1/2028 | 2500 | 2684 |
| Energy Northwest, Project 3 Electric Series 2024B, <br> Rev., 5.00%, 7/1/2028<br>| 130 | 140 |
| Franklin County School District No. 1 Pasco, <br> Unlimited Tax Series 2015, GO, 5.00%, <br> 12/1/2025<br>| 3600 | 3604 |
| FYI Properties, State of Washington District Project <br> Series 2019, Rev., 5.00%, 6/1/2027<br>| 45 | 47 |
| Pierce County School District No. 10 Tacoma Series <br> 2015, GO, 5.00%, 12/1/2025 (b)<br>| 1000 | 1006 |
| Pierce County School District No. 10 Tacoma, <br> Unlimited Tax<br>|  |  |
| GO, 5.00%, 12/1/2025 (b) | 25 | 25 |
| Series 2015, GO, 5.00%, 12/1/2025 (b) | 4290 | 4317 |
| Pierce County School District No. 3 Puyallup, <br> Unlimited Tax Series 2022B, GO, 5.00%, <br> 12/1/2025<br>| 35 | 35 |
| Pierce County School District No. 320 Sumner <br> Series 2016, GO, 5.00%, 12/1/2025<br>| 40 | 40 |
| Port of Seattle, Intermediate Lien |  |  |
| Series 2016, Rev., 5.00%, 2/1/2026 | 55 | 56 |
| Series 2022A, Rev., 5.00%, 8/1/2026 | 60 | 61 |
| Series 2016, Rev., 5.00%, 2/1/2027 | 465 | 470 |
| Series C, Rev., AMT, 5.00%, 4/1/2027 | 1400 | 1401 |
| Series A, Rev., 5.00%, 5/1/2027 | 45 | 47 |
| Series 2022A, Rev., 5.00%, 8/1/2027 | 250 | 262 |
| Rev., 5.00%, 2/1/2028 | 165 | 167 |
| Series 2022A, Rev., 5.00%, 8/1/2028 | 145 | 156 |
| Series 2016, Rev., 5.00%, 2/1/2029 | 155 | 157 |
| State of Washington |  |  |
| Series R-2022B, GO, 5.00%, 2/1/2029 | 2745 | 2987 |
| Series 2024A, GO, 5.00%, 8/1/2029 | 1000 | 1099 |
| State of Washington, Motor Vehicle Fuel Tax Series <br> R-2021A, GO, 5.00%, 6/1/2027<br>| 125 | 131 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| State of Washington, Various Purpose |  |  |
| Series 2017D, GO, 5.00%, 2/1/2026 | 30 | 30 |
| Series 2019C, GO, 5.00%, 2/1/2026 | 145 | 147 |
| Series 2024C, GO, 5.00%, 2/1/2026 | 260 | 263 |
| Series 2025C, GO, 5.00%, 2/1/2026 | 25 | 25 |
| Series R-2017A, GO, 5.00%, 8/1/2026 | 110 | 113 |
| Series R-2018C, GO, 5.00%, 8/1/2026 | 50 | 51 |
| Series 2020C, GO, 5.00%, 2/1/2027 | 55 | 57 |
| Series 2021C, GO, 5.00%, 2/1/2027 | 30 | 31 |
| Series 2024C, GO, 5.00%, 2/1/2027 | 1320 | 1370 |
| Series 2018A, GO, 5.00%, 8/1/2027 | 40 | 42 |
| Series 2020A, GO, 5.00%, 8/1/2027 | 85 | 89 |
| Series R-2017A, GO, 5.00%, 8/1/2027 | 40 | 41 |
| Series R-2018 D, GO, 5.00%, 8/1/2027 | 135 | 142 |
| Series 2016B, GO, 5.00%, 7/1/2029 | 4375 | 4412 |
| Washington Health Care Facilities Authority, <br> Commonspirit Health Series 2019B-3, Rev., <br> 5.00%, 8/1/2026 (d)<br>| 115 | 116 |
| Washington Health Care Facilities Authority, Yakima <br> Valley Memorial Hospital Association Rev., <br> 5.00%, 12/1/2026 (b)<br>| 1705 | 1755 |
| Total Washington |  | 40408 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| West Virginia Commissioner of Highways |  |  |
| Series 2017A, Rev., 5.00%, 9/1/2025 | 20 | 20 |
| Series 2017A, Rev., 5.00%, 9/1/2027 | 120 | 126 |
| Series 2017A, Rev., 5.00%, 9/1/2028 | 375 | 392 |
| Series 2017A, Rev., 5.00%, 9/1/2029 | 30 | 31 |
| West Virginia Economic Development Authority, <br> Solid Waste Disposal Facilities, Appalachian <br> Power Co. Amos Project Series 2011A, Rev., AMT, <br> VRDO, 1.00%, 9/2/2025 (d)<br>| 5650 | 5650 |
| West Virginia Parkways Authority, Senior Lien, Rev., <br> 5.00%, 6/1/2026<br>| 20 | 21 |
| Total West Virginia |  | 6240 |
| **Wisconsin — 2.4%** | **Wisconsin — 2.4%** | **Wisconsin — 2.4%** |
| County of Dane Series 2023A, GO, 5.00%, <br> 6/1/2027<br>| 405 | 424 |
| Public Finance Authority Series 2021C, Rev., <br> 4.00%, 10/1/2030 (b) (d)<br>| 1970 | 2102 |
| Public Finance Authority, Duke Energy Progress <br> Project Series 2022B, Rev., AMT, 4.00%, <br> 10/1/2030 (d)<br>| 1000 | 1025 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

76 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
| **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** |
| Public Finance Authority, KU Campus Development <br> Corp., Center District Development Project Series <br> 2016, Rev., 5.00%, 3/1/2026<br>| 120 | 122 |
| State of Wisconsin |  |  |
| Series 2016-2, GO, 5.00%, 11/1/2026 | 50 | 51 |
| Series 2025-2, GO, 5.00%, 5/1/2029 | 1000 | 1093 |
| Series 2025A, GO, 5.00%, 5/1/2030 | 1000 | 1112 |
| 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 | 46 |
| Series 2017-2, Rev., 5.00%, 7/1/2026 | 100 | 102 |
| Series 2021A, Rev., 5.00%, 7/1/2026 | 20 | 21 |
| Series 2025-1, Rev., 5.00%, 7/1/2029 | 2000 | 2194 |
| Series 2025 1, Rev., 5.00%, 7/1/2030 | 1000 | 1116 |
| Wisconsin Health and Educational Facilities <br> Authority, Advocate Aurora Health Credit Group <br> Series 2018C-4, Rev., 5.00%, 6/22/2029 (d)<br>| 2000 | 2152 |
| Wisconsin Health and Educational Facilities <br> Authority, Ascension Health Credit Group Series <br> 2016A, Rev., 5.00%, 11/15/2027<br>| 515 | 523 |
| Wisconsin Health and Educational Facilities <br> Authority, Ascension Senior Credit Group<br>|  |  |
| Series 2016A, Rev., 4.00%, 5/15/2026 (b) | 4605 | 4654 |
| Series 2016A, Rev., 5.00%, 11/15/2026 | 350 | 356 |
| Series 2016A, Rev., 5.00%, 11/15/2028 | 595 | 604 |
| Wisconsin Health and Educational Facilities <br> Authority, Froedtert Health, Inc., Obligated Group <br> Series 2021B, Rev., VRDO, LIQ : US Bank NA, <br> 3.90%, 9/2/2025 (d)<br>| 20000 | 20000 |
| Wisconsin Health and Educational Facilities <br> Authority, Froedtert Thedacare Health Series <br> 2025D, Rev., VRDO, 2.75%, 9/8/2025 (d)<br>| 20000 | 20000 |
| Wisconsin Health and Educational Facilities <br> Authority, Unity Point Health Series 2014A, Rev., <br> 5.00%, 12/1/2025<br>| 175 | 175 |
| Total Wisconsin |  | 57897 |
| Total Municipal Bonds <br>(Cost $2,055,603)<br>|  | 2063861 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 14.8%** | **Short-Term Investments — 14.8%** | **Short-Term Investments — 14.8%** |
| **Investment Companies — 14.8%** | **Investment Companies — 14.8%** | **Investment Companies — 14.8%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 3.13% (g) (h) <br>(Cost $358,848)<br>| 358819 | 358854 |
| **Total Investments — 99.7%** <br>**(Cost $2,414,451)**<br>|  | **2422715** |
| **Other Assets in Excess of Liabilities — 0.3%** |  | **6987** |
| **NET ASSETS — 100.0%** |  | **2429702** |

---

&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 |
| MTA | Metropolitan Transportation Authority |
| 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 |
| 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. |
| (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 August 31, 2025.<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 August 31, 2025. <br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 77

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS** 

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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;(f) 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;(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 August 31, 2025.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

78 J.P. Morgan Municipal Bond Funds August 31, 2025

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF August 31, 2025 (Unaudited)

(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>**National Municipal** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**New York** <br>**Tax Free** <br>**Bond Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $356119 | &nbsp;&nbsp;&nbsp; $1776464 | &nbsp;&nbsp;&nbsp; $377780 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 41930 | &nbsp;&nbsp;&nbsp; 126691 | &nbsp;&nbsp;&nbsp; 15824 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 296 | &nbsp;&nbsp;&nbsp; 62 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 1070 | &nbsp;&nbsp;&nbsp; 60 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; 445 | &nbsp;&nbsp;&nbsp; 623 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 3850 | &nbsp;&nbsp;&nbsp; 20259 | &nbsp;&nbsp;&nbsp; 3930 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 46 |
| Total Assets | &nbsp;&nbsp;&nbsp; 403243 | &nbsp;&nbsp;&nbsp; 1925503 | &nbsp;&nbsp;&nbsp; 398325 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 1600 | &nbsp;&nbsp;&nbsp; 6962 | &nbsp;&nbsp;&nbsp; 864 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp; 52 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 4 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 75 |
| Administration fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 14 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 29 |
| Service fees | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 13 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 10 |
| 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; 27 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 31 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 1905 | &nbsp;&nbsp;&nbsp; 8235 | &nbsp;&nbsp;&nbsp; 1092 |
| Net Assets | &nbsp;&nbsp;&nbsp; $401338 | &nbsp;&nbsp;&nbsp; $1917268 | &nbsp;&nbsp;&nbsp; $397233 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 79

------

**STATEMENTS OF ASSETS AND LIABILITIES**

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

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **California**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **National Municipal**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **New York**<br> **Tax Free**<br>**Bond Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $425318 | &nbsp;&nbsp;&nbsp; $2146305 | &nbsp;&nbsp;&nbsp; $417211 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (23980)<br>| &nbsp;&nbsp;&nbsp; (229037)<br>| &nbsp;&nbsp;&nbsp; (19978)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $401338 | &nbsp;&nbsp;&nbsp; $1917268 | &nbsp;&nbsp;&nbsp; $397233 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $100254 | &nbsp;&nbsp;&nbsp; $340864 | &nbsp;&nbsp;&nbsp; $115683 |
| Class C | &nbsp;&nbsp;&nbsp; 5239 | &nbsp;&nbsp;&nbsp; 4188 | &nbsp;&nbsp;&nbsp; 6792 |
| Class I | &nbsp;&nbsp;&nbsp; 135727 | &nbsp;&nbsp;&nbsp; 655282 | &nbsp;&nbsp;&nbsp; 150435 |
| Class R6 | &nbsp;&nbsp;&nbsp; 160118 | &nbsp;&nbsp;&nbsp; 916934 | &nbsp;&nbsp;&nbsp; 124323 |
| Total | &nbsp;&nbsp;&nbsp; $401338 | &nbsp;&nbsp;&nbsp; $1917268 | &nbsp;&nbsp;&nbsp; $397233 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 9974 | &nbsp;&nbsp;&nbsp; 34205 | &nbsp;&nbsp;&nbsp; 18547 |
| Class C | &nbsp;&nbsp;&nbsp; 526 | &nbsp;&nbsp;&nbsp; 433 | &nbsp;&nbsp;&nbsp; 1088 |
| Class I | &nbsp;&nbsp;&nbsp; 13857 | &nbsp;&nbsp;&nbsp; 67266 | &nbsp;&nbsp;&nbsp; 23980 |
| Class R6 | &nbsp;&nbsp;&nbsp; 16353 | &nbsp;&nbsp;&nbsp; 94124 | &nbsp;&nbsp;&nbsp; 19828 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $10.05 | &nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp; $6.24 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;&nbsp;6.24 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;9.80 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;9.79 | &nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;6.27 |
| 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; 3.75<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $10.44 | &nbsp;&nbsp;&nbsp; $10.36 | &nbsp;&nbsp;&nbsp; $6.48 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $359032 | &nbsp;&nbsp;&nbsp; $1781946 | &nbsp;&nbsp;&nbsp; $382844 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 41929 | &nbsp;&nbsp;&nbsp; 126686 | &nbsp;&nbsp;&nbsp; 15823 |

