# EDGAR Filing Document

**Accession Number:** 0001217286
**File Stem:** 0001193125-26-211614
**Filing Date:** 2026-5
**Character Count:** 4557455
**Document Hash:** b02c21b8f1bb735c173486dd5022e01b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-211614.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-211614

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 113

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21295
- **FILM NUMBER:** 26952544

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

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

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

## Series and Classes Contracts Data

### JPMorgan Emerging Markets Debt Fund (Series ID: S000002916)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000007990 | Class I      | JEMDX           |
| C000033533 | Class R5     | JEMRX           |
| C000033869 | Class A      | JEDAX           |
| C000033870 | Class C      | JEDCX           |
| C000116218 | Class R6     | JEMVX           |

### JPMorgan California Tax Free Bond Fund (Series ID: S000002945)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008059 | Class I      | JPICX           |
| C000008060 | Class A      | JCBAX           |
| C000008061 | Class C      | JCBCX           |
| C000205201 | Class R6     | JCBSX           |

### JPMorgan New York Tax Free Bond Fund (Series ID: S000002948)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000008072 | Class I      | JNYIX           |
| C000008073 | Class A      | VANTX           |
| C000008075 | Class C      | JCNTX           |
| C000205202 | Class R6     | VINRX           |

### JPMorgan 100% U.S. Treasury Securities Money Market Fund (Series ID: S000002965)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000008116 | Institutional Class | JTSXX           |
| C000008117 | Capital             | CJTXX           |
| C000008118 | Morgan              | HTSXX           |
| C000008119 | Premier             | VHPXX           |
| C000008120 | Reserve             | RJTXX           |
| C000008121 | Agency              | VPIXX           |
| C000217004 | IM                  | JSMXX           |
| C000222400 | Academy             | JACXX           |
| C000225256 | Empower             | EJTXX           |

### JPMorgan California Municipal Money Market Fund (Series ID: S000002966)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000008122 | Morgan              | VCAXX           |
| C000073382 | Service             | JCVXX           |
| C000165403 | Premier             | JCRXX           |
| C000210338 | Institutional Class | JGCXX           |
| C000210339 | Agency              | JOYXX           |

### JPMorgan Federal Money Market Fund (Series ID: S000002967)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000008123 | Institutional Class | JFMXX           |
| C000008124 | Morgan              | VFVXX           |
| C000008125 | Premier             | VFPXX           |
| C000008127 | Agency              | VFIXX           |

### JPMorgan New York Municipal Money Market Fund (Series ID: S000002968)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000008128 | Morgan              | VNYXX           |
| C000008129 | Reserve             | JNYXX           |
| C000073383 | Service             | JNVXX           |
| C000165406 | Premier             | JNPXX           |
| C000210340 | Institutional Class | JGNXX           |
| C000210341 | Agency              | JONXX           |

### JPMorgan Prime Money Market Fund (Series ID: S000002969)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000008130 | Institutional Class | JINXX           |
| C000008134 | Capital             | CJPXX           |
| C000008135 | Morgan              | VMVXX           |
| C000008136 | Premier             | VPMXX           |
| C000008137 | Reserve             | JRVXX           |
| C000008138 | Agency              | VMIXX           |
| C000115390 | IM                  | JIMXX           |
| C000212345 | Academy             | JPAXX           |
| C000225257 | Empower             | EJPXX           |

### JPMorgan Tax Free Money Market Fund (Series ID: S000002970)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000008139 | Institutional Class | JTFXX           |
| C000008140 | Morgan              | VTMXX           |
| C000008141 | Premier             | VXPXX           |
| C000008142 | Reserve             | RTJXX           |
| C000008143 | Agency              | VTIXX           |

### JPMorgan Strategic Income Opportunities Fund (Series ID: S000022994)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000066701 | Class I      | JSOSX           |
| C000066702 | Class A      | JSOAX           |
| C000066703 | Class C      | JSOCX           |
| C000066704 | Class R5     | JSORX           |
| C000195119 | Class R6     | JSOZX           |

### JPMorgan Managed Income Fund (Series ID: S000029581)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000090816 | Class L      | JMGIX           |
| C000190446 | Class I      | JMGLX           |

### JPMorgan Floating Rate Income Fund (Series ID: S000032548)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000100362 | Class A      | JPHAX           |
| C000100363 | Class C      | JPHCX           |
| C000100364 | Class I      | JPHSX           |
| C000132280 | Class R6     | JPHRX           |

### JPMorgan Global Bond Opportunities Fund (Series ID: S000037860)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000116841 | Class A      | GBOAX           |
| C000116842 | Class C      | GBOCX           |
| C000116843 | Class I      | GBOSX           |
| C000116844 | Class R6     | GBONX           |

### JPMorgan Corporate Bond Fund (Series ID: S000039803)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000123395 | Class A      | CBRAX           |
| C000123396 | Class C      | CBRCX           |
| C000123397 | Class I      | CBFSX           |
| C000123398 | Class R6     | CBFVX           |

### JPMorgan Short Duration Core Plus Fund (Series ID: S000039927)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000123825 | Class A      | JSDHX           |
| C000123826 | Class C      | JSDCX           |
| C000123827 | Class I      | JSDSX           |
| C000123828 | Class R6     | JSDRX           |

### JPMorgan Income Fund (Series ID: S000044081)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000136811 | Class A      | JGIAX           |
| C000136812 | Class C      | JGCGX           |
| C000136813 | Class I      | JMSIX           |
| C000136814 | Class R6     | JMSFX           |

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

#### 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

#### 811-21295

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

------

390 Madison Avenue

New York, NY 10017

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

390 Madison Avenue

New York, NY 10017

(Name and Address of Agent for Service)

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

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

#### Date of fiscal year end:

#### Last Day of February

#### Date of reporting period:

#### February 28, 2026

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

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

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

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

![FrontCoverImage](g116290images_2737.jpg)

Academy Shares/Ticker: JACXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan 100% U.S. Treasury Securities Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorgan.com/academy. You can also request this information by contacting us at 1-646-341-6869, by sending an e-mail request to funds@academysecurities.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund<br>(Academy Shares) | $17 | 0.16% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302222085 |
| **Total number of portfolio holdings** | 77 |
| **Total advisory fees paid (000's)** | $203929 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 21.4 |
| 8–30 calendar days | 27.3 |
| 31–60 calendar days | 28.8 |
| 61–90 calendar days | 6.6 |
| 91–180 calendar days | 10.4 |
| 181+ calendar days | 5.5 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan 100% U.S. Treasury Securities Money Market Fund - Academy Class

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

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

![FrontCoverImage](g116290images_2737.jpg)

Agency Shares/Ticker: VPIXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan 100% U.S. Treasury Securities Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund<br>(Agency Shares) | $26 | 0.26% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302222085 |
| **Total number of portfolio holdings** | 77 |
| **Total advisory fees paid (000's)** | $203929 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 21.4 |
| 8–30 calendar days | 27.3 |
| 31–60 calendar days | 28.8 |
| 61–90 calendar days | 6.6 |
| 91–180 calendar days | 10.4 |
| 181+ calendar days | 5.5 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan 100% U.S. Treasury Securities Money Market Fund - Agency Class

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

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

![FrontCoverImage](g116290images_2737.jpg)

Capital Shares/Ticker: CJTXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan 100% U.S. Treasury Securities Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund<br>(Capital Shares) | $17 | 0.16% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302222085 |
| **Total number of portfolio holdings** | 77 |
| **Total advisory fees paid (000's)** | $203929 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 21.4 |
| 8–30 calendar days | 27.3 |
| 31–60 calendar days | 28.8 |
| 61–90 calendar days | 6.6 |
| 91–180 calendar days | 10.4 |
| 181+ calendar days | 5.5 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan 100% U.S. Treasury Securities Money Market Fund - Capital Class

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

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

![FrontCoverImage](g116290images_2737.jpg)

Empower Shares/Ticker: EJTXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan 100% U.S. Treasury Securities Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund<br>(Empower Shares) | $17 | 0.16% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302222085 |
| **Total number of portfolio holdings** | 77 |
| **Total advisory fees paid (000's)** | $203929 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 21.4 |
| 8–30 calendar days | 27.3 |
| 31–60 calendar days | 28.8 |
| 61–90 calendar days | 6.6 |
| 91–180 calendar days | 10.4 |
| 181+ calendar days | 5.5 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan 100% U.S. Treasury Securities Money Market Fund - Empower Class

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

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

![FrontCoverImage](g116290images_2737.jpg)

IM Shares/Ticker: JSMXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan 100% U.S. Treasury Securities Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/jpmfpages/imshares. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund<br>(IM Shares) | $12 | 0.11% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302222085 |
| **Total number of portfolio holdings** | 77 |
| **Total advisory fees paid (000's)** | $203929 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 21.4 |
| 8–30 calendar days | 27.3 |
| 31–60 calendar days | 28.8 |
| 61–90 calendar days | 6.6 |
| 91–180 calendar days | 10.4 |
| 181+ calendar days | 5.5 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan 100% U.S. Treasury Securities Money Market Fund - IM Class

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

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

![FrontCoverImage](g116290images_2737.jpg)

Institutional Class Shares/Ticker: JTSXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan 100% U.S. Treasury Securities Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund<br>(Institutional Class Shares) | $21 | 0.21% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302222085 |
| **Total number of portfolio holdings** | 77 |
| **Total advisory fees paid (000's)** | $203929 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 21.4 |
| 8–30 calendar days | 27.3 |
| 31–60 calendar days | 28.8 |
| 61–90 calendar days | 6.6 |
| 91–180 calendar days | 10.4 |
| 181+ calendar days | 5.5 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan 100% U.S. Treasury Securities Money Market Fund - Institutional Class

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

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

![FrontCoverImage](g116290images_2737.jpg)

Morgan Shares/Ticker: HTSXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan 100% U.S. Treasury Securities Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund<br>(Morgan Shares) | $58 | 0.57% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302222085 |
| **Total number of portfolio holdings** | 77 |
| **Total advisory fees paid (000's)** | $203929 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 21.4 |
| 8–30 calendar days | 27.3 |
| 31–60 calendar days | 28.8 |
| 61–90 calendar days | 6.6 |
| 91–180 calendar days | 10.4 |
| 181+ calendar days | 5.5 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan 100% U.S. Treasury Securities Money Market Fund - Morgan Class

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

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

![FrontCoverImage](g116290images_2737.jpg)

Premier Shares/Ticker: VHPXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan 100% U.S. Treasury Securities Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund<br>(Premier Shares) | $42 | 0.41% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302222085 |
| **Total number of portfolio holdings** | 77 |
| **Total advisory fees paid (000's)** | $203929 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 21.4 |
| 8–30 calendar days | 27.3 |
| 31–60 calendar days | 28.8 |
| 61–90 calendar days | 6.6 |
| 91–180 calendar days | 10.4 |
| 181+ calendar days | 5.5 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan 100% U.S. Treasury Securities Money Market Fund - Premier Class

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

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

![FrontCoverImage](g116290images_2737.jpg)

Reserve Shares/Ticker: RJTXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan 100% U.S. Treasury Securities Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-766-7722, by sending an e-mail request to global_liquidity_funds_services_us@jpmorganfunds.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan 100% U.S. Treasury Securities Money Market Fund<br>(Reserve Shares) | $68 | 0.66% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $302222085 |
| **Total number of portfolio holdings** | 77 |
| **Total advisory fees paid (000's)** | $203929 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 21.4 |
| 8–30 calendar days | 27.3 |
| 31–60 calendar days | 28.8 |
| 61–90 calendar days | 6.6 |
| 91–180 calendar days | 10.4 |
| 181+ calendar days | 5.5 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan 100% U.S. Treasury Securities Money Market Fund - Reserve Class

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

JPMorgan California Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Agency Shares/Ticker: JOYXX

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

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

---

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

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $223336 |
| **Total number of portfolio holdings** | 75 |
| **Total advisory fees paid (000's)** | $135 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 75.4 |
| 8–30 calendar days | 7.8 |
| 31–60 calendar days | 3.2 |
| 61–90 calendar days | 2.4 |
| 91–180 calendar days | 9.4 |
| 181+ calendar days | 1.8 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan California Municipal Money Market Fund - Agency Class

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

JPMorgan California Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Institutional Class Shares/Ticker: JGCXX

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

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

---

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

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $223336 |
| **Total number of portfolio holdings** | 75 |
| **Total advisory fees paid (000's)** | $135 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 75.4 |
| 8–30 calendar days | 7.8 |
| 31–60 calendar days | 3.2 |
| 61–90 calendar days | 2.4 |
| 91–180 calendar days | 9.4 |
| 181+ calendar days | 1.8 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan California Municipal Money Market Fund - Institutional Class

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

JPMorgan California Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Morgan Shares/Ticker: VCAXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan California Municipal Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan California Municipal Money Market Fund<br>(Morgan Shares) | $60 | 0.59% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $223336 |
| **Total number of portfolio holdings** | 75 |
| **Total advisory fees paid (000's)** | $135 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 75.4 |
| 8–30 calendar days | 7.8 |
| 31–60 calendar days | 3.2 |
| 61–90 calendar days | 2.4 |
| 91–180 calendar days | 9.4 |
| 181+ calendar days | 1.8 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan California Municipal Money Market Fund - Morgan Class

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

JPMorgan California Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Premier Shares/Ticker: JCRXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan California Municipal Money Market Fund<br>(Premier Shares) | $45 | 0.45% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $223336 |
| **Total number of portfolio holdings** | 75 |
| **Total advisory fees paid (000's)** | $135 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 75.4 |
| 8–30 calendar days | 7.8 |
| 31–60 calendar days | 3.2 |
| 61–90 calendar days | 2.4 |
| 91–180 calendar days | 9.4 |
| 181+ calendar days | 1.8 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan California Municipal Money Market Fund - Premier Class

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

JPMorgan California Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Service Shares/Ticker: JCVXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan California Municipal Money Market Fund<br>(Service Shares) | $106 | 1.05% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $223336 |
| **Total number of portfolio holdings** | 75 |
| **Total advisory fees paid (000's)** | $135 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 75.4 |
| 8–30 calendar days | 7.8 |
| 31–60 calendar days | 3.2 |
| 61–90 calendar days | 2.4 |
| 91–180 calendar days | 9.4 |
| 181+ calendar days | 1.8 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan California Municipal Money Market Fund - Service Class

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

JPMorgan California Tax Free Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class A Shares/Ticker: JCBAX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan California Tax Free Bond Fund<br>(Class A Shares) | $55 | 0.54% |

---

**How did the Fund Perform?**

The Fund's Class A Shares, without a sales charge, returned 4.34% for the twelve months ended February 28, 2026. The Bloomberg US Municipal Index returned 4.96%, the Bloomberg LB California 1-17 Year Muni Index (the "Index") returned 5.68% and the Bloomberg California Municipal Bond Index returned 4.98% for the twelve months ended February 28, 2026.

* The Fund's overweight to the 0- to 1-year+ effective duration bucket detracted from performance as it underperformed. 

* Being overweight BBB-rate bonds negatively contributed to performance as they underperformed. 

* The Fund's overweight to A-rated bonds positively contributed to performance as they outperformed on the year. 

* Housing bonds outperformed on the year; the Fund's overweight was additive to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197075.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan California Tax Free Bond Fund (Class A Shares)** | September 10, 2001 | 0.44% | 0.40% | 1.25% |
| **JPMorgan California Tax Free Bond Fund (Class A Shares) - excluding sales charge** |  | 4.34 | 1.17 | 1.64 |
| **Bloomberg US Municipal Index** |  | 4.96 | 1.44 | 2.43 |
| **Bloomberg LB California 1-17 Year Muni Index** |  | 5.68 | 1.71 | 2.22 |
| **Bloomberg California Municipal Bond Index** |  | 4.98 | 1.45 | 2.37 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the Fund, the Bloomberg US Municipal Index, the Bloomberg LB California 1-17 Year Muni Index and the Bloomberg California Municipal Bond Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg US Municipal Index, the Bloomberg LB California 1-17 Year Muni Index and the Bloomberg California Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg LB California 1-17 Year Muni Index represents the performance of California municipal bonds with maturities from 1-17 years. The Bloomberg California Municipal Bond Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market comprised of 100% California bonds. Investors cannot invest directly in an index.

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

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $488743 |
| **Total number of portfolio holdings** | 280 |
| **Portfolio turnover rate** | 41% |
| **Total advisory fees paid (000's)** | $983 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196689.jpg)

(a) Amount rounds to less than 0.1%.

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

#### Material changes to the Fund during the period
At a meeting held on February 10-12, 2026, the JPMorgan Trust I's Board of Trustees approved the reorganization (the "Reorganization") of the Fund into a newly created exchange-traded fund, JPMorgan California Tax Free Bond ETF ("JPM California Tax Free Bond ETF") a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about June 11, 2026.

Following the Reorganization, the Fund's performance and financial history would be adopted by JPM California Tax Free Bond ETF. JPM California Tax Free Bond ETF will have the same objective and fundamental investment policies as the Fund.

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

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan California Tax Free Bond Fund - Class A

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

JPMorgan California Tax Free Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class C Shares/Ticker: JCBCX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan California Tax Free Bond Fund<br>(Class C Shares) | $106 | 1.04% |

---

**How did the Fund Perform?**

The Fund's Class C Shares, without a sales charge, returned 3.86% for the twelve months ended February 28, 2026. The Bloomberg US Municipal Index returned 4.96%, the Bloomberg LB California 1-17 Year Muni Index (the "Index") returned 5.68% and the Bloomberg California Municipal Bond Index returned 4.98% for the twelve months ended February 28, 2026.

* The Fund's overweight to the 0- to 1-year+ effective duration bucket detracted from performance as it underperformed. 

* Being overweight BBB-rate bonds negatively contributed to performance as they underperformed. 

* The Fund's overweight to A-rated bonds positively contributed to performance as they outperformed on the year. 

* Housing bonds outperformed on the year; the Fund's overweight was additive to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197064.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan California Tax Free Bond Fund (Class C Shares)** | February 19, 2005 | 2.86% | 0.67% | 1.22% |
| **JPMorgan California Tax Free Bond Fund (Class C Shares) - excluding sales charge** |  | 3.86 | 0.67 | 1.22 |
| **Bloomberg US Municipal Index** |  | 4.96 | 1.44 | 2.43 |
| **Bloomberg LB California 1-17 Year Muni Index** |  | 5.68 | 1.71 | 2.22 |
| **Bloomberg California Municipal Bond Index** |  | 4.98 | 1.45 | 2.37 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the Fund, the Bloomberg US Municipal Index, the Bloomberg LB California 1-17 Year Muni Index and the Bloomberg California Municipal Bond Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg US Municipal Index, the Bloomberg LB California 1-17 Year Muni Index and the Bloomberg California Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg LB California 1-17 Year Muni Index represents the performance of California municipal bonds with maturities from 1-17 years. The Bloomberg California Municipal Bond Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market comprised of 100% California bonds. Investors cannot invest directly in an index.

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

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $488743 |
| **Total number of portfolio holdings** | 280 |
| **Portfolio turnover rate** | 41% |
| **Total advisory fees paid (000's)** | $983 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196690.jpg)

(a) Amount rounds to less than 0.1%.

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

#### Material changes to the Fund during the period
At a meeting held on February 10-12, 2026, the JPMorgan Trust I's Board of Trustees approved the reorganization (the "Reorganization") of the Fund into a newly created exchange-traded fund, JPMorgan California Tax Free Bond ETF ("JPM California Tax Free Bond ETF") a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about June 11, 2026.

Following the Reorganization, the Fund's performance and financial history would be adopted by JPM California Tax Free Bond ETF. JPM California Tax Free Bond ETF will have the same objective and fundamental investment policies as the Fund.

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

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan California Tax Free Bond Fund - Class C

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

JPMorgan California Tax Free Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class I Shares/Ticker: JPICX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan California Tax Free Bond Fund<br>(Class I Shares) | $45 | 0.44% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 4.47% for the twelve months ended February 28, 2026. The Bloomberg US Municipal Index returned 4.96%, the Bloomberg LB California 1-17 Year Muni Index (the "Index") returned 5.68% and the Bloomberg California Municipal Bond Index returned 4.98% for the twelve months ended February 28, 2026.

* The Fund's overweight to the 0- to 1-year+ effective duration bucket detracted from performance as it underperformed. 

* Being overweight BBB-rate bonds negatively contributed to performance as they underperformed. 

* The Fund's overweight to A-rated bonds positively contributed to performance as they outperformed on the year. 

* Housing bonds outperformed on the year; the Fund's overweight was additive to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197065.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan California Tax Free Bond Fund (Class I Shares)** | December 23, 1996 | 4.47% | 1.29% | 1.74% |
| **Bloomberg US Municipal Index** |  | 4.96 | 1.44 | 2.43 |
| **Bloomberg LB California 1-17 Year Muni Index** |  | 5.68 | 1.71 | 2.22 |
| **Bloomberg California Municipal Bond Index** |  | 4.98 | 1.45 | 2.37 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the Fund, the Bloomberg US Municipal Index, the Bloomberg LB California 1-17 Year Muni Index and the Bloomberg California Municipal Bond Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg US Municipal Index, the Bloomberg LB California 1-17 Year Muni Index and the Bloomberg California Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg LB California 1-17 Year Muni Index represents the performance of California municipal bonds with maturities from 1-17 years. The Bloomberg California Municipal Bond Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market comprised of 100% California bonds. Investors cannot invest directly in an index.

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

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $488743 |
| **Total number of portfolio holdings** | 280 |
| **Portfolio turnover rate** | 41% |
| **Total advisory fees paid (000's)** | $983 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196691.jpg)

(a) Amount rounds to less than 0.1%.

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

#### Material changes to the Fund during the period
At a meeting held on February 10-12, 2026, the JPMorgan Trust I's Board of Trustees approved the reorganization (the "Reorganization") of the Fund into a newly created exchange-traded fund, JPMorgan California Tax Free Bond ETF ("JPM California Tax Free Bond ETF") a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about June 11, 2026.

Following the Reorganization, the Fund's performance and financial history would be adopted by JPM California Tax Free Bond ETF. JPM California Tax Free Bond ETF will have the same objective and fundamental investment policies as the Fund.

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

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan California Tax Free Bond Fund - Class I

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

JPMorgan California Tax Free Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R6 Shares/Ticker: JCBSX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan California Tax Free Bond Fund<br>(Class R6 Shares) | $35 | 0.34% |

---

**How did the Fund Perform?**

The Fund's Class R6 Shares returned 4.57% for the twelve months ended February 28, 2026. The Bloomberg US Municipal Index returned 4.96%, the Bloomberg LB California 1-17 Year Muni Index (the "Index") returned 5.68% and the Bloomberg California Municipal Bond Index returned 4.98% for the twelve months ended February 28, 2026.

* The Fund's overweight to the 0- to 1-year+ effective duration bucket detracted from performance as it underperformed. 

* Being overweight BBB-rate bonds negatively contributed to performance as they underperformed. 

* The Fund's overweight to A-rated bonds positively contributed to performance as they outperformed on the year. 

* Housing bonds outperformed on the year; the Fund's overweight was additive to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197066.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan California Tax Free Bond Fund (Class R6 Shares)** | October 1, 2018 | 4.57% | 1.39% | 1.82% |
| **Bloomberg US Municipal Index** |  | 4.96 | 1.44 | 2.43 |
| **Bloomberg LB California 1-17 Year Muni Index** |  | 5.68 | 1.71 | 2.22 |
| **Bloomberg California Municipal Bond Index** |  | 4.98 | 1.45 | 2.37 |

---

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

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the Fund, the Bloomberg US Municipal Index, the Bloomberg LB California 1-17 Year Muni Index and the Bloomberg California Municipal Bond Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg US Municipal Index, the Bloomberg LB California 1-17 Year Muni Index and the Bloomberg California Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg LB California 1-17 Year Muni Index represents the performance of California municipal bonds with maturities from 1-17 years. The Bloomberg California Municipal Bond Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market comprised of 100% California bonds. Investors cannot invest directly in an index.

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

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $488743 |
| **Total number of portfolio holdings** | 280 |
| **Portfolio turnover rate** | 41% |
| **Total advisory fees paid (000's)** | $983 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196680.jpg)

(a) Amount rounds to less than 0.1%.

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

#### Material changes to the Fund during the period
At a meeting held on February 10-12, 2026, the JPMorgan Trust I's Board of Trustees approved the reorganization (the "Reorganization") of the Fund into a newly created exchange-traded fund, JPMorgan California Tax Free Bond ETF ("JPM California Tax Free Bond ETF") a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about June 11, 2026.

Following the Reorganization, the Fund's performance and financial history would be adopted by JPM California Tax Free Bond ETF. JPM California Tax Free Bond ETF will have the same objective and fundamental investment policies as the Fund.

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

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan California Tax Free Bond Fund - Class R6

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

JPMorgan Corporate Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class A Shares/Ticker: CBRAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Corporate Bond Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Corporate Bond Fund<br>(Class A Shares) | $77 | 0.74% |

---

**How did the Fund Perform?**

The Fund's Class A Shares, without a sales charge, returned 6.66% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% and the Bloomberg U.S. Corporate Index returned 6.58% for the twelve months ended February 28, 2026.

* The Fund's primary driver of positive returns relative to the Index was security selection. In particular, security selection within financials and energy was additive to relative performance. 

* From an asset allocation perspective, the Fund's exposure to high yield bonds contributed to performance relative to the Index. Furthermore, the Fund's overweight to BBB-rated securities and corresponding underweight to A-rated securities contributed to performance relative to the Index. 

* The Fund's underweight to spread duration within investment grade credit detracted from performance relative to the Index. Spread duration is a measure of how sensitive a bond's price is to changes in the credit spread. 

* The Fund's duration positioning over the period detracted from performance relative to the Index, as the Fund was underweight bonds with longer dated maturities that performed well in a falling rate environment. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197078.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Corporate Bond Fund (Class A Shares)** | March 1, 2013 | 2.64% | 0.14% | 2.95% |
| **JPMorgan Corporate Bond Fund (Class A Shares) - excluding sales charge** |  | 6.66 | 0.90 | 3.35 |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Bloomberg U.S. Corporate Index** |  | 6.58 | 0.81 | 3.30 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the Fund, the Bloomberg U.S. Aggregate Index and the Bloomberg U.S. Corporate Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Bloomberg U.S. Corporate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Bloomberg U.S. Corporate Index broadly measures the investment grade, fixed-rate, taxable, corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $407147 |
| **Total number of portfolio holdings** | 803 |
| **Portfolio turnover rate** | 78% |
| **Total advisory fees paid (000's)** | $904 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196692.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Corporate Bond Fund - Class A

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

JPMorgan Corporate Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class C Shares/Ticker: CBRCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Corporate Bond Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Corporate Bond Fund<br>(Class C Shares) | $128 | 1.24% |

---

**How did the Fund Perform?**

The Fund's Class C Shares, without a sales charge, returned 6.01% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% and the Bloomberg U.S. Corporate Index returned 6.58% for the twelve months ended February 28, 2026.

* The Fund's primary driver of positive returns relative to the Index was security selection. In particular, security selection within financials and energy was additive to relative performance. 

* From an asset allocation perspective, the Fund's exposure to high yield bonds contributed to performance relative to the Index. Furthermore, the Fund's overweight to BBB-rated securities and corresponding underweight to A-rated securities contributed to performance relative to the Index. 

* The Fund's underweight to spread duration within investment grade credit detracted from performance relative to the Index. Spread duration is a measure of how sensitive a bond's price is to changes in the credit spread. 

* The Fund's duration positioning over the period detracted from performance relative to the Index, as the Fund was underweight bonds with longer dated maturities that performed well in a falling rate environment. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197087.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Corporate Bond Fund (Class C Shares)** | March 1, 2013 | 5.01% | 0.38% | 2.93% |
| **JPMorgan Corporate Bond Fund (Class C Shares) - excluding sales charge** |  | 6.01 | 0.38 | 2.93 |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Bloomberg U.S. Corporate Index** |  | 6.58 | 0.81 | 3.30 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the Fund, the Bloomberg U.S. Aggregate Index and the Bloomberg U.S. Corporate Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Bloomberg U.S. Corporate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Bloomberg U.S. Corporate Index broadly measures the investment grade, fixed-rate, taxable, corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices. Investors cannot invest directly in an index.

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $407147 |
| **Total number of portfolio holdings** | 803 |
| **Portfolio turnover rate** | 78% |
| **Total advisory fees paid (000's)** | $904 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196701.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Corporate Bond Fund - Class C

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

JPMorgan Corporate Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class I Shares/Ticker: CBFSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Corporate Bond Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Corporate Bond Fund<br>(Class I Shares) | $51 | 0.49% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 6.91% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% and the Bloomberg U.S. Corporate Index returned 6.58% for the twelve months ended February 28, 2026.

* The Fund's primary driver of positive returns relative to the Index was security selection. In particular, security selection within financials and energy was additive to relative performance. 

* From an asset allocation perspective, the Fund's exposure to high yield bonds contributed to performance relative to the Index. Furthermore, the Fund's overweight to BBB-rated securities and corresponding underweight to A-rated securities contributed to performance relative to the Index. 

* The Fund's underweight to spread duration within investment grade credit detracted from performance relative to the Index. Spread duration is a measure of how sensitive a bond's price is to changes in the credit spread. 

* The Fund's duration positioning over the period detracted from performance relative to the Index, as the Fund was underweight bonds with longer dated maturities that performed well in a falling rate environment. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197076.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Corporate Bond Fund (Class I Shares)** | March 1, 2013 | 6.91% | 1.15% | 3.61% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Bloomberg U.S. Corporate Index** |  | 6.58 | 0.81 | 3.30 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the Fund, the Bloomberg U.S. Aggregate Index and the Bloomberg U.S. Corporate Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Bloomberg U.S. Corporate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Bloomberg U.S. Corporate Index broadly measures the investment grade, fixed-rate, taxable, corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $407147 |
| **Total number of portfolio holdings** | 803 |
| **Portfolio turnover rate** | 78% |
| **Total advisory fees paid (000's)** | $904 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196702.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Corporate Bond Fund - Class I

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

JPMorgan Corporate Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R6 Shares/Ticker: CBFVX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Corporate Bond Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Corporate Bond Fund<br>(Class R6 Shares) | $41 | 0.39% |

---

**How did the Fund Perform?**

The Fund's Class R6 Shares returned 7.02% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% and the Bloomberg U.S. Corporate Index returned 6.58% for the twelve months ended February 28, 2026.

* The Fund's primary driver of positive returns relative to the Index was security selection. In particular, security selection within financials and energy was additive to relative performance. 

* From an asset allocation perspective, the Fund's exposure to high yield bonds contributed to performance relative to the Index. Furthermore, the Fund's overweight to BBB-rated securities and corresponding underweight to A-rated securities contributed to performance relative to the Index. 

* The Fund's underweight to spread duration within investment grade credit detracted from performance relative to the Index. Spread duration is a measure of how sensitive a bond's price is to changes in the credit spread. 

* The Fund's duration positioning over the period detracted from performance relative to the Index, as the Fund was underweight bonds with longer dated maturities that performed well in a falling rate environment. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197077.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Corporate Bond Fund (Class R6 Shares)** | March 1, 2013 | 7.02% | 1.24% | 3.71% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Bloomberg U.S. Corporate Index** |  | 6.58 | 0.81 | 3.30 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the Fund, the Bloomberg U.S. Aggregate Index and the Bloomberg U.S. Corporate Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Bloomberg U.S. Corporate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Bloomberg U.S. Corporate Index broadly measures the investment grade, fixed-rate, taxable, corporate bond market. It includes USD denominated securities publicly issued by U.S. and non-U.S. industrial, utility, and financial issuers that meet specified maturity, liquidity, and quality requirements. Securities in the index roll up to the U.S. Credit and U.S. Aggregate Indices. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $407147 |
| **Total number of portfolio holdings** | 803 |
| **Portfolio turnover rate** | 78% |
| **Total advisory fees paid (000's)** | $904 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196703.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Corporate Bond Fund - Class R6

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

JPMorgan Emerging Markets Debt Fund

![FrontCoverImage](g116290images_2737.jpg)

Class A Shares/Ticker: JEDAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Debt Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Debt Fund<br>(Class A Shares) | $112 | 1.05% |

---

**How did the Fund Perform?**

The Fund's Class A Shares, without a sales charge, returned 13.54% (USD, gross of fees) for the year ended February 28, 2025. The Bloomberg Global Aggregate Index (the "Index") returned 8.23% and the J.P. Morgan Emerging Markets Bond Index Global Diversified returned 13.24% for the twelve months ended February 28, 2026.

* The Fund outperformed the Index in a positive market environment where distressed credits continued to outperform. Geopolitics led to volatility in the asset class, but demand for yield continued to drive spreads tighter. 

* The Fund's largest contributors to returns were its security selection in Venezuela and its overweight position in Egypt. The investment grade (IG) segment remained expensive, and our underweight positions in China, UAE and Malaysia added value, as these markets offered limited upside due to tight valuations. 

* On the other hand, our long U.S. Treasury futures position, which we use as a hedge against our underweight in the investment grade spectrum, detracted from performance. 

* Our security selection in Brazil and underweight in Panama were detractors as well. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197128.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Debt Fund (Class A Shares)** | June 30, 2006 | 9.21% | 1.50% | 3.24% |
| **JPMorgan Emerging Markets Debt Fund (Class A Shares) - excluding sales charge** |  | 13.54 | 2.28 | 3.64 |
| **Bloomberg Global Aggregate Index** |  | 8.23 | (1.23) | 1.16 |
| **J.P. Morgan Emerging Markets Bond Index Global Diversified** |  | 13.24 | 2.95 | 4.43 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the Fund, the Bloomberg Global Aggregate Index and the J.P. Morgan Emerging Markets Bond Index Global Diversified from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg Global Aggregate Index and the J.P. Morgan Emerging Markets Bond Index Global Diversified does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. Comprised of U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices as well as Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Constituents must be rated Baa3/BBB- or higher by at least two of the following: Moody's, S&P, Fitch. The J.P. Morgan Emerging Markets Bond Index Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries. Investors cannot invest directly in an index.

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

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

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

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $984261 |
| **Total number of portfolio holdings** | 346 |
| **Portfolio turnover rate** | 121% |
| **Total advisory fees paid (000's)** | $5469 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196742.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Emerging Markets Debt Fund - Class A

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

JPMorgan Emerging Markets Debt Fund

![FrontCoverImage](g116290images_2737.jpg)

Class C Shares/Ticker: JEDCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Debt Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Debt Fund<br>(Class C Shares) | $165 | 1.55% |

---

**How did the Fund Perform?**

The Fund's Class C Shares, without a sales charge, returned 13.05% (USD, gross of fees) for the year ended February 28, 2025. The Bloomberg Global Aggregate Index (the "Index") returned 8.23% and the J.P. Morgan Emerging Markets Bond Index Global Diversified returned 13.24% for the twelve months ended February 28, 2026.

* The Fund outperformed the Index in a positive market environment where distressed credits continued to outperform. Geopolitics led to volatility in the asset class, but demand for yield continued to drive spreads tighter. 

* The Fund's largest contributors to returns were its security selection in Venezuela and its overweight position in Egypt. The investment grade (IG) segment remained expensive, and our underweight positions in China, UAE and Malaysia added value, as these markets offered limited upside due to tight valuations. 

* On the other hand, our long U.S. Treasury futures position, which we use as a hedge against our underweight in the investment grade spectrum, detracted from performance. 

* Our security selection in Brazil and underweight in Panama were detractors as well. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197129.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Debt Fund (Class C Shares)** | June 30, 2006 | 12.05% | 1.79% | 3.23% |
| **JPMorgan Emerging Markets Debt Fund (Class C Shares) - excluding sales charge** |  | 13.05 | 1.79 | 3.23 |
| **Bloomberg Global Aggregate Index** |  | 8.23 | (1.23) | 1.16 |
| **J.P. Morgan Emerging Markets Bond Index Global Diversified** |  | 13.24 | 2.95 | 4.43 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the Fund, the Bloomberg Global Aggregate Index and the J.P. Morgan Emerging Markets Bond Index Global Diversified from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Global Aggregate Index and the J.P. Morgan Emerging Markets Bond Index Global Diversified does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. Comprised of U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices as well as Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Constituents must be rated Baa3/BBB- or higher by at least two of the following: Moody's, S&P, Fitch. The J.P. Morgan Emerging Markets Bond Index Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries. Investors cannot invest directly in an index.

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

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

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $984261 |
| **Total number of portfolio holdings** | 346 |
| **Portfolio turnover rate** | 121% |
| **Total advisory fees paid (000's)** | $5469 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196743.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Emerging Markets Debt Fund - Class C

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

JPMorgan Emerging Markets Debt Fund

![FrontCoverImage](g116290images_2737.jpg)

Class I Shares/Ticker: JEMDX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Debt Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Debt Fund<br>(Class I Shares) | $86 | 0.80% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 13.79% (USD, gross of fees) for the year ended February 28, 2025. The Bloomberg Global Aggregate Index (the "Index") returned 8.23% and the J.P. Morgan Emerging Markets Bond Index Global Diversified returned 13.24% for the twelve months ended February 28, 2026.

* The Fund outperformed the Index in a positive market environment where distressed credits continued to outperform. Geopolitics led to volatility in the asset class, but demand for yield continued to drive spreads tighter. 

* The Fund's largest contributors to returns were its security selection in Venezuela and its overweight position in Egypt. The investment grade (IG) segment remained expensive, and our underweight positions in China, UAE and Malaysia added value, as these markets offered limited upside due to tight valuations. 

* On the other hand, our long U.S. Treasury futures position, which we use as a hedge against our underweight in the investment grade spectrum, detracted from performance. 

* Our security selection in Brazil and underweight in Panama were detractors as well. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197118.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Debt Fund (Class I Shares)** | April 17, 1997 | 13.79% | 2.56% | 3.90% |
| **Bloomberg Global Aggregate Index** |  | 8.23 | (1.23) | 1.16 |
| **J.P. Morgan Emerging Markets Bond Index Global Diversified** |  | 13.24 | 2.95 | 4.43 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the Fund, the Bloomberg Global Aggregate Index and the J.P. Morgan Emerging Markets Bond Index Global Diversified from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Global Aggregate Index and the J.P. Morgan Emerging Markets Bond Index Global Diversified does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. Comprised of U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices as well as Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Constituents must be rated Baa3/BBB- or higher by at least two of the following: Moody's, S&P, Fitch. The J.P. Morgan Emerging Markets Bond Index Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries. Investors cannot invest directly in an index.

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

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

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

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $984261 |
| **Total number of portfolio holdings** | 346 |
| **Portfolio turnover rate** | 121% |
| **Total advisory fees paid (000's)** | $5469 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196744.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Emerging Markets Debt Fund - Class I

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

JPMorgan Emerging Markets Debt Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R5 Shares/Ticker: JEMRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Debt Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Debt Fund<br>(Class R5 Shares) | $81 | 0.75% |

---

**How did the Fund Perform?**

The Fund's Class R5 Shares returned 13.96% (USD, gross of fees) for the year ended February 28, 2025. The Bloomberg Global Aggregate Index (the "Index") returned 8.23% and the J.P. Morgan Emerging Markets Bond Index Global Diversified returned 13.24% for the twelve months ended February 28, 2026.

* The Fund outperformed the Index in a positive market environment where distressed credits continued to outperform. Geopolitics led to volatility in the asset class, but demand for yield continued to drive spreads tighter. 

* The Fund's largest contributors to returns were its security selection in Venezuela and its overweight position in Egypt. The investment grade (IG) segment remained expensive, and our underweight positions in China, UAE and Malaysia added value, as these markets offered limited upside due to tight valuations. 

* On the other hand, our long U.S. Treasury futures position, which we use as a hedge against our underweight in the investment grade spectrum, detracted from performance. 

* Our security selection in Brazil and underweight in Panama were detractors as well. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197120.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Debt Fund (Class R5 Shares)** | May 15, 2006 | 13.96% | 2.60% | 4.00% |
| **Bloomberg Global Aggregate Index** |  | 8.23 | (1.23) | 1.16 |
| **J.P. Morgan Emerging Markets Bond Index Global Diversified** |  | 13.24 | 2.95 | 4.43 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the Fund, the Bloomberg Global Aggregate Index and the J.P. Morgan Emerging Markets Bond Index Global Diversified from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Global Aggregate Index and the J.P. Morgan Emerging Markets Bond Index Global Diversified does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. Comprised of U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices as well as Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Constituents must be rated Baa3/BBB- or higher by at least two of the following: Moody's, S&P, Fitch. The J.P. Morgan Emerging Markets Bond Index Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries. Investors cannot invest directly in an index.

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

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

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

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $984261 |
| **Total number of portfolio holdings** | 346 |
| **Portfolio turnover rate** | 121% |
| **Total advisory fees paid (000's)** | $5469 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196734.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Emerging Markets Debt Fund - Class R5

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

JPMorgan Emerging Markets Debt Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R6 Shares/Ticker: JEMVX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Emerging Markets Debt Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Emerging Markets Debt Fund<br>(Class R6 Shares) | $70 | 0.65% |

---

**How did the Fund Perform?**

The Fund's Class R6 Shares returned 13.94% (USD, gross of fees) for the year ended February 28, 2025. The Bloomberg Global Aggregate Index (the "Index") returned 8.23% and the J.P. Morgan Emerging Markets Bond Index Global Diversified returned 13.24% for the twelve months ended February 28, 2026.

* The Fund outperformed the Index in a positive market environment where distressed credits continued to outperform. Geopolitics led to volatility in the asset class, but demand for yield continued to drive spreads tighter. 

* The Fund's largest contributors to returns were its security selection in Venezuela and its overweight position in Egypt. The investment grade (IG) segment remained expensive, and our underweight positions in China, UAE and Malaysia added value, as these markets offered limited upside due to tight valuations. 

* On the other hand, our long U.S. Treasury futures position, which we use as a hedge against our underweight in the investment grade spectrum, detracted from performance. 

* Our security selection in Brazil and underweight in Panama were detractors as well. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197119.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Emerging Markets Debt Fund (Class R6 Shares)** | July 2, 2012 | 13.94% | 2.71% | 4.08% |
| **Bloomberg Global Aggregate Index** |  | 8.23 | (1.23) | 1.16 |
| **J.P. Morgan Emerging Markets Bond Index Global Diversified** |  | 13.24 | 2.95 | 4.43 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the Fund, the Bloomberg Global Aggregate Index and the J.P. Morgan Emerging Markets Bond Index Global Diversified from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Global Aggregate Index and the J.P. Morgan Emerging Markets Bond Index Global Diversified does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Global Aggregate Index provides a broad-based measure of the global investment-grade fixed income markets. Comprised of U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices as well as Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Constituents must be rated Baa3/BBB- or higher by at least two of the following: Moody's, S&P, Fitch. The J.P. Morgan Emerging Markets Bond Index Global Diversified tracks total returns for U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. The diversified index limits the exposure of some of the larger countries. Investors cannot invest directly in an index.

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

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

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

Information has been obtained from sources believed to be reliable but J.P. Morgan does not warrant its completeness or accuracy. The Index is used with permission. The Index may not be copied, used, or distributed without J.P. Morgan's prior written approval. Copyright [2016], J.P. Morgan Chase & Co. All rights reserved.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $984261 |
| **Total number of portfolio holdings** | 346 |
| **Portfolio turnover rate** | 121% |
| **Total advisory fees paid (000's)** | $5469 |

---

PORTFOLIO COMPOSITION - COUNTRY

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196745.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Emerging Markets Debt Fund - Class R6

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

JPMorgan Federal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Agency Shares/Ticker: VFIXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Federal Money Market Fund<br>(Agency Shares) | $27 | 0.26% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $7919111 |
| **Total number of portfolio holdings** | 63 |
| **Total advisory fees paid (000's)** | $6691 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 33.1 |
| 8–30 calendar days | 18.8 |
| 31–60 calendar days | 25.2 |
| 61–90 calendar days | 9.3 |
| 91–180 calendar days | 10.3 |
| 181+ calendar days | 3.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Federal Money Market Fund - Agency Class

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

JPMorgan Federal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Institutional Class Shares/Ticker: JFMXX

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

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

---

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

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $7919111 |
| **Total number of portfolio holdings** | 63 |
| **Total advisory fees paid (000's)** | $6691 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 33.1 |
| 8–30 calendar days | 18.8 |
| 31–60 calendar days | 25.2 |
| 61–90 calendar days | 9.3 |
| 91–180 calendar days | 10.3 |
| 181+ calendar days | 3.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Federal Money Market Fund - Institutional Class

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

JPMorgan Federal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Morgan Shares/Ticker: VFVXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Federal Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Federal Money Market Fund<br>(Morgan Shares) | $59 | 0.58% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $7919111 |
| **Total number of portfolio holdings** | 63 |
| **Total advisory fees paid (000's)** | $6691 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 33.1 |
| 8–30 calendar days | 18.8 |
| 31–60 calendar days | 25.2 |
| 61–90 calendar days | 9.3 |
| 91–180 calendar days | 10.3 |
| 181+ calendar days | 3.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Federal Money Market Fund - Morgan Class

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

JPMorgan Federal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Premier Shares/Ticker: VFPXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Federal Money Market Fund<br>(Premier Shares) | $43 | 0.42% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $7919111 |
| **Total number of portfolio holdings** | 63 |
| **Total advisory fees paid (000's)** | $6691 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 33.1 |
| 8–30 calendar days | 18.8 |
| 31–60 calendar days | 25.2 |
| 61–90 calendar days | 9.3 |
| 91–180 calendar days | 10.3 |
| 181+ calendar days | 3.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Federal Money Market Fund - Premier Class

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

JPMorgan Floating Rate Income Fund

![FrontCoverImage](g116290images_2737.jpg)

Class A Shares/Ticker: JPHAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Floating Rate Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Floating Rate Income Fund<br>(Class A Shares) | $99 | 0.99% |

---

**How did the Fund Perform?**

The Fund's Class A Shares, without a sales charge, returned 0.12% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index returned 6.26% and the Credit Suisse Leveraged Loan Index (the "Index") returned 3.88% for the twelve months ended February 28, 2026.

* The Fund underperformed the Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* The Fund's largest detractor from relative performance was security selection within the retailers, supermarkets and packaging sectors, while the largest contributor to performance was security selection within the media entertainment and automotive sectors, paired with the underweight to the technology sector. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197149.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Floating Rate Income Fund (Class A Shares)** | June 1, 2011 | (2.12)% | 3.16% | 3.76% |
| **JPMorgan Floating Rate Income Fund (Class A Shares) - excluding sales charge** |  | 0.12 | 3.64 | 4.00 |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Credit Suisse Leveraged Loan Index** |  | 3.88 | 5.73 | 5.80 |

---

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

The graph illustrates comparative performance for $10,000 invested in the Class A Shares of Fund, the Bloomberg U.S. Aggregate Index and the Credit Suisse Leveraged Loan Index from February 28, 2015 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Credit Suisse Leveraged Loan Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leveraged loan market. The index reflects reinvestment of all distributions and changes in market prices. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $171189 |
| **Total number of portfolio holdings** | 209 |
| **Portfolio turnover rate** | 17% |
| **Total advisory fees paid (000's)** | $1052 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196775.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Floating Rate Income Fund - Class A

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

JPMorgan Floating Rate Income Fund

![FrontCoverImage](g116290images_2737.jpg)

Class C Shares/Ticker: JPHCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Floating Rate Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Floating Rate Income Fund<br>(Class C Shares) | $149 | 1.49% |

---

**How did the Fund Perform?**

The Fund's Class C Shares, without a sales charge, returned (0.38%) for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index returned 6.26% and the Credit Suisse Leveraged Loan Index (the "Index") returned 3.88% for the twelve months ended February 28, 2026.

* The Fund underperformed the Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* The Fund's largest detractor from relative performance was security selection within the retailers, supermarkets and packaging sectors, while the largest contributor to performance was security selection within the media entertainment and automotive sectors, paired with the underweight to the technology sector. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197150.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Floating Rate Income Fund (Class C Shares)** | June 1, 2011 | (1.38)% | 3.14% | 3.58% |
| **JPMorgan Floating Rate Income Fund (Class C Shares) - excluding sales charge** |  | (0.38) | 3.14 | 3.58 |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Credit Suisse Leveraged Loan Index** |  | 3.88 | 5.73 | 5.80 |

---

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

The graph illustrates comparative performance for $10,000 invested in the Class C Shares of Fund, the Bloomberg U.S. Aggregate Index and the Credit Suisse Leveraged Loan Index from February 28, 2015 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Credit Suisse Leveraged Loan Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leveraged loan market. The index reflects reinvestment of all distributions and changes in market prices. Investors cannot invest directly in an index.

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $171189 |
| **Total number of portfolio holdings** | 209 |
| **Portfolio turnover rate** | 17% |
| **Total advisory fees paid (000's)** | $1052 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196764.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Floating Rate Income Fund - Class C

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

JPMorgan Floating Rate Income Fund

![FrontCoverImage](g116290images_2737.jpg)

Class I Shares/Ticker: JPHSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Floating Rate Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Floating Rate Income Fund<br>(Class I Shares) | $74 | 0.74% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 0.37% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index returned 6.26% and the Credit Suisse Leveraged Loan Index (the "Index") returned 3.88% for the twelve months ended February 28, 2026.

* The Fund underperformed the Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* The Fund's largest detractor from relative performance was security selection within the retailers, supermarkets and packaging sectors, while the largest contributor to performance was security selection within the media entertainment and automotive sectors, paired with the underweight to the technology sector. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197151.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Floating Rate Income Fund (Class I Shares)** | June 1, 2011 | 0.37% | 3.90% | 4.26% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Credit Suisse Leveraged Loan Index** |  | 3.88 | 5.73 | 5.80 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in the Class I Shares of Fund, the Bloomberg U.S. Aggregate Index and the Credit Suisse Leveraged Loan Index from February 28, 2015 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Credit Suisse Leveraged Loan Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leveraged loan market. The index reflects reinvestment of all distributions and changes in market prices. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $171189 |
| **Total number of portfolio holdings** | 209 |
| **Portfolio turnover rate** | 17% |
| **Total advisory fees paid (000's)** | $1052 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196765.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Floating Rate Income Fund - Class I

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

JPMorgan Floating Rate Income Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R6 Shares/Ticker: JPHRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Floating Rate Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Floating Rate Income Fund<br>(Class R6 Shares) | $64 | 0.64% |

---

**How did the Fund Perform?**

The Fund's Class R6 Shares returned 0.48% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index returned 6.26% and the Credit Suisse Leveraged Loan Index (the "Index") returned 3.88% for the twelve months ended February 28, 2026.

* The Fund underperformed the Index, before considering the effects of operating expenses, fees and tax management of the Fund's portfolio. 

* The Fund's largest detractor from relative performance was security selection within the retailers, supermarkets and packaging sectors, while the largest contributor to performance was security selection within the media entertainment and automotive sectors, paired with the underweight to the technology sector. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197152.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Floating Rate Income Fund (Class R6 Shares)** | October 31, 2013 | 0.48% | 4.02% | 4.37% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Credit Suisse Leveraged Loan Index** |  | 3.88 | 5.73 | 5.80 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in the Class R6 Shares of Fund, the Bloomberg U.S. Aggregate Index and the Credit Suisse Leveraged Loan Index from February 28, 2015 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Credit Suisse Leveraged Loan Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Credit Suisse Leveraged Loan Index is an unmanaged market value-weighted index designed to represent the investable universe of the U.S. dollar-denominated leveraged loan market. The index reflects reinvestment of all distributions and changes in market prices. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $171189 |
| **Total number of portfolio holdings** | 209 |
| **Portfolio turnover rate** | 17% |
| **Total advisory fees paid (000's)** | $1052 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196766.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Floating Rate Income Fund - Class R6

#### ANNUAL SHAREHOLDER REPORT \| February 28, 2026 (Unaudited)
JPMorgan Global Bond Opportunities Fund

![FrontCoverImage](g116290images_2737.jpg)

Class A Shares/Ticker: GBOAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Bond Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Bond Opportunities Fund<br>(Class A Shares) | $93 | 0.89% |

---

**How did the Fund Perform?**

The Fund's Class A Shares, without a sales charge, returned 8.04% for the twelve months ended February 28, 2026. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. The Fund's stated benchmark by prospectus, the Bloomberg Multiverse Index (the "Index"), returned 8.45% for the twelve months ended February 28, 2026.

* The Fund's exposure to emerging markets debt was the principal contributor to performance, led by its allocation to local currency bonds. 

* Investment-grade credit contributed to performance, as the team continued to take advantage of a generally favorable environment for carry opportunities, primarily through allocations to high-quality financials and industrials. 

* High yield contributed to returns as risk-on sentiment largely prevailed throughout the year. 

* Securitized products contributed to performance, as the Fund's exposure is concentrated in agency mortgage-backed securities, which benefited from a positive carry profile and favorable supply-and-demand dynamics. 

* The Fund's duration positioning contributed. 

* The Fund's foreign exchange exposure marginally detracted. There were no additional detractors from performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197131.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Bond Opportunities Fund (Class A Shares)** | September 4, 2012 | 3.97% | 2.08% | 3.98% |
| **JPMorgan Global Bond Opportunities Fund (Class A Shares) - excluding sales charge** |  | 8.04 | 2.86 | 4.38 |
| **Bloomberg Multiverse Index** |  | 8.45 | (0.97) | 1.42 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the Fund and the Bloomberg Multiverse Index from August 31, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg Multiverse Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Multiverse Index is a measure of the global fixed-income bond market that combines the Bloomberg Global Aggregate Index and the Bloomberg Global High Yield Index. The Bloomberg Global Aggregate Index measures grade debt from twenty-four different local currency markets. The Bloomberg Global High-Yield Index measures the global high-yield fixed income markets. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4030897 |
| **Total number of portfolio holdings** | 1577 |
| **Portfolio turnover rate** | 111% |
| **Total advisory fees paid (000's)** | $14675 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196757.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Global Bond Opportunities Fund - Class A

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

JPMorgan Global Bond Opportunities Fund

![FrontCoverImage](g116290images_2737.jpg)

Class C Shares/Ticker: GBOCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Bond Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Bond Opportunities Fund<br>(Class C Shares) | $134 | 1.29% |

---

**How did the Fund Perform?**

The Fund's Class C Shares, without a sales charge, returned 7.55% for the twelve months ended February 28, 2026. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. The Fund's stated benchmark by prospectus, the Bloomberg Multiverse Index (the "Index"), returned 8.45% for the twelve months ended February 28, 2026.

* The Fund's exposure to emerging markets debt was the principal contributor to performance, led by its allocation to local currency bonds. 

* Investment-grade credit contributed to performance, as the team continued to take advantage of a generally favorable environment for carry opportunities, primarily through allocations to high-quality financials and industrials. 

* High yield contributed to returns as risk-on sentiment largely prevailed throughout the year. 

* Securitized products contributed to performance, as the Fund's exposure is concentrated in agency mortgage-backed securities, which benefited from a positive carry profile and favorable supply-and-demand dynamics. 

* The Fund's duration positioning contributed. 

* The Fund's foreign exchange exposure marginally detracted. There were no additional detractors from performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197132.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Bond Opportunities Fund (Class C Shares)** | September 4, 2012 | 6.55% | 2.45% | 4.04% |
| **JPMorgan Global Bond Opportunities Fund (Class C Shares) - excluding sales charge** |  | 7.55 | 2.45 | 4.04 |
| **Bloomberg Multiverse Index** |  | 8.45 | (0.97) | 1.42 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the Fund and the Bloomberg Multiverse Index from August 31, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Multiverse Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Multiverse Index is a measure of the global fixed-income bond market that combines the Bloomberg Global Aggregate Index and the Bloomberg Global High Yield Index. The Bloomberg Global Aggregate Index measures grade debt from twenty-four different local currency markets. The Bloomberg Global High-Yield Index measures the global high-yield fixed income markets. Investors cannot invest directly in an index.

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4030897 |
| **Total number of portfolio holdings** | 1577 |
| **Portfolio turnover rate** | 111% |
| **Total advisory fees paid (000's)** | $14675 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196746.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Global Bond Opportunities Fund - Class C

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

JPMorgan Global Bond Opportunities Fund

![FrontCoverImage](g116290images_2737.jpg)

Class I Shares/Ticker: GBOSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Bond Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Bond Opportunities Fund<br>(Class I Shares) | $67 | 0.64% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 8.28% for the twelve months ended February 28, 2026. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. The Fund's stated benchmark by prospectus, the Bloomberg Multiverse Index (the "Index"), returned 8.45% for the twelve months ended February 28, 2026.

* The Fund's exposure to emerging markets debt was the principal contributor to performance, led by its allocation to local currency bonds. 

* Investment-grade credit contributed to performance, as the team continued to take advantage of a generally favorable environment for carry opportunities, primarily through allocations to high-quality financials and industrials. 

* High yield contributed to returns as risk-on sentiment largely prevailed throughout the year. 

* Securitized products contributed to performance, as the Fund's exposure is concentrated in agency mortgage-backed securities, which benefited from a positive carry profile and favorable supply-and-demand dynamics. 

* The Fund's duration positioning contributed. 

* The Fund's foreign exchange exposure marginally detracted. There were no additional detractors from performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197133.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Bond Opportunities Fund (Class I Shares)** | September 4, 2012 | 8.28% | 3.09% | 4.63% |
| **Bloomberg Multiverse Index** |  | 8.45 | (0.97) | 1.42 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the Fund and the Bloomberg Multiverse Index from August 31, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Multiverse Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Multiverse Index is a measure of the global fixed-income bond market that combines the Bloomberg Global Aggregate Index and the Bloomberg Global High Yield Index. The Bloomberg Global Aggregate Index measures grade debt from twenty-four different local currency markets. The Bloomberg Global High-Yield Index measures the global high-yield fixed income markets. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4030897 |
| **Total number of portfolio holdings** | 1577 |
| **Portfolio turnover rate** | 111% |
| **Total advisory fees paid (000's)** | $14675 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196747.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Global Bond Opportunities Fund - Class I

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

JPMorgan Global Bond Opportunities Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R6 Shares/Ticker: GBONX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Global Bond Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Global Bond Opportunities Fund<br>(Class R6 Shares) | $51 | 0.49% |

---

**How did the Fund Perform?**

The Fund's Class R6 Shares returned 8.44% for the twelve months ended February 28, 2026. The Fund is managed with an unconstrained orientation and is not managed relative to a benchmark index. The Fund's stated benchmark by prospectus, the Bloomberg Multiverse Index (the "Index"), returned 8.45% for the twelve months ended February 28, 2026.

* The Fund's exposure to emerging markets debt was the principal contributor to performance, led by its allocation to local currency bonds. 

* Investment-grade credit contributed to performance, as the team continued to take advantage of a generally favorable environment for carry opportunities, primarily through allocations to high-quality financials and industrials. 

* High yield contributed to returns as risk-on sentiment largely prevailed throughout the year. 

* Securitized products contributed to performance, as the Fund's exposure is concentrated in agency mortgage-backed securities, which benefited from a positive carry profile and favorable supply-and-demand dynamics. 

* The Fund's duration positioning contributed. 

* The Fund's foreign exchange exposure marginally detracted. There were no additional detractors from performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197134.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Global Bond Opportunities Fund (Class R6 Shares)** | September 4, 2012 | 8.44% | 3.27% | 4.79% |
| **Bloomberg Multiverse Index** |  | 8.45 | (0.97) | 1.42 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the Fund and the Bloomberg Multiverse Index from August 31, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg Multiverse Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg Multiverse Index is a measure of the global fixed-income bond market that combines the Bloomberg Global Aggregate Index and the Bloomberg Global High Yield Index. The Bloomberg Global Aggregate Index measures grade debt from twenty-four different local currency markets. The Bloomberg Global High-Yield Index measures the global high-yield fixed income markets. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4030897 |
| **Total number of portfolio holdings** | 1577 |
| **Portfolio turnover rate** | 111% |
| **Total advisory fees paid (000's)** | $14675 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196748.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Global Bond Opportunities Fund - Class R6

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

JPMorgan Income Fund

![FrontCoverImage](g116290images_2737.jpg)

Class A Shares/Ticker: JGIAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Income Fund<br>(Class A Shares) | $67 | 0.65% |

---

**How did the Fund Perform?**

The Fund's Class A Shares, without a sales charge, returned 6.50% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% for the twelve months ended February 28, 2026.

* The Fund's exposure to securitized products, corporate credit and emerging markets debt contributed to returns. 

* Securitized products were the leading contributor to relative performance over the period, driven by commercial mortgage-backed securities ("CMBS"), agency mortgage-backed securities ("MBS") and non-agency MBS. Asset-backed securities ("ABS") also contributed to relative performance. 

* High yield contributed to relative performance, given elevated starting yields. Higher-quality high yield contributed to relative performance, given its up-in-quality bias, as did investment-grade credit. 

* The Fund's duration and currency positionings were the key detractors from relative performance over the period, amid heightened rate and foreign currency volatility. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197145.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Income Fund (Class A Shares)** | June 2, 2014 | 2.55% | 2.21% | 4.11% |
| **JPMorgan Income Fund (Class A Shares) - excluding sales charge** |  | 6.50 | 2.99 | 4.50 |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of Fund and the Bloomberg U.S. Aggregate Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $16390678 |
| **Total number of portfolio holdings** | 2733 |
| **Portfolio turnover rate** | 287% |
| **Total advisory fees paid (000's)** | $42861 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196759.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Income Fund - Class A

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

JPMorgan Income Fund

![FrontCoverImage](g116290images_2737.jpg)

Class C Shares/Ticker: JGCGX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Income Fund<br>(Class C Shares) | $123 | 1.20% |

---

**How did the Fund Perform?**

The Fund's Class C Shares, without a sales charge, returned 5.93% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% for the twelve months ended February 28, 2026.

* The Fund's exposure to securitized products, corporate credit and emerging markets debt contributed to returns. 

* Securitized products were the leading contributor to relative performance over the period, driven by commercial mortgage-backed securities ("CMBS"), agency mortgage-backed securities ("MBS") and non-agency MBS. Asset-backed securities ("ABS") also contributed to relative performance. 

* High yield contributed to relative performance, given elevated starting yields. Higher-quality high yield contributed to relative performance, given its up-in-quality bias, as did investment-grade credit. 

* The Fund's duration and currency positionings were the key detractors from relative performance over the period, amid heightened rate and foreign currency volatility. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197146.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Income Fund (Class C Shares)** | June 2, 2014 | 4.93% | 2.42% | 4.05% |
| **JPMorgan Income Fund (Class C Shares) - excluding sales charge** |  | 5.93 | 2.42 | 4.05 |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of Fund and the Bloomberg U.S. Aggregate Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $16390678 |
| **Total number of portfolio holdings** | 2733 |
| **Portfolio turnover rate** | 287% |
| **Total advisory fees paid (000's)** | $42861 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196760.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Income Fund - Class C

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

JPMorgan Income Fund

![FrontCoverImage](g116290images_2737.jpg)

Class I Shares/Ticker: JMSIX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Income Fund<br>(Class I Shares) | $41 | 0.40% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 6.75% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% for the twelve months ended February 28, 2026.

* The Fund's exposure to securitized products, corporate credit and emerging markets debt contributed to returns. 

* Securitized products were the leading contributor to relative performance over the period, driven by commercial mortgage-backed securities ("CMBS"), agency mortgage-backed securities ("MBS") and non-agency MBS. Asset-backed securities ("ABS") also contributed to relative performance. 

* High yield contributed to relative performance, given elevated starting yields. Higher-quality high yield contributed to relative performance, given its up-in-quality bias, as did investment-grade credit. 

* The Fund's duration and currency positionings were the key detractors from relative performance over the period, amid heightened rate and foreign currency volatility. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197147.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Income Fund (Class I Shares)** | June 2, 2014 | 6.75% | 3.25% | 4.77% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of Fund and the Bloomberg U.S. Aggregate Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $16390678 |
| **Total number of portfolio holdings** | 2733 |
| **Portfolio turnover rate** | 287% |
| **Total advisory fees paid (000's)** | $42861 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196761.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Income Fund - Class I

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

JPMorgan Income Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R6 Shares/Ticker: JMSFX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Income Fund<br>(Class R6 Shares) | $40 | 0.38% |

---

**How did the Fund Perform?**

The Fund's Class R6 Shares returned 6.75% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% for the twelve months ended February 28, 2026.

* The Fund's exposure to securitized products, corporate credit and emerging markets debt contributed to returns. 

* Securitized products were the leading contributor to relative performance over the period, driven by commercial mortgage-backed securities ("CMBS"), agency mortgage-backed securities ("MBS") and non-agency MBS. Asset-backed securities ("ABS") also contributed to relative performance. 

* High yield contributed to relative performance, given elevated starting yields. Higher-quality high yield contributed to relative performance, given its up-in-quality bias, as did investment-grade credit. 

* The Fund's duration and currency positionings were the key detractors from relative performance over the period, amid heightened rate and foreign currency volatility. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197136.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Income Fund (Class R6 Shares)** | June 2, 2014 | 6.75% | 3.27% | 4.79% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of Fund and the Bloomberg U.S. Aggregate Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable and dollar denominated. The Index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $16390678 |
| **Total number of portfolio holdings** | 2733 |
| **Portfolio turnover rate** | 287% |
| **Total advisory fees paid (000's)** | $42861 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196762.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Income Fund - Class R6

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

JPMorgan Managed Income Fund

![FrontCoverImage](g116290images_2737.jpg)

Class I Shares/Ticker: JMGLX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Managed Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Managed Income Fund<br>(Class I Shares) | $40 | 0.39% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 4.50% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% and the ICE BofA 3-Month US Treasury Bill Index returned 4.04% for the twelve months ended February 28, 2026.

* The period was marked by notable volatility in bond markets, with the 2-year U.S. Treasury yield declining from 3.99% to 3.38%, as the Federal Reserve cut rates by 75 basis points (bps) in 2025, supporting a favorable environment for short-term fixed income. 

* Credit spreads, measured by the Bloomberg U.S. Corporate 1-3 Year Index Option-Adjusted Spread (OAS), traded between 44 and 87 bps but finished the year unchanged at 51 bps. Spread volatility was primarily driven by Liberation Day and tariff concerns, though strong demand and solid fundamentals kept spreads stable. 

* Relative to the Index, the Fund's longer duration and higher income were the main drivers of positive performance. Out-of-Index allocations to corporate debt, money market securities and asset-backed securities (ABS) added high-quality additional carry and diversification. 

* Long spread-duration exposure added value, as the Fund capitalized on spread widening to purchase attractively priced credit, which tightened as robust demand absorbed new supply. Credit performance was further supported by steady earnings, leverage ratio steadiness and healthy balance sheets, despite increased capital expenditures and tariff pressure. 

* Portfolio positioning remained defensive yet opportunistic, with the Fund maintaining a duration of 0.63–0.70 years and focusing on high-quality, investment-grade corporates, callable banks and floating-rate notes for carry and income. The Fund selectively added longer credit aligned with the rate outlook, while AAA-rated ABS provided diversification and attractive spreads. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197137.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Managed Income Fund (Class I Shares)** | July 5, 2017 | 4.50% | 3.21% | 2.41% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.04 | 3.29 | 2.24 |

---

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

Returns for Class I Shares prior to its inception date are based on the performance of Class L Shares. The actual returns for Class I Shares would have been lower than those shown because Class I Shares have higher expenses than Class L Shares.