---

------

(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;

80 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Short-** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund** <br>| &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; $743342 | &nbsp;&nbsp;&nbsp; $727358 | &nbsp;&nbsp;&nbsp; $2063861 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 65598 | &nbsp;&nbsp;&nbsp; 31392 | &nbsp;&nbsp;&nbsp; 358854 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 279 | &nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 565 | &nbsp;&nbsp;&nbsp; 275 | &nbsp;&nbsp;&nbsp; 16 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 2572 | &nbsp;&nbsp;&nbsp; 187 | &nbsp;&nbsp;&nbsp; 96 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 8920 | &nbsp;&nbsp;&nbsp; 7731 | &nbsp;&nbsp;&nbsp; 25268 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 711 |
| Due from adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 |
| Total Assets | &nbsp;&nbsp;&nbsp; 821424 | &nbsp;&nbsp;&nbsp; 767320 | &nbsp;&nbsp;&nbsp; 2448830 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10019 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3000 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 4822 | &nbsp;&nbsp;&nbsp; 3981 | &nbsp;&nbsp;&nbsp; 4500 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 245 | &nbsp;&nbsp;&nbsp; 461 | &nbsp;&nbsp;&nbsp; 827 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; — |
| Distribution fees | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 40 |
| Service fees | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 323 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 84 |
| 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; 73 | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 335 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 5347 | &nbsp;&nbsp;&nbsp; 4847 | &nbsp;&nbsp;&nbsp; 19128 |
| Net Assets | &nbsp;&nbsp;&nbsp; $816077 | &nbsp;&nbsp;&nbsp; $762473 | &nbsp;&nbsp;&nbsp; $2429702 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 81

------

**STATEMENTS OF ASSETS AND LIABILITIES**

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

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Short-**<br> **Intermediate**<br> **Municipal**<br> **Bond Fund** <br>| &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; $872927 | &nbsp;&nbsp;&nbsp; $843473 | &nbsp;&nbsp;&nbsp; $2462046 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (56850)<br>| &nbsp;&nbsp;&nbsp; (81000)<br>| &nbsp;&nbsp;&nbsp; (32344)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $816077 | &nbsp;&nbsp;&nbsp; $762473 | &nbsp;&nbsp;&nbsp; $2429702 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $105941 | &nbsp;&nbsp;&nbsp; $250523 | &nbsp;&nbsp;&nbsp; $184101 |
| Class C | &nbsp;&nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp; 6833 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 386107 | &nbsp;&nbsp;&nbsp; 261508 | &nbsp;&nbsp;&nbsp; 2245601 |
| Class R6 | &nbsp;&nbsp;&nbsp; 322532 | &nbsp;&nbsp;&nbsp; 243609 | &nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp;&nbsp; $816077 | &nbsp;&nbsp;&nbsp; $762473 | &nbsp;&nbsp;&nbsp; $2429702 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10385 | &nbsp;&nbsp;&nbsp; 23790 | &nbsp;&nbsp;&nbsp; 18327 |
| Class C | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 655 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 37607 | &nbsp;&nbsp;&nbsp; 24961 | &nbsp;&nbsp;&nbsp; 223781 |
| Class R6 | &nbsp;&nbsp;&nbsp; 31429 | &nbsp;&nbsp;&nbsp; 23253 | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $10.20 | &nbsp;&nbsp;&nbsp; $10.53 | &nbsp;&nbsp;&nbsp; $10.05 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp; — |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.27 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;10.03 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp; — |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &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; $10.43 | &nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp; $— |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $734815 | &nbsp;&nbsp;&nbsp; $731707 | &nbsp;&nbsp;&nbsp; $2055603 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 65597 | &nbsp;&nbsp;&nbsp; 31390 | &nbsp;&nbsp;&nbsp; 358848 |

---

------

(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;

82 J.P. Morgan Municipal Bond Funds August 31, 2025

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited)

(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>**National Municipal** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**New York** <br>**Tax Free** <br>**Bond Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $6820 | &nbsp;&nbsp;&nbsp; $39533 | &nbsp;&nbsp;&nbsp; $7523 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 447 | &nbsp;&nbsp;&nbsp; 1638 | &nbsp;&nbsp;&nbsp; 305 |
| Total investment income | &nbsp;&nbsp;&nbsp; 7268 | &nbsp;&nbsp;&nbsp; 41171 | &nbsp;&nbsp;&nbsp; 7828 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 583 | &nbsp;&nbsp;&nbsp; 2955 | &nbsp;&nbsp;&nbsp; 594 |
| Administration fees | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 739 | &nbsp;&nbsp;&nbsp; 149 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 145 |
| Class C | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 26 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 145 |
| Class C | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 8 |
| Class I | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 801 | &nbsp;&nbsp;&nbsp; 186 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 27 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Professional fees | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 32 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 15 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 28 |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 8 |
| Other | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 5 |
| Total expenses | &nbsp;&nbsp;&nbsp; 1290 | &nbsp;&nbsp;&nbsp; 5744 | &nbsp;&nbsp;&nbsp; 1381 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (417)<br>| &nbsp;&nbsp;&nbsp; (3200)<br>| &nbsp;&nbsp;&nbsp; (450)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (28)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; (35)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 845 | &nbsp;&nbsp;&nbsp; 2541 | &nbsp;&nbsp;&nbsp; 896 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 6423 | &nbsp;&nbsp;&nbsp; 38630 | &nbsp;&nbsp;&nbsp; 6932 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 83

------

**STATEMENTS OF OPERATIONS**

FOR THE SIX MONTHS ENDED August 31, 2025 (Unaudited) (continued)

(Amounts in thousands)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **California**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **National Municipal**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **New York**<br> **Tax Free**<br>**Bond Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $(2763)<br>| &nbsp;&nbsp;&nbsp; $(13698)<br>| &nbsp;&nbsp;&nbsp; $(3478)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 78 | &nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp; 84 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (2691)<br>| &nbsp;&nbsp;&nbsp; (13308)<br>| &nbsp;&nbsp;&nbsp; (3401)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (5941)<br>| &nbsp;&nbsp;&nbsp; (39116)<br>| &nbsp;&nbsp;&nbsp; (8196)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 4 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; (5945)<br>| &nbsp;&nbsp;&nbsp; (39132)<br>| &nbsp;&nbsp;&nbsp; (8200)<br>|
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (8636)<br>| &nbsp;&nbsp;&nbsp; (52440)<br>| &nbsp;&nbsp;&nbsp; (11601)<br>|
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $(2213)<br>| &nbsp;&nbsp;&nbsp; $(13810)<br>| &nbsp;&nbsp;&nbsp; $(4669)<br>|

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

84 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Short-** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund** <br>| &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; $12391 | &nbsp;&nbsp;&nbsp; $15499 | &nbsp;&nbsp;&nbsp; $32390 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 634 | &nbsp;&nbsp;&nbsp; 664 | &nbsp;&nbsp;&nbsp; 2857 |
| Total investment income | &nbsp;&nbsp;&nbsp; 13026 | &nbsp;&nbsp;&nbsp; 16163 | &nbsp;&nbsp;&nbsp; 35248 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1004 | &nbsp;&nbsp;&nbsp; 1135 | &nbsp;&nbsp;&nbsp; 1729 |
| Administration fees | &nbsp;&nbsp;&nbsp; 301 | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 864 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 257 |
| Class C | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 257 |
| Class C | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp; 327 | &nbsp;&nbsp;&nbsp; 2625 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 150 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 8 |
| Professional fees | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 36 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 16 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 15 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; — |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| Other | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 15 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2193 | &nbsp;&nbsp;&nbsp; 2580 | &nbsp;&nbsp;&nbsp; 5982 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1073)<br>| &nbsp;&nbsp;&nbsp; (665)<br>| &nbsp;&nbsp;&nbsp; (3598)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1120 | &nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp; 2384 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 11906 | &nbsp;&nbsp;&nbsp; 14248 | &nbsp;&nbsp;&nbsp; 32864 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; (671)<br>| &nbsp;&nbsp;&nbsp; (7334)<br>| &nbsp;&nbsp;&nbsp; (104)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (11)<br>| &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (531)<br>| &nbsp;&nbsp;&nbsp; (7260)<br>| &nbsp;&nbsp;&nbsp; (104)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 5253 | &nbsp;&nbsp;&nbsp; (17752)<br>| &nbsp;&nbsp;&nbsp; 6310 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; (13)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 5305 | &nbsp;&nbsp;&nbsp; (17760)<br>| &nbsp;&nbsp;&nbsp; 6309 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 4774 | &nbsp;&nbsp;&nbsp; (25020)<br>| &nbsp;&nbsp;&nbsp; 6205 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $16680 | &nbsp;&nbsp;&nbsp; $(10772)<br>| &nbsp;&nbsp;&nbsp; $39069 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 85

------

**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 National Municipal Income Fund**  | **JPMorgan National Municipal Income Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**February 28, 2025** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $6423 | &nbsp;&nbsp;&nbsp; $10062 | &nbsp;&nbsp;&nbsp; $38630 | &nbsp;&nbsp;&nbsp; $75474 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (2691)<br>| &nbsp;&nbsp;&nbsp; (557)<br>| &nbsp;&nbsp;&nbsp; (13308)<br>| &nbsp;&nbsp;&nbsp; (17850)<br>|
| Distributions of capital gains received from investment <br> company affiliates <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (5945)<br>| &nbsp;&nbsp;&nbsp; (1588)<br>| &nbsp;&nbsp;&nbsp; (39132)<br>| &nbsp;&nbsp;&nbsp; 15111 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (2213)<br>| &nbsp;&nbsp;&nbsp; 7917 | &nbsp;&nbsp;&nbsp; (13810)<br>| &nbsp;&nbsp;&nbsp; 72735 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (1551)<br>| &nbsp;&nbsp;&nbsp; (3002)<br>| &nbsp;&nbsp;&nbsp; (6760)<br>| &nbsp;&nbsp;&nbsp; (12745)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (75)<br>| &nbsp;&nbsp;&nbsp; (189)<br>| &nbsp;&nbsp;&nbsp; (88)<br>| &nbsp;&nbsp;&nbsp; (167)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (2148)<br>| &nbsp;&nbsp;&nbsp; (2601)<br>| &nbsp;&nbsp;&nbsp; (12895)<br>| &nbsp;&nbsp;&nbsp; (21866)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2707)<br>| &nbsp;&nbsp;&nbsp; (4265)<br>| &nbsp;&nbsp;&nbsp; (19163)<br>| &nbsp;&nbsp;&nbsp; (40738)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (6481)<br>| &nbsp;&nbsp;&nbsp; (10057)<br>| &nbsp;&nbsp;&nbsp; (38906)<br>| &nbsp;&nbsp;&nbsp; (75516)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 32678 | &nbsp;&nbsp;&nbsp; 72833 | &nbsp;&nbsp;&nbsp; (40237)<br>| &nbsp;&nbsp;&nbsp; (234802)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 23984 | &nbsp;&nbsp;&nbsp; 70693 | &nbsp;&nbsp;&nbsp; (92953)<br>| &nbsp;&nbsp;&nbsp; (237583)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 377354 | &nbsp;&nbsp;&nbsp; 306661 | &nbsp;&nbsp;&nbsp; 2010221 | &nbsp;&nbsp;&nbsp; 2247804 |
| End of period | &nbsp;&nbsp;&nbsp; $401338 | &nbsp;&nbsp;&nbsp; $377354 | &nbsp;&nbsp;&nbsp; $1917268 | &nbsp;&nbsp;&nbsp; $2010221 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