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the Fund, the Bloomberg U.S. Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4870345 |
| **Total number of portfolio holdings** | 410 |
| **Portfolio turnover rate** | 98% |
| **Total advisory fees paid (000's)** | $4661 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196763.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Managed Income Fund - Class I

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

JPMorgan Managed Income Fund

![FrontCoverImage](g116290images_2737.jpg)

Class L Shares/Ticker: JMGIX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Managed Income Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Managed Income Fund<br>(Class L Shares) | $25 | 0.24% |

---

**How did the Fund Perform?**

The Fund's Class L Shares returned 4.55% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index (the "Index") returned 6.26% and the ICE BofA 3-Month US Treasury Bill Index returned 4.04% for the twelve months ended February 28, 2026.

* The period was marked by notable volatility in bond markets, with the 2-year U.S. Treasury yield declining from 3.99% to 3.38%, as the Federal Reserve cut rates by 75 basis points (bps) in 2025, supporting a favorable environment for short-term fixed income. 

* Credit spreads, measured by the Bloomberg U.S. Corporate 1-3 Year Index Option-Adjusted Spread (OAS), traded between 44 and 87 bps but finished the year unchanged at 51 bps. Spread volatility was primarily driven by Liberation Day and tariff concerns, though strong demand and solid fundamentals kept spreads stable. 

* Relative to the Index, the Fund's longer duration and higher income were the main drivers of positive performance. Out-of-Index allocations to corporate debt, money market securities and asset-backed securities (ABS) added high-quality additional carry and diversification. 

* Long spread-duration exposure added value, as the Fund capitalized on spread widening to purchase attractively priced credit, which tightened as robust demand absorbed new supply. Credit performance was further supported by steady earnings, leverage ratio steadiness and healthy balance sheets, despite increased capital expenditures and tariff pressure. 

* Portfolio positioning remained defensive yet opportunistic, with the Fund maintaining a duration of 0.63–0.70 years and focusing on high-quality, investment-grade corporates, callable banks and floating-rate notes for carry and income. The Fund selectively added longer credit aligned with the rate outlook, while AAA-rated ABS provided diversification and attractive spreads. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197138.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Managed Income Fund (Class L Shares)** | September 30, 2010 | 4.55% | 3.36% | 2.56% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.04 | 3.29 | 2.24 |

---

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

The graph illustrates comparative performance for $3,000,000 invested in Class L Shares of the Fund, the Bloomberg U.S. Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. Each month the index is rebalanced and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond, 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

Source ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $4870345 |
| **Total number of portfolio holdings** | 410 |
| **Portfolio turnover rate** | 98% |
| **Total advisory fees paid (000's)** | $4661 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196752.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Managed Income Fund - Class L

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

JPMorgan New York Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Agency Shares/Ticker: JONXX

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

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

---

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

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1770936 |
| **Total number of portfolio holdings** | 263 |
| **Total advisory fees paid (000's)** | $1489 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 74.4 |
| 8–30 calendar days | 4.1 |
| 31–60 calendar days | 4.7 |
| 61–90 calendar days | 3.0 |
| 91–180 calendar days | 10.5 |
| 181+ calendar days | 3.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan New York Municipal Money Market Fund - Agency Class

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

JPMorgan New York Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Institutional Class Shares/Ticker: JGNXX

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

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

---

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

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1770936 |
| **Total number of portfolio holdings** | 263 |
| **Total advisory fees paid (000's)** | $1489 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 74.4 |
| 8–30 calendar days | 4.1 |
| 31–60 calendar days | 4.7 |
| 61–90 calendar days | 3.0 |
| 91–180 calendar days | 10.5 |
| 181+ calendar days | 3.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan New York Municipal Money Market Fund - Institutional Class

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

JPMorgan New York Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Morgan Shares/Ticker: VNYXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan New York Municipal Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan New York Municipal Money Market Fund<br>(Morgan Shares) | $60 | 0.59% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1770936 |
| **Total number of portfolio holdings** | 263 |
| **Total advisory fees paid (000's)** | $1489 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 74.4 |
| 8–30 calendar days | 4.1 |
| 31–60 calendar days | 4.7 |
| 61–90 calendar days | 3.0 |
| 91–180 calendar days | 10.5 |
| 181+ calendar days | 3.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan New York Municipal Money Market Fund - Morgan Class

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

JPMorgan New York Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Premier Shares/Ticker: JNPXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan New York Municipal Money Market Fund<br>(Premier Shares) | $43 | 0.43% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1770936 |
| **Total number of portfolio holdings** | 263 |
| **Total advisory fees paid (000's)** | $1489 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 74.4 |
| 8–30 calendar days | 4.1 |
| 31–60 calendar days | 4.7 |
| 61–90 calendar days | 3.0 |
| 91–180 calendar days | 10.5 |
| 181+ calendar days | 3.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan New York Municipal Money Market Fund - Premier Class

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

JPMorgan New York Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Reserve Shares/Ticker: JNYXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan New York Municipal Money Market Fund<br>(Reserve Shares) | $70 | 0.69% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1770936 |
| **Total number of portfolio holdings** | 263 |
| **Total advisory fees paid (000's)** | $1489 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 74.4 |
| 8–30 calendar days | 4.1 |
| 31–60 calendar days | 4.7 |
| 61–90 calendar days | 3.0 |
| 91–180 calendar days | 10.5 |
| 181+ calendar days | 3.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan New York Municipal Money Market Fund - Reserve Class

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

JPMorgan New York Municipal Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Service Shares/Ticker: JNVXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan New York Municipal Money Market Fund<br>(Service Shares) | $105 | 1.04% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $1770936 |
| **Total number of portfolio holdings** | 263 |
| **Total advisory fees paid (000's)** | $1489 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 74.4 |
| 8–30 calendar days | 4.1 |
| 31–60 calendar days | 4.7 |
| 61–90 calendar days | 3.0 |
| 91–180 calendar days | 10.5 |
| 181+ calendar days | 3.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan New York Municipal Money Market Fund - Service Class

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

JPMorgan New York Tax Free Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class A Shares/Ticker: VANTX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan New York Tax Free Bond Fund<br>(Class A Shares) | $56 | 0.55% |

---

**How did the Fund Perform?**

The Fund's Class A Shares, without a sales charge, returned 3.76% for the twelve months ended February 28, 2026. The Bloomberg US Municipal Index returned 4.96% and the Bloomberg New York Municipal Bond Index ("the Index") returned 4.65% for the twelve months ended February 28, 2026.

* The Fund's overweight to the 0- to 1-year+ effective duration bucket detracted from performance as it underperformed. 

* Being underweight transportation bonds hurt performance as this sector outperformed. 

* The Fund's overweight to A-rated bonds positively contributed to performance as they outperformed on the year. 

* Local general obligation bonds outperformed on the year, the Fund's overweight was additive to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197079.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan New York Tax Free Bond Fund (Class A Shares)** | February 16, 2001 | (0.13)% | 0.41% | 1.19% |
| **JPMorgan New York Tax Free Bond Fund (Class A Shares) - excluding sales charge** |  | 3.76 | 1.18 | 1.58 |
| **Bloomberg US Municipal Index** |  | 4.96 | 1.44 | 2.43 |
| **Bloomberg New York Municipal Bond Index** |  | 4.65 | 1.47 | 2.29 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the Fund, the Bloomberg US Municipal Index, the Bloomberg New York Municipal Bond Index and the from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg US Municipal Index and the Bloomberg New York Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg New York Municipal Bond Index represents the performance of New York municipal bonds with maturities from 1 to 17 years. The is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market comprised of 100% New York bonds. Investors cannot invest directly in an index.

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

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $469651 |
| **Total number of portfolio holdings** | 217 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $992 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196693.jpg)

(a) Amount rounds to less than 0.1%.

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

#### Material changes to the Fund during the period
At a meeting held on February 10-12, 2026, the JPMorgan Trust I's Board of Trustees approved the reorganization (the "Reorganization") of the Fund into a newly created exchange-traded fund, JPMorgan New York Tax Free Bond ETF ("JPM New York Tax Free Bond ETF") a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about June 11, 2026.

Following the Reorganization, the Fund's performance and financial history would be adopted by JPM New York Tax Free Bond ETF. JPM New York Tax Free Bond ETF will have the same objective and fundamental investment policies as the Fund.

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

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan New York Tax Free Bond Fund - Class A

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

JPMorgan New York Tax Free Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class C Shares/Ticker: JCNTX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan New York Tax Free Bond Fund<br>(Class C Shares) | $106 | 1.05% |

---

**How did the Fund Perform?**

The Fund's Class C Shares, without a sales charge, returned 3.40% for the twelve months ended February 28, 2026. The Bloomberg US Municipal Index returned 4.96% and the Bloomberg New York Municipal Bond Index ("the Index") returned 4.65% for the twelve months ended February 28, 2026.

* The Fund's overweight to the 0- to 1-year+ effective duration bucket detracted from performance as it underperformed. 

* Being underweight transportation bonds hurt performance as this sector outperformed. 

* The Fund's overweight to A-rated bonds positively contributed to performance as they outperformed on the year. 

* Local general obligation bonds outperformed on the year, the Fund's overweight was additive to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197080.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan New York Tax Free Bond Fund (Class C Shares)** | January 31, 2003 | 2.40% | 0.69% | 1.17% |
| **JPMorgan New York Tax Free Bond Fund (Class C Shares) - excluding sales charge** |  | 3.40 | 0.69 | 1.17 |
| **Bloomberg US Municipal Index** |  | 4.96 | 1.44 | 2.43 |
| **Bloomberg New York Municipal Bond Index** |  | 4.65 | 1.47 | 2.29 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the Fund, the Bloomberg US Municipal Index, the Bloomberg New York Municipal Bond Index and the from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg US Municipal Index and the Bloomberg New York Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg New York Municipal Bond Index represents the performance of New York municipal bonds with maturities from 1 to 17 years. The is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market comprised of 100% New York bonds. Investors cannot invest directly in an index.

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

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $469651 |
| **Total number of portfolio holdings** | 217 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $992 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196694.jpg)

(a) Amount rounds to less than 0.1%.

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

#### Material changes to the Fund during the period
At a meeting held on February 10-12, 2026, the JPMorgan Trust I's Board of Trustees approved the reorganization (the "Reorganization") of the Fund into a newly created exchange-traded fund, JPMorgan New York Tax Free Bond ETF ("JPM New York Tax Free Bond ETF") a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about June 11, 2026.

Following the Reorganization, the Fund's performance and financial history would be adopted by JPM New York Tax Free Bond ETF. JPM New York Tax Free Bond ETF will have the same objective and fundamental investment policies as the Fund.

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

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan New York Tax Free Bond Fund - Class C

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

JPMorgan New York Tax Free Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class I Shares/Ticker: JNYIX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan New York Tax Free Bond Fund<br>(Class I Shares) | $46 | 0.45% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 3.83% for the twelve months ended February 28, 2026. The Bloomberg US Municipal Index returned 4.96% and the Bloomberg New York Municipal Bond Index ("the Index") returned 4.65% for the twelve months ended February 28, 2026.

* The Fund's overweight to the 0- to 1-year+ effective duration bucket detracted from performance as it underperformed. 

* Being underweight transportation bonds hurt performance as this sector outperformed. 

* The Fund's overweight to A-rated bonds positively contributed to performance as they outperformed on the year. 

* Local general obligation bonds outperformed on the year, the Fund's overweight was additive to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197081.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan New York Tax Free Bond Fund (Class I Shares)** | September 10, 2001 | 3.83% | 1.35% | 1.79% |
| **Bloomberg US Municipal Index** |  | 4.96 | 1.44 | 2.43 |
| **Bloomberg New York Municipal Bond Index** |  | 4.65 | 1.47 | 2.29 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the Fund, the Bloomberg US Municipal Index, the Bloomberg New York Municipal Bond Index and the from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg US Municipal Index and the Bloomberg New York Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg New York Municipal Bond Index represents the performance of New York municipal bonds with maturities from 1 to 17 years. The is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market comprised of 100% New York bonds. Investors cannot invest directly in an index.

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

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $469651 |
| **Total number of portfolio holdings** | 217 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $992 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196695.jpg)

(a) Amount rounds to less than 0.1%.

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

#### Material changes to the Fund during the period
At a meeting held on February 10-12, 2026, the JPMorgan Trust I's Board of Trustees approved the reorganization (the "Reorganization") of the Fund into a newly created exchange-traded fund, JPMorgan New York Tax Free Bond ETF ("JPM New York Tax Free Bond ETF") a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about June 11, 2026.

Following the Reorganization, the Fund's performance and financial history would be adopted by JPM New York Tax Free Bond ETF. JPM New York Tax Free Bond ETF will have the same objective and fundamental investment policies as the Fund.

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

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan New York Tax Free Bond Fund - Class I

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

JPMorgan New York Tax Free Bond Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R6 Shares/Ticker: VINRX

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan New York Tax Free Bond Fund<br>(Class R6 Shares) | $35 | 0.35% |

---

**How did the Fund Perform?**

The Fund's Class R6 Shares returned 4.10% for the twelve months ended February 28, 2026. The Bloomberg US Municipal Index returned 4.96% and the Bloomberg New York Municipal Bond Index ("the Index") returned 4.65% for the twelve months ended February 28, 2026.

* The Fund's overweight to the 0- to 1-year+ effective duration bucket detracted from performance as it underperformed. 

* Being underweight transportation bonds hurt performance as this sector outperformed. 

* The Fund's overweight to A-rated bonds positively contributed to performance as they outperformed on the year. 

* Local general obligation bonds outperformed on the year, the Fund's overweight was additive to performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197070.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan New York Tax Free Bond Fund (Class R6 Shares)** | October 1, 2018 | 4.10% | 1.45% | 1.86% |
| **Bloomberg US Municipal Index** |  | 4.96 | 1.44 | 2.43 |
| **Bloomberg New York Municipal Bond Index** |  | 4.65 | 1.47 | 2.29 |

---

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

Returns for Class R6 Shares prior to its inception date are based on the performance of Class I Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class I Shares.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the Fund, the Bloomberg US Municipal Index, the Bloomberg New York Municipal Bond Index and the from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg US Municipal Index and the Bloomberg New York Municipal Bond Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg US Municipal Index is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market. The Bloomberg New York Municipal Bond Index represents the performance of New York municipal bonds with maturities from 1 to 17 years. The is a total return performance benchmark for the long-term, investment-grade tax-exempt bond market comprised of 100% New York bonds. Investors cannot invest directly in an index.

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

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $469651 |
| **Total number of portfolio holdings** | 217 |
| **Portfolio turnover rate** | 52% |
| **Total advisory fees paid (000's)** | $992 |

---

CREDIT QUALITY ALLOCATIONS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196696.jpg)

(a) Amount rounds to less than 0.1%.

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

#### Material changes to the Fund during the period
At a meeting held on February 10-12, 2026, the JPMorgan Trust I's Board of Trustees approved the reorganization (the "Reorganization") of the Fund into a newly created exchange-traded fund, JPMorgan New York Tax Free Bond ETF ("JPM New York Tax Free Bond ETF") a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about June 11, 2026.

Following the Reorganization, the Fund's performance and financial history would be adopted by JPM New York Tax Free Bond ETF. JPM New York Tax Free Bond ETF will have the same objective and fundamental investment policies as the Fund.

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

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan New York Tax Free Bond Fund - Class R6

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

JPMorgan Prime Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Academy Shares/Ticker: JPAXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Prime Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorgan.com/academy. You can also request this information by contacting us at 1-646-341-6869, by sending an e-mail request to funds@academysecurities.com or by asking any financial intermediary that offers shares of the Fund.

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Prime Money Market Fund<br>(Academy Shares) | $17 | 0.17% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $99955380 |
| **Total number of portfolio holdings** | 535 |
| **Total advisory fees paid (000's)** | $70860 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 56.6 |
| 8–30 calendar days | 5.0 |
| 31–60 calendar days | 13.0 |
| 61–90 calendar days | 6.2 |
| 91–180 calendar days | 12.9 |
| 181+ calendar days | 6.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Prime Money Market Fund - Academy Class

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

JPMorgan Prime Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Agency Shares/Ticker: VMIXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Prime Money Market Fund<br>(Agency Shares) | $27 | 0.26% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $99955380 |
| **Total number of portfolio holdings** | 535 |
| **Total advisory fees paid (000's)** | $70860 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 56.6 |
| 8–30 calendar days | 5.0 |
| 31–60 calendar days | 13.0 |
| 61–90 calendar days | 6.2 |
| 91–180 calendar days | 12.9 |
| 181+ calendar days | 6.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Prime Money Market Fund - Agency Class

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

JPMorgan Prime Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Capital Shares/Ticker: CJPXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Prime Money Market Fund<br>(Capital Shares) | $17 | 0.17% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $99955380 |
| **Total number of portfolio holdings** | 535 |
| **Total advisory fees paid (000's)** | $70860 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 56.6 |
| 8–30 calendar days | 5.0 |
| 31–60 calendar days | 13.0 |
| 61–90 calendar days | 6.2 |
| 91–180 calendar days | 12.9 |
| 181+ calendar days | 6.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Prime Money Market Fund - Capital Class

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

JPMorgan Prime Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Empower Shares/Ticker: EJPXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Prime Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Prime Money Market Fund<br>(Empower Shares) | $17 | 0.17% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $99955380 |
| **Total number of portfolio holdings** | 535 |
| **Total advisory fees paid (000's)** | $70860 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 56.6 |
| 8–30 calendar days | 5.0 |
| 31–60 calendar days | 13.0 |
| 61–90 calendar days | 6.2 |
| 91–180 calendar days | 12.9 |
| 181+ calendar days | 6.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Prime Money Market Fund - Empower Class

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

JPMorgan Prime Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

IM Shares/Ticker: JIMXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Prime Money Market Fund<br>(IM Shares) | $12 | 0.12% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $99955380 |
| **Total number of portfolio holdings** | 535 |
| **Total advisory fees paid (000's)** | $70860 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 56.6 |
| 8–30 calendar days | 5.0 |
| 31–60 calendar days | 13.0 |
| 61–90 calendar days | 6.2 |
| 91–180 calendar days | 12.9 |
| 181+ calendar days | 6.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Prime Money Market Fund - IM Class

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

JPMorgan Prime Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Institutional Class Shares/Ticker: JINXX

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

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

---

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

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $99955380 |
| **Total number of portfolio holdings** | 535 |
| **Total advisory fees paid (000's)** | $70860 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 56.6 |
| 8–30 calendar days | 5.0 |
| 31–60 calendar days | 13.0 |
| 61–90 calendar days | 6.2 |
| 91–180 calendar days | 12.9 |
| 181+ calendar days | 6.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Prime Money Market Fund - Institutional Class

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

JPMorgan Prime Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Morgan Shares/Ticker: VMVXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Prime Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Prime Money Market Fund<br>(Morgan Shares) | $52 | 0.51% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $99955380 |
| **Total number of portfolio holdings** | 535 |
| **Total advisory fees paid (000's)** | $70860 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 56.6 |
| 8–30 calendar days | 5.0 |
| 31–60 calendar days | 13.0 |
| 61–90 calendar days | 6.2 |
| 91–180 calendar days | 12.9 |
| 181+ calendar days | 6.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Prime Money Market Fund - Morgan Class

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

JPMorgan Prime Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Premier Shares/Ticker: VPMXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Prime Money Market Fund<br>(Premier Shares) | $43 | 0.42% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $99955380 |
| **Total number of portfolio holdings** | 535 |
| **Total advisory fees paid (000's)** | $70860 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 56.6 |
| 8–30 calendar days | 5.0 |
| 31–60 calendar days | 13.0 |
| 61–90 calendar days | 6.2 |
| 91–180 calendar days | 12.9 |
| 181+ calendar days | 6.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Prime Money Market Fund - Premier Class

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

JPMorgan Prime Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Reserve Shares/Ticker: JRVXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Prime Money Market Fund<br>(Reserve Shares) | $71 | 0.70% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $99955380 |
| **Total number of portfolio holdings** | 535 |
| **Total advisory fees paid (000's)** | $70860 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 56.6 |
| 8–30 calendar days | 5.0 |
| 31–60 calendar days | 13.0 |
| 61–90 calendar days | 6.2 |
| 91–180 calendar days | 12.9 |
| 181+ calendar days | 6.3 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Prime Money Market Fund - Reserve Class

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

JPMorgan Short Duration Core Plus Fund

![FrontCoverImage](g116290images_2737.jpg)

Class A Shares/Ticker: JSDHX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Short Duration Core Plus Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Short Duration Core Plus Fund<br>(Class A Shares) | $66 | 0.64% |

---

**How did the Fund Perform?**

The Fund's Class A Shares, without a sales charge, returned 5.97% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index returned 6.26% and the Bloomberg 1-5 Year Government/Credit Index (the "Index") returned 5.52% for the twelve months ended February 28, 2026.

* The Fund's out-of-benchmark allocation to the securitized sector—specifically agency residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS"), and asset-backed securities ("ABS")—contributed positively to excess returns during the period. 

* Strategic allocations to investment grade and high yield corporate credit, with a preference for financials over industrials, as well as exposure to emerging markets and effective security selection, further bolstered performance. 

* The Fund's out-of-benchmark allocation to agency multifamily collateralized mortgage obligations ("CMO") and the absence of exposure to non-U.S. government-related credit were slight detractors from performance. 

* Cash used to maintain liquidity within the Fund was a slight detractor from performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197142.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Short Duration Core Plus Fund (Class A Shares)** | March 1, 2013 | 3.54% | 1.88% | 3.53% |
| **JPMorgan Short Duration Core Plus Fund (Class A Shares) - excluding sales charge** |  | 5.97 | 2.35 | 3.76 |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Bloomberg 1-5 Year Government/Credit Index** |  | 5.52 | 1.82 | 2.15 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the Fund, the Bloomberg U.S. Aggregate Index and the Bloomberg 1-5 Year Government/Credit Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Bloomberg 1-5 Year Government/Credit Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Bloomberg 1-5 Year Government/Credit Index includes the Government and Credit portions of the Barclays Aggregate for securities of 1-5 year maturities. The Government portion includes treasuries and agencies. The Credit portion includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6848682 |
| **Total number of portfolio holdings** | 1225 |
| **Portfolio turnover rate** | 58% |
| **Total advisory fees paid (000's)** | $12595 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196768.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Short Duration Core Plus Fund - Class A

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

JPMorgan Short Duration Core Plus Fund

![FrontCoverImage](g116290images_2737.jpg)

Class C Shares/Ticker: JSDCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Short Duration Core Plus Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Short Duration Core Plus Fund<br>(Class C Shares) | $117 | 1.14% |

---

**How did the Fund Perform?**

The Fund's Class C Shares, without a sales charge, returned 5.35% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index returned 6.26% and the Bloomberg 1-5 Year Government/Credit Index (the "Index") returned 5.52% for the twelve months ended February 28, 2026.

* The Fund's out-of-benchmark allocation to the securitized sector—specifically agency residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS"), and asset-backed securities ("ABS")—contributed positively to excess returns during the period. 

* Strategic allocations to investment grade and high yield corporate credit, with a preference for financials over industrials, as well as exposure to emerging markets and effective security selection, further bolstered performance. 

* The Fund's out-of-benchmark allocation to agency multifamily collateralized mortgage obligations ("CMO") and the absence of exposure to non-U.S. government-related credit were slight detractors from performance. 

* Cash used to maintain liquidity within the Fund was a slight detractor from performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197143.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Short Duration Core Plus Fund (Class C Shares)** | March 1, 2013 | 4.35% | 1.82% | 3.35% |
| **JPMorgan Short Duration Core Plus Fund (Class C Shares) - excluding sales charge** |  | 5.35 | 1.82 | 3.35 |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Bloomberg 1-5 Year Government/Credit Index** |  | 5.52 | 1.82 | 2.15 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the Fund, the Bloomberg U.S. Aggregate Index and the Bloomberg 1-5 Year Government/Credit Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Bloomberg 1-5 Year Government/Credit Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Bloomberg 1-5 Year Government/Credit Index includes the Government and Credit portions of the Barclays Aggregate for securities of 1-5 year maturities. The Government portion includes treasuries and agencies. The Credit portion includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Investors cannot invest directly in an index.

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6848682 |
| **Total number of portfolio holdings** | 1225 |
| **Portfolio turnover rate** | 58% |
| **Total advisory fees paid (000's)** | $12595 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196769.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Short Duration Core Plus Fund - Class C

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

JPMorgan Short Duration Core Plus Fund

![FrontCoverImage](g116290images_2737.jpg)

Class I Shares/Ticker: JSDSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Short Duration Core Plus Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Short Duration Core Plus Fund<br>(Class I Shares) | $40 | 0.39% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 6.24% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index returned 6.26% and the Bloomberg 1-5 Year Government/Credit Index (the "Index") returned 5.52% for the twelve months ended February 28, 2026.

* The Fund's out-of-benchmark allocation to the securitized sector—specifically agency residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS"), and asset-backed securities ("ABS")—contributed positively to excess returns during the period. 

* Strategic allocations to investment grade and high yield corporate credit, with a preference for financials over industrials, as well as exposure to emerging markets and effective security selection, further bolstered performance. 

* The Fund's out-of-benchmark allocation to agency multifamily collateralized mortgage obligations ("CMO") and the absence of exposure to non-U.S. government-related credit were slight detractors from performance. 

* Cash used to maintain liquidity within the Fund was a slight detractor from performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197144.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Short Duration Core Plus Fund (Class I Shares)** | March 1, 2013 | 6.24% | 2.60% | 4.02% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Bloomberg 1-5 Year Government/Credit Index** |  | 5.52 | 1.82 | 2.15 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the Fund, the Bloomberg U.S. Aggregate Index and the Bloomberg 1-5 Year Government/Credit Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Bloomberg 1-5 Year Government/Credit Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Bloomberg 1-5 Year Government/Credit Index includes the Government and Credit portions of the Barclays Aggregate for securities of 1-5 year maturities. The Government portion includes treasuries and agencies. The Credit portion includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6848682 |
| **Total number of portfolio holdings** | 1225 |
| **Portfolio turnover rate** | 58% |
| **Total advisory fees paid (000's)** | $12595 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196758.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Short Duration Core Plus Fund - Class I

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

JPMorgan Short Duration Core Plus Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R6 Shares/Ticker: JSDRX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Short Duration Core Plus Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Short Duration Core Plus Fund<br>(Class R6 Shares) | $34 | 0.33% |

---

**How did the Fund Perform?**

The Fund's Class R6 Shares returned 6.30% for the twelve months ended February 28, 2026. The Bloomberg U.S. Aggregate Index returned 6.26% and the Bloomberg 1-5 Year Government/Credit Index (the "Index") returned 5.52% for the twelve months ended February 28, 2026.

* The Fund's out-of-benchmark allocation to the securitized sector—specifically agency residential mortgage-backed securities ("RMBS"), commercial mortgage-backed securities ("CMBS"), and asset-backed securities ("ABS")—contributed positively to excess returns during the period. 

* Strategic allocations to investment grade and high yield corporate credit, with a preference for financials over industrials, as well as exposure to emerging markets and effective security selection, further bolstered performance. 

* The Fund's out-of-benchmark allocation to agency multifamily collateralized mortgage obligations ("CMO") and the absence of exposure to non-U.S. government-related credit were slight detractors from performance. 

* Cash used to maintain liquidity within the Fund was a slight detractor from performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197153.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Short Duration Core Plus Fund (Class R6 Shares)** | March 1, 2013 | 6.30% | 2.67% | 4.10% |
| **Bloomberg U.S. Aggregate Index** |  | 6.26 | 0.42 | 1.97 |
| **Bloomberg 1-5 Year Government/Credit Index** |  | 5.52 | 1.82 | 2.15 |

---

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

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the Fund, the Bloomberg U.S. Aggregate Index and the Bloomberg 1-5 Year Government/Credit Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Aggregate Index and the Bloomberg 1-5 Year Government/Credit Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Aggregate Index is an unmanaged index that represents securities that are SEC-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. The Bloomberg 1-5 Year Government/Credit Index includes the Government and Credit portions of the Barclays Aggregate for securities of 1-5 year maturities. The Government portion includes treasuries and agencies. The Credit portion includes publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Investors cannot invest directly in an index.

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

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

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

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $6848682 |
| **Total number of portfolio holdings** | 1225 |
| **Portfolio turnover rate** | 58% |
| **Total advisory fees paid (000's)** | $12595 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196767.jpg)

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Short Duration Core Plus Fund - Class R6

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

JPMorgan Strategic Income Opportunities Fund

![FrontCoverImage](g116290images_2737.jpg)

Class A Shares/Ticker: JSOAX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Strategic Income Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Strategic Income Opportunities Fund<br>(Class A Shares) | $97 | 0.95% |

---

**How did the Fund Perform?**

The Fund's Class A Shares, without a sales charge, returned 3.81% for the twelve months ended February 28, 2026. The Bloomberg U.S. Universal Index (the "Index") returned 6.53% and the ICE BofA 3-Month US Treasury Bill Index returned 4.04% for the twelve months ended February 28, 2026.

* The Fund's tactical interest-rate positioning and allocation to floating-rate, high-yield corporate bonds (also known as bank loans) were leading detractors from absolute performance. 

* The Fund's defensive positioning and underweight to bonds with duration and credit risk led to underperformance relative to the Index. 

* The Fund's allocation to floating-rate investment-grade corporate bonds and money market securities was the leading contributor to absolute performance. The Fund's allocation to fixed-rate, high-yield corporate bonds, convertible bonds, and non-agency, mortgage-backed securities also contributed to absolute performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197135.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Strategic Income Opportunities Fund (Class A Shares)** | October 10, 2008 | (0.05)% | 2.17% | 2.92% |
| **JPMorgan Strategic Income Opportunities Fund (Class A Shares) - excluding sales charge** |  | 3.81 | 2.96 | 3.32 |
| **Bloomberg U.S. Universal Index** |  | 6.53 | 0.78 | 2.42 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.04 | 3.29 | 2.24 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class A Shares of the Fund, the Bloomberg U.S. Universal Index and the ICE BofA 3-Month US Treasury Bill Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and includes a sales charge. The performance of the Bloomberg U.S. Universal Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Universal Index represents the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

Source: ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9574928 |
| **Total number of portfolio holdings** | 581 |
| **Portfolio turnover rate** | 536% |
| **Total advisory fees paid (000's)** | $38226 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196749.jpg)

(a) Options Purchased

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Strategic Income Opportunities Fund - Class A

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

JPMorgan Strategic Income Opportunities Fund

![FrontCoverImage](g116290images_2737.jpg)

Class C Shares/Ticker: JSOCX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Strategic Income Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Strategic Income Opportunities Fund<br>(Class C Shares) | $147 | 1.45% |

---

**How did the Fund Perform?**

The Fund's Class C Shares, without a sales charge, returned 3.31% for the twelve months ended February 28, 2026. The Bloomberg U.S. Universal Index (the "Index") returned 6.53% and the ICE BofA 3-Month US Treasury Bill Index returned 4.04% for the twelve months ended February 28, 2026.

* The Fund's tactical interest-rate positioning and allocation to floating-rate, high-yield corporate bonds (also known as bank loans) were leading detractors from absolute performance. 

* The Fund's defensive positioning and underweight to bonds with duration and credit risk led to underperformance relative to the Index. 

* The Fund's allocation to floating-rate investment-grade corporate bonds and money market securities was the leading contributor to absolute performance. The Fund's allocation to fixed-rate, high-yield corporate bonds, convertible bonds, and non-agency, mortgage-backed securities also contributed to absolute performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197124.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Strategic Income Opportunities Fund (Class C Shares)** | October 10, 2008 | 2.31% | 2.46% | 2.91% |
| **JPMorgan Strategic Income Opportunities Fund (Class C Shares) - excluding sales charge** |  | 3.31 | 2.46 | 2.91 |
| **Bloomberg U.S. Universal Index** |  | 6.53 | 0.78 | 2.42 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.04 | 3.29 | 2.24 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class C Shares of the Fund, the Bloomberg U.S. Universal Index and the ICE BofA 3-Month US Treasury Bill Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Universal Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Universal Index represents the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

Because Class C Shares automatically convert to Class A Shares after 8 years, the 10 year average annual total return shown above for Class C Shares reflects Class A Share's performance for the period after conversion.

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

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

Source: ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9574928 |
| **Total number of portfolio holdings** | 581 |
| **Portfolio turnover rate** | 536% |
| **Total advisory fees paid (000's)** | $38226 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196750.jpg)

(a) Options Purchased

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Strategic Income Opportunities Fund - Class C

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

JPMorgan Strategic Income Opportunities Fund

![FrontCoverImage](g116290images_2737.jpg)

Class I Shares/Ticker: JSOSX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Strategic Income Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Strategic Income Opportunities Fund<br>(Class I Shares) | $71 | 0.70% |

---

**How did the Fund Perform?**

The Fund's Class I Shares returned 4.14% for the twelve months ended February 28, 2026. The Bloomberg U.S. Universal Index (the "Index") returned 6.53% and the ICE BofA 3-Month US Treasury Bill Index returned 4.04% for the twelve months ended February 28, 2026.

* The Fund's tactical interest-rate positioning and allocation to floating-rate, high-yield corporate bonds (also known as bank loans) were leading detractors from absolute performance. 

* The Fund's defensive positioning and underweight to bonds with duration and credit risk led to underperformance relative to the Index. 

* The Fund's allocation to floating-rate investment-grade corporate bonds and money market securities was the leading contributor to absolute performance. The Fund's allocation to fixed-rate, high-yield corporate bonds, convertible bonds, and non-agency, mortgage-backed securities also contributed to absolute performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197125.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Strategic Income Opportunities Fund (Class I Shares)** | October 10, 2008 | 4.14% | 3.22% | 3.59% |
| **Bloomberg U.S. Universal Index** |  | 6.53 | 0.78 | 2.42 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.04 | 3.29 | 2.24 |

---

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

The graph illustrates comparative performance for $1,000,000 invested in Class I Shares of the Fund, the Bloomberg U.S. Universal Index and the ICE BofA 3-Month US Treasury Bill Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Universal Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Universal Index represents the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

Source: ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9574928 |
| **Total number of portfolio holdings** | 581 |
| **Portfolio turnover rate** | 536% |
| **Total advisory fees paid (000's)** | $38226 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196751.jpg)

(a) Options Purchased

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Strategic Income Opportunities Fund - Class I

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

JPMorgan Strategic Income Opportunities Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R5 Shares/Ticker: JSORX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Strategic Income Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Strategic Income Opportunities Fund<br>(Class R5 Shares) | $56 | 0.55% |

---

**How did the Fund Perform?**

The Fund's Class R5 Shares returned 4.20% for the twelve months ended February 28, 2026. The Bloomberg U.S. Universal Index (the "Index") returned 6.53% and the ICE BofA 3-Month US Treasury Bill Index returned 4.04% for the twelve months ended February 28, 2026.

* The Fund's tactical interest-rate positioning and allocation to floating-rate, high-yield corporate bonds (also known as bank loans) were leading detractors from absolute performance. 

* The Fund's defensive positioning and underweight to bonds with duration and credit risk led to underperformance relative to the Index. 

* The Fund's allocation to floating-rate investment-grade corporate bonds and money market securities was the leading contributor to absolute performance. The Fund's allocation to fixed-rate, high-yield corporate bonds, convertible bonds, and non-agency, mortgage-backed securities also contributed to absolute performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197127.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Strategic Income Opportunities Fund (Class R5 Shares)** | October 10, 2008 | 4.20% | 3.37% | 3.75% |
| **Bloomberg U.S. Universal Index** |  | 6.53 | 0.78 | 2.42 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.04 | 3.29 | 2.24 |

---

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

The graph illustrates comparative performance for $10,000 invested in Class R5 Shares of the Fund, the Bloomberg U.S. Universal Index and the ICE BofA 3-Month US Treasury Bill Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Universal Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Universal Index represents the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

Source: ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9574928 |
| **Total number of portfolio holdings** | 581 |
| **Portfolio turnover rate** | 536% |
| **Total advisory fees paid (000's)** | $38226 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196741.jpg)

(a) Options Purchased

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Strategic Income Opportunities Fund - Class R5

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

JPMorgan Strategic Income Opportunities Fund

![FrontCoverImage](g116290images_2737.jpg)

Class R6 Shares/Ticker: JSOZX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Strategic Income Opportunities Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Strategic Income Opportunities Fund<br>(Class R6 Shares) | $46 | 0.45% |

---

**How did the Fund Perform?**

The Fund's Class R6 Shares returned 4.31% for the twelve months ended February 28, 2026. The Bloomberg U.S. Universal Index (the "Index") returned 6.53% and the ICE BofA 3-Month US Treasury Bill Index returned 4.04% for the twelve months ended February 28, 2026.

* The Fund's tactical interest-rate positioning and allocation to floating-rate, high-yield corporate bonds (also known as bank loans) were leading detractors from absolute performance. 

* The Fund's defensive positioning and underweight to bonds with duration and credit risk led to underperformance relative to the Index. 

* The Fund's allocation to floating-rate investment-grade corporate bonds and money market securities was the leading contributor to absolute performance. The Fund's allocation to fixed-rate, high-yield corporate bonds, convertible bonds, and non-agency, mortgage-backed securities also contributed to absolute performance. 

**Fund Performance**

![Fund Performance - Growth of 10K](g116290chartimages_5197126.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **AVERAGE ANNUAL TOTAL RETURNS** | **INCEPTION<br>DATE** | **1 YEAR** | **5 YEAR** | **10 YEAR** |
| **JPMorgan Strategic Income Opportunities Fund (Class R6 Shares)** | November 1, 2017 | 4.31% | 3.48% | 3.84% |
| **Bloomberg U.S. Universal Index** |  | 6.53 | 0.78 | 2.42 |
| **ICE BofA 3-Month US Treasury Bill Index** |  | 4.04 | 3.29 | 2.24 |

---

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

Returns for Class R6 Shares prior to its inception date are based on the performance of Class R5 Shares. The actual returns of Class R6 Shares would have been different than those shown because Class R6 Shares have different expenses than Class R5 Shares.

The graph illustrates comparative performance for $5,000,000 invested in Class R6 Shares of the Fund, the Bloomberg U.S. Universal Index and the ICE BofA 3-Month US Treasury Bill Index from February 29, 2016 to February 28, 2026. The performance of the Fund assumes reinvestment of all dividends and capital gain distributions, if any, and does not include a sales charge. The performance of the Bloomberg U.S. Universal Index and the ICE BofA 3-Month US Treasury Bill Index does not reflect the deduction of expenses or a sales charge associated with a mutual fund and has been adjusted to reflect reinvestment of all dividends and capital gain distributions of the securities included in the benchmark, if applicable. The Bloomberg U.S. Universal Index represents the U.S. Aggregate Index, the U.S. High-Yield Corporate Index, the 144A Index, the Eurodollar Index, the Emerging Markets Index, and the non-ERISA portion of the CMBS Index. The ICE BofA 3-Month US Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. The index is rebalanced monthly and the issue selected is the outstanding Treasury Bill that matures closest to, but not beyond 3 months from the rebalancing date. Investors cannot invest directly in an index.

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

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

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

Source: ICE Data Indices, LLC is used with permission. ICE<sup>®</sup> is a registered trademark of ICE Data Indices, LLC or its affiliates and BofA<sup>®</sup> is a registered trademark of Bank of America Corporation licensed by Bank of America Corporation and its affiliates ("BofA"), and may not be used without BofA's prior written approval. The index data referenced herein is the property of ICE Data Indices, LLC, its affiliates ("ICE Data") and/or its third party suppliers and has been licensed for use by J.P. Morgan Investment Management, Inc. ICE Data and its Third Party Suppliers accept no liability in connection with the use of such index data or marks. See prospectus for a full copy of the Disclaimer.

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $9574928 |
| **Total number of portfolio holdings** | 581 |
| **Portfolio turnover rate** | 536% |
| **Total advisory fees paid (000's)** | $38226 |

---

PORTFOLIO COMPOSITION - ASSET CLASS

(% of Total Investments)

![Graphical Representation - Allocation 1 Chart](g116290chartimages_5196740.jpg)

(a) Options Purchased

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Strategic Income Opportunities Fund - Class R6

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

JPMorgan Tax Free Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Agency Shares/Ticker: VTIXX

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

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

---

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

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $10509124 |
| **Total number of portfolio holdings** | 551 |
| **Total advisory fees paid (000's)** | $8970 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 68.2 |
| 8–30 calendar days | 5.1 |
| 31–60 calendar days | 3.2 |
| 61–90 calendar days | 6.7 |
| 91–180 calendar days | 12.4 |
| 181+ calendar days | 4.4 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Tax Free Money Market Fund - Agency Class

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

JPMorgan Tax Free Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Institutional Class Shares/Ticker: JTFXX

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

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

---

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

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $10509124 |
| **Total number of portfolio holdings** | 551 |
| **Total advisory fees paid (000's)** | $8970 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 68.2 |
| 8–30 calendar days | 5.1 |
| 31–60 calendar days | 3.2 |
| 61–90 calendar days | 6.7 |
| 91–180 calendar days | 12.4 |
| 181+ calendar days | 4.4 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Tax Free Money Market Fund - Institutional Class

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

JPMorgan Tax Free Money Market Fund &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

![FrontCoverImage](g116290images_2737.jpg)

Morgan Shares/Ticker: VTMXX

#### ANNUAL SHAREHOLDER REPORT
This annual shareholder report contains important information about the JPMorgan Tax Free Money Market Fund (the "Fund") for the period March 1, 2025 to February 28, 2026. You can find additional information about the Fund at www.jpmorganfunds.com/funddocuments. You can also request this information by contacting us at 1-800-480-4111, 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 year?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Tax Free Money Market Fund<br>(Morgan Shares) | $59 | 0.58% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $10509124 |
| **Total number of portfolio holdings** | 551 |
| **Total advisory fees paid (000's)** | $8970 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 68.2 |
| 8–30 calendar days | 5.1 |
| 31–60 calendar days | 3.2 |
| 61–90 calendar days | 6.7 |
| 91–180 calendar days | 12.4 |
| 181+ calendar days | 4.4 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Tax Free Money Market Fund - Morgan Class

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

JPMorgan Tax Free Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Premier Shares/Ticker: VXPXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Tax Free Money Market Fund<br>(Premier Shares) | $42 | 0.42% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $10509124 |
| **Total number of portfolio holdings** | 551 |
| **Total advisory fees paid (000's)** | $8970 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 68.2 |
| 8–30 calendar days | 5.1 |
| 31–60 calendar days | 3.2 |
| 61–90 calendar days | 6.7 |
| 91–180 calendar days | 12.4 |
| 181+ calendar days | 4.4 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Tax Free Money Market Fund - Premier Class

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

JPMorgan Tax Free Money Market Fund

![FrontCoverImage](g116290images_2737.jpg)

Reserve Shares/Ticker: RTJXX

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

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

---

| | | |
|:---|:---|:---|
| **Fund (Class)** | **Costs of a<br>$10,000 investment** | **Costs paid as a percentage<br>of a $10,000 investment** |
| JPMorgan Tax Free Money Market Fund<br>(Reserve Shares) | $68 | 0.67% |

---

KEY FUND STATISTICS

---

| | |
|:---|:---|
| **Fund net assets (000's)** | $10509124 |
| **Total number of portfolio holdings** | 551 |
| **Total advisory fees paid (000's)** | $8970 |

---

EFFECTIVE MATURITY

(% of total investments)

---

| | |
|:---|:---|
| 2–7 calendar days | 68.2 |
| 8–30 calendar days | 5.1 |
| 31–60 calendar days | 3.2 |
| 61–90 calendar days | 6.7 |
| 91–180 calendar days | 12.4 |
| 181+ calendar days | 4.4 |

---

**Availability of Additional Information**

![QRCode](g116290images_2736.jpg)

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

* Prospectus 

* Financial information 

* Fund holdings 

* Proxy voting information 

JPMorgan Tax Free Money Market Fund - Reserve Class

------

ITEM 2. CODE OF ETHICS.

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

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

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

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

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

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

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

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

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

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

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

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

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

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

**Not applicable**.

------

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

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

#### AUDIT FEES

#### 2026 – $1,145,445

#### 2025 – $1,349,903
(b) Disclose, under the caption Audit-Related Fees, the aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### AUDIT-RELATED FEES

#### 2026 – $119,052

#### 2025 – $142,521

#### Audit-related fees consists of security count procedures performed as required under Rule 17f-2 of the Investment Company Act of 1940 during the Registrant's fiscal year.
(c) Disclose, under the caption Tax Fees, the aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning. Registrants shall describe the nature of the services comprising the fees disclosed under this category.

#### TAX FEES

#### 2026 – $245,810

#### 2025 – $263,542
**The tax fees consist of fees billed in connection with preparing the federal regulated investment company income tax returns for the Registrant for the tax years ended February 28, 2026 and 2025, respectively.** 

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

#### ALL OTHER FEES

#### 2026 – Not applicable

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

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

------

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

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

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

#### 2026 – 0.0%

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

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

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

#### 2025 - $41.0 million

#### 2024 - $35.3 million
(h) Disclose whether the registrant's audit committee of the board of directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser (not including any subadviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant's independence.

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

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

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

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

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

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

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

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

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

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

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

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

ITEM 6. INVESTMENTS.

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

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

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Annual Financial Statements

J.P. Morgan Money Market Funds

February 28, 2026

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

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![](g48014img915cc2461.jpg)

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**CONTENTS** 

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

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

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

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

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

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

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

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

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

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

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JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

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

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

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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

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

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Prime Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

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

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

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

---

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

---

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

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Institutional Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

&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 February 28, 2026.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

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

---

---

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

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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

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

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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

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---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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

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

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**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Liquid Assets Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

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

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

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

---

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

---

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

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Securities Lending Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Securities Lending Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

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

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

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

---

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

---

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

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

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

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

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

---

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

---

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

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

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

---

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

---

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

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

---

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

---

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Government Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

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

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

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

---

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

---

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

---

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

---

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

---

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

---

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

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

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

---

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

---

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

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

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

---

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

---

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Treasury Plus Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan U.S. Treasury Plus Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

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

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

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

---

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

---

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

---

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

---

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

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

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

---

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

---

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

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

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

---

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

---

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Federal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

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

---

---

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

---

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

JPMorgan Federal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

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

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

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

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

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

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

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

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

---

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

---

---

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

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

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

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

------

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

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

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

---

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

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

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

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

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

(a) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026. 

(b) The rate shown is the effective yield as of February 28, 2026. 

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Money Market Funds February 28, 2026

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 64.6%** | **Municipal Bonds — 64.6%** | **Municipal Bonds — 64.6%** |
| **Alabama — 1.3%** | **Alabama — 1.3%** | **Alabama — 1.3%** |
| Public Finance Authority Series 2025-VRS219, <br> Class A, Rev., VRDO, LOC : Bank of America NA, <br> 1.94%, 3/6/2026 (a) (b)<br>| 25000 | 25000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-BAML5061, Rev., VRDO, LOC : <br> Bank of America NA, 2.14%, 3/2/2026 (a) <br> (b)<br>| 12285 | 12285 |
| Series 2025-BAML5063, Rev., VRDO, LOC : <br> Bank of America NA, 2.08%, 7/9/2026 (a) <br> (b)<br>| 100000 | 100000 |
| **Total Alabama** |  | 137285 |
| **Alaska — 0.5%** | **Alaska — 0.5%** | **Alaska — 0.5%** |
| Alaska Housing Finance Corp., Home Mortgage <br> Series 2007B, Rev., VRDO, LIQ : FHLB, 1.85%, <br> 3/6/2026 (b)<br>| 27930 | 27930 |
| City of Valdez, Exxon Pipeline Co. Project |  |  |
| Series 1993B, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 10165 | 10165 |
| Series 1993C, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 10000 | 10000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-XG0518, Rev., VRDO, LOC : Royal <br> Bank of Canada, 2.00%, 3/6/2026 (a) (b)<br>| 4305 | 4305 |
| **Total Alaska** |  | 52400 |
| **Arizona — 1.4%** | **Arizona — 1.4%** | **Arizona — 1.4%** |
| Arizona Industrial Development Authority, 67 Flats <br> Project Series 2023A, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.80%, 3/6/2026 (b)<br>| 45110 | 45110 |
| Arizona Industrial Development Authority, Juniper <br> Square Project Series 2023A, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.80%, 3/6/2026 (b)<br>| 22880 | 22880 |
| Arizona Industrial Development Authority, <br> Multi-Family Housing Draw Down Sidney Village <br> Project<br>|  |  |
| Series 2025A, Rev., VRDO, LOC : Barclays Bank <br> plc, 1.80%, 3/6/2026 (b)<br>| 2265 | 2265 |
| Series 2025A, Rev., VRDO, LOC : Barclays Bank <br> plc, 1.80%, 3/6/2026 (b)<br>| 1335 | 1335 |
| Arizona Industrial Development Authority, <br> Multi-Family Housing Townhomes On Earley <br> Project Series 2025A, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.80%, 3/6/2026 (b)<br>| 15680 | 15680 |
| Deutsche Bank Spears |  |  |
| Series DB-8166, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 7010 | 7010 |
| Series DB-8222, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 9510 | 9510 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-147, Rev., VRDO, LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 21000 | 21000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF8042, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2670 | 2670 |
| Series 2025-XL0609, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 20625 | 20625 |
| **Total Arizona** |  | 148085 |
| **Arkansas — 0.3%** | **Arkansas — 0.3%** | **Arkansas — 0.3%** |
| Arkansas Development Finance Authority, Green <br> Bay Packaging, Inc., Project, Rev., AMT, VRDO, <br> LOC : Wells Fargo Bank NA, 1.93%, <br> 3/6/2026 (a) (b)<br>| 28900 | 28900 |
| **California — 1.2%** | **California — 1.2%** | **California — 1.2%** |
| Public Finance Authority |  |  |
| Series 2025-VRS212, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 32250 | 32250 |
| Series 25-VRS213, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 45000 | 45000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XF3028, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 17375 | 17375 |
| Series 2022-XF3030, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 17200 | 17200 |
| Series 2023-XG0502, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 5185 | 5185 |
| Series 2025-XM1245, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3975 | 3975 |
| Series 2025- CF7005, Rev., VRDO, LOC : <br> Citibank NA, 2.00%, 3/6/2026 (a) (b)<br>| 6975 | 6975 |
| **Total California** |  | 127960 |
| **Colorado — 0.3%** | **Colorado — 0.3%** | **Colorado — 0.3%** |
| Colorado State Education Loan Program, Rev., <br> TRAN, 5.00%, 6/30/2026<br>| 2920 | 2944 |
| Deutsche Bank Spears |  |  |
| Series DB-8148, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 8595 | 8595 |
| Series 2025-DB-8167, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 8960 | 8960 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-YX1254, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3905 | 3905 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 57

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Series 2024-XL0549, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2025-XF8032, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2665 | 2665 |
| **Total Colorado** |  | 30819 |
| **Connecticut — 1.8%** | **Connecticut — 1.8%** | **Connecticut — 1.8%** |
| City of Bristol, GO, BAN, 4.00%, 11/5/2026 | 25875 | 26130 |
| City of New London |  |  |
| Series A, GO, BAN, 4.00%, 3/12/2026 | 24954 | 24963 |
| GO, BAN, 3.75%, 3/11/2027 (c) | 27610 | 28019 |
| City of Torrington, GO, BAN, 4.00%, 3/12/2026 | 22350 | 22358 |
| Connecticut Housing Finance Authority, Housing <br> Mortgage Finance Program Series 2022, <br> Subseries E-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC COLL, LOC : Sumitomo Mitsui Banking <br> Corp., 1.86%, 3/6/2026 (b)<br>| 13500 | 13500 |
| State of Connecticut Special Tax Series 2022A, <br> Rev., 5.00%, 7/1/2026<br>| 1965 | 1981 |
| State of Connecticut Special Tax, Transportation <br> Infrastructure Purpose<br>|  |  |
| Series 2022B, Rev., 5.00%, 7/1/2026 | 1680 | 1693 |
| Series 2024B, Rev., 5.00%, 7/1/2026 | 7300 | 7358 |
| Series 2025A, Rev., 5.00%, 7/1/2026 | 5200 | 5242 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0558, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Bank of America NA, <br> 1.91%, 3/6/2026 (a) (b)<br>| 5705 | 5705 |
| Series 2024-XX1346, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 7000 | 7000 |
| Series 2025-CF7067, Rev., VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 7300 | 7300 |
| Town of Griswold, GO, BAN, 4.00%, 1/28/2027 | 2200 | 2231 |
| Town of Killingly Series B, GO, BAN, 4.00%, <br> 11/10/2026<br>| 15000 | 15148 |
| Town of North Haven, GO, BAN, 3.75%, <br> 10/29/2026<br>| 6250 | 6299 |
| Town of Oxford, GO, BAN, 3.75%, 3/10/2027 (c) | 15080 | 15302 |
| **Total Connecticut** |  | 190229 |
| **District of Columbia — 1.5%** | **District of Columbia — 1.5%** | **District of Columbia — 1.5%** |
| Deutsche Bank Spears |  |  |
| Series DB-8232, GO, VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 3165 | 3165 |
| Series 2025-DB8211, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4750 | 4750 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-108, GO, VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 50000 | 50000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3133, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 40000 | 40000 |
| Series 2022-ZL0319, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 13625 | 13625 |
| Series 2025-CF7046, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 17360 | 17360 |
| Series 2025-XF8012, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| Series 2025-XL0714, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 6350 | 6350 |
| Series 2025-XX1403, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3990 | 3990 |
| Series 2025-ZF3379, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3270 | 3270 |
| Series 2025-ZF3380, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4660 | 4660 |
| **Total District of Columbia** |  | 155170 |
| **Florida — 3.2%** | **Florida — 3.2%** | **Florida — 3.2%** |
| Alachua County Housing Finance Authority, <br> Multi-Family, Santa Fe Apartments Project <br> Series 2008, Rev., VRDO, LOC : FNMA, 1.93%, <br> 3/6/2026 (b)<br>| 1245 | 1245 |
| County of Broward, Power and Light Co. Project, <br> Rev., VRDO, 1.99%, 3/6/2026 (b)<br>| 43600 | 43600 |
| County of Martin, Florida Power and Light Co., <br> Project, Rev., VRDO, 2.00%, 3/6/2026 (b)<br>| 16025 | 16025 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 1.90%, 3/6/2026 (b)<br>| 24900 | 24900 |
| Deutsche Bank Spears Series DB-8165, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 1.91%, <br> 3/6/2026 (a) (b)<br>| 12435 | 12435 |
| Florida Housing Finance Corp., Multi-Family <br> Mortgage, Kings Terrace LLC Series 2013B, <br> Rev., VRDO, LIQ : FHLMC, 1.88%, 3/6/2026 (b)<br>| 12000 | 12000 |
| Lee County Industrial Development Authority, <br> Florida Power and Light Co., Project Series <br> 2016B, Rev., AMT, VRDO, 2.45%, 3/6/2026 (b)<br>| 15000 | 15000 |
| Miami-Dade County Industrial Development <br> Authority, Florida Power and Light Co. Project<br>|  |  |
| Series 2024B, Rev., AMT, VRDO, 2.03%, <br> 3/6/2026 (b)<br>| 32500 | 32500 |
| Series 2024A, Rev., AMT, VRDO, 2.15%, <br> 3/6/2026 (b)<br>| 20000 | 20000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Orange County Health Facilities Authority, The <br> Nemours Foundation Project<br>|  |  |
| Series 2009C-1, Rev., VRDO, LOC : TD Bank NA, <br> 1.88%, 3/6/2026 (b)<br>| 200 | 200 |
| Series 2009C-2, Rev., VRDO, LOC : TD Bank NA, <br> 1.88%, 3/6/2026 (b)<br>| 130 | 130 |
| Pinellas County Housing Finance Authority, Booker <br> Creek Apartments, Rev., VRDO, LOC : FHLMC, <br> 1.93%, 3/6/2026 (b)<br>| 3770 | 3770 |
| Public Finance Authority |  |  |
| Series 2025-VRS202, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 40000 | 40000 |
| Series 25-VRS214, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 16660 | 16660 |
| Sumter County Industrial Development Authority, <br> Solid Waste Disposal, American Cement Co., LLC <br> Project, Rev., VRDO, LOC : Bank of America NA, <br> 2.11%, 3/6/2026 (b)<br>| 6350 | 6350 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6040, Rev., VRDO, LOC : <br> Bank of America NA, 2.10%, 3/2/2026 (a) <br> (b)<br>| 8000 | 8000 |
| Series 2024-BAML6041, Rev., VRDO, LOC : <br> Bank of America NA, 2.10%, 3/2/2026 (a) <br> (b)<br>| 2560 | 2560 |
| Series 2024-XF3223, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 7750 | 7750 |
| Series 2026-XG0636, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 4365 | 4365 |
| Series 2021-XG0345, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1775 | 1775 |
| Series 2022-YX1182, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 22105 | 22105 |
| Series 2023-XM1155, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 10000 | 10000 |
| Series 2024-XL0548, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| Series 2024-YX1350, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 9100 | 9100 |
| Series 2025-XM1210, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 3590 | 3590 |
| Series 2025-ZL0675, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3335 | 3335 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Series 2025-CF7017, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 7580 | 7580 |
| Series 2025-CF7027, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 9515 | 9515 |
| **Total Florida** |  | 340115 |
| **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** |
| Bartow-Cartersville Joint Development Authority, <br> Hanwha Q Cells USA, Inc., Project Series 2023A, <br> Rev., AMT, VRDO, LOC : Korea Development <br> Bank, 2.16%, 3/6/2026 (a) (b)<br>| 222000 | 222000 |
| Development Authority of Monroe County (The), <br> Florida Power and Light Co., Project, Rev., AMT, <br> VRDO, 2.10%, 3/6/2026 (b)<br>| 30000 | 30000 |
| State of Georgia Series 2018A, GO, 5.00%, <br> 7/1/2026<br>| 500 | 504 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XX1341, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 9275 | 9275 |
| Series 2025-XF3475, Rev., VRDO, GTD, LIQ : <br> Morgan Stanley Bank NA, 1.91%, <br> 3/6/2026 (a) (b)<br>| 7720 | 7720 |
| Series 2025-XF3499, Rev., VRDO, GNMA / <br> FNMA COLL, LIQ : Morgan Stanley Bank NA, <br> 1.91%, 3/6/2026 (a) (b)<br>| 10480 | 10480 |
| **Total Georgia** |  | 279979 |
| **Idaho — 0.1%** | **Idaho — 0.1%** | **Idaho — 0.1%** |
| Idaho Health Facilities Authority, St. Luke's Health <br> System Project Series 2025D, Rev., VRDO, LOC : <br> TD Bank NA, 1.90%, 3/2/2026 (b)<br>| 5500 | 5500 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XG0565, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Barclays Bank plc, 1.91%, <br> 3/6/2026 (a) (b)<br>| 100 | 100 |
| **Total Idaho** |  | 5600 |
| **Illinois — 4.7%** | **Illinois — 4.7%** | **Illinois — 4.7%** |
| County of Kane, Glenwood School for Boys, Rev., <br> VRDO, LOC : Northern Trust Co. (The), 2.16%, <br> 3/6/2026 (b)<br>| 855 | 855 |
| Illinois Finance Authority, American Youth Hostels <br> Project, Rev., VRDO, LOC : BMO Harris Bank NA, <br> 1.85%, 3/6/2026 (b)<br>| 1500 | 1500 |
| Illinois Finance Authority, University of Chicago <br> Medical Center (The)<br>|  |  |
| Series 2006E-2, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 1.89%, 3/6/2026 (b)<br>| 5000 | 5000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 59

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Series 2009E-1, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 1.89%, 3/6/2026 (b)<br>| 50600 | 50600 |
| Illinois Finance Authority, University of Wesleyan, <br> Rev., VRDO, LOC : PNC Bank NA, 1.98%, <br> 3/6/2026 (b)<br>| 10400 | 10400 |
| Illinois Housing Development Authority, Alden <br> Gardens Bloomingdale, Rev., VRDO, LOC : BMO <br> Harris Bank NA, 1.85%, 3/6/2026 (b)<br>| 6005 | 6005 |
| Illinois Housing Development Authority, <br> Homeowner Mortgage Series C-3, Rev., AMT, <br> VRDO, LIQ : FHLB, 2.10%, 3/6/2026 (b)<br>| 3415 | 3415 |
| Public Finance Authority |  |  |
| Series 2025-VRS206, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 80825 | 80825 |
| Series 2025-VRS207, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 127800 | 127800 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series 2025-E-169, GO, VRDO, LOC : <br> Royal Bank of Canada, 1.94%, 3/6/2026 (a) <br> (b)<br>| 75000 | 75000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-YX1338, GO, VRDO, LOC : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3960 | 3960 |
| Series 2025-XF1962, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2020-XL0145, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 1010 | 1010 |
| Series 2019-XL0105, GO, VRDO, LOC : Barclays <br> Bank plc, 1.94%, 3/6/2026 (a) (b)<br>| 6950 | 6950 |
| Series 2022-XF3042, GO, VRDO, LOC : Barclays <br> Bank plc, 1.94%, 3/6/2026 (a) (b)<br>| 9655 | 9655 |
| Series 2022-XF3045, GO, VRDO, LOC : Barclays <br> Bank plc, 1.94%, 3/6/2026 (a) (b)<br>| 81910 | 81910 |
| Series 2022-XX1264, GO, VRDO, LOC : Barclays <br> Bank plc, 1.94%, 3/6/2026 (a) (b)<br>| 25350 | 25350 |
| **Total Illinois** |  | 494235 |
| **Indiana — 0.8%** | **Indiana — 0.8%** | **Indiana — 0.8%** |
| Indiana Finance Authority, Ascension Senior Credit <br> Group Series 2025D-1, Rev., VRDO, 1.85%, <br> 3/6/2026 (b)<br>| 67000 | 67000 |
| Indiana Finance Authority, Parkview Health <br> System, Inc. Series 2009C, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 1.90%, <br> 3/6/2026 (b)<br>| 21950 | 21950 |
| **Total Indiana** |  | 88950 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Iowa — 1.2%** | **Iowa — 1.2%** | **Iowa — 1.2%** |
| Deutsche Bank Spears Series 2026-DB-8235, <br> Rev., VRDO, LOC : Deutsche Bank AG, 2.28%, <br> 3/6/2026 (a) (b)<br>| 8360 | 8360 |
| Iowa Finance Authority, CJ Bio America, Inc., <br> Project, Rev., VRDO, LOC : Korea Development <br> Bank, 2.14%, 3/6/2026 (a) (b)<br>| 117800 | 117800 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XF3500, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Morgan Stanley Bank NA, <br> 1.91%, 3/6/2026 (a) (b)<br>| 4005 | 4005 |
| **Total Iowa** |  | 130165 |
| **Kentucky — 0.7%** | **Kentucky — 0.7%** | **Kentucky — 0.7%** |
| Louisville Regional Airport Authority, UPS <br> Worldwide Forwarding, Inc.<br>|  |  |
| Series 1999A, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 25300 | 25300 |
| Series 1999C, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 9000 | 9000 |
| Public Finance Authority Series 2025-VRS203, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 39000 | 39000 |
| **Total Kentucky** |  | 73300 |
| **Louisiana — 1.4%** | **Louisiana — 1.4%** | **Louisiana — 1.4%** |
| Louisiana Public Facilities Authority, Christus <br> Health Series 2009B-1, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 1.85%, <br> 3/6/2026 (b)<br>| 10500 | 10500 |
| Public Finance Authority Series 2025-VRS209, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 109740 | 109740 |
| State of Louisiana Gasoline and Fuels Tax, Second <br> Lien Series 2025C, Rev., VRDO, LOC : TD Bank <br> NA, 1.90%, 3/2/2026 (b)<br>| 25000 | 25000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1971, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2750 | 2750 |
| Series 2024-XG0567, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Bank of America NA, <br> 1.96%, 3/6/2026 (a) (b)<br>| 4605 | 4605 |
| **Total Louisiana** |  | 152595 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| Kennebunk Sewer District, Rev., RAN, 4.00%, <br> 11/18/2026<br>| 11500 | 11606 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XX1348, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4500 | 4500 |
| **Total Maine** |  | 16106 |
| **Maryland — 0.4%** | **Maryland — 0.4%** | **Maryland — 0.4%** |
| Maryland Health and Higher Educational Facilities <br> Authority, The Johns Hopkins Health System <br> Series 2024A, Rev., VRDO, LOC : TD Bank NA, <br> 1.85%, 3/2/2026 (b)<br>| 11650 | 11650 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3258, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 10445 | 10445 |
| Series 2025-CF7049, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 14500 | 14500 |
| Series 2025-CF7060, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 7000 | 7000 |
| **Total Maryland** |  | 43595 |
| **Massachusetts — 1.5%** | **Massachusetts — 1.5%** | **Massachusetts — 1.5%** |
| Bristol-Plymouth Regional Vocational Technical <br> School District, GO, BAN, 4.00%, 2/17/2027<br>| 21920 | 22268 |
| City of Waltham, GO, BAN, 3.75%, 6/18/2026 | 15543 | 15579 |
| City of Westfield Series A, GO, BAN, 4.00%, <br> 6/4/2026<br>| 15955 | 15996 |
| Dennis-Yarmouth Regional School District, GO, <br> BAN, 4.00%, 11/4/2026<br>| 11556 | 11667 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB8199, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 5935 | 5935 |
| Series 2025-DB-8154, GO, VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 6790 | 6790 |
| Massachusetts Health and Educational Facilities <br> Authority, Capital Asset Program Series <br> 2002M-2, Rev., VRDO, LOC : Bank of America <br> NA, 1.86%, 3/6/2026 (b)<br>| 220 | 220 |
| Northborough-Southborough Regional School <br> District, GO, BAN, 3.75%, 7/23/2026<br>| 7500 | 7525 |
| Public Finance Authority Series 202A, Rev., VRDO, <br> LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 5000 | 5000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XF3218, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 9275 | 9275 |
| Town of Agawam, GO, BAN, 4.00%, 9/24/2026 | 4400 | 4435 |
| Town of Bourne, GO, BAN, 4.00%, 1/28/2027 | 2222 | 2255 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| Town of Monson, GO, BAN, 3.75%, 8/20/2026 | 5500 | 5534 |
| Town of Plymouth, GO, BAN, 4.00%, 4/24/2026 | 16175 | 16202 |
| Town of Southbridge, GO, BAN, 4.00%, <br> 5/28/2026<br>| 9127 | 9148 |
| Town of West Springfield, GO, BAN, 4.00%, <br> 6/18/2026<br>| 14196 | 14238 |
| Town of Westborough, GO, BAN, 4.00%, <br> 3/27/2026<br>| 4000 | 4004 |
| **Total Massachusetts** |  | 156071 |
| **Michigan — 0.7%** | **Michigan — 0.7%** | **Michigan — 0.7%** |
| Michigan Finance Authority Series 2025A-1, Rev., <br> 5.00%, 7/20/2026<br>| 3600 | 3630 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF3490, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.05%, 3/2/2026 (a) (b)<br>| 3140 | 3140 |
| Series 2024-XL0573, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.12%, 3/2/2026 (a) (b)<br>| 3565 | 3565 |
| Series 2018-ZF2716, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3615 | 3615 |
| Series 2023-XM1130, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 14250 | 14250 |
| Series 2023-YX1320, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 14130 | 14130 |
| Series 2024-XF3221, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 1755 | 1755 |
| Series 2025-XF1967, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4940 | 4940 |
| Series 2025-XF3468, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 18250 | 18250 |
| Series 2025-XF8087, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2625 | 2625 |
| Series 2025-XL0700, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4585 | 4585 |
| **Total Michigan** |  | 74485 |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance<br>|  |  |
| Series 2017F, Rev., AMT, VRDO, GNMA / FNMA / <br> FHLMC, LIQ : Royal Bank of Canada, 1.88%, <br> 3/6/2026 (b)<br>| 3660 | 3660 |
| Series 2016F, Rev., AMT, VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : FHLB, 1.93%, <br> 3/6/2026 (b)<br>| 13450 | 13450 |
| State of Minnesota, Various Purpose Series <br> 2025D, GO, 5.00%, 8/1/2026<br>| 1035 | 1045 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 61

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Minnesota — continued** | **Minnesota — continued** | **Minnesota — continued** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1876, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1435 | 1435 |
| Series 2023-XG0523, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 9665 | 9665 |
| **Total Minnesota** |  | 29255 |
| **Mississippi — 1.5%** | **Mississippi — 1.5%** | **Mississippi — 1.5%** |
| Mississippi Business Finance Corp., Chevron USA, <br> Inc., Project Series 2007D, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 5260 | 5260 |
| Mississippi Business Finance Corp., Gulf <br> Opportunity Zone Industrial Development, <br> Chevron USA, Inc., Project<br>|  |  |
| Series 2010G, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 1320 | 1320 |
| Series 2010J, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 25645 | 25645 |
| Series 2011B, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 880 | 880 |
| Series 2007B, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 6910 | 6910 |
| Series 2007C, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 11345 | 11345 |
| Series 2009B, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 6995 | 6995 |
| Series 2009C, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 16130 | 16130 |
| Series 2009E, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 28065 | 28065 |
| Series 2009G, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 12665 | 12665 |
| Series 2010I, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 27410 | 27410 |
| Series 2011G, Rev., VRDO, 2.07%, <br> 3/2/2026 (b)<br>| 9315 | 9315 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-XG0546, COP, VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 1540 | 1540 |
| **Total Mississippi** |  | 153480 |
| **Missouri — 1.2%** | **Missouri — 1.2%** | **Missouri — 1.2%** |
| Industrial Development Authority of the City of St. <br> Louis Missouri (The), St. Luke's Preservation <br> Partners LP, Rev., VRDO, LOC : FHLMC, 1.93%, <br> 3/6/2026 (b)<br>| 1550 | 1550 |
| Missouri Development Finance Board, Nelson <br> Gallery Foundation (The) Series 2008-A, Rev., <br> VRDO, LIQ : US Bank NA, 1.95%, 3/2/2026 (b)<br>| 31775 | 31775 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| Missouri Development Finance Board, St. Louis <br> Convention Center Hotel Garage Project Series <br> 2020C, Rev., VRDO, LOC : US Bank NA, 1.95%, <br> 3/2/2026 (b)<br>| 2305 | 2305 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series 2022-E154, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 21100 | 21100 |
| Series C-23, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.92%, 3/6/2026 (a) (b)<br>| 11875 | 11875 |
| Series C-16, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.93%, 3/6/2026 (a) (b)<br>| 43250 | 43250 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XG0382, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 9155 | 9155 |
| Series 2024-ZF1744, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3445 | 3445 |
| Series 2022-YX1193, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 6605 | 6605 |
| **Total Missouri** |  | 131060 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XF3447, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 10000 | 10000 |
| **Nebraska — 0.2%** | **Nebraska — 0.2%** | **Nebraska — 0.2%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XX1431, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.03%, 3/2/2026 (a) (b)<br>| 10975 | 10975 |
| Series 2025-XG0604, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 10235 | 10235 |
| **Total Nebraska** |  | 21210 |
| **Nevada — 0.2%** | **Nevada — 0.2%** | **Nevada — 0.2%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3103, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 6660 | 6660 |
| Series 2025-XF1954, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2900 | 2900 |
| Series 2025-XG0627, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 5135 | 5135 |
| Series 2025-ZF3413, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| **Total Nevada** |  | 19695 |
| **New Hampshire — 1.0%** | **New Hampshire — 1.0%** | **New Hampshire — 1.0%** |
| City of Portsmouth, GO, BAN, 4.25%, 6/18/2026 | 7131 | 7157 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Hampshire — continued** | **New Hampshire — continued** | **New Hampshire — continued** |
| County of Merrimack, GO, TAN, 3.50%, <br> 12/23/2026 (c)<br>| 25000 | 25244 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-157, Rev., VRDO, LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 50925 | 50925 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2022-YX1190, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 21715 | 21715 |
| **Total New Hampshire** |  | 105041 |
| **New Jersey — 4.0%** | **New Jersey — 4.0%** | **New Jersey — 4.0%** |
| Borough of Avalon, Water and Sewer Utility, GO, <br> BAN, 4.00%, 2/2/2027<br>| 32286 | 32768 |
| Borough of Fairview, GO, BAN, 4.00%, 8/21/2026 | 14468 | 14565 |
| Borough of Raritan Series 2025A, GO, BAN, <br> 4.00%, 7/8/2026<br>| 11558 | 11596 |
| Borough of South Plainfield Series 2025A, GO, <br> BAN, 4.00%, 4/9/2026<br>| 8866 | 8876 |
| Borough of Woodland Park, GO, BAN, 4.00%, <br> 4/30/2026<br>| 9840 | 9850 |
| City of Linden, GO, BAN, 4.00%, 6/12/2026 | 10927 | 10957 |
| City of Ocean City Series 2025B, GO, BAN, 3.75%, <br> 10/8/2026<br>| 43000 | 43325 |
| County of Hudson, GO, BAN, 4.00%, 2/24/2027 | 1050 | 1068 |
| New Jersey Health Care Facilities Financing <br> Authority, Hackensack Meridian Health <br> Obligated Group Series 2017A, Rev., 5.00%, <br> 7/1/2026<br>| 1900 | 1916 |
| RIB Floater Trust Various States Series 20, Rev., <br> VRDO, LIQ : Barclays Bank plc, 1.94%, <br> 3/6/2026 (a) (b)<br>| 16785 | 16785 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF1480, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5440 | 5440 |
| Series 2023-XL0470, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3925 | 3925 |
| Series 2025-CF7019, Rev., VRDO, LOC : Citibank <br> NA, 1.98%, 3/6/2026 (a) (b)<br>| 9935 | 9935 |
| Series 2024-CF7010, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 7920 | 7920 |
| Town of Dover, GO, BAN, 3.50%, 7/20/2026 | 12350 | 12397 |
| Town of Phillipsburg, GO, BAN, 3.75%, <br> 10/22/2026<br>| 18253 | 18393 |
| Township of Berkeley Series 2025B, GO, BAN, <br> 4.00%, 8/20/2026<br>| 18549 | 18673 |
| Township of Bordentown, GO, BAN, 4.00%, <br> 3/27/2026<br>| 25000 | 25019 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Township of Bridgewater, Water Utility Series <br> 2025A, GO, BAN, 4.00%, 7/29/2026<br>| 24476 | 24588 |
| Township of Gloucester Series 2025A, GO, BAN, <br> 4.00%, 7/21/2026<br>| 2500 | 2514 |
| Township of Maplewood, GO, BAN, 3.75%, <br> 10/1/2026<br>| 20426 | 20578 |
| Township of River Vale, GO, BAN, 3.75%, <br> 9/30/2026<br>| 8200 | 8261 |
| Township of Robbinsville Series 2025A, GO, BAN, <br> 4.00%, 7/8/2026<br>| 4074 | 4087 |
| Township of South Orange Village |  |  |
| GO, BAN, 4.00%, 6/24/2026 (d) | 11033 | 11068 |
| GO, BAN, 4.00%, 6/24/2026 | 21772 | 21842 |
| Township of Union, GO, BAN, 4.00%, 2/26/2027 | 10577 | 10758 |
| Township of West Orange, GO, BAN, 3.75%, <br> 11/3/2026<br>| 62698 | 63211 |
| **Total New Jersey** |  | 420315 |
| **New Mexico — 0.3%** | **New Mexico — 0.3%** | **New Mexico — 0.3%** |
| County of Sandoval, Multi Family Sandoval Flats <br> Project Series 2024A, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.80%, 3/6/2026 (b)<br>| 23700 | 23700 |
| State of New Mexico Severance Tax Permanent <br> Fund Series 2021A, Rev., 5.00%, 7/1/2026<br>| 400 | 403 |
| University of New Mexico (The), Subordinate Lien <br> System Series 2002C, Rev., VRDO, LIQ : US Bank <br> NA, 2.00%, 3/6/2026 (b)<br>| 2500 | 2500 |
| **Total New Mexico** |  | 26603 |
| **New York — 15.5%** | **New York — 15.5%** | **New York — 15.5%** |
| City of New York, Fiscal Year 2015 Series <br> 2015F-5, GO, VRDO, LIQ : Barclays Bank plc, <br> 2.00%, 3/2/2026 (b)<br>| 7770 | 7770 |
| City of New York, Fiscal Year 2017 |  |  |
| Series 2017A, Subseries A-4, GO, VRDO, LIQ : <br> State Street Bank & Trust Co., 1.90%, <br> 3/2/2026 (b)<br>| 31835 | 31835 |
| Series 2017A-7, GO, VRDO, LOC : BMO Harris <br> Bank NA, 2.02%, 3/2/2026 (b)<br>| 5150 | 5150 |
| City of New York, Fiscal Year 2022 Subseries D-4, <br> GO, VRDO, LIQ : State Street Bank & Trust Co., <br> 1.95%, 3/2/2026 (b)<br>| 57550 | 57550 |
| City of New York, Fiscal Year 2023 Series 2023A, <br> Subseries A-3, GO, VRDO, LIQ : Bank of <br> Montreal, 1.90%, 3/2/2026 (b)<br>| 51105 | 51105 |
| Deutsche Bank Spears |  |  |
| Series 2024-DB-8147, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 5065 | 5065 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 63

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series DB-8164, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 22795 | 22795 |
| Series DB-8151, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 3555 | 3555 |
| Falconer Central School District, GO, BAN, 4.00%, <br> 7/15/2026<br>| 14750 | 14803 |
| Hamburg Central School District, GO, BAN, 4.00%, <br> 5/28/2026<br>| 35125 | 35199 |
| Medina Central School District, GO, BAN, 4.00%, <br> 6/25/2026<br>| 31607 | 31700 |
| Metropolitan Transportation Authority Series <br> 2002D, Subseries2B, Rev., VRDO, LOC : Truist <br> Bank, 1.90%, 3/2/2026 (b)<br>| 38800 | 38800 |
| Metropolitan Transportation Authority Dedicated <br> Tax Fund<br>|  |  |
| Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 1950 | 1950 |
| Series 2008A-2A, Rev., VRDO, LOC : TD Bank <br> NA, 1.90%, 3/2/2026 (b)<br>| 270 | 270 |
| Milford Central School District, GO, BAN, 3.75%, <br> 12/11/2026<br>| 11985 | 12090 |
| Nassau County Industrial Development Agency, <br> Cold Spring Harbor Laboratory Project Series <br> 2006, Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (b)<br>| 12950 | 12950 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2014 <br> Series 2014AA-4, Rev., VRDO, LIQ : State Street <br> Bank & Trust Co., 2.00%, 3/2/2026 (b)<br>| 16550 | 16550 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution<br>|  |  |
| Series 2007, Subseries CC-2, Rev., VRDO, LIQ : <br> State Street Bank & Trust Co., 1.95%, <br> 3/2/2026 (b)<br>| 34735 | 34735 |
| Series 2009BB-1, Rev., VRDO, LIQ : UBS AG, <br> 1.95%, 3/2/2026 (b)<br>| 28100 | 28100 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2010 Series 2010CC, <br> Rev., VRDO, LIQ : State Street Bank & Trust Co., <br> 1.90%, 3/2/2026 (b)<br>| 50410 | 50410 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2011 Series DD-1, Rev., <br> VRDO, LIQ : TD Bank NA, 1.90%, 3/2/2026 (b)<br>| 24160 | 24160 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2014 Series AA-5, Rev., <br> VRDO, LIQ : Mizuho Bank Ltd., 1.90%, <br> 3/2/2026 (b)<br>| 66805 | 66805 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2015 Series 2015BB-3, <br> Rev., VRDO, LIQ : Sumitomo Mitsui Banking <br> Corp., 1.89%, 3/6/2026 (b)<br>| 10310 | 10310 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2026 Series 2026CC, <br> Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (b)<br>| 72100 | 72100 |
| New York City Transitional Finance Authority <br> Future Tax Secured Fiscal Year 2014 Series <br> 2014B-3, Rev., VRDO, LIQ : Barclays Bank plc, <br> 2.00%, 3/2/2026 (b)<br>| 6105 | 6105 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2013 Series <br> 2013C-5, Rev., VRDO, LOC : Sumitomo Mitsui <br> Banking Corp., 1.86%, 3/6/2026 (b)<br>| 7620 | 7620 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2015 Series <br> 2015A-3, Rev., VRDO, LIQ : Mizuho Bank Ltd., <br> 2.01%, 3/2/2026 (b)<br>| 17185 | 17185 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2018 Series <br> 2018C-7, Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (b)<br>| 7755 | 7755 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2019 Series <br> B-5, Rev., VRDO, LIQ : US Bank NA, 1.95%, <br> 3/2/2026 (b)<br>| 11100 | 11100 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Fiscal Year 2023 Series <br> 2023, Subseries A-2, Rev., VRDO, LIQ : UBS AG, <br> 1.90%, 3/2/2026 (b)<br>| 115150 | 115150 |
| New York City Transitional Finance Authority, <br> Future Tax Secured, Subordinate, Fiscal Year <br> 2025<br>|  |  |
| Series 2025H, Subseries H-1, Rev., VRDO, LIQ : <br> TD Bank NA, 1.90%, 3/2/2026 (b)<br>| 28275 | 28275 |
| Series 2025 Subseries C-4, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 1.89%, <br> 3/6/2026 (b)<br>| 75860 | 75860 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Water and Sewer System, Second <br> General Resolution Series BB 1B, Rev., VRDO, <br> LIQ : State Street Bank & Trust Co., 2.00%, <br> 3/2/2026 (b)<br>| 2750 | 2750 |
| Port Byron Central School District, GO, BAN, <br> 3.75%, 6/26/2026<br>| 13845 | 13877 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-118, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.05%, 3/2/2026 (a) (b)<br>| 50800 | 50800 |
| Series 2018-E129, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 35000 | 35000 |
| Series E-86, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/5/2026 (a) (b)<br>| 19165 | 19165 |
| Series E-87, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/5/2026 (a) (b)<br>| 14600 | 14600 |
| Series E-88, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/5/2026 (a) (b)<br>| 25835 | 25835 |
| Series 2025-E-166, GO, VRDO, LOC : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 17000 | 17000 |
| Series E-146, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 53050 | 53050 |
| Series E-159, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 62050 | 62050 |
| Rome City School District, GO, BAN, 4.00%, <br> 6/25/2026<br>| 17198 | 17251 |
| Sachem Central School District, GO, TAN, 3.75%, <br> 6/25/2026<br>| 72000 | 72281 |
| Sherburne Earlville Central School District, GO, <br> BAN, 4.00%, 7/16/2026<br>| 26520 | 26615 |
| South Jefferson Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 17475 | 17532 |
| South Lewis Central School District, GO, BAN, <br> 4.00%, 7/24/2026<br>| 15000 | 15061 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XM1009, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4445 | 4445 |
| Series 2022-YX1208, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 12050 | 12050 |
| Series 2023-XF0524, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4110 | 4110 |
| Series 2023-XF1507, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 11110 | 11110 |
| Series 2023-XF1644, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 6470 | 6470 |
| Series 2023-XL0434, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 9025 | 9025 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2023-XL0441, GO, VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3800 | 3800 |
| Series 2025-XF1882, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3000 | 3000 |
| Series 2025-XF1942, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3520 | 3520 |
| Series 2025-XF3320, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 400 | 400 |
| Series 2025-XF3438, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3375 | 3375 |
| Series 2025-XF3456, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-XF3494, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 6665 | 6665 |
| Series 2025-XG0633, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 6450 | 6450 |
| Series 2025-XM1261, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-XM1262, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1250 | 1250 |
| Series 2025-ZF3418, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-MS0085, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.08%, 4/23/2026 (a) (b)<br>| 6500 | 6500 |
| Series 2025-MS0086, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.08%, 4/23/2026 (a) (b)<br>| 3200 | 3200 |
| Town of Colonie |  |  |
| Series 2025A, GO, BAN, 4.00%, 3/6/2026 | 6477 | 6478 |
| GO, BAN, 4.00%, 3/5/2027 | 1123 | 1142 |
| Town of Oyster Bay |  |  |
| GO, BAN, 4.00%, 8/21/2026 | 49845 | 50191 |
| GO, BAN, 4.00%, 3/5/2027 | 9662 | 9832 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels<br>|  |  |
| Series 2003B-2, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 2055 | 2055 |
| Series 2005B-4A, Rev., VRDO, LOC : TD Bank <br> NA, 1.90%, 3/2/2026 (b)<br>| 26175 | 26175 |
| Trust for Cultural Resources of The City of New <br> York (The), The Museum of Modern Art Series <br> 2006A-2, Rev., VRDO, 1.84%, 3/6/2026 (b)<br>| 32575 | 32575 |
| Union Endicott Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 19843 | 19905 |
| Yorkshire-Pioneer Central School District, GO, BAN, <br> 4.00%, 6/18/2026<br>| 32151 | 32241 |
| **Total New York** |  | 1626138 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 65

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **North Carolina — 0.7%** | **North Carolina — 0.7%** | **North Carolina — 0.7%** |
| Person County Industrial Facilities and Pollution <br> Control Financing Authority, Recovery Zone <br> Facility, Certainteed Gypsum, Inc., Rev., VRDO, <br> LOC : Credit Industriel et Commercial, 1.94%, <br> 3/6/2026 (b)<br>| 23985 | 23985 |
| Public Finance Authority Series 2025-VRS218, <br> Class A, Rev., VRDO, LOC : Bank of America NA, <br> 1.94%, 3/6/2026 (a) (b)<br>| 25000 | 25000 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-CF7068, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 20000 | 20000 |
| **Total North Carolina** |  | 68985 |
| **Ohio — 3.4%** | **Ohio — 3.4%** | **Ohio — 3.4%** |
| Akron City School District, Unlimited Tax, GO, <br> 4.00%, 8/6/2026<br>| 5350 | 5376 |
| City of Hamilton, Limited Tax Various Purpose, GO, <br> BAN, 4.00%, 12/15/2026<br>| 12000 | 12130 |
| City of Sidney, GO, BAN, 3.75%, 10/7/2026 | 16220 | 16344 |
| County of Hamilton Sales Tax, Rev., BAN, 5.00%, <br> 12/1/2026<br>| 38000 | 38635 |
| Ohio State University (The), General Receipts <br> Series 2023A-2, Rev., VRDO, 1.80%, <br> 3/6/2026 (b)<br>| 50000 | 50000 |
| Public Finance Authority |  |  |
| Series 2025-VRS210, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-VRS216, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 24950 | 24950 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series 2019-E134, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 20280 | 20280 |
| Series E132, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 42350 | 42350 |
| Series E-164 29, Rev., VRDO, LOC : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 8650 | 8650 |
| Series C-18, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.92%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| State of Ohio, Adult Correctional Capital Facilities <br> Lease Appropriation Series 2025B, Rev., VRDO, <br> 1.85%, 3/6/2026 (b)<br>| 42645 | 42645 |
| State of Ohio, Cleveland Clinic Health System <br> Series 2019E, Rev., VRDO, LIQ : PNC Bank NA, <br> 1.80%, 3/2/2026 (b)<br>| 24750 | 24750 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0570, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 9470 | 9470 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| Series 2024-XG0586, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 36340 | 36340 |
| Series 2023-XG0507, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2800 | 2800 |
| Series 2024-XL0553, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 3635 | 3635 |
| Series 2025-XM1208, GO, VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 5200 | 5200 |
| **Total Ohio** |  | 356555 |
| **Oklahoma — 0.6%** | **Oklahoma — 0.6%** | **Oklahoma — 0.6%** |
| Public Finance Authority Series 2025-VRS401, <br> Class A, Rev., VRDO, LOC : Bank of America NA, <br> 2.10%, 3/2/2026 (a) (b)<br>| 55820 | 55820 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF1572, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2220 | 2220 |
| Series 2025-XF3305, Rev., VRDO, A.G., LIQ : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XF3491, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| **Total Oklahoma** |  | 68040 |
| **Oregon — 0.2%** | **Oregon — 0.2%** | **Oregon — 0.2%** |
| Oregon State Facilities Authority, Peacehealth <br> Series 2018B, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (b)<br>| 3900 | 3900 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1929, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2026-CF7076, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 8515 | 8515 |
| **Total Oregon** |  | 16415 |
| **Other — 0.4%** | **Other — 0.4%** | **Other — 0.4%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-CF7004, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 20000 | 20000 |
| Series 2024-CF7008, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 15000 | 15000 |
| Series 2024-CF7009, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 7475 | 7475 |
| **Total Other** |  | 42475 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — 1.1%** | **Pennsylvania — 1.1%** | **Pennsylvania — 1.1%** |
| Allegheny County Higher Education Building <br> Authority, Carnegie Mellon University Series <br> 2008A, Rev., VRDO, LIQ : Bank of New York <br> Mellon (The), 1.80%, 3/2/2026 (b)<br>| 13515 | 13515 |
| Delaware Valley Regional Finance Authority, Local <br> Government Series 2024B, Rev., VRDO, LOC : TD <br> Bank NA, 1.90%, 3/2/2026 (b)<br>| 2500 | 2500 |
| Deutsche Bank Spears Series DB-8161, Rev., <br> VRDO, LOC : Deutsche Bank AG, 2.10%, <br> 3/2/2026 (a) (b)<br>| 19948 | 19948 |
| Montgomery County Redevelopment Authority, <br> Multi-Family Housing, Kingswood Apartments <br> Project Series 2001A, Rev., VRDO, LOC : FNMA, <br> 1.92%, 3/6/2026 (b)<br>| 11320 | 11320 |
| Public Finance Authority Series 2025-VRS302, <br> Rev., VRDO, LOC : Bank of America NA, 1.94%, <br> 3/6/2026 (a) (b)<br>| 26020 | 26020 |
| RIB Floater Trust Various States Series 2022-044, <br> Rev., VRDO, LIQ : Barclays Bank plc, 2.03%, <br> 3/2/2026 (a) (b)<br>| 3640 | 3640 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XG0594, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.12%, 3/2/2026 (a) (b)<br>| 2330 | 2330 |
| Series 2024-XG0595, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 2.12%, 3/2/2026 (a) (b)<br>| 3500 | 3500 |
| Series 2023-ZF3186, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2600 | 2600 |
| Series 2024-XF1700, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 10260 | 10260 |
| Series 2024-ZF1772, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 3580 | 3580 |
| Series 2025-XF1939, Rev., VRDO, A.G. - CR, LOC <br> : Royal Bank of Canada, 1.91%, <br> 3/6/2026 (a) (b)<br>| 6855 | 6855 |
| Series 2025-XF3344, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XX1404, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 12375 | 12375 |
| **Total Pennsylvania** |  | 120443 |
| **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** | **Rhode Island — 0.0% ^** |
| Rhode Island Health and Educational Building <br> Corp., Educational Institution, International <br> Institute of Rhode Island, Rev., VRDO, LOC : Bank <br> of America NA, 1.98%, 3/6/2026 (b)<br>| 810 | 810 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **South Carolina — 0.5%** | **South Carolina — 0.5%** | **South Carolina — 0.5%** |
| Public Finance Authority Series 2025-VRS208, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 49200 | 49200 |
| **Tennessee — 0.2%** | **Tennessee — 0.2%** | **Tennessee — 0.2%** |
| Metropolitan Knoxville Airport Authority, Rev., <br> VRDO, LOC : Truist Bank, 1.95%, 3/2/2026 (b)<br>| 3025 | 3025 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XL0369, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 10000 | 10000 |
| Series 2018-XF2576, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 9620 | 9620 |
| **Total Tennessee** |  | 22645 |
| **Texas — 4.1%** | **Texas — 4.1%** | **Texas — 4.1%** |
| Austin Community College District Public Facility <br> Corp., Round Rock Campus, Rev., 5.00%, <br> 8/1/2026<br>| 1000 | 1010 |
| City of Austin, Texas Hotel Occupancy Tax, <br> Subordinate Lien<br>|  |  |
| Series 2008A, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 1.88%, 3/6/2026 (b)<br>| 10300 | 10300 |
| Series 2008-B, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 1.88%, 3/6/2026 (b)<br>| 100 | 100 |
| Deutsche Bank Spears |  |  |
| Series 2026BB, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-DBE8158, Rev., VRDO, LOC : <br> Deutsche Bank AG, 2.10%, 3/2/2026 (a) (b)<br>| 12435 | 12435 |
| Series 2025-DB-8156, GO, VRDO, PSF-GTD, LIQ <br> : Deutsche Bank AG, 1.91%, 3/6/2026 (a) <br> (b)<br>| 5645 | 5645 |
| Series 2025-DB8198, GO, VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 5935 | 5935 |
| Series DB-8186, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 3165 | 3165 |
| Series DB-8187, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series DB-8212, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 11870 | 11870 |
| Harris County Cultural Education Facilities Finance <br> Corp., Houston Methodist Series 2025G, Rev., <br> VRDO, LIQ : PNC Bank NA, 2.00%, <br> 3/2/2026 (b)<br>| 22450 | 22450 |
| Lower Neches Valley Authority Industrial <br> Development Corp., ExxonMobil Project, Rev., <br> VRDO, 2.00%, 3/2/2026 (b)<br>| 60305 | 60305 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 67

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Lubbock Independent School District Series <br> 2005A, GO, VRDO, PSF-GTD, LIQ : Wells Fargo <br> Bank NA, 1.93%, 3/6/2026 (b)<br>| 6965 | 6965 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-149, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/5/2026 (a) (b)<br>| 9800 | 9800 |
| Series E-150, Rev., VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3272, Rev., VRDO, LIQ : Bank of <br> America NA, 2.08%, 3/2/2026 (a) (b)<br>| 2800 | 2800 |
| Series 2025-BAML6036, Rev., VRDO, LOC : <br> Bank of America NA, 2.10%, 3/2/2026 (a) <br> (b)<br>| 7560 | 7560 |
| Series 2025-BAML6043, Rev., VRDO, LOC : <br> Bank of America NA, 2.10%, 3/2/2026 (a) <br> (b)<br>| 7050 | 7050 |
| Series 2024-XG0588, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 7450 | 7450 |
| Series 2025-XG0610, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 20210 | 20210 |
| Series 2025-XG0629, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 1600 | 1600 |
| Series 2023-XG0535, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| Series 2023-XL0446, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5905 | 5905 |
| Series 2023-XM1105, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.91%, 3/6/2026 (a) <br> (b)<br>| 6265 | 6265 |
| Series 2025-CF7036, GO, VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 11625 | 11625 |
| Series 2025-CF7065, GO, VRDO, PSF-GTD, LIQ : <br> Citibank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5700 | 5700 |
| Series 2025-XF1997, GO, VRDO, PSF-GTD, LIQ : <br> TD Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2650 | 2650 |
| Series 2025-XF3414, GO, VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2665 | 2665 |
| Series 2025-XG0616, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1600 | 1600 |
| Series 2025-XG0622, GO, VRDO, PSF-GTD, LIQ : <br> Bank of America NA, 1.91%, 3/6/2026 (a) <br> (b)<br>| 4000 | 4000 |
| Series 2025-XL0593, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2025-XL0668, GO, VRDO, PSF-GTD, LIQ : <br> Bank of America NA, 1.91%, 3/6/2026 (a) <br> (b)<br>| 4330 | 4330 |
| Series 2025-ZL0661, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1360 | 1360 |
| Series 2025-ZL0662, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1640 | 1640 |
| Series 2025-XF1902, GO, VRDO, LIQ : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 7685 | 7685 |
| Series 2023-XL0455, GO, VRDO, LIQ : Wells <br> Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 7435 | 7435 |
| Series 2023-BAML6013, Rev., VRDO, LOC : <br> Bank of America NA, 2.01%, 3/6/2026 (a) <br> (b)<br>| 7200 | 7200 |
| Texas A&M University, Financing System Series <br> 2025A, Rev., 5.00%, 5/15/2026<br>| 2250 | 2261 |
| Texas Department of Transportation State Highway <br> Fund, First Tier Series 2014-B, Rev., VRDO, LIQ : <br> Sumitomo Mitsui Banking Corp., 1.90%, <br> 3/6/2026 (b)<br>| 131975 | 131975 |
| **Total Texas** |  | 427946 |
| **Utah — 0.0% ^** | **Utah — 0.0% ^** | **Utah — 0.0% ^** |
| County of Utah, IHC Health Services, Inc. Series <br> 2014C, Rev., VRDO, LIQ : US Bank NA, 2.00%, <br> 3/6/2026 (b)<br>| 3215 | 3215 |
| **Virginia — 1.0%** | **Virginia — 1.0%** | **Virginia — 1.0%** |
| Harrisonburg Economic Development Authority, <br> Sentara Health, Rev., VRDO, LOC : US Bank NA, <br> 2.00%, 3/6/2026 (b)<br>| 20960 | 20960 |
| Public Finance Authority |  |  |
| Series 2025-VRS204, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 33725 | 33725 |
| Series 2025-VRS217, Rev., VRDO, LOC : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 33300 | 33300 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series 2022C-20, Rev., VRDO, LOC : <br> Royal Bank of Canada, 1.92%, 3/6/2026 (a) <br> (b)<br>| 6000 | 6000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6039, Rev., VRDO, LOC : <br> Bank of America NA, 2.15%, 3/2/2026 (a) <br> (b)<br>| 7560 | 7560 |
| Series 2024-XX1356, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3350 | 3350 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| Series 2025-XF3472, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2018-XF0606, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 1705 | 1705 |
| **Total Virginia** |  | 110600 |
| **Washington — 0.3%** | **Washington — 0.3%** | **Washington — 0.3%** |
| Deutsche Bank Spears Series DB-8162, GO, VRDO, <br> LIQ : Deutsche Bank AG, 1.91%, 3/6/2026 (a) <br> (b)<br>| 9495 | 9495 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XG0400, GO, VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 10520 | 10520 |
| Series 2025-ZF1963, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 025-XF1955, Rev., VRDO, LIQ : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| **Total Washington** |  | 31765 |
| **West Virginia — 0.2%** | **West Virginia — 0.2%** | **West Virginia — 0.2%** |
| West Virginia Economic Development Authority, <br> Solid Waste Disposal Facilities, Nucor Steel <br> Project Series 2025A-1, Rev., AMT, VRDO, <br> 2.20%, 3/6/2026 (b)<br>| 20500 | 20500 |
| **Wisconsin — 1.5%** | **Wisconsin — 1.5%** | **Wisconsin — 1.5%** |
| Public Finance Authority Series 2025-VRS220, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 10000 | 10000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3117, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 18355 | 18355 |
| Series 2024-XG0571, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 8995 | 8995 |
| Series 2024-XG0576, Rev., VRDO, LOC : <br> Barclays Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 5925 | 5925 |
| Series 2024-XL0570, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Royal Bank of Canada, <br> 1.91%, 3/6/2026 (a) (b)<br>| 3500 | 3500 |
| Series 2025-XM1216, Rev., VRDO, LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2024-XF1779, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 4360 | 4360 |
| Series 2025-YX1447, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 6700 | 6700 |
| Series 2024-XL0533, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 4095 | 4095 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Wisconsin Health and Educational Facilities <br> Authority, Hospital Sisters Credit Group Series <br> 2025B, Rev., VRDO, LOC : Truist Bank, 1.95%, <br> 3/6/2026 (b)<br>| 37880 | 37880 |
| Wisconsin Health and Educational Facilities <br> Authority, Marshfield Clinic Series 2018 A, Rev., <br> VRDO, LOC : Barclays Bank plc, 2.00%, <br> 3/2/2026 (b)<br>| 12995 | 12995 |
| Wisconsin Housing and Economic Development <br> Authority Home Ownership Series 2026 C, Rev., <br> VRDO, GNMA / FNMA / FHLMC, LIQ : Royal Bank <br> of Canada, 1.88%, 3/6/2026 (b)<br>| 5835 | 5835 |
| Wisconsin Housing and Economic Development <br> Authority Housing Series 2023C, Rev., VRDO, <br> LIQ : FHLB, 1.88%, 3/6/2026 (b)<br>| 10000 | 10000 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership<br>|  |  |
| Series 2019B, Rev., VRDO, FNMA COLL, LIQ : <br> FHLB, 1.88%, 3/6/2026 (b)<br>| 17400 | 17400 |
| Series 2021B, Rev., VRDO, LIQ : FHLB, 1.88%, <br> 3/6/2026 (b)<br>| 4000 | 4000 |
| Series 2025C, Rev., VRDO, GNMA / FNMA / <br> FHLMC, LIQ : FHLB, 1.88%, 3/6/2026 (b)<br>| 9000 | 9000 |
| **Total Wisconsin** |  | 163040 |
| **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XG0598, Rev., VRDO, GNMA / <br> FNMA / FHLMC, LIQ : Wells Fargo Bank NA, <br> 1.91%, 3/6/2026 (a) (b)<br>| 5105 | 5105 |
| Wyoming Community Development Authority |  |  |
| Series 2023-2, Rev., VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : TD Bank NA, 1.88%, <br> 3/6/2026 (b)<br>| 3200 | 3200 |
| Series 2024-2, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 1.88%, 3/6/2026 (b)<br>| 9000 | 9000 |
| **Total Wyoming** |  | 17305 |
| Total Municipal Bonds <br>(Cost $6,788,780)<br>|  | 6788780 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 9.9%** | **Variable Rate Demand Preferred Shares — 9.9%** | **Variable Rate Demand Preferred Shares — 9.9%** |
| **California — 1.3%** | **California — 1.3%** | **California — 1.3%** |
| Nuveen California AMT - Free Quality Municipal <br> Income Fund Series 6, LIQ : Sumitomo Mitsui <br> Banking Corp., 1.91%, 3/6/2026# (a)<br>| 7500 | 7500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 69

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JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Variable Rate Demand Preferred Shares — continued** | **Variable Rate Demand Preferred Shares — continued** | **Variable Rate Demand Preferred Shares — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Nuveen California Quality Municipal Income Fund |  |  |
| Series 7, LIQ : Royal Bank of Canada, 1.95%, <br> 3/6/2026# (a)<br>| 21000 | 21000 |
| Series 4, LIQ : Royal Bank of Canada, 1.95%, <br> 3/6/2026# (a)<br>| 72500 | 72500 |
| Series 1-1362, LIQ : Societe Generale, 1.97%, <br> 3/6/2026# (a)<br>| 41200 | 41200 |
| Total California |  | 142200 |
| **New Jersey — 0.2%** | **New Jersey — 0.2%** | **New Jersey — 0.2%** |
| BlackRock MuniHoldings New Jersey Quality Fund, <br> Inc. Series W-7-1727, LIQ : Bank of America NA, <br> 2.04%, 3/6/2026# (a)<br>| 25000 | 25000 |
| **Other — 8.4%** | **Other — 8.4%** | **Other — 8.4%** |
| AllianceBernstein National Municipal Income Fund, <br> Inc. Series LIQ : Bank of America NA, 2.04%, <br> 3/6/2026# (a)<br>| 22500 | 22500 |
| BlackRock Municipal 2030 Target Term Trust <br> Series W-7, LIQ : Barclays Bank plc, 2.03%, <br> 3/6/2026# (a)<br>| 15000 | 15000 |
| BlackRock MuniYield Quality Fund, Inc. |  |  |
| Series W-7A, LIQ : Royal Bank of Canada, <br> 2.02%, 3/6/2026# (a)<br>| 50000 | 50000 |
| Series W-7, LIQ : TD Bank NA, 2.04%, <br> 3/6/2026# (a)<br>| 31100 | 31100 |
| Nuveen AMT - Free Municipal Credit Income Fund |  |  |
| Series 6, LIQ : Sumitomo Mitsui Banking Corp., <br> 1.93%, 3/6/2026# (a)<br>| 190300 | 190300 |
| Series 5, LIQ : Societe Generale, 1.93%, <br> 3/6/2026# (a)<br>| 110200 | 110200 |
| Nuveen AMT - Free Quality Municipal Income Fund |  |  |
| Series 4-4895, LIQ : Barclays Bank plc, 1.96%, <br> 3/5/2026# (a)<br>| 25000 | 25000 |
| Series 3-PFD, LIQ : TD Bank NA, 1.97%, <br> 3/6/2026# (a)<br>| 211000 | 211000 |
| Nuveen AMT-Free Quality Municipal Income Fund <br> Series LIQ : Bank of America NA, 1.95%, <br> 3/6/2026# (a)<br>| 20000 | 20000 |
| Nuveen Quality Municipal Income Fund |  |  |
| Series 2-2525, LIQ : Barclays Bank plc, 2.03%, <br> 3/5/2026# (a)<br>| 151900 | 151900 |
| Series 1-2118, LIQ : Barclays Bank plc, 2.03%, <br> 3/6/2026# (a)<br>| 51600 | 51600 |
| Total Other |  | 878600 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $1,045,800)<br>|  | 1045800 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short Term Investments — 24.6%** | **Short Term Investments — 24.6%** | **Short Term Investments — 24.6%** |
| **Commercial Paper — 24.6%** | **Commercial Paper — 24.6%** | **Commercial Paper — 24.6%** |
| Board of Regents of the University of Texas System |  |  |
| Series A, 2.71%, 3/4/2026 | 12500 | 12500 |
| Series A, 2.70%, 3/13/2026 | 15000 | 15000 |
| Series A, 2.68%, 3/19/2026 | 18000 | 18000 |
| Series A, 2.65%, 4/16/2026 | 25000 | 25000 |
| Series A, 2.62%, 5/12/2026 | 15000 | 15000 |
| Series A, 2.62%, 5/18/2026 | 25000 | 25000 |
| Series A, 2.62%, 5/18/2026 | 25000 | 25000 |
| Series A, 2.60%, 5/21/2026 | 25000 | 25000 |
| Series A, 2.57%, 6/2/2026 | 21800 | 21800 |
| Series A, 2.40%, 6/3/2026 | 25000 | 25000 |
| Series A, 2.57%, 6/3/2026 | 20000 | 20000 |
| Series A, 2.37%, 6/4/2026 | 25000 | 25000 |
| Series C-1, 2.53%, 6/4/2026 | 25000 | 25000 |
| Series C-2, 2.38%, 6/9/2026 | 25000 | 25000 |
| Series A, 2.58%, 6/9/2026 | 11000 | 11000 |
| Series A, 2.34%, 6/10/2026 | 8000 | 8000 |
| Series A, 2.37%, 6/23/2026 | 22400 | 22400 |
| Series A, 2.40%, 6/24/2026 | 23299 | 23299 |
| Series A, 2.40%, 7/1/2026 | 25000 | 25000 |
| Series A, 2.39%, 7/8/2026 | 23500 | 23500 |
| Series A, 2.40%, 7/9/2026 | 25000 | 25000 |
| Series A, 2.34%, 7/14/2026 | 25000 | 25000 |
| Board of Trustees of Michigan State University <br> Series TE-H, 2.35%, 3/24/2026<br>| 23244 | 23244 |
| City of Cape Coral |  |  |
| Series A, 2.42%, 3/9/2026 | 14000 | 14000 |
| Series A, 2.42%, 4/7/2026 | 16650 | 16650 |
| City of Houston |  |  |
| Series H-2, 2.43%, 3/12/2026 | 10000 | 10000 |
| Series H-2, 2.43%, 3/26/2026 | 10000 | 10000 |
| City of Jacksonville Series 92, 2.49%, 3/3/2026 | 28300 | 28300 |
| City of Los Angeles Community Facilities District <br> Series R-TE, 2.18%, 3/17/2026<br>| 10000 | 10000 |
| City of Memphis Series A, 2.45%, 3/6/2026 | 85000 | 85000 |
| City of Philadelphia Water & Wastewater Series C, <br> 2.40%, 6/4/2026<br>| 8200 | 8200 |
| City of Philadelphia Water and Wastewater Series <br> B, 2.68%, 5/7/2026<br>| 4330 | 4330 |
| City of Rochester |  |  |
| Series 2011, 2.38%, 3/10/2026 | 18000 | 18000 |
| Series 2014, 2.40%, 6/8/2026 | 60000 | 60000 |
| City of San Antonio |  |  |
| Series A, 2.65%, 5/12/2026 | 50000 | 50000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Series A, 2.65%, 5/12/2026 | 100000 | 100000 |
| County of Harris |  |  |
| Series C-2, 2.43%, 3/12/2026 | 100 | 100 |
| Series C-2, 2.45%, 3/12/2026 | 100 | 100 |
| Series C-2, 2.75%, 3/12/2026 | 270 | 270 |
| Series C, 2.43%, 3/26/2026 | 1910 | 1910 |
| 2.45%, 3/26/2026 | 1050 | 1050 |
| Series A-1, 2.45%, 3/26/2026 | 1200 | 1200 |
| Series B, 2.45%, 3/26/2026 | 300 | 300 |
| Series A-1, 2.45%, 3/26/2026 | 1360 | 1360 |
| Series A-1, 2.76%, 3/26/2026 | 40910 | 40910 |
| Series K-2, 2.35%, 4/2/2026 | 750 | 750 |
| Series K-2, 2.40%, 4/2/2026 | 470 | 470 |
| Series K-2, 2.40%, 4/2/2026 | 100 | 100 |
| Series C-2, 2.40%, 5/13/2026 | 100 | 100 |
| County of King Series A, 2.41%, 3/23/2026 | 15300 | 15300 |
| County of Maricopa |  |  |
| 2.40%, 3/4/2026 | 17220 | 17220 |
| 2.40%, 3/25/2026 | 44500 | 44500 |
| Dallas Area Rapid Transit Series I, 2.42%, <br> 3/12/2026<br>| 18378 | 18378 |
| Harris County Flood Control District |  |  |
| Series H-2, 2.38%, 3/17/2026 | 330 | 330 |
| Series H-2, 2.40%, 3/17/2026 | 6755 | 6755 |
| Health and Educational Facilities Authority of the <br> State of Missouri<br>|  |  |
| Series 14-B, 2.40%, 4/9/2026 | 50000 | 50000 |
| Series 14-E, 2.40%, 4/14/2026 | 50000 | 50000 |
| Series 14-C, 2.41%, 4/16/2026 | 50000 | 50000 |
| Indiana Finance Authority Series D-2, 2.38%, <br> 8/6/2026<br>| 91155 | 91155 |
| Long Island Power Authority |  |  |
| Series B, 2.35%, 3/16/2026 | 23750 | 23750 |
| Series B, 2.40%, 3/16/2026 | 21000 | 21000 |
| Louisville and Jefferson County Metropolitan Sewer <br> District Series A-1, 2.41%, 3/5/2026<br>| 97435 | 97435 |
| Lower Colorado River Authority |  |  |
| Series B, 2.43%, 3/4/2026 | 29193 | 29193 |
| Series B, 2.40%, 5/27/2026 | 5000 | 5000 |
| Metropolitan Government of Nashville and <br> Davidson County<br>|  |  |
| Series 2024, 2.33%, 3/5/2026 | 50000 | 50000 |
| Series 2024, 2.40%, 3/5/2026 | 34550 | 34550 |
| Series 2024, 2.43%, 3/5/2026 | 12000 | 12000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| Municipal Improvement Corp. of Los Angeles |  |  |
| Series A-3, 2.18%, 3/3/2026 | 2000 | 2000 |
| Series A-3, 2.18%, 3/3/2026 | 4400 | 4400 |
| Series A-1, 2.20%, 3/3/2026 | 10000 | 10000 |
| Series A-3, 2.20%, 3/3/2026 | 5389 | 5389 |
| Series A-3, 2.20%, 3/3/2026 | 18860 | 18860 |
| Series A-1, 2.20%, 3/3/2026 | 10000 | 10000 |
| Omaha Public Power District |  |  |
| Series A, 2.62%, 3/2/2026 | 7450 | 7450 |
| 2.62%, 3/2/2026 | 5000 | 5000 |
| Series A, 2.40%, 3/3/2026 | 15000 | 15000 |
| Series A, 2.33%, 3/9/2026 | 14300 | 14300 |
| Series A, 2.40%, 3/17/2026 | 13700 | 13700 |
| Series A, 2.34%, 5/20/2026 | 12500 | 12500 |
| Series A, 2.34%, 6/4/2026 | 15000 | 15000 |
| Pennsylvania Higher Educational Facilities, 2.37%, <br> 5/5/2026<br>| 25000 | 25000 |
| Pennsylvania Higher Educational Facilities <br> Authority, 2.67%, 3/10/2026<br>| 25000 | 25000 |
| Rhode Island Health And Educational Building <br> Corp, 2.40%, 6/2/2026<br>| 20192 | 20192 |
| Rhode Island Health and Educational Building <br> Corp., 2.50%, 3/10/2026<br>| 22187 | 22187 |
| Rhode Island Health And Educational Building <br> Corp.<br>|  |  |
| 2.68%, 3/3/2026 | 24155 | 24155 |
| 2.41%, 6/10/2026 | 19400 | 19400 |
| San Francisco City and County Public Utilities <br> Commission Wastewater Series A-1, 2.32%, <br> 8/4/2026<br>| 3000 | 3000 |
| Southwestern Illinois Development Authority |  |  |
| Series 17-B, 2.39%, 3/4/2026 | 49870 | 49870 |
| Series 17-B, 2.44%, 3/24/2026 | 15000 | 15000 |
| State of Oregon Department of Transportation <br> Series A-2, 2.55%, 4/15/2026<br>| 66422 | 66422 |
| Texas A&M University |  |  |
| Series B, 2.35%, 6/23/2026 | 10000 | 10000 |
| Series B, 2.36%, 6/30/2026 | 86000 | 86000 |
| Texas Public Finance Authority |  |  |
| Series 19, 2.38%, 5/5/2026 | 82050 | 82050 |
| Series 19, 2.40%, 5/6/2026 | 86325 | 86325 |
| Series 19, 2.42%, 5/7/2026 | 58850 | 58850 |
| University Millennium Park LLC Series H, 2.37%, <br> 6/3/2026<br>| 14300 | 14300 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 71

------

JPMorgan Tax Free Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| University of California |  |  |
| Series A, 2.65%, 3/5/2026 | 20000 | 20000 |
| Series A, 2.40%, 3/12/2026 | 22500 | 22500 |
| Series A, 2.67%, 4/2/2026 | 20000 | 20000 |
| Series A, 2.60%, 4/6/2026 | 3430 | 3430 |
| University of Houston |  |  |
| Series TE-A, 2.40%, 5/7/2026 | 11000 | 11000 |
| Series TE-A, 2.40%, 5/18/2026 | 10020 | 10020 |
| University of Massachusetts Building Authority <br> Series 13B-1, 2.35%, 5/6/2026<br>| 20814 | 20814 |
| University of Minnesota |  |  |
| Series G, 2.62%, 3/2/2026 | 2146 | 2146 |
| Series H, 2.69%, 3/10/2026 | 16300 | 16300 |
| Series H, 2.38%, 3/17/2026 | 11600 | 11600 |
| Series H, 2.40%, 3/17/2026 | 17800 | 17800 |
| Series H, 2.41%, 5/12/2026 | 50000 | 50000 |
| Series F, 2.39%, 5/19/2026 | 32100 | 32100 |
| University of North Carolina System, 2.60%, <br> 5/6/2026<br>| 1000 | 1000 |
| Virginia Small Business Financing Authority |  |  |
| Series 2025, 2.46%, 4/1/2026 | 17250 | 17250 |
| Series 2025, 2.45%, 6/2/2026 | 15000 | 15000 |
| Total Commercial Paper <br>(Cost $2,580,719)<br>|  | 2580719 |
| Total Short Term Investments <br>(Cost $2,580,719)<br>|  | 2580719 |
| **Total Investments — 99.1%** <br>**(Cost $10,415,299)** \*<br>|  | **10415299** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | **93825** |
| **NET ASSETS — 100.0%** |  | **10509124** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |

---

---

| | |
|:---|:---|
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| Rev. | Revenue |
| TAN | Tax Anticipation Note |
| TRAN | Tax & Revenue Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| # | Variable Rate Demand Preferred Shares of a <br> closed-end investment company which has a weekly <br> demand feature. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (c) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (d) | Security is prerefunded or escrowed to maturity. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Money Market Funds February 28, 2026

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 84.7%** | **Municipal Bonds — 84.7%** | **Municipal Bonds — 84.7%** |
| **Alabama — 1.2%** | **Alabama — 1.2%** | **Alabama — 1.2%** |
| Mobile County Industrial Development Authority, <br> Pollution Control, Exxon Mobil Corp. Project, Rev., <br> VRDO, 2.00%, 3/2/2026 (a)<br>| 6095 | 6095 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XM1131, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2025-BAML5063, Rev., VRDO, LOC : Bank <br> of America NA, 2.08%, 7/9/2026 (a) (b)<br>| 24600 | 24600 |
| **Total Alabama** |  | 34695 |
| **Alaska — 1.1%** | **Alaska — 1.1%** | **Alaska — 1.1%** |
| Alaska Housing Finance Corp., Home Mortgage <br> Series 2002A, Rev., AMT, VRDO, LIQ : FHLB, <br> 2.12%, 3/2/2026 (a)<br>| 19835 | 19835 |
| City of Valdez, Exxon Pipeline Co. Project |  |  |
| Series 1993A, Rev., VRDO, 2.00%, 3/2/2026 (a) | 1720 | 1720 |
| Series 1993B, Rev., VRDO, 2.00%, 3/2/2026 (a) | 3500 | 3500 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XF1788, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| **Total Alaska** |  | 30680 |
| **Arizona — 0.5%** | **Arizona — 0.5%** | **Arizona — 0.5%** |
| Deutsche Bank Spears Series 2026-DB-8230, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 1.91%, <br> 3/6/2026 (a) (b)<br>| 6620 | 6620 |
| RIB Floater Trust Various States Series 2025-1009, <br> Rev., VRDO, LIQ : Barclays Bank plc, 1.96%, <br> 3/6/2026 (a) (b)<br>| 3810 | 3810 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2023-YX1272, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 2755 | 2755 |
| **Total Arizona** |  | 13185 |
| **Arkansas — 2.4%** | **Arkansas — 2.4%** | **Arkansas — 2.4%** |
| Arkansas Development Finance Authority, Green Bay <br> Packaging, Inc., Project, Rev., AMT, VRDO, LOC : <br> Wells Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 68600 | 68600 |
| **California — 4.5%** | **California — 4.5%** | **California — 4.5%** |
| California Housing Finance Agency, Multi-Family <br> Housing 5032 Coliseum Street Project Series <br> 2025NN, Rev., VRDO, 2.95%, 10/1/2026 (a)<br>| 5000 | 5000 |
| City of Los Angeles Department of Airports Series <br> 2016A, Rev., AMT, 5.00%, 5/15/2026<br>| 950 | 953 |
| City of San Jose, Multi-Family Housing, Almaden <br> Lake Village Apartments<br>|  |  |
| Series 1997A, Rev., VRDO, LOC : FNMA, 1.87%, <br> 3/6/2026 (a)<br>| 8500 | 8500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| Series 2000A, Rev., VRDO, LOC : FNMA, 1.87%, <br> 3/6/2026 (a)<br>| 2000 | 2000 |
| RIB Floater Trust Various States |  |  |
| Series 2026-003, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.18%, 3/5/2026 (a) (b)<br>| 13250 | 13250 |
| Series 2022-010, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.13%, 4/3/2026 (a) (b)<br>| 1975 | 1975 |
| San Diego Housing Authority, Multi-Family Housing <br> Series 2006B, Rev., AMT, VRDO, LOC : Citibank <br> NA, 1.83%, 3/6/2026 (a)<br>| 5730 | 5730 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6023, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 12000 | 12000 |
| Series 2024-BAML6024, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 17955 | 17955 |
| Series 2025-BAML6045, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 15000 | 15000 |
| Series 2025-CF7069, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 17489 | 17490 |
| Series 2025-CF7071, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 7660 | 7660 |
| Series 2025-XF3473, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-ZF3388, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 1540 | 1540 |
| Series 2025-ZF3389, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 2010 | 2010 |
| Series 2025- CF7005, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 9815 | 9815 |
| **Total California** |  | 125878 |
| **Colorado — 3.9%** | **Colorado — 3.9%** | **Colorado — 3.9%** |
| Colorado Housing and Finance Authority, Single <br> Family Mortgage Series 2019D, Class I-S, Rev., <br> AMT, VRDO, LIQ : Royal Bank of Canada, 2.00%, <br> 3/6/2026 (a)<br>| 32880 | 32880 |
| County of Arapahoe, Multi-Family Rental Housing, <br> Hunter's Run Holdings LP, Rev., VRDO, LOC : <br> FHLMC, 1.90%, 3/6/2026 (a)<br>| 295 | 295 |
| Fort Collins-Loveland Water District, Rev., 5.00%, <br> 12/1/2026<br>| 1100 | 1119 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-ZF1826, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 4430 | 4430 |
| Series 2016-ZF0467, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 6875 | 6875 |
| Series 2022-XF3053, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 10125 | 10125 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 73

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Series 2022-XG0424, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 4800 | 4800 |
| Series 2022-XX1260, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 9120 | 9120 |
| Series 2022-ZF3061, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 1745 | 1745 |
| Series 2023-XF1621, Rev., VRDO, LIQ : Bank of <br> America NA, 1.93%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2023-XM1151, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2024-ZF1771, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 1670 | 1670 |
| Series 2025-CF7028, Rev., VRDO, LIQ : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 20610 | 20610 |
| Series XX1261, Rev., VRDO, LIQ : Barclays Bank <br> plc, 1.93%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2025-ZF3300, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.96%, 3/6/2026 (a) (b)<br>| 1000 | 1000 |
| Series 2025-ZF3462, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.96%, 3/6/2026 (a) (b)<br>| 3430 | 3430 |
| **Total Colorado** |  | 109349 |
| **District of Columbia — 2.3%** | **District of Columbia — 2.3%** | **District of Columbia — 2.3%** |
| Metropolitan Washington Airports Authority Aviation <br> Series A-1, Rev., AMT, VRDO, LOC : TD Bank NA, <br> 1.92%, 3/6/2026 (a)<br>| 16350 | 16350 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XL0650, Rev., VRDO, LIQ : Bank of <br> America NA, 2.15%, 3/2/2026 (a) (b)<br>| 4960 | 4960 |
| Series 2025-XG0601, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 355 | 355 |
| Series 025-XF1957, Rev., VRDO, LIQ : Royal Bank <br> of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 025-XL0652, Rev., VRDO, LIQ : Royal Bank <br> of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 3375 | 3375 |
| Series 025-XM1287, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 025-XM1288, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 6995 | 6995 |
| Series 2023-XL0454, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 4935 | 4935 |
| Series 2023-ZF3209, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 9835 | 9835 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| Series 2026-XX1454, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 6150 | 6150 |
| Series 025-ZF3422, Rev., VRDO, LIQ : Wells Fargo <br> Bank NA, 1.96%, 3/6/2026 (a) (b)<br>| 4575 | 4575 |
| **Total District of Columbia** |  | 65280 |
| **Florida — 7.6%** | **Florida — 7.6%** | **Florida — 7.6%** |
| Alachua County Housing Finance Authority, <br> Multi-Family, Santa Fe Apartments Project, Rev., <br> AMT, VRDO, LOC : Citibank NA, 2.01%, <br> 3/6/2026 (a)<br>| 2425 | 2425 |
| Collier County Industrial Development Authority, Ave <br> Maria Utility Co. Project Series 2024, Rev., AMT, <br> VRDO, LOC : Northern Trust Co. (The), 2.00%, <br> 3/6/2026 (a)<br>| 34600 | 34600 |
| County of Broward Series 2007A, Rev., AMT, VRDO, <br> LOC : Citibank NA, 1.95%, 3/6/2026 (a)<br>| 6050 | 6050 |
| County of Broward, Power and Light Co., Project <br> Series 2018A, Rev., AMT, VRDO, 1.95%, <br> 3/6/2026 (a)<br>| 20000 | 20000 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 1.95%, 3/6/2026 (a)<br>| 25000 | 25000 |
| Florida Housing Finance Corp., College Park <br> Holdings Ltd. Project Series 2006D, Rev., VRDO, <br> LIQ : FHLMC, 2.00%, 3/6/2026 (a)<br>| 6175 | 6175 |
| Miami-Dade County Industrial Development <br> Authority, Florida Power and Light Co. Project <br> Series 2024A, Rev., AMT, VRDO, 2.15%, <br> 3/6/2026 (a)<br>| 23500 | 23500 |
| Public Finance Authority Series 2025-VRS202, Rev., <br> VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 5000 | 5000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-XF3223, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 1445 | 1445 |
| Series 2025-YX1371, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.25%, 3/2/2026 (a) (b)<br>| 4280 | 4280 |
| Series 2024-XF3239, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 8915 | 8915 |
| Series 2024-XF3242, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3340 | 3340 |
| Series 2023-XL0430, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2025-XF1849, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 3430 | 3430 |
| Series 2025-XG0614, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 3330 | 3330 |
| Series 2025-XL0592, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 5350 | 5350 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Series 2025-ZF1836, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 6660 | 6660 |
| Series 2023-XX1322, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 4085 | 4085 |
| Series 2025-ZF8050, Rev., VRDO, LIQ : Bank of <br> America NA, 1.93%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| Series 2026-XX1452, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2023-XF1523, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 2440 | 2440 |
| Series 2023-XF1637, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 3400 | 3400 |
| Series 2025-ZF3294, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.96%, 3/6/2026 (a) (b)<br>| 8025 | 8025 |
| Series 2025-ZF3383, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.96%, 3/6/2026 (a) (b)<br>| 4980 | 4980 |
| Series 2023-ZF3205, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.98%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2022-XL0290, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.02%, 3/6/2026 (a) (b)<br>| 13190 | 13190 |
| **Total Florida** |  | 213995 |
| **Georgia — 3.8%** | **Georgia — 3.8%** | **Georgia — 3.8%** |
| Bartow-Cartersville Joint Development Authority, <br> Hanwha Q Cells USA, Inc., Project Series 2023A, <br> Rev., AMT, VRDO, LOC : Korea Development Bank, <br> 2.16%, 3/6/2026 (a) (b)<br>| 66000 | 66000 |
| Development Authority of Monroe County (The), <br> Florida Power and Light Co. Project Series 2019, <br> Rev., AMT, VRDO, 2.15%, 3/6/2026 (a)<br>| 2720 | 2720 |
| Development Authority of Monroe County (The), <br> Gulf Power Co. Project, Rev., AMT, VRDO, 2.10%, <br> 3/6/2026 (a)<br>| 20000 | 20000 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1967, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2025-XF1967, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 3330 | 3330 |
| Series 2025-XG0630, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.93%, 3/6/2026 (a) (b)<br>| 10050 | 10050 |
| **Total Georgia** |  | 106100 |
| **Hawaii — 1.1%** | **Hawaii — 1.1%** | **Hawaii — 1.1%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 025-XM1289, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 7965 | 7965 |
| Series 2025-XL0589, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hawaii — continued** | **Hawaii — continued** | **Hawaii — continued** |
| Series 2025-XL0631, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 4220 | 4220 |
| Series 2025-XM1308, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 2440 | 2440 |
| Series 2025-XX1443, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 3335 | 3335 |
| Series 2025-YX1376, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 2730 | 2730 |
| Series 2025-YX1377, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 2220 | 2220 |
| Series 2025-XF8031, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 3000 | 3000 |
| Series 2025-ZF1831, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 2705 | 2705 |
| **Total Hawaii** |  | 30615 |
| **Idaho — 0.4%** | **Idaho — 0.4%** | **Idaho — 0.4%** |
| Idaho Health Facilities Authority, St. Luke's Health <br> System Project Series 2018C, Rev., VRDO, LOC : <br> US Bank NA, 1.95%, 3/2/2026 (a)<br>| 8340 | 8340 |
| Idaho Health Facilities Authority, Trinity Health Corp. <br> Series 2013ID, Rev., VRDO, 2.62%, <br> 5/1/2026 (a)<br>| 4000 | 4000 |
| **Total Idaho** |  | 12340 |
| **Illinois — 2.0%** | **Illinois — 2.0%** | **Illinois — 2.0%** |
| Public Finance Authority Series 2026-VRS223, Rev., <br> VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 10000 | 10000 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series 2025-G-128, Rev., VRDO, LOC : Royal Bank <br> of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 5930 | 5930 |
| Series 2025-E-169, GO, VRDO, LOC : Royal Bank <br> of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 10000 | 10000 |
| RIB Floater Trust Various States Series 2025-002, <br> Rev., VRDO, LOC : Barclays Bank plc, 2.18%, <br> 4/3/2026 (a) (b)<br>| 6415 | 6415 |
| State of Illinois Series 2022B, GO, 5.00%, <br> 3/1/2026<br>| 5620 | 5620 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF3311, GO, VRDO, LIQ : Bank of <br> America NA, 2.08%, 3/2/2026 (a) (b)<br>| 7080 | 7080 |
| Series 2023-XG0434, GO, VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 250 | 250 |
| Series 2022-XX1243, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 75

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Series 2025-ZF1923, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2023-XG0538, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 3765 | 3765 |
| **Total Illinois** |  | 57185 |
| **Indiana — 0.1%** | **Indiana — 0.1%** | **Indiana — 0.1%** |
| Indiana Finance Authority, Parkview Health System, <br> Inc. Series 2009C, Rev., VRDO, LOC : Sumitomo <br> Mitsui Banking Corp., 1.90%, 3/6/2026 (a)<br>| 2550 | 2550 |
| **Kentucky — 2.3%** | **Kentucky — 2.3%** | **Kentucky — 2.3%** |
| Kentucky Higher Education Student Loan Corp., <br> Student Loan Series 2023-1A-1, Rev., AMT, <br> VRDO, LOC : Bank of America NA, 2.07%, <br> 3/6/2026 (a)<br>| 21990 | 21990 |
| Louisville Regional Airport Authority, UPS Worldwide <br> Forwarding, Inc. Series 1999C, Rev., VRDO, <br> 2.07%, 3/2/2026 (a)<br>| 27800 | 27800 |
| Louisville, Norton Healthcare, Inc. Series 2013C, <br> Rev., VRDO, LOC : PNC Bank NA, 1.90%, <br> 3/6/2026 (a)<br>| 5180 | 5180 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XF3181, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 4380 | 4380 |
| Series 2024-XG0578, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Bank of America NA, 1.96%, <br> 3/6/2026 (a) (b)<br>| 5470 | 5470 |
| **Total Kentucky** |  | 64820 |
| **Louisiana — 1.9%** | **Louisiana — 1.9%** | **Louisiana — 1.9%** |
| Consolidated Government of the City of Baton Rouge <br> and Parish of East Baton Rouge, Exxon Mobil <br> Corp., Rev., VRDO, 2.05%, 3/2/2026 (a)<br>| 9000 | 9000 |
| Louisiana Public Facilities Authority, Chevron USA, <br> Inc., Projects, Rev., AMT, VRDO, 2.05%, <br> 3/2/2026 (a)<br>| 38305 | 38305 |
| State of Louisiana Gasoline and Fuels Tax, Second <br> Lien Series 2025C, Rev., VRDO, LOC : TD Bank <br> NA, 1.90%, 3/2/2026 (a)<br>| 4500 | 4500 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2025-XG0612, Rev., VRDO, A.G. - CR, LOC : <br> Royal Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| **Total Louisiana** |  | 53805 |
| **Maryland — 2.7%** | **Maryland — 2.7%** | **Maryland — 2.7%** |
| Deutsche Bank Spears Series 2023-DB-8096, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 2.00%, <br> 3/2/2026 (a) (b)<br>| 5600 | 5600 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| Maryland Community Development Administration, <br> Housing and Community Development<br>|  |  |
| Series 2006G, Rev., AMT, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a)<br>| 4445 | 4445 |
| Series 2006J, Rev., AMT, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a)<br>| 28060 | 28060 |
| Montgomery County Housing Opportunities <br> Commission, Single Family Mortgage Series <br> 2018B, Rev., AMT, VRDO, LOC : PNC Bank NA, <br> 1.96%, 3/6/2026 (a)<br>| 6130 | 6130 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML6033, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 16125 | 16125 |
| Series 2024-BAML6034, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 10100 | 10100 |
| Series 2024-BAML6035, Rev., VRDO, LOC : Bank <br> of America NA, 2.15%, 3/2/2026 (a) (b)<br>| 5510 | 5510 |
| **Total Maryland** |  | 75970 |
| **Massachusetts — 1.2%** | **Massachusetts — 1.2%** | **Massachusetts — 1.2%** |
| City of Beverly, GO, BAN, 4.00%, 6/26/2026 | 5750 | 5764 |
| City of Brockton, GO, BAN, 5.00%, 10/8/2026 | 7050 | 7145 |
| Deutsche Bank Spears |  |  |
| Series 2025-DBE-8183, GO, VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4765 | 4765 |
| Series 2026-DB-8228, GO, VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 3000 | 3000 |
| RIB Floater Trust Various States Series 39, Rev., <br> VRDO, LIQ : Barclays Bank plc, 2.03%, <br> 3/2/2026 (a) (b)<br>| 1235 | 1235 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XF3218, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 3775 | 3775 |
| Town of Groveland, GO, BAN, 4.25%, 5/29/2026 | 4317 | 4327 |
| Town of Mashpee, GO, BAN, 4.00%, 5/27/2026 | 335 | 336 |
| Town of Topsfield, GO, BAN, 4.00%, 4/15/2026 | 3000 | 3004 |
| **Total Massachusetts** |  | 33351 |
| **Michigan — 2.4%** | **Michigan — 2.4%** | **Michigan — 2.4%** |
| Michigan State Housing Development Authority, <br> Rental Housing Series 2016C, Rev., AMT, VRDO, <br> LIQ : FHLB, 1.95%, 3/6/2026 (a)<br>| 44350 | 44350 |
| Michigan State Housing Development Authority, <br> Single Family Mortgage Series 2006C, Rev., <br> VRDO, LIQ : FHLB, 1.87%, 3/6/2026 (a)<br>| 4100 | 4100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Michigan Strategic Fund, Chevron USA, Inc., Project <br> Series 2024, Rev., VRDO, 2.05%, 3/2/2026 (a)<br>| 11050 | 11050 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2021-XF1115, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.94%, 3/6/2026 (a) (b)<br>| 7990 | 7990 |
| **Total Michigan** |  | 67490 |
| **Minnesota — 0.8%** | **Minnesota — 0.8%** | **Minnesota — 0.8%** |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance<br>|  |  |
| Series 2016F, Rev., AMT, VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : FHLB, 1.93%, <br> 3/6/2026 (a)<br>| 19200 | 19200 |
| Series 2017C, Rev., AMT, VRDO, GNMA / FNMA / <br> FHLMC COLL, LIQ : FHLB, 1.93%, <br> 3/6/2026 (a)<br>| 2500 | 2500 |
| **Total Minnesota** |  | 21700 |
| **Mississippi — 0.5%** | **Mississippi — 0.5%** | **Mississippi — 0.5%** |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project<br>|  |  |
| Series 2010H, Rev., VRDO, 2.00%, 3/2/2026 (a) | 6535 | 6535 |
| Series 2010K, Rev., VRDO, 2.00%, 3/2/2026 (a) | 3750 | 3750 |
| Series 2011F, Rev., VRDO, 2.00%, 3/2/2026 (a) | 3000 | 3000 |
| **Total Mississippi** |  | 13285 |
| **Missouri — 0.0% ^** | **Missouri — 0.0% ^** | **Missouri — 0.0% ^** |
| Health and Educational Facilities Authority of the <br> State of Missouri, BJC Health System Series <br> 2021B, Rev., 4.03%, 5/1/2026 (a)<br>| 1265 | 1270 |
| **Nebraska — 1.0%** | **Nebraska — 1.0%** | **Nebraska — 1.0%** |
| County of Washington, Rev., AMT, VRDO, 1.93%, <br> 3/6/2026 (a)<br>| 11665 | 11665 |
| Deutsche Bank Spears |  |  |
| Series DB-8193, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 11255 | 11255 |
| Series 2025-DB-8227, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| **Total Nebraska** |  | 27920 |
| **Nevada — 0.4%** | **Nevada — 0.4%** | **Nevada — 0.4%** |
| Clark County School District, Limited Tax, Various <br> Purpose Series 2024C, GO, 5.00%, 6/15/2026<br>| 4650 | 4680 |
| Deutsche Bank Spears Series 2025-DB-8190, GO, <br> VRDO, 1.91%, 3/6/2026 (a) (b)<br>| 5930 | 5930 |
| **Total Nevada** |  | 10610 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series E-157, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 4075 | 4075 |
| **New Jersey — 5.0%** | **New Jersey — 5.0%** | **New Jersey — 5.0%** |
| Borough of Hopatcong, GO, BAN, 4.00%, <br> 7/15/2026<br>| 4341 | 4353 |
| Borough of Seaside Heights Series 2025A, GO, BAN, <br> 4.00%, 3/24/2026<br>| 6752 | 6756 |
| Borough of Seaside Park Series 2025A, GO, BAN, <br> 4.00%, 4/10/2026<br>| 2925 | 2928 |
| Borough of Stone Harbor, GO, BAN, 4.00%, <br> 7/24/2026<br>| 6942 | 6964 |
| Borough of Watchung, GO, BAN, 4.00%, <br> 11/10/2026<br>| 5129 | 5174 |
| City of Burlington Series 2025A, GO, BAN, 4.25%, <br> 6/4/2026<br>| 9678 | 9704 |
| City of Hoboken Series 2025A, GO, BAN, 4.00%, <br> 3/10/2026<br>| 1170 | 1170 |
| Jersey City Redevelopment Agency, Bayfront <br> Redevelopment Project Series 2025A, Rev., GTD, <br> 5.00%, 12/9/2026<br>| 15000 | 15236 |
| New Jersey Higher Education Student Assistance <br> Authority, Senior Student Loan Immediate <br> Delivery Series 2025-2, Rev., AMT, 4.95%, <br> 6/2/2026 (a)<br>| 18000 | 18204 |
| Penns Grove-Carneys Point Regional School District, <br> GO, GAN, 4.00%, 7/2/2026<br>| 6478 | 6489 |
| RIB Floater Trust Various States Series 20, Rev., <br> VRDO, LIQ : Barclays Bank plc, 1.94%, <br> 3/6/2026 (a) (b)<br>| 24185 | 24185 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2020-XF0957, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-CF7019, Rev., VRDO, LOC : Citibank <br> NA, 1.98%, 3/6/2026 (a) (b)<br>| 5700 | 5700 |
| Township of Florence, GO, BAN, 3.75%, <br> 11/20/2026<br>| 3344 | 3367 |
| Township of Hopewell, GO, BAN, 4.00%, <br> 9/21/2026<br>| 1739 | 1752 |
| Township of Mendham, GO, BAN, 5.00%, <br> 4/28/2026<br>| 4754 | 4765 |
| Township of Pennsauken Series 2025A, GO, BAN, <br> 4.75%, 5/22/2026<br>| 18719 | 18780 |
| Township of Pequannock, GO, BAN, 4.00%, <br> 3/27/2026<br>| 3005 | 3007 |
| **Total New Jersey** |  | 141034 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 77