86 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan New York Tax Free Bond Fund**  | **JPMorgan New York Tax Free Bond Fund**  | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund**  | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $6932 | &nbsp;&nbsp;&nbsp; $12248 | &nbsp;&nbsp;&nbsp; $11906 | &nbsp;&nbsp;&nbsp; $22794 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (3401)<br>| &nbsp;&nbsp;&nbsp; (149)<br>| &nbsp;&nbsp;&nbsp; (531)<br>| &nbsp;&nbsp;&nbsp; (6902)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (8200)<br>| &nbsp;&nbsp;&nbsp; (2430)<br>| &nbsp;&nbsp;&nbsp; 5305 | &nbsp;&nbsp;&nbsp; 8759 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (4669)<br>| &nbsp;&nbsp;&nbsp; 9669 | &nbsp;&nbsp;&nbsp; 16680 | &nbsp;&nbsp;&nbsp; 24651 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2004)<br>| &nbsp;&nbsp;&nbsp; (3722)<br>| &nbsp;&nbsp;&nbsp; (1239)<br>| &nbsp;&nbsp;&nbsp; (2126)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (100)<br>| &nbsp;&nbsp;&nbsp; (245)<br>| &nbsp;&nbsp;&nbsp; (15)<br>| &nbsp;&nbsp;&nbsp; (35)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (2631)<br>| &nbsp;&nbsp;&nbsp; (4188)<br>| &nbsp;&nbsp;&nbsp; (5930)<br>| &nbsp;&nbsp;&nbsp; (10524)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (2253)<br>| &nbsp;&nbsp;&nbsp; (4088)<br>| &nbsp;&nbsp;&nbsp; (4915)<br>| &nbsp;&nbsp;&nbsp; (10088)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (6988)<br>| &nbsp;&nbsp;&nbsp; (12243)<br>| &nbsp;&nbsp;&nbsp; (12099)<br>| &nbsp;&nbsp;&nbsp; (22773)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 16288 | &nbsp;&nbsp;&nbsp; 21474 | &nbsp;&nbsp;&nbsp; 17048 | &nbsp;&nbsp;&nbsp; (22828)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 4631 | &nbsp;&nbsp;&nbsp; 18900 | &nbsp;&nbsp;&nbsp; 21629 | &nbsp;&nbsp;&nbsp; (20950)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 392602 | &nbsp;&nbsp;&nbsp; 373702 | &nbsp;&nbsp;&nbsp; 794448 | &nbsp;&nbsp;&nbsp; 815398 |
| End of period | &nbsp;&nbsp;&nbsp; $397233 | &nbsp;&nbsp;&nbsp; $392602 | &nbsp;&nbsp;&nbsp; $816077 | &nbsp;&nbsp;&nbsp; $794448 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 87

------

**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 Bond Fund**  | **JPMorgan Tax Free Bond Fund**  | **JPMorgan Ultra-Short Municipal Fund**  | **JPMorgan Ultra-Short Municipal Fund**  |
|  | &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended** <br>**August 31, 2025** <br>**(Unaudited)**<br>| **Year Ended** <br>**February 28, 2025** |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $14248 | &nbsp;&nbsp;&nbsp; $24437 | &nbsp;&nbsp;&nbsp; $32864 | &nbsp;&nbsp;&nbsp; $57673 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (7260)<br>| &nbsp;&nbsp;&nbsp; (6087)<br>| &nbsp;&nbsp;&nbsp; (104)<br>| &nbsp;&nbsp;&nbsp; (1316)<br>|
| Distributions of capital gains received from investment <br> company affiliates <br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (17760)<br>| &nbsp;&nbsp;&nbsp; 4128 | &nbsp;&nbsp;&nbsp; 6309 | &nbsp;&nbsp;&nbsp; 9017 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; (10772)<br>| &nbsp;&nbsp;&nbsp; 22478 | &nbsp;&nbsp;&nbsp; 39069 | &nbsp;&nbsp;&nbsp; 65374 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4425)<br>| &nbsp;&nbsp;&nbsp; (8593)<br>| &nbsp;&nbsp;&nbsp; (2686)<br>| &nbsp;&nbsp;&nbsp; (4968)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (99)<br>| &nbsp;&nbsp;&nbsp; (216)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; (5027)<br>| &nbsp;&nbsp;&nbsp; (9178)<br>| &nbsp;&nbsp;&nbsp; (30141)<br>| &nbsp;&nbsp;&nbsp; (52742)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (4779)<br>| &nbsp;&nbsp;&nbsp; (6415)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (14330)<br>| &nbsp;&nbsp;&nbsp; (24402)<br>| &nbsp;&nbsp;&nbsp; (32827)<br>| &nbsp;&nbsp;&nbsp; (57710)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 108611 | &nbsp;&nbsp;&nbsp; (152130)<br>| &nbsp;&nbsp;&nbsp; 241887 | &nbsp;&nbsp;&nbsp; 433407 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 83509 | &nbsp;&nbsp;&nbsp; (154054)<br>| &nbsp;&nbsp;&nbsp; 248129 | &nbsp;&nbsp;&nbsp; 441071 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 678964 | &nbsp;&nbsp;&nbsp; 833018 | &nbsp;&nbsp;&nbsp; 2181573 | &nbsp;&nbsp;&nbsp; 1740502 |
| End of period | &nbsp;&nbsp;&nbsp; $762473 | &nbsp;&nbsp;&nbsp; $678964 | &nbsp;&nbsp;&nbsp; $2429702 | &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;

88 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Tax Free Bond Fund** | **JPMorgan California Tax Free Bond Fund** | **JPMorgan National Municipal Income Fund** | **JPMorgan National Municipal Income Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $17579 | &nbsp;&nbsp;&nbsp; $18394 | &nbsp;&nbsp;&nbsp; $14306 | &nbsp;&nbsp;&nbsp; $88515 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1518 | &nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 6715 | &nbsp;&nbsp;&nbsp; 12651 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (17988)<br>| &nbsp;&nbsp;&nbsp; (27186)<br>| &nbsp;&nbsp;&nbsp; (60701)<br>| &nbsp;&nbsp;&nbsp; (88324)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1109 | &nbsp;&nbsp;&nbsp; (5848)<br>| &nbsp;&nbsp;&nbsp; (39680)<br>| &nbsp;&nbsp;&nbsp; 12842 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp; 1556 | &nbsp;&nbsp;&nbsp; 669 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 165 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2077)<br>| &nbsp;&nbsp;&nbsp; (3481)<br>| &nbsp;&nbsp;&nbsp; (2537)<br>| &nbsp;&nbsp;&nbsp; (2515)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (1537)<br>| &nbsp;&nbsp;&nbsp; (2506)<br>| &nbsp;&nbsp;&nbsp; (894)<br>| &nbsp;&nbsp;&nbsp; (1681)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 54458 | &nbsp;&nbsp;&nbsp; 106616 | &nbsp;&nbsp;&nbsp; 135865 | &nbsp;&nbsp;&nbsp; 182929 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2145 | &nbsp;&nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; 12309 | &nbsp;&nbsp;&nbsp; 21439 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (23506)<br>| &nbsp;&nbsp;&nbsp; (68795)<br>| &nbsp;&nbsp;&nbsp; (92562)<br>| &nbsp;&nbsp;&nbsp; (171367)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 33097 | &nbsp;&nbsp;&nbsp; 40413 | &nbsp;&nbsp;&nbsp; 55612 | &nbsp;&nbsp;&nbsp; 33001 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 28084 | &nbsp;&nbsp;&nbsp; 104792 | &nbsp;&nbsp;&nbsp; 58892 | &nbsp;&nbsp;&nbsp; 70928 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2699 | &nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp; 19115 | &nbsp;&nbsp;&nbsp; 40585 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (30774)<br>| &nbsp;&nbsp;&nbsp; (68268)<br>| &nbsp;&nbsp;&nbsp; (133282)<br>| &nbsp;&nbsp;&nbsp; (390477)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 40774 | &nbsp;&nbsp;&nbsp; (55275)<br>| &nbsp;&nbsp;&nbsp; (278964)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $32678 | &nbsp;&nbsp;&nbsp; $72833 | &nbsp;&nbsp;&nbsp; $(40237)<br>| &nbsp;&nbsp;&nbsp; $(234802)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1750 | &nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp; 1429 | &nbsp;&nbsp;&nbsp; 8668 |
| Reinvested | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp; 1244 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1788)<br>| &nbsp;&nbsp;&nbsp; (2644)<br>| &nbsp;&nbsp;&nbsp; (6086)<br>| &nbsp;&nbsp;&nbsp; (8663)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp; (571)<br>| &nbsp;&nbsp;&nbsp; (3982)<br>| &nbsp;&nbsp;&nbsp; 1249 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 67 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 17 |
| Redeemed | &nbsp;&nbsp;&nbsp; (208)<br>| &nbsp;&nbsp;&nbsp; (342)<br>| &nbsp;&nbsp;&nbsp; (262)<br>| &nbsp;&nbsp;&nbsp; (253)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (153)<br>| &nbsp;&nbsp;&nbsp; (247)<br>| &nbsp;&nbsp;&nbsp; (92)<br>| &nbsp;&nbsp;&nbsp; (169)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 89

------

**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 National Municipal Income** <br> **Fund** | **JPMorgan National Municipal Income** <br> **Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5561 | &nbsp;&nbsp;&nbsp; 10597 | &nbsp;&nbsp;&nbsp; 13933 | &nbsp;&nbsp;&nbsp; 18287 |
| Reinvested | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 1265 | &nbsp;&nbsp;&nbsp; 2153 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2404)<br>| &nbsp;&nbsp;&nbsp; (6847)<br>| &nbsp;&nbsp;&nbsp; (9521)<br>| &nbsp;&nbsp;&nbsp; (17160)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 3377 | &nbsp;&nbsp;&nbsp; 4009 | &nbsp;&nbsp;&nbsp; 5677 | &nbsp;&nbsp;&nbsp; 3280 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2870 | &nbsp;&nbsp;&nbsp; 10449 | &nbsp;&nbsp;&nbsp; 6030 | &nbsp;&nbsp;&nbsp; 7093 |
| Reinvested | &nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 1965 | &nbsp;&nbsp;&nbsp; 4077 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3143)<br>| &nbsp;&nbsp;&nbsp; (6821)<br>| &nbsp;&nbsp;&nbsp; (13668)<br>| &nbsp;&nbsp;&nbsp; (39209)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 4053 | &nbsp;&nbsp;&nbsp; (5673)<br>| &nbsp;&nbsp;&nbsp; (28039)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