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Mexico — 1.1%** | **New Mexico — 1.1%** | **New Mexico — 1.1%** |
| New Mexico Mortgage Finance Authority, Single <br> Family Mortgage Program<br>|  |  |
| Series 2025G-1, Rev., VRDO, GNMA / FNMA / <br> FHLMC, 3.00%, 12/1/2026 (a)<br>| 15000 | 15000 |
| Series 2025G-1, Rev., VRDO, GNMA / FNMA / <br> FHLMC, 3.00%, 12/1/2026 (a)<br>| 10000 | 10000 |
| State of New Mexico Severance Tax Permanent Fund |  |  |
| Series 2021A, Rev., 5.00%, 7/1/2026 | 1000 | 1008 |
| Series 2025A, Rev., 5.00%, 7/1/2026 | 4100 | 4131 |
| **Total New Mexico** |  | 30139 |
| **New York — 13.5%** | **New York — 13.5%** | **New York — 13.5%** |
| Babylon Union Free School District, GO, TAN, <br> 3.25%, 6/24/2026<br>| 7000 | 7013 |
| Barker Central School District Series 2025A, GO, <br> BAN, 4.00%, 6/18/2026<br>| 2500 | 2509 |
| Canastota Central School District, GO, BAN, 3.50%, <br> 7/23/2026<br>| 8500 | 8528 |
| Candor Central School District, GO, BAN, 4.00%, <br> 6/26/2026<br>| 3000 | 3008 |
| City of Albany, GO, BAN, 4.00%, 3/20/2026 | 10000 | 10004 |
| City of Geneva, GO, BAN, 4.75%, 4/30/2026 | 6500 | 6513 |
| City of New York, Fiscal Year 2014 Series 2014D-4, <br> GO, VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 3300 | 3300 |
| City of New York, Fiscal Year 2017 |  |  |
| Series 2017A, Subseries A-4, GO, VRDO, LIQ : <br> State Street Bank & Trust Co., 1.90%, <br> 3/2/2026 (a)<br>| 11275 | 11275 |
| Series 2017A-7, GO, VRDO, LOC : BMO Harris <br> Bank NA, 2.02%, 3/2/2026 (a)<br>| 1815 | 1815 |
| City of New York, Fiscal Year 2018 Series 2018E, <br> GO, VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 2025 | 2025 |
| City of New York, Fiscal Year 2022 Subseries D-4, <br> GO, VRDO, LIQ : State Street Bank & Trust Co., <br> 1.95%, 3/2/2026 (a)<br>| 4175 | 4175 |
| City of Newburgh Series 2025A, GO, BAN, 4.00%, <br> 3/5/2026<br>| 4000 | 4000 |
| City of Olean Series 2025A, GO, BAN, 3.75%, <br> 7/22/2026<br>| 7262 | 7268 |
| City of Oneonta, GO, BAN, 4.00%, 5/15/2026 | 6000 | 6015 |
| City of Rome, GO, BAN, 4.00%, 6/10/2026 | 7475 | 7492 |
| City of Syracuse, GO, BAN, 3.50%, 1/22/2027 | 4000 | 4031 |
| Cuba-Rushford Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 4880 | 4890 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Deutsche Bank Spears |  |  |
| Series 2025-DB8210, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 400 | 400 |
| Series 2025-DB-8217, GO, VRDO, LIQ : Deutsche <br> Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 3165 | 3165 |
| Series 2025-DBE-8213, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 4735 | 4735 |
| Series DB-8185, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 16230 | 16230 |
| Dundee Central School District, GO, BAN, 4.00%, <br> 6/18/2026<br>| 3615 | 3622 |
| East Moriches Union Free School District, GO, TAN, <br> 3.75%, 3/6/2026<br>| 3000 | 3000 |
| Enlarged City School District of the City of Troy, GO, <br> BAN, 4.00%, 6/5/2026<br>| 8000 | 8017 |
| Gananda Central School District, GO, BAN, 3.50%, <br> 6/26/2026<br>| 5000 | 5013 |
| Greenport Union Free School District, GO, TAN, <br> 3.50%, 5/13/2026<br>| 3500 | 3505 |
| Hoosic Valley Central School District, GO, BAN, <br> 4.00%, 6/24/2026<br>| 9770 | 9793 |
| Hunter-Tannersville Central School District, GO, BAN, <br> 4.00%, 6/25/2026<br>| 3850 | 3858 |
| Metropolitan Transportation Authority Series <br> 2012G4, Rev., VRDO, LOC : Bank of America NA, <br> 2.00%, 3/2/2026 (a)<br>| 50 | 50 |
| Montauk Union Free School District, GO, TAN, <br> 4.00%, 6/25/2026<br>| 2500 | 2511 |
| New York City Housing Development Corp., 92nd <br> Realty LLC Series 1999A, Rev., VRDO, FNMA, LOC <br> : FNMA, 2.19%, 3/6/2026 (a)<br>| 13600 | 13600 |
| New York City Housing Development Corp., Multi <br> Family Housing, Westport Development Series <br> 2004A, Rev., VRDO, LOC : FNMA, 2.19%, <br> 3/6/2026 (a)<br>| 29225 | 29225 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 89 Murray Street Series <br> 2005A, Rev., VRDO, LOC : FNMA, 2.19%, <br> 3/6/2026 (a)<br>| 10000 | 10000 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2025 <br> Series 2025, Subseries EE-2, Rev., VRDO, LIQ : TD <br> Bank NA, 1.90%, 3/2/2026 (a)<br>| 2925 | 2925 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution Series 2009BB-1, Rev., VRDO, LIQ : <br> UBS AG, 1.95%, 3/2/2026 (a)<br>| 2450 | 2450 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2011 Series DD-1, Rev., <br> VRDO, LIQ : TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 250 | 250 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2014<br>|  |  |
| Series 2014AA-3, Rev., VRDO, LIQ : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 2365 | 2365 |
| Series AA-5, Rev., VRDO, LIQ : Mizuho Bank Ltd., <br> 1.90%, 3/2/2026 (a)<br>| 10750 | 10750 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2015 Series 2015A-3, <br> Rev., VRDO, LIQ : Mizuho Bank Ltd., 2.01%, <br> 3/2/2026 (a)<br>| 1000 | 1000 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025 <br> Series 2025H, Subseries H-1, Rev., VRDO, LIQ : <br> TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 4400 | 4400 |
| New York State Housing Finance Agency, 435 East <br> 13th Street Housing Series 2016A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 1.90%, 3/6/2026 (a)<br>| 100 | 100 |
| New York State Housing Finance Agency, Tribeca <br> Park Series ADJ A, Rev., AMT, VRDO, LOC : FNMA, <br> 2.10%, 3/6/2026 (a)<br>| 5000 | 5000 |
| New York State Housing Finance Agency, West 23rd <br> Street Housing Series 2002A, Rev., VRDO, LOC : <br> FNMA, 1.83%, 3/6/2026 (a)<br>| 8000 | 8000 |
| Oneida City School District, GO, BAN, 3.50%, <br> 6/26/2026<br>| 3000 | 3008 |
| Oswego City School District Series 2025B, GO, BAN, <br> 4.00%, 7/17/2026<br>| 4690 | 4703 |
| Penn Yan Central School District Series 2025B, GO, <br> BAN, 4.00%, 9/11/2026<br>| 1260 | 1268 |
| Pine Valley Central School District, GO, BAN, 3.75%, <br> 8/20/2026<br>| 7360 | 7392 |
| Red Hook Central School District, GO, BAN, 3.75%, <br> 6/25/2026<br>| 5000 | 5016 |
| Schoharie Central School District Series 2025A, GO, <br> BAN, 4.00%, 7/10/2026<br>| 10025 | 10055 |
| Springville-Griffith Institute Central School District <br> Series 2025A, GO, BAN, 4.00%, 8/14/2026<br>| 2030 | 2039 |
| Susquehanna Valley Central School District, GO, <br> BAN, 3.75%, 9/18/2026<br>| 1791 | 1799 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-ZL0350, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1700 | 1700 |

---

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| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-MS0087E, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.05%, 5/21/2026 (a) (b)<br>| 225 | 225 |
| Town of Greece, GO, BAN, 4.00%, 10/30/2026 | 3977 | 4012 |
| Town of Lansing Series 2025A, GO, BAN, 3.75%, <br> 8/19/2026<br>| 1770 | 1777 |
| Town of Putnam Valley Series 2025C, GO, BAN, <br> 3.25%, 11/4/2026<br>| 1800 | 1807 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels Series 2005B-4A, Rev., <br> VRDO, LOC : TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 3325 | 3325 |
| Union Endicott Central School District, GO, BAN, <br> 4.00%, 10/16/2026<br>| 2186 | 2204 |
| Valley Central School District, GO, BAN, 4.00%, <br> 6/23/2026<br>| 7700 | 7732 |
| Village of Clinton, GO, BAN, 3.50%, 2/4/2027 | 2572 | 2591 |
| Village of Freeport |  |  |
| Series 2025C, GO, BAN, 4.75%, 4/24/2026 | 6000 | 6011 |
| Series 2025E, GO, BAN, 3.75%, 10/16/2026 | 9500 | 9564 |
| Series 2025F, GO, BAN, 3.75%, 11/12/2026 | 10000 | 10072 |
| Series 2026A, GO, BAN, 3.50%, 2/26/2027 | 2317 | 2341 |
| Village of Hempstead Series 2025A, GO, BAN, <br> 4.75%, 5/1/2026<br>| 20000 | 20040 |
| Village of Lake Success |  |  |
| Series 2025A, GO, BAN, 4.00%, 6/12/2026 | 2000 | 2004 |
| Series 2025B, GO, BAN, 3.75%, 10/28/2026 | 4340 | 4371 |
| Village of New Paltz Series 2026A, GO, BAN, <br> 3.50%, 2/26/2027<br>| 1000 | 1010 |
| Village of South Blooming Grove Series 2026A, GO, <br> BAN, 3.50%, 2/18/2027<br>| 3235 | 3256 |
| Warrensburg Central School District, GO, BAN, <br> 4.00%, 6/23/2026<br>| 7000 | 7015 |
| West Genesee Central School District Series 2025B, <br> GO, BAN, 4.00%, 7/17/2026<br>| 5357 | 5374 |
| **Total New York** |  | 379536 |
| **North Carolina — 0.2%** | **North Carolina — 0.2%** | **North Carolina — 0.2%** |
| Charlotte-Mecklenburg Hospital Authority (The), <br> Atrium Health Obligated Group Series 2007E, <br> Rev., VRDO, A.G., LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 2475 | 2475 |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2022-XM1011, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 4200 | 4200 |
| **Total North Carolina** |  | 6675 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 79

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — 1.9%** | **Ohio — 1.9%** | **Ohio — 1.9%** |
| County of Franklin, CHE Trinity Health Credit Group <br> Series 2013OH, Rev., VRDO, 2.62%, <br> 5/1/2026 (a)<br>| 6500 | 6500 |
| Springboro Community City School District, <br> Unlimited Tax, GO, BAN, 4.00%, 12/22/2026<br>| 4000 | 4031 |
| State of Ohio, Cleveland Clinic Health System Series <br> 2019E, Rev., VRDO, LIQ : PNC Bank NA, 1.80%, <br> 3/2/2026 (a)<br>| 6250 | 6250 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-YX1342, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 2815 | 2815 |
| Series 2025-XL0588, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 7500 | 7500 |
| Series 2025-XL0595, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 535 | 535 |
| Series 2025-ZF1835, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2025-ZF1973, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF8062, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 7500 | 7500 |
| Series 2026-CF7078, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 12540 | 12540 |
| **Total Ohio** |  | 54171 |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |
| Tender Option Bond Trust Receipts/Certificates <br> Series 2024-XG0581, Rev., VRDO, GNMA / FNMA <br> / FHLMC, LIQ : Barclays Bank plc, 1.91%, <br> 3/6/2026 (a) (b)<br>| 3615 | 3615 |
| **Oregon — 1.7%** | **Oregon — 1.7%** | **Oregon — 1.7%** |
| Marion County Housing Authority, Residence at <br> Marian, Rev., VRDO, LOC : US Bank NA, 2.45%, <br> 3/6/2026 (a)<br>| 255 | 255 |
| Oregon State Facilities Authority, Peacehealth Series <br> 2018B, Rev., VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 2600 | 2600 |
| Port of Portland, International Airport Subseries <br> 18A, Rev., AMT, VRDO, LOC : Industrial & <br> Commercial Bank of China, 2.10%, 3/4/2026 (a)<br>| 3100 | 3100 |
| Port of Portland, Special Obligation, Horizon Air <br> Industries, Inc., Project, Rev., VRDO, LOC : Bank of <br> America NA, 2.10%, 3/2/2026 (a)<br>| 6325 | 6325 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates Series 2025-E-163, Rev., VRDO, LOC : <br> Royal Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 12475 | 12475 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oregon — continued** | **Oregon — continued** | **Oregon — continued** |
| RIB Floater Trust Various States Series 2025-1011, <br> Rev., VRDO, LOC : Barclays Bank plc, 2.23%, <br> 4/3/2026 (a) (b)<br>| 5285 | 5285 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-ZL0472, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 6355 | 6355 |
| Series 2025-XF8053, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 3160 | 3160 |
| Series 2023-ZL0520, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.98%, 3/6/2026 (a) (b)<br>| 4190 | 4190 |
| Series 2025-ZF3386, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.98%, 3/6/2026 (a) (b)<br>| 2975 | 2975 |
| **Total Oregon** |  | 46720 |
| **Other — 0.6%** | **Other — 0.6%** | **Other — 0.6%** |
| FHLMC, Multi-Family VRD Certificates Series M026, <br> Class A, Rev., VRDO, LIQ : FHLMC, 2.54%, <br> 3/6/2026 (a) (b)<br>| 6360 | 6360 |
| RIB Floater Trust Various States Series 2025-1010, <br> Rev., VRDO, LOC : Barclays Bank plc, 2.23%, <br> 4/3/2026 (a) (b)<br>| 9625 | 9625 |
| **Total Other** |  | 15985 |
| **Pennsylvania — 2.0%** | **Pennsylvania — 2.0%** | **Pennsylvania — 2.0%** |
| Delaware Valley Regional Finance Authority, Local <br> Government Series 2024B, Rev., VRDO, LOC : TD <br> Bank NA, 1.90%, 3/2/2026 (a)<br>| 4570 | 4570 |
| Northampton County General Purpose Authority, St. <br> Luke's Hospital Obligated Group Series 2024B, <br> Rev., VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 6775 | 6775 |
| RIB Floater Trust Various States |  |  |
| Series 2023-013, Rev., VRDO, LIQ : Barclays Bank <br> plc, 1.91%, 3/6/2026 (a) (b)<br>| 8805 | 8805 |
| Series 2025-1007, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.96%, 3/6/2026 (a) (b)<br>| 3290 | 3290 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XG0536, GO, VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-XF1911, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.92%, 3/6/2026 (a) <br> (b)<br>| 5475 | 5475 |
| Series 2025-XF1912, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 1995 | 1995 |
| Series 2025-ZF1832, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 2225 | 2225 |
| Series 2022-XG0437, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Series 2023-XF1634, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.94%, 3/6/2026 (a) <br> (b)<br>| 2665 | 2665 |
| Series 2022-XM1083, Rev., VRDO, A.G., LOC : <br> Royal Bank of Canada, 1.96%, 3/6/2026 (a) <br> (b)<br>| 11375 | 11375 |
| **Total Pennsylvania** |  | 54675 |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| South Carolina Jobs-Economic Development <br> Authority, Prisma Health Obligated Group Series <br> 2018C, Rev., VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 9450 | 9450 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XF1810, Rev., VRDO, LOC : TD Bank <br> NA, 1.92%, 3/6/2026 (a) (b)<br>| 6300 | 6300 |
| Series 2024-XG0552, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 2590 | 2590 |
| **Total South Carolina** |  | 18340 |
| **Tennessee — 0.6%** | **Tennessee — 0.6%** | **Tennessee — 0.6%** |
| RIB Floater Trust Various States Series 2025-1008, <br> Rev., VRDO, LIQ : Barclays Bank plc, 1.96%, <br> 3/6/2026 (a) (b)<br>| 6910 | 6910 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-YX1289, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 5210 | 5210 |
| Series 2022-XL0382, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.94%, 3/6/2026 (a) (b)<br>| 5055 | 5055 |
| **Total Tennessee** |  | 17175 |
| **Texas — 7.0%** | **Texas — 7.0%** | **Texas — 7.0%** |
| City of Houston Airport System, Subordinate Lien |  |  |
| Series 2018A, Rev., AMT, 5.00%, 7/1/2026 | 375 | 377 |
| Series 2021A, Rev., AMT, 5.00%, 7/1/2026 | 1010 | 1017 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB-8194, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-DB-8195, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 5205 | 5205 |
| Series 2026-DB-8235, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 3165 | 3165 |
| Series 2025-DBE8158, Rev., VRDO, LOC : <br> Deutsche Bank AG, 2.10%, 3/2/2026 (a) (b)<br>| 6000 | 6000 |
| Series 2025-DBE8159, Rev., VRDO, LOC : <br> Deutsche Bank AG, 2.10%, 3/2/2026 (a) (b)<br>| 9780 | 9780 |
| Series 2025-DB8157, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4010 | 4010 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2025-DB-8189, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 3560 | 3560 |
| Series 2025-DB-8191, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 5995 | 5995 |
| Series 2025-DBE-8214, GO, VRDO, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 11705 | 11705 |
| Series 2026-DB-8229, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series DB-8174, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 4495 | 4495 |
| Series DB-8188, GO, VRDO, PSF-GTD, LIQ : <br> Deutsche Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 5935 | 5935 |
| Gilmer Industrial Development Corp., Duoline <br> Technologies LP Series 2008-A, Rev., AMT, VRDO, <br> LOC : Wells Fargo Bank NA, 1.98%, 3/6/2026 (a)<br>| 3475 | 3475 |
| Gulf Coast Authority, American Acryl LP Project, <br> Rev., AMT, VRDO, LOC : Bank of Tokyo-Mitsubishi <br> UFJ Ltd., 1.93%, 3/6/2026 (a)<br>| 12000 | 12000 |
| Gulf Coast Authority, Waste Disposal Environmental <br> Facilities, ExxonMobil Project<br>|  |  |
| Rev., VRDO, 2.05%, 3/2/2026 (a) | 1525 | 1525 |
| Rev., AMT, VRDO, 2.05%, 3/2/2026 (a) | 12500 | 12500 |
| Harris County Industrial Development Corp., Exxon <br> Corp. Project, Rev., VRDO, 2.05%, 3/2/2026 (a)<br>| 7700 | 7700 |
| Lower Neches Valley Authority Industrial <br> Development Corp., Exxon Capital Ventures, Inc. <br> Series B-4, Rev., VRDO, 2.05%, 3/2/2026 (a)<br>| 7825 | 7825 |
| Lower Neches Valley Authority Industrial <br> Development Corp., ExxonMobil Project<br>|  |  |
| Rev., VRDO, 2.00%, 3/2/2026 (a) | 645 | 645 |
| Series 2001B3, Rev., VRDO, 2.05%, <br> 3/2/2026 (a)<br>| 5835 | 5835 |
| RIB Floater Trust Various States |  |  |
| Series 2025-1012, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.96%, 3/6/2026 (a) (b)<br>| 8615 | 8615 |
| Series 2022-006, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.18%, 4/10/2026 (a) (b)<br>| 28280 | 28280 |
| San Antonio Water System, Subordinate Lien Series <br> 2025D, Rev., VRDO, LIQ : TD Bank NA, 1.85%, <br> 3/2/2026 (a)<br>| 1150 | 1150 |
| State of Texas, College Student Loan Series 2019, <br> GO, AMT, 5.00%, 8/1/2026<br>| 1630 | 1647 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-BAML6043, Rev., VRDO, LOC : Bank <br> of America NA, 2.10%, 3/2/2026 (a) (b)<br>| 600 | 600 |
| Series 2024-XG0588, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 725 | 725 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 81

------

JPMorgan Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Series 2025-XG0629, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 5605 | 5605 |
| Series 2022-XM1050, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 950 | 950 |
| Series 2022-XF1140, Rev., VRDO, LOC : Deutsche <br> Bank AG, 1.92%, 3/6/2026 (a) (b)<br>| 9750 | 9750 |
| Series 2026-CF7073, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 16680 | 16680 |
| **Total Texas** |  | 195751 |
| **Utah — 0.7%** | **Utah — 0.7%** | **Utah — 0.7%** |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2022-XX1249, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 2920 | 2920 |
| Series 2025-ZF1833, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 2225 | 2225 |
| Series 2025-ZF1848, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 3285 | 3285 |
| Series 2023-XM1146, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.93%, 3/6/2026 (a) (b)<br>| 6750 | 6750 |
| Series 2025-XL0577, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.93%, 3/6/2026 (a) (b)<br>| 3500 | 3500 |
| **Total Utah** |  | 18680 |
| **Virginia — 0.3%** | **Virginia — 0.3%** | **Virginia — 0.3%** |
| City of Norfolk Series 2007, GO, VRDO, LIQ : Bank of <br> America NA, 1.90%, 3/6/2026 (a)<br>| 5550 | 5550 |
| Public Finance Authority Series 2025-VRS204, Rev., <br> VRDO, LOC : Bank of America NA, 1.94%, <br> 3/6/2026 (a) (b)<br>| 275 | 275 |
| Richmond Redevelopment and Housing Authority, <br> Joyfield at German School Road, Rev., VRDO, <br> 3.10%, 12/1/2026 (a)<br>| 2000 | 2000 |
| **Total Virginia** |  | 7825 |
| **Washington — 2.5%** | **Washington — 2.5%** | **Washington — 2.5%** |
| Deutsche Bank Spears |  |  |
| Series 2025-DB-81, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 1.91%, 3/6/2026 (a) (b)<br>| 5580 | 5580 |
| Series 2025-DBE-8219, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 1.97%, 3/6/2026 (a) (b)<br>| 5695 | 5695 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XL0647, Rev., VRDO, LIQ : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 3500 | 3500 |
| Series 2025-XL0648, Rev., VRDO, LIQ : Bank of <br> America NA, 2.10%, 3/2/2026 (a) (b)<br>| 2240 | 2240 |
| Series 2023-ZL0513, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 2745 | 2745 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| Series 2025-CF7070, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 12896 | 12896 |
| Series 2025-XF1967, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 4490 | 4490 |
| Series 2025-XF3452, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 6375 | 6375 |
| Series 2025-XM1307, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2025-ZF3364, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 4375 | 4375 |
| Series 2025-ZF3455, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 3735 | 3735 |
| Series 2026-CF7079, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 13300 | 13300 |
| **Total Washington** |  | 68681 |
| **West Virginia — 1.2%** | **West Virginia — 1.2%** | **West Virginia — 1.2%** |
| County of Putnam, Solid Waste Disposal Toyota <br> Motor Manufacturing Series 1998 A, Rev., VRDO, <br> 2.24%, 3/6/2026 (a)<br>| 20000 | 20000 |
| West Virginia Economic Development Authority, <br> Solid Waste Disposal Facilities, Nucor Steel <br> Project Series 2025A-1, Rev., AMT, VRDO, <br> 2.20%, 3/6/2026 (a)<br>| 13500 | 13500 |
| **Total West Virginia** |  | 33500 |
| **Wisconsin — 1.4%** | **Wisconsin — 1.4%** | **Wisconsin — 1.4%** |
| County of Milwaukee Series 2025D, GO, 3.00%, <br> 10/1/2026<br>| 1420 | 1420 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2023-XL0447, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 6750 | 6750 |
| Series 2025-XF8059, Rev., VRDO, LOC : TD Bank <br> NA, 1.96%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| Series 2025-XL0679, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.98%, 3/6/2026 (a) (b)<br>| 7500 | 7500 |
| Series 2025-XL0680, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.98%, 3/6/2026 (a) (b)<br>| 15000 | 15000 |
| Wisconsin Housing and Economic Development <br> Authority Housing Series 2007G, Rev., AMT, <br> VRDO, LOC : Bank of America NA, 1.98%, <br> 3/6/2026 (a)<br>| 3420 | 3420 |
| **Total Wisconsin** |  | 39715 |
| Total Municipal Bonds <br>(Cost $2,376,965)<br>|  | 2376965 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Variable Rate Demand Preferred Shares — 9.1%** | **Variable Rate Demand Preferred Shares — 9.1%** | **Variable Rate Demand Preferred Shares — 9.1%** |
| **California — 0.9%** | **California — 0.9%** | **California — 0.9%** |
| Nuveen California Quality Municipal Income Fund <br> Series 1-1362, LIQ : Societe Generale, 1.97%, <br> 3/6/2026# (b)<br>| 25000 | 25000 |
| **Other — 8.2%** | **Other — 8.2%** | **Other — 8.2%** |
| BlackRock MuniAssets Fund, Inc. Series LIQ : Bank of <br> America NA, 2.04%, 3/6/2026# (b)<br>| 45000 | 45000 |
| BlackRock Municipal 2030 Target Term Trust Series <br> W-7, LIQ : Barclays Bank plc, 2.03%, 3/6/2026# <br> (b)<br>| 66500 | 66500 |
| BlackRock MuniYield Quality Fund, Inc. |  |  |
| Series W-7A, LIQ : Royal Bank of Canada, 2.02%, <br> 3/6/2026# (b)<br>| 30000 | 30000 |
| Series W-7, LIQ : TD Bank NA, 2.04%, <br> 3/6/2026# (b)<br>| 30000 | 30000 |
| Series W-7B, LIQ : Bank of America NA, 2.38%, <br> 3/6/2026# (b)<br>| 10000 | 10000 |
| Nuveen AMT - Free Municipal Credit Income Fund <br> Series 6, LIQ : Sumitomo Mitsui Banking Corp., <br> 1.93%, 3/6/2026# (b)<br>| 20000 | 20000 |
| Nuveen AMT - Free Quality Municipal Income Fund <br> Series 3-PFD, LIQ : TD Bank NA, 1.97%, <br> 3/6/2026# (b)<br>| 7500 | 7500 |
| Nuveen Quality Municipal Income Fund Series <br> 2-2525, LIQ : Barclays Bank plc, 2.03%, <br> 3/5/2026# (b)<br>| 20000 | 20000 |
| Total Other |  | 229000 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $254,000)<br>|  | 254000 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Short Term Investments — 3.9%** | **Short Term Investments — 3.9%** | **Short Term Investments — 3.9%** |
| **Commercial Paper — 3.9%** | **Commercial Paper — 3.9%** | **Commercial Paper — 3.9%** |
| Board of Regents of the University of Texas System |  |  |
| Series A, 2.70%, 3/13/2026 | 10000 | 10000 |
| Series A, 2.65%, 4/15/2026 | 15000 | 15000 |
| Series A, 2.35%, 6/4/2026 | 12500 | 12500 |
| City of Atlanta Series P-1, 2.45%, 4/2/2026 | 26000 | 26000 |
| City of Houston Series A, 2.43%, 4/2/2026 | 28875 | 28875 |
| City of Memphis Series A, 2.45%, 3/6/2026 | 15000 | 15000 |
| County of Harris, 2.76%, 3/26/2026 | 2010 | 2010 |
| Total Commercial Paper <br>(Cost $109,385)<br>|  | 109385 |
| Total Short Term Investments <br>(Cost $109,385)<br>|  | 109385 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 97.7%** <br>**(Cost $2,740,350)** \*<br>|  | **2740350** |
| **Other Assets in Excess of Liabilities — 2.3%** |  | **65264** |
| **NET ASSETS — 100.0%** |  | **2805614** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| CR | Custodial Receipts |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| PSF-GTD | Permanent School Fund Guaranteed |
| Rev. | Revenue |
| TAN | Tax Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| # | Variable Rate Demand Preferred Shares of a <br> closed-end investment company which has a weekly <br> demand feature. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 83

------

JPMorgan California Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 76.0%** | **Municipal Bonds — 76.0%** | **Municipal Bonds — 76.0%** |
| **California — 76.0%** | **California — 76.0%** | **California — 76.0%** |
| Bay Area Toll Authority, Toll Bridge |  |  |
| Series 2024D, Rev., VRDO, LOC : TD Bank NA, <br> 1.25%, 3/2/2026 (a)<br>| 7110 | 7110 |
| Series 2024I, Rev., VRDO, LOC : TD Bank NA, <br> 1.57%, 3/2/2026 (a)<br>| 635 | 635 |
| California Health Facilities Financing Authority, <br> Adventist Health System<br>|  |  |
| Series 2009B, Rev., VRDO, LOC : US Bank NA, <br> 1.05%, 3/2/2026 (a)<br>| 1600 | 1600 |
| Series 2023B, Rev., VRDO, LOC : Barclays Bank plc, <br> 1.40%, 3/2/2026 (a)<br>| 2000 | 2000 |
| California Housing Finance Agency, Multi-Family <br> Housing 5032 Coliseum Street Project Series <br> 2025NN, Rev., VRDO, 2.95%, 10/1/2026 (a)<br>| 4000 | 4000 |
| California Infrastructure and Economic Development <br> Bank, Industrial Development, Silva Corks USA LLC <br> Project, Rev., AMT, VRDO, LOC : Bank of America <br> NA, 2.02%, 3/6/2026 (a)<br>| 780 | 780 |
| California Municipal Finance Authority, Chevron USA, <br> Inc., Project Series 2010A, Rev., VRDO, 1.25%, <br> 3/2/2026 (a)<br>| 4000 | 4000 |
| California Municipal Finance Authority, Multi-Family <br> Housing, Pacific Meadows Apartments Series <br> 2010A, Rev., VRDO, LIQ : FHLMC, 1.88%, <br> 3/6/2026 (a)<br>| 580 | 580 |
| California Public Finance Authority, Sharp Healthcare <br> Series 2024E, Rev., VRDO, LOC : TD Bank NA, <br> 1.20%, 3/2/2026 (a)<br>| 295 | 295 |
| California Statewide Communities Development <br> Authority, Rady Children's Hospital<br>|  |  |
| Series 2008A, Rev., VRDO, LOC : US Bank NA, <br> 1.05%, 3/2/2026 (a)<br>| 3575 | 3575 |
| Series 2008B, Rev., VRDO, LOC : Wells Fargo Bank <br> NA, 1.25%, 3/2/2026 (a)<br>| 2195 | 2195 |
| City and County of San Francisco Series 2024R-1, GO, <br> 5.00%, 6/15/2026<br>| 7000 | 7053 |
| City of Irvine, Assessment District No. 03-19, Limited <br> Obligation Improvement Series A, VRDO, LOC : US <br> Bank NA, 1.05%, 3/2/2026 (a)<br>| 4415 | 4415 |
| City of Los Angeles Department of Airports Series <br> 2019F, Rev., AMT, 5.00%, 5/15/2026<br>| 1700 | 1709 |
| City of Modesto, Multi-Family Housing Valley Oak <br> Project Series 2008A, Rev., VRDO, LOC : FHLMC, <br> 1.01%, 3/6/2026 (a)<br>| 675 | 675 |
| City of Modesto, Multi-Family Housing Westdale <br> Commons Series 2002A, Rev., VRDO, LOC : FNMA, <br> 1.05%, 3/6/2026 (a)<br>| 2100 | 2100 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| County of Los Angeles Series 2025-26A, Rev., TRAN, <br> 5.00%, 6/30/2026<br>| 2860 | 2887 |
| County of San Bernardino, Somerset Apartments LLC <br> Series 1999A, Rev., VRDO, LOC : FNMA, 1.43%, <br> 3/6/2026 (a)<br>| 950 | 950 |
| County of San Diego, Museum of Art, COP, VRDO, LOC : <br> Wells Fargo Bank NA, 0.96%, 3/6/2026 (a)<br>| 2200 | 2200 |
| Deutsche Bank Spears Series 2025-DBE-8182, Rev., <br> VRDO, LIQ : Deutsche Bank AG, 1.80%, <br> 3/2/2026 (a) (b)<br>| 3825 | 3825 |
| Elsinore Valley Municipal Water District Financing <br> Authority Series 2025A, Rev., VRDO, LOC : <br> Sumitomo Mitsui Banking Corp., 0.90%, <br> 3/6/2026 (a)<br>| 2000 | 2000 |
| Metropolitan Water District of Southern California <br> Series 2025B, Rev., VRDO, LIQ : PNC Bank NA, <br> 1.35%, 3/6/2026 (a)<br>| 7525 | 7525 |
| Modesto Public Financing Authority, Rev., VRDO, LOC : <br> BMO Harris Bank NA, 1.15%, 3/6/2026 (a)<br>| 4055 | 4055 |
| Public Finance Authority Series 25-VRS213, Class A, <br> Rev., VRDO, LOC : Bank of America NA, 2.10%, <br> 3/2/2026 (a) (b)<br>| 4490 | 4490 |
| Regents of the University of California Medical Center <br> Pooled Series 2020O-1, Rev., VRDO, 1.40%, <br> 3/2/2026 (a)<br>| 2200 | 2200 |
| Sacramento County Housing Authority, Multi-Family <br> Housing, Ashford Park Apartments Series 1996D, <br> Rev., VRDO, FNMA, LIQ : FNMA, 1.30%, <br> 3/6/2026 (a)<br>| 2000 | 2000 |
| Sacramento County Housing Authority, River Terrace <br> Apartments Series C, Rev., VRDO, FNMA, LIQ : <br> FNMA, 1.30%, 3/6/2026 (a)<br>| 665 | 665 |
| San Francisco City and County Redevelopment Agency <br> Successor Agency, Notre Dame Housing Partners LP <br> Series 2000G, Rev., AMT, VRDO, LOC : Citibank NA, <br> 1.15%, 3/6/2026 (a)<br>| 5840 | 5840 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2024-BAML5060, Rev., VRDO, LOC : Bank of <br> America NA, 1.60%, 3/2/2026 (a) (b)<br>| 3000 | 3000 |
| Series 2025-XF1879, Rev., VRDO, LIQ : Bank of <br> America NA, 2.00%, 3/2/2026 (a) (b)<br>| 600 | 600 |
| Series 2025-XF1899, GO, VRDO, LIQ : Bank of <br> America NA, 2.15%, 3/2/2026 (a) (b)<br>| 1500 | 1500 |
| Series 2022-XF3028, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 4325 | 4325 |
| Series 2024-ZF1773, Rev., VRDO, LOC : Royal Bank <br> of Canada, 1.92%, 3/5/2026 (a) (b)<br>| 1670 | 1670 |
| Series 2022-XF1376, Rev., VRDO, LIQ : Bank of <br> America NA, 1.88%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Series 2023-ZF3175, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.89%, 3/6/2026 (a) (b)<br>| 1000 | 1000 |
| Series 2023-ZF3187, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.89%, 3/6/2026 (a) (b)<br>| 5535 | 5535 |
| Series 2022-XX1239, GO, VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 2425 | 2425 |
| Series 2022-XX1262, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2022-XX1263, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2022-YX1200, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 1600 | 1600 |
| Series 2023-XG0502, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.90%, 3/6/2026 (a) (b)<br>| 2800 | 2800 |
| Series 2024-XG0587, Rev., VRDO, LIQ : Bank of <br> America NA, 1.90%, 3/6/2026 (a) (b)<br>| 1800 | 1800 |
| Series 2026-XF3512, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2022-XF1415, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 1705 | 1705 |
| Series 2022-XG0430, Rev., VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3105 | 3105 |
| Series 2022-XL0384, GO, VRDO, LOC : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 1900 | 1900 |
| Series 2023-XL0501, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2375 | 2375 |
| Series 2025-XF3493, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XM1245, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3400 | 3400 |
| Series 2025-XX1442, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4760 | 4760 |
| Series XG0100, Rev., VRDO, AMBAC, LOC : Deutsche <br> Bank AG, 1.92%, 3/6/2026 (a) (b)<br>| 8465 | 8465 |
| Series 2025-XF3473, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 2200 | 2200 |
| Series 2025-XM1302, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 2560 | 2560 |
| Series 2025-CF7014, Rev., VRDO, LOC : Citibank <br> NA, 2.00%, 3/6/2026 (a) (b)<br>| 4956 | 4956 |
| Series 2023-007, Rev., VRDO, LOC : Barclays Bank <br> plc, 2.13%, 4/3/2026 (a) (b)<br>| 7100 | 7100 |
| University of California |  |  |
| Series 2013AL-3, Rev., VRDO, 1.25%, <br> 3/2/2026 (a)<br>| 2425 | 2425 |
| Series 2013AL-4, Rev., VRDO, 1.35%, <br> 3/2/2026 (a)<br>| 2260 | 2260 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| Series 2025BZ, Rev., 5.00%, 5/15/2026 | 3500 | 3519 |
| Western Municipal Water District Facilities Authority <br> Series 2012A, Rev., VRDO, LOC : TD Bank NA, <br> 1.15%, 3/6/2026 (a)<br>| 565 | 565 |
| **Total California** |  | 169659 |
| Total Municipal Bonds <br>(Cost $169,659)<br>|  | 169659 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 4.5%** | **Variable Rate Demand Preferred Shares — 4.5%** | **Variable Rate Demand Preferred Shares — 4.5%** |
| **California — 4.5%** | **California — 4.5%** | **California — 4.5%** |
| Nuveen California AMT - Free Quality Municipal <br> Income Fund Series 6, LIQ : Sumitomo Mitsui <br> Banking Corp., 1.91%, 3/6/2026# (b)<br>| 10000 | 10000 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $10,000)<br>|  | 10000 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Short Term Investments — 18.9%** | **Short Term Investments — 18.9%** | **Short Term Investments — 18.9%** |
| **Commercial Paper — 18.9%** | **Commercial Paper — 18.9%** | **Commercial Paper — 18.9%** |
| Burbank Glendale Pasadena Airport Authority Series <br> B-2, 2.37%, 8/10/2026<br>| 1500 | 1500 |
| California Statewide Communities Development <br> Authority<br>|  |  |
| Series B-6, 2.60%, 3/5/2026 | 3000 | 3000 |
| Series 09-D, 2.35%, 7/8/2026 | 2000 | 2000 |
| City and County of San Francisco |  |  |
| Series A-4, 2.64%, 3/13/2026 | 3000 | 3000 |
| Series A-2, 2.66%, 3/13/2026 | 2500 | 2500 |
| City of Los Angeles Community Facilities District |  |  |
| Series R-TE, 2.35%, 3/12/2026 | 1102 | 1102 |
| Series R-TE, 2.18%, 3/17/2026 | 3729 | 3729 |
| Series R-TE, 2.20%, 3/17/2026 | 1500 | 1500 |
| Municipal Improvement Corp. of Los Angeles |  |  |
| Series A-1, 2.20%, 3/3/2026 | 10000 | 10000 |
| Series A-3, 2.30%, 3/3/2026 | 1000 | 1000 |
| Public Utilities Commission of San Francisco (Belize) |  |  |
| Series E-A4, 2.26%, 3/12/2026 | 3000 | 3000 |
| Series E-A4, 2.25%, 7/8/2026 | 3000 | 3000 |
| San Diego County Water Authority Series 9, 2.35%, <br> 6/11/2026<br>| 3500 | 3500 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 85

------

JPMorgan California Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short Term Investments — continued** | **Short Term Investments — continued** | **Short Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| San Francisco City and County Public Utilities <br> Commission Series A-1, 2.30%, 6/10/2026<br>| 1000 | 1000 |
| State of California Series A-1, 2.56%, 3/18/2026 | 2500 | 2500 |
| Total Commercial Paper <br>(Cost $42,331)<br>|  | 42331 |
| Total Short Term Investments <br>(Cost $42,331)<br>|  | 42331 |
| **Total Investments — 99.4%** <br>**(Cost $221,990)** \*<br>|  | **221990** |
| **Other Assets in Excess of Liabilities — 0.6%** |  | **1346** |
| **NET ASSETS — 100.0%** |  | **223336** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |

---

---

| | |
|:---|:---|
| COP | Certificate of Participation |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| Rev. | Revenue |
| TRAN | Tax & Revenue Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| # | Variable Rate Demand Preferred Shares of a <br> closed-end investment company which has a weekly <br> demand feature. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Money Market Funds February 28, 2026

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 86.8%** | **Municipal Bonds — 86.8%** | **Municipal Bonds — 86.8%** |
| **New York — 86.8%** | **New York — 86.8%** | **New York — 86.8%** |
| Akron Central School District Series 2025A, GO, <br> BAN, 4.00%, 8/13/2026<br>| 1501 | 1508 |
| Albany Industrial Development Agency, Civic Facility, <br> Living Resources Corp., Project Series 2007A, <br> Rev., VRDO, LOC : HSBC Bank USA NA, 1.88%, <br> 3/6/2026 (a)<br>| 4295 | 4295 |
| Amherst Development Corp., Student Housing <br> Facility, South Lake Village Project Series 2010B, <br> Rev., VRDO, LOC : HSBC Bank USA NA, 1.98%, <br> 3/6/2026 (a)<br>| 9095 | 9095 |
| Battery Park City Authority Series 2019D-2, Rev., <br> VRDO, LIQ : TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 100 | 100 |
| Canton Central School District, GO, BAN, 3.75%, <br> 9/4/2026<br>| 1783 | 1792 |
| Cato-Meridian Central School District, GO, BAN, <br> 3.75%, 7/29/2026<br>| 4488 | 4506 |
| Cattaraugus-Little Valley Central School District <br> Series 2025A, GO, BAN, 3.50%, 9/29/2026<br>| 3000 | 3013 |
| Cazenovia Central School District, GO, BAN, 4.00%, <br> 7/17/2026<br>| 4000 | 4011 |
| City of Albany, GO, BAN, 4.00%, 3/20/2026 | 16312 | 16319 |
| City of Geneva, GO, BAN, 4.75%, 4/30/2026 | 5000 | 5010 |
| City of New York, Fiscal Year 2013 Series 2013, <br> Subseries A-2, GO, VRDO, LOC : Mizuho Bank Ltd., <br> 2.00%, 3/2/2026 (a)<br>| 2785 | 2785 |
| City of New York, Fiscal Year 2017 Series 2017A-7, <br> GO, VRDO, LOC : BMO Harris Bank NA, 2.02%, <br> 3/2/2026 (a)<br>| 9500 | 9500 |
| City of New York, Fiscal Year 2022 Subseries D-4, <br> GO, VRDO, LIQ : State Street Bank & Trust Co., <br> 1.95%, 3/2/2026 (a)<br>| 2210 | 2210 |
| City of New York, Fiscal Year 2023 Series 2023A, <br> Subseries A-3, GO, VRDO, LIQ : Bank of Montreal, <br> 1.90%, 3/2/2026 (a)<br>| 6215 | 6215 |
| City of New York, Fiscal Year 2025 Series 2025, <br> Subseries G-3, GO, VRDO, LIQ : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 1200 | 1200 |
| City of Newburgh Series 2025A, GO, BAN, 4.00%, <br> 3/5/2026<br>| 4000 | 4000 |
| City of Oneida, GO, BAN, 4.00%, 3/27/2026 | 245 | 245 |
| City of Peekskill, GO, TAN, 3.75%, 11/4/2026 | 6000 | 6052 |
| City of Rome, GO, BAN, 4.00%, 6/10/2026 | 13650 | 13681 |
| City of Troy, GO, BAN, 4.00%, 1/29/2027 | 1332 | 1349 |
| City of Yonkers Series 2026D, GO, 5.00%, <br> 8/1/2026<br>| 2800 | 2831 |
| Deutsche Bank Spears |  |  |
| Series 2025-DB8210, Rev., VRDO, LIQ : Deutsche <br> Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 11815 | 11815 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-DB-8215, Rev., VRDO, LIQ : <br> Deutsche Bank AG, 2.00%, 3/2/2026 (a) (b)<br>| 3955 | 3955 |
| Series DB-8149, Rev., VRDO, LIQ : Deutsche Bank <br> AG, 2.00%, 3/2/2026 (a) (b)<br>| 3800 | 3800 |
| East Aurora Union Free School District, GO, BAN, <br> 3.75%, 12/3/2026<br>| 7350 | 7407 |
| Ellenville Central School District, GO, BAN, 3.75%, <br> 6/26/2026<br>| 6000 | 6020 |
| Enlarged City School District of the City of Troy, GO, <br> BAN, 4.00%, 6/5/2026<br>| 15583 | 15616 |
| Erie County Industrial Development Agency (The), <br> Our Lady Victory Corp. Series 2007A, Rev., VRDO, <br> LOC : HSBC Bank USA NA, 1.91%, 3/6/2026 (a)<br>| 1975 | 1975 |
| Gananda Central School District, GO, BAN, 3.50%, <br> 6/26/2026<br>| 6000 | 6016 |
| Hunter-Tannersville Central School District, GO, BAN, <br> 4.00%, 6/25/2026<br>| 3000 | 3006 |
| Hyde Park Central School District, GO, BAN, 4.25%, <br> 6/12/2026<br>| 1970 | 1975 |
| Johnstown City School District, GO, BAN, 3.00%, <br> 6/26/2026 (c)<br>| 3000 | 3005 |
| Long Island Power Authority, Electric System Series <br> 2025C, Rev., VRDO, LOC : Royal Bank of Canada, <br> 1.85%, 3/6/2026 (a)<br>| 3695 | 3695 |
| Malone Central School District Series 2025A, GO, <br> BAN, 3.50%, 8/7/2026<br>| 2200 | 2207 |
| Metropolitan Transportation Authority |  |  |
| Series 2012G-1, Rev., VRDO, LOC : Barclays Bank <br> plc, 2.00%, 3/2/2026 (a)<br>| 615 | 615 |
| Series 2012G-3, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.00%, 3/2/2026 (a)<br>| 175 | 175 |
| Series 2020B, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.00%, 3/2/2026 (a)<br>| 200 | 200 |
| Metropolitan Transportation Authority Dedicated <br> Tax Fund<br>|  |  |
| Series 2008A-1, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 7235 | 7235 |
| Series 2008A-2A, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 1725 | 1725 |
| Middle Country Central School District At <br> Centereach, GO, TAN, 4.00%, 6/24/2026<br>| 11000 | 11046 |
| Miller Place Union Free School District, GO, TAN, <br> 3.75%, 6/24/2026<br>| 13000 | 13044 |
| Nassau County Industrial Development Agency, Cold <br> Spring Harbor Laboratory Project Series 2006, <br> Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 38975 | 38975 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 87

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Housing Development Corp., 92nd <br> Realty LLC Series 1999A, Rev., VRDO, FNMA, LOC <br> : FNMA, 2.19%, 3/6/2026 (a)<br>| 15600 | 15600 |
| New York City Housing Development Corp., Multi <br> Family Housing, Westport Development Series <br> 2004A, Rev., VRDO, LOC : FNMA, 2.19%, <br> 3/6/2026 (a)<br>| 14175 | 14175 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 89 Murray Street Series <br> 2005A, Rev., VRDO, LOC : FNMA, 2.19%, <br> 3/6/2026 (a)<br>| 27000 | 27000 |
| New York City Housing Development Corp., <br> Multi-Family Rental Housing Series 2009A, Rev., <br> VRDO, LOC : FHLMC, 1.82%, 3/6/2026 (a)<br>| 7050 | 7050 |
| New York City Housing Development Corp., <br> Multi-Family Rental Housing, West 89th Street <br> Development Series 2000A, Rev., VRDO, LOC : <br> FNMA, 2.10%, 3/6/2026 (a)<br>| 30 | 30 |
| New York City Housing Development Corp., <br> Multi-Family, La Fontaine Owners LLC Series <br> 2005A, Rev., VRDO, LOC : Citibank NA, 1.90%, <br> 3/6/2026 (a)<br>| 2925 | 2925 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2025 <br> Series 2025, Subseries EE-2, Rev., VRDO, LIQ : TD <br> Bank NA, 1.90%, 3/2/2026 (a)<br>| 1975 | 1975 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution<br>|  |  |
| Series 2007, Subseries CC-2, Rev., VRDO, LIQ : <br> State Street Bank & Trust Co., 1.95%, <br> 3/2/2026 (a)<br>| 530 | 530 |
| Series BB 1-A, Rev., VRDO, LIQ : State Street Bank <br> & Trust Co., 2.00%, 3/2/2026 (a)<br>| 2000 | 2000 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2010 Series 2010CC, <br> Rev., VRDO, LIQ : State Street Bank & Trust Co., <br> 1.90%, 3/2/2026 (a)<br>| 9120 | 9120 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2011 Series DD-1, Rev., <br> VRDO, LIQ : TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 10150 | 10150 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2014 Series 2014AA-3, <br> Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (a)<br>| 3700 | 3700 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal year 2021 Series 2021, <br> Subseries EE2, Rev., VRDO, LIQ : State Street <br> Bank & Trust Co., 1.95%, 3/2/2026 (a)<br>| 525 | 525 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2023<br>|  |  |
| Series 2023, Subseries B-1, Rev., VRDO, LIQ : <br> Mizuho Bank Ltd., 2.00%, 3/2/2026 (a)<br>| 1750 | 1750 |
| Series 2023, Subseries BB-2, Rev., VRDO, LIQ : <br> Mizuho Bank Ltd., 2.02%, 3/2/2026 (a)<br>| 5440 | 5440 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2015 Series A-4, Rev., <br> VRDO, LIQ : Mizuho Bank Ltd., 2.02%, <br> 3/2/2026 (a)<br>| 21705 | 21705 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2019 Series 2019C-4, <br> Rev., VRDO, LIQ : Barclays Bank plc, 2.00%, <br> 3/2/2026 (a)<br>| 200 | 200 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2023<br>|  |  |
| Series 2023, Subseries A-2, Rev., VRDO, LIQ : <br> UBS AG, 1.90%, 3/2/2026 (a)<br>| 3975 | 3975 |
| Series 2023, Subseries A-3, Rev., VRDO, LIQ : <br> Bank of New York Mellon (The), 2.00%, <br> 3/2/2026 (a)<br>| 200 | 200 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025 <br> Series 2025H, Subseries H-1, Rev., VRDO, LIQ : <br> TD Bank NA, 1.90%, 3/2/2026 (a)<br>| 12375 | 12375 |
| New York City Water and Sewer System, Second <br> General Resolution Series BB 1B, Rev., VRDO, LIQ <br> : State Street Bank & Trust Co., 2.00%, <br> 3/2/2026 (a)<br>| 2300 | 2300 |
| New York State Dormitory Authority, Columbia <br> University Series 2003B, Rev., VRDO, 1.83%, <br> 3/6/2026 (a)<br>| 12462 | 12462 |
| New York State Energy Research and Development <br> Authority, Consolidated Edison Co. of New York, <br> Inc., Project Series 2005A-3, Rev., VRDO, LOC : <br> Mizuho Bank Ltd., 1.95%, 3/6/2026 (a)<br>| 9600 | 9600 |
| New York State Housing Finance Agency Series <br> 200B, Rev., VRDO, LOC : FNMA, 3.72%, <br> 3/6/2026 (a)<br>| 2150 | 2150 |
| New York State Housing Finance Agency, <br> 10 Barclay Street Series 2004A, Rev., VRDO, LOC <br> : FNMA, 1.70%, 3/6/2026 (a)<br>| 33900 | 33900 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Housing Finance Agency, 160 <br> Madison Avenue LLC<br>|  |  |
| Series 2013A, Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 1.90%, <br> 3/2/2026 (a)<br>| 28625 | 28625 |
| Series 2014A, Rev., VRDO, LOC : Landesbank <br> Hessen-Thuringen Girozentrale, 1.90%, <br> 3/2/2026 (a)<br>| 20200 | 20200 |
| New York State Housing Finance Agency, 316 <br> Eleventh Avenue Housing Series 2009A, Rev., <br> VRDO, LOC : FNMA, 2.05%, 3/6/2026 (a)<br>| 5550 | 5550 |
| New York State Housing Finance Agency, 330 West <br> 39th Street Housing Series 2010A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 1.90%, 3/6/2026 (a)<br>| 2040 | 2040 |
| New York State Housing Finance Agency, 350 West <br> 43rd Street Housing Series 2001A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 2.10%, 3/2/2026 (a)<br>| 11000 | 11000 |
| New York State Housing Finance Agency, 360 West <br> 43rd Street Housing, Rev., VRDO, LOC : FNMA, <br> 2.10%, 3/6/2026 (a)<br>| 2400 | 2400 |
| New York State Housing Finance Agency, 363 West <br> 30th Street Housing, Rev., VRDO, LOC : FHLMC, <br> 2.19%, 3/6/2026 (a)<br>| 9300 | 9300 |
| New York State Housing Finance Agency, 435 East <br> 13th Street Housing Series 2016A, Rev., VRDO, <br> LOC : Landesbank Hessen-Thuringen Girozentrale, <br> 1.90%, 3/6/2026 (a)<br>| 7220 | 7220 |
| New York State Housing Finance Agency, Grace <br> Towers Housing II LLC Series 2007A, Rev., VRDO, <br> LOC : FHLMC, 2.19%, 3/6/2026 (a)<br>| 9330 | 9330 |
| New York State Housing Finance Agency, Historic <br> Front Street Series 2003A, Rev., VRDO, LOC : <br> Landesbank Hessen-Thuringen Girozentrale, <br> 1.97%, 3/6/2026 (a)<br>| 10300 | 10300 |
| New York State Housing Finance Agency, Housing <br> Related Taconic Series 2009A, Rev., VRDO, LOC : <br> FNMA, 1.70%, 3/6/2026 (a)<br>| 45130 | 45130 |
| New York State Housing Finance Agency, Liberty <br> Street Realty LLC Series 2003A, Rev., VRDO, LOC : <br> FHLMC, 2.14%, 3/6/2026 (a)<br>| 10200 | 10200 |
| New York State Housing Finance Agency, Maiden <br> Lane Properties LLC Series 2004A, Rev., VRDO, <br> LOC : FNMA, 1.90%, 3/6/2026 (a)<br>| 500 | 500 |
| New York State Housing Finance Agency, North End <br> Series 2004A, Rev., VRDO, LOC : FNMA, 2.05%, <br> 3/6/2026 (a)<br>| 400 | 400 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Housing Finance Agency, Prospect <br> Plaza Apartments Project Series 2007, Rev., <br> VRDO, LOC : Citibank NA, 2.10%, 3/6/2026 (a)<br>| 7000 | 7000 |
| New York State Housing Finance Agency, Theater <br> Row Tower Housing Series 2001A, Rev., VRDO, <br> LIQ : FHLMC, 2.10%, 3/6/2026 (a)<br>| 10000 | 10000 |
| New York State Housing Finance Agency, Tribeca <br> Park Series ADJ A, Rev., AMT, VRDO, LOC : FNMA, <br> 2.10%, 3/6/2026 (a)<br>| 17000 | 17000 |
| New York State Housing Finance Agency, Weyant <br> Green Apartments Series 2007A, Rev., VRDO, <br> LOC : FNMA, 2.10%, 3/6/2026 (a)<br>| 100 | 100 |
| North Merrick Union Free School District, GO, TAN, <br> 4.00%, 5/28/2026<br>| 2000 | 2006 |
| North Shore Central School District, GO, TAN, <br> 4.00%, 6/25/2026<br>| 5000 | 5023 |
| Oneonta City School District, GO, BAN, 4.00%, <br> 6/26/2026<br>| 4730 | 4740 |
| Port Authority of New York and New Jersey Series <br> 2023-0009, Rev., VRDO, LIQ : Citibank NA, <br> 1.91%, 3/6/2026 (a) (b)<br>| 7500 | 7500 |
| Portville Central School District, GO, BAN, 3.25%, <br> 7/23/2026<br>| 8000 | 8027 |
| RBC Municipal Products, Inc. Trust, Floater <br> Certificates<br>|  |  |
| Series E-118, GO, VRDO, LOC : Royal Bank of <br> Canada, 2.05%, 3/2/2026 (a) (b)<br>| 27595 | 27595 |
| Series E-120, Rev., VRDO, LOC : Royal Bank of <br> Canada, 2.05%, 3/2/2026 (a) (b)<br>| 5300 | 5300 |
| Series 2025-E-166, GO, VRDO, LOC : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series E-159, GO, VRDO, LOC : Royal Bank of <br> Canada, 1.91%, 3/6/2026 (a) (b)<br>| 6025 | 6025 |
| Series 2022-E154, Rev., VRDO, LOC : Royal Bank <br> of Canada, 1.98%, 3/6/2026 (a) (b)<br>| 20325 | 20325 |
| RIB Floater Trust Various States |  |  |
| Series 2022-012, Rev., VRDO, LIQ : Barclays Bank <br> plc, 1.90%, 3/6/2026 (a) (b)<br>| 11760 | 11760 |
| Series 2022-011, Rev., VRDO, LIQ : Barclays Bank <br> plc, 1.91%, 3/6/2026 (a) (b)<br>| 3300 | 3300 |
| Series 2022-008, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.13%, 4/3/2026 (a) (b)<br>| 60000 | 60000 |
| Series 2024-002, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.13%, 4/3/2026 (a) (b)<br>| 12500 | 12500 |
| Roslyn Union Free School District, GO, BAN, 3.75%, <br> 8/26/2026<br>| 1804 | 1812 |
| Schoharie Central School District |  |  |
| Series 2025B, GO, BAN, 4.00%, 6/25/2026 | 2750 | 2756 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 89

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025A, GO, BAN, 4.00%, 7/10/2026 | 11000 | 11033 |
| Series 2025C, GO, BAN, 4.00%, 9/18/2026 | 1134 | 1141 |
| South Jefferson Central School District, GO, BAN, <br> 3.50%, 2/5/2027<br>| 2903 | 2925 |
| South Lewis Central School District, GO, BAN, <br> 3.25%, 7/24/2026<br>| 8796 | 8826 |
| State of New York Mortgage Agency Homeowner <br> Mortgage Series 247, Rev., VRDO, LIQ : TD Bank <br> NA, 1.85%, 3/6/2026 (a)<br>| 9825 | 9825 |
| Tender Option Bond Trust Receipts/Certificates |  |  |
| Series 2025-XX1389, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.00%, 3/2/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2025-XX1424, Rev., VRDO, LIQ : Barclays <br> Bank plc, 2.00%, 3/2/2026 (a) (b)<br>| 3250 | 3250 |
| Series 2024-XG0590, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 2.03%, 3/2/2026 (a) (b)<br>| 9795 | 9795 |
| Series 2025-XF8005, Rev., VRDO, LIQ : Bank of <br> America NA, 2.07%, 3/2/2026 (a) (b)<br>| 6665 | 6665 |
| Series 2025-XF8014, Rev., VRDO, LIQ : Bank of <br> America NA, 2.07%, 3/2/2026 (a) (b)<br>| 10665 | 10665 |
| Series 2025-XL0601, Rev., VRDO, LIQ : Bank of <br> America NA, 2.07%, 3/2/2026 (a) (b)<br>| 3175 | 3175 |
| Series 2025-XM1316, Rev., VRDO, LIQ : Bank of <br> America NA, 2.07%, 3/2/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2024-BAML6026, Rev., VRDO, LOC : Bank <br> of America NA, 2.19%, 3/2/2026 (a) (b)<br>| 3420 | 3420 |
| Series 2025-YX1372, Rev., VRDO, LOC : Barclays <br> Bank plc, 2.20%, 3/2/2026 (a) (b)<br>| 22075 | 22075 |
| Series 2022-ZF1417, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/5/2026 (a) (b)<br>| 1635 | 1635 |
| Series 2022-XM1058, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 2870 | 2870 |
| Series 2022-XM1070, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 3280 | 3280 |
| Series 2023-XF3185, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 5930 | 5930 |
| Series 2023-XM1142, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 10070 | 10070 |
| Series 2025-ZF3373, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.90%, 3/6/2026 (a) (b)<br>| 3530 | 3530 |
| Series 025-YX1418, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 7900 | 7900 |
| Series 025-ZF1987, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4835 | 4835 |
| Series 025-ZF1994, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2290 | 2290 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 025-ZF1995, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2530 | 2530 |
| Series 2019-XF0847, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 7220 | 7220 |
| Series 2020-XF2868, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 1900 | 1900 |
| Series 2020-XG0276, Rev., VRDO, LOC : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1545 | 1545 |
| Series 2022-XF1339, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4090 | 4090 |
| Series 2022-XF1393, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 2010 | 2010 |
| Series 2022-XF1399, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1835 | 1835 |
| Series 2022-XF3002, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 6100 | 6100 |
| Series 2022-XF3016, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 19705 | 19705 |
| Series 2022-XF3047, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2400 | 2400 |
| Series 2022-XG0405, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2022-XL0353, GO, VRDO, LIQ : Wells Fargo <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2860 | 2860 |
| Series 2022-XL0381, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2022-XM1006, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2400 | 2400 |
| Series 2022-XM1010, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2950 | 2950 |
| Series 2022-XM1031, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2022-XM1052, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 5625 | 5625 |
| Series 2022-YX1242, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5630 | 5630 |
| Series 2022-YX1250, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 1730 | 1730 |
| Series 2022-YX1257, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3440 | 3440 |
| Series 2022-YX1277, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2985 | 2985 |
| Series 2022-ZL0263, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2985 | 2985 |
| Series 2022-ZL0350, GO, VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3300 | 3300 |
| Series 2022-ZL0393, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2050 | 2050 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2023-XF1495, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 1565 | 1565 |
| Series 2023-XF1505, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3350 | 3350 |
| Series 2023-XF1614, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 1245 | 1245 |
| Series 2023-XF1622, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2023-XF1633, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 3880 | 3880 |
| Series 2023-XF1643, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2905 | 2905 |
| Series 2023-XF1652, Rev., VRDO, LIQ : TD Bank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 3750 | 3750 |
| Series 2023-XF1665, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3310 | 3310 |
| Series 2023-XF3161, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3840 | 3840 |
| Series 2023-XF3169, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 10335 | 10335 |
| Series 2023-XF3182, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2755 | 2755 |
| Series 2023-XF3184, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 11575 | 11575 |
| Series 2023-XL0434, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 10975 | 10975 |
| Series 2023-XL0441, GO, VRDO, LIQ : Royal Bank <br> of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 2000 | 2000 |
| Series 2023-XL0463, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5210 | 5210 |
| Series 2023-XX1323, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 6000 | 6000 |
| Series 2023-ZF1656, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3210 | 3210 |
| Series 2023-ZF3167, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2023-ZF3171, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2130 | 2130 |
| Series 2023-ZL0494, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 5330 | 5330 |
| Series 2023-ZL0517, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1670 | 1670 |
| Series 2024-XF3229, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 4790 | 4790 |
| Series 2024-XF3273, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 4125 | 4125 |
| Series 2024-XG0561, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2350 | 2350 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2024-XL0568, Rev., VRDO, A.G., LOC : TD <br> Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 700 | 700 |
| Series 2024-XM1181, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2165 | 2165 |
| Series 2024-YX1344, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5750 | 5750 |
| Series 2024-YX1347, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 3375 | 3375 |
| Series 2025-CF7021, Rev., VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 13215 | 13215 |
| Series 2025-CF7025, Rev., VRDO, LIQ : Citibank <br> NA, 1.91%, 3/6/2026 (a) (b)<br>| 5690 | 5690 |
| Series 2025-XF1967, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2665 | 2665 |
| Series 2025-XF3320, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 500 | 500 |
| Series 2025-XF3384, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 830 | 830 |
| Series 2025-XF3471, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 20000 | 20000 |
| Series 2025-XF8060, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 4000 | 4000 |
| Series 2025-XG0633, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 6550 | 6550 |
| Series 2025-XL0676, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 7455 | 7455 |
| Series 2025-XL0726, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 5000 | 5000 |
| Series 2025-XM1306, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 6000 | 6000 |
| Series 2025-YX1440, Rev., VRDO, A.G., LOC : <br> Barclays Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 2805 | 2805 |
| Series 2025-YX1448, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.91%, 3/6/2026 (a) (b)<br>| 5230 | 5230 |
| Series 2025-ZF1861, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3725 | 3725 |
| Series 2025-ZF1862, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1675 | 1675 |
| Series 2025-ZF1883, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF1897, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3810 | 3810 |
| Series 2025-ZF1906, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2025-ZF1907, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 1875 | 1875 |
| Series 2025-ZF1936, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2110 | 2110 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 91

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-ZF3323, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 3520 | 3520 |
| Series 2025-ZF3391, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2810 | 2810 |
| Series 2025-ZF3408, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF3463, Rev., VRDO, LIQ : Wells <br> Fargo Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 1720 | 1720 |
| Series 2025-ZF8024, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 3370 | 3370 |
| Series 2025-ZF8056, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2555 | 2555 |
| Series 2025-ZF8072, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3360 | 3360 |
| Series 2025-ZF8073, GO, VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 2500 | 2500 |
| Series 2025-ZF8109, Rev., VRDO, LIQ : Royal <br> Bank of Canada, 1.91%, 3/6/2026 (a) (b)<br>| 4825 | 4825 |
| Series 2025-ZL0699, Rev., VRDO, LIQ : Bank of <br> America NA, 1.91%, 3/6/2026 (a) (b)<br>| 3425 | 3425 |
| Series 2025-ZL0718, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.91%, 3/6/2026 (a) (b)<br>| 2220 | 2220 |
| Series 2022-XF3065, Rev., VRDO, LOC : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 5995 | 5995 |
| Series 2022-ZL0270, Rev., VRDO, LIQ : Barclays <br> Bank plc, 1.92%, 3/6/2026 (a) (b)<br>| 2070 | 2070 |
| Series 2023-XL0526, Rev., VRDO, LOC : Royal <br> Bank of Canada, 1.92%, 3/6/2026 (a) (b)<br>| 3635 | 3635 |
| Series 2023-XF1496, Rev., VRDO, LIQ : TD Bank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 2150 | 2150 |
| Series 2025-CF7059, Rev., VRDO, LOC : Citibank <br> NA, 1.93%, 3/6/2026 (a) (b)<br>| 8000 | 8000 |
| Series 2025-XG0623, Rev., VRDO, A.G., LOC : <br> Bank of America NA, 1.93%, 3/6/2026 (a) (b)<br>| 5060 | 5060 |
| Series 2025-ZF3319, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 1.93%, 3/6/2026 (a) (b)<br>| 6665 | 6665 |
| Series 025-ZF1989, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 2625 | 2625 |
| Series 025-ZF1991, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 4685 | 4685 |
| Series 2022-XG0379, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 3565 | 3565 |
| Series 2022-XG0394, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 5040 | 5040 |
| Series 2022-XG0438, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 2145 | 2145 |
| Series 2023-XG0526, Rev., VRDO, LIQ : Bank of <br> America NA, 1.94%, 3/6/2026 (a) (b)<br>| 3200 | 3200 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| Series 2025-MS0087E, Rev., VRDO, LIQ : Morgan <br> Stanley Bank NA, 2.05%, 5/21/2026 (a) (b)<br>| 10575 | 10575 |
| Town of Bethlehem, GO, BAN, 5.00%, 5/1/2026 | 5960 | 5974 |
| Town of Camillus, GO, BAN, 3.75%, 3/12/2027 (c) | 4541 | 4598 |
| Town of Colonie Series 2025A, GO, BAN, 4.00%, <br> 3/6/2026<br>| 415 | 415 |
| Town of Hamburg, GO, BAN, 4.25%, 6/17/2026 | 3000 | 3008 |
| Town of New Paltz Series 2025C, GO, BAN, 3.75%, <br> 10/2/2026<br>| 2677 | 2694 |
| Town of Oyster Bay, GO, BAN, 4.00%, 3/6/2026 | 14279 | 14282 |
| Town of Pembroke, GO, BAN, 4.00%, 3/26/2026 | 4000 | 4003 |
| Town of Skaneateles, GO, BAN, 4.25%, 5/22/2026 | 2827 | 2832 |
| Town of Vestal, GO, BAN, 4.00%, 6/4/2026 | 4292 | 4301 |
| Triborough Bridge and Tunnel Authority, MTA <br> Bridges and Tunnels<br>|  |  |
| Series 2003B-2, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 11510 | 11510 |
| Series 2005B-4A, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (a)<br>| 7670 | 7670 |
| Series 2003B1, Rev., VRDO, LOC : US Bank NA, <br> 1.95%, 3/2/2026 (a)<br>| 1750 | 1750 |
| Series 2021B-2, Rev., 4.97%, 5/15/2026 (a) | 3650 | 3687 |
| Trust for Cultural Resources of The City of New York <br> (The), American Museum of Natural History<br>|  |  |
| Series 2014B-1, Rev., VRDO, 1.92%, <br> 5/5/2026 (a)<br>| 5225 | 5225 |
| Series 2014B2, Rev., VRDO, 1.92%, <br> 7/6/2026 (a)<br>| 10190 | 10190 |
| Union Springs Central School District, GO, BAN, <br> 3.75%, 7/17/2026<br>| 1056 | 1059 |
| Valley Central School District, GO, BAN, 4.00%, <br> 6/23/2026<br>| 10000 | 10041 |
| Village of Freeport |  |  |
| Series 2026B, GO, BAN, 3.50%, 4/24/2026 | 2542 | 2546 |
| Series 2025C, GO, BAN, 4.75%, 4/24/2026 | 6925 | 6937 |
| Series 2025F, GO, BAN, 3.75%, 11/12/2026 | 4529 | 4561 |
| Village of Hastings-on-Hudson, GO, BAN, 3.50%, <br> 2/18/2027<br>| 1870 | 1889 |
| Village of Haverstraw Series 2025B, GO, BAN, <br> 4.00%, 9/11/2026<br>| 2197 | 2212 |
| Village of Hempstead Series 2025A, GO, BAN, <br> 4.75%, 5/1/2026<br>| 6000 | 6012 |
| Village of Highland Falls |  |  |
| Series 2024A, GO, BAN, 4.00%, 3/11/2026 | 4375 | 4376 |
| Series 2026A, GO, BAN, 3.75%, 3/10/2027 (c) | 7285 | 7379 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Village of New Paltz Series 2025C, GO, BAN, <br> 4.00%, 9/11/2026<br>| 3250 | 3272 |
| Village of Penn Yan, GO, BAN, 4.00%, 7/16/2026 | 7583 | 7603 |
| Village of Port Chester, GO, BAN, 4.00%, 5/1/2026 | 5000 | 5002 |
| Village of Sleepy Hollow, GO, BAN, 4.00%, <br> 11/13/2026<br>| 6576 | 6636 |
| Warrensburg Central School District, GO, BAN, <br> 4.00%, 6/23/2026<br>| 3900 | 3908 |
| West Genesee Central School District Series 2025B, <br> GO, BAN, 4.00%, 7/17/2026<br>| 4000 | 4012 |
| West Hempstead Union Free School District, GO, <br> TAN, 3.50%, 5/22/2026<br>| 6000 | 6012 |
| Yorktown Central School District, GO, BAN, 3.75%, <br> 6/23/2026 (c)<br>| 8000 | 8030 |
| **Total New York** |  | 1537841 |
| Total Municipal Bonds <br>(Cost $1,537,841)<br>|  | 1537841 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Variable Rate Demand Preferred Shares — 8.9%** | **Variable Rate Demand Preferred Shares — 8.9%** | **Variable Rate Demand Preferred Shares — 8.9%** |
| **New York — 8.9%** | **New York — 8.9%** | **New York — 8.9%** |
| BlackRock MuniYield New York Quality Fund, Inc. <br> Series W-7A, LIQ : Bank of America NA, 2.02%, <br> 3/6/2026# (b)<br>| 28200 | 28200 |
| Nuveen New York AMT - Free Quality Municipal <br> Income Fund<br>|  |  |
| Series 1, LIQ : Societe Generale, 1.93%, <br> 3/6/2026# (b)<br>| 18600 | 18600 |
| Series 2, LIQ : Royal Bank of Canada, 1.93%, <br> 3/6/2026# (b)<br>| 26800 | 26800 |
| Series 3, LIQ : Sumitomo Mitsui Banking Corp., <br> 1.93%, 3/6/2026# (b)<br>| 43200 | 43200 |
| Series 5, LIQ : TD Bank NA, 1.95%, 3/6/2026# <br> (b)<br>| 20000 | 20000 |
| Nuveen New York Quality Municipal Income Fund <br> Series 1-PFD, LIQ : TD Bank NA, 2.04%, <br> 3/6/2026# (b)<br>| 20500 | 20500 |
| Total Variable Rate Demand Preferred Shares <br>(Cost $157,300)<br>|  | 157300 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS ††**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short Term Investments — 2.7%** | **Short Term Investments — 2.7%** | **Short Term Investments — 2.7%** |
| **Commercial Paper — 2.7%** | **Commercial Paper — 2.7%** | **Commercial Paper — 2.7%** |
| Long Island Power Authority |  |  |
| Series B, 2.35%, 3/16/2026 | 27950 | 27950 |
| Series B, 2.40%, 3/16/2026 | 4000 | 4000 |
| New York State Dormitory Authority, 2.40%, <br> 3/19/2026<br>| 15000 | 15000 |
| Total Commercial Paper <br>(Cost $46,950)<br>|  | 46950 |
| Total Short Term Investments <br>(Cost $46,950)<br>|  | 46950 |
| **Total Investments — 98.4%** <br>**(Cost $1,742,091)** \*<br>|  | **1742091** |
| **Other Assets in Excess of Liabilities — 1.6%** |  | **28845** |
| **NET ASSETS — 100.0%** |  | **1770936** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GO | General Obligation |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| Rev. | Revenue |
| TAN | Tax Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| †† | The date shown represents the earliest of the next put date, next <br> demand date or final maturity date. |
| # | Variable Rate Demand Preferred Shares of a <br> closed-end investment company which has a weekly <br> demand feature. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| \* | The cost of securities is substantially the same for <br> federal income tax purposes.<br>|
| (a) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 93

------

JPMorgan New York Municipal Money Market Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Money Market Funds February 28, 2026

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Prime Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Institutional** <br>**Tax Free Money** <br>**Market Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $73501519 | &nbsp;&nbsp;&nbsp; $2937514 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; 26020000 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 1680143 | &nbsp;&nbsp;&nbsp; 9 |
| Receivables: |  |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; 49467 | &nbsp;&nbsp;&nbsp; — |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12650 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 210 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 158861 | &nbsp;&nbsp;&nbsp; 9078 |
| Total Assets | &nbsp;&nbsp;&nbsp; 101409990 | &nbsp;&nbsp;&nbsp; 2959461 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 182466 | &nbsp;&nbsp;&nbsp; 4788 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 1258130 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 6159 | &nbsp;&nbsp;&nbsp; 166 |
| Administration fees | &nbsp;&nbsp;&nbsp; 2125 | &nbsp;&nbsp;&nbsp; 51 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Service fees | &nbsp;&nbsp;&nbsp; 4582 | &nbsp;&nbsp;&nbsp; 20 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 48 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 744 | &nbsp;&nbsp;&nbsp; 74 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 1454610 | &nbsp;&nbsp;&nbsp; 5147 |
| Net Assets | &nbsp;&nbsp;&nbsp; $99955380 | &nbsp;&nbsp;&nbsp; $2954314 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 95

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Prime Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Institutional**<br> **Tax Free Money**<br>**Market Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $99953143 | &nbsp;&nbsp;&nbsp; $2954220 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 2237 | &nbsp;&nbsp;&nbsp; 94 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $99955380 | &nbsp;&nbsp;&nbsp; $2954314 |
| Net Assets: |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $912616 | &nbsp;&nbsp;&nbsp; $— |
| Agency | &nbsp;&nbsp;&nbsp; 3210709 | &nbsp;&nbsp;&nbsp; 44286 |
| Capital | &nbsp;&nbsp;&nbsp; 56356157 | &nbsp;&nbsp;&nbsp; 421722 |
| Empower | &nbsp;&nbsp;&nbsp; 730722 | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp; 18208845 | &nbsp;&nbsp;&nbsp; 2207857 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 17011387 | &nbsp;&nbsp;&nbsp; 280449 |
| Morgan | &nbsp;&nbsp;&nbsp; 699282 | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; 2822585 | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; 3077 | &nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp;&nbsp; $99955380 | &nbsp;&nbsp;&nbsp; $2954314 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Academy | &nbsp;&nbsp;&nbsp; 912410 | &nbsp;&nbsp;&nbsp; — |
| Agency | &nbsp;&nbsp;&nbsp; 3207678 | &nbsp;&nbsp;&nbsp; 44276 |
| Capital | &nbsp;&nbsp;&nbsp; 56338592 | &nbsp;&nbsp;&nbsp; 421595 |
| Empower | &nbsp;&nbsp;&nbsp; 730518 | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp; 18202987 | &nbsp;&nbsp;&nbsp; 2207592 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 17005352 | &nbsp;&nbsp;&nbsp; 280395 |
| Morgan | &nbsp;&nbsp;&nbsp; 698227 | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; 2821244 | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; 3075 | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value offering and redemption price per share |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $1.0002 | &nbsp;&nbsp;&nbsp; $— |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp;1.0009 | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;1.0003 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;1.0001 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;1.0002 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp;1.0015 | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp;1.0006 | &nbsp;&nbsp;&nbsp; — |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $73493646 | &nbsp;&nbsp;&nbsp; $2937514 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; 26020000 | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Liquid** <br>**Assets Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Securities** <br>**Lending Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Government** <br>**Money** <br>**Market Fund** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $67865507 | &nbsp;&nbsp;&nbsp; $973587 | &nbsp;&nbsp;&nbsp; $197502288 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; 15228000 | &nbsp;&nbsp;&nbsp; 2036705 | &nbsp;&nbsp;&nbsp; 128279225 |
| Cash | &nbsp;&nbsp;&nbsp; 2541151 | &nbsp;&nbsp;&nbsp; 97 | &nbsp;&nbsp;&nbsp; 10834668 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2248170 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 143953 | &nbsp;&nbsp;&nbsp; 2182 | &nbsp;&nbsp;&nbsp; 665006 |
| Due from adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 85778611 | &nbsp;&nbsp;&nbsp; 3012601 | &nbsp;&nbsp;&nbsp; 339529357 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 85632 | &nbsp;&nbsp;&nbsp; 7010 | &nbsp;&nbsp;&nbsp; 552153 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 1053483 | &nbsp;&nbsp;&nbsp; 5000 | &nbsp;&nbsp;&nbsp; 984562 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 5172 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20363 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7271 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 727 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1364 |
| Service fees | &nbsp;&nbsp;&nbsp; 12846 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 22213 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 959 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31 |
| Other | &nbsp;&nbsp;&nbsp; 1180 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 6777 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 1161264 | &nbsp;&nbsp;&nbsp; 12463 | &nbsp;&nbsp;&nbsp; 1595693 |
| Net Assets | &nbsp;&nbsp;&nbsp; $84617347 | &nbsp;&nbsp;&nbsp; $3000138 | &nbsp;&nbsp;&nbsp; $337933664 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 97

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Liquid**<br> **Assets Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Securities**<br> **Lending Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **U.S. Government**<br> **Money**<br> **Market Fund** <br>|
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $84617251 | &nbsp;&nbsp;&nbsp; $3000140 | &nbsp;&nbsp;&nbsp; $337990442 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 96 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (56778)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $84617347 | &nbsp;&nbsp;&nbsp; $3000138 | &nbsp;&nbsp;&nbsp; $337933664 |
| Net Assets: |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $3659063 |
| Agency | &nbsp;&nbsp;&nbsp; 5144787 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15872317 |
| Agency SL | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3000138 | &nbsp;&nbsp;&nbsp; — |
| Capital | &nbsp;&nbsp;&nbsp; 21867399 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 205400661 |
| Digital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 100367 |
| Empower | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11041706 |
| IM | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18012835 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 13115741 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44298496 |
| Investor | &nbsp;&nbsp;&nbsp; 7294 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1385261 |
| Morgan | &nbsp;&nbsp;&nbsp; 9420596 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17045399 |
| Premier | &nbsp;&nbsp;&nbsp; 35046308 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20979596 |
| Reserve | &nbsp;&nbsp;&nbsp; 15222 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39673 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98290 |
| Total | &nbsp;&nbsp;&nbsp; $84617347 | &nbsp;&nbsp;&nbsp; $3000138 | &nbsp;&nbsp;&nbsp; $337933664 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3659677 |
| Agency | &nbsp;&nbsp;&nbsp; 5144771 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15874984 |
| Agency SL | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3000170 | &nbsp;&nbsp;&nbsp; — |
| Capital | &nbsp;&nbsp;&nbsp; 21867330 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 205435157 |
| Digital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 100384 |
| Empower | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 11043559 |
| IM | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 18015862 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 13115699 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 44305937 |
| Investor | &nbsp;&nbsp;&nbsp; 7294 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1385493 |
| Morgan | &nbsp;&nbsp;&nbsp; 9420566 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17048264 |
| Premier | &nbsp;&nbsp;&nbsp; 35046197 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 20983120 |
| Reserve | &nbsp;&nbsp;&nbsp; 15222 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 39679 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 98306 |
| Net Asset Value offering and redemption price per share (all classes) | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $67865507 | &nbsp;&nbsp;&nbsp; $973587 | &nbsp;&nbsp;&nbsp; $197502288 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; 15228000 | &nbsp;&nbsp;&nbsp; 2036705 | &nbsp;&nbsp;&nbsp; 128279225 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Treasury** <br>**Plus Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Federal Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**100% U.S.** <br>**Treasury** <br>**Securities Money** <br>**Market Fund** <br>|
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $26486802 | &nbsp;&nbsp;&nbsp; $8015270 | &nbsp;&nbsp;&nbsp; $310789041 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; 30038939 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 1410156 | &nbsp;&nbsp;&nbsp; 208723 | &nbsp;&nbsp;&nbsp; 5125176 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 327400 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2305369 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 254 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 95278 | &nbsp;&nbsp;&nbsp; 6553 | &nbsp;&nbsp;&nbsp; 216123 |
| Total Assets | &nbsp;&nbsp;&nbsp; 58358575 | &nbsp;&nbsp;&nbsp; 8230546 | &nbsp;&nbsp;&nbsp; 318435963 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 85086 | &nbsp;&nbsp;&nbsp; 11221 | &nbsp;&nbsp;&nbsp; 629970 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 298306 | &nbsp;&nbsp;&nbsp; 15530647 |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 3589 | &nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp; 17629 |
| Administration fees | &nbsp;&nbsp;&nbsp; 1238 | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; 6346 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 545 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 812 |
| Service fees | &nbsp;&nbsp;&nbsp; 4730 | &nbsp;&nbsp;&nbsp; 1006 | &nbsp;&nbsp;&nbsp; 20166 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 872 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32 |
| Other | &nbsp;&nbsp;&nbsp; 2008 | &nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp; 7404 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 97399 | &nbsp;&nbsp;&nbsp; 311435 | &nbsp;&nbsp;&nbsp; 16213878 |
| Net Assets | &nbsp;&nbsp;&nbsp; $58261176 | &nbsp;&nbsp;&nbsp; $7919111 | &nbsp;&nbsp;&nbsp; $302222085 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 99

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **U.S. Treasury**<br> **Plus Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Federal Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **100% U.S.**<br> **Treasury**<br> **Securities Money**<br> **Market Fund** <br>|
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $58261185 | &nbsp;&nbsp;&nbsp; $7919074 | &nbsp;&nbsp;&nbsp; $302222037 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (9)<br>| &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 48 |
| Total Net Assets | &nbsp;&nbsp;&nbsp; $58261176 | &nbsp;&nbsp;&nbsp; $7919111 | &nbsp;&nbsp;&nbsp; $302222085 |
| Net Assets: |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; $232632 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $448734 |
| Agency | &nbsp;&nbsp;&nbsp; 3805917 | &nbsp;&nbsp;&nbsp; 534067 | &nbsp;&nbsp;&nbsp; 18469930 |
| Capital | &nbsp;&nbsp;&nbsp; 31417389 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 174351607 |
| Empower | &nbsp;&nbsp;&nbsp; 365509 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1413074 |
| IM | &nbsp;&nbsp;&nbsp; 555601 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 127756 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 11902124 | &nbsp;&nbsp;&nbsp; 4840916 | &nbsp;&nbsp;&nbsp; 76408402 |
| Investor | &nbsp;&nbsp;&nbsp; 22311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan | &nbsp;&nbsp;&nbsp; 5187294 | &nbsp;&nbsp;&nbsp; 362488 | &nbsp;&nbsp;&nbsp; 7349223 |
| Premier | &nbsp;&nbsp;&nbsp; 4118889 | &nbsp;&nbsp;&nbsp; 2181640 | &nbsp;&nbsp;&nbsp; 22397035 |
| Reserve | &nbsp;&nbsp;&nbsp; 653510 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1256324 |
| Total | &nbsp;&nbsp;&nbsp; $58261176 | &nbsp;&nbsp;&nbsp; $7919111 | &nbsp;&nbsp;&nbsp; $302222085 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; 232632 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 448734 |
| Agency | &nbsp;&nbsp;&nbsp; 3805918 | &nbsp;&nbsp;&nbsp; 534064 | &nbsp;&nbsp;&nbsp; 18469921 |
| Capital | &nbsp;&nbsp;&nbsp; 31417396 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 174351527 |
| Empower | &nbsp;&nbsp;&nbsp; 365509 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1413074 |
| IM | &nbsp;&nbsp;&nbsp; 555602 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 127756 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 11902125 | &nbsp;&nbsp;&nbsp; 4840889 | &nbsp;&nbsp;&nbsp; 76408367 |
| Investor | &nbsp;&nbsp;&nbsp; 22311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan | &nbsp;&nbsp;&nbsp; 5187295 | &nbsp;&nbsp;&nbsp; 362486 | &nbsp;&nbsp;&nbsp; 7349219 |
| Premier | &nbsp;&nbsp;&nbsp; 4118890 | &nbsp;&nbsp;&nbsp; 2181629 | &nbsp;&nbsp;&nbsp; 22397024 |
| Reserve | &nbsp;&nbsp;&nbsp; 653510 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1256324 |
| Net Asset Value offering and redemption price per share (all classes) | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $26486802 | &nbsp;&nbsp;&nbsp; $8015270 | &nbsp;&nbsp;&nbsp; $310789041 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; 30038939 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Free** <br>**Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Municipal** <br>**Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**California** <br>**Municipal Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**New York** <br>**Municipal Money** <br>**Market Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $10415299 | &nbsp;&nbsp;&nbsp; $2740350 | &nbsp;&nbsp;&nbsp; $221990 | &nbsp;&nbsp;&nbsp; $1742091 |
| Cash | &nbsp;&nbsp;&nbsp; 8344 | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 10 |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 136400 | &nbsp;&nbsp;&nbsp; 47730 | &nbsp;&nbsp;&nbsp; 600 | &nbsp;&nbsp;&nbsp; 40735 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 420 | &nbsp;&nbsp;&nbsp; 1800 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1800 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 48591 | &nbsp;&nbsp;&nbsp; 18041 | &nbsp;&nbsp;&nbsp; 1042 | &nbsp;&nbsp;&nbsp; 12638 |
| Total Assets | &nbsp;&nbsp;&nbsp; 10609054 | &nbsp;&nbsp;&nbsp; 2807958 | &nbsp;&nbsp;&nbsp; 223640 | &nbsp;&nbsp;&nbsp; 1797274 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; 14777 | &nbsp;&nbsp;&nbsp; 1705 | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; 2934 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 14394 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 68566 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23011 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 639 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 114 |
| Administration fees | &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 39 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 3 |
| Service fees | &nbsp;&nbsp;&nbsp; 973 | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 176 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 15 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 200 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 46 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 99930 | &nbsp;&nbsp;&nbsp; 2344 | &nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 26338 |
| Net Assets | &nbsp;&nbsp;&nbsp; $10509124 | &nbsp;&nbsp;&nbsp; $2805614 | &nbsp;&nbsp;&nbsp; $223336 | &nbsp;&nbsp;&nbsp; $1770936 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 101

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Tax Free**<br> **Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Municipal**<br> **Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **California**<br> **Municipal Money**<br> **Market Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **New York**<br> **Municipal Money**<br>**Market Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $10508977 | &nbsp;&nbsp;&nbsp; $2805558 | &nbsp;&nbsp;&nbsp; $223343 | &nbsp;&nbsp;&nbsp; $1770940 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (4)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $10509124 | &nbsp;&nbsp;&nbsp; $2805614 | &nbsp;&nbsp;&nbsp; $223336 | &nbsp;&nbsp;&nbsp; $1770936 |
| Net Assets: |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; $399034 | &nbsp;&nbsp;&nbsp; $210681 | &nbsp;&nbsp;&nbsp; $15122 | &nbsp;&nbsp;&nbsp; $166446 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 8247761 | &nbsp;&nbsp;&nbsp; 1800517 | &nbsp;&nbsp;&nbsp; 157600 | &nbsp;&nbsp;&nbsp; 1333636 |
| Morgan | &nbsp;&nbsp;&nbsp; 98681 | &nbsp;&nbsp;&nbsp; 94319 | &nbsp;&nbsp;&nbsp; 3519 | &nbsp;&nbsp;&nbsp; 39712 |
| Premier | &nbsp;&nbsp;&nbsp; 1201144 | &nbsp;&nbsp;&nbsp; 700087 | &nbsp;&nbsp;&nbsp; 47085 | &nbsp;&nbsp;&nbsp; 230183 |
| Reserve | &nbsp;&nbsp;&nbsp; 562504 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 949 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| Total | &nbsp;&nbsp;&nbsp; $10509124 | &nbsp;&nbsp;&nbsp; $2805614 | &nbsp;&nbsp;&nbsp; $223336 | &nbsp;&nbsp;&nbsp; $1770936 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; 399007 | &nbsp;&nbsp;&nbsp; 210665 | &nbsp;&nbsp;&nbsp; 15115 | &nbsp;&nbsp;&nbsp; 166443 |
| Institutional Class | &nbsp;&nbsp;&nbsp; 8247203 | &nbsp;&nbsp;&nbsp; 1800384 | &nbsp;&nbsp;&nbsp; 157525 | &nbsp;&nbsp;&nbsp; 1333607 |
| Morgan | &nbsp;&nbsp;&nbsp; 98674 | &nbsp;&nbsp;&nbsp; 94313 | &nbsp;&nbsp;&nbsp; 3518 | &nbsp;&nbsp;&nbsp; 39711 |
| Premier | &nbsp;&nbsp;&nbsp; 1201063 | &nbsp;&nbsp;&nbsp; 700035 | &nbsp;&nbsp;&nbsp; 47063 | &nbsp;&nbsp;&nbsp; 230178 |
| Reserve | &nbsp;&nbsp;&nbsp; 562465 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 949 |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 10 |
| Net Asset Value offering and redemption price per share (all classes) | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp; $1.00 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $10415299 | &nbsp;&nbsp;&nbsp; $2740350 | &nbsp;&nbsp;&nbsp; $221990 | &nbsp;&nbsp;&nbsp; $1742091 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 J.P. Morgan Money Market Funds February 28, 2026

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Prime Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Institutional** <br>**Tax Free Money** <br>**Market Fund** <br>|
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $3701400 | &nbsp;&nbsp;&nbsp; $65150 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 102279 | &nbsp;&nbsp;&nbsp; 1 |
| Total investment income | &nbsp;&nbsp;&nbsp; 3803679 | &nbsp;&nbsp;&nbsp; 65151 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 70860 | &nbsp;&nbsp;&nbsp; 2048 |
| Administration fees | &nbsp;&nbsp;&nbsp; 27060 | &nbsp;&nbsp;&nbsp; 780 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 58774 | &nbsp;&nbsp;&nbsp; 705 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 1718 | &nbsp;&nbsp;&nbsp; 199 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 |
| Professional fees | &nbsp;&nbsp;&nbsp; 489 | &nbsp;&nbsp;&nbsp; 58 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 212 | &nbsp;&nbsp;&nbsp; 29 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 19 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 1128 | &nbsp;&nbsp;&nbsp; 123 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 1359 | &nbsp;&nbsp;&nbsp; 122 |
| Other | &nbsp;&nbsp;&nbsp; 858 | &nbsp;&nbsp;&nbsp; 183 |
| Total expenses | &nbsp;&nbsp;&nbsp; 162522 | &nbsp;&nbsp;&nbsp; 4271 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1471)<br>| &nbsp;&nbsp;&nbsp; (233)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 161032 | &nbsp;&nbsp;&nbsp; 4038 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 3642647 | &nbsp;&nbsp;&nbsp; 61113 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 98 |
| Change in net unrealized appreciation/depreciation on investments in non-affiliates | &nbsp;&nbsp;&nbsp; (3817)<br>| &nbsp;&nbsp;&nbsp; — |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; (3394)<br>| &nbsp;&nbsp;&nbsp; 98 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $3639253 | &nbsp;&nbsp;&nbsp; $61211 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 103

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Liquid** <br>**Assets Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Securities** <br>**Lending Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**U.S. Government** <br>**Money** <br>**Market Fund** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $3396071 | &nbsp;&nbsp;&nbsp; $79445 | &nbsp;&nbsp;&nbsp; $12629605 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 89171 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 442995 |
| Income from interfund lending (net) | &nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 3485691 | &nbsp;&nbsp;&nbsp; 79445 | &nbsp;&nbsp;&nbsp; 13072600 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 64934 | &nbsp;&nbsp;&nbsp; 1549 | &nbsp;&nbsp;&nbsp; 251139 |
| Administration fees | &nbsp;&nbsp;&nbsp; 24831 | &nbsp;&nbsp;&nbsp; 585 | &nbsp;&nbsp;&nbsp; 95890 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 9477 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 16449 |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 167132 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 291470 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 1676 | &nbsp;&nbsp;&nbsp; 202 | &nbsp;&nbsp;&nbsp; 3151 |
| Professional fees | &nbsp;&nbsp;&nbsp; 416 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 1340 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 681 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 879 | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 1399 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 2256 | &nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp; 7231 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 976 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; 3793 |
| Other | &nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 1296 |
| Total expenses | &nbsp;&nbsp;&nbsp; 273145 | &nbsp;&nbsp;&nbsp; 2772 | &nbsp;&nbsp;&nbsp; 673839 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1508)<br>| &nbsp;&nbsp;&nbsp; (1581)<br>| &nbsp;&nbsp;&nbsp; (10480)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 271637 | &nbsp;&nbsp;&nbsp; 1161 | &nbsp;&nbsp;&nbsp; 663359 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 3214054 | &nbsp;&nbsp;&nbsp; 78284 | &nbsp;&nbsp;&nbsp; 12409241 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 13920 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $3214216 | &nbsp;&nbsp;&nbsp; $78287 | &nbsp;&nbsp;&nbsp; $12423161 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**U.S. Treasury** <br>**Plus Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Federal Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**100% U.S.** <br>**Treasury** <br>**Securities Money** <br>**Market Fund** <br>|
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $2110520 | &nbsp;&nbsp;&nbsp; $330620 | &nbsp;&nbsp;&nbsp; $10530897 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 64448 | &nbsp;&nbsp;&nbsp; 16544 | &nbsp;&nbsp;&nbsp; 298742 |
| Total investment income | &nbsp;&nbsp;&nbsp; 2174968 | &nbsp;&nbsp;&nbsp; 347164 | &nbsp;&nbsp;&nbsp; 10829639 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 41998 | &nbsp;&nbsp;&nbsp; 6691 | &nbsp;&nbsp;&nbsp; 210204 |
| Administration fees | &nbsp;&nbsp;&nbsp; 16009 | &nbsp;&nbsp;&nbsp; 2562 | &nbsp;&nbsp;&nbsp; 80214 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 6283 | &nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp; 9793 |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 65176 | &nbsp;&nbsp;&nbsp; 14177 | &nbsp;&nbsp;&nbsp; 261280 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 872 | &nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; 2825 |
| Professional fees | &nbsp;&nbsp;&nbsp; 269 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 1100 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 137 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 590 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 46 | &nbsp;&nbsp;&nbsp; 282 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 2092 | &nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 7918 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 613 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 2870 |
| Other | &nbsp;&nbsp;&nbsp; 331 | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 1007 |
| Total expenses | &nbsp;&nbsp;&nbsp; 133880 | &nbsp;&nbsp;&nbsp; 24723 | &nbsp;&nbsp;&nbsp; 578083 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1701)<br>| &nbsp;&nbsp;&nbsp; (647)<br>| &nbsp;&nbsp;&nbsp; (12403)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 132179 | &nbsp;&nbsp;&nbsp; 24076 | &nbsp;&nbsp;&nbsp; 565680 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 2042789 | &nbsp;&nbsp;&nbsp; 323088 | &nbsp;&nbsp;&nbsp; 10263959 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 2426 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $2043816 | &nbsp;&nbsp;&nbsp; $323176 | &nbsp;&nbsp;&nbsp; $10266385 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 105

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Free** <br>**Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Municipal** <br>**Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**California** <br>**Municipal Money** <br>**Market Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**New York** <br>**Municipal Money** <br>**Market Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $304049 | &nbsp;&nbsp;&nbsp; $76239 | &nbsp;&nbsp;&nbsp; $6570 | &nbsp;&nbsp;&nbsp; $50747 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Total investment income | &nbsp;&nbsp;&nbsp; 304055 | &nbsp;&nbsp;&nbsp; 76242 | &nbsp;&nbsp;&nbsp; 6570 | &nbsp;&nbsp;&nbsp; 50748 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 8970 | &nbsp;&nbsp;&nbsp; 2218 | &nbsp;&nbsp;&nbsp; 213 | &nbsp;&nbsp;&nbsp; 1489 |
| Administration fees | &nbsp;&nbsp;&nbsp; 3433 | &nbsp;&nbsp;&nbsp; 847 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 570 |
| Distribution fees (See Note 4) | &nbsp;&nbsp;&nbsp; 1549 | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 48 |
| Service fees (See Note 4) | &nbsp;&nbsp;&nbsp; 15356 | &nbsp;&nbsp;&nbsp; 4461 | &nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp; 2586 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 283 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 97 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 18 |
| Professional fees | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 54 | &nbsp;&nbsp;&nbsp; 61 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 50 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 29 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 23 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 300 | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 59 | &nbsp;&nbsp;&nbsp; 75 |
| Transfer agency fees (See Note 2.F.) | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 38 |
| Other | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 22 |
| Total expenses | &nbsp;&nbsp;&nbsp; 30332 | &nbsp;&nbsp;&nbsp; 8290 | &nbsp;&nbsp;&nbsp; 982 | &nbsp;&nbsp;&nbsp; 5056 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (877)<br>| &nbsp;&nbsp;&nbsp; (483)<br>| &nbsp;&nbsp;&nbsp; (203)<br>| &nbsp;&nbsp;&nbsp; (295)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 29455 | &nbsp;&nbsp;&nbsp; 7807 | &nbsp;&nbsp;&nbsp; 779 | &nbsp;&nbsp;&nbsp; 4761 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 274600 | &nbsp;&nbsp;&nbsp; 68435 | &nbsp;&nbsp;&nbsp; 5791 | &nbsp;&nbsp;&nbsp; 45987 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from investments in non-affiliates | &nbsp;&nbsp;&nbsp; 494 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 30 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $275094 | &nbsp;&nbsp;&nbsp; $68566 | &nbsp;&nbsp;&nbsp; $5832 | &nbsp;&nbsp;&nbsp; $46017 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 J.P. Morgan Money Market Funds February 28, 2026

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Prime Money Market Fund**  | **JPMorgan Prime Money Market Fund**  | **JPMorgan Institutional Tax Free Money** <br>**Market Fund**  | **JPMorgan Institutional Tax Free Money** <br>**Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $3642647 | &nbsp;&nbsp;&nbsp; $4194147 | &nbsp;&nbsp;&nbsp; $61113 | &nbsp;&nbsp;&nbsp; $51994 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 11 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (3817)<br>| &nbsp;&nbsp;&nbsp; (2807)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 3639253 | &nbsp;&nbsp;&nbsp; 4191493 | &nbsp;&nbsp;&nbsp; 61211 | &nbsp;&nbsp;&nbsp; 51987 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; (41711)<br>| &nbsp;&nbsp;&nbsp; (49184)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Agency | &nbsp;&nbsp;&nbsp; (123036)<br>| &nbsp;&nbsp;&nbsp; (140556)<br>| &nbsp;&nbsp;&nbsp; (1612)<br>| &nbsp;&nbsp;&nbsp; (2471)<br>|
| Capital | &nbsp;&nbsp;&nbsp; (2032420)<br>| &nbsp;&nbsp;&nbsp; (2053917)<br>| &nbsp;&nbsp;&nbsp; (9966)<br>| &nbsp;&nbsp;&nbsp; (13726)<br>|
| Empower | &nbsp;&nbsp;&nbsp; (27960)<br>| &nbsp;&nbsp;&nbsp; (27914)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| IM | &nbsp;&nbsp;&nbsp; (546807)<br>| &nbsp;&nbsp;&nbsp; (741074)<br>| &nbsp;&nbsp;&nbsp; (40053)<br>| &nbsp;&nbsp;&nbsp; (26221)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (736046)<br>| &nbsp;&nbsp;&nbsp; (932908)<br>| &nbsp;&nbsp;&nbsp; (9492)<br>| &nbsp;&nbsp;&nbsp; (9581)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (23363)<br>| &nbsp;&nbsp;&nbsp; (111146)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; (111196)<br>| &nbsp;&nbsp;&nbsp; (137314)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; (108)<br>| &nbsp;&nbsp;&nbsp; (135)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (3642647)<br>| &nbsp;&nbsp;&nbsp; (4194148)<br>| &nbsp;&nbsp;&nbsp; (61123)<br>| &nbsp;&nbsp;&nbsp; (51999)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 11978993 | &nbsp;&nbsp;&nbsp; 1676719 | &nbsp;&nbsp;&nbsp; 978219 | &nbsp;&nbsp;&nbsp; 561386 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 11975599 | &nbsp;&nbsp;&nbsp; 1674064 | &nbsp;&nbsp;&nbsp; 978307 | &nbsp;&nbsp;&nbsp; 561374 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 87979781 | &nbsp;&nbsp;&nbsp; 86305717 | &nbsp;&nbsp;&nbsp; 1976007 | &nbsp;&nbsp;&nbsp; 1414633 |
| End of period | &nbsp;&nbsp;&nbsp; $99955380 | &nbsp;&nbsp;&nbsp; $87979781 | &nbsp;&nbsp;&nbsp; $2954314 | &nbsp;&nbsp;&nbsp; $1976007 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 107

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Liquid Assets Money Market Fund**  | **JPMorgan Liquid Assets Money Market Fund**  | **JPMorgan Securities Lending Money** <br>**Market Fund**  | **JPMorgan Securities Lending Money** <br>**Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $3214054 | &nbsp;&nbsp;&nbsp; $3259352 | &nbsp;&nbsp;&nbsp; $78284 | &nbsp;&nbsp;&nbsp; $67152 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 134 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (517)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 3214216 | &nbsp;&nbsp;&nbsp; 3259382 | &nbsp;&nbsp;&nbsp; 78287 | &nbsp;&nbsp;&nbsp; 66769 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; (190510)<br>| &nbsp;&nbsp;&nbsp; (191544)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Agency SL | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (78305)<br>| &nbsp;&nbsp;&nbsp; (67152)<br>|
| Capital | &nbsp;&nbsp;&nbsp; (829378)<br>| &nbsp;&nbsp;&nbsp; (799862)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Institutional Class | &nbsp;&nbsp;&nbsp; (483696)<br>| &nbsp;&nbsp;&nbsp; (513747)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investor | &nbsp;&nbsp;&nbsp; (354)<br>| &nbsp;&nbsp;&nbsp; (369)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Morgan | &nbsp;&nbsp;&nbsp; (351745)<br>| &nbsp;&nbsp;&nbsp; (372490)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Premier | &nbsp;&nbsp;&nbsp; (1357830)<br>| &nbsp;&nbsp;&nbsp; (1380628)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reserve | &nbsp;&nbsp;&nbsp; (599)<br>| &nbsp;&nbsp;&nbsp; (712)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (3214112)<br>| &nbsp;&nbsp;&nbsp; (3259352)<br>| &nbsp;&nbsp;&nbsp; (78305)<br>| &nbsp;&nbsp;&nbsp; (67152)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 8350143 | &nbsp;&nbsp;&nbsp; 14271968 | &nbsp;&nbsp;&nbsp; 1645056 | &nbsp;&nbsp;&nbsp; (1161080)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 8350247 | &nbsp;&nbsp;&nbsp; 14271998 | &nbsp;&nbsp;&nbsp; 1645038 | &nbsp;&nbsp;&nbsp; (1161463)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 76267100 | &nbsp;&nbsp;&nbsp; 61995102 | &nbsp;&nbsp;&nbsp; 1355100 | &nbsp;&nbsp;&nbsp; 2516563 |
| End of period | &nbsp;&nbsp;&nbsp; $84617347 | &nbsp;&nbsp;&nbsp; $76267100 | &nbsp;&nbsp;&nbsp; $3000138 | &nbsp;&nbsp;&nbsp; $1355100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Government Money Market** <br>**Fund**  | **JPMorgan U.S. Government Money Market** <br>**Fund**  | **JPMorgan U.S. Treasury Plus Money** <br>**Market Fund**  | **JPMorgan U.S. Treasury Plus Money** <br>**Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| **Year Ended** <br>**February 28, 2025**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $12409241 | &nbsp;&nbsp;&nbsp; $13115669 | &nbsp;&nbsp;&nbsp; $2042789 | &nbsp;&nbsp;&nbsp; $2019717 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 13920 | &nbsp;&nbsp;&nbsp; 2573 | &nbsp;&nbsp;&nbsp; 1027 | &nbsp;&nbsp;&nbsp; 1959 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 12423161 | &nbsp;&nbsp;&nbsp; 13118242 | &nbsp;&nbsp;&nbsp; 2043816 | &nbsp;&nbsp;&nbsp; 2021676 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; (175529)<br>| &nbsp;&nbsp;&nbsp; (339820)<br>| &nbsp;&nbsp;&nbsp; (11805)<br>| &nbsp;&nbsp;&nbsp; (62398)<br>|
| Agency | &nbsp;&nbsp;&nbsp; (649193)<br>| &nbsp;&nbsp;&nbsp; (712924)<br>| &nbsp;&nbsp;&nbsp; (133349)<br>| &nbsp;&nbsp;&nbsp; (132419)<br>|
| Capital | &nbsp;&nbsp;&nbsp; (7589120)<br>| &nbsp;&nbsp;&nbsp; (7784861)<br>| &nbsp;&nbsp;&nbsp; (906445)<br>| &nbsp;&nbsp;&nbsp; (806488)<br>|
| Digital (a) | &nbsp;&nbsp;&nbsp; (953)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Empower | &nbsp;&nbsp;&nbsp; (412768)<br>| &nbsp;&nbsp;&nbsp; (417083)<br>| &nbsp;&nbsp;&nbsp; (7478)<br>| &nbsp;&nbsp;&nbsp; (3086)<br>|
| IM | &nbsp;&nbsp;&nbsp; (514481)<br>| &nbsp;&nbsp;&nbsp; (455485)<br>| &nbsp;&nbsp;&nbsp; (19602)<br>| &nbsp;&nbsp;&nbsp; (15083)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (1684539)<br>| &nbsp;&nbsp;&nbsp; (1998445)<br>| &nbsp;&nbsp;&nbsp; (584219)<br>| &nbsp;&nbsp;&nbsp; (552602)<br>|
| Investor | &nbsp;&nbsp;&nbsp; (119948)<br>| &nbsp;&nbsp;&nbsp; (112497)<br>| &nbsp;&nbsp;&nbsp; (657)<br>| &nbsp;&nbsp;&nbsp; (661)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (559271)<br>| &nbsp;&nbsp;&nbsp; (536858)<br>| &nbsp;&nbsp;&nbsp; (174367)<br>| &nbsp;&nbsp;&nbsp; (183521)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (697729)<br>| &nbsp;&nbsp;&nbsp; (715817)<br>| &nbsp;&nbsp;&nbsp; (185182)<br>| &nbsp;&nbsp;&nbsp; (234539)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; (1209)<br>| &nbsp;&nbsp;&nbsp; (32567)<br>| &nbsp;&nbsp;&nbsp; (19684)<br>| &nbsp;&nbsp;&nbsp; (28920)<br>|
| Service | &nbsp;&nbsp;&nbsp; (4501)<br>| &nbsp;&nbsp;&nbsp; (9312)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (12409241)<br>| &nbsp;&nbsp;&nbsp; (13115669)<br>| &nbsp;&nbsp;&nbsp; (2042788)<br>| &nbsp;&nbsp;&nbsp; (2019717)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 33443113 | &nbsp;&nbsp;&nbsp; 36980461 | &nbsp;&nbsp;&nbsp; 11275966 | &nbsp;&nbsp;&nbsp; 6016979 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 33457033 | &nbsp;&nbsp;&nbsp; 36983034 | &nbsp;&nbsp;&nbsp; 11276994 | &nbsp;&nbsp;&nbsp; 6018938 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 304476631 | &nbsp;&nbsp;&nbsp; 267493597 | &nbsp;&nbsp;&nbsp; 46984182 | &nbsp;&nbsp;&nbsp; 40965244 |
| End of period | &nbsp;&nbsp;&nbsp; $337933664 | &nbsp;&nbsp;&nbsp; $304476631 | &nbsp;&nbsp;&nbsp; $58261176 | &nbsp;&nbsp;&nbsp; $46984182 |

---

------

(a) Commencement of offering of class of shares effective October 30, 2025 for JPMorgan U.S. Government Money Market Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 109

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Federal Money Market Fund**  | **JPMorgan Federal Money Market Fund**  | **JPMorgan 100% U.S. Treasury Securities** <br>**Money Market Fund**  | **JPMorgan 100% U.S. Treasury Securities** <br>**Money Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $323088 | &nbsp;&nbsp;&nbsp; $364067 | &nbsp;&nbsp;&nbsp; $10263959 | &nbsp;&nbsp;&nbsp; $9847387 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 2426 | &nbsp;&nbsp;&nbsp; 3163 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 323176 | &nbsp;&nbsp;&nbsp; 364319 | &nbsp;&nbsp;&nbsp; 10266385 | &nbsp;&nbsp;&nbsp; 9850550 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Academy | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (13534)<br>| &nbsp;&nbsp;&nbsp; (6694)<br>|
| Agency | &nbsp;&nbsp;&nbsp; (23501)<br>| &nbsp;&nbsp;&nbsp; (30423)<br>| &nbsp;&nbsp;&nbsp; (676379)<br>| &nbsp;&nbsp;&nbsp; (721622)<br>|
| Capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5723399)<br>| &nbsp;&nbsp;&nbsp; (5043503)<br>|
| Empower | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (40342)<br>| &nbsp;&nbsp;&nbsp; (55515)<br>|
| IM | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5131)<br>| &nbsp;&nbsp;&nbsp; (11877)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (200916)<br>| &nbsp;&nbsp;&nbsp; (221647)<br>| &nbsp;&nbsp;&nbsp; (2712392)<br>| &nbsp;&nbsp;&nbsp; (2842668)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (13388)<br>| &nbsp;&nbsp;&nbsp; (14736)<br>| &nbsp;&nbsp;&nbsp; (249806)<br>| &nbsp;&nbsp;&nbsp; (274488)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (85386)<br>| &nbsp;&nbsp;&nbsp; (97261)<br>| &nbsp;&nbsp;&nbsp; (804418)<br>| &nbsp;&nbsp;&nbsp; (836573)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (38558)<br>| &nbsp;&nbsp;&nbsp; (54447)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (323191)<br>| &nbsp;&nbsp;&nbsp; (364067)<br>| &nbsp;&nbsp;&nbsp; (10263959)<br>| &nbsp;&nbsp;&nbsp; (9847387)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (678881)<br>| &nbsp;&nbsp;&nbsp; 1366364 | &nbsp;&nbsp;&nbsp; 58983213 | &nbsp;&nbsp;&nbsp; 59593804 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (678896)<br>| &nbsp;&nbsp;&nbsp; 1366616 | &nbsp;&nbsp;&nbsp; 58985639 | &nbsp;&nbsp;&nbsp; 59596967 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 8598007 | &nbsp;&nbsp;&nbsp; 7231391 | &nbsp;&nbsp;&nbsp; 243236446 | &nbsp;&nbsp;&nbsp; 183639479 |
| End of period | &nbsp;&nbsp;&nbsp; $7919111 | &nbsp;&nbsp;&nbsp; $8598007 | &nbsp;&nbsp;&nbsp; $302222085 | &nbsp;&nbsp;&nbsp; $243236446 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Tax Free Money Market Fund**  | **JPMorgan Tax Free Money Market Fund**  | **JPMorgan Municipal Money Market Fund**  | **JPMorgan Municipal Money Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $274600 | &nbsp;&nbsp;&nbsp; $321874 | &nbsp;&nbsp;&nbsp; $68435 | &nbsp;&nbsp;&nbsp; $63291 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 494 | &nbsp;&nbsp;&nbsp; 326 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 59 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 275094 | &nbsp;&nbsp;&nbsp; 322200 | &nbsp;&nbsp;&nbsp; 68566 | &nbsp;&nbsp;&nbsp; 63350 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; (9352)<br>| &nbsp;&nbsp;&nbsp; (13731)<br>| &nbsp;&nbsp;&nbsp; (4724)<br>| &nbsp;&nbsp;&nbsp; (4477)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (222341)<br>| &nbsp;&nbsp;&nbsp; (254146)<br>| &nbsp;&nbsp;&nbsp; (45928)<br>| &nbsp;&nbsp;&nbsp; (41846)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (1918)<br>| &nbsp;&nbsp;&nbsp; (2035)<br>| &nbsp;&nbsp;&nbsp; (1994)<br>| &nbsp;&nbsp;&nbsp; (2244)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (29310)<br>| &nbsp;&nbsp;&nbsp; (36260)<br>| &nbsp;&nbsp;&nbsp; (15846)<br>| &nbsp;&nbsp;&nbsp; (14652)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; (11935)<br>| &nbsp;&nbsp;&nbsp; (15857)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Service | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; (114)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (274856)<br>| &nbsp;&nbsp;&nbsp; (322029)<br>| &nbsp;&nbsp;&nbsp; (68516)<br>| &nbsp;&nbsp;&nbsp; (63333)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (911250)<br>| &nbsp;&nbsp;&nbsp; 1173229 | &nbsp;&nbsp;&nbsp; 403401 | &nbsp;&nbsp;&nbsp; 764807 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (911012)<br>| &nbsp;&nbsp;&nbsp; 1173400 | &nbsp;&nbsp;&nbsp; 403451 | &nbsp;&nbsp;&nbsp; 764824 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 11420136 | &nbsp;&nbsp;&nbsp; 10246736 | &nbsp;&nbsp;&nbsp; 2402163 | &nbsp;&nbsp;&nbsp; 1637339 |
| End of period | &nbsp;&nbsp;&nbsp; $10509124 | &nbsp;&nbsp;&nbsp; $11420136 | &nbsp;&nbsp;&nbsp; $2805614 | &nbsp;&nbsp;&nbsp; $2402163 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 111

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Municipal Money** <br>**Market Fund**  | **JPMorgan California Municipal Money** <br>**Market Fund**  | **JPMorgan New York Municipal Money** <br>**Market Fund**  | **JPMorgan New York Municipal Money** <br>**Market Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $5791 | &nbsp;&nbsp;&nbsp; $10525 | &nbsp;&nbsp;&nbsp; $45987 | &nbsp;&nbsp;&nbsp; $68036 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 85 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 5832 | &nbsp;&nbsp;&nbsp; 10548 | &nbsp;&nbsp;&nbsp; 46017 | &nbsp;&nbsp;&nbsp; 68121 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Agency | &nbsp;&nbsp;&nbsp; (386)<br>| &nbsp;&nbsp;&nbsp; (876)<br>| &nbsp;&nbsp;&nbsp; (4857)<br>| &nbsp;&nbsp;&nbsp; (7062)<br>|
| Institutional Class | &nbsp;&nbsp;&nbsp; (3749)<br>| &nbsp;&nbsp;&nbsp; (6162)<br>| &nbsp;&nbsp;&nbsp; (34307)<br>| &nbsp;&nbsp;&nbsp; (49361)<br>|
| Morgan | &nbsp;&nbsp;&nbsp; (85)<br>| &nbsp;&nbsp;&nbsp; (164)<br>| &nbsp;&nbsp;&nbsp; (940)<br>| &nbsp;&nbsp;&nbsp; (1320)<br>|
| Premier | &nbsp;&nbsp;&nbsp; (1588)<br>| &nbsp;&nbsp;&nbsp; (3266)<br>| &nbsp;&nbsp;&nbsp; (5864)<br>| &nbsp;&nbsp;&nbsp; (10305)<br>|
| Reserve | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp; (57)<br>|
| Service | &nbsp;&nbsp;&nbsp; (17)<br>| &nbsp;&nbsp;&nbsp; (76)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; (17)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (5825)<br>| &nbsp;&nbsp;&nbsp; (10544)<br>| &nbsp;&nbsp;&nbsp; (45996)<br>| &nbsp;&nbsp;&nbsp; (68122)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (94188)<br>| &nbsp;&nbsp;&nbsp; (89252)<br>| &nbsp;&nbsp;&nbsp; (120980)<br>| &nbsp;&nbsp;&nbsp; (429650)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (94181)<br>| &nbsp;&nbsp;&nbsp; (89248)<br>| &nbsp;&nbsp;&nbsp; (120959)<br>| &nbsp;&nbsp;&nbsp; (429651)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 317517 | &nbsp;&nbsp;&nbsp; 406765 | &nbsp;&nbsp;&nbsp; 1891895 | &nbsp;&nbsp;&nbsp; 2321546 |
| End of period | &nbsp;&nbsp;&nbsp; $223336 | &nbsp;&nbsp;&nbsp; $317517 | &nbsp;&nbsp;&nbsp; $1770936 | &nbsp;&nbsp;&nbsp; $1891895 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Prime Money Market Fund** | **JPMorgan Prime Money Market Fund** | **JPMorgan Institutional Tax Free Money** <br>**Market Fund** | **JPMorgan Institutional Tax Free Money** <br>**Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1291007 | &nbsp;&nbsp;&nbsp; $4265641 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 30603 | &nbsp;&nbsp;&nbsp; 40569 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1458050)<br>| &nbsp;&nbsp;&nbsp; (4043308)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Academy capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (136440)<br>| &nbsp;&nbsp;&nbsp; 262902 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9770252 | &nbsp;&nbsp;&nbsp; 97631285 | &nbsp;&nbsp;&nbsp; 150638 | &nbsp;&nbsp;&nbsp; 222201 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 29719 | &nbsp;&nbsp;&nbsp; 29423 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 229 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (9353747)<br>| &nbsp;&nbsp;&nbsp; (98176443)<br>| &nbsp;&nbsp;&nbsp; (174294)<br>| &nbsp;&nbsp;&nbsp; (250695)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 446224 | &nbsp;&nbsp;&nbsp; (515735)<br>| &nbsp;&nbsp;&nbsp; (23553)<br>| &nbsp;&nbsp;&nbsp; (28265)<br>|
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 183873606 | &nbsp;&nbsp;&nbsp; 156444898 | &nbsp;&nbsp;&nbsp; 1607400 | &nbsp;&nbsp;&nbsp; 1366611 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1069723 | &nbsp;&nbsp;&nbsp; 1065375 | &nbsp;&nbsp;&nbsp; 2355 | &nbsp;&nbsp;&nbsp; 3449 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (173441094)<br>| &nbsp;&nbsp;&nbsp; (155448791)<br>| &nbsp;&nbsp;&nbsp; (1530719)<br>| &nbsp;&nbsp;&nbsp; (1234733)<br>|
| Change in net assets resulting from Capital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 11502235 | &nbsp;&nbsp;&nbsp; 2061482 | &nbsp;&nbsp;&nbsp; 79036 | &nbsp;&nbsp;&nbsp; 135327 |
| **Empower** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2532258 | &nbsp;&nbsp;&nbsp; 1428776 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 21988 | &nbsp;&nbsp;&nbsp; 24123 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2422065)<br>| &nbsp;&nbsp;&nbsp; (1317599)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Empower capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 132181 | &nbsp;&nbsp;&nbsp; 135300 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **IM** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 117132108 | &nbsp;&nbsp;&nbsp; 75400044 | &nbsp;&nbsp;&nbsp; 11812529 | &nbsp;&nbsp;&nbsp; 6912664 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16106 | &nbsp;&nbsp;&nbsp; 13437 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (116135868)<br>| &nbsp;&nbsp;&nbsp; (71522065)<br>| &nbsp;&nbsp;&nbsp; (10870547)<br>| &nbsp;&nbsp;&nbsp; (6410318)<br>|
| Change in net assets resulting from IM capital transactions | &nbsp;&nbsp;&nbsp; 1012346 | &nbsp;&nbsp;&nbsp; 3891416 | &nbsp;&nbsp;&nbsp; 941982 | &nbsp;&nbsp;&nbsp; 502346 |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 82043466 | &nbsp;&nbsp;&nbsp; 84234732 | &nbsp;&nbsp;&nbsp; 1729491 | &nbsp;&nbsp;&nbsp; 984498 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 166276 | &nbsp;&nbsp;&nbsp; 212701 | &nbsp;&nbsp;&nbsp; 1747 | &nbsp;&nbsp;&nbsp; 1273 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (83020206)<br>| &nbsp;&nbsp;&nbsp; (85107534)<br>| &nbsp;&nbsp;&nbsp; (1750484)<br>| &nbsp;&nbsp;&nbsp; (1033793)<br>|
| Change in net assets resulting from Institutional Class capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (810464)<br>| &nbsp;&nbsp;&nbsp; (660101)<br>| &nbsp;&nbsp;&nbsp; (19246)<br>| &nbsp;&nbsp;&nbsp; (48022)<br>|
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1179539 | &nbsp;&nbsp;&nbsp; 419376376 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13562 | &nbsp;&nbsp;&nbsp; 16943 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1214836)<br>| &nbsp;&nbsp;&nbsp; (422851245)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (21735)<br>| &nbsp;&nbsp;&nbsp; (3457926)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 113

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Prime Money Market Fund** | **JPMorgan Prime Money Market Fund** | **JPMorgan Institutional Tax Free Money**<br> **Market Fund** | **JPMorgan Institutional Tax Free Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $6103877 | &nbsp;&nbsp;&nbsp; $9740433 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13849 | &nbsp;&nbsp;&nbsp; 16246 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6263213)<br>| &nbsp;&nbsp;&nbsp; (9796971)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (145487)<br>| &nbsp;&nbsp;&nbsp; (40292)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (666)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; (327)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $11978993 | &nbsp;&nbsp;&nbsp; $1676719 | &nbsp;&nbsp;&nbsp; $978219 | &nbsp;&nbsp;&nbsp; $561386 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1290685 | &nbsp;&nbsp;&nbsp; 4264697 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 30598 | &nbsp;&nbsp;&nbsp; 40556 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1457596)<br>| &nbsp;&nbsp;&nbsp; (4042328)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Academy Shares | &nbsp;&nbsp;&nbsp; (136313)<br>| &nbsp;&nbsp;&nbsp; 262925 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9760776 | &nbsp;&nbsp;&nbsp; 97549387 | &nbsp;&nbsp;&nbsp; 150606 | &nbsp;&nbsp;&nbsp; 222164 |
| Reinvested | &nbsp;&nbsp;&nbsp; 29691 | &nbsp;&nbsp;&nbsp; 29395 | &nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp; 229 |
| Redeemed | &nbsp;&nbsp;&nbsp; (9344747)<br>| &nbsp;&nbsp;&nbsp; (98093846)<br>| &nbsp;&nbsp;&nbsp; (174258)<br>| &nbsp;&nbsp;&nbsp; (250653)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; 445720 | &nbsp;&nbsp;&nbsp; (515064)<br>| &nbsp;&nbsp;&nbsp; (23549)<br>| &nbsp;&nbsp;&nbsp; (28260)<br>|
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 183815563 | &nbsp;&nbsp;&nbsp; 156396848 | &nbsp;&nbsp;&nbsp; 1606880 | &nbsp;&nbsp;&nbsp; 1366334 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1069404 | &nbsp;&nbsp;&nbsp; 1065013 | &nbsp;&nbsp;&nbsp; 2354 | &nbsp;&nbsp;&nbsp; 3448 |
| Redeemed | &nbsp;&nbsp;&nbsp; (173386651)<br>| &nbsp;&nbsp;&nbsp; (155400607)<br>| &nbsp;&nbsp;&nbsp; (1530224)<br>| &nbsp;&nbsp;&nbsp; (1234478)<br>|
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; 11498316 | &nbsp;&nbsp;&nbsp; 2061254 | &nbsp;&nbsp;&nbsp; 79010 | &nbsp;&nbsp;&nbsp; 135304 |
| **Empower** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2531519 | &nbsp;&nbsp;&nbsp; 1428385 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 21982 | &nbsp;&nbsp;&nbsp; 24115 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (2421356)<br>| &nbsp;&nbsp;&nbsp; (1317236)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Empower Shares | &nbsp;&nbsp;&nbsp; 132145 | &nbsp;&nbsp;&nbsp; 135264 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **IM** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 117090977 | &nbsp;&nbsp;&nbsp; 75375370 | &nbsp;&nbsp;&nbsp; 11811322 | &nbsp;&nbsp;&nbsp; 6912048 |
| Reinvested | &nbsp;&nbsp;&nbsp; 16101 | &nbsp;&nbsp;&nbsp; 13432 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (116095491)<br>| &nbsp;&nbsp;&nbsp; (71498784)<br>| &nbsp;&nbsp;&nbsp; (10869436)<br>| &nbsp;&nbsp;&nbsp; (6409739)<br>|
| Change in IM Shares | &nbsp;&nbsp;&nbsp; 1011587 | &nbsp;&nbsp;&nbsp; 3890018 | &nbsp;&nbsp;&nbsp; 941886 | &nbsp;&nbsp;&nbsp; 502309 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Prime Money Market Fund** | **JPMorgan Prime Money Market Fund** | **JPMorgan Institutional Tax Free Money**<br> **Market Fund** | **JPMorgan Institutional Tax Free Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 82013693 | &nbsp;&nbsp;&nbsp; 84205708 | &nbsp;&nbsp;&nbsp; 1729144 | &nbsp;&nbsp;&nbsp; 984322 |
| Reinvested | &nbsp;&nbsp;&nbsp; 166213 | &nbsp;&nbsp;&nbsp; 212622 | &nbsp;&nbsp;&nbsp; 1747 | &nbsp;&nbsp;&nbsp; 1273 |
| Redeemed | &nbsp;&nbsp;&nbsp; (82989721)<br>| &nbsp;&nbsp;&nbsp; (85078157)<br>| &nbsp;&nbsp;&nbsp; (1750131)<br>| &nbsp;&nbsp;&nbsp; (1033606)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (809815)<br>| &nbsp;&nbsp;&nbsp; (659827)<br>| &nbsp;&nbsp;&nbsp; (19240)<br>| &nbsp;&nbsp;&nbsp; (48011)<br>|
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1177756 | &nbsp;&nbsp;&nbsp; 418885709 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 13541 | &nbsp;&nbsp;&nbsp; 16921 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (1212991)<br>| &nbsp;&nbsp;&nbsp; (422353652)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; (21694)<br>| &nbsp;&nbsp;&nbsp; (3451022)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6100961 | &nbsp;&nbsp;&nbsp; 9735979 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 13843 | &nbsp;&nbsp;&nbsp; 16237 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (6260207)<br>| &nbsp;&nbsp;&nbsp; (9792434)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (145403)<br>| &nbsp;&nbsp;&nbsp; (40218)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 168 | &nbsp;&nbsp;&nbsp; 303 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (665)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; (326)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 115

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Liquid Assets Money Market Fund** | **JPMorgan Liquid Assets Money Market Fund** | **JPMorgan Securities Lending Money** <br>**Market Fund** | **JPMorgan Securities Lending Money** <br>**Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $9490770 | &nbsp;&nbsp;&nbsp; $7886576 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 41242 | &nbsp;&nbsp;&nbsp; 40054 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8913733)<br>| &nbsp;&nbsp;&nbsp; (7279060)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 618279 | &nbsp;&nbsp;&nbsp; 647570 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency SL** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33250064 | &nbsp;&nbsp;&nbsp; 17653616 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31605008)<br>| &nbsp;&nbsp;&nbsp; (18814696)<br>|
| Change in net assets resulting from Agency SL capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1645056 | &nbsp;&nbsp;&nbsp; (1161080)<br>|
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 29583523 | &nbsp;&nbsp;&nbsp; 23329079 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 539442 | &nbsp;&nbsp;&nbsp; 529572 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (26700944)<br>| &nbsp;&nbsp;&nbsp; (20384307)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Capital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 3422021 | &nbsp;&nbsp;&nbsp; 3474344 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 20729429 | &nbsp;&nbsp;&nbsp; 18166028 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 62399 | &nbsp;&nbsp;&nbsp; 67820 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (19050272)<br>| &nbsp;&nbsp;&nbsp; (17118218)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Institutional Class <br> capital transactions<br>| &nbsp;&nbsp;&nbsp; 1741556 | &nbsp;&nbsp;&nbsp; 1115630 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Investor** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2341 | &nbsp;&nbsp;&nbsp; 11261 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5780)<br>| &nbsp;&nbsp;&nbsp; (7881)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Investor capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (3085)<br>| &nbsp;&nbsp;&nbsp; 3749 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 8914417 | &nbsp;&nbsp;&nbsp; 9885883 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 350856 | &nbsp;&nbsp;&nbsp; 371559 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (8906249)<br>| &nbsp;&nbsp;&nbsp; (8297722)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 359024 | &nbsp;&nbsp;&nbsp; 1959720 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 42499263 | &nbsp;&nbsp;&nbsp; 40352696 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1082630 | &nbsp;&nbsp;&nbsp; 1083614 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (41370309)<br>| &nbsp;&nbsp;&nbsp; (34361927)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 2211584 | &nbsp;&nbsp;&nbsp; 7074383 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Liquid Assets Money Market** <br> **Fund** | **JPMorgan Liquid Assets Money Market** <br> **Fund** | **JPMorgan Securities Lending Money**<br> **Market Fund** | **JPMorgan Securities Lending Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $11014 | &nbsp;&nbsp;&nbsp; $2604 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (10847)<br>| &nbsp;&nbsp;&nbsp; (6738)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp; (3428)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $8350143 | &nbsp;&nbsp;&nbsp; $14271968 | &nbsp;&nbsp;&nbsp; $1645056 | &nbsp;&nbsp;&nbsp; $(1161080)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 9490765 | &nbsp;&nbsp;&nbsp; 7886573 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 41242 | &nbsp;&nbsp;&nbsp; 40054 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (8913728)<br>| &nbsp;&nbsp;&nbsp; (7279056)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; 618279 | &nbsp;&nbsp;&nbsp; 647571 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Agency SL** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 33250064 | &nbsp;&nbsp;&nbsp; 17652978 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (31605008)<br>| &nbsp;&nbsp;&nbsp; (18813765)<br>|
| Change in Agency SL Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1645056 | &nbsp;&nbsp;&nbsp; (1160787)<br>|
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 29583507 | &nbsp;&nbsp;&nbsp; 23329068 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 539442 | &nbsp;&nbsp;&nbsp; 529572 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (26700930)<br>| &nbsp;&nbsp;&nbsp; (20384296)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; 3422019 | &nbsp;&nbsp;&nbsp; 3474344 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 20729417 | &nbsp;&nbsp;&nbsp; 18166021 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 62399 | &nbsp;&nbsp;&nbsp; 67820 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (19050262)<br>| &nbsp;&nbsp;&nbsp; (17118209)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; 1741554 | &nbsp;&nbsp;&nbsp; 1115632 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Investor** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2341 | &nbsp;&nbsp;&nbsp; 11260 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 354 | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (5780)<br>| &nbsp;&nbsp;&nbsp; (7881)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Investor Shares | &nbsp;&nbsp;&nbsp; (3085)<br>| &nbsp;&nbsp;&nbsp; 3748 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 8914414 | &nbsp;&nbsp;&nbsp; 9885879 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 350856 | &nbsp;&nbsp;&nbsp; 371559 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (8906245)<br>| &nbsp;&nbsp;&nbsp; (8297720)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 359025 | &nbsp;&nbsp;&nbsp; 1959718 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 117