90 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan New York Tax Free Bond Fund** | **JPMorgan New York Tax Free Bond Fund** | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund** | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $12463 | &nbsp;&nbsp;&nbsp; $16865 | &nbsp;&nbsp;&nbsp; $34538 | &nbsp;&nbsp;&nbsp; $28352 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1966 | &nbsp;&nbsp;&nbsp; 3651 | &nbsp;&nbsp;&nbsp; 1233 | &nbsp;&nbsp;&nbsp; 2112 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11885)<br>| &nbsp;&nbsp;&nbsp; (26472)<br>| &nbsp;&nbsp;&nbsp; (14897)<br>| &nbsp;&nbsp;&nbsp; (32272)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 2544 | &nbsp;&nbsp;&nbsp; (5956)<br>| &nbsp;&nbsp;&nbsp; 20874 | &nbsp;&nbsp;&nbsp; (1808)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1255 | &nbsp;&nbsp;&nbsp; 1487 | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; 100 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 35 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1897)<br>| &nbsp;&nbsp;&nbsp; (4990)<br>| &nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp; (833)<br>|
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (543)<br>| &nbsp;&nbsp;&nbsp; (3260)<br>| &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; (698)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 49315 | &nbsp;&nbsp;&nbsp; 52748 | &nbsp;&nbsp;&nbsp; 75580 | &nbsp;&nbsp;&nbsp; 166645 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2591 | &nbsp;&nbsp;&nbsp; 4140 | &nbsp;&nbsp;&nbsp; 5900 | &nbsp;&nbsp;&nbsp; 10466 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (37877)<br>| &nbsp;&nbsp;&nbsp; (27980)<br>| &nbsp;&nbsp;&nbsp; (89369)<br>| &nbsp;&nbsp;&nbsp; (143171)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 14029 | &nbsp;&nbsp;&nbsp; 28908 | &nbsp;&nbsp;&nbsp; (7889)<br>| &nbsp;&nbsp;&nbsp; 33940 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 19330 | &nbsp;&nbsp;&nbsp; 27912 | &nbsp;&nbsp;&nbsp; 25411 | &nbsp;&nbsp;&nbsp; 24701 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2250 | &nbsp;&nbsp;&nbsp; 4080 | &nbsp;&nbsp;&nbsp; 4848 | &nbsp;&nbsp;&nbsp; 9939 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (21322)<br>| &nbsp;&nbsp;&nbsp; (30210)<br>| &nbsp;&nbsp;&nbsp; (26357)<br>| &nbsp;&nbsp;&nbsp; (88902)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 1782 | &nbsp;&nbsp;&nbsp; 3902 | &nbsp;&nbsp;&nbsp; (54262)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $16288 | &nbsp;&nbsp;&nbsp; $21474 | &nbsp;&nbsp;&nbsp; $17048 | &nbsp;&nbsp;&nbsp; $(22828)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1992 | &nbsp;&nbsp;&nbsp; 2618 | &nbsp;&nbsp;&nbsp; 3421 | &nbsp;&nbsp;&nbsp; 2800 |
| Reinvested | &nbsp;&nbsp;&nbsp; 315 | &nbsp;&nbsp;&nbsp; 569 | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; 209 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1898)<br>| &nbsp;&nbsp;&nbsp; (4120)<br>| &nbsp;&nbsp;&nbsp; (1477)<br>| &nbsp;&nbsp;&nbsp; (3189)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 409 | &nbsp;&nbsp;&nbsp; (933)<br>| &nbsp;&nbsp;&nbsp; 2066 | &nbsp;&nbsp;&nbsp; (180)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 10 |
| Reinvested | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 3 |
| Redeemed | &nbsp;&nbsp;&nbsp; (303)<br>| &nbsp;&nbsp;&nbsp; (777)<br>| &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; (82)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp; (509)<br>| &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; (69)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 7833 | &nbsp;&nbsp;&nbsp; 8122 | &nbsp;&nbsp;&nbsp; 7432 | &nbsp;&nbsp;&nbsp; 16342 |
| Reinvested | &nbsp;&nbsp;&nbsp; 412 | &nbsp;&nbsp;&nbsp; 642 | &nbsp;&nbsp;&nbsp; 580 | &nbsp;&nbsp;&nbsp; 1031 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6017)<br>| &nbsp;&nbsp;&nbsp; (4334)<br>| &nbsp;&nbsp;&nbsp; (8786)<br>| &nbsp;&nbsp;&nbsp; (14083)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 2228 | &nbsp;&nbsp;&nbsp; 4430 | &nbsp;&nbsp;&nbsp; (774)<br>| &nbsp;&nbsp;&nbsp; 3290 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 91

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan New York Tax Free Bond Fund** | **JPMorgan New York Tax Free Bond Fund** | **JPMorgan Short-Intermediate**<br> **Municipal Bond Fund** | **JPMorgan Short-Intermediate**<br> **Municipal Bond Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3076 | &nbsp;&nbsp;&nbsp; 4312 | &nbsp;&nbsp;&nbsp; 2502 | &nbsp;&nbsp;&nbsp; 2428 |
| Reinvested | &nbsp;&nbsp;&nbsp; 358 | &nbsp;&nbsp;&nbsp; 632 | &nbsp;&nbsp;&nbsp; 477 | &nbsp;&nbsp;&nbsp; 979 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3397)<br>| &nbsp;&nbsp;&nbsp; (4678)<br>| &nbsp;&nbsp;&nbsp; (2595)<br>| &nbsp;&nbsp;&nbsp; (8735)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp; (5328)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

92 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Tax Free Bond Fund** | **JPMorgan Tax Free Bond Fund** | **JPMorgan Ultra-Short Municipal Fund** | **JPMorgan Ultra-Short Municipal Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025** <br>**(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $42195 | &nbsp;&nbsp;&nbsp; $60267 | &nbsp;&nbsp;&nbsp; $40342 | &nbsp;&nbsp;&nbsp; $174409 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4375 | &nbsp;&nbsp;&nbsp; 8466 | &nbsp;&nbsp;&nbsp; 2582 | &nbsp;&nbsp;&nbsp; 4825 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (34021)<br>| &nbsp;&nbsp;&nbsp; (71196)<br>| &nbsp;&nbsp;&nbsp; (68352)<br>| &nbsp;&nbsp;&nbsp; (137636)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; 12549 | &nbsp;&nbsp;&nbsp; (2463)<br>| &nbsp;&nbsp;&nbsp; (25428)<br>| &nbsp;&nbsp;&nbsp; 41598 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2231 | &nbsp;&nbsp;&nbsp; 2051 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2498)<br>| &nbsp;&nbsp;&nbsp; (2756)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class C capital transactions | &nbsp;&nbsp;&nbsp; (168)<br>| &nbsp;&nbsp;&nbsp; (489)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 59186 | &nbsp;&nbsp;&nbsp; 119095 | &nbsp;&nbsp;&nbsp; 774158 | &nbsp;&nbsp;&nbsp; 1314901 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4948 | &nbsp;&nbsp;&nbsp; 8949 | &nbsp;&nbsp;&nbsp; 30102 | &nbsp;&nbsp;&nbsp; 52618 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (57931)<br>| &nbsp;&nbsp;&nbsp; (88511)<br>| &nbsp;&nbsp;&nbsp; (536945)<br>| &nbsp;&nbsp;&nbsp; (975710)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 6203 | &nbsp;&nbsp;&nbsp; 39533 | &nbsp;&nbsp;&nbsp; 267315 | &nbsp;&nbsp;&nbsp; 391809 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 105135 | &nbsp;&nbsp;&nbsp; 28066 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4775 | &nbsp;&nbsp;&nbsp; 6411 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (19883)<br>| &nbsp;&nbsp;&nbsp; (223188)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 90027 | &nbsp;&nbsp;&nbsp; (188711)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $108611 | &nbsp;&nbsp;&nbsp; $(152130)<br>| &nbsp;&nbsp;&nbsp; $241887 | &nbsp;&nbsp;&nbsp; $433407 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3993 | &nbsp;&nbsp;&nbsp; 5544 | &nbsp;&nbsp;&nbsp; 4032 | &nbsp;&nbsp;&nbsp; 17427 |
| Reinvested | &nbsp;&nbsp;&nbsp; 415 | &nbsp;&nbsp;&nbsp; 781 | &nbsp;&nbsp;&nbsp; 258 | &nbsp;&nbsp;&nbsp; 483 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3216)<br>| &nbsp;&nbsp;&nbsp; (6554)<br>| &nbsp;&nbsp;&nbsp; (6822)<br>| &nbsp;&nbsp;&nbsp; (13761)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 1192 | &nbsp;&nbsp;&nbsp; (229)<br>| &nbsp;&nbsp;&nbsp; (2532)<br>| &nbsp;&nbsp;&nbsp; 4149 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (238)<br>| &nbsp;&nbsp;&nbsp; (256)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5616 | &nbsp;&nbsp;&nbsp; 10962 | &nbsp;&nbsp;&nbsp; 77306 | &nbsp;&nbsp;&nbsp; 131489 |
| Reinvested | &nbsp;&nbsp;&nbsp; 471 | &nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp; 3010 | &nbsp;&nbsp;&nbsp; 5269 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5513)<br>| &nbsp;&nbsp;&nbsp; (8189)<br>| &nbsp;&nbsp;&nbsp; (53638)<br>| &nbsp;&nbsp;&nbsp; (97581)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 574 | &nbsp;&nbsp;&nbsp; 3603 | &nbsp;&nbsp;&nbsp; 26678 | &nbsp;&nbsp;&nbsp; 39177 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 93

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Tax Free Bond Fund** | **JPMorgan Tax Free Bond Fund** | **JPMorgan Ultra-Short Municipal Fund** | **JPMorgan Ultra-Short Municipal Fund** |
|  | &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Six Months Ended**<br> **August 31, 2025**<br> **(Unaudited)**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9777 | &nbsp;&nbsp;&nbsp; 2594 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1889)<br>| &nbsp;&nbsp;&nbsp; (20653)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 8343 | &nbsp;&nbsp;&nbsp; (17464)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

94 J.P. Morgan Municipal Bond Funds August 31, 2025

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

95 <br>

------

**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** |
|  |  | **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>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan California Tax Free Bond Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $10.29 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $(0.24)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.16)<br>| &nbsp;&nbsp; $10.05 |
| Year Ended February 28, 2025 | 10.34 | 0.30 | &nbsp;&nbsp; (0.06)<br>| 0.24 | &nbsp;&nbsp; (0.29)<br>| 10.29 |
| Year Ended February 29, 2024 | 10.15 | 0.26 | 0.18 | 0.44 | &nbsp;&nbsp; (0.25)<br>| 10.34 |
| Year Ended February 28, 2023 | 10.68 | 0.20 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.20)<br>| 10.15 |
| Year Ended February 28, 2022 | 11.06 | 0.16 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.16)<br>| 10.68 |
| Year Ended February 28, 2021 | 11.25 | 0.17 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.17)<br>| 11.06 |
| **Class C** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.19 | 0.14 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.13)<br>| 9.96 |
| Year Ended February 28, 2025 | 10.25 | 0.25 | &nbsp;&nbsp; (0.07)<br>| 0.18 | &nbsp;&nbsp; (0.24)<br>| 10.19 |
| Year Ended February 29, 2024 | 10.06 | 0.20 | 0.19 | 0.39 | &nbsp;&nbsp; (0.20)<br>| 10.25 |
| Year Ended February 28, 2023 | 10.59 | 0.15 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.15)<br>| 10.06 |
| Year Ended February 28, 2022 | 10.96 | 0.10 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.10)<br>| 10.59 |
| Year Ended February 28, 2021 | 11.15 | 0.12 | &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.11)<br>| 10.96 |
| **Class I** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.03 | 0.16 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.16)<br>| 9.80 |
| Year Ended February 28, 2025 | 10.09 | 0.30 | &nbsp;&nbsp; (0.06)<br>| 0.24 | &nbsp;&nbsp; (0.30)<br>| 10.03 |
| Year Ended February 29, 2024 | 9.90 | 0.26 | 0.19 | 0.45 | &nbsp;&nbsp; (0.26)<br>| 10.09 |
| Year Ended February 28, 2023 | 10.43 | 0.21 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.21)<br>| 9.90 |
| Year Ended February 28, 2022 | 10.80 | 0.17 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>| 10.43 |
| Year Ended February 28, 2021 | 10.99 | 0.18 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.18)<br>| 10.80 |
| **Class R6** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.02 | 0.17 | &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.17)<br>| 9.79 |
| Year Ended February 28, 2025 | 10.09 | 0.31 | &nbsp;&nbsp; (0.07)<br>| 0.24 | &nbsp;&nbsp; (0.31)<br>| 10.02 |
| Year Ended February 29, 2024 | 9.90 | 0.27 | 0.19 | 0.46 | &nbsp;&nbsp; (0.27)<br>| 10.09 |
| Year Ended February 28, 2023 | 10.43 | 0.22 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.22)<br>| 9.90 |
| Year Ended February 28, 2022 | 10.80 | 0.18 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>| 10.43 |
| Year Ended February 28, 2021 | 10.99 | 0.19 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; —<br> (f)<br>| &nbsp;&nbsp; (0.19)<br>| 10.80 |

---

&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 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. 

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

(f) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

96 J.P. Morgan Municipal Bond Funds August 31, 2025

------

**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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &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(e)<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; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.77)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $100254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.20<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&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;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&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;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&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;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&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;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5239 | &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;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&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;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&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;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.56)<br>| &nbsp;&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;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.47)<br>| &nbsp;&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;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135727 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&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;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&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;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.01)<br>| &nbsp;&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;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&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;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100163 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160118 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&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;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&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;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.92)<br>| &nbsp;&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;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&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;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 |

---

&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;

August 31, 2025 J.P. Morgan Municipal Bond Funds 97

------

**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** | **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)(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>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan National Municipal Income Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $10.23 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $(0.26)<br>| &nbsp;&nbsp; $(0.07)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.19)<br>|
| Year Ended February 28, 2025 | 10.23 | 0.34 | &nbsp;&nbsp; —<br> (g)<br>| 0.34 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 29, 2024 | 10.13 | 0.31 | 0.11 | 0.42 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 28, 2023 | 10.91 | 0.27 | &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.27)<br>|
| Year Ended February 28, 2022 | 11.37 | 0.23 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 28, 2021 | 11.52 | 0.22 | &nbsp;&nbsp; (0.16)<br>| 0.06 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 9.93 | 0.16 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.16)<br>|
| Year Ended February 28, 2025 | 9.94 | 0.28 | &nbsp;&nbsp; (0.01)<br>| 0.27 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 29, 2024 | 9.86 | 0.25 | 0.09 | 0.34 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2023 | 10.62 | 0.20 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.21)<br>|
| Year Ended February 28, 2022 | 11.07 | 0.17 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2021 | 11.23 | 0.15 | &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.00 | 0.19 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 28, 2025 | 10.01 | 0.36 | &nbsp;&nbsp; (0.01)<br>| 0.35 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 29, 2024 | 9.93 | 0.33 | 0.09 | 0.42 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 28, 2023 | 10.69 | 0.29 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 28, 2022 | 11.15 | 0.26 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2021 | 11.31 | 0.24 | &nbsp;&nbsp; (0.16)<br>| 0.08 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.00 | 0.20 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 28, 2025 | 10.01 | 0.37 | &nbsp;&nbsp; (0.01)<br>| 0.36 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 29, 2024 | 9.93 | 0.34 | 0.09 | 0.43 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2023 | 10.69 | 0.29 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2022 | 11.15 | 0.27 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 28, 2021 | 11.31 | 0.25 | &nbsp;&nbsp; (0.16)<br>| 0.09 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<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 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. 

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

(f) Certain non-recurring expenses incurred by the Fund were not annualized for the period indicated.

(g) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

98 J.P. Morgan Municipal Bond Funds August 31, 2025

------

**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**(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>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<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(e)<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(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.70)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $340864 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %(f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 390588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 341321 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 308709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4188 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.92<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.26<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.42<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5212 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6898 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.12)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14423 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19061 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.23<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616103 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 583636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 678857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655190 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 622009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 916934 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.98<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 998318 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1279540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2516718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3503954 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3681554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |

---

&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;

August 31, 2025 J.P. Morgan Municipal Bond Funds 99

------

**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** | **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>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan New York Tax Free Bond Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $6.43 | &nbsp;&nbsp; $0.11 | &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $(0.08)<br>| &nbsp;&nbsp; $(0.11)<br>| &nbsp;&nbsp; $6.24 |
| Year Ended February 28, 2025 | 6.47 | 0.20 | &nbsp;&nbsp; (0.04)<br>| 0.16 | &nbsp;&nbsp; (0.20)<br>| 6.43 |
| Year Ended February 29, 2024 | 6.37 | 0.17 | 0.10 | 0.27 | &nbsp;&nbsp; (0.17)<br>| 6.47 |
| Year Ended February 28, 2023 | 6.71 | 0.13 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.13)<br>| 6.37 |
| Year Ended February 28, 2022 | 6.93 | 0.11 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.12)<br>| 6.71 |
| Year Ended February 28, 2021 | 7.06 | 0.12 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.12)<br>| 6.93 |
| **Class C** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 6.43 | 0.09 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.09)<br>| 6.24 |
| Year Ended February 28, 2025 | 6.47 | 0.17 | &nbsp;&nbsp; (0.04)<br>| 0.13 | &nbsp;&nbsp; (0.17)<br>| 6.43 |
| Year Ended February 29, 2024 | 6.37 | 0.14 | 0.10 | 0.24 | &nbsp;&nbsp; (0.14)<br>| 6.47 |
| Year Ended February 28, 2023 | 6.71 | 0.10 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.10)<br>| 6.37 |
| Year Ended February 28, 2022 | 6.93 | 0.08 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.08)<br>| 6.71 |
| Year Ended February 28, 2021 | 7.05 | 0.09 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.08)<br>| 6.93 |
| **Class I** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 6.46 | 0.11 | &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.11)<br>| 6.27 |
| Year Ended February 28, 2025 | 6.50 | 0.21 | &nbsp;&nbsp; (0.04)<br>| 0.17 | &nbsp;&nbsp; (0.21)<br>| 6.46 |
| Year Ended February 29, 2024 | 6.40 | 0.18 | 0.10 | 0.28 | &nbsp;&nbsp; (0.18)<br>| 6.50 |
| Year Ended February 28, 2023 | 6.75 | 0.15 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.15)<br>| 6.40 |
| Year Ended February 28, 2022 | 6.96 | 0.13 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.13)<br>| 6.75 |
| Year Ended February 28, 2021 | 7.09 | 0.14 | &nbsp;&nbsp; (0.13)<br>| 0.01 | &nbsp;&nbsp; (0.14)<br>| 6.96 |
| **Class R6** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 6.46 | 0.11 | &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.12)<br>| 6.27 |
| Year Ended February 28, 2025 | 6.50 | 0.22 | &nbsp;&nbsp; (0.04)<br>| 0.18 | &nbsp;&nbsp; (0.22)<br>| 6.46 |
| Year Ended February 29, 2024 | 6.40 | 0.18 | 0.10 | 0.28 | &nbsp;&nbsp; (0.18)<br>| 6.50 |
| Year Ended February 28, 2023 | 6.74 | 0.16 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>| 6.40 |
| Year Ended February 28, 2022 | 6.96 | 0.14 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.14)<br>| 6.74 |
| Year Ended February 28, 2021 | 7.09 | 0.15 | &nbsp;&nbsp; (0.14)<br>| 0.01 | &nbsp;&nbsp; (0.14)<br>| 6.96 |

---

&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 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. 

(e) 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;

100 J.P. Morgan Municipal Bond Funds August 31, 2025

------

**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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &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(e)<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; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.25)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $115683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&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;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&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;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&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;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&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;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6792 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&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;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&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;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&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;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&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;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31173 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 150435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&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;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&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;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.97)<br>| &nbsp;&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;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&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;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124323 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&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;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&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;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&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;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&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;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 122625 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5 |

---

&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;

August 31, 2025 J.P. Morgan Municipal Bond Funds 101

------

**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** | **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>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Short-Intermediate Municipal Bond Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $10.15 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.05 | &nbsp;&nbsp; $0.18 | &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $10.20 |
| Year Ended February 28, 2025 | 10.12 | 0.26 | 0.03 | 0.29 | &nbsp;&nbsp; (0.26)<br>| 10.15 |
| Year Ended February 29, 2024 | 10.02 | 0.20 | 0.11 | 0.31 | &nbsp;&nbsp; (0.21)<br>| 10.12 |
| Year Ended February 28, 2023 | 10.46 | 0.14 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>| 10.02 |
| Year Ended February 28, 2022 | 10.78 | 0.11 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.11)<br>| 10.46 |
| Year Ended February 28, 2021 | 10.86 | 0.13 | &nbsp;&nbsp; (0.08)<br>| 0.05 | &nbsp;&nbsp; (0.13)<br>| 10.78 |
| **Class C** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.26 | 0.11 | 0.05 | 0.16 | &nbsp;&nbsp; (0.11)<br>| 10.31 |
| Year Ended February 28, 2025 | 10.22 | 0.21 | 0.03 | 0.24 | &nbsp;&nbsp; (0.20)<br>| 10.26 |
| Year Ended February 29, 2024 | 10.12 | 0.15 | 0.10 | 0.25 | &nbsp;&nbsp; (0.15)<br>| 10.22 |
| Year Ended February 28, 2023 | 10.56 | 0.09 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.09)<br>| 10.12 |
| Year Ended February 28, 2022 | 10.88 | 0.06 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.06)<br>| 10.56 |
| Year Ended February 28, 2021 | 10.96 | 0.08 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.07)<br>| 10.88 |
| **Class I** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.21 | 0.15 | 0.07 | 0.22 | &nbsp;&nbsp; (0.16)<br>| 10.27 |
| Year Ended February 28, 2025 | 10.18 | 0.30 | 0.03 | 0.33 | &nbsp;&nbsp; (0.30)<br>| 10.21 |
| Year Ended February 29, 2024 | 10.08 | 0.24 | 0.11 | 0.35 | &nbsp;&nbsp; (0.25)<br>| 10.18 |
| Year Ended February 28, 2023 | 10.52 | 0.18 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| 10.08 |
| Year Ended February 28, 2022 | 10.84 | 0.16 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.16)<br>| 10.52 |
| Year Ended February 28, 2021 | 10.92 | 0.18 | &nbsp;&nbsp; (0.09)<br>| 0.09 | &nbsp;&nbsp; (0.17)<br>| 10.84 |
| **Class R6** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.21 | 0.16 | 0.05 | 0.21 | &nbsp;&nbsp; (0.16)<br>| 10.26 |
| Year Ended February 28, 2025 | 10.18 | 0.31 | 0.03 | 0.34 | &nbsp;&nbsp; (0.31)<br>| 10.21 |
| Year Ended February 29, 2024 | 10.08 | 0.25 | 0.11 | 0.36 | &nbsp;&nbsp; (0.26)<br>| 10.18 |
| Year Ended February 28, 2023 | 10.52 | 0.19 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>| 10.08 |
| Year Ended February 28, 2022 | 10.83 | 0.16 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>| 10.52 |
| Year Ended February 28, 2021 | 10.91 | 0.19 | &nbsp;&nbsp; (0.09)<br>| 0.10 | &nbsp;&nbsp; (0.18)<br>| 10.83 |

---

&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 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. 