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Liquid Assets Money Market** <br> **Fund** | **JPMorgan Liquid Assets Money Market** <br> **Fund** | **JPMorgan Securities Lending Money**<br> **Market Fund** | **JPMorgan Securities Lending Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 42499252 | &nbsp;&nbsp;&nbsp; 40352688 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1082630 | &nbsp;&nbsp;&nbsp; 1083614 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (41370294)<br>| &nbsp;&nbsp;&nbsp; (34361920)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; 2211588 | &nbsp;&nbsp;&nbsp; 7074382 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 11014 | &nbsp;&nbsp;&nbsp; 2603 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (10847)<br>| &nbsp;&nbsp;&nbsp; (6738)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp; (3429)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Government Money Market** <br>**Fund** | **JPMorgan U.S. Government Money Market** <br>**Fund** | **JPMorgan U.S. Treasury Plus Money** <br>**Market Fund** | **JPMorgan U.S. Treasury Plus Money** <br>**Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| **Year Ended**<br> **February 28, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $41869551 | &nbsp;&nbsp;&nbsp; $61046148 | &nbsp;&nbsp;&nbsp; $7696040 | &nbsp;&nbsp;&nbsp; $17905787 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 132399 | &nbsp;&nbsp;&nbsp; 157422 | &nbsp;&nbsp;&nbsp; 10815 | &nbsp;&nbsp;&nbsp; 59483 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (44860527)<br>| &nbsp;&nbsp;&nbsp; (62216187)<br>| &nbsp;&nbsp;&nbsp; (8256809)<br>| &nbsp;&nbsp;&nbsp; (19307492)<br>|
| Change in net assets resulting from Academy capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2858577)<br>| &nbsp;&nbsp;&nbsp; (1012617)<br>| &nbsp;&nbsp;&nbsp; (549954)<br>| &nbsp;&nbsp;&nbsp; (1342222)<br>|
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1908807268 | &nbsp;&nbsp;&nbsp; 1712446960 | &nbsp;&nbsp;&nbsp; 169668221 | &nbsp;&nbsp;&nbsp; 175686074 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 125837 | &nbsp;&nbsp;&nbsp; 165059 | &nbsp;&nbsp;&nbsp; 15898 | &nbsp;&nbsp;&nbsp; 19074 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1909101802)<br>| &nbsp;&nbsp;&nbsp; (1711656218)<br>| &nbsp;&nbsp;&nbsp; (168972051)<br>| &nbsp;&nbsp;&nbsp; (175226380)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (168697)<br>| &nbsp;&nbsp;&nbsp; 955801 | &nbsp;&nbsp;&nbsp; 712068 | &nbsp;&nbsp;&nbsp; 478768 |
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2190548213 | &nbsp;&nbsp;&nbsp; 1852220667 | &nbsp;&nbsp;&nbsp; 205647667 | &nbsp;&nbsp;&nbsp; 157502521 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3358706 | &nbsp;&nbsp;&nbsp; 3481197 | &nbsp;&nbsp;&nbsp; 369646 | &nbsp;&nbsp;&nbsp; 330848 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2170600069)<br>| &nbsp;&nbsp;&nbsp; (1834572783)<br>| &nbsp;&nbsp;&nbsp; (193799571)<br>| &nbsp;&nbsp;&nbsp; (153234273)<br>|
| Change in net assets resulting from Capital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 23306850 | &nbsp;&nbsp;&nbsp; 21129081 | &nbsp;&nbsp;&nbsp; 12217742 | &nbsp;&nbsp;&nbsp; 4599096 |
| **Digital** (a) |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 275449 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (175083)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Digital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 100366 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Empower** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 109563708 | &nbsp;&nbsp;&nbsp; 87842085 | &nbsp;&nbsp;&nbsp; 443001 | &nbsp;&nbsp;&nbsp; 91547 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 290890 | &nbsp;&nbsp;&nbsp; 223759 | &nbsp;&nbsp;&nbsp; 7467 | &nbsp;&nbsp;&nbsp; 3086 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (108211498)<br>| &nbsp;&nbsp;&nbsp; (86467411)<br>| &nbsp;&nbsp;&nbsp; (208850)<br>| &nbsp;&nbsp;&nbsp; (33830)<br>|
| Change in net assets resulting from Empower capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1643100 | &nbsp;&nbsp;&nbsp; 1598433 | &nbsp;&nbsp;&nbsp; 241618 | &nbsp;&nbsp;&nbsp; 60803 |
| **IM** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 99375558 | &nbsp;&nbsp;&nbsp; 62858680 | &nbsp;&nbsp;&nbsp; 3124560 | &nbsp;&nbsp;&nbsp; 2642708 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 58425 | &nbsp;&nbsp;&nbsp; 32156 | &nbsp;&nbsp;&nbsp; 13451 | &nbsp;&nbsp;&nbsp; 8704 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (92878947)<br>| &nbsp;&nbsp;&nbsp; (59882710)<br>| &nbsp;&nbsp;&nbsp; (2886771)<br>| &nbsp;&nbsp;&nbsp; (2525509)<br>|
| Change in net assets resulting from IM capital transactions | &nbsp;&nbsp;&nbsp; 6555036 | &nbsp;&nbsp;&nbsp; 3008126 | &nbsp;&nbsp;&nbsp; 251240 | &nbsp;&nbsp;&nbsp; 125903 |

---

------

(a) Commencement of offering of class of shares effective October 30, 2025 for JPMorgan U.S. Government Money Market Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 119

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| **Year Ended**<br> **February 28, 2025** |
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $522200829 | &nbsp;&nbsp;&nbsp; $463031247 | &nbsp;&nbsp;&nbsp; $82598012 | &nbsp;&nbsp;&nbsp; $77894986 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 576212 | &nbsp;&nbsp;&nbsp; 674386 | &nbsp;&nbsp;&nbsp; 282038 | &nbsp;&nbsp;&nbsp; 201789 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (522545515)<br>| &nbsp;&nbsp;&nbsp; (460848083)<br>| &nbsp;&nbsp;&nbsp; (84415296)<br>| &nbsp;&nbsp;&nbsp; (76386283)<br>|
| Change in net assets resulting from Institutional Class <br> capital transactions<br>| &nbsp;&nbsp;&nbsp; 231526 | &nbsp;&nbsp;&nbsp; 2857550 | &nbsp;&nbsp;&nbsp; (1535246)<br>| &nbsp;&nbsp;&nbsp; 1710492 |
| **Investor** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4900396 | &nbsp;&nbsp;&nbsp; 4352060 | &nbsp;&nbsp;&nbsp; 126838 | &nbsp;&nbsp;&nbsp; 121588 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 119947 | &nbsp;&nbsp;&nbsp; 112497 | &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 217 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (7191857)<br>| &nbsp;&nbsp;&nbsp; (2964116)<br>| &nbsp;&nbsp;&nbsp; (120293)<br>| &nbsp;&nbsp;&nbsp; (122274)<br>|
| Change in net assets resulting from Investor capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2171514)<br>| &nbsp;&nbsp;&nbsp; 1500441 | &nbsp;&nbsp;&nbsp; 6799 | &nbsp;&nbsp;&nbsp; (469)<br>|
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2943303491 | &nbsp;&nbsp;&nbsp; 2167302318 | &nbsp;&nbsp;&nbsp; 977132548 | &nbsp;&nbsp;&nbsp; 801602312 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 113084 | &nbsp;&nbsp;&nbsp; 133781 | &nbsp;&nbsp;&nbsp; 20636 | &nbsp;&nbsp;&nbsp; 24731 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2941125429)<br>| &nbsp;&nbsp;&nbsp; (2160497945)<br>| &nbsp;&nbsp;&nbsp; (976270394)<br>| &nbsp;&nbsp;&nbsp; (800918939)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 2291146 | &nbsp;&nbsp;&nbsp; 6938154 | &nbsp;&nbsp;&nbsp; 882790 | &nbsp;&nbsp;&nbsp; 708104 |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 209146567 | &nbsp;&nbsp;&nbsp; 220322944 | &nbsp;&nbsp;&nbsp; 14434892 | &nbsp;&nbsp;&nbsp; 11094761 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 249284 | &nbsp;&nbsp;&nbsp; 222695 | &nbsp;&nbsp;&nbsp; 132837 | &nbsp;&nbsp;&nbsp; 156710 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (204780891)<br>| &nbsp;&nbsp;&nbsp; (217685033)<br>| &nbsp;&nbsp;&nbsp; (15636535)<br>| &nbsp;&nbsp;&nbsp; (10878180)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 4614960 | &nbsp;&nbsp;&nbsp; 2860606 | &nbsp;&nbsp;&nbsp; (1068806)<br>| &nbsp;&nbsp;&nbsp; 373291 |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 28205 | &nbsp;&nbsp;&nbsp; 2580243 | &nbsp;&nbsp;&nbsp; 749426 | &nbsp;&nbsp;&nbsp; 1573527 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1204 | &nbsp;&nbsp;&nbsp; 25631 | &nbsp;&nbsp;&nbsp; 19684 | &nbsp;&nbsp;&nbsp; 27432 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (21357)<br>| &nbsp;&nbsp;&nbsp; (5420379)<br>| &nbsp;&nbsp;&nbsp; (651395)<br>| &nbsp;&nbsp;&nbsp; (2297746)<br>|
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 8052 | &nbsp;&nbsp;&nbsp; (2814505)<br>| &nbsp;&nbsp;&nbsp; 117715 | &nbsp;&nbsp;&nbsp; (696787)<br>|
| **Service** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 31254 | &nbsp;&nbsp;&nbsp; 34316 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4501 | &nbsp;&nbsp;&nbsp; 9312 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (144890)<br>| &nbsp;&nbsp;&nbsp; (84237)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Service capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (109135)<br>| &nbsp;&nbsp;&nbsp; (40609)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $33443113 | &nbsp;&nbsp;&nbsp; $36980461 | &nbsp;&nbsp;&nbsp; $11275966 | &nbsp;&nbsp;&nbsp; $6016979 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| **Year Ended**<br> **February 28, 2025** |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 41864613 | &nbsp;&nbsp;&nbsp; 61035666 | &nbsp;&nbsp;&nbsp; 7696000 | &nbsp;&nbsp;&nbsp; 17904800 |
| Reinvested | &nbsp;&nbsp;&nbsp; 132399 | &nbsp;&nbsp;&nbsp; 157422 | &nbsp;&nbsp;&nbsp; 10815 | &nbsp;&nbsp;&nbsp; 59483 |
| Redeemed | &nbsp;&nbsp;&nbsp; (44856295)<br>| &nbsp;&nbsp;&nbsp; (62206183)<br>| &nbsp;&nbsp;&nbsp; (8256772)<br>| &nbsp;&nbsp;&nbsp; (19306593)<br>|
| Change in Academy Shares | &nbsp;&nbsp;&nbsp; (2859283)<br>| &nbsp;&nbsp;&nbsp; (1013095)<br>| &nbsp;&nbsp;&nbsp; (549957)<br>| &nbsp;&nbsp;&nbsp; (1342310)<br>|
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1908799929 | &nbsp;&nbsp;&nbsp; 1712439269 | &nbsp;&nbsp;&nbsp; 169668193 | &nbsp;&nbsp;&nbsp; 175685512 |
| Reinvested | &nbsp;&nbsp;&nbsp; 125837 | &nbsp;&nbsp;&nbsp; 165059 | &nbsp;&nbsp;&nbsp; 15898 | &nbsp;&nbsp;&nbsp; 19074 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1909094790)<br>| &nbsp;&nbsp;&nbsp; (1711648798)<br>| &nbsp;&nbsp;&nbsp; (168972023)<br>| &nbsp;&nbsp;&nbsp; (175225810)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; (169024)<br>| &nbsp;&nbsp;&nbsp; 955530 | &nbsp;&nbsp;&nbsp; 712068 | &nbsp;&nbsp;&nbsp; 478776 |
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2190524301 | &nbsp;&nbsp;&nbsp; 1852197306 | &nbsp;&nbsp;&nbsp; 205647594 | &nbsp;&nbsp;&nbsp; 157500974 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3358706 | &nbsp;&nbsp;&nbsp; 3481197 | &nbsp;&nbsp;&nbsp; 369646 | &nbsp;&nbsp;&nbsp; 330848 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2170575495)<br>| &nbsp;&nbsp;&nbsp; (1834549709)<br>| &nbsp;&nbsp;&nbsp; (193799496)<br>| &nbsp;&nbsp;&nbsp; (153232616)<br>|
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; 23307512 | &nbsp;&nbsp;&nbsp; 21128794 | &nbsp;&nbsp;&nbsp; 12217744 | &nbsp;&nbsp;&nbsp; 4599206 |
| **Digital** (a) |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 275416 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (175032)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Digital Shares | &nbsp;&nbsp;&nbsp; 100384 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Empower** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 109558823 | &nbsp;&nbsp;&nbsp; 87836261 | &nbsp;&nbsp;&nbsp; 443000 | &nbsp;&nbsp;&nbsp; 91539 |
| Reinvested | &nbsp;&nbsp;&nbsp; 290890 | &nbsp;&nbsp;&nbsp; 223759 | &nbsp;&nbsp;&nbsp; 7467 | &nbsp;&nbsp;&nbsp; 3086 |
| Redeemed | &nbsp;&nbsp;&nbsp; (108206478)<br>| &nbsp;&nbsp;&nbsp; (86461462)<br>| &nbsp;&nbsp;&nbsp; (208849)<br>| &nbsp;&nbsp;&nbsp; (33822)<br>|
| Change in Empower Shares | &nbsp;&nbsp;&nbsp; 1643235 | &nbsp;&nbsp;&nbsp; 1598558 | &nbsp;&nbsp;&nbsp; 241618 | &nbsp;&nbsp;&nbsp; 60803 |
| **IM** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 99368384 | &nbsp;&nbsp;&nbsp; 62851655 | &nbsp;&nbsp;&nbsp; 3124554 | &nbsp;&nbsp;&nbsp; 2642628 |
| Reinvested | &nbsp;&nbsp;&nbsp; 58425 | &nbsp;&nbsp;&nbsp; 32156 | &nbsp;&nbsp;&nbsp; 13451 | &nbsp;&nbsp;&nbsp; 8704 |
| Redeemed | &nbsp;&nbsp;&nbsp; (92870828)<br>| &nbsp;&nbsp;&nbsp; (59875252)<br>| &nbsp;&nbsp;&nbsp; (2886765)<br>| &nbsp;&nbsp;&nbsp; (2525420)<br>|
| Change in IM Shares | &nbsp;&nbsp;&nbsp; 6555981 | &nbsp;&nbsp;&nbsp; 3008559 | &nbsp;&nbsp;&nbsp; 251240 | &nbsp;&nbsp;&nbsp; 125912 |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 522185186 | &nbsp;&nbsp;&nbsp; 463014923 | &nbsp;&nbsp;&nbsp; 82597957 | &nbsp;&nbsp;&nbsp; 77893831 |
| Reinvested | &nbsp;&nbsp;&nbsp; 576212 | &nbsp;&nbsp;&nbsp; 674386 | &nbsp;&nbsp;&nbsp; 282038 | &nbsp;&nbsp;&nbsp; 201789 |
| Redeemed | &nbsp;&nbsp;&nbsp; (522530804)<br>| &nbsp;&nbsp;&nbsp; (460832438)<br>| &nbsp;&nbsp;&nbsp; (84415245)<br>| &nbsp;&nbsp;&nbsp; (76385137)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; 230594 | &nbsp;&nbsp;&nbsp; 2856871 | &nbsp;&nbsp;&nbsp; (1535250)<br>| &nbsp;&nbsp;&nbsp; 1710483 |

---

------

(a) Commencement of offering of class of shares effective October 30, 2025 for JPMorgan U.S. Government Money Market Fund.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 121

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Government Money Market**<br> **Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** | **JPMorgan U.S. Treasury Plus Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| **Year Ended**<br> **February 28, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Investor** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4898880 | &nbsp;&nbsp;&nbsp; 4351087 | &nbsp;&nbsp;&nbsp; 126838 | &nbsp;&nbsp;&nbsp; 121579 |
| Reinvested | &nbsp;&nbsp;&nbsp; 119947 | &nbsp;&nbsp;&nbsp; 112498 | &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 217 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7190798)<br>| &nbsp;&nbsp;&nbsp; (2962852)<br>| &nbsp;&nbsp;&nbsp; (120293)<br>| &nbsp;&nbsp;&nbsp; (122265)<br>|
| Change in Investor Shares | &nbsp;&nbsp;&nbsp; (2171971)<br>| &nbsp;&nbsp;&nbsp; 1500733 | &nbsp;&nbsp;&nbsp; 6799 | &nbsp;&nbsp;&nbsp; (469)<br>|
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2943299711 | &nbsp;&nbsp;&nbsp; 2167298911 | &nbsp;&nbsp;&nbsp; 977132532 | &nbsp;&nbsp;&nbsp; 801601832 |
| Reinvested | &nbsp;&nbsp;&nbsp; 113084 | &nbsp;&nbsp;&nbsp; 133781 | &nbsp;&nbsp;&nbsp; 20636 | &nbsp;&nbsp;&nbsp; 24731 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2941121524)<br>| &nbsp;&nbsp;&nbsp; (2160493130)<br>| &nbsp;&nbsp;&nbsp; (976270373)<br>| &nbsp;&nbsp;&nbsp; (800918436)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 2291271 | &nbsp;&nbsp;&nbsp; 6939562 | &nbsp;&nbsp;&nbsp; 882795 | &nbsp;&nbsp;&nbsp; 708127 |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 209137824 | &nbsp;&nbsp;&nbsp; 220311023 | &nbsp;&nbsp;&nbsp; 14434875 | &nbsp;&nbsp;&nbsp; 11094343 |
| Reinvested | &nbsp;&nbsp;&nbsp; 249284 | &nbsp;&nbsp;&nbsp; 222695 | &nbsp;&nbsp;&nbsp; 132837 | &nbsp;&nbsp;&nbsp; 156710 |
| Redeemed | &nbsp;&nbsp;&nbsp; (204771587)<br>| &nbsp;&nbsp;&nbsp; (217672868)<br>| &nbsp;&nbsp;&nbsp; (15636517)<br>| &nbsp;&nbsp;&nbsp; (10877764)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; 4615521 | &nbsp;&nbsp;&nbsp; 2860850 | &nbsp;&nbsp;&nbsp; (1068805)<br>| &nbsp;&nbsp;&nbsp; 373289 |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 28197 | &nbsp;&nbsp;&nbsp; 2578704 | &nbsp;&nbsp;&nbsp; 749421 | &nbsp;&nbsp;&nbsp; 1573371 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1204 | &nbsp;&nbsp;&nbsp; 25631 | &nbsp;&nbsp;&nbsp; 19684 | &nbsp;&nbsp;&nbsp; 27432 |
| Redeemed | &nbsp;&nbsp;&nbsp; (21348)<br>| &nbsp;&nbsp;&nbsp; (5419609)<br>| &nbsp;&nbsp;&nbsp; (651391)<br>| &nbsp;&nbsp;&nbsp; (2297641)<br>|
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 8053 | &nbsp;&nbsp;&nbsp; (2815274)<br>| &nbsp;&nbsp;&nbsp; 117714 | &nbsp;&nbsp;&nbsp; (696838)<br>|
| **Service** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 31206 | &nbsp;&nbsp;&nbsp; 34254 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 4501 | &nbsp;&nbsp;&nbsp; 9311 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (144866)<br>| &nbsp;&nbsp;&nbsp; (84193)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Service Shares | &nbsp;&nbsp;&nbsp; (109159)<br>| &nbsp;&nbsp;&nbsp; (40628)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Federal Money Market Fund** | **JPMorgan Federal Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities** <br>**Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities** <br>**Money Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $1494837 | &nbsp;&nbsp;&nbsp; $1759824 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12275 | &nbsp;&nbsp;&nbsp; 2130 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1088486)<br>| &nbsp;&nbsp;&nbsp; (1880976)<br>|
| Change in net assets resulting from Academy capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 418626 | &nbsp;&nbsp;&nbsp; (119022)<br>|
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1024685 | &nbsp;&nbsp;&nbsp; 955379 | &nbsp;&nbsp;&nbsp; 773856339 | &nbsp;&nbsp;&nbsp; 743236777 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2554 | &nbsp;&nbsp;&nbsp; 3822 | &nbsp;&nbsp;&nbsp; 100545 | &nbsp;&nbsp;&nbsp; 124721 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1104318)<br>| &nbsp;&nbsp;&nbsp; (1082617)<br>| &nbsp;&nbsp;&nbsp; (771983302)<br>| &nbsp;&nbsp;&nbsp; (740539127)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (77079)<br>| &nbsp;&nbsp;&nbsp; (123416)<br>| &nbsp;&nbsp;&nbsp; 1973582 | &nbsp;&nbsp;&nbsp; 2822371 |
| **Capital** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 440032372 | &nbsp;&nbsp;&nbsp; 386692990 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1357518 | &nbsp;&nbsp;&nbsp; 1370815 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (395723309)<br>| &nbsp;&nbsp;&nbsp; (354532681)<br>|
| Change in net assets resulting from Capital capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45666581 | &nbsp;&nbsp;&nbsp; 33531124 |
| **Empower** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1559775 | &nbsp;&nbsp;&nbsp; 1056799 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38592 | &nbsp;&nbsp;&nbsp; 53902 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1260216)<br>| &nbsp;&nbsp;&nbsp; (1119645)<br>|
| Change in net assets resulting from Empower capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 338151 | &nbsp;&nbsp;&nbsp; (8944)<br>|
| **IM** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 500801 | &nbsp;&nbsp;&nbsp; 1365423 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4975 | &nbsp;&nbsp;&nbsp; 11772 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (481337)<br>| &nbsp;&nbsp;&nbsp; (1512648)<br>|
| Change in net assets resulting from IM capital transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24439 | &nbsp;&nbsp;&nbsp; (135453)<br>|
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10702702 | &nbsp;&nbsp;&nbsp; 10715397 | &nbsp;&nbsp;&nbsp; 241744024 | &nbsp;&nbsp;&nbsp; 202296469 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 66313 | &nbsp;&nbsp;&nbsp; 80633 | &nbsp;&nbsp;&nbsp; 355036 | &nbsp;&nbsp;&nbsp; 411050 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11175662)<br>| &nbsp;&nbsp;&nbsp; (9823619)<br>| &nbsp;&nbsp;&nbsp; (233792658)<br>| &nbsp;&nbsp;&nbsp; (185430970)<br>|
| Change in net assets resulting from Institutional Class <br> capital transactions<br>| &nbsp;&nbsp;&nbsp; (406647)<br>| &nbsp;&nbsp;&nbsp; 972411 | &nbsp;&nbsp;&nbsp; 8306402 | &nbsp;&nbsp;&nbsp; 17276549 |
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 408144 | &nbsp;&nbsp;&nbsp; 470008 | &nbsp;&nbsp;&nbsp; 1181375748 | &nbsp;&nbsp;&nbsp; 1043256192 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 13281 | &nbsp;&nbsp;&nbsp; 14656 | &nbsp;&nbsp;&nbsp; 58386 | &nbsp;&nbsp;&nbsp; 68900 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (415379)<br>| &nbsp;&nbsp;&nbsp; (417408)<br>| &nbsp;&nbsp;&nbsp; (1180944205)<br>| &nbsp;&nbsp;&nbsp; (1041039804)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 6046 | &nbsp;&nbsp;&nbsp; 67256 | &nbsp;&nbsp;&nbsp; 489929 | &nbsp;&nbsp;&nbsp; 2285288 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 123

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Federal Money Market Fund** | **JPMorgan Federal Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities**<br> **Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities**<br> **Money Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $2575079 | &nbsp;&nbsp;&nbsp; $2946797 | &nbsp;&nbsp;&nbsp; $66183629 | &nbsp;&nbsp;&nbsp; $62813558 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 62629 | &nbsp;&nbsp;&nbsp; 66382 | &nbsp;&nbsp;&nbsp; 349022 | &nbsp;&nbsp;&nbsp; 357625 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2838909)<br>| &nbsp;&nbsp;&nbsp; (2563066)<br>| &nbsp;&nbsp;&nbsp; (64905086)<br>| &nbsp;&nbsp;&nbsp; (58749375)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (201201)<br>| &nbsp;&nbsp;&nbsp; 450113 | &nbsp;&nbsp;&nbsp; 1627565 | &nbsp;&nbsp;&nbsp; 4421808 |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7852011 | &nbsp;&nbsp;&nbsp; 6845722 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp; 1398 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7714714)<br>| &nbsp;&nbsp;&nbsp; (7327037)<br>|
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 137938 | &nbsp;&nbsp;&nbsp; (479917)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(678881)<br>| &nbsp;&nbsp;&nbsp; $1366364 | &nbsp;&nbsp;&nbsp; $58983213 | &nbsp;&nbsp;&nbsp; $59593804 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Academy** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1494836 | &nbsp;&nbsp;&nbsp; 1759787 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12275 | &nbsp;&nbsp;&nbsp; 2130 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1088483)<br>| &nbsp;&nbsp;&nbsp; (1880942)<br>|
| Change in Academy Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 418628 | &nbsp;&nbsp;&nbsp; (119025)<br>|
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1024682 | &nbsp;&nbsp;&nbsp; 955366 | &nbsp;&nbsp;&nbsp; 773856309 | &nbsp;&nbsp;&nbsp; 743236493 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2554 | &nbsp;&nbsp;&nbsp; 3822 | &nbsp;&nbsp;&nbsp; 100545 | &nbsp;&nbsp;&nbsp; 124721 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1104313)<br>| &nbsp;&nbsp;&nbsp; (1082608)<br>| &nbsp;&nbsp;&nbsp; (771983271)<br>| &nbsp;&nbsp;&nbsp; (740538862)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; (77077)<br>| &nbsp;&nbsp;&nbsp; (123420)<br>| &nbsp;&nbsp;&nbsp; 1973583 | &nbsp;&nbsp;&nbsp; 2822352 |
| **Capital** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 440032282 | &nbsp;&nbsp;&nbsp; 386692251 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1357518 | &nbsp;&nbsp;&nbsp; 1370815 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (395723213)<br>| &nbsp;&nbsp;&nbsp; (354531945)<br>|
| Change in Capital Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 45666587 | &nbsp;&nbsp;&nbsp; 33531121 |
| **Empower** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1559771 | &nbsp;&nbsp;&nbsp; 1056773 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 38592 | &nbsp;&nbsp;&nbsp; 53902 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1260214)<br>| &nbsp;&nbsp;&nbsp; (1119624)<br>|
| Change in Empower Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 338149 | &nbsp;&nbsp;&nbsp; (8949)<br>|
| **IM** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 500800 | &nbsp;&nbsp;&nbsp; 1365394 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4975 | &nbsp;&nbsp;&nbsp; 11772 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (481336)<br>| &nbsp;&nbsp;&nbsp; (1512622)<br>|
| Change in IM Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24439 | &nbsp;&nbsp;&nbsp; (135456)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

124 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Federal Money Market Fund** | **JPMorgan Federal Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities**<br> **Money Market Fund** | **JPMorgan 100% U.S. Treasury Securities**<br> **Money Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10702686 | &nbsp;&nbsp;&nbsp; 10715364 | &nbsp;&nbsp;&nbsp; 241743961 | &nbsp;&nbsp;&nbsp; 202295931 |
| Reinvested | &nbsp;&nbsp;&nbsp; 66313 | &nbsp;&nbsp;&nbsp; 80633 | &nbsp;&nbsp;&nbsp; 355036 | &nbsp;&nbsp;&nbsp; 411050 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11175648)<br>| &nbsp;&nbsp;&nbsp; (9823586)<br>| &nbsp;&nbsp;&nbsp; (233792603)<br>| &nbsp;&nbsp;&nbsp; (185430394)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (406649)<br>| &nbsp;&nbsp;&nbsp; 972411 | &nbsp;&nbsp;&nbsp; 8306394 | &nbsp;&nbsp;&nbsp; 17276587 |
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 408142 | &nbsp;&nbsp;&nbsp; 470005 | &nbsp;&nbsp;&nbsp; 1181375723 | &nbsp;&nbsp;&nbsp; 1043256067 |
| Reinvested | &nbsp;&nbsp;&nbsp; 13281 | &nbsp;&nbsp;&nbsp; 14656 | &nbsp;&nbsp;&nbsp; 58386 | &nbsp;&nbsp;&nbsp; 68900 |
| Redeemed | &nbsp;&nbsp;&nbsp; (415377)<br>| &nbsp;&nbsp;&nbsp; (417404)<br>| &nbsp;&nbsp;&nbsp; (1180944181)<br>| &nbsp;&nbsp;&nbsp; (1041039656)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 6046 | &nbsp;&nbsp;&nbsp; 67257 | &nbsp;&nbsp;&nbsp; 489928 | &nbsp;&nbsp;&nbsp; 2285311 |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 2575069 | &nbsp;&nbsp;&nbsp; 2946775 | &nbsp;&nbsp;&nbsp; 66183609 | &nbsp;&nbsp;&nbsp; 62813337 |
| Reinvested | &nbsp;&nbsp;&nbsp; 62629 | &nbsp;&nbsp;&nbsp; 66382 | &nbsp;&nbsp;&nbsp; 349022 | &nbsp;&nbsp;&nbsp; 357625 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2838897)<br>| &nbsp;&nbsp;&nbsp; (2563042)<br>| &nbsp;&nbsp;&nbsp; (64905064)<br>| &nbsp;&nbsp;&nbsp; (58749165)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (201199)<br>| &nbsp;&nbsp;&nbsp; 450115 | &nbsp;&nbsp;&nbsp; 1627567 | &nbsp;&nbsp;&nbsp; 4421797 |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7852006 | &nbsp;&nbsp;&nbsp; 6845658 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 641 | &nbsp;&nbsp;&nbsp; 1398 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7714709)<br>| &nbsp;&nbsp;&nbsp; (7326992)<br>|
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 137938 | &nbsp;&nbsp;&nbsp; (479936)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 125

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Tax Free Money Market Fund** | **JPMorgan Tax Free Money Market Fund** | **JPMorgan Municipal Money Market Fund** | **JPMorgan Municipal Money Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $599745 | &nbsp;&nbsp;&nbsp; $607319 | &nbsp;&nbsp;&nbsp; $348839 | &nbsp;&nbsp;&nbsp; $296993 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp; 1388 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (548292)<br>| &nbsp;&nbsp;&nbsp; (804635)<br>| &nbsp;&nbsp;&nbsp; (311861)<br>| &nbsp;&nbsp;&nbsp; (291291)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 52305 | &nbsp;&nbsp;&nbsp; (195814)<br>| &nbsp;&nbsp;&nbsp; 38220 | &nbsp;&nbsp;&nbsp; 7090 |
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 25984253 | &nbsp;&nbsp;&nbsp; 28260117 | &nbsp;&nbsp;&nbsp; 19437102 | &nbsp;&nbsp;&nbsp; 15788017 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16194 | &nbsp;&nbsp;&nbsp; 19250 | &nbsp;&nbsp;&nbsp; 27538 | &nbsp;&nbsp;&nbsp; 26872 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (26826415)<br>| &nbsp;&nbsp;&nbsp; (26975097)<br>| &nbsp;&nbsp;&nbsp; (19158231)<br>| &nbsp;&nbsp;&nbsp; (15374815)<br>|
| Change in net assets resulting from Institutional Class capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (825968)<br>| &nbsp;&nbsp;&nbsp; 1304270 | &nbsp;&nbsp;&nbsp; 306409 | &nbsp;&nbsp;&nbsp; 440074 |
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 116112 | &nbsp;&nbsp;&nbsp; 102652 | &nbsp;&nbsp;&nbsp; 101475 | &nbsp;&nbsp;&nbsp; 96810 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp;&nbsp; 2200 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (101311)<br>| &nbsp;&nbsp;&nbsp; (90790)<br>| &nbsp;&nbsp;&nbsp; (96745)<br>| &nbsp;&nbsp;&nbsp; (78134)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 16705 | &nbsp;&nbsp;&nbsp; 13875 | &nbsp;&nbsp;&nbsp; 6658 | &nbsp;&nbsp;&nbsp; 20876 |
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1548566 | &nbsp;&nbsp;&nbsp; 1810511 | &nbsp;&nbsp;&nbsp; 1079500 | &nbsp;&nbsp;&nbsp; 1002950 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16031 | &nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp; 11654 | &nbsp;&nbsp;&nbsp; 10457 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1719444)<br>| &nbsp;&nbsp;&nbsp; (1691942)<br>| &nbsp;&nbsp;&nbsp; (1034959)<br>| &nbsp;&nbsp;&nbsp; (714818)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (154847)<br>| &nbsp;&nbsp;&nbsp; 135683 | &nbsp;&nbsp;&nbsp; 56195 | &nbsp;&nbsp;&nbsp; 298589 |
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5295509 | &nbsp;&nbsp;&nbsp; 6433216 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5295529)<br>| &nbsp;&nbsp;&nbsp; (6518934)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 555 | &nbsp;&nbsp;&nbsp; (84785)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Service** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 131 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 114 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4116)<br>| &nbsp;&nbsp;&nbsp; (2067)<br>|
| Change in net assets resulting from Service capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4081)<br>| &nbsp;&nbsp;&nbsp; (1822)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(911250)<br>| &nbsp;&nbsp;&nbsp; $1173229 | &nbsp;&nbsp;&nbsp; $403401 | &nbsp;&nbsp;&nbsp; $764807 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Tax Free Money Market Fund** | **JPMorgan Tax Free Money Market Fund** | **JPMorgan Municipal Money Market Fund** | **JPMorgan Municipal Money Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 599718 | &nbsp;&nbsp;&nbsp; 607298 | &nbsp;&nbsp;&nbsp; 348814 | &nbsp;&nbsp;&nbsp; 296970 |
| Reinvested | &nbsp;&nbsp;&nbsp; 852 | &nbsp;&nbsp;&nbsp; 1502 | &nbsp;&nbsp;&nbsp; 1242 | &nbsp;&nbsp;&nbsp; 1388 |
| Redeemed | &nbsp;&nbsp;&nbsp; (548268)<br>| &nbsp;&nbsp;&nbsp; (804607)<br>| &nbsp;&nbsp;&nbsp; (311837)<br>| &nbsp;&nbsp;&nbsp; (291263)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; 52302 | &nbsp;&nbsp;&nbsp; (195807)<br>| &nbsp;&nbsp;&nbsp; 38219 | &nbsp;&nbsp;&nbsp; 7095 |
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 25984117 | &nbsp;&nbsp;&nbsp; 28259985 | &nbsp;&nbsp;&nbsp; 19437013 | &nbsp;&nbsp;&nbsp; 15787948 |
| Reinvested | &nbsp;&nbsp;&nbsp; 16194 | &nbsp;&nbsp;&nbsp; 19250 | &nbsp;&nbsp;&nbsp; 27538 | &nbsp;&nbsp;&nbsp; 26872 |
| Redeemed | &nbsp;&nbsp;&nbsp; (26826273)<br>| &nbsp;&nbsp;&nbsp; (26974978)<br>| &nbsp;&nbsp;&nbsp; (19158146)<br>| &nbsp;&nbsp;&nbsp; (15374741)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (825962)<br>| &nbsp;&nbsp;&nbsp; 1304257 | &nbsp;&nbsp;&nbsp; 306405 | &nbsp;&nbsp;&nbsp; 440079 |
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 116106 | &nbsp;&nbsp;&nbsp; 102649 | &nbsp;&nbsp;&nbsp; 101468 | &nbsp;&nbsp;&nbsp; 96802 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp; 2013 | &nbsp;&nbsp;&nbsp; 1928 | &nbsp;&nbsp;&nbsp; 2200 |
| Redeemed | &nbsp;&nbsp;&nbsp; (101306)<br>| &nbsp;&nbsp;&nbsp; (90787)<br>| &nbsp;&nbsp;&nbsp; (96737)<br>| &nbsp;&nbsp;&nbsp; (78126)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; 16704 | &nbsp;&nbsp;&nbsp; 13875 | &nbsp;&nbsp;&nbsp; 6659 | &nbsp;&nbsp;&nbsp; 20876 |
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1548509 | &nbsp;&nbsp;&nbsp; 1810459 | &nbsp;&nbsp;&nbsp; 1079436 | &nbsp;&nbsp;&nbsp; 1002896 |
| Reinvested | &nbsp;&nbsp;&nbsp; 16031 | &nbsp;&nbsp;&nbsp; 17114 | &nbsp;&nbsp;&nbsp; 11654 | &nbsp;&nbsp;&nbsp; 10457 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1719386)<br>| &nbsp;&nbsp;&nbsp; (1691889)<br>| &nbsp;&nbsp;&nbsp; (1034893)<br>| &nbsp;&nbsp;&nbsp; (714772)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (154846)<br>| &nbsp;&nbsp;&nbsp; 135684 | &nbsp;&nbsp;&nbsp; 56197 | &nbsp;&nbsp;&nbsp; 298581 |
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5295407 | &nbsp;&nbsp;&nbsp; 6433123 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 575 | &nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (5295431)<br>| &nbsp;&nbsp;&nbsp; (6518836)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp; (84780)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Service** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 131 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; 114 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4115)<br>| &nbsp;&nbsp;&nbsp; (2067)<br>|
| Change in Service Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4080)<br>| &nbsp;&nbsp;&nbsp; (1822)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 127

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Municipal Money** <br>**Market Fund** | **JPMorgan California Municipal Money** <br>**Market Fund** | **JPMorgan New York Municipal Money** <br>**Market Fund** | **JPMorgan New York Municipal Money** <br>**Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $7885 | &nbsp;&nbsp;&nbsp; $87364 | &nbsp;&nbsp;&nbsp; $305863 | &nbsp;&nbsp;&nbsp; $343649 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 149 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (19107)<br>| &nbsp;&nbsp;&nbsp; (90946)<br>| &nbsp;&nbsp;&nbsp; (345568)<br>| &nbsp;&nbsp;&nbsp; (411463)<br>|
| Change in net assets resulting from Agency capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (11177)<br>| &nbsp;&nbsp;&nbsp; (3436)<br>| &nbsp;&nbsp;&nbsp; (39649)<br>| &nbsp;&nbsp;&nbsp; (67665)<br>|
| **Institutional Class** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 135549 | &nbsp;&nbsp;&nbsp; 274321 | &nbsp;&nbsp;&nbsp; 2462669 | &nbsp;&nbsp;&nbsp; 2481458 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp; 1531 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (163106)<br>| &nbsp;&nbsp;&nbsp; (317194)<br>| &nbsp;&nbsp;&nbsp; (2478837)<br>| &nbsp;&nbsp;&nbsp; (2714616)<br>|
| Change in net assets resulting from Institutional Class capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (26693)<br>| &nbsp;&nbsp;&nbsp; (41288)<br>| &nbsp;&nbsp;&nbsp; (15641)<br>| &nbsp;&nbsp;&nbsp; (231627)<br>|
| **Morgan** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 4264 | &nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp; 27041 | &nbsp;&nbsp;&nbsp; 12385 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp; 1199 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5179)<br>| &nbsp;&nbsp;&nbsp; (6879)<br>| &nbsp;&nbsp;&nbsp; (33492)<br>| &nbsp;&nbsp;&nbsp; (21891)<br>|
| Change in net assets resulting from Morgan capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (838)<br>| &nbsp;&nbsp;&nbsp; (4218)<br>| &nbsp;&nbsp;&nbsp; (5656)<br>| &nbsp;&nbsp;&nbsp; (8307)<br>|
| **Premier** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 123021 | &nbsp;&nbsp;&nbsp; 203592 | &nbsp;&nbsp;&nbsp; 323284 | &nbsp;&nbsp;&nbsp; 516131 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 455 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (175763)<br>| &nbsp;&nbsp;&nbsp; (243476)<br>| &nbsp;&nbsp;&nbsp; (382623)<br>| &nbsp;&nbsp;&nbsp; (637861)<br>|
| Change in net assets resulting from Premier capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (52340)<br>| &nbsp;&nbsp;&nbsp; (39234)<br>| &nbsp;&nbsp;&nbsp; (58943)<br>| &nbsp;&nbsp;&nbsp; (121275)<br>|
| **Reserve** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp; 1936 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 56 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1301)<br>| &nbsp;&nbsp;&nbsp; (2497)<br>|
| Change in net assets resulting from Reserve capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (408)<br>| &nbsp;&nbsp;&nbsp; (505)<br>|
| **Service** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 17 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3166)<br>| &nbsp;&nbsp;&nbsp; (1152)<br>| &nbsp;&nbsp;&nbsp; (697)<br>| &nbsp;&nbsp;&nbsp; (288)<br>|
| Change in net assets resulting from Service capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (3140)<br>| &nbsp;&nbsp;&nbsp; (1076)<br>| &nbsp;&nbsp;&nbsp; (683)<br>| &nbsp;&nbsp;&nbsp; (271)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(94188)<br>| &nbsp;&nbsp;&nbsp; $(89252)<br>| &nbsp;&nbsp;&nbsp; $(120980)<br>| &nbsp;&nbsp;&nbsp; $(429650)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

128 J.P. Morgan Money Market Funds February 28, 2026

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Municipal Money**<br> **Market Fund** | **JPMorgan California Municipal Money**<br> **Market Fund** | **JPMorgan New York Municipal Money**<br> **Market Fund** | **JPMorgan New York Municipal Money**<br> **Market Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Agency** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 7877 | &nbsp;&nbsp;&nbsp; 87335 | &nbsp;&nbsp;&nbsp; 305858 | &nbsp;&nbsp;&nbsp; 343646 |
| Reinvested | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp; 149 |
| Redeemed | &nbsp;&nbsp;&nbsp; (19097)<br>| &nbsp;&nbsp;&nbsp; (90918)<br>| &nbsp;&nbsp;&nbsp; (345563)<br>| &nbsp;&nbsp;&nbsp; (411458)<br>|
| Change in Agency Shares | &nbsp;&nbsp;&nbsp; (11175)<br>| &nbsp;&nbsp;&nbsp; (3437)<br>| &nbsp;&nbsp;&nbsp; (39649)<br>| &nbsp;&nbsp;&nbsp; (67663)<br>|
| **Institutional Class** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 135501 | &nbsp;&nbsp;&nbsp; 274262 | &nbsp;&nbsp;&nbsp; 2462659 | &nbsp;&nbsp;&nbsp; 2481448 |
| Reinvested | &nbsp;&nbsp;&nbsp; 864 | &nbsp;&nbsp;&nbsp; 1585 | &nbsp;&nbsp;&nbsp; 527 | &nbsp;&nbsp;&nbsp; 1531 |
| Redeemed | &nbsp;&nbsp;&nbsp; (163073)<br>| &nbsp;&nbsp;&nbsp; (317138)<br>| &nbsp;&nbsp;&nbsp; (2478829)<br>| &nbsp;&nbsp;&nbsp; (2714606)<br>|
| Change in Institutional Class Shares | &nbsp;&nbsp;&nbsp; (26708)<br>| &nbsp;&nbsp;&nbsp; (41291)<br>| &nbsp;&nbsp;&nbsp; (15643)<br>| &nbsp;&nbsp;&nbsp; (231627)<br>|
| **Morgan** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4261 | &nbsp;&nbsp;&nbsp; 2498 | &nbsp;&nbsp;&nbsp; 27040 | &nbsp;&nbsp;&nbsp; 12384 |
| Reinvested | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp; 1199 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5176)<br>| &nbsp;&nbsp;&nbsp; (6876)<br>| &nbsp;&nbsp;&nbsp; (33491)<br>| &nbsp;&nbsp;&nbsp; (21890)<br>|
| Change in Morgan Shares | &nbsp;&nbsp;&nbsp; (838)<br>| &nbsp;&nbsp;&nbsp; (4217)<br>| &nbsp;&nbsp;&nbsp; (5656)<br>| &nbsp;&nbsp;&nbsp; (8307)<br>|
| **Premier** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 122985 | &nbsp;&nbsp;&nbsp; 203545 | &nbsp;&nbsp;&nbsp; 323279 | &nbsp;&nbsp;&nbsp; 516125 |
| Reinvested | &nbsp;&nbsp;&nbsp; 402 | &nbsp;&nbsp;&nbsp; 650 | &nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 455 |
| Redeemed | &nbsp;&nbsp;&nbsp; (175716)<br>| &nbsp;&nbsp;&nbsp; (243426)<br>| &nbsp;&nbsp;&nbsp; (382617)<br>| &nbsp;&nbsp;&nbsp; (637855)<br>|
| Change in Premier Shares | &nbsp;&nbsp;&nbsp; (52329)<br>| &nbsp;&nbsp;&nbsp; (39231)<br>| &nbsp;&nbsp;&nbsp; (58942)<br>| &nbsp;&nbsp;&nbsp; (121275)<br>|
| **Reserve** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 869 | &nbsp;&nbsp;&nbsp; 1936 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 56 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1301)<br>| &nbsp;&nbsp;&nbsp; (2497)<br>|
| Change in Reserve Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (408)<br>| &nbsp;&nbsp;&nbsp; (505)<br>|
| **Service** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 18 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3164)<br>| &nbsp;&nbsp;&nbsp; (1152)<br>| &nbsp;&nbsp;&nbsp; (697)<br>| &nbsp;&nbsp;&nbsp; (290)<br>|
| Change in Service Shares | &nbsp;&nbsp;&nbsp; (3138)<br>| &nbsp;&nbsp;&nbsp; (1076)<br>| &nbsp;&nbsp;&nbsp; (683)<br>| &nbsp;&nbsp;&nbsp; (272)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 129

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)<br>| Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Prime Money Market Fund** |  |  |  |  |  |
| **Academy** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.0003 | &nbsp;&nbsp; $0.0414 | &nbsp;&nbsp; $(0.0001)<br>| &nbsp;&nbsp; $0.0413 | &nbsp;&nbsp; $(0.0414)<br>|
| Year Ended February 28, 2025 | 1.0005 | 0.0501 | &nbsp;&nbsp; (0.0002)<br>| 0.0499 | &nbsp;&nbsp; (0.0501)<br>|
| Year Ended February 29, 2024 | 1.0006 | 0.0527 | &nbsp;&nbsp; (0.0001)<br>| 0.0526 | &nbsp;&nbsp; (0.0527)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0240 | 0.0003 | 0.0243 | &nbsp;&nbsp; (0.0240)<br>|
| Year Ended February 28, 2022 | 1.0006 | 0.0007 | &nbsp;&nbsp; (0.0003)<br>| 0.0004 | &nbsp;&nbsp; (0.0007)<br>|
| **Agency** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0010 | 0.0405 | &nbsp;&nbsp; (0.0001)<br>| 0.0404 | &nbsp;&nbsp; (0.0405)<br>|
| Year Ended February 28, 2025 | 1.0009 | 0.0492 | 0.0001 | 0.0493 | &nbsp;&nbsp; (0.0492)<br>|
| Year Ended February 29, 2024 | 1.0009 | 0.0518 | &nbsp;&nbsp; —<br> (c)<br>| 0.0518 | &nbsp;&nbsp; (0.0518)<br>|
| Year Ended February 28, 2023 | 1.0005 | 0.0231 | 0.0004 | 0.0235 | &nbsp;&nbsp; (0.0231)<br>|
| Year Ended February 28, 2022 | 1.0008 | 0.0001 | &nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0001)<br>|
| **Capital** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0003 | 0.0414 | &nbsp;&nbsp; —<br> (c)<br>| 0.0414 | &nbsp;&nbsp; (0.0414)<br>|
| Year Ended February 28, 2025 | 1.0004 | 0.0501 | &nbsp;&nbsp; (0.0001)<br>| 0.0500 | &nbsp;&nbsp; (0.0501)<br>|
| Year Ended February 29, 2024 | 1.0005 | 0.0527 | &nbsp;&nbsp; (0.0001)<br>| 0.0526 | &nbsp;&nbsp; (0.0527)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0240 | 0.0002 | 0.0242 | &nbsp;&nbsp; (0.0240)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0007 | &nbsp;&nbsp; (0.0002)<br>| 0.0005 | &nbsp;&nbsp; (0.0007)<br>|
| **Empower** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0003 | 0.0414 | &nbsp;&nbsp; —<br> (c)<br>| 0.0414 | &nbsp;&nbsp; (0.0414)<br>|
| Year Ended February 28, 2025 | 1.0004 | 0.0501 | &nbsp;&nbsp; (0.0001)<br>| 0.0500 | &nbsp;&nbsp; (0.0501)<br>|
| Year Ended February 29, 2024 | 1.0005 | 0.0526 | &nbsp;&nbsp; (0.0001)<br>| 0.0525 | &nbsp;&nbsp; (0.0526)<br>|
| Year Ended February 28, 2023 | 1.0002 | 0.0240 | 0.0003 | 0.0243 | &nbsp;&nbsp; (0.0240)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0007 | &nbsp;&nbsp; (0.0003)<br>| 0.0004 | &nbsp;&nbsp; (0.0007)<br>|
| **IM** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0004 | 0.0419 | &nbsp;&nbsp; (0.0001)<br>| 0.0418 | &nbsp;&nbsp; (0.0419)<br>|
| Year Ended February 28, 2025 | 1.0005 | 0.0506 | &nbsp;&nbsp; (0.0001)<br>| 0.0505 | &nbsp;&nbsp; (0.0506)<br>|
| Year Ended February 29, 2024 | 1.0005 | 0.0532 | &nbsp;&nbsp; —<br> (c)<br>| 0.0532 | &nbsp;&nbsp; (0.0532)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0244 | 0.0002 | 0.0246 | &nbsp;&nbsp; (0.0244)<br>|
| Year Ended February 28, 2022 | 1.0006 | 0.0007 | &nbsp;&nbsp; (0.0003)<br>| 0.0004 | &nbsp;&nbsp; (0.0007)<br>|
| **Institutional Class** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0004 | 0.0410 | &nbsp;&nbsp; —<br> (c)<br>| 0.0410 | &nbsp;&nbsp; (0.0410)<br>|
| Year Ended February 28, 2025 | 1.0005 | 0.0497 | &nbsp;&nbsp; (0.0001)<br>| 0.0496 | &nbsp;&nbsp; (0.0497)<br>|
| Year Ended February 29, 2024 | 1.0005 | 0.0523 | &nbsp;&nbsp; —<br> (c)<br>| 0.0523 | &nbsp;&nbsp; (0.0523)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0237 | 0.0002 | 0.0239 | &nbsp;&nbsp; (0.0237)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0005 | &nbsp;&nbsp; (0.0002)<br>| 0.0003 | &nbsp;&nbsp; (0.0005)<br>|
| **Morgan** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0015 | 0.0380 | &nbsp;&nbsp; —<br> (c)<br>| 0.0380 | &nbsp;&nbsp; (0.0380)<br>|
| Year Ended February 28, 2025 | 1.0011 | 0.0469 | 0.0004 | 0.0473 | &nbsp;&nbsp; (0.0469)<br>|
| Year Ended February 29, 2024 | 1.0010 | 0.0496 | 0.0001 | 0.0497 | &nbsp;&nbsp; (0.0496)<br>|
| Year Ended February 28, 2023 | 1.0007 | 0.0209 | 0.0003 | 0.0212 | &nbsp;&nbsp; (0.0209)<br>|
| Year Ended February 28, 2022 | 1.0011 | 0.0001 | &nbsp;&nbsp; (0.0004)<br>| &nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp; (0.0001)<br>|
| **Premier** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0005 | 0.0389 | &nbsp;&nbsp; —<br> (c)<br>| 0.0389 | &nbsp;&nbsp; (0.0389)<br>|
| Year Ended February 28, 2025 | 1.0006 | 0.0476 | &nbsp;&nbsp; (0.0001)<br>| 0.0475 | &nbsp;&nbsp; (0.0476)<br>|
| Year Ended February 29, 2024 | 1.0007 | 0.0501 | &nbsp;&nbsp; (0.0001)<br>| 0.0500 | &nbsp;&nbsp; (0.0501)<br>|
| Year Ended February 28, 2023 | 1.0004 | 0.0214 | 0.0003 | 0.0217 | &nbsp;&nbsp; (0.0214)<br>|
| Year Ended February 28, 2022 | 1.0007 | 0.0001 | &nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0001)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 J.P. Morgan Money Market Funds February 28, 2026

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&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** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $912616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1048990 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 786157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 618235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 918415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3210709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2764683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3279975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0009 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2766889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1403993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56356157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44855575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42797560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41621459 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40505885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 730722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 598550 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 463298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355132 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 564948 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18208845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17197596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13307523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6054242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9524945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17011387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17822266 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18483874 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14307780 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.20<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14794803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 699282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 721023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4175385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0010 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1857527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 877230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2822585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2968154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3008674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2287879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1007946 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 131

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)<br>| Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Prime Money Market Fund (continued)** |  |  |  |  |  |
| **Reserve** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.0007 | &nbsp;&nbsp; $0.0361 | &nbsp;&nbsp; $(0.0001)<br>| &nbsp;&nbsp; $0.0360 | &nbsp;&nbsp; $(0.0361)<br>|
| Year Ended February 28, 2025 | 1.0008 | 0.0448 | &nbsp;&nbsp; (0.0001)<br>| 0.0447 | &nbsp;&nbsp; (0.0448)<br>|
| Year Ended February 29, 2024 | 1.0008 | 0.0474 | &nbsp;&nbsp; —<br> (c)<br>| 0.0474 | &nbsp;&nbsp; (0.0474)<br>|
| Year Ended February 28, 2023 | 1.0006 | 0.0192 | 0.0002 | 0.0194 | &nbsp;&nbsp; (0.0192)<br>|
| Year Ended February 28, 2022 | 1.0009 | 0.0001 | &nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0001)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(b) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.08<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.10<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.08<br> %<br>|
| Empower | &nbsp;&nbsp; — | 0.01<br> %<br>| &nbsp;&nbsp; — | 0.02<br> %<br>| 0.08<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.04<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.09<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.02<br> %<br>| 0.34<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.27<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.05<br> %<br>| 0.54<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount rounds to less than $0.00005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

132 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3077 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.64<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 133

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)<br>| Net realized <br>and unrealized <br>gains <br>(losses) on <br>investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Institutional Tax Free Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.0002 | &nbsp;&nbsp; $0.0235 | &nbsp;&nbsp; $—<br> (b)<br>| &nbsp;&nbsp; $0.0235 | &nbsp;&nbsp; $(0.0235)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.0235)<br>|
| Year Ended February 28, 2025 | 1.0002 | 0.0291 | &nbsp;&nbsp; —<br> (b)<br>| 0.0291 | &nbsp;&nbsp; (0.0291)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0291)<br>|
| Year Ended February 29, 2024 | 1.0002 | 0.0310 | &nbsp;&nbsp; —<br> (b)<br>| 0.0310 | &nbsp;&nbsp; (0.0310)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0310)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0136 | &nbsp;&nbsp; —<br> (b)<br>| 0.0136 | &nbsp;&nbsp; (0.0136)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0137)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0001 | &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0001)<br>|
| **Capital** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0003 | 0.0243 | &nbsp;&nbsp; —<br> (b)<br>| 0.0243 | &nbsp;&nbsp; (0.0243)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0243)<br>|
| Year Ended February 28, 2025 | 1.0003 | 0.0299 | &nbsp;&nbsp; —<br> (b)<br>| 0.0299 | &nbsp;&nbsp; (0.0299)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0299)<br>|
| Year Ended February 29, 2024 | 1.0002 | 0.0318 | 0.0001 | 0.0319 | &nbsp;&nbsp; (0.0318)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0318)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0144 | &nbsp;&nbsp; —<br> (b)<br>| 0.0144 | &nbsp;&nbsp; (0.0144)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0145)<br>|
| Year Ended February 28, 2022 | 1.0006 | 0.0002 | &nbsp;&nbsp; (0.0003)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0002)<br>|
| **IM** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0001 | 0.0248 | &nbsp;&nbsp; —<br> (b)<br>| 0.0248 | &nbsp;&nbsp; (0.0248)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0248)<br>|
| Year Ended February 28, 2025 | 1.0001 | 0.0303 | &nbsp;&nbsp; —<br> (b)<br>| 0.0303 | &nbsp;&nbsp; (0.0303)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0303)<br>|
| Year Ended February 29, 2024 | 1.0002 | 0.0321 | &nbsp;&nbsp; (0.0001)<br>| 0.0320 | &nbsp;&nbsp; (0.0321)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0321)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0147 | &nbsp;&nbsp; —<br> (b)<br>| 0.0147 | &nbsp;&nbsp; (0.0147)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0148)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0002 | &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0002)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.0002 | 0.0240 | &nbsp;&nbsp; —<br> (b)<br>| 0.0240 | &nbsp;&nbsp; (0.0240)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0240)<br>|
| Year Ended February 28, 2025 | 1.0002 | 0.0296 | &nbsp;&nbsp; —<br> (b)<br>| 0.0296 | &nbsp;&nbsp; (0.0296)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0296)<br>|
| Year Ended February 29, 2024 | 1.0002 | 0.0315 | &nbsp;&nbsp; —<br> (b)<br>| 0.0315 | &nbsp;&nbsp; (0.0315)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0315)<br>|
| Year Ended February 28, 2023 | 1.0003 | 0.0141 | &nbsp;&nbsp; —<br> (b)<br>| 0.0141 | &nbsp;&nbsp; (0.0141)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0142)<br>|
| Year Ended February 28, 2022 | 1.0005 | 0.0001 | &nbsp;&nbsp; (0.0002)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; (0.0001)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (0.0001)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(b) Amount rounds to less than $0.00005.

(c) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.16<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.09<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.07<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(d) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $44286 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.32<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96104 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 108719 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17084 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.11<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 421722 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 399560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2207857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1265816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0001 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 763488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601785 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 723312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.08<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280449 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 299682 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 347708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 397559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 355017 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 135

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Liquid Assets Money Market Fund** |  |  |  |  |  |
| **Agency** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |
| **Capital** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |
| **Institutional Class** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |
| **Investor** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |
| **Morgan** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |
| **Premier** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

136 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5144787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.03<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4526502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3878930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3045257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 691008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21867399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18445351 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14970998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9633984 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1804197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13115741 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11374169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10258535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8277974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1763092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10380 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.48<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1804 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9420596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9061560 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7101838 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2177582 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 453086 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35046308 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32834680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25760284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12312271 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1532491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 137

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Liquid Assets Money Market Fund (continued)** |  |  |  |  |  |
| **Reserve** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.09<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.03<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.05<br> %<br>|
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.32<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.42<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.28<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.53<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

138 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14458 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17886 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28700 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4231 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 139

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Securities Lending Money Market Fund\*** |  |  |  |  |  |  |  |
| **Agency SL** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04<br> (b)<br>| &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05<br> (b)<br>| &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.0004 | 0.0537 | &nbsp;&nbsp; (0.0001)<br>| 0.0536 | &nbsp;&nbsp; (0.0537)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0537)<br>|
| Year Ended February 28, 2023 | 0.9996 | 0.0241 | 0.0008 | 0.0249 | &nbsp;&nbsp; (0.0241)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.0241)<br>|
| Year Ended February 28, 2022 | 1.0001 | 0.0010 | &nbsp;&nbsp; (0.0005)<br>| 0.0005 | &nbsp;&nbsp; (0.0010)<br>| &nbsp;&nbsp; —(d)<br>| &nbsp;&nbsp; (0.0010)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* The JPMorgan Securities Lending Money Market Fund began utilizing a stable $1.00 share price calculated to two decimal places on September 3, 2024. See Note 1. 

(a) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Amount rounds to less than $0.005.

(d) Amount rounds to less than $0.00005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

140 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(a)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3000138 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.14<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0003 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2516563 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.0004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2071723 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.9996 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1921994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 141

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan U.S. Government Money Market Fund** |  |  |  |  |  |
| **Academy** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(e)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Agency** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Capital** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Digital** |  |  |  |  |  |
| October 30, 2025 (g) through February 28, 2026 | 1.00 | 0.01 | &nbsp;&nbsp; —(e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>|
| **Empower** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **IM** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Institutional Class** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Investor** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

142 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $3659063 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6517448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7529994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4267302 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10734174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15872317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16040283 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15084344 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10098820 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8485249 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205400661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182085385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160954781 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119811381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166488233 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11041706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9398144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7799631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5393885 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4160732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18012835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11457218 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8449005 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9457598 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10046645 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44298496 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44065112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41207185 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29664717 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27455761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1385261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3556639 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.47<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2056169 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2406713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.46<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1858457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 143

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(b)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan U.S. Government Money Market Fund (continued)** |  |  |  |  |  |
| **Morgan** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(e)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Premier** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Reserve** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(e)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(e)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|
| **Service** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.03 | &nbsp;&nbsp; —(e)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.04 | &nbsp;&nbsp; —(e)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(e)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —(e)<br>| &nbsp;&nbsp; —<br> (e)<br>| &nbsp;&nbsp; —<br> (e)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Annualized for periods less than one year, unless otherwise noted.

(b) Calculated based upon average shares outstanding.

(c) Not annualized for periods less than one year.

(d) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(e) Amount rounds to less than $0.005.

(f) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.13<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.02<br> %<br>| 0.20<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.13<br> %<br>|
| Empower | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.13<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.01<br> %<br>| 0.09<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.15<br> %<br>|
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.41<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.04<br> %<br>| 0.51<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.03<br> %<br>| 0.37<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.11<br> %<br>| 0.61<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | 0.16<br> %<br>| 0.96<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(g) Commencement of offering of class of shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(h) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

144 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) | **Ratios to average net assets**(a) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(c) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17045399 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14753566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7815291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4027309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1956424 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20979596 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16363800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13503049 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6543879 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5330175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2846123 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3350896 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7409330 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98290 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 207417 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.02<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 325011 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.88<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433435 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (f)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (h)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 145

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan U.S. Treasury Plus Money Market Fund** |  |  |  |  |  |
| **Academy** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Agency** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Capital** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Empower** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **IM** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Investor** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

146 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $232632 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2124743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3805917 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3093782 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2614882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1745265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.24<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 914835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31417389 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19199227 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14599378 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12166783 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10784903 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 63083 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1206832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112014 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 304355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 178436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11902124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13437078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11726034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8222799 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.19<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7963115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22311 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16665 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5187294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4304404 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3596110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110743 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350701 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 147

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan U.S. Treasury Plus Money Market Fund (continued)** |  |  |  |  |  |
| **Premier** |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Reserve** |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03<br> %<br>| 0.14<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.20<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.12<br> %<br>|
| Empower | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.13<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.09<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.15<br> %<br>|
| Investor | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.42<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.52<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03<br> %<br>| 0.38<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.08<br> %<br>| 0.61<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

148 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $4118889 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.77<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5187580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4814054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2659992 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.41<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2032795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 653510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1232544 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.61<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.07<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 149

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Federal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.20<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.16<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.53<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.39<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

150 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.96<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $534067 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 611145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734542 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417945 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 217942 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4840916 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5247575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4275012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3070971 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1322211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 362488 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 356443 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 135312 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2181640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2382844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1932661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1002392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123328 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 151

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan 100% U.S. Treasury Securities Money Market Fund** |  |  |  |  |  |  |  |
| **Academy** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.04 | &nbsp;&nbsp; $(0.04)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Capital** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Empower** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **IM** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

152 J.P. Morgan Money Market Funds February 28, 2026

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&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** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $448734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30106 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 149126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 100272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18469930 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16496183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13673580 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5528371 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3173164 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174351607 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128683730 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95150995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47631670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 57422062 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1413074 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1074915 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1083842 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 218952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 238766 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.04<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76408402 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68101333 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50823877 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28965801 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23076533 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7349223 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6859226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4573844 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2329156 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.53<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2206039 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22397035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20769262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16347175 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5755805 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.42<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1947356 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 153

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan 100% U.S. Treasury Securities Money Market Fund** <br> **(continued)**<br>|  |  |  |  |  |  |  |
| **Reserve** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.04 | &nbsp;&nbsp; —(c)<br>| 0.04 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.04)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.05 | &nbsp;&nbsp; —(c)<br>| 0.05 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.05)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Academy | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>|
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.21<br> %<br>|
| Capital | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>|
| Empower | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.13<br> %<br>|
| IM | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.14<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.16<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.05<br> %<br>| 0.52<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.38<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.09<br> %<br>| 0.62<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(e) Amount rounds to less than 0.005%.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

154 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.53<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1256324 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1118375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1598274 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1422097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3821500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.00<br> (e)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 155

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Tax Free Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Reserve** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.16<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.12<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.49<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.33<br> %<br>|
| Reserve | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.07<br> %<br>| 0.59<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.48<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $399034 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.27<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 346720 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542528 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 581661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 281075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8247761 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9073540 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7769137 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8190503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5135738 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81974 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68097 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43671 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.56<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17140 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1201144 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1355965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1220261 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 871759 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 338064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 562504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 561937 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 761834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.62<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1807835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 157

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Municipal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $(0.03)<br>| &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $(0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Service** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.13<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.09<br> %<br>|
| Morgan | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.46<br> %<br>|
| Premier | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.32<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.19<br> %<br>| 0.92<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

158 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $210681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 172457 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 154048 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 38272 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1800517 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1494076 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1053991 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 836112 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 879357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87660 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 66784 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36619 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 700087 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643880 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 156828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37902 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5912 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8796 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19679 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 159

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan California Municipal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Service** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; (0.01)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.14<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.12<br> %<br>|
| Morgan | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02<br> %<br>| 0.49<br> %<br>|
| Premier | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01<br> %<br>| 0.36<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.21<br> %<br>| 0.95<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

160 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $15122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26298 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29734 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2527 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 184291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225576 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 183670 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 87260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8575 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.57<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47085 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99422 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 138655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 181845 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.09<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4225 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6519 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9622 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 161

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan New York Municipal Money Market Fund** |  |  |  |  |  |  |  |
| **Agency** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $1.00 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $(0.02)<br>| &nbsp;&nbsp; $—(c)<br>| &nbsp;&nbsp; $(0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Institutional Class** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.03 | &nbsp;&nbsp; (0.01)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Morgan** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Premier** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Reserve** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.03 | &nbsp;&nbsp; —(c)<br>| 0.03 | &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.03)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|
| **Service** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2025 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 29, 2024 | 1.00 | 0.02 | &nbsp;&nbsp; —(c)<br>| 0.02 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; (0.02)<br>|
| Year Ended February 28, 2023 | 1.00 | 0.01 | &nbsp;&nbsp; —(c)<br>| 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>|
| Year Ended February 28, 2022 | 1.00 | &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —<br> (c)<br>| &nbsp;&nbsp; —(c)<br>| &nbsp;&nbsp; —<br> (c)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(c) Amount rounds to less than $0.005.

(d) The Fund's Adviser and service providers voluntarily waived fees during the year. The impact of these waivers on the net expense ratio is as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **February 28, 2026** | **February 28, 2025** | **February 29, 2024** | **February 28, 2023** | **February 28, 2022** |
| Agency | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.14<br> %<br>|
| Institutional Class | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.09<br> %<br>|
| Morgan | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.04<br> %<br>| 0.46<br> %<br>|
| Premier | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — <br><sup>\*</sup><br>| 0.33<br> %<br>|
| Reserve | &nbsp;&nbsp; — <br><sup>\*</sup><br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.06<br> %<br>| 0.58<br> %<br>|
| Service | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.20<br> %<br>| 0.92<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br>\* Amount rounds to less than 0.005%. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

162 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.47<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $166446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %(d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.46<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 206094 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273757 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 268303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50157 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1333636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1349262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1580890 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1780316 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 425093 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.59<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45367 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50655 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 230183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.43<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 289122 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410398 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 492280 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.44<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 97415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 949 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1357 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1975 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 965 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.13<br> (d)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 163

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I ("JPM I"), JPMorgan Trust II ("JPM II") and JPMorgan Trust IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 12 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Prime Money Market Fund | &nbsp;&nbsp; Academy, Agency, Capital, Empower, IM, <br> Institutional Class, Morgan, Premier and Reserve<br>| JPM I | Diversified |
| JPMorgan Institutional Tax Free Money Market Fund | Agency, Capital, IM and Institutional Class | JPM IV | Diversified |
| JPMorgan Liquid Assets Money Market Fund | &nbsp;&nbsp; Agency, Capital, Institutional Class, Investor, <br> Morgan, Premier and Reserve<br>| JPM II | Diversified |
| JPMorgan Securities Lending Money Market Fund | Agency SL | JPM IV | Diversified |
| JPMorgan U.S. Government Money Market Fund | &nbsp;&nbsp; Academy, Agency, Capital, Digital<sup>(1)</sup>, Empower, IM, <br> Institutional Class, Investor, Morgan, Premier, <br> Reserve and Service<br>| JPM II | Diversified |
| JPMorgan U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp; Academy, Agency, Capital, Empower, IM, <br> Institutional Class, Investor, Morgan, Premier and <br> Reserve<br>| JPM II | Diversified |
| JPMorgan Federal Money Market Fund | Agency, Institutional Class, Morgan and Premier | JPM I | Diversified |
| JPMorgan 100% U.S. Treasury Securities Money <br> Market Fund<br>| &nbsp;&nbsp; Academy, Agency, Capital, Empower, IM, <br> Institutional Class, Morgan, Premier and Reserve<br>| JPM I | Diversified |
| JPMorgan Tax Free Money Market Fund | &nbsp;&nbsp; Agency, Institutional Class, Morgan, Premier and <br> Reserve<br>| JPM I | Diversified |
| JPMorgan Municipal Money Market Fund | &nbsp;&nbsp; Agency, Institutional Class, Morgan, Premier and <br> Service<br>| JPM II | Diversified |
| JPMorgan California Municipal Money Market Fund | &nbsp;&nbsp; Agency, Institutional Class, Morgan, Premier and <br> Service<br>| JPM I | Diversified |
| JPMorgan New York Municipal Money Market Fund | &nbsp;&nbsp; Agency, Institutional Class, Morgan, Premier, <br> Reserve and Service<br>| JPM I | Diversified |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>(1)</sup> Class commenced operations on October 30, 2025.

The investment objective of JPMorgan Prime Money Market Fund ("Prime Money Market Fund") is to seek current income while maintaining liquidity and a low volatility of principal.

The investment objective of JPMorgan Institutional Tax Free Money Market Fund ("Institutional Tax Free Money Market Fund") is to seek to provide current income that is exempt from federal personal income taxes, while maintaining liquidity and a low volatility of principal.

The investment objective of JPMorgan Liquid Assets Money Market Fund ("Liquid Assets Money Market Fund") and JPMorgan U.S. Treasury Plus Money Market Fund ("U.S. Treasury Plus Money Market Fund") is to seek current income with liquidity and stability of principal.

The investment objective of JPMorgan U.S. Government Money Market Fund ("U.S. Government Money Market Fund") is to seek high current income with liquidity and stability of principal.

The investment objective of JPMorgan Federal Money Market Fund ("Federal Money Market Fund") is to aim to provide current income while maintaining liquidity and stability of principal.

The investment objective of JPMorgan 100% U.S. Treasury Securities Money Market Fund ("100% U.S. Treasury Securities Money Market Fund") and JPMorgan Securities Lending Money Market Fund ("Securities Lending Money Market Fund") is to seek to provide current income while maintaining liquidity and stability of principal.

The investment objective of JPMorgan Tax Free Money Market Fund ("Tax Free Money Market Fund") is to seek to provide current income that is exempt from federal personal income taxes while maintaining liquidity and stability of principal.

The investment objective of JPMorgan Municipal Money Market Fund ("Municipal Money Market Fund") is to seek as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

164 J.P. Morgan Money Market Funds February 28, 2026

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The investment objective of JPMorgan California Municipal Money Market Fund ("California Municipal Money Market Fund") is to seek to provide current income that is exempt from federal and California personal income taxes, while maintaining liquidity and stability of principal.

The investment objective of JPMorgan New York Municipal Money Market Fund ("New York Municipal Money Market Fund") is to seek to provide current income that is exempt from federal, New York State and New York City personal income taxes, while maintaining liquidity and stability of principal.

Liquid Assets Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund seek to qualify as retail money market funds in accordance with criteria established by the Securities and Exchange Commission ("SEC"). Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.

Prime Money Market Fund and Institutional Tax Free Money Market Fund do not seek to qualify as a retail or government money market fund and transact utilizing a floating net asset value ("NAV") calculated to four decimal places. Prior to September 3, 2024, Securities Lending Money Market Fund did not seek to qualify as a retail or government money market fund and transacted utilizing a floating NAV calculated to four decimal places.

U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Federal Money Market Fund, Securities Lending Money Market Fund (effective September 3, 2024) and 100% U.S. Treasury Securities Money Market Fund seek to qualify as government money market funds in accordance with criteria established by the SEC. Under applicable SEC rules, these Funds are ordinarily permitted to utilize amortized cost accounting to value their portfolio securities and transact at a stable $1.00 share price.

All share classes of California Municipal Money Market Fund and New York Municipal Money Market Fund are publicly offered on a limited basis. Investors are not eligible to purchase shares of California Municipal Money Market Fund and New York Municipal Money Market Fund unless they meet certain requirements as described in the Funds' prospectuses.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: securities and other debt instruments held by money market funds pursuant to Rule 2a-7 under the 1940 Act shall be valued using the amortized cost method provided that certain conditions are met, with the exception of the Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund (prior to September 3, 2024).

The amortized cost method of valuation involves valuing a security at its cost initially and thereafter assuming a constant amortization to maturity of any discount or premium, regardless of the impact of fluctuating interest rates on the market value of the security. This method may result in periods during which value, as determined by amortized cost, is higher or lower than the price each Fund would receive if it sold the security. The market value of securities in the Funds can generally be expected to vary inversely with changes in prevailing interest rates. Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations.

Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations. This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. This also includes monitoring on a daily basis that the amortized cost valuation method fairly reflects the market-based NAV of the Funds. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

For Prime Money Market Fund, Institutional Tax Free Money Market Fund and Securities Lending Money Market Fund (prior to September 3, 2024), fixed income instruments for which market quotations are not readily available are fair valued based on prices received from approved affiliated and unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services"). The Pricing Services use multiple valuation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 165

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs (including, but not limited to, quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3 — Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. For example, certain money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as level 2.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Prime Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $99521519 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $99521519 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Institutional Tax Free Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2937514 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2937514 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Liquid Assets Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $83093507 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $83093507 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Securities Lending Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3010292 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3010292 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Government Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $325781513 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $325781513 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **U.S. Treasury Plus Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $56525741 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $56525741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Federal Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8015270 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $8015270 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **100% U.S. Treasury Securities Money Market** <br> **Fund** <br>|  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $310789041 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $310789041 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax Free Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10415299 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10415299 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Municipal Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2740350 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2740350 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 167

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **California Municipal Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $221990 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $221990 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New York Municipal Money Market Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Total Investments in Securities** (a) | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1742091 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1742091 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Please refer to the SOI for specifics of portfolio holdings.

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of February 28, 2026, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. Repurchase Agreements**— Prime Money Market Fund, Institutional Tax Free Money Market Fund, Securities Lending Money Market Fund, Liquid Assets Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund and New York Municipal Money Market Fund may enter into repurchase agreement transactions that meet the credit guidelines of JPMIM. Repurchase agreements involve the purchase of securities subject to the seller's agreement to repurchase the securities at a mutually agreed upon date and price. The Funds require that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Funds to obtain collateral in the event of a counterparty default. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited. Repurchase agreement collateral may be held in segregated accounts maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, or in segregated accounts maintained by an unaffiliated third-party custodian. Securities Lending Money Market Fund, U.S. Government Money Market Fund and U.S. Treasury Plus Money Market Fund or their affiliates may transfer uninvested cash into joint accounts, which are utilized by multiple accounts or funds managed by the Adviser or its affiliates, the daily aggregate balance of which is invested in one or more repurchase agreements. Under these joint accounts, the Funds maintain pro-rata credit exposure to the underlying repurchase agreements' counterparties and collateral (collateral may also be held overnight in segregated custodial sub-accounts established in the name of each participating Fund).

The Funds' repurchase agreements are not subject to master netting arrangements.

**D. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund and New York Municipal Money Market Fund purchased when-issued securities, including To-Be-Announced ("TBA") securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2026, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2026 are detailed on the SOIs, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

168 J.P. Morgan Money Market Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

**F. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 28, 2026, are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Prime** <br>**Money** <br>**Market** <br>**Fund**<br>| **Institutional** <br>**Tax Free** <br>**Money** <br>**Market** <br>**Fund**<br>| **Liquid** <br>**Assets** <br>**Money** <br>**Market** <br>**Fund**<br>| **Securities** <br>**Lending** <br>**Money** <br>**Market** <br>**Fund**<br>| **U.S.** <br>**Government** <br>**Money** <br>**Market** <br>**Fund**<br>| **U.S.** <br>**Treasury** <br>**Plus** <br>**Money** <br>**Market** <br>**Fund**<br>| **Federal** <br>**Money** <br>**Market** <br>**Fund**<br>| **100%** <br>**U.S.** <br>**Treasury** <br>**Securities** <br>**Money** <br>**Market** <br>**Fund**<br>| **Tax** <br>**Free** <br>**Money** <br>**Market** <br>**Fund**<br>| **Municipal** <br>**Money** <br>**Market** <br>**Fund**<br>| **California** <br>**Municipal** <br>**Money** <br>**Market** <br>**Fund**<br>| **New York** <br>**Municipal** <br>**Money** <br>**Market** <br>**Fund**<br>|
| Academy | $36 | n/a | n/a | n/a | $42 | $9 | n/a | $5 | n/a | n/a | n/a | n/a |
| Agency | 68 | $26 | $71 | n/a | 191 | 38 | $7 | 191 | $5 | $3 | $1 | $2 |
| Agency SL | n/a | n/a | n/a | $7 | n/a | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Capital | 501 | 30 | 196 | n/a | 2372 | 236 | n/a | 1438 | n/a | n/a | n/a | n/a |
| Digital | n/a | n/a | n/a | n/a | 2 | n/a | n/a | n/a | n/a | n/a | n/a | n/a |
| Empower | 33 | n/a | n/a | n/a | 107 | 3 | n/a | 13 | n/a | n/a | n/a | n/a |
| IM | 141 | 36 | n/a | n/a | 105 | 1 | n/a | 1 | n/a | n/a | n/a | n/a |
| Institutional Class | 223 | 30 | 148 | n/a | 484 | 174 | 59 | 726 | 87 | 19 | 2 | 13 |
| Investor | n/a | n/a | 1 | n/a | 36 | —<br> (a)<br>| n/a | n/a | n/a | n/a | n/a | n/a |
| Morgan | 255 | n/a | 229 | n/a | 253 | 85 | 26 | 236 | 11 | 7 | 3 | 19 |
| Premier | 73 | n/a | 327 | n/a | 197 | 59 | 26 | 249 | 17 | 9 | 2 | 4 |
| Reserve | 29 | n/a | 4 | n/a | 1 | 8 | n/a | 11 | 5 | n/a | n/a | —<br> (a)<br>|
| Service | n/a | n/a | n/a | n/a | 3 | n/a | n/a | n/a | n/a | 1 | —<br> (a)<br>| —<br> (a)<br>|
| **Total** | $1359 | $122 | $976 | $7 | $3793 | $613 | $118 | $2870 | $125 | $39 | $8 | $38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**G. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of February 28, 2026, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

For the year ended February 28, 2026, the Funds did not pay any significant foreign, federal or state and local income taxes.

**H. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared daily and paid monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 169

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $154 | &nbsp;&nbsp;&nbsp;&nbsp; $(154)<br>|
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; (198)<br>|
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; (42)<br>|

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments.

**I. Segment Reporting** — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**J. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds' net assets or results of operations.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.08% of each Fund's respective average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.07% of the first $150 billion of the average daily net assets of all money market funds in the J.P. Morgan Funds Complex covered by the Administration Agreement, plus 0.05% of the average daily net assets between $150 billion and $300 billion, plus 0.03% of the average daily net assets between $300 billion and $400 billion, plus 0.01% of the average daily net assets in excess of $400 billion. For the year ended February 28, 2026, the effective rate was 0.04% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMCB serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Boards have adopted a Distribution Plan (the "Distribution Plan") for Morgan, Reserve and Service Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Academy, Agency, Agency SL, Capital, Empower, IM, Institutional Class, Investor and Premier Shares of the Funds do not participate in the Distribution Plan. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Morgan** | **Reserve** | **Service** |
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

170 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | | |
|:---|:---|:---|:---|
|  | **Morgan** | **Reserve** | **Service** |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> %<br>|
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 |

---

JPMDS waived distribution fees as outlined in Note 3.F.

In addition, JPMDS is entitled to receive the CDSC from redemptions of Morgan and Reserve Shares. For the year ended February 28, 2026, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**D. Service Fees**— The Trusts, on behalf of the Funds, have entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Agency SL and IM Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Academy** | **Agency** | **Capital** | **Digital** | **Empower** | &nbsp;&nbsp;&nbsp; **Institutional** <br>**Class**<br>|
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.15<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; 0.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Investor** | **Morgan** | **Premier** | **Reserve** | **Service** |
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 171

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

**F. Waivers and Reimbursements**— The Adviser, Administrator and JPMDS have contractually agreed to waive fees and/or reimburse the Funds except IM Shares of Prime Money Market Fund, U.S. Government Money Market Fund, U.S. Treasury Plus Money Market Fund and 100% U.S. Treasury Securities Money Market Fund, to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Academy** | **Agency** | **Agency SL** | **Capital** | **Digital** | **Empower** |
| Prime Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.26<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>|
| Institutional Tax Free Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Liquid Assets Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Securities Lending Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.06<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Government Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| U.S. Treasury Plus Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Federal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 100% U.S. Treasury Securities Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.18 |
| Tax Free Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| California Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| New York Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **IM** | **Institutional** | **Investor** | **Morgan** | **Premier** | **Reserve** | **Service** |
| Prime Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.21<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.52<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Institutional Tax Free Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.16<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Liquid Assets Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; 0.51<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Securities Lending Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| U.S. Government Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>|
| U.S. Treasury Plus Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Federal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| 100% U.S. Treasury Securities Money <br> Market Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Tax Free Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| California Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |
| New York Municipal Money Market Fund  | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 |

---

The expense limitation agreements were in effect for the year ended February 28, 2026 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2026. In addition, the Funds' service providers have voluntarily waived fees during the year ended February 28, 2026. However, the Funds' service providers are under no obligation to do so and may discontinue such voluntary waivers at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

172 J.P. Morgan Money Market Funds February 28, 2026

------

Effective November 1, 2024, the Adviser contractually agreed to waive 0.01% of its advisory fee on the 100% U.S. Treasury Money Market Fund's average daily assets in excess of $200 billion and contractually waive 0.01% of its advisory fee on the U.S. Government Money Market Fund's average daily assets in excess of $250 billion. These waivers are in effect through November 1, 2026, at which time it will be determined whether such waiver will be renewed or revised.

For the year ended February 28, 2026, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Prime Money Market Fund | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1471 | &nbsp;&nbsp; $1471 | &nbsp;&nbsp; $19 |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 233 | &nbsp;&nbsp; — |
| Liquid Assets Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; 1508 | &nbsp;&nbsp; — |
| Securities Lending Money Market Fund | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 561 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1581 | &nbsp;&nbsp; 30 |
| U.S. Government Money Market Fund | &nbsp;&nbsp; 6391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4089 | &nbsp;&nbsp; 10480 | &nbsp;&nbsp; — |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; — |
| Federal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 647 | &nbsp;&nbsp; 647 | &nbsp;&nbsp; — |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp; 6275 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6128 | &nbsp;&nbsp; 12403 | &nbsp;&nbsp; — |
| Tax Free Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 877 | &nbsp;&nbsp; — |
| Municipal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 483 | &nbsp;&nbsp; —<br> (a)<br>|
| California Municipal Money Market Fund | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 203 | &nbsp;&nbsp; —<br> (a)<br>|
| New York Municipal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 295 | &nbsp;&nbsp; 295 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | **Voluntary Waivers** | **Voluntary Waivers** |  |
|  | **Investment** <br>**Advisory** <br>**Fees**<br>| **Administration** <br>**Fees**<br>| **Total** |
| Municipal Money Market Fund | &nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp; $—<br> (a)<br>|
| New York Municipal Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp; —<br> (a)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**G. Other**— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

Certain Funds earn interest on certain uninvested cash balances held at the custodian, which is included in the Interest income from affiliates on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Boards' independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended February 28, 2026, Tax Free Money Market Fund and California Municipal Money Market Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The SEC has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

The Funds are permitted to effect purchase and sale transactions with affiliated Funds under procedures adopted by the Boards. The procedures have been designed to seek to ensure that any such security transaction complies with certain conditions of Rule 17a-7 under the 1940 Act. Further,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 173

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

as defined under the procedures, each transaction is effected at the current market price. Pursuant to these procedures, for the year ended February 28, 2026, the Funds below engaged in such transactions in the following amounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases** | **Sales** | **Realized Gain (Loss)** |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3118258 | &nbsp;&nbsp;&nbsp;&nbsp; $1900756 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 316465 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3067876 | &nbsp;&nbsp;&nbsp;&nbsp; 3258856 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1103717 | &nbsp;&nbsp;&nbsp;&nbsp; 2197848 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 110657 | &nbsp;&nbsp;&nbsp;&nbsp; 205046 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1397770 | &nbsp;&nbsp;&nbsp;&nbsp; 1552239 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**4. Class-Specific Expenses** 

The Funds' class specific gross expenses for the year ended February 28, 2026 were as follows:

---

| | | |
|:---|:---|:---|
|  | **Distribution** | **Service** |
| **Prime Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $502 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4574 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24644 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 339 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17974 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2154 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8578 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $7 | &nbsp;&nbsp;&nbsp;&nbsp; $58774 |
| **Institutional Tax Free Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $102 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 209 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 394 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $705 |
| **Liquid Assets Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7089 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10057 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11859 |
| Investor | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 9435 | &nbsp;&nbsp;&nbsp;&nbsp; 33024 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105021 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 42 | &nbsp;&nbsp;&nbsp;&nbsp; 50 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $9477 | &nbsp;&nbsp;&nbsp;&nbsp; $167132 |
| **U.S. Government Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2191 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24828 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94921 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5154 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42465 |
| Investor | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11157 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 15524 | &nbsp;&nbsp;&nbsp;&nbsp; 54341 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55891 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 86 | &nbsp;&nbsp;&nbsp;&nbsp; 103 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 839 | &nbsp;&nbsp;&nbsp;&nbsp; 419 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $16449 | &nbsp;&nbsp;&nbsp;&nbsp; $291470 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

174 J.P. Morgan Money Market Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
|  | **Distribution** | **Service** |
| **U.S. Treasury Plus Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $149 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5149 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11485 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14754 |
| Investor | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 4871 | &nbsp;&nbsp;&nbsp;&nbsp; 17050 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14738 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 1412 | &nbsp;&nbsp;&nbsp;&nbsp; 1694 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $6283 | &nbsp;&nbsp;&nbsp;&nbsp; $65176 |
| **Federal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $905 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5099 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 375 | &nbsp;&nbsp;&nbsp;&nbsp; 1312 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6861 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $375 | &nbsp;&nbsp;&nbsp;&nbsp; $14177 |
| **100% U.S. Treasury Securities Money Market Fund** |  |  |
| Academy | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $174 |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26202 |
| Capital | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 72421 |
| Empower | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 512 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69187 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 7007 | &nbsp;&nbsp;&nbsp;&nbsp; 24524 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64916 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 2786 | &nbsp;&nbsp;&nbsp;&nbsp; 3344 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $9793 | &nbsp;&nbsp;&nbsp;&nbsp; $261280 |
| **Tax Free Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $576 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8876 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp;&nbsp; 317 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3837 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 1458 | &nbsp;&nbsp;&nbsp;&nbsp; 1750 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $1549 | &nbsp;&nbsp;&nbsp;&nbsp; $15356 |
| **Municipal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $284 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1809 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 92 | &nbsp;&nbsp;&nbsp;&nbsp; 322 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2042 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 4 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $99 | &nbsp;&nbsp;&nbsp;&nbsp; $4461 |
| **California Municipal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $26 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 16 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 230 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $11 | &nbsp;&nbsp;&nbsp;&nbsp; $442 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 175

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | |
|:---|:---|:---|
|  | **Distribution** | **Service** |
| **New York Municipal Money Market Fund** |  |  |
| Agency | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $296 |
| Institutional Class | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1363 |
| Morgan | &nbsp;&nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp;&nbsp; 155 |
| Premier | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 768 |
| Reserve | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Service | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
|  | &nbsp;&nbsp;&nbsp;&nbsp; $48 | &nbsp;&nbsp;&nbsp;&nbsp; $2586 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated tax cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2026 generally equals their book cost and unrealized appreciation (depreciation) in value of investments.

The tax character of distributions paid during the year ended February 28, 2026 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3642647 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3642647 |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 291 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60832 | &nbsp;&nbsp;&nbsp;&nbsp; 61123 |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3214112 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3214112 |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 78305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78305 |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12409241 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12409241 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2042788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2042788 |
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 323191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 323191 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10263959 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10263959 |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 488 | &nbsp;&nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp;&nbsp; 274264 | &nbsp;&nbsp;&nbsp;&nbsp; 274856 |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 68277 | &nbsp;&nbsp;&nbsp;&nbsp; 68516 |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 39 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 5781 | &nbsp;&nbsp;&nbsp;&nbsp; 5825 |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 56 | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; 45933 | &nbsp;&nbsp;&nbsp;&nbsp; 45996 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

176 J.P. Morgan Money Market Funds February 28, 2026

------

The tax character of distributions paid during the year ended February 28, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Net** <br>**Long-Term** <br>**Capital Gains**<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $4194148 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4194148 |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp;&nbsp; 2<br>| &nbsp;&nbsp;&nbsp;&nbsp; 51816 | &nbsp;&nbsp;&nbsp;&nbsp; 51999 |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3259352 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3259352 |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 67152 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 67152 |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13115669 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13115669 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2019717 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2019717 |
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 364067 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 364067 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9847387 | &nbsp;&nbsp;&nbsp;&nbsp; —<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9847387 |
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 483 | &nbsp;&nbsp;&nbsp;&nbsp; 10<br>| &nbsp;&nbsp;&nbsp;&nbsp; 321536 | &nbsp;&nbsp;&nbsp;&nbsp; 322029 |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 83 | &nbsp;&nbsp;&nbsp;&nbsp; 3<br>| &nbsp;&nbsp;&nbsp;&nbsp; 63247 | &nbsp;&nbsp;&nbsp;&nbsp; 63333 |
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 11<br>| &nbsp;&nbsp;&nbsp;&nbsp; 10515 | &nbsp;&nbsp;&nbsp;&nbsp; 10544 |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp;&nbsp; 19<br>| &nbsp;&nbsp;&nbsp;&nbsp; 67982 | &nbsp;&nbsp;&nbsp;&nbsp; 68122 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of February 28, 2026, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $184426 | &nbsp;&nbsp;&nbsp;&nbsp; $(5633)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7873 |
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp;&nbsp; 4832 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 86086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Securities Lending Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7055 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 553716 | &nbsp;&nbsp;&nbsp;&nbsp; (56728)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (49)<br>|
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 85512 | &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (11)<br>|
| Federal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 11415 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 630865 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (41)<br>|
| Tax Free Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 364 | &nbsp;&nbsp;&nbsp;&nbsp; 14899 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| California Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| New York Municipal Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3003 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

The cumulative timing differences primarily consist of dividends payable.

As of February 28, 2026, the following Funds had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $5633 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 55697 | &nbsp;&nbsp;&nbsp;&nbsp; 1031 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 177

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

During the year ended February 28, 2026, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Prime Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $423 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| U.S. Government Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13880 | &nbsp;&nbsp;&nbsp;&nbsp; 89 |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 916 | &nbsp;&nbsp;&nbsp;&nbsp; 122 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2377 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

As of February 28, 2026, the Funds had no borrowings outstanding from another fund or loans outstanding to another fund. Average loans made to another fund under the Facility for the year ended February 28, 2026, were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Average** <br>**Loans**<br>| &nbsp;&nbsp;&nbsp; **Number of** <br>**Days** <br>**Outstanding**<br>| &nbsp;&nbsp;&nbsp; **Interest** <br>**Earned**<br>|
| Liquid Assets Money Market Fund | &nbsp;&nbsp;&nbsp;&nbsp; $44897 | &nbsp;&nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp;&nbsp; $449 |

---

Interest earned as a result of lending money to another fund for the year ended February 28, 2026, if any, is included in Income from interfund lending (net) on the Statements of Operations.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2026.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

178 J.P. Morgan Money Market Funds February 28, 2026

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As of February 28, 2026, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Prime Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 58.0<br> %<br>|
| Institutional Tax Free Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;97.5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Liquid Assets Money Market Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;53.7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;42.7 |
| Securities Lending Money Market Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;100.0 |
| U.S. Government Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;39.0 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;36.4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;25.6 |
| Federal Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;51.2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;17.7 |
| 100% U.S. Treasury Securities Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;60.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax Free Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;44.9 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;41.5 |
| Municipal Money Market Fund | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;73.6 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;15.7 |
| California Municipal Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;71.5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;17.1 |
| New York Municipal Money Market Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;95.2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

Institutional Tax Free Money Market Fund, Tax Free Money Market Fund, Municipal Money Market Fund, California Municipal Money Market Fund and New York Municipal Money Market Fund invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. California Municipal Money Market Fund and New York Municipal Money Market Fund primarily invest in issuers in the states of California and New York, respectively. An issuer's ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers' ratings and the Funds' ability to collect principal and interest, in the event of an issuer's default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

The profitability of banks depends largely on the availability and cost of funds, which can change depending upon economic conditions. Banks are also exposed to losses if borrowers cannot repay their loans.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 179

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The Funds may have elements of risk not typically associated with investments in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the period. Such concentrations may subject each of these Funds to additional risks resulting from political or economic conditions in such countries or regions and the possible imposition of adverse governmental laws or currency exchange restrictions could cause the securities and their markets to be less liquid and their prices to be more volatile than those of comparable U.S. securities.

As of February 28, 2026, the following Funds had non-U.S. country allocations representing greater than 10% of total investments (excluding investment of cash collateral from securities loaned) as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Prime** <br>**Money** <br>**Market** <br>**Fund**<br>| **Liquid** <br>**Assets** <br>**Money** <br>**Market** <br>**Fund**<br>| **Securities** <br>**Lending** <br>**Money** <br>**Market** <br>**Fund**<br>|
| France | 13.4<br> %<br>| 11.6<br> %<br>| 15.8<br> %<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

180 J.P. Morgan Money Market Funds February 28, 2026

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan Prime Money Market Fund, JPMorgan Institutional Tax Free Money Market Fund, JPMorgan Liquid Assets Money Market Fund, JPMorgan Securities Lending Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan Municipal Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Prime Money Market Fund, JPMorgan Federal Money Market Fund, JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan Tax Free Money Market Fund, JPMorgan California Municipal Money Market Fund and JPMorgan New York Municipal Money Market Fund (six of the funds constituting JPMorgan Trust I), JPMorgan Liquid Assets Money Market Fund, JPMorgan U.S. Government Money Market Fund, JPMorgan U.S. Treasury Plus Money Market Fund and JPMorgan Municipal Money Market Fund (four of the funds constituting JPMorgan Trust II) and JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending Money Market Fund (two of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 29, 2026

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Money Market Funds 181

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended February 28, 2026. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2026. The information necessary to complete your income tax returns for the calendar year ending December 31, 2026 will be provided under separate cover.

**Long Term Capital Gain**

Each Fund listed below distributed the following amount, or maximum allowable amount, of long-term capital gain dividends for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Long-Term** <br>**Capital Gain** <br>**Distribution**<br>|
| JPMorgan Tax Free Money Market Fund | &nbsp;&nbsp; $104 |
| JPMorgan Municipal Money Market Fund | &nbsp;&nbsp; 15 |
| JPMorgan California Municipal Money Market Fund | &nbsp;&nbsp; 5 |
| JPMorgan New York Municipal Money Market Fund | &nbsp;&nbsp; 7 |

---

**Qualified Interest Income (QII) and Short-Term Capital Gain**

Each Fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Interest** <br>**Income**<br>|
| JPMorgan Prime Money Market Fund | &nbsp;&nbsp; $2121886 |
| JPMorgan Liquid Assets Money Market Fund | &nbsp;&nbsp; 1771785 |
| JPMorgan U.S. Government Money Market Fund | &nbsp;&nbsp; 12409241 |
| JPMorgan U.S. Treasury Plus Money Market Fund | &nbsp;&nbsp; 2042789 |
| JPMorgan Federal Money Market Fund | &nbsp;&nbsp; 323088 |
| JPMorgan 100% U.S. Treasury Securities Money <br> Market Fund<br>| &nbsp;&nbsp; 10263959 |

---

**Tax Exempt Income**

Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Exempt** <br>**Distributions** <br>**Paid**<br>|
| JPMorgan Institutional Tax Free Money Market Fund | &nbsp;&nbsp; $60832 |
| JPMorgan Tax Free Money Market Fund | &nbsp;&nbsp; 274264 |
| JPMorgan Municipal Money Market Fund | &nbsp;&nbsp; 68277 |
| JPMorgan California Municipal Money Market Fund | &nbsp;&nbsp; 5781 |
| JPMorgan New York Municipal Money Market Fund | &nbsp;&nbsp; 45933 |

---

**Treasury Income**

Each Fund listed below had the following percentage, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Income from** <br>**U.S. Treasury** <br>**Obligations**<br>|
| JPMorgan Prime Money Market Fund | 2.8<br> %<br>|
| JPMorgan Liquid Assets Money Market Fund | 2.2 |
| JPMorgan Securities Lending Money Market Fund | 10.4 |
| JPMorgan U.S. Government Money Market Fund | 37.7 |
| JPMorgan U.S. Treasury Plus Money Market Fund | 53.3 |
| JPMorgan Federal Money Market Fund | 63.9 |
| JPMorgan 100% U.S. Treasury Securities Money <br> Market Fund<br>| 97.2 |

---

**Interest Dividends**

Each Fund listed below had the following percentage, or maximum allowable percentage, of ordinary income distributions eligible to be treated as 163(j) interest dividends for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Interest Dividends** |
| JPMorgan Prime Money Market Fund | 99.2<br> %<br>|
| JPMorgan Liquid Assets Money Market Fund | 99.6 |
| JPMorgan Securities Lending Money Market Fund | 100.0 |
| JPMorgan U.S. Government Money Market Fund | 100.0 |
| JPMorgan U.S. Treasury Plus Money Market Fund | 100.0 |
| JPMorgan Federal Money Market Fund | 99.9 |
| JPMorgan 100% U.S. Treasury Securities Money <br> Market Fund<br>| 100.0 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

182 J.P. Morgan Money Market Funds February 28, 2026

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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g48014imgf7f7b57e2.jpg)

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![](g48014img6eef6a563.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2026. All rights reserved. February 2026.

AN-MMKT-226

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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.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

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Annual Financial Statements

J.P. Morgan Income Funds

February 28, 2026

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| |
|:---|
| JPMorgan Corporate Bond Fund |
| JPMorgan Emerging Markets Debt Fund |
| JPMorgan Global Bond Opportunities Fund |
| JPMorgan Strategic Income Opportunities Fund |

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![](g117669img911b2e731.jpg)

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**CONTENTS** 

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| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_57eb3e42-71c8-4f11-b2b1-629900a27476_SOI-TOC-ScheduleofInvestments-885_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_57eb3e42-71c8-4f11-b2b1-629900a27476_FS-TOC-FinancialStatement-885_1) | &nbsp;&nbsp; **86** |
| [Financial Highlights](#xx_57eb3e42-71c8-4f11-b2b1-629900a27476_FIHI-TOC-FinancialHighlights-885_1) | &nbsp;&nbsp; **100** |
| [Notes to Financial Statements](#xx_57eb3e42-71c8-4f11-b2b1-629900a27476_NTF-NTFRunningFooter-885_1) | &nbsp;&nbsp; **108** |
| [Report of Independent Registered Public Accounting Firm](#xx_57eb3e42-71c8-4f11-b2b1-629900a27476_AUD-TOC-AuditorsReport-885_1) | &nbsp;&nbsp; **133** |
| [Tax Letter](#xx_57eb3e42-71c8-4f11-b2b1-629900a27476_TL-TAXLETTERCC-885_1) | &nbsp;&nbsp; **134** |

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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 Corporate Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 91.6%** | **Corporate Bonds — 91.6%** | **Corporate Bonds — 91.6%** |
| **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** | **Aerospace & Defense — 1.1%** |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 5.81%, 5/1/2050 | 160 | 161 |
| 3.83%, 3/1/2059 | 158 | 111 |
| 3.95%, 8/1/2059 | 1034 | 741 |
| 7.01%, 5/1/2064 | 185 | 214 |
| Howmet Aerospace, Inc. 4.75%, 4/15/2036 (a) | 330 | 331 |
| Leidos, Inc.  | Leidos, Inc.  | Leidos, Inc.  |
| 4.38%, 5/15/2030 | 747 | 750 |
| 2.30%, 2/15/2031 | 442 | 402 |
| 5.40%, 3/15/2032 | 416 | 434 |
| 5.00%, 3/15/2036 (a) | 490 | 489 |
| Lockheed Martin Corp. 5.70%, 11/15/2054 | 470 | 485 |
| RTX Corp. 4.88%, 10/15/2040 | 339 | 333 |
|  |  | 4451 |
| **Air Freight & Logistics — 0.0% ^** | **Air Freight & Logistics — 0.0% ^** | **Air Freight & Logistics — 0.0% ^** |
| FedEx Corp. 3.25%, 5/15/2041 | 177 | 140 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Allison Transmission, Inc. 3.75%, 1/30/2031 (b) | 21 | 20 |
| **Automobiles — 0.6%** | **Automobiles — 0.6%** | **Automobiles — 0.6%** |
| Ford Motor Co. 3.25%, 2/12/2032 | 245 | 220 |
| General Motors Co. 5.95%, 4/1/2049 | 150 | 148 |
| Stellantis Finance US, Inc. 5.75%, 3/18/2030 (b) | 1050 | 1076 |
| Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| 4.45%, 9/11/2027 (b) | 207 | 208 |
| 5.80%, 3/27/2035 (b) | 625 | 656 |
|  |  | 2308 |
| **Banks — 19.1%** | **Banks — 19.1%** | **Banks — 19.1%** |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (b) (c) | 200 | 208 |
| (SOFRINDX + 1.91%), 5.87%, 3/28/2035 (b) (c) | 200 | 213 |
| Banco Bilbao Vizcaya Argentaria SA (Spain) 5.13%, <br> 3/3/2036<br>| 400 | 398 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 5.31%), 9.63%, <br> 11/21/2028 (c) (d) (e) (f)<br>| 600 | 666 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 5.30%), 9.63%, <br> 5/21/2033 (c) (d) (e) (f)<br>| 200 | 241 |
| 5.13%, 11/6/2035 | 200 | 201 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 1.63%), 5.20%, 4/25/2029 (c) | 747 | 765 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (3-MONTH CME TERM SOFR + 1.47%), 3.97%, <br> 2/7/2030 (c)<br>| 1307 | 1306 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.68%), 6.63%, <br> 5/1/2030 (c) (e) (f)<br>| 336 | 352 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.35%), 6.25%, <br> 7/26/2030 (c) (e) (f)<br>| 1191 | 1226 |
| (3-MONTH CME TERM SOFR + 1.45%), 2.88%, <br> 10/22/2030 (c)<br>| 795 | 763 |
| (SOFR + 1.00%), 5.16%, 1/24/2031 (c) | 495 | 514 |
| (SOFR + 1.32%), 2.69%, 4/22/2032 (c) | 452 | 419 |
| (SOFR + 1.22%), 2.30%, 7/21/2032 (c) | 911 | 822 |
| (SOFR + 1.83%), 4.57%, 4/27/2033 (c) | 1230 | 1235 |
| (SOFR + 1.91%), 5.29%, 4/25/2034 (c) | 580 | 602 |
| (SOFR + 1.74%), 5.52%, 10/25/2035 (c) | 510 | 523 |
| (SOFR + 1.13%), 5.05%, 2/6/2037 (c) | 2742 | 2782 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.00%), 3.85%, <br> 3/8/2037 (c)<br>| 304 | 288 |
| Bank of Ireland Group plc (Ireland) (SOFR + 1.62%), <br> 5.60%, 3/20/2030 (b) (c)<br>| 490 | 510 |
| Bank of Nova Scotia (The) (Canada) Series 2, (US <br> Treasury Yield Curve Rate T Note Constant Maturity <br> 5 Year + 2.61%), 3.63%, 10/27/2081 (c) (d)<br>| 208 | 203 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.56%), 4.94%, 9/10/2030 (c) | 1000 | 1023 |
| (SOFR + 1.14%), 4.52%, 2/24/2032 (c) | 260 | 261 |
| (SOFR + 1.51%), 5.21%, 2/24/2037 (c) | 1610 | 1608 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.50%), 5.34%, <br> 6/12/2029 (b) (c)<br>| 405 | 416 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.90%), 7.75%, <br> 8/16/2029 (b) (c) (d) (e) (f)<br>| 860 | 915 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 1.68%), 5.88%, 1/14/2031 (b) (c) | 550 | 578 |
| (SOFR + 1.27%), 4.76%, 1/13/2032 (b) (c) | 620 | 625 |
| (SOFR + 2.04%), 6.29%, 1/14/2036 (b) (c) | 505 | 544 |
| (SOFR + 1.57%), 5.42%, 1/13/2037 (b) (c) | 505 | 508 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.77%), 6.84%, 9/13/2034 (b) (c) | 305 | 342 |
| (SOFR + 2.26%), 6.04%, 6/15/2035 (b) (c) | 200 | 215 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (b) (c) | 200 | 208 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 1

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JPMorgan Corporate Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| Series CC, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.69%), <br> 7.13%, 8/15/2029 (c) (e) (f)<br>| 770 | 796 |
| Series EE, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.57%), <br> 6.75%, 2/15/2030 (c) (e) (f)<br>| 800 | 818 |
| Series FF, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.73%), <br> 6.95%, 2/15/2030 (c) (e) (f)<br>| 528 | 543 |
| (3-MONTH CME TERM SOFR + 1.60%), 3.98%, <br> 3/20/2030 (c)<br>| 930 | 927 |
| Series GG, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.89%), <br> 6.88%, 8/15/2030 (c) (e) (f)<br>| 479 | 491 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (c) | 1185 | 1199 |
| (SOFR + 1.42%), 2.98%, 11/5/2030 (c) | 471 | 451 |
| (SOFR + 1.46%), 4.95%, 5/7/2031 (c) | 845 | 867 |
| (SOFR + 1.17%), 4.50%, 9/11/2031 (c) | 469 | 473 |
| (SOFR + 1.17%), 2.56%, 5/1/2032 (c) | 272 | 249 |
| (SOFR + 1.18%), 2.52%, 11/3/2032 (c) | 756 | 684 |
| (SOFR + 2.06%), 5.83%, 2/13/2035 (c) | 389 | 405 |
| (SOFR + 1.47%), 5.33%, 3/27/2036 (c) | 1265 | 1304 |
| (SOFR + 1.49%), 5.17%, 9/11/2036 (c) | 1050 | 1068 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (b) (c) | 1025 | 1046 |
| (SOFR + 1.17%), 4.66%, 1/12/2032 (b) (c) | 630 | 634 |
| (SOFR + 1.43%), 5.26%, 1/12/2037 (b) (c) | 640 | 647 |
| Danske Bank A/S (Denmark) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + 1.40%), <br> 5.71%, 3/1/2030 (b) (c)<br>| 215 | 224 |
| Fifth Third Bancorp  | Fifth Third Bancorp  | Fifth Third Bancorp  |
| (SOFR + 0.95%), 4.57%, 4/29/2032 (c) | 370 | 372 |
| (SOFR + 1.66%), 4.34%, 4/25/2033 (c) | 340 | 336 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 3.35%), 7.39%, 11/3/2028 (c) | 455 | 479 |
| (SOFR + 1.04%), 5.13%, 11/19/2028 (c) | 610 | 621 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (c) | 960 | 995 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (c) | 200 | 206 |
| (SOFR + 1.57%), 5.24%, 5/13/2031 (c) | 2470 | 2559 |
| (SOFR + 1.19%), 4.62%, 11/6/2031 (c) | 740 | 748 |
| Huntington Bancshares, Inc.  | Huntington Bancshares, Inc.  | Huntington Bancshares, Inc.  |
| (SOFR + 2.02%), 6.21%, 8/21/2029 (c) | 306 | 321 |
| (SOFRINDX + 1.87%), 5.71%, 2/2/2035 (c) | 143 | 151 |
| ING Groep NV (Netherlands) (SOFRINDX + 1.01%), <br> 4.70%, 3/25/2029 (c)<br>| 1030 | 1037 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Intesa Sanpaolo SpA (Italy) | Intesa Sanpaolo SpA (Italy) | Intesa Sanpaolo SpA (Italy) |
| 6.63%, 6/20/2033 (b) | 393 | 438 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.75%), 4.95%, <br> 6/1/2042 (b) (c)<br>| 845 | 749 |
| KBC Group NV (Belgium) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + 0.85%), <br> 4.45%, 9/23/2031 (b) (c)<br>| 425 | 428 |
| Keybank National Association 3.90%, 4/13/2029 | 300 | 297 |
| KeyCorp (SOFRINDX + 2.06%), 4.79%, 6/1/2033 (c) | 810 | 814 |
| M&T Bank Corp.  | M&T Bank Corp.  | M&T Bank Corp.  |
| (SOFR + 1.40%), 5.18%, 7/8/2031 (c) | 333 | 344 |
| (SOFR + 2.26%), 6.08%, 3/13/2032 (c) | 860 | 920 |
| (SOFR + 1.61%), 5.39%, 1/16/2036 (c) | 391 | 402 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.80%), 4.53%, <br> 9/12/2031 (c)<br>| 745 | 754 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.80%), 4.51%, <br> 1/14/2032 (c)<br>| 825 | 833 |
| Morgan Stanley Private Bank NA  | Morgan Stanley Private Bank NA  | Morgan Stanley Private Bank NA  |
| (SOFR + 1.08%), 4.73%, 7/18/2031 (c) | 815 | 830 |
| (SOFR + 1.02%), 4.47%, 11/19/2031 (c) | 1750 | 1761 |
| NatWest Group plc (United Kingdom) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 Year + <br> 3.75%), 8.13%, 11/10/2033 (c) (d) (e) (f)<br>| 200 | 226 |
| NatWest Markets plc (United Kingdom) 4.41%, <br> 11/6/2030 (b)<br>| 830 | 836 |
| Nordea Bank Abp (Finland) (USD Swap Semi 5 Year + <br> 1.69%), 4.63%, 9/13/2033 (b) (c)<br>| 768 | 772 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| Series W, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 7 Year + 2.81%), <br> 6.25%, 3/15/2030 (c) (e) (f)<br>| 283 | 293 |
| (SOFR + 2.28%), 6.88%, 10/20/2034 (c) | 298 | 339 |
| (SOFR + 1.90%), 5.68%, 1/22/2035 (c) | 270 | 287 |
| (SOFR + 1.42%), 5.37%, 7/21/2036 (c) | 275 | 285 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.17%), 5.42%, <br> 1/25/2041 (c)<br>| 600 | 607 |
| Royal Bank of Canada (Canada) (SOFRINDX + 1.08%), <br> 4.65%, 10/18/2030 (c)<br>| 1000 | 1020 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (c) | 1645 | 1677 |
| (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (c) | 2185 | 2294 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Income Funds February 28, 2026

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFRINDX + 1.58%), 5.14%, 9/22/2036 (c) | 200 | 200 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.79%), 8.13%, <br> 11/21/2029 (b) (c) (d) (e) (f)<br>| 555 | 591 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (b) (c) | 300 | 312 |
| (SOFR + 1.60%), 5.40%, 4/10/2037 (b) (c) | 465 | 468 |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.20%), 7.02%, <br> 2/8/2030 (b) (c)<br>| 1035 | 1114 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.24%, <br> 1/13/2037 (b) (c)<br>| 200 | 201 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) (SOFR <br> + 1.02%), 4.49%, 1/15/2032 (c)<br>| 495 | 500 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) (SOFR + <br> 0.89%), 4.58%, 3/5/2031 (b) (c)<br>| 285 | 286 |
| Toronto-Dominion Bank (The) (Canada) 4.93%, <br> 10/15/2035<br>| 555 | 560 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (c) | 1423 | 1460 |
| (SOFR + 1.40%), 4.96%, 10/23/2036 (c) | 445 | 444 |
| UniCredit SpA (Italy) | UniCredit SpA (Italy) | UniCredit SpA (Italy) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.55%), 3.13%, <br> 6/3/2032 (b) (c)<br>| 733 | 687 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.75%), 5.46%, <br> 6/30/2035 (b) (c)<br>| 925 | 951 |
| US Bancorp  | US Bancorp  | US Bancorp  |
| (SOFR + 2.26%), 5.84%, 6/12/2034 (c) | 341 | 366 |
| (SOFR + 1.86%), 5.68%, 1/23/2035 (c) | 210 | 223 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| Series BB, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.45%), <br> 3.90%, 3/15/2026 (c) (e) (f)<br>| 745 | 744 |
| (SOFR + 1.11%), 5.24%, 1/24/2031 (c) | 950 | 986 |
| (SOFR + 1.50%), 5.15%, 4/23/2031 (c) | 3573 | 3699 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (c) | 1830 | 1926 |
| (SOFR + 1.10%), 4.96%, 1/23/2037 (c) | 2592 | 2602 |
|  |  | 77657 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Beverages — 0.2%** | **Beverages — 0.2%** | **Beverages — 0.2%** |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br> 4.95%, 1/15/2042<br>| 715 | 694 |
| Keurig Dr. Pepper, Inc. 3.35%, 3/15/2051 | 290 | 197 |
|  |  | 891 |
| **Biotechnology — 1.8%** | **Biotechnology — 1.8%** | **Biotechnology — 1.8%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 5.05%, 3/15/2034 | 250 | 260 |
| 4.75%, 3/15/2036 | 565 | 568 |
| 4.05%, 11/21/2039 | 350 | 317 |
| 4.63%, 10/1/2042 | 375 | 351 |
| 4.40%, 11/6/2042 | 262 | 238 |
| 4.25%, 11/21/2049 | 1076 | 905 |
| 5.55%, 3/15/2056 | 210 | 211 |
| 5.50%, 3/15/2064 | 80 | 79 |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 4.85%, 2/19/2036 | 274 | 275 |
| 3.15%, 2/21/2040 | 900 | 724 |
| 4.66%, 6/15/2051 | 170 | 148 |
| 4.20%, 2/22/2052 | 458 | 371 |
| 4.88%, 3/1/2053 | 1027 | 918 |
| 5.65%, 3/2/2053 | 240 | 240 |
| 5.75%, 3/2/2063 | 282 | 279 |
| Biogen, Inc.  | Biogen, Inc.  | Biogen, Inc.  |
| 2.25%, 5/1/2030 | 680 | 631 |
| 5.75%, 5/15/2035 | 530 | 565 |
| 6.45%, 5/15/2055 | 230 | 247 |
| Gilead Sciences, Inc. 5.65%, 12/1/2041 | 130 | 136 |
|  |  | 7463 |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| Amazon.com, Inc. 4.65%, 11/20/2035 | 866 | 871 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| CRH America Finance, Inc. 4.40%, 2/9/2031 | 190 | 192 |
| EMRLD Borrower LP 6.75%, 7/15/2031 (b) | 55 | 57 |
| Smyrna Ready Mix Concrete LLC 6.00%, <br> 11/1/2028 (b)<br>| 56 | 56 |
|  |  | 305 |
| **Capital Markets — 7.9%** | **Capital Markets — 7.9%** | **Capital Markets — 7.9%** |
| Charles Schwab Corp. (The) (SOFR + 1.23%), 4.91%, <br> 11/14/2036 (c)<br>| 865 | 865 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (c) | 258 | 266 |
| (SOFR + 1.30%), 4.95%, 8/4/2031 (c) | 2360 | 2404 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 3

------

JPMorgan Corporate Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.10%), 4.47%, 12/10/2031 (c) | 240 | 241 |
| (SOFR + 1.14%), 4.73%, 2/6/2032 (c) | 260 | 262 |
| (SOFR + 3.65%), 7.08%, 2/10/2034 (c) | 615 | 676 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (c) | 2485 | 2631 |
| (SOFR + 1.14%), 4.69%, 10/23/2030 (c) | 500 | 508 |
| (SOFR + 1.08%), 5.21%, 1/28/2031 (c) | 855 | 886 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (c) | 1960 | 2029 |
| (SOFR + 1.06%), 4.37%, 10/21/2031 (c) | 2285 | 2287 |
| (SOFR + 0.96%), 4.52%, 1/21/2032 (c) | 960 | 966 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (c) | 1470 | 1517 |
| (SOFR + 1.38%), 5.54%, 1/28/2036 (c) | 322 | 337 |
| (SOFR + 1.19%), 5.07%, 1/21/2037 (c) | 660 | 665 |
| (3-MONTH CME TERM SOFR + 1.63%), 4.02%, <br> 10/31/2038 (c)<br>| 640 | 578 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.18%), 5.39%, <br> 2/2/2041 (c)<br>| 1170 | 1161 |
| (SOFR + 1.32%), 5.54%, 1/21/2047 (c) | 311 | 310 |
| Mellon Capital IV Series 1, (3-MONTH CME TERM SOFR <br> + 0.83%), 4.52%, 4/4/2026 (c) (e) (f)<br>| 143 | 121 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 1.45%), 5.17%, 1/16/2030 (c) | 380 | 391 |
| (SOFR + 1.26%), 5.66%, 4/18/2030 (c) | 620 | 648 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (c) | 410 | 422 |
| (SOFR + 1.10%), 4.65%, 10/18/2030 (c) | 1540 | 1565 |
| (SOFR + 1.11%), 5.23%, 1/15/2031 (c) | 795 | 823 |
| (SOFR + 1.51%), 5.19%, 4/17/2031 (c) | 567 | 587 |
| Series I, (SOFR + 1.07%), 4.36%, 10/22/2031 (c) | 575 | 576 |
| (SOFR + 0.95%), 4.49%, 1/16/2032 (c) | 455 | 458 |
| (EURIBOR 3 Month + 0.91%), 3.38%, <br> 1/23/2032 (c)<br>| 1350 | 1610 |
| (SOFR + 1.20%), 2.51%, 10/20/2032 (c) | 463 | 420 |
| (SOFR + 1.36%), 2.48%, 9/16/2036 (c) | 1396 | 1236 |
| Series I, (SOFR + 1.31%), 4.89%, 10/22/2036 (c) | 811 | 807 |
| (SOFR + 1.18%), 5.07%, 1/30/2037 (c) | 864 | 871 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 1.17%), 5.31%, <br> 1/18/2041 (c)<br>| 350 | 348 |
| S&P Global, Inc. 2.30%, 8/15/2060 | 88 | 45 |
| State Street Corp.  | State Street Corp.  | State Street Corp.  |
| Series I, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.61%), <br> 6.70%, 3/15/2029 (c) (e) (f)<br>| 104 | 109 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| Series J, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.63%), <br> 6.70%, 9/15/2029 (c) (e) (f)<br>| 605 | 637 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.75%), 9.25%, <br> 11/13/2028 (b) (c) (d) (e) (f)<br>| 200 | 218 |
| (USD SOFR ICE Swap Rate 1 Year + 1.34%), <br> 5.62%, 9/13/2030 (b) (c)<br>| 205 | 215 |
| (SOFR + 1.29%), 4.84%, 11/6/2033 (b) (c) | 715 | 721 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.76%), 9.25%, <br> 11/13/2033 (b) (c) (d) (e) (f)<br>| 550 | 643 |
|  |  | 32060 |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Celanese US Holdings LLC 7.05%, 11/15/2030 (g) | 92 | 98 |
| CF Industries, Inc.  | CF Industries, Inc.  | CF Industries, Inc.  |
| 5.30%, 11/26/2035 | 1100 | 1119 |
| 4.95%, 6/1/2043 | 104 | 95 |
| Chevron Phillips Chemical Co. LLC 4.75%, <br> 5/15/2030 (b)<br>| 750 | 766 |
| DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  | DuPont de Nemours, Inc.  |
| 5.32%, 11/15/2038 | 935 | 949 |
| 5.42%, 11/15/2048 | 54 | 52 |
| EIDP, Inc. 5.13%, 5/15/2032 | 400 | 416 |
|  |  | 3495 |
| **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
| ADT Security Corp. (The) 4.13%, 8/1/2029 (b) | 59 | 58 |
| GFL Environmental, Inc. 6.75%, 1/15/2031 (b) | 2445 | 2564 |
|  |  | 2622 |
| **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
| Quanta Services, Inc.  | Quanta Services, Inc.  | Quanta Services, Inc.  |
| 2.90%, 10/1/2030 | 242 | 229 |
| 4.50%, 1/15/2031 | 935 | 946 |
| 5.25%, 8/9/2034 | 764 | 792 |
| 5.10%, 8/9/2035 | 560 | 570 |
|  |  | 2537 |
| **Consumer Finance — 3.1%** | **Consumer Finance — 3.1%** | **Consumer Finance — 3.1%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 3.00%, 10/29/2028 | 1715 | 1668 |
| 4.75%, 1/15/2033 | 158 | 158 |
| 5.00%, 11/15/2035 | 150 | 150 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (c) | 175 | 179 |
| (SOFR + 1.79%), 5.67%, 4/25/2036 (c) | 220 | 233 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 6.38%, 5/4/2028 (b) | 405 | 422 |
| 5.75%, 11/15/2029 (b) | 1573 | 1642 |
| 5.15%, 1/15/2030 (b) | 625 | 640 |
| 4.90%, 10/10/2030 (b) | 735 | 746 |
| 4.70%, 1/30/2031 (b) | 385 | 386 |
| 4.95%, 10/15/2032 (b) | 480 | 481 |
| 4.85%, 4/1/2033 (b) | 550 | 546 |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| 5.80%, 3/8/2029 | 1120 | 1154 |
| 7.20%, 6/10/2030 | 1466 | 1583 |
| General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  |
| 5.63%, 4/4/2032 | 28 | 29 |
| 6.10%, 1/7/2034 | 120 | 129 |
| 5.95%, 4/4/2034 | 535 | 568 |
| 5.90%, 1/7/2035 | 900 | 946 |
| 5.45%, 1/8/2036 | 1060 | 1078 |
|  |  | 12738 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Albertsons Cos., Inc. 3.50%, 3/15/2029 (b) | 70 | 68 |
| Kroger Co. (The) 5.40%, 7/15/2040 | 280 | 284 |
|  |  | 352 |
| **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** | **Containers & Packaging — 0.7%** |
| Amcor Flexibles North America, Inc.  | Amcor Flexibles North America, Inc.  | Amcor Flexibles North America, Inc.  |
| 5.10%, 3/17/2030 | 310 | 321 |
| 5.50%, 3/17/2035 | 500 | 527 |
| Amcor UK Finance plc (Australia) 3.75%, 2/20/2033 | 600 | 715 |
| Ball Corp. 2.88%, 8/15/2030 | 53 | 49 |
| Berry Global, Inc. 5.80%, 6/15/2031 | 427 | 455 |
| Sonoco Products Co.  | Sonoco Products Co.  | Sonoco Products Co.  |
| 4.60%, 9/1/2029 | 350 | 355 |
| 5.00%, 9/1/2034 | 491 | 496 |
|  |  | 2918 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Pepperdine University Series 2020, 3.30%, <br> 12/1/2059<br>| 42 | 27 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Diversified Consumer Services — continued** | **Diversified Consumer Services — continued** | **Diversified Consumer Services — continued** |
| Trustees of Boston University Series Ee, 3.17%, <br> 10/1/2050<br>| 294 | 202 |
| University of Chicago (The) Series 20B, 2.76%, <br> 4/1/2045<br>| 142 | 115 |
|  |  | 344 |
| **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** | **Diversified REITs — 0.5%** |
| Equinix Europe 2 Financing Corp. LLC 4.60%, <br> 11/15/2030<br>| 305 | 309 |
| Simon Property Group LP 5.13%, 10/1/2035 | 702 | 719 |
| Unibail-Rodamco-Westfield SE (France) (EUR Swap <br> Annual 5 Year + 2.51%), 4.88%, 7/4/2030 (c) (e) <br> (f) (h)<br>| 400 | 486 |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 2.40%, 2/1/2031 | 676 | 617 |
| 2.45%, 2/1/2032 | 69 | 62 |
|  |  | 2193 |
| **Diversified Telecommunication Services — 2.7%** | **Diversified Telecommunication Services — 2.7%** | **Diversified Telecommunication Services — 2.7%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 5.40%, 2/15/2034 | 17 | 18 |
| 3.50%, 6/1/2041 | 1368 | 1098 |
| 5.55%, 11/1/2045 | 875 | 861 |
| 3.50%, 9/15/2053 | 200 | 136 |
| 5.70%, 11/1/2054 | 566 | 549 |
| 3.55%, 9/15/2055 | 1431 | 969 |
| 6.00%, 4/30/2056 | 460 | 464 |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 4.25%, 2/1/2031 (b) | 523 | 488 |
| 7.00%, 2/1/2033 (b) | 725 | 741 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 5.17%, 1/15/2037 (b) | 281 | 283 |
| 3.75%, 4/1/2040 | 73 | 62 |
| 2.80%, 1/15/2051 | 1126 | 673 |
| 2.89%, 11/1/2051 | 1420 | 857 |
| 2.94%, 11/1/2056 | 2128 | 1241 |
| Verizon Communications, Inc.  | Verizon Communications, Inc.  | Verizon Communications, Inc.  |
| 1.75%, 1/20/2031 | 1076 | 962 |
| 5.40%, 7/2/2037 | 936 | 963 |
| 3.40%, 3/22/2041 | 750 | 597 |
|  |  | 10962 |
| **Electric Utilities — 8.8%** | **Electric Utilities — 8.8%** | **Electric Utilities — 8.8%** |
| AEP Transmission Co. LLC Series N, 2.75%, <br> 8/15/2051<br>| 131 | 81 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 5

------

JPMorgan Corporate Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Alliant Energy Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.08%), 5.75%, <br> 4/1/2056 (c)<br>| 220 | 219 |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 3.20%, 9/15/2049 | 132 | 91 |
| 2.90%, 6/15/2050 | 210 | 137 |
| Commonwealth Edison Co.  | Commonwealth Edison Co.  | Commonwealth Edison Co.  |
| 4.70%, 1/15/2044 | 320 | 293 |
| 3.70%, 3/1/2045 | 142 | 113 |
| Duke Energy Carolinas LLC  | Duke Energy Carolinas LLC  | Duke Energy Carolinas LLC  |
| 4.25%, 12/15/2041 | 230 | 205 |
| 4.00%, 9/30/2042 | 336 | 287 |
| Duke Energy Corp. 5.70%, 9/15/2055 | 287 | 281 |
| Duke Energy Indiana LLC  | Duke Energy Indiana LLC  | Duke Energy Indiana LLC  |
| 5.25%, 3/1/2034 | 610 | 640 |
| 3.75%, 5/15/2046 | 153 | 121 |
| 2.75%, 4/1/2050 | 134 | 85 |
| 5.40%, 4/1/2053 | 367 | 355 |
| Duke Energy Ohio, Inc.  | Duke Energy Ohio, Inc.  | Duke Energy Ohio, Inc.  |
| 5.30%, 6/15/2035 | 885 | 922 |
| 5.55%, 3/15/2054 | 209 | 208 |
| Duke Energy Progress LLC 2.90%, 8/15/2051 | 128 | 82 |
| Duquesne Light Holdings, Inc. 3.62%, 8/1/2027 (b) | 122 | 121 |
| Edison International 5.25%, 3/15/2032 | 187 | 190 |
| Electricite de France SA (France) 6.38%, <br> 1/13/2055 (b)<br>| 930 | 981 |
| Emera US Finance LP (Canada) | Emera US Finance LP (Canada) | Emera US Finance LP (Canada) |
| 2.64%, 6/15/2031 | 299 | 274 |
| 4.75%, 6/15/2046 | 189 | 163 |
| Emera, Inc. (Canada) Series 16-A, (3-MONTH SOFR + <br> 5.44%), 6.75%, 6/15/2076 (c)<br>| 433 | 435 |
| Enel Finance America LLC (Italy) 2.88%, <br> 7/12/2041 (b)<br>| 250 | 184 |
| Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| 4.13%, 9/30/2028 (b) | 256 | 257 |
| 5.13%, 6/26/2029 (b) | 460 | 474 |
| 4.38%, 9/30/2030 (b) | 1215 | 1221 |
| 2.50%, 7/12/2031 (b) (g) | 579 | 528 |
| 5.75%, 9/30/2055 (b) | 320 | 314 |
| Entergy Arkansas LLC 4.95%, 12/15/2044 | 106 | 102 |
| Entergy Corp.  | Entergy Corp.  | Entergy Corp.  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.67%), 7.13%, <br> 12/1/2054 (c)<br>| 1070 | 1119 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.18%), 5.88%, <br> 6/15/2056 (c)<br>| 570 | 573 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 4.95%, 1/15/2045 | 302 | 282 |
| 5.70%, 3/15/2054 | 260 | 261 |
| 5.80%, 3/15/2055 | 450 | 458 |
| Entergy Mississippi LLC 3.50%, 6/1/2051 | 56 | 40 |
| Entergy Texas, Inc.  | Entergy Texas, Inc.  | Entergy Texas, Inc.  |
| 5.15%, 6/1/2045 | 27 | 26 |
| 5.55%, 9/15/2054 | 85 | 83 |
| EUSHI Finance, Inc.  | EUSHI Finance, Inc.  | EUSHI Finance, Inc.  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.14%), 7.63%, <br> 12/15/2054 (c)<br>| 350 | 369 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.51%), 6.25%, <br> 4/1/2056 (c)<br>| 365 | 368 |
| FirstEnergy Transmission LLC  | FirstEnergy Transmission LLC  | FirstEnergy Transmission LLC  |
| 5.45%, 7/15/2044 (b) | 98 | 96 |
| 4.55%, 4/1/2049 (b) | 155 | 134 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 2.95%, 5/14/2030 (b) | 740 | 704 |
| 5.40%, 6/1/2033 (b) | 576 | 598 |
| 5.65%, 5/9/2034 (b) | 1347 | 1420 |
| Louisville Gas and Electric Co. 4.65%, 11/15/2043 | 41 | 37 |
| Massachusetts Electric Co. 1.73%, 11/24/2030 (b) | 350 | 312 |
| Monongahela Power Co. 5.85%, 2/15/2034 (b) | 520 | 560 |
| Nevada Power Co. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.94%), 6.25%, <br> 5/15/2055 (c)<br>| 1245 | 1265 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.46%), 6.75%, <br> 6/15/2054 (c)<br>| 280 | 298 |
| 5.90%, 3/15/2055 | 740 | 752 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.05%), 6.38%, <br> 8/15/2055 (c)<br>| 259 | 269 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 4.45%, 6/15/2029 (b) | 576 | 576 |
| 4.73%, 10/15/2030 (b) | 450 | 454 |
| 7.00%, 3/15/2033 (b) | 288 | 321 |
| 5.41%, 10/15/2035 (b) | 729 | 737 |
| Ohio Power Co. Series R, 2.90%, 10/1/2051 | 230 | 145 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 5.55%, 5/15/2029 | 1371 | 1425 |
| 3.25%, 6/1/2031 | 570 | 537 |
| 6.15%, 1/15/2033 | 178 | 191 |
| 6.40%, 6/15/2033 | 26 | 28 |
| 4.50%, 7/1/2040 | 173 | 153 |
| 3.75%, 8/15/2042 (g) | 515 | 400 |
| 4.60%, 6/15/2043 | 175 | 150 |
| 4.25%, 3/15/2046 | 164 | 132 |
| 3.95%, 12/1/2047 | 159 | 121 |
| 3.50%, 8/1/2050 | 400 | 276 |
| 6.00%, 5/1/2056 | 745 | 736 |
| PacifiCorp 2.90%, 6/15/2052 | 242 | 145 |
| Palomino Funding Trust I 7.23%, 5/17/2028 (b) | 250 | 264 |
| PECO Energy Co. 2.80%, 6/15/2050 | 210 | 134 |
| PG&E Corp.  | PG&E Corp.  | PG&E Corp.  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.88%), 7.38%, <br> 3/15/2055 (c)<br>| 517 | 535 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.23%), 6.85%, <br> 9/15/2056 (c)<br>| 295 | 295 |
| Public Service Co. of Colorado  | Public Service Co. of Colorado  | Public Service Co. of Colorado  |
| 2.70%, 1/15/2051 | 131 | 80 |
| Series 39, 4.50%, 6/1/2052 | 113 | 96 |
| Public Service Co. of Oklahoma 5.45%, 1/15/2036 | 1290 | 1337 |
| Public Service Electric and Gas Co. 2.05%, 8/1/2050 | 134 | 74 |
| Sierra Pacific Power Co. (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + 2.55%), 6.20%, <br> 12/15/2055 (c)<br>| 825 | 820 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| Series B, 3.65%, 3/1/2028 | 154 | 153 |
| 5.25%, 3/15/2030 | 324 | 335 |
| 5.20%, 6/1/2034 | 772 | 785 |
| Series 08-A, 5.95%, 2/1/2038 | 180 | 188 |
| Series 13-A, 3.90%, 3/15/2043 | 642 | 506 |
| Series C, 3.60%, 2/1/2045 | 54 | 40 |
| 5.70%, 3/1/2053 | 76 | 72 |
| 5.88%, 12/1/2053 | 13 | 13 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 460 | 480 |
| 5.25%, 1/15/2054 | 205 | 195 |
| Virginia Electric and Power Co.  | Virginia Electric and Power Co.  | Virginia Electric and Power Co.  |
| Series D, 4.65%, 8/15/2043 | 210 | 190 |
| 2.45%, 12/15/2050 | 498 | 288 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.70%, 8/15/2053 | 180 | 179 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 3.70%, 1/30/2027 (b) | 314 | 313 |
| 4.38%, 5/1/2029 (b) | 115 | 114 |
| 4.60%, 10/15/2030 (b) | 116 | 117 |
| 5.70%, 12/30/2034 (b) | 155 | 161 |
| 5.25%, 10/15/2035 (b) | 281 | 282 |
| 5.35%, 1/31/2036 (b) | 850 | 856 |
| Xcel Energy, Inc. 5.60%, 4/15/2035 | 835 | 873 |
|  |  | 35690 |
| **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** | **Electrical Equipment — 0.4%** |
| Eaton Corp. 4.15%, 11/2/2042 | 560 | 496 |
| GE Vernova, Inc. 5.50%, 2/4/2056 | 425 | 422 |
| Regal Rexnord Corp.  | Regal Rexnord Corp.  | Regal Rexnord Corp.  |
| 6.05%, 4/15/2028 | 380 | 394 |
| 6.40%, 4/15/2033 | 153 | 166 |
|  |  | 1478 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Jabil, Inc. 4.75%, 2/1/2033 | 346 | 345 |
| Sensata Technologies, Inc. 3.75%, 2/15/2031 (b) | 21 | 20 |
|  |  | 365 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Discovery Global Holdings, Inc. 4.28%, 3/15/2032 | 63 | 58 |
| Take-Two Interactive Software, Inc. 5.40%, <br> 6/12/2029<br>| 172 | 178 |
|  |  | 236 |
| **Financial Services — 1.5%** | **Financial Services — 1.5%** | **Financial Services — 1.5%** |
| Corebridge Financial, Inc.  | Corebridge Financial, Inc.  | Corebridge Financial, Inc.  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.18%), 6.88%, <br> 12/1/2030 (c) (d) (e) (f)<br>| 565 | 580 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.65%), 6.38%, <br> 9/15/2054 (c)<br>| 122 | 122 |
| Equitable America Global Funding 4.70%, <br> 9/15/2032 (b)<br>| 1048 | 1043 |
| Equitable Holdings, Inc. 4.57%, 2/15/2029 (b) | 169 | 170 |
| Fiserv, Inc. 5.25%, 8/11/2035 | 436 | 436 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 4.88%, 11/15/2030 | 2185 | 2182 |
| 2.90%, 11/15/2031 | 750 | 675 |
| 5.20%, 11/15/2032 | 305 | 307 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 7