(e) 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;

102 J.P. Morgan Municipal Bond Funds August 31, 2025

------

**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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &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(e)<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; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $105941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&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;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&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;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.86)<br>| &nbsp;&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;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.96)<br>| &nbsp;&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;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80956 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1497 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&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;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&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;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&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;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.45)<br>| &nbsp;&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;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386107 | &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;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&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;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&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;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&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;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&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;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 829847 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322532 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&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;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&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;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&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;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&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;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 688820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&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;

August 31, 2025 J.P. Morgan Municipal Bond Funds 103

------

**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** | **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>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Tax Free Bond Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $10.89 | &nbsp;&nbsp; $0.19 | &nbsp;&nbsp; $(0.36)<br>| &nbsp;&nbsp; $(0.17)<br>| &nbsp;&nbsp; $(0.19)<br>| &nbsp;&nbsp; $10.53 |
| Year Ended February 28, 2025 | 10.90 | 0.38 | &nbsp;&nbsp; (0.01)<br>| 0.37 | &nbsp;&nbsp; (0.38)<br>| 10.89 |
| Year Ended February 29, 2024 | 10.70 | 0.38 | 0.19 | 0.57 | &nbsp;&nbsp; (0.37)<br>| 10.90 |
| Year Ended February 28, 2023 | 12.15 | 0.33 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.33)<br>| 10.70 |
| Year Ended February 28, 2022 | 12.46 | 0.27 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.27)<br>| 12.15 |
| Year Ended February 28, 2021 | 12.66 | 0.28 | &nbsp;&nbsp; (0.20)<br>| 0.08 | &nbsp;&nbsp; (0.28)<br>| 12.46 |
| **Class C** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.78 | 0.16 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.16)<br>| 10.43 |
| Year Ended February 28, 2025 | 10.80 | 0.31 | &nbsp;&nbsp; (0.01)<br>| 0.30 | &nbsp;&nbsp; (0.32)<br>| 10.78 |
| Year Ended February 29, 2024 | 10.60 | 0.31 | 0.20 | 0.51 | &nbsp;&nbsp; (0.31)<br>| 10.80 |
| Year Ended February 28, 2023 | 12.04 | 0.26 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.26)<br>| 10.60 |
| Year Ended February 28, 2022 | 12.35 | 0.19 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.19)<br>| 12.04 |
| Year Ended February 28, 2021 | 12.55 | 0.21 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; —<br> (f)<br>| &nbsp;&nbsp; (0.20)<br>| 12.35 |
| **Class I** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.83 | 0.20 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.20)<br>| 10.48 |
| Year Ended February 28, 2025 | 10.85 | 0.40 | &nbsp;&nbsp; (0.02)<br>| 0.38 | &nbsp;&nbsp; (0.40)<br>| 10.83 |
| Year Ended February 29, 2024 | 10.65 | 0.40 | 0.19 | 0.59 | &nbsp;&nbsp; (0.39)<br>| 10.85 |
| Year Ended February 28, 2023 | 12.09 | 0.35 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.35)<br>| 10.65 |
| Year Ended February 28, 2022 | 12.41 | 0.29 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.29)<br>| 12.09 |
| Year Ended February 28, 2021 | 12.61 | 0.31 | &nbsp;&nbsp; (0.21)<br>| 0.10 | &nbsp;&nbsp; (0.30)<br>| 12.41 |
| **Class R6** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.83 | 0.21 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.21)<br>| 10.48 |
| Year Ended February 28, 2025 | 10.84 | 0.40 | &nbsp;&nbsp; —<br> (f)<br>| 0.40 | &nbsp;&nbsp; (0.41)<br>| 10.83 |
| Year Ended February 29, 2024 | 10.64 | 0.40 | 0.20 | 0.60 | &nbsp;&nbsp; (0.40)<br>| 10.84 |
| Year Ended February 28, 2023 | 12.09 | 0.36 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.36)<br>| 10.64 |
| Year Ended February 28, 2022 | 12.41 | 0.30 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.30)<br>| 12.09 |
| Year Ended February 28, 2021 | 12.60 | 0.31 | &nbsp;&nbsp; (0.19)<br>| 0.12 | &nbsp;&nbsp; (0.31)<br>| 12.41 |

---

&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 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. 

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

(f) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

104 J.P. Morgan Municipal Bond Funds August 31, 2025

------

&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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(c)(d)<br>| &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(e)<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; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.54)%<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $250523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.61<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&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;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&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;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.24)<br>| &nbsp;&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;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&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;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 302134 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&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;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&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;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&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;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&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;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16524 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&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;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&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;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.00)<br>| &nbsp;&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;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&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;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 243609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &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; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&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;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&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;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.04)<br>| &nbsp;&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;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&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;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 |

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 105

------

**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** |
|  |  | **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>| Net asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Ultra-Short Municipal Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | $10.02 | &nbsp;&nbsp; $0.14 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $(0.13)<br>| &nbsp;&nbsp; $10.05 |
| Year Ended February 28, 2025 | 9.98 | 0.28 | 0.04 | 0.32 | &nbsp;&nbsp; (0.28)<br>| 10.02 |
| Year Ended February 29, 2024 | 9.90 | 0.25 | 0.08 | 0.33 | &nbsp;&nbsp; (0.25)<br>| 9.98 |
| Year Ended February 28, 2023 | 9.98 | 0.13 | &nbsp;&nbsp; (0.11)<br>| 0.02 | &nbsp;&nbsp; (0.10)<br>| 9.90 |
| Year Ended February 28, 2022 | 10.07 | 0.01 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.01)<br>| 9.98 |
| Year Ended February 28, 2021 | 10.08 | 0.03 | &nbsp;&nbsp; —<br> (f)<br>| 0.03 | &nbsp;&nbsp; (0.04)<br>| 10.07 |
| **Class I** |  |  |  |  |  |  |
| Six Months Ended August 31, 2025 (Unaudited) | 10.01 | 0.14 | 0.02 | 0.16 | &nbsp;&nbsp; (0.14)<br>| 10.03 |
| Year Ended February 28, 2025 | 9.97 | 0.30 | 0.04 | 0.34 | &nbsp;&nbsp; (0.30)<br>| 10.01 |
| Year Ended February 29, 2024 | 9.89 | 0.27 | 0.09 | 0.36 | &nbsp;&nbsp; (0.28)<br>| 9.97 |
| Year Ended February 28, 2023 | 9.98 | 0.10 | &nbsp;&nbsp; (0.07)<br>| 0.03 | &nbsp;&nbsp; (0.12)<br>| 9.89 |
| Year Ended February 28, 2022 | 10.06 | 0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.03)<br>| 9.98 |
| Year Ended February 28, 2021 | 10.07 | 0.05 | &nbsp;&nbsp; —<br> (f)<br>| 0.05 | &nbsp;&nbsp; (0.06)<br>| 10.06 |

---

&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 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. 

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

(f) Amount rounds to less than $0.005.

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

106 <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**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |  |
| Total return(c)(d) | &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(e)<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; Portfolio <br>turnover <br>rate(c)<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $184101 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&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;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&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;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&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;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&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;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2245601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&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;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&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;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&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;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&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;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6666678 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |

---

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

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

107 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF August 31, 2025 (Unaudited)

(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 6 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 National Municipal Income 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 National Municipal Income Fund ("National Municipal Income Fund") is to seek to provide monthly dividends, which are excluded from gross income, and to protect the value of your investment by investing primarily in municipal obligations. For purposes of the Fund's investment objective, "gross income" means gross income for federal tax purposes.

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.

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. Under Securities and Exchange Commission ("SEC") Rule 2a-5 (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;

108 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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; $356119 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $356119 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 41930 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41930 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $41930 | &nbsp;&nbsp;&nbsp;&nbsp; $356119 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $398049 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(7)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **National Municipal Income 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; $1776464 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1776464 |

---

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 109

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **National Municipal Income 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** |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; $126691 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $126691 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $126691 | &nbsp;&nbsp;&nbsp;&nbsp; $1776464 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1903155 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $36 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $36 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(70)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(34)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(34)<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; $377780 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $377780 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 15824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15824 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $15824 | &nbsp;&nbsp;&nbsp;&nbsp; $377780 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $393604 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(7)<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; $3 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 743339 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 743339 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 65598 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65598 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $65598 | &nbsp;&nbsp;&nbsp;&nbsp; $743342 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $808940 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $62 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $62 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(14)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $48 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $48 |

---

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

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

110 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $727358 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $727358 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 31392 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31392 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $31392 | &nbsp;&nbsp;&nbsp;&nbsp; $727358 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $758750 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $13 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $13 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(26)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(26)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(13)<br>|

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **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; $2063861 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2063861 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 358854 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 358854 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $358854 | &nbsp;&nbsp;&nbsp;&nbsp; $2063861 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2422715 |

---

**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 August 31, 2025, 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.

California Tax Free Bond Fund, National Municipal Income Fund, New York Tax Free Bond Fund, Short Intermediate Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal Bond Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of August 31, 2025, 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 August 31, 2025 are detailed on the SOIs, if any.

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 111

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

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

**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 borrowers. 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.

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 six months ended August 31, 2025.

**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 six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **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>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 3.13% (a) (b)<br>| $36833 | $117205 | $112108 | $— | $— | $41930 | 41926 | $447 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of August 31, 2025.

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

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

112 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **National Municipal Income Fund**  | **National Municipal Income Fund**  | **National Municipal Income Fund**  | **National Municipal Income Fund**  | **National Municipal Income Fund**  | **National Municipal Income Fund**  | **National Municipal Income Fund**  | **National Municipal Income Fund**  | **National Municipal Income Fund**  | **National Municipal Income Fund**  |
| **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **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>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 3.13% (a) (b)<br>| $145229 | $413712 | $432250 | $— | $— | $126691 | 126678 | $1638 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of August 31, 2025.

&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 six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **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>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 3.13% (a) (b)<br>| $20688 | $127180 | $132043 | $—<br> (c)<br>| $(1)<br>| $15824 | 15823 | $305 | $— |

---

&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 August 31, 2025.

(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 six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **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>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 3.13% (a) (b)<br>| $21444 | $252367 | $208213 | $— | $— | $65598 | 65592 | $634 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of August 31, 2025.

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

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **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>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 3.13% (a) (b)<br>| $57116 | $236857 | $262580 | $— | $(1)<br>| $31392 | 31389 | $664 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of August 31, 2025.

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

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 113

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** | **For the six months ended August 31, 2025** |
| **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>**August 31,** <br>**2025**<br>| **Shares at** <br>**August 31,** <br>**2025**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 3.13% (a) (b)<br>| $217364 | $971651 | $830160 | $— | $(1)<br>| $358854 | 358819 | $2857 | $— |

---

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

 <br> (a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. <br> (b) The rate shown is the current yield as of August 31, 2025.

**F. Options** —California Tax Free Bond, National Municipal Income Fund, 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 Statement 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 Statement 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.

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, National Municipal Income Fund, 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.

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

114 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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 six months ended August 31, 2025 (amounts in thousands, except for number of contracts):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **California** <br>**Tax Free** <br>**Bond Fund**<br>| **National** <br>**Municipal** <br>**Income 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; $4783 | &nbsp;&nbsp; $25047 | &nbsp;&nbsp; $4945 | &nbsp;&nbsp; $13776 | &nbsp;&nbsp; $19833 |
| Average Notional Balance Short | &nbsp;&nbsp; (3192)<br>| &nbsp;&nbsp; (16429)<br>| &nbsp;&nbsp; (3277)<br>| &nbsp;&nbsp; (3192)<br>| &nbsp;&nbsp; (6140)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 4227 | &nbsp;&nbsp; 21936 | &nbsp;&nbsp; 4341 | &nbsp;&nbsp; 16379 | &nbsp;&nbsp; 8112 |
| Ending Notional Balance Short | &nbsp;&nbsp; (4372)<br>| &nbsp;&nbsp; (22670)<br>| &nbsp;&nbsp; (4488)<br>| &nbsp;&nbsp; (4372)<br>| &nbsp;&nbsp; (8401)<br>|
| **Exchange-Traded Options:** |  |  |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 153 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 52 |

---

The Funds' derivatives contracts held at August 31, 2025 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.

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.

**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 six months ended August 31, 2025, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| **California Tax Free Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | $2 | $—<br> (a)<br>| $1 | $1 | $4 |
| **National Municipal Income Fund** |  |  |  |  |  |
| Transfer agency fees  | 6 | —<br> (a)<br>| 4 | 6 | 16 |
| **New York Tax Free Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | 5 | —<br> (a)<br>| 2 | 1 | 8 |
| **Short-Intermediate Municipal Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | 2 | —<br> (a)<br>| 2 | 2 | 6 |
| **Tax Free Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | 6 | 1 | 2 | 1 | 10 |
| **Ultra-Short Municipal Fund** |  |  |  |  |  |
| Transfer agency fees  | 2 | n/a | 8 | n/a | 10 |

---

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

(a) Amount rounds to less than one thousand.

**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 August 31, 2025, 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.

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 115

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

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

**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.

**L. Segment Reporting** — The Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07") during the period. The adoption of this new standard impacted financial statement disclosures only and did not affect the Funds' financial position or the results of their operations. 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 is currently evaluating the amendment and its impact to the financial statements.

**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>|
| National Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| 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 six months ended August 31, 2025, the effective annualized 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>|

---

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

116 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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 six months ended August 31, 2025, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| National Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &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>|
| National Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| 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>|
| National Municipal Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| 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 limitation was 0.45% and 0.25% for Class A and Class I, respectively.

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 117

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

The expense limitation agreements were in effect for the six months ended August 31, 2025 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2026.

For the six months ended August 31, 2025, 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** |  | **Voluntary Waivers** |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>| **12b-1** |
| California Tax Free Bond Fund | &nbsp;&nbsp; $104 | &nbsp;&nbsp; $69 | &nbsp;&nbsp; $226 | &nbsp;&nbsp; $399 | &nbsp;&nbsp; $28 | &nbsp;&nbsp; $— |
| National Municipal Income Fund | &nbsp;&nbsp; 1265 | &nbsp;&nbsp; 654 | &nbsp;&nbsp; 1141 | &nbsp;&nbsp; 3060 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 76 |
| New York Tax Free Bond Fund | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 266 | &nbsp;&nbsp; 438 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; — |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 557 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ultra-Short Municipal Fund | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 903 | &nbsp;&nbsp; 3497 | &nbsp;&nbsp; — | &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 money market funds for the six months ended August 31, 2025 were as follows:

---

| | |
|:---|:---|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $18 |
| National Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 64 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 101 |

---

**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 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 six months ended August 31, 2025, National Municipal Income Fund, New York Tax Free Bond Fund, Short-Intermediate Municipal Bond Fund, Tax Free Bond Fund and Ultra-Short Municipal 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.

**4. Investment Transactions** 

During the six months ended August 31, 2025, 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 | $139763 | $119303 |
| National Municipal Income Fund | 548314 | 576308 |
| New York Tax Free Bond Fund | 157518 | 143432 |

---

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

118 J.P. Morgan Municipal Bond Funds August 31, 2025

------

---

| | | |
|:---|:---|:---|
|  | **Purchases**<br> **(excluding**<br> **U.S. Government)**<br>| **Sales**<br> **(excluding**<br> **U.S. Government)**<br>|
| Short-Intermediate Municipal Bond Fund | $134642 | $150127 |
| Tax Free Bond Fund | 413854 | 285320 |
| Ultra-Short Municipal Fund | 721205 | 537999 |

---

During the six months ended August 31, 2025, there were no purchases or sales of U.S. Government securities.

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at August 31, 2025 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; $400961 | &nbsp;&nbsp;&nbsp;&nbsp; $3052 | &nbsp;&nbsp;&nbsp;&nbsp; $5971 | &nbsp;&nbsp;&nbsp;&nbsp; $(2919)<br>|
| National Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1908632 | &nbsp;&nbsp;&nbsp;&nbsp; 23695 | &nbsp;&nbsp;&nbsp;&nbsp; 29206 | &nbsp;&nbsp;&nbsp;&nbsp; (5511)<br>|
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 398667 | &nbsp;&nbsp;&nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp;&nbsp; 6974 | &nbsp;&nbsp;&nbsp;&nbsp; (5070)<br>|
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 800412 | &nbsp;&nbsp;&nbsp;&nbsp; 10224 | &nbsp;&nbsp;&nbsp;&nbsp; 1648 | &nbsp;&nbsp;&nbsp;&nbsp; 8576 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 763097 | &nbsp;&nbsp;&nbsp;&nbsp; 9525 | &nbsp;&nbsp;&nbsp;&nbsp; 13885 | &nbsp;&nbsp;&nbsp;&nbsp; (4360)<br>|
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2414451 | &nbsp;&nbsp;&nbsp;&nbsp; 8865 | &nbsp;&nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp;&nbsp; 8264 |

---

At February 28, 2025, 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; $3838 | &nbsp;&nbsp;&nbsp;&nbsp; $13814 |
| National Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 52733 | &nbsp;&nbsp;&nbsp;&nbsp; 147005 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4303 | &nbsp;&nbsp;&nbsp;&nbsp; 7097 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 16461 | &nbsp;&nbsp;&nbsp;&nbsp; 47380 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18930 | &nbsp;&nbsp;&nbsp;&nbsp; 48574 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10678 | &nbsp;&nbsp;&nbsp;&nbsp; 29794 |

---

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, 2025, the Funds deferred to March 1, 2025 the following net capital losses (gains) of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $629 | &nbsp;&nbsp;&nbsp;&nbsp; $15 |
| National Municipal Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; (342)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10071 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 343 | &nbsp;&nbsp;&nbsp;&nbsp; (304)<br>|
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; 370 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 516 | &nbsp;&nbsp;&nbsp;&nbsp; 1362 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 8 |

---

During the year ended February 28, 2025, the following Funds utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
|  | **Capital Loss Utilized**  |
|  | **Short-Term** |
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $170 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 343 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1347 |

---

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 119

------

**NOTES TO FINANCIAL STATEMENTS**

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

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the six months ended August 31, 2025.

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 28, 2025.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the six months ended August 31, 2025.

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 six months ended August 31, 2025.

**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 August 31, 2025, 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; 72.1<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 10.6<br> %<br>|
| National Municipal Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;60.8 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;16.4 |
| New York Tax Free Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;70.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;73.7 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;52.1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;29.7 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;86.7 | &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

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

120 J.P. Morgan Municipal Bond Funds August 31, 2025

------

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.

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. Subsequent Events**

At a meeting held on April 15, 2025, JPM I's Board approved the reorganization (the "Reorganization") of National Municipal Income Fund into an exchange-traded fund, JPMorgan Municipal ETF ("JPM Municipal ETF"), a series of J.P. Morgan Exchange-Traded Fund Trust.

The Reorganization occurred as of the close of business on October 24, 2025 (the "Closing Date"). In connection with the Reorganization, each shareholder of the National Municipal Income Fund (except as noted below) received shares of JPM Municipal ETF equal in value to the number of shares of the National Municipal Income Fund they owned on the Closing Date, including a cash payment in lieu of fractional shares of JPM Municipal ETF, which cash payment may be taxable. Shareholders of the National Municipal Income Fund who did not hold their shares through a brokerage account that could accept shares of JPM Municipal ETF on the Closing Date had their National Municipal Income Fund shares liquidated, and such shareholders received cash equal in value to their National Municipal Income Fund shares, which cash payment may be taxable. Shareholders of the National Municipal Income Fund who held their shares through a fund direct individual retirement account and did not take action prior to the Reorganization had their National Municipal Income Fund shares exchanged for Morgan Shares of JPMorgan U.S. Government Money Market Fund equal in value to their National Municipal Income Fund shares. JPM Municipal ETF has the identical investment adviser, investment objective and fundamental investment policies and substantially similar investment strategies as the National Municipal Income Fund. Effective as of the close of business on October 24, 2025, National Municipal Income Fund ceased operations in connection with the consummation of the Reorganization.

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

August 31, 2025 J.P. Morgan Municipal Bond Funds 121

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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.

![](g80664imgc5c6c2132.jpg)

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![](g80664img33d0bc1c3.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., 2025. All rights reserved. August 2025.

SAN-MUNIBOND-825

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**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

**<u>JPMorgan National Municipal Income Fund</u>**

JPMorgan Trust I held a special meeting of shareholders on July 30, 2025, for the purpose of approving a proposed reorganization pursuant to which the JPMorgan National Municipal Income Fund (the "Target Fund") would combine with the JPMorgan Municipal ETF (the "Acquiring Fund").

The results of the voting were as follows:

**July 30, 2025 Meeting:**<br>

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

---

| | |
|:---|:---|
|  | **Dollar value of**<br> **Votes Received**<br> **(000's)**<br>|
| For | &nbsp;&nbsp;&nbsp;&nbsp; 105,428 |
| Against | &nbsp;&nbsp;&nbsp;&nbsp; 660 |
| Abstain | &nbsp;&nbsp;&nbsp;&nbsp; 4,021 |

---

**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**

The Board of Trustees (the "Board" or the "Trustees") has established various standing committees composed of Trustees with diverse backgrounds, to which the Board has assigned specific subject matter responsibilities to further enhance the effectiveness of the Board's oversight and decision making. The Board and its investment committees (Money Market and Alternative Products Committee, Equity Committee, and Fixed Income Committee) met regularly throughout the year and, at each meeting, considered factors that are relevant to their annual consideration of the continuation of the investment advisory agreements. The Board also met for the specific purpose of considering investment advisory agreement annual renewals. The Board held meetings June 24-25, 2025 and August 12-14, 2025, at which the Trustees considered the continuation of the investment advisory agreements for each Fund whose semi-annual report is contained herein (each an "Advisory Agreement" and collectively, the "Advisory Agreements"). At the June meeting, the Board's investment committees met to review and consider performance, expense and related information for the J.P. Morgan Funds. Each investment committee reported to the full Board, which then considered each investment committee's preliminary findings. At the August meeting, the Trustees continued their review and consideration. The Trustees, including a majority of the Trustees who are not parties to an Advisory Agreement or "interested persons" (as defined in the Investment Company Act of 1940) of any party to an Advisory Agreement or any of their affiliates, approved the continuation of each Advisory Agreement on August 14, 2025.

As part of their review of the Advisory Agreements, the Trustees considered and reviewed performance and other information about the Funds received from J.P. Morgan Investment Management Inc. (the "Adviser"). This information included the Funds' performance as compared to the performance of their peers and benchmarks, and analyses by the Adviser of the Funds' performance. In addition, at each of their regular meetings throughout the year, the Trustees considered reports on the performance of certain J.P. Morgan Funds provided by an independent investment consulting firm (the "independent consultant"). In addition, in preparation for the June and August meetings, the Trustees requested, received and evaluated extensive materials from the Adviser, including performance and expense information compiled by Broadridge, using data from Lipper Inc. and/or Morningstar Inc., independent providers of investment company data (together, "Broadridge"). The Trustees' independent consultant also provided additional quantitative and statistical analyses of certain Funds, including risk and performance return assessments as compared to the Funds' objectives, benchmarks, and peers. Before voting on the Advisory Agreements, the Trustees reviewed the Advisory Agreements with representatives of the

Adviser, counsel to the Funds and independent legal counsel to the Trustees and received a memorandum from independent legal counsel to the Trustees discussing the legal standards for their consideration of the Advisory Agreements. The Trustees also discussed the Advisory Agreements with independent legal counsel in executive sessions at which no representatives of the Adviser were present.

A summary of the material factors evaluated by the Trustees in determining whether to approve each Advisory Agreement is provided below. Each Trustee attributed different weights to the various factors and no factor alone was considered determinative. The Trustees considered information provided with respect to the Funds throughout the year as well as materials furnished specifically in connection with the annual review process. From year to year, the Trustees consider and place emphasis on relevant information in light of changing circumstances in market and economic conditions.

After considering and weighing the factors and information they had received, the Trustees found that the compensation to be received by the Adviser from each Fund under the applicable Advisory Agreement was fair and reasonable under the circumstances and determined that the continuance of each Advisory Agreement was in the best interests of each Fund and its shareholders.

***Nature, Extent and Quality of Services Provided by the Adviser***

The Trustees received and considered information regarding the nature, extent and quality of services provided to each Fund under the applicable Advisory Agreement. The Trustees took into account information furnished throughout the year at Trustee meetings, as well as the materials furnished specifically in connection with this annual review process. Among other things, the Trustees considered:

• The background and experience of the Adviser's senior management and investment personnel, including personnel changes, if any;

• The qualifications, backgrounds and responsibilities of the portfolio management team primarily responsible for the day-to-day management of each Fund, including personnel changes, if any;

• The investment strategy for each Fund, and the infrastructure supporting the portfolio management teams;

• Information about the structure and distribution strategy for each Fund and how it fits within the Adviser's other fund offerings within the J.P. Morgan Funds complex;

• The administration services provided by the Adviser in its role as Administrator;

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

• Their knowledge of the nature and quality of the services provided by the Adviser and its affiliates gained from their experience as Trustees of the Funds and in the financial industry generally;

• The overall reputation and capabilities of the Adviser and its affiliates;

• The commitment of the Adviser to provide high quality service to the Funds;

• Their overall confidence in the Adviser's integrity; and

• The Adviser's responsiveness to requests for additional information, questions or concerns raised by them, including the Adviser's willingness to consider and implement organizational and operational changes designed to improve investment results and the services provided to each Fund.

Based upon these considerations and other factors, the Trustees concluded that they were satisfied with the nature, extent and quality of the services provided to the Funds by the Adviser.

***Costs of Services Provided and Profitability to the Adviser and its Affiliates***

The Trustees received and considered information regarding the profitability to the Adviser and its affiliates from providing services to each Fund. The Trustees reviewed and discussed this information. The Trustees recognized that this information is not audited and represents the Adviser's determination of its and its affiliates' revenues from the contractual services provided to the Funds, less expenses of providing such services. Expenses include direct and indirect costs and are calculated using an allocation methodology developed by the Adviser and reviewed with the Board. The Trustees also recognized that it is difficult to make comparisons of profitability from fund investment advisory contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the fact that publicly-traded fund managers' operating profits and net income are net of distribution and marketing expenses. Based upon their review, and taking into consideration the factors noted above, the Trustees concluded that the profitability to the Adviser under each Advisory Agreement was not unreasonable in light of the services and benefits provided to each Fund.

The Trustees also considered that JPMorgan Distribution Services, Inc. ("JPMDS"), an affiliate of the Adviser, and the Adviser earn fees from the Funds for providing shareholder and administration services, respectively. These fees were shown separately in the profitability analysis presented to the Trustees. The Trustees also considered the payments of Rule 12b-1 fees to JPMDS, which also acts as the Funds' distributor, and that these fees are in turn generally paid to

financial intermediaries that sell the Funds, including financial intermediaries that are affiliates of the Adviser (although they are retained by JPMDS in certain instances). The Trustees also considered the fees earned by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Adviser, for custody, fund accounting and other related services for each Fund, and the profitability of the arrangements to JPMCB.

***Fall-Out Benefits***

The Trustees reviewed information regarding potential "fall-out" or ancillary benefits received by the Adviser and its affiliates as a result of their relationship with the Funds. The Trustees considered that the J.P. Morgan Funds' operating accounts are held at JPMCB, which as a result, will receive float benefits for certain J.P. Morgan Funds, as applicable. The Trustees also noted that the Adviser supports a diverse set of products and services, which benefits the Adviser by allowing it to leverage its infrastructure to serve additional clients, including benefits that may be received by the Adviser and its affiliates in connection with the Fund's potential investments in other funds advised by the Adviser. The Trustees also reviewed the Adviser's allocation of fund brokerage for the J.P. Morgan Funds complex, including allocations to brokers who provide research to the Adviser, as well as the Adviser's use of affiliates to provide other services and the benefits to such affiliates of doing so. The Trustees also considered the benefit to the Adviser and its affiliates from allocating client assets to the Funds.

***Economies of Scale***

The Trustees considered the extent to which the Funds may benefit from potential economies of scale. The Trustees considered that there may not be a direct relationship between economies of scale realized by the Funds and those realized by the Adviser as assets increase. The Trustees considered the extent to which the Funds were priced to scale and whether it would be appropriate to add advisory fee breakpoints. The Trustees noted certain Funds with contractual expense limitations and fee waivers ("Fee Caps"), which allow a Fund's shareholders to share potential economies of scale from a Fund's inception, prior to reaching scale. The Trustees also noted that certain other Funds that had achieved scale as asset levels had increased no longer had Fee Caps in place for some or all of their share classes, but shared economies of scale through lower average expenses. The Trustees noted that the fees remain fair and reasonable relative to peer funds. The Trustees considered the benefits to the Funds of the use of an affiliated distributor and custodian, including the ability to rely on existing infrastructure supporting distribution, custodial and transfer agent services and the ability to negotiate competitive fees for the Funds. The Trustees further considered the Adviser's and JPMDS's ongoing investments in their business in support of the Funds, including the Adviser's and/or JPMDS's

------

investments in trading systems, technology (including improvements to the J.P. Morgan Funds' website, and cybersecurity improvements), retention of key talent, and regulatory support enhancements. The Trustees concluded that the current fee structure for each Fund, including any Fee Caps the Adviser has in place that serve to limit the overall net expense ratios of each Fund at competitive levels, was reasonable. The Trustees concluded that, for Funds with Fee Caps in place for some or all of their share classes, the relevant Fund's shareholders received the benefits of potential economies of scale through the Fee Caps and for Funds that achieved scale and no longer had Fee Caps in place for some or all of their share classes, the relevant Fund's shareholders benefitted from lower average expenses resulting from increased assets. The Trustees also concluded that all Funds benefitted from the Adviser's reinvestment in its operations to serve the Funds and their shareholders. The Trustees noted that the Adviser's reinvestment ensures sufficient resources in terms of personnel and infrastructure to support the Funds.

***Independent Written Evaluation of the Funds' Senior Officer***

The Trustees noted that, upon their direction, the Senior Officer for the Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund had prepared an independent written evaluation in order to assist the Trustees in determining the reasonableness of the proposed management fees. In determining whether to continue the Advisory Agreements, the Trustees considered the Senior Officer's report.

***Fees Relative to Adviser's Other Clients***

The Trustees received and considered information about the nature and extent of investment advisory services and fee rates offered to other clients of the Adviser, including, to the extent possible, institutional separate accounts, collective investment trusts, other registered investment companies and/or private funds sub-advised by the Adviser, for investment management styles substantially similar to that of each Fund. The Trustees considered the complexity of investment management for registered investment companies relative to the Adviser's other clients and noted differences, as applicable, in the fee structure and the regulatory, legal and other risks and responsibilities of providing services to the different clients. The Trustees considered that serving as an adviser to a registered investment company involves greater responsibilities and risks than acting as a sub-adviser and observed that sub-advisory fees may be lower than those charged by the Adviser to each Fund. The Trustees also noted that the adviser, not the applicable registered investment company, typically bears the sub-advisory fee and that many responsibilities related to the advisory function are typically retained by the primary adviser. The Trustees concluded that the fee rates charged to each Fund in comparison to those charged to the Adviser's other clients were reasonable.

***Investment Performance***

The Trustees receive and consider information about each Fund's performance throughout the year. In addition, the Trustees received and considered absolute and/or relative performance information for the Funds in a report prepared by Broadridge. The Trustees considered the total return performance information, which included the ranking of the Funds within a performance universe comprised of funds' selected share classes with the same Broadridge investment classification and objective (the "Universe") by total return for applicable one-, three- and five-year periods. The Trustees reviewed a description of Broadridge's methodology for selecting mutual funds in each Fund's Universe and Peer Group, and noted that Universe quintile rankings were not calculated if the number of funds in the Universe did not meet a predetermined minimum. The Trustees also considered enhancements to the methodology employed by Broadridge for identifying funds in the Peer Groups for Class I and Class R6 shares, based upon discussions with the Adviser, Broadridge and certain Trustees in advance of, and preparation for, the June meeting. The Broadridge materials provided to the Trustees highlighted information with respect to certain representative classes to assist the Trustees in their review. As part of this review, the Trustees also reviewed each Fund's performance against its benchmark and considered the performance information provided for the Funds at regular Board meetings by the Adviser and the Trustees' independent consultant and also considered the special analysis prepared for certain Funds by the Trustees' independent consultant. The Trustees also engaged with the Adviser to consider what steps might be taken to improve performance, as applicable. The Broadridge performance data noted by the Trustees as part of their review and the determinations made by the Trustees with respect to each Fund's performance for certain representative classes are summarized below:

The Trustees noted that the California Tax Free Bond Fund's performance for Class A shares was in the fifth, second and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class I shares was in the fourth, third and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. Broadridge did not calculate quintile rankings for Class R6 shares for the one-, three- and five-year periods due to the limited number of funds in the Universe. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

------

The Trustees noted that the National Municipal Income Fund's performance for Class A and Class I shares was in the third, fourth and fourth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class R6 shares was in the third, fourth and fifth quintiles of the Universe for the one-, three- and five- year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances.

The Trustees noted that the New York Tax Free Bond Fund's performance for Class A and Class R6 shares was in the second, first and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees noted that the performance for Class I shares was in the third, first and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory.

The Trustees noted that the Short-Intermediate Municipal Bond Fund's performance for Class A, Class I and Class R6 shares was in the fifth quintile of the Universe for each of the one-, three-, and five-year periods ended December 31, 2024. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested, however, that the Adviser provide additional Fund performance information to be reviewed with members of the Fixed Income Committee at each of their regular meetings over the course of next year.

The Trustees noted that the Tax Free Bond Fund's performance for Class A, Class I and Class R6 shares was in the fourth, fifth and fifth quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Adviser and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, the Trustees concluded that the Fund's performance was satisfactory under the circumstances. The Trustees requested,

however, that the Adviser provide additional Fund performance information to be reviewed with members of the Fixed Income Committee at each of their regular meetings over the course of next year.

The Trustees noted that the Ultra-Short Municipal Fund's performance for Class A shares was in the first quintile of the Universe for each of the one-, three- and five-year periods ended December 31, 2024. The Trustees noted that the performance for Class I shares was in the first, first and second quintiles of the Universe for the one-, three- and five-year periods ended December 31, 2024, respectively. The Trustees discussed the performance and investment strategy of the Fund with the Advisor and reviewed the performance analysis and evaluation prepared by the independent consultant. Based upon these discussions and various other factors, concluded that the performance was satisfactory.

***Advisory Fees and Expense Ratios***

The Trustees considered the contractual advisory fee rate and administration fee rate paid by each Fund to the Adviser and compared the combined rate to the information prepared by Broadridge concerning management fee rates paid by other funds' selected share classes in the Universe, as well as a subset of funds within the Universe (the "Peer Group"). The Trustees recognized that Broadridge reported each Fund's management fee rate as the combined contractual advisory fee and administration fee rates. The Trustees also reviewed information about other expenses and the expense ratios for each Fund and noted that Universe and Peer Group quintile rankings were not calculated if the number of funds in the Universe and/or Peer Group did not meet a predetermined minimum. For each Fund that had a Fee Cap in place, the Trustees considered, the net advisory fee rate and net expense ratio for each share class, as applicable, taking into account any waivers and/or reimbursements. The Trustees recognized that it can be difficult to make comparisons of advisory fees because there are variations in the services that are included in the fees paid by other funds. The Trustees' determinations as a result of the review of each Fund's advisory fees and expense ratios for certain representative classes are summarized below:

The Trustees noted that the California Tax Free Bond Fund's net advisory fee and actual total expenses for Class A shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares were in the second quintile of both the Peer Group and Universe, and that the actual total expenses for Class I shares were in the second and third quintiles of the Peer Group and Universe, respectively. Broadridge did not calculate quintile rankings for the Peer Group and Universe for Class R6 shares due to the limited number of funds in the Peer Group and Universe. After

------

considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the National Municipal Income Fund's net advisory fee for Class A and Class R6 shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A and Class R6 shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the first and second quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for the Class I shares were in the second quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the New York Tax Free Bond Fund's net advisory fee for Class A and Class I shares was in the second and first quintiles of the Peer Group and Universe, respectively, and that the actual total expenses for Class A and Class I shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee and actual total expenses for Class R6 shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Short-Intermediate Municipal Bond Fund's net advisory fee for Class A shares was in the first quintile of both the Peer Group and Universe, and that the

actual total expenses for Class A shares were in the fourth and fifth quintiles of the Peer Group and Universe, respectively. The Trustees noted that the net advisory fee and actual total expenses for Class I and Class R6 shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Tax Free Bond Fund's net advisory fee and actual total expenses for Class A and Class R6 shares were in the first quintile of both the Peer Group and Universe. The Trustees noted that the net advisory fee for Class I shares was in the second and first quintiles of the Peer Group and the Universe, respectively, and that the actual total expenses for Class I shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

The Trustees noted that the Ultra-Short Municipal Fund's net advisory fee and actual total expenses for Class A and Class I shares were in the first quintile of both the Peer Group and Universe. After considering the factors identified above, in light of this information, the Trustees concluded that the advisory fee was fair and reasonable in light of the services provided to the Fund.

------

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.

&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:

------

#### 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.

(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.

#### 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.

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| | |
|:---|:---|
| JPMorgan Trust IV | JPMorgan Trust IV |
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | November 5, 2025 |

---

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 |
|  | November 5, 2025 |
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | November 5, 2025 |

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## 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 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: November 5, 2025

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| |
|:---|
| /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 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: November 5, 2025

---

| |
|:---|
| /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 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 |
| November 5, 2025 |

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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.

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**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 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.

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|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |
| November 5, 2025 |

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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.