------

JPMorgan Corporate Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| 5.55%, 11/15/2035 | 350 | 348 |
| Rocket Mortgage LLC 3.88%, 3/1/2031 (b) | 61 | 57 |
|  |  | 5920 |
| **Food Products — 1.7%** | **Food Products — 1.7%** | **Food Products — 1.7%** |
| Bimbo Bakeries USA, Inc. (Mexico) 6.05%, <br> 1/15/2029 (b)<br>| 682 | 715 |
| JBS NV  | JBS NV  | JBS NV  |
| 3.00%, 5/15/2032 | 1310 | 1193 |
| 5.95%, 4/20/2035 | 329 | 349 |
| 5.50%, 1/15/2036 | 765 | 785 |
| 4.38%, 2/2/2052 | 5 | 4 |
| 6.50%, 12/1/2052 | 135 | 143 |
| 6.38%, 4/15/2066 | 240 | 244 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 4.38%, 6/1/2046 | 720 | 591 |
| 5.50%, 6/1/2050 | 435 | 409 |
| Lamb Weston Holdings, Inc. 4.13%, 1/31/2030 (b) | 59 | 57 |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| 5.00%, 3/1/2032 (b) | 390 | 404 |
| 5.20%, 3/1/2035 (b) | 1330 | 1377 |
| 5.65%, 5/1/2045 (b) | 323 | 331 |
| 5.70%, 5/1/2055 (b) | 295 | 299 |
| 5.80%, 5/1/2065 (b) | 62 | 63 |
|  |  | 6964 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Piedmont Natural Gas Co., Inc. 3.35%, 6/1/2050 | 361 | 252 |
| **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** | **Ground Transportation — 0.8%** |
| Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  |
| 4.15%, 4/1/2045 | 215 | 184 |
| 3.90%, 8/1/2046 | 66 | 54 |
| 3.05%, 2/15/2051 | 115 | 77 |
| Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) | Canadian Pacific Railway Co. (Canada) |
| 4.95%, 8/15/2045 | 103 | 98 |
| 4.70%, 5/1/2048 | 341 | 310 |
| 3.50%, 5/1/2050 | 220 | 163 |
| 3.10%, 12/2/2051 | 630 | 430 |
| Norfolk Southern Corp.  | Norfolk Southern Corp.  | Norfolk Southern Corp.  |
| 3.95%, 10/1/2042 | 62 | 52 |
| 4.45%, 6/15/2045 | 285 | 250 |
| 3.05%, 5/15/2050 | 231 | 155 |
| 2.90%, 8/25/2051 | 320 | 205 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| Uber Technologies, Inc.  | Uber Technologies, Inc.  | Uber Technologies, Inc.  |
| 4.50%, 8/15/2029 (b) | 738 | 739 |
| 4.80%, 9/15/2035 | 510 | 508 |
|  |  | 3225 |
| **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** | **Health Care Equipment & Supplies — 1.1%** |
| Abbott Laboratories 4.65%, 3/15/2036 (a) | 1100 | 1100 |
| Medline Borrower LP 3.88%, 4/1/2029 (b) | 40 | 40 |
| Solventum Corp.  | Solventum Corp.  | Solventum Corp.  |
| 5.45%, 3/13/2031 | 1495 | 1568 |
| 5.60%, 3/23/2034 | 1000 | 1046 |
| Zimmer Biomet Holdings, Inc. 5.50%, 2/19/2035 | 735 | 769 |
|  |  | 4523 |
| **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** | **Health Care Providers & Services — 2.6%** |
| Aetna, Inc.  | Aetna, Inc.  | Aetna, Inc.  |
| 6.75%, 12/15/2037 | 250 | 279 |
| 4.75%, 3/15/2044 | 131 | 115 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 4.85%, 12/15/2029 | 165 | 170 |
| 2.80%, 5/15/2030 | 65 | 62 |
| 4.90%, 2/13/2036 | 134 | 135 |
| 4.25%, 3/1/2045 | 535 | 463 |
| Cigna Group (The) 4.50%, 9/15/2030 | 450 | 456 |
| Cottage Health Obligated Group Series 2020, 3.30%, <br> 11/1/2049<br>| 13 | 10 |
| CVS Health Corp.  | CVS Health Corp.  | CVS Health Corp.  |
| 4.13%, 4/1/2040 | 776 | 675 |
| 5.88%, 6/1/2053 | 142 | 139 |
| Elevance Health, Inc.  | Elevance Health, Inc.  | Elevance Health, Inc.  |
| 4.63%, 5/15/2042 | 263 | 239 |
| 4.65%, 1/15/2043 | 398 | 360 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 5.20%, 6/1/2028 | 403 | 413 |
| 5.63%, 9/1/2028 | 1040 | 1073 |
| 5.88%, 2/1/2029 | 403 | 420 |
| 4.13%, 6/15/2029 | 266 | 266 |
| 2.38%, 7/15/2031 | 75 | 68 |
| 5.50%, 3/1/2032 | 740 | 776 |
| 4.60%, 11/15/2032 | 716 | 717 |
| 5.50%, 6/15/2047 | 2 | 2 |
| 5.25%, 6/15/2049 | 190 | 174 |
| 4.63%, 3/15/2052 | 244 | 202 |
| 5.95%, 9/15/2054 | 241 | 240 |
| 6.20%, 3/1/2055 | 110 | 113 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 5.70%, 11/15/2055 | 255 | 246 |
| Iowa Health System Series 2020, 3.67%, 2/15/2050 | 227 | 173 |
| New York and Presbyterian Hospital (The) 2.26%, <br> 8/1/2040<br>| 293 | 212 |
| Quest Diagnostics, Inc. 5.00%, 12/15/2034 | 605 | 620 |
| Texas Health Resources Series 2019, 3.37%, <br> 11/15/2051<br>| 35 | 25 |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| 5.35%, 2/15/2033 | 509 | 534 |
| 3.50%, 8/15/2039 | 160 | 134 |
| 2.75%, 5/15/2040 | 200 | 151 |
| 3.05%, 5/15/2041 | 106 | 81 |
| 2.90%, 5/15/2050 | 116 | 75 |
| 5.05%, 4/15/2053 | 250 | 227 |
| 5.38%, 4/15/2054 | 219 | 208 |
| 5.63%, 7/15/2054 | 250 | 247 |
|  |  | 10500 |
| **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** | **Health Care REITs — 0.6%** |
| Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  |
| 2.00%, 5/18/2032 | 1230 | 1057 |
| 5.25%, 3/15/2036 | 530 | 530 |
| Healthpeak OP LLC 5.38%, 2/15/2035 | 220 | 227 |
| Ventas Realty LP 3.00%, 1/15/2030 | 826 | 792 |
|  |  | 2606 |
| **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** |
| IQVIA, Inc. 6.25%, 6/1/2032 (b) | 31 | 32 |
| **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** | **Hotels, Restaurants & Leisure — 0.3%** |
| 1011778 BC ULC (Canada) 3.88%, 1/15/2028 (b) | 39 | 39 |
| Caesars Entertainment, Inc. 7.00%, 2/15/2030 (b) | 56 | 57 |
| Hilton Domestic Operating Co., Inc. 3.75%, <br> 5/1/2029 (b)<br>| 59 | 57 |
| Marriott International, Inc. 5.50%, 4/15/2037 | 455 | 470 |
| Royal Caribbean Cruises Ltd. 5.63%, 9/30/2031 (b) | 410 | 423 |
|  |  | 1046 |
| **Independent Power and Renewable Electricity Producers — 1.8%** | **Independent Power and Renewable Electricity Producers — 1.8%** | **Independent Power and Renewable Electricity Producers — 1.8%** |
| AES Corp. (The)  | AES Corp. (The)  | AES Corp. (The)  |
| 5.45%, 6/1/2028 | 359 | 367 |
| 5.80%, 3/15/2032 | 555 | 580 |
| Calpine LLC 5.13%, 3/15/2028 (b) | 250 | 250 |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 4.63%, 2/1/2029 (b) | 980 | 980 |
| 4.40%, 1/15/2031 | 405 | 408 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** |
| 5.00%, 2/1/2031 (b) | 759 | 770 |
| 5.60%, 6/15/2042 | 622 | 632 |
| Southern Power Co.  | Southern Power Co.  | Southern Power Co.  |
| Series A, 4.25%, 10/1/2030 | 234 | 235 |
| Series B, 4.90%, 10/1/2035 | 2513 | 2504 |
| 5.25%, 7/15/2043 | 205 | 200 |
| Series F, 4.95%, 12/15/2046 | 389 | 351 |
|  |  | 7277 |
| **Insurance — 1.9%** | **Insurance — 1.9%** | **Insurance — 1.9%** |
| Athene Global Funding  | Athene Global Funding  | Athene Global Funding  |
| 5.03%, 7/17/2030 (b) | 1320 | 1328 |
| 5.54%, 8/22/2035 (b) | 1195 | 1190 |
| Berkshire Hathaway Finance Corp. 3.85%, <br> 3/15/2052<br>| 200 | 155 |
| Corebridge Global Funding 4.90%, 8/21/2032 (b) | 361 | 364 |
| Guardian Life Global Funding 4.67%, 9/5/2032 (b) | 785 | 793 |
| Guardian Life Insurance Co. of America (The) 4.88%, <br> 6/19/2064 (b)<br>| 98 | 86 |
| Manulife Financial Corp. (Canada) (USD ICE Swap Rate <br> 5 Year + 1.65%), 4.06%, 2/24/2032 (c)<br>| 284 | 283 |
| MetLife Capital Trust IV 7.88%, 12/15/2037 (b) | 755 | 840 |
| MetLife, Inc. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.82%), 5.85%, <br> 3/15/2056 (c)<br>| 225 | 223 |
| Metropolitan Life Global Funding I 5.15%, <br> 3/28/2033 (b)<br>| 405 | 421 |
| Nationwide Mutual Insurance Co. 4.35%, <br> 4/30/2050 (b)<br>| 390 | 311 |
| New York Life Global Funding 1.20%, 8/7/2030 (b) | 220 | 195 |
| New York Life Insurance Co. 4.45%, 5/15/2069 (b) | 123 | 98 |
| Northwestern Mutual Life Insurance Co. (The)  | Northwestern Mutual Life Insurance Co. (The)  | Northwestern Mutual Life Insurance Co. (The)  |
| 6.06%, 3/30/2040 (b) | 232 | 251 |
| 3.85%, 9/30/2047 (b) | 144 | 115 |
| Prudential Financial, Inc. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + 2.40%), <br> 6.50%, 3/15/2054 (c)<br>| 212 | 223 |
| Teachers Insurance & Annuity Association of America <br> 6.85%, 12/16/2039 (b)<br>| 630 | 734 |
|  |  | 7610 |
| **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** | **Interactive Media & Services — 1.6%** |
| Alphabet, Inc.  | Alphabet, Inc.  | Alphabet, Inc.  |
| 4.70%, 11/15/2035 | 89 | 90 |
| 4.80%, 2/15/2036 | 1180 | 1199 |
| 5.45%, 11/15/2055 | 225 | 224 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 9

------

JPMorgan Corporate Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Interactive Media & Services — continued** | **Interactive Media & Services — continued** | **Interactive Media & Services — continued** |
| 5.65%, 2/15/2056 | 800 | 819 |
| 5.75%, 2/15/2066 | 320 | 326 |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.60%, 11/15/2032 | 347 | 353 |
| 4.88%, 11/15/2035 | 478 | 483 |
| 5.50%, 11/15/2045 | 490 | 484 |
| 4.45%, 8/15/2052 | 353 | 290 |
| 5.60%, 5/15/2053 | 215 | 209 |
| 5.40%, 8/15/2054 | 1255 | 1185 |
| 5.63%, 11/15/2055 | 781 | 764 |
| 5.75%, 5/15/2063 | 114 | 111 |
| 5.55%, 8/15/2064 | 190 | 179 |
|  |  | 6716 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Go Daddy Operating Co. LLC 3.50%, 3/1/2029 (b) | 40 | 37 |
| **Media — 0.9%** | **Media — 0.9%** | **Media — 0.9%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 3.50%, 6/1/2041 | 405 | 292 |
| 6.48%, 10/23/2045 | 472 | 448 |
| 4.80%, 3/1/2050 | 650 | 495 |
| Lamar Media Corp. 4.00%, 2/15/2030 | 40 | 39 |
| Time Warner Cable LLC  | Time Warner Cable LLC  | Time Warner Cable LLC  |
| 6.55%, 5/1/2037 | 500 | 515 |
| 5.88%, 11/15/2040 | 953 | 894 |
| 5.50%, 9/1/2041 | 980 | 876 |
| 4.50%, 9/15/2042 | 67 | 53 |
|  |  | 3612 |
| **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** | **Metals & Mining — 1.3%** |
| Anglo American Capital plc (South Africa) | Anglo American Capital plc (South Africa) | Anglo American Capital plc (South Africa) |
| 2.63%, 9/10/2030 (b) | 910 | 847 |
| 5.75%, 4/5/2034 (b) | 630 | 669 |
| 4.75%, 3/16/2052 (b) | 315 | 272 |
| Corp. Nacional del Cobre de Chile (Chile) 6.78%, <br> 1/13/2055 (b)<br>| 486 | 535 |
| Freeport-McMoRan, Inc. 5.45%, 3/15/2043 | 475 | 470 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 5.19%, 4/1/2030 (b) | 220 | 227 |
| 6.38%, 10/6/2030 (b) | 800 | 866 |
| 5.63%, 4/4/2034 (b) | 65 | 69 |
| 5.67%, 4/1/2035 (b) | 883 | 933 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| Novelis Corp. 4.75%, 1/30/2030 (b) | 59 | 57 |
| Vale Overseas Ltd. (Brazil) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + 2.43%), <br> 6.00%, 2/25/2056 (b) (c)<br>| 427 | 435 |
|  |  | 5380 |
| **Multi-Utilities — 2.2%** | **Multi-Utilities — 2.2%** | **Multi-Utilities — 2.2%** |
| CMS Energy Corp. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.90%), 3.75%, <br> 12/1/2050 (c)<br>| 360 | 335 |
| Consumers Energy Co. 3.95%, 5/15/2043 | 355 | 301 |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| Series C, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.20%), <br> 4.35%, 1/15/2027 (c) (e) (f)<br>| 450 | 448 |
| Series B, 3.30%, 4/15/2041 | 540 | 414 |
| Series C, 4.90%, 8/1/2041 | 385 | 359 |
| 4.70%, 12/1/2044 | 311 | 277 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.26%), 6.00%, <br> 2/15/2056 (c)<br>| 1137 | 1154 |
| DTE Energy Co. 5.20%, 4/1/2030 | 1100 | 1144 |
| Engie SA (France) 5.25%, 4/10/2029 (b) | 280 | 290 |
| NiSource, Inc. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.45%), 6.95%, <br> 11/30/2054 (c)<br>| 275 | 287 |
| Puget Energy, Inc. 5.73%, 3/15/2035 | 1587 | 1642 |
| Puget Sound Energy, Inc. 5.64%, 4/15/2041 | 280 | 286 |
| San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  |
| 5.40%, 4/15/2035 | 790 | 823 |
| 5.35%, 4/1/2053 | 514 | 489 |
| Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  |
| 5.75%, 9/15/2033 | 180 | 192 |
| 4.40%, 6/1/2043 | 200 | 176 |
| 3.95%, 10/1/2046 | 151 | 120 |
| Series 21A, 3.15%, 9/30/2051 | 321 | 213 |
|  |  | 8950 |
| **Office REITs — 0.1%** | **Office REITs — 0.1%** | **Office REITs — 0.1%** |
| COPT Defense Properties LP  | COPT Defense Properties LP  | COPT Defense Properties LP  |
| 4.50%, 10/15/2030 | 312 | 314 |
| 2.75%, 4/15/2031 | 88 | 81 |
|  |  | 395 |
| **Oil, Gas & Consumable Fuels — 11.4%** | **Oil, Gas & Consumable Fuels — 11.4%** | **Oil, Gas & Consumable Fuels — 11.4%** |
| Antero Resources Corp.  | Antero Resources Corp.  | Antero Resources Corp.  |
| 5.38%, 3/1/2030 (b) | 1025 | 1041 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 5.40%, 2/1/2036 | 545 | 546 |
| BP Capital Markets America, Inc. 3.06%, 6/17/2041 | 113 | 88 |
| Buckeye Partners LP 5.60%, 10/15/2044 | 16 | 15 |
| Cheniere Corpus Christi Holdings LLC 3.70%, <br> 11/15/2029<br>| 730 | 720 |
| Cheniere Energy Partners LP  | Cheniere Energy Partners LP  | Cheniere Energy Partners LP  |
| 4.50%, 10/1/2029 | 1003 | 1009 |
| 5.75%, 8/15/2034 | 790 | 835 |
| Cheniere Energy, Inc. 4.63%, 10/15/2028 | 1037 | 1037 |
| Chord Energy Corp. 6.00%, 10/1/2030 (b) | 39 | 40 |
| Colonial Enterprises, Inc. 5.63%, 11/15/2035 (b) | 420 | 432 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 6.04%, 8/15/2028 (b) | 268 | 280 |
| 5.10%, 10/1/2031 (b) | 102 | 105 |
| 5.00%, 11/17/2032 (b) | 645 | 658 |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 5.93%, 8/15/2030 (b) | 125 | 133 |
| 6.04%, 11/15/2033 (b) | 486 | 526 |
| 5.96%, 2/15/2055 (b) | 180 | 183 |
| ConocoPhillips Co. 5.70%, 9/15/2063 | 330 | 328 |
| Coterra Energy, Inc. 5.90%, 2/15/2055 | 733 | 729 |
| Diamondback Energy, Inc. 5.75%, 4/18/2054 | 433 | 423 |
| DT Midstream, Inc. 4.13%, 6/15/2029 (b) | 760 | 755 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 6.00%, 2/1/2029 (b) | 1285 | 1298 |
| Series G, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.31%), <br> 7.13%, 5/15/2030 (c) (e) (f)<br>| 1156 | 1199 |
| 7.38%, 2/1/2031 (b) | 210 | 218 |
| 5.35%, 1/15/2036 | 410 | 417 |
| 5.95%, 5/15/2054 | 180 | 174 |
| 6.20%, 4/1/2055 | 335 | 335 |
| 6.30%, 1/15/2056 | 610 | 617 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.68%), 6.50%, <br> 2/15/2056 (c)<br>| 925 | 935 |
| Eni SpA (Italy) | Eni SpA (Italy) | Eni SpA (Italy) |
| 5.70%, 10/1/2040 (b) | 570 | 583 |
| 5.95%, 5/15/2054 (b) | 605 | 621 |
| Enterprise Products Operating LLC Series H, 6.65%, <br> 10/15/2034<br>| 240 | 273 |
| EOG Resources, Inc. 4.40%, 1/15/2031 | 525 | 531 |
| EQT Corp.  | EQT Corp.  | EQT Corp.  |
| 4.50%, 1/15/2029 | 370 | 373 |
| 6.38%, 4/1/2029 | 1570 | 1623 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 7.50%, 6/1/2030 | 259 | 288 |
| 4.75%, 1/15/2031 | 765 | 776 |
| Expand Energy Corp.  | Expand Energy Corp.  | Expand Energy Corp.  |
| 5.38%, 2/1/2029 | 54 | 54 |
| 5.88%, 2/1/2029 (b) | 398 | 398 |
| 6.75%, 4/15/2029 (b) | 504 | 505 |
| 5.38%, 3/15/2030 | 1270 | 1289 |
| 4.75%, 2/1/2032 | 492 | 491 |
| Hess Corp.  | Hess Corp.  | Hess Corp.  |
| 6.00%, 1/15/2040 | 655 | 718 |
| 5.60%, 2/15/2041 | 410 | 431 |
| Hess Midstream Operations LP  | Hess Midstream Operations LP  | Hess Midstream Operations LP  |
| 5.13%, 6/15/2028 (b) | 745 | 746 |
| 6.50%, 6/1/2029 (b) | 340 | 352 |
| 5.50%, 10/15/2030 (b) | 573 | 577 |
| Kinder Morgan Energy Partners LP  | Kinder Morgan Energy Partners LP  | Kinder Morgan Energy Partners LP  |
| 6.38%, 3/1/2041 | 350 | 381 |
| 4.70%, 11/1/2042 | 889 | 809 |
| Kinder Morgan, Inc. 3.25%, 8/1/2050 | 80 | 54 |
| Kinetik Holdings LP 5.88%, 6/15/2030 (b) | 1637 | 1655 |
| Marathon Petroleum Corp. 4.75%, 9/15/2044 | 129 | 114 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 5.40%, 9/15/2035 | 448 | 457 |
| 5.30%, 4/1/2036 | 850 | 858 |
| 5.95%, 4/1/2055 | 492 | 483 |
| NGPL PipeCo LLC 4.88%, 8/15/2027 (b) | 453 | 456 |
| Northern Natural Gas Co.  | Northern Natural Gas Co.  | Northern Natural Gas Co.  |
| 4.30%, 1/15/2049 (b) | 80 | 66 |
| 3.40%, 10/16/2051 (b) | 161 | 112 |
| Occidental Petroleum Corp. 4.63%, 6/15/2045 | 278 | 229 |
| ONEOK Partners LP 6.20%, 9/15/2043 | 450 | 465 |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| 5.38%, 6/1/2029 | 104 | 108 |
| 5.40%, 10/15/2035 | 255 | 260 |
| 5.60%, 4/1/2044 | 570 | 547 |
| 5.05%, 4/1/2045 | 94 | 84 |
| Ovintiv, Inc.  | Ovintiv, Inc.  | Ovintiv, Inc.  |
| 6.25%, 7/15/2033 | 235 | 254 |
| 6.50%, 8/15/2034 | 105 | 115 |
| 6.50%, 2/1/2038 | 47 | 51 |
| Permian Resources Operating LLC 6.25%, <br> 2/1/2033 (b)<br>| 75 | 78 |
| Pioneer Natural Resources Co.  | Pioneer Natural Resources Co.  | Pioneer Natural Resources Co.  |
| 1.90%, 8/15/2030 | 505 | 463 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 11

------

JPMorgan Corporate Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 2.15%, 1/15/2031 | 895 | 824 |
| Plains All American Pipeline LP 5.60%, 1/15/2036 | 515 | 528 |
| Sabine Pass Liquefaction LLC  | Sabine Pass Liquefaction LLC  | Sabine Pass Liquefaction LLC  |
| 4.20%, 3/15/2028 | 460 | 462 |
| 4.50%, 5/15/2030 | 610 | 617 |
| Santos Finance Ltd. (Australia) | Santos Finance Ltd. (Australia) | Santos Finance Ltd. (Australia) |
| 3.65%, 4/29/2031 (b) | 507 | 483 |
| 6.88%, 9/19/2033 (b) | 387 | 430 |
| 5.75%, 11/13/2035 (b) | 450 | 460 |
| Shell Finance US, Inc. 5.13%, 10/15/2041 (b) | 365 | 364 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 | 200 | 202 |
| 5.03%, 10/1/2029 | 900 | 920 |
| Targa Resources Corp. 5.40%, 7/30/2036 | 570 | 580 |
| TotalEnergies Capital International SA (France) <br> 2.99%, 6/29/2041<br>| 635 | 490 |
| TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) |
| 5.49%, 4/5/2054 | 350 | 346 |
| 5.28%, 9/10/2054 | 210 | 202 |
| 5.64%, 4/5/2064 | 260 | 257 |
| TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| 5.60%, 3/31/2034 | 210 | 223 |
| 6.10%, 6/1/2040 | 150 | 162 |
| Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) |
| Series 16-A, (3-MONTH SOFR + 4.64%), 5.88%, <br> 8/15/2076 (c)<br>| 930 | 932 |
| (3-MONTH CME TERM SOFR + 4.42%), 5.50%, <br> 9/15/2079 (c)<br>| 390 | 394 |
| Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  |
| 3.88%, 8/15/2029 (b) | 1041 | 997 |
| 6.25%, 1/15/2030 (b) | 685 | 707 |
| 4.13%, 8/15/2031 (b) | 150 | 141 |
| Venture Global LNG, Inc. 9.50%, 2/1/2029 (b) | 105 | 113 |
| Venture Global Plaquemines LNG LLC 6.75%, <br> 1/15/2036 (b)<br>| 89 | 95 |
| Western Midstream Operating LP 5.45%, 4/1/2044 | 273 | 251 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 4.80%, 11/15/2029 | 970 | 994 |
| 5.30%, 9/30/2035 | 173 | 178 |
| 5.95%, 3/15/2056 | 360 | 365 |
|  |  | 46521 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| American Airlines, Inc. 5.75%, 4/20/2029 (b) | 57 | 58 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Kenvue, Inc. 5.20%, 3/22/2063 | 30 | 28 |
| **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** | **Pharmaceuticals — 0.8%** |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 3.25%, 8/1/2042 | 200 | 156 |
| 5.55%, 2/22/2054 | 507 | 503 |
| Eli Lilly & Co. 5.65%, 10/15/2065 | 160 | 162 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 5.55%, 12/4/2055 | 280 | 281 |
| 5.15%, 5/17/2063 | 90 | 84 |
| Pfizer Investment Enterprises Pte. Ltd.  | Pfizer Investment Enterprises Pte. Ltd.  | Pfizer Investment Enterprises Pte. Ltd.  |
| 5.30%, 5/19/2053 | 152 | 145 |
| 5.34%, 5/19/2063 | 1514 | 1421 |
| Zoetis, Inc.  | Zoetis, Inc.  | Zoetis, Inc.  |
| 5.00%, 8/17/2035 | 430 | 439 |
| 4.70%, 2/1/2043 | 19 | 18 |
|  |  | 3209 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| Verisk Analytics, Inc. 4.45%, 3/15/2031 | 467 | 469 |
| **Residential REITs — 0.3%** | **Residential REITs — 0.3%** | **Residential REITs — 0.3%** |
| Mid-America Apartments LP 4.65%, 1/15/2033 | 100 | 100 |
| UDR, Inc.  | UDR, Inc.  | UDR, Inc.  |
| 4.40%, 1/26/2029 | 172 | 174 |
| 1.90%, 3/15/2033 | 205 | 172 |
| 5.13%, 9/1/2034 | 760 | 776 |
|  |  | 1222 |
| **Retail REITs — 0.6%** | **Retail REITs — 0.6%** | **Retail REITs — 0.6%** |
| Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  | Brixmor Operating Partnership LP  |
| 4.85%, 2/15/2033 | 375 | 378 |
| 5.50%, 2/15/2034 | 215 | 224 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 3.10%, 4/15/2050 | 400 | 266 |
| 3.50%, 4/15/2051 | 300 | 216 |
| 3.00%, 4/15/2052 | 250 | 160 |
| Realty Income Corp. 5.13%, 7/6/2034 | 570 | 746 |
| Regency Centers LP 2.95%, 9/15/2029 | 322 | 312 |
|  |  | 2302 |
| **Semiconductors & Semiconductor Equipment — 2.8%** | **Semiconductors & Semiconductor Equipment — 2.8%** | **Semiconductors & Semiconductor Equipment — 2.8%** |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 4.55%, 2/15/2032 | 140 | 142 |
| 4.90%, 7/15/2032 | 635 | 654 |
| 3.42%, 4/15/2033 | 1049 | 983 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| 3.47%, 4/15/2034 | 144 | 133 |
| 5.20%, 7/15/2035 | 305 | 315 |
| 3.14%, 11/15/2035 (b) | 486 | 425 |
| 4.80%, 2/15/2036 | 566 | 567 |
| Foundry JV Holdco LLC  | Foundry JV Holdco LLC  | Foundry JV Holdco LLC  |
| 5.50%, 1/25/2031 (b) | 250 | 261 |
| 6.25%, 1/25/2035 (b) | 1785 | 1922 |
| 6.10%, 1/25/2036 (b) | 250 | 267 |
| Intel Corp. 4.25%, 12/15/2042 | 595 | 492 |
| Marvell Technology, Inc.  | Marvell Technology, Inc.  | Marvell Technology, Inc.  |
| 5.75%, 2/15/2029 | 1430 | 1494 |
| 4.75%, 7/15/2030 | 70 | 71 |
| 2.95%, 4/15/2031 | 58 | 54 |
| 5.95%, 9/15/2033 | 984 | 1057 |
| 5.45%, 7/15/2035 | 511 | 532 |
| Micron Technology, Inc.  | Micron Technology, Inc.  | Micron Technology, Inc.  |
| 5.88%, 9/15/2033 | 1142 | 1229 |
| 6.05%, 11/1/2035 | 415 | 451 |
| Qnity Electronics, Inc. 5.75%, 8/15/2032 (b) | 287 | 294 |
|  |  | 11343 |
| **Software — 2.2%** | **Software — 2.2%** | **Software — 2.2%** |
| Microsoft Corp. 2.53%, 6/1/2050 | 570 | 355 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 4.95%, 2/4/2031 | 800 | 798 |
| 5.35%, 5/4/2033 | 1105 | 1109 |
| 5.70%, 2/4/2036 | 641 | 641 |
| 3.60%, 4/1/2040 | 220 | 166 |
| 3.65%, 3/25/2041 | 1150 | 854 |
| 6.55%, 2/4/2046 | 432 | 421 |
| 4.00%, 7/15/2046 | 85 | 59 |
| 4.00%, 11/15/2047 | 141 | 97 |
| 3.60%, 4/1/2050 | 674 | 422 |
| 3.95%, 3/25/2051 | 380 | 252 |
| 5.38%, 9/27/2054 | 98 | 79 |
| 4.38%, 5/15/2055 | 710 | 491 |
| 6.00%, 8/3/2055 | 841 | 741 |
| 6.70%, 2/4/2056 | 655 | 635 |
| 6.85%, 2/4/2066 | 525 | 503 |
| Roper Technologies, Inc.  | Roper Technologies, Inc.  | Roper Technologies, Inc.  |
| 4.45%, 9/15/2030 | 255 | 257 |
| 4.75%, 2/15/2032 | 130 | 131 |
| Salesforce, Inc. 2.70%, 7/15/2041 | 425 | 302 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| 4.85%, 4/1/2030 | 430 | 440 |
| 5.00%, 4/1/2032 | 320 | 330 |
| 5.70%, 4/1/2055 | 5 | 5 |
|  |  | 9088 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| Crown Castle, Inc.  | Crown Castle, Inc.  | Crown Castle, Inc.  |
| 5.60%, 6/1/2029 | 600 | 625 |
| 3.10%, 11/15/2029 | 184 | 177 |
| Extra Space Storage LP  | Extra Space Storage LP  | Extra Space Storage LP  |
| 4.00%, 6/15/2029 | 347 | 346 |
| 5.50%, 7/1/2030 | 398 | 416 |
| 5.90%, 1/15/2031 | 400 | 426 |
| 4.95%, 1/15/2033 | 160 | 163 |
| SBA Communications Corp. 3.13%, 2/1/2029 | 101 | 97 |
|  |  | 2250 |
| **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** | **Specialty Retail — 0.3%** |
| Home Depot, Inc. (The)  | Home Depot, Inc. (The)  | Home Depot, Inc. (The)  |
| 3.30%, 4/15/2040 | 130 | 108 |
| 5.40%, 9/15/2040 | 210 | 218 |
| 3.35%, 4/15/2050 | 210 | 150 |
| 2.38%, 3/15/2051 | 189 | 110 |
| Lowe's Cos., Inc. 2.80%, 9/15/2041 | 1009 | 740 |
|  |  | 1326 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc. 2.95%, 9/11/2049 | 915 | 625 |
| **Tobacco — 2.9%** | **Tobacco — 2.9%** | **Tobacco — 2.9%** |
| Altria Group, Inc.  | Altria Group, Inc.  | Altria Group, Inc.  |
| 4.50%, 8/6/2030 | 810 | 824 |
| 2.45%, 2/4/2032 | 720 | 646 |
| 5.63%, 2/6/2035 | 590 | 620 |
| 3.40%, 2/4/2041 | 607 | 476 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 5.83%, 2/20/2031 | 56 | 60 |
| 5.35%, 8/15/2032 | 1210 | 1271 |
| 5.63%, 8/15/2035 | 254 | 268 |
| 3.73%, 9/25/2040 | 763 | 632 |
| 7.08%, 8/2/2043 | 466 | 530 |
| 4.54%, 8/15/2047 | 280 | 236 |
| Imperial Brands Finance plc (United Kingdom) | Imperial Brands Finance plc (United Kingdom) | Imperial Brands Finance plc (United Kingdom) |
| 5.50%, 2/1/2030 (b) | 1210 | 1264 |
| 5.88%, 7/1/2034 (b) | 830 | 879 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 13

------

JPMorgan Corporate Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Tobacco — continued** | **Tobacco — continued** | **Tobacco — continued** |
| Japan Tobacco, Inc. (Japan) 5.85%, 6/15/2035 (b) | 580 | 628 |
| Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
| 4.75%, 11/1/2031 | 735 | 756 |
| 5.38%, 2/15/2033 | 1167 | 1232 |
| 4.63%, 10/29/2035 | 1570 | 1556 |
| 3.88%, 8/21/2042 | 116 | 97 |
|  |  | 11975 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| Herc Holdings, Inc. 7.00%, 6/15/2030 (b) | 18 | 19 |
| QXO Building Products, Inc. 6.75%, 4/30/2032 (b) | 36 | 37 |
| United Rentals North America, Inc. 3.88%, <br> 2/15/2031<br>| 20 | 19 |
|  |  | 75 |
| **Wireless Telecommunication Services — 1.4%** | **Wireless Telecommunication Services — 1.4%** | **Wireless Telecommunication Services — 1.4%** |
| Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) | Rogers Communications, Inc. (Canada) |
| 3.80%, 3/15/2032 | 1101 | 1054 |
| 5.30%, 2/15/2034 | 494 | 505 |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 2.63%, 2/15/2029 | 1413 | 1360 |
| 3.88%, 4/15/2030 | 620 | 615 |
| 5.13%, 5/15/2032 | 544 | 565 |
| 6.70%, 12/15/2033 | 868 | 982 |
| 3.30%, 2/15/2051 | 675 | 460 |
|  |  | 5541 |
| Total Corporate Bonds <br>(Cost $367,769)<br>|  | 373173 |
| **Loan Assignments — 3.2% (c) (i)** | **Loan Assignments — 3.2% (c) (i)** | **Loan Assignments — 3.2% (c) (i)** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| Goat Holdco LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.50%), 6.17%, 1/27/2032<br>| 500 | 498 |
| Karman Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 4/1/2032 (j)<br>| 1000 | 1001 |
|  |  | 1499 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Graham Packaging Co., Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 1/26/2033 (j)<br>| 1000 | 997 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| Vertiv Group Corp., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%), 5.42%, 8/12/2032<br>| 995 | 995 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| Mirion Technologies, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 6/4/2032<br>| 1000 | 1002 |
| Resilience Parent LLC, 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 2.50%), 6.13%, <br> 1/21/2033 (j)<br>| 1000 | 998 |
|  |  | 2000 |
| **Entertainment — 0.3%** | **Entertainment — 0.3%** | **Entertainment — 0.3%** |
| TKO Worldwide Holdings LLC, 1st Lien Term Loan B-4 <br> (3-MONTH CME TERM SOFR + 2.00%), 5.66%, <br> 11/21/2031<br>| 1000 | 1000 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| Global Medical Response, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.50%), 7.17%, <br> 10/1/2032<br>| 500 | 500 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Station Casinos LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.00%), 5.67%, 3/14/2031<br>| 750 | 750 |
| **Machinery — 0.3%** | **Machinery — 0.3%** | **Machinery — 0.3%** |
| LSF12 Helix Parent LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.50%), 7.17%, <br> 2/10/2033 (j)<br>| 1000 | 999 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Neptune Bidco US, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 5.00%), 8.76%, <br> 1/28/2033<br>| 500 | 470 |
| **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** | **Oil, Gas & Consumable Fuels — 0.2%** |
| Colossus Acquireco LLC, 1st Lien Term Loan B (1-Day <br> CME TERM SOFR + 1.75%), 5.41%, 7/30/2032<br>| 1000 | 997 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH <br> CME TERM SOFR + 3.10%), 6.61%, 2/1/2029<br>| 1000 | 993 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| AthenaHealth Group, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 2/15/2029 (j)<br>| 1000 | 973 |
| Genesys Cloud Services, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 1/30/2032 (j)<br>| 997 | 915 |
|  |  | 1888 |
| Total Loan Assignments <br>(Cost $13,228)<br>|  | 13088 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** |
| Air Canada Pass-Through Trust (Canada) Series <br> 2015-1, Class A, 3.60%, 3/15/2027 (b)<br>| 79 | 78 |
| American Airlines Pass-Through Trust |  |  |
| Series 2015-1, Class A, 3.38%, 5/1/2027 | 128 | 127 |
| Series 2016-1, Class A, 4.10%, 1/15/2028 | 211 | 209 |
| Series 2016-3, Class A, 3.25%, 10/15/2028 | 60 | 58 |
| Series 2017-1, Class AA, 3.65%, 2/15/2029 | 511 | 505 |
| Series 2017-2, Class A, 3.60%, 10/15/2029 | 59 | 57 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 47 | 46 |
| JetBlue Pass-Through Trust Series 2019-1, Class AA, <br> 2.75%, 5/15/2032<br>| 115 | 104 |
| United Airlines Pass-Through Trust |  |  |
| Series 2023-1, Class A, 5.80%, 1/15/2036 | 41 | 43 |
| Series 2024-1, Class A, 5.88%, 2/15/2037 | 456 | 471 |
| Total Asset-Backed Securities <br>(Cost $1,655)<br>|  | 1698 |
| **Foreign Government Securities — 0.2%** | **Foreign Government Securities — 0.2%** | **Foreign Government Securities — 0.2%** |
| United Mexican States 5.63%, 9/22/2035 <br>(Cost $793)<br>| 797 | 795 |
| **Municipal Bonds — 0.1% (k)** | **Municipal Bonds — 0.1% (k)** | **Municipal Bonds — 0.1% (k)** |
| **Colorado — 0.1%** | **Colorado — 0.1%** | **Colorado — 0.1%** |
| Colorado Health Facilities Authority, Sanford Health <br> Series 2019B, Rev., 3.80%, 11/1/2044 (Cost <br> $326)<br>| 320 | 271 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 4.7%** | **Short-Term Investments — 4.7%** | **Short-Term Investments — 4.7%** |
| **Investment Companies — 4.3%** | **Investment Companies — 4.3%** | **Investment Companies — 4.3%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (l) (m) <br>(Cost $17,556)<br>| 17551 | 17558 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.4%** | **U.S. Treasury Obligations — 0.4%** | **U.S. Treasury Obligations — 0.4%** |
| U.S. Treasury Bills, 3.72%, 3/17/2026 (n) (o) <br>(Cost $1,443)<br>| 1445 | 1443 |
| Total Short-Term Investments <br>(Cost $18,999)<br>|  | 19001 |
| **Total Investments — 100.2%** <br>**(Cost $402,770)**<br>|  | **408026** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(879)**<br>|
| **NET ASSETS — 100.0%** |  | **407147** |

---

&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** |  |
| CME | Chicago Mercantile Exchange |
| EURIBOR | Euro Interbank Offered Rate |
| ICE | Intercontinental Exchange |
| REIT | Real Estate Investment Trust |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<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, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|
| (d) | Contingent Capital security ("CoCo"). CoCos are hybrid <br> debt securities that may be convertible into equity or <br> may be written down if a pre-specified trigger event <br> occurs. The total value of aggregate CoCo holdings at <br> February 28, 2026 is $4,283 or 1.05% of the Fund's <br> net assets as of February 28, 2026.<br>|
| (e) | Security is an interest bearing note with preferred <br> security characteristics.<br>|
| (f) | Security is perpetual and thus, does not have a <br> predetermined maturity date. The coupon rate for this <br> security is fixed for a period of time and may be <br> structured to adjust thereafter. The date shown, if <br> applicable, reflects the next call date. The coupon rate <br> shown is the rate in effect as of February 28, 2026.<br>|
| (g) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of February 28, 2026. <br>|
| (h) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (i) | Loan assignments are presented by obligor. Each <br> series or loan tranche underlying each obligor may <br> have varying terms.<br>|
| (j) | All or a portion of this security is unsettled as of <br> February 28, 2026. Unless otherwise indicated, the <br> coupon rate is undetermined. The coupon rate shown <br> may not be accrued for the entire position.<br>|
| (k) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 15

------

JPMorgan Corporate Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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;(m) The rate shown is the current yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The rate shown is the effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 18580 | &nbsp;&nbsp;&nbsp;&nbsp; 373 |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 19353 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| Short-Term Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 17567 | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| Australia 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 71 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 5587 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6258 | &nbsp;&nbsp;&nbsp;&nbsp; 26 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 18950 | &nbsp;&nbsp;&nbsp;&nbsp; 132 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 19207 | &nbsp;&nbsp;&nbsp;&nbsp; 164 |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp;&nbsp; 06/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 5050 | &nbsp;&nbsp;&nbsp;&nbsp; 59 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 160 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 33478 | &nbsp;&nbsp;&nbsp;&nbsp; 35 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 977 |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (2499)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>|
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; (119)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (18324)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (260)<br>|
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (1886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (38)<br>|
| Euro-OAT | &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (5419)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (136)<br>|
| Japan 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; (5961)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (53)<br>|
| Australia 3 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; (299)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (341)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (23931)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (159)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (210)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (23126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (71)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (726)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 251 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Income Funds February 28, 2026

------

**Forward foreign currency exchange contracts outstanding as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EUR | &nbsp;&nbsp;&nbsp; 3120 | USD | &nbsp;&nbsp;&nbsp; 3683 | Morgan Stanley | 3/4/2026 | &nbsp;&nbsp;&nbsp; 4 |
| USD | &nbsp;&nbsp;&nbsp; 609 | EUR | &nbsp;&nbsp;&nbsp; 511 | BNP Paribas | 3/4/2026 | &nbsp;&nbsp;&nbsp; 5 |
| USD | &nbsp;&nbsp;&nbsp; 30 | EUR | &nbsp;&nbsp;&nbsp; 25 | HSBC Bank, NA | 3/4/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 3076 | EUR | &nbsp;&nbsp;&nbsp; 2573 | Morgan Stanley | 3/4/2026 | &nbsp;&nbsp;&nbsp; 35 |
| USD | &nbsp;&nbsp;&nbsp; 5 | GBP | &nbsp;&nbsp;&nbsp; 4 | Barclays Bank plc | 3/4/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 13 | GBP | &nbsp;&nbsp;&nbsp; 9 | BNP Paribas | 3/4/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 43 | GBP | &nbsp;&nbsp;&nbsp; 32 | HSBC Bank, NA | 3/4/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 46 | JPY | &nbsp;&nbsp;&nbsp; 7168 | HSBC Bank, NA | 3/4/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 124 | GBP | &nbsp;&nbsp;&nbsp; 91 | Morgan Stanley | 4/7/2026 | &nbsp;&nbsp;&nbsp; 1 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 45 |
| GBP | &nbsp;&nbsp;&nbsp; 13 | USD | &nbsp;&nbsp;&nbsp; 17 | HSBC Bank, NA | 3/4/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 32 | USD | &nbsp;&nbsp;&nbsp; 43 | Morgan Stanley | 3/4/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 7168 | USD | &nbsp;&nbsp;&nbsp; 46 | Citibank, NA | 3/4/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 12 | EUR | &nbsp;&nbsp;&nbsp; 10 | Barclays Bank plc | 3/4/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 91 | USD | &nbsp;&nbsp;&nbsp; 123 | Morgan Stanley | 4/7/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 44 | EUR | &nbsp;&nbsp;&nbsp; 37 | Barclays Bank plc | 4/7/2026 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| USD | &nbsp;&nbsp;&nbsp; 3713 | EUR | &nbsp;&nbsp;&nbsp; 3140 | Morgan Stanley | 4/7/2026 | &nbsp;&nbsp;&nbsp; (6)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (6)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 39 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 17

------

JPMorgan Emerging Markets Debt Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Foreign Government Securities — 75.2%** | **Foreign Government Securities — 75.2%** | **Foreign Government Securities — 75.2%** |
| **Angola — 1.0%** | **Angola — 1.0%** | **Angola — 1.0%** |
| Republic of Angola |  |  |
| 9.24%, 1/15/2031 (a) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2233 |
| 8.75%, 4/14/2032 (b) | &nbsp;&nbsp; 5130 | &nbsp;&nbsp; 5033 |
| 9.13%, 11/26/2049 (b) | &nbsp;&nbsp; 3502 | &nbsp;&nbsp; 3098 |
|  |  | &nbsp;&nbsp; 10364 |
| **Argentina — 3.6%** | **Argentina — 3.6%** | **Argentina — 3.6%** |
| Argentine Republic |  |  |
| 0.75%, 7/9/2030 (c) | &nbsp;&nbsp; 5184 | &nbsp;&nbsp; 4388 |
| 0.76%, 7/9/2030 (c) | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 610 |
| 4.12%, 7/9/2035 (c) | &nbsp;&nbsp; 16114 | &nbsp;&nbsp; 12120 |
| 0.00%, 12/15/2035 (d) | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 497 |
| 5.00%, 1/9/2038 (c) | &nbsp;&nbsp; 1821 | &nbsp;&nbsp; 1432 |
| 3.50%, 7/9/2041 (c) | &nbsp;&nbsp; 16428 | &nbsp;&nbsp; 11476 |
| 4.12%, 7/9/2046 (c) | &nbsp;&nbsp; 2423 | &nbsp;&nbsp; 1723 |
| Provincia de Cordoba 8.60%, 2/3/2035 (a) | &nbsp;&nbsp; 3733 | &nbsp;&nbsp; 3649 |
|  |  | &nbsp;&nbsp; 35895 |
| **Bahamas — 0.6%** | **Bahamas — 0.6%** | **Bahamas — 0.6%** |
| Commonwealth of the Bahamas |  |  |
| 8.95%, 10/15/2032 (b) | &nbsp;&nbsp; 3345 | &nbsp;&nbsp; 3777 |
| 8.25%, 6/24/2036 (a) | &nbsp;&nbsp; 1748 | &nbsp;&nbsp; 1956 |
|  |  | &nbsp;&nbsp; 5733 |
| **Bahrain — 2.2%** | **Bahrain — 2.2%** | **Bahrain — 2.2%** |
| Kingdom of Bahrain |  |  |
| 7.00%, 10/12/2028 (b) | &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1510 |
| 6.75%, 9/20/2029 (b) | &nbsp;&nbsp; 8626 | &nbsp;&nbsp; 8852 |
| 5.45%, 9/16/2032 (b) | &nbsp;&nbsp; 4787 | &nbsp;&nbsp; 4569 |
| 5.25%, 1/25/2033 (b) | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2624 |
| 6.63%, 10/6/2037 (a) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2145 |
| 7.10%, 2/3/2038 (a) | &nbsp;&nbsp; 1913 | &nbsp;&nbsp; 1921 |
|  |  | &nbsp;&nbsp; 21621 |
| **Barbados — 0.4%** | **Barbados — 0.4%** | **Barbados — 0.4%** |
| Barbados Government Bond 8.00%, <br> 6/26/2035 (a)<br>| &nbsp;&nbsp; 3838 | &nbsp;&nbsp; 4098 |
| **Benin — 0.8%** | **Benin — 0.8%** | **Benin — 0.8%** |
| Benin Government Bond |  |  |
| 7.96%, 2/13/2038 (a) | &nbsp;&nbsp; 1466 | &nbsp;&nbsp; 1537 |
| 7.96%, 2/13/2038 (b) | &nbsp;&nbsp; 2205 | &nbsp;&nbsp; 2312 |
| 8.38%, 1/23/2041 (b) | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 3933 |
|  |  | &nbsp;&nbsp; 7782 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Bolivia, Plurinational State of — 0.2%** | **Bolivia, Plurinational State of — 0.2%** | **Bolivia, Plurinational State of — 0.2%** |
| Plurinational State of Bolivia 4.50%, <br> 3/20/2028 (b)<br>| &nbsp;&nbsp; 2224 | &nbsp;&nbsp; 2145 |
| **Bosnia And Herzegovina — 0.1%** | **Bosnia And Herzegovina — 0.1%** | **Bosnia And Herzegovina — 0.1%** |
| Federation of Bosnia & Herzegovina <br> Eurobond 5.50%, 7/17/2030 (a)<br>| &nbsp;&nbsp; EUR951 | &nbsp;&nbsp; 1186 |
| **Brazil — 2.3%** | **Brazil — 2.3%** | **Brazil — 2.3%** |
| Federative Republic of Brazil |  |  |
| 6.00%, 10/20/2033 | &nbsp;&nbsp; 5010 | &nbsp;&nbsp; 5122 |
| 8.25%, 1/20/2034 | &nbsp;&nbsp; 2667 | &nbsp;&nbsp; 3111 |
| 6.63%, 3/15/2035 | &nbsp;&nbsp; 13342 | &nbsp;&nbsp; 14009 |
|  |  | &nbsp;&nbsp; 22242 |
| **Bulgaria — 0.5%** | **Bulgaria — 0.5%** | **Bulgaria — 0.5%** |
| Bulgaria Government Bond |  |  |
| 3.38%, 7/18/2035 (b) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1176 |
| 4.13%, 7/18/2045 (b) | &nbsp;&nbsp; EUR1,200 | &nbsp;&nbsp; 1400 |
| Republic of Bulgaria 5.00%, 3/5/2037 (b) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1914 |
|  |  | &nbsp;&nbsp; 4490 |
| **Cameroon — 0.3%** | **Cameroon — 0.3%** | **Cameroon — 0.3%** |
| Republic of Cameroon 9.50%, <br> 7/31/2031 (b)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2986 |
| **Chile — 0.3%** | **Chile — 0.3%** | **Chile — 0.3%** |
| Republic of Chile 2.55%, 1/27/2032 | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 2807 |
| **Colombia — 3.0%** | **Colombia — 3.0%** | **Colombia — 3.0%** |
| Republic of Colombia |  |  |
| 6.13%, 1/21/2031 | &nbsp;&nbsp; 1677 | &nbsp;&nbsp; 1673 |
| 3.13%, 4/15/2031 | &nbsp;&nbsp; 3635 | &nbsp;&nbsp; 3154 |
| 11.75%, 1/24/2035 | &nbsp;&nbsp; COP17,380,000 | &nbsp;&nbsp; 4125 |
| 8.00%, 11/14/2035 | &nbsp;&nbsp; 10565 | &nbsp;&nbsp; 11275 |
| 5.20%, 5/15/2049 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1328 |
| 4.13%, 5/15/2051 | &nbsp;&nbsp; 4529 | &nbsp;&nbsp; 2845 |
| 8.75%, 11/14/2053 | &nbsp;&nbsp; 4293 | &nbsp;&nbsp; 4715 |
|  |  | &nbsp;&nbsp; 29115 |
| **Congo, Democratic Republic of the — 0.2%** | **Congo, Democratic Republic of the — 0.2%** | **Congo, Democratic Republic of the — 0.2%** |
| Republic of Congo (The) 9.88%, <br> 11/7/2032 (b)<br>| &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 1943 |
| **Costa Rica — 1.7%** | **Costa Rica — 1.7%** | **Costa Rica — 1.7%** |
| Republic of Costa Rica |  |  |
| 6.00%, 1/16/2036 (a) | &nbsp;&nbsp; EUR4,000 | &nbsp;&nbsp; 4937 |
| 5.63%, 4/30/2043 (b) | &nbsp;&nbsp; 348 | &nbsp;&nbsp; 340 |
| 7.00%, 4/4/2044 (b) | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1754 |
| 7.16%, 3/12/2045 (b) | &nbsp;&nbsp; 3260 | &nbsp;&nbsp; 3652 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Costa Rica—continued** | **Costa Rica—continued** | **Costa Rica—continued** |
| 7.30%, 11/13/2054 (a) | &nbsp;&nbsp; 907 | &nbsp;&nbsp; 1036 |
| 7.30%, 11/13/2054 (b) | &nbsp;&nbsp; 4212 | &nbsp;&nbsp; 4811 |
|  |  | &nbsp;&nbsp; 16530 |
| **Dominican Republic — 1.6%** | **Dominican Republic — 1.6%** | **Dominican Republic — 1.6%** |
| Dominican Republic Government Bond |  |  |
| 5.95%, 1/25/2027 (b) | &nbsp;&nbsp; 678 | &nbsp;&nbsp; 685 |
| 6.00%, 7/19/2028 (b) | &nbsp;&nbsp; 2222 | &nbsp;&nbsp; 2284 |
| 4.50%, 1/30/2030 (b) | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4401 |
| 4.88%, 9/23/2032 (b) | &nbsp;&nbsp; 3380 | &nbsp;&nbsp; 3245 |
| 5.88%, 1/30/2060 (b) | &nbsp;&nbsp; 5493 | &nbsp;&nbsp; 4955 |
|  |  | &nbsp;&nbsp; 15570 |
| **Ecuador — 2.2%** | **Ecuador — 2.2%** | **Ecuador — 2.2%** |
| Republic of Ecuador |  |  |
| 8.75%, 1/29/2034 (a) | &nbsp;&nbsp; 3998 | &nbsp;&nbsp; 4034 |
| 6.90%, 7/31/2035 (b) (c) | &nbsp;&nbsp; 14457 | &nbsp;&nbsp; 13118 |
| 9.25%, 1/29/2039 (a) | &nbsp;&nbsp; 1741 | &nbsp;&nbsp; 1770 |
| 5.00%, 7/31/2040 (b) (c) | &nbsp;&nbsp; 3342 | &nbsp;&nbsp; 2727 |
|  |  | &nbsp;&nbsp; 21649 |
| **Egypt — 3.6%** | **Egypt — 3.6%** | **Egypt — 3.6%** |
| Arab Republic of Egypt |  |  |
| 24.46%, 10/1/2027 | &nbsp;&nbsp; EGP150,800 | &nbsp;&nbsp; 3188 |
| 22.58%, 1/7/2028 | &nbsp;&nbsp; EGP274,190 | &nbsp;&nbsp; 5731 |
| 21.33%, 5/6/2028 | &nbsp;&nbsp; EGP118,000 | &nbsp;&nbsp; 2415 |
| 8.63%, 2/4/2030 (a) | &nbsp;&nbsp; 3374 | &nbsp;&nbsp; 3652 |
| 5.88%, 2/16/2031 (b) | &nbsp;&nbsp; 3210 | &nbsp;&nbsp; 3118 |
| 7.05%, 1/15/2032 (b) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 906 |
| 7.30%, 9/30/2033 (b) | &nbsp;&nbsp; 3675 | &nbsp;&nbsp; 3688 |
| 8.50%, 1/31/2047 (b) | &nbsp;&nbsp; 3107 | &nbsp;&nbsp; 2967 |
| 7.90%, 2/21/2048 (b) | &nbsp;&nbsp; 5736 | &nbsp;&nbsp; 5174 |
| 8.88%, 5/29/2050 (b) | &nbsp;&nbsp; 1450 | &nbsp;&nbsp; 1417 |
| 8.75%, 9/30/2051 (b) | &nbsp;&nbsp; 2050 | &nbsp;&nbsp; 1982 |
| 7.50%, 2/16/2061 (b) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 935 |
|  |  | &nbsp;&nbsp; 35173 |
| **El Salvador — 0.8%** | **El Salvador — 0.8%** | **El Salvador — 0.8%** |
| Republic of El Salvador |  |  |
| 8.63%, 2/28/2029 (b) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1938 |
| 0.25%, 4/17/2030 (a) | &nbsp;&nbsp; 4250 | &nbsp;&nbsp; 150 |
| 9.25%, 4/17/2030 (b) | &nbsp;&nbsp; 1262 | &nbsp;&nbsp; 1366 |
| 7.12%, 1/20/2050 (b) | &nbsp;&nbsp; 4171 | &nbsp;&nbsp; 3778 |
| 9.50%, 7/15/2052 (b) | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 1057 |
|  |  | &nbsp;&nbsp; 8289 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Gabon — 0.2%** | **Gabon — 0.2%** | **Gabon — 0.2%** |
| Gabonese Republic |  |  |
| 9.50%, 2/18/2029 (b) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 920 |
| 6.63%, 2/6/2031 (b) | &nbsp;&nbsp; 980 | &nbsp;&nbsp; 810 |
|  |  | &nbsp;&nbsp; 1730 |
| **Ghana — 0.7%** | **Ghana — 0.7%** | **Ghana — 0.7%** |
| Republic of Ghana |  |  |
| 5.00%, 7/3/2035 (a) (c) | &nbsp;&nbsp; 1624 | &nbsp;&nbsp; 1470 |
| 5.00%, 7/3/2035 (b) (c) | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 5881 |
|  |  | &nbsp;&nbsp; 7351 |
| **Guatemala — 0.4%** | **Guatemala — 0.4%** | **Guatemala — 0.4%** |
| Republic of Guatemala |  |  |
| 3.70%, 10/7/2033 (b) | &nbsp;&nbsp; 2226 | &nbsp;&nbsp; 2022 |
| 6.25%, 8/15/2036 (a) | &nbsp;&nbsp; 1338 | &nbsp;&nbsp; 1418 |
| 6.55%, 2/6/2037 (b) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 650 |
|  |  | &nbsp;&nbsp; 4090 |
| **Honduras — 1.3%** | **Honduras — 1.3%** | **Honduras — 1.3%** |
| Republic of Honduras |  |  |
| 8.63%, 11/27/2034 (a) | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1986 |
| 8.63%, 11/27/2034 (b) | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 10454 |
|  |  | &nbsp;&nbsp; 12440 |
| **Hungary — 2.4%** | **Hungary — 2.4%** | **Hungary — 2.4%** |
| Hungary Government Bond |  |  |
| 5.50%, 6/16/2034 (b) | &nbsp;&nbsp; 3150 | &nbsp;&nbsp; 3229 |
| 5.50%, 3/26/2036 (b) | &nbsp;&nbsp; 1449 | &nbsp;&nbsp; 1468 |
| 4.88%, 3/22/2040 (b) | &nbsp;&nbsp; EUR6,500 | &nbsp;&nbsp; 7865 |
| 3.13%, 9/21/2051 (a) | &nbsp;&nbsp; 6739 | &nbsp;&nbsp; 4269 |
| 3.13%, 9/21/2051 (b) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 6335 |
|  |  | &nbsp;&nbsp; 23166 |
| **Indonesia — 1.3%** | **Indonesia — 1.3%** | **Indonesia — 1.3%** |
| Republic of Indonesia |  |  |
| 8.50%, 10/12/2035 (b) | &nbsp;&nbsp; 4940 | &nbsp;&nbsp; 6260 |
| 4.90%, 4/16/2036 | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 3271 |
| 6.63%, 2/17/2037 (b) | &nbsp;&nbsp; 3195 | &nbsp;&nbsp; 3614 |
|  |  | &nbsp;&nbsp; 13145 |
| **Iraq — 0.1%** | **Iraq — 0.1%** | **Iraq — 0.1%** |
| Republic of Iraq 5.80%, 1/15/2028 (b) | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 846 |
| **Israel — 0.8%** | **Israel — 0.8%** | **Israel — 0.8%** |
| State of Israel Government Bond 5.88%, <br> 1/13/2056<br>| &nbsp;&nbsp; 7985 | &nbsp;&nbsp; 7935 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 19

------

JPMorgan Emerging Markets Debt Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Ivory Coast — 1.4%** | **Ivory Coast — 1.4%** | **Ivory Coast — 1.4%** |
| Republic of Cote d'Ivoire |  |  |
| 6.13%, 6/15/2033 (b) | &nbsp;&nbsp; 3660 | &nbsp;&nbsp; 3625 |
| 8.08%, 4/1/2036 (a) | &nbsp;&nbsp; 1343 | &nbsp;&nbsp; 1448 |
| 8.25%, 1/30/2037 (a) | &nbsp;&nbsp; 7199 | &nbsp;&nbsp; 7861 |
| 6.75%, 2/25/2041 (a) | &nbsp;&nbsp; 1291 | &nbsp;&nbsp; 1232 |
|  |  | &nbsp;&nbsp; 14166 |
| **Jordan — 0.8%** | **Jordan — 0.8%** | **Jordan — 0.8%** |
| Hashemite Kingdom of Jordan |  |  |
| 5.75%, 1/31/2027 (b) | &nbsp;&nbsp; 780 | &nbsp;&nbsp; 787 |
| 7.50%, 1/13/2029 (b) | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1604 |
| 5.75%, 11/12/2032 (a) | &nbsp;&nbsp; 3165 | &nbsp;&nbsp; 3111 |
| 7.38%, 10/10/2047 (b) | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2866 |
|  |  | &nbsp;&nbsp; 8368 |
| **Kenya — 1.4%** | **Kenya — 1.4%** | **Kenya — 1.4%** |
| Republic of Kenya |  |  |
| 8.00%, 5/22/2032 (b) | &nbsp;&nbsp; 4430 | &nbsp;&nbsp; 4610 |
| 7.88%, 10/9/2033 (b) | &nbsp;&nbsp; 3880 | &nbsp;&nbsp; 3866 |
| 6.30%, 1/23/2034 (b) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1619 |
| 8.80%, 10/9/2038 (a) | &nbsp;&nbsp; 821 | &nbsp;&nbsp; 812 |
| 8.70%, 2/26/2039 (a) | &nbsp;&nbsp; 2707 | &nbsp;&nbsp; 2642 |
|  |  | &nbsp;&nbsp; 13549 |
| **Lebanon — 1.1%** | **Lebanon — 1.1%** | **Lebanon — 1.1%** |
| Lebanese Republic |  |  |
| 6.38%, 3/9/2020 (b) (e) | &nbsp;&nbsp; 18607 | &nbsp;&nbsp; 5424 |
| 6.15%, 6/19/2020 (b) (e) | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 210 |
| 6.85%, 3/23/2027 (b) (e) | &nbsp;&nbsp; 2184 | &nbsp;&nbsp; 636 |
| 6.65%, 11/3/2028 (b) (e) | &nbsp;&nbsp; 13695 | &nbsp;&nbsp; 3992 |
| 6.65%, 2/26/2030 (b) (e) | &nbsp;&nbsp; 1456 | &nbsp;&nbsp; 426 |
|  |  | &nbsp;&nbsp; 10688 |
| **Mexico — 3.3%** | **Mexico — 3.3%** | **Mexico — 3.3%** |
| Mex Bonos Desarr Fix Rt 8.00%, <br> 2/21/2036<br>| &nbsp;&nbsp; MXN264,500 | &nbsp;&nbsp; 14667 |
| United Mexican States |  |  |
| 6.35%, 2/9/2035 | &nbsp;&nbsp; 6653 | &nbsp;&nbsp; 7022 |
| 5.38%, 5/16/2040 | &nbsp;&nbsp; EUR1,664 | &nbsp;&nbsp; 1990 |
| 6.34%, 5/4/2053 | &nbsp;&nbsp; 1693 | &nbsp;&nbsp; 1642 |
| 6.40%, 5/7/2054 | &nbsp;&nbsp; 3995 | &nbsp;&nbsp; 3905 |
| 7.38%, 5/13/2055 | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3396 |
|  |  | &nbsp;&nbsp; 32622 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mongolia — 0.2%** | **Mongolia — 0.2%** | **Mongolia — 0.2%** |
| State of Mongolia |  |  |
| 3.50%, 7/7/2027 (b) | &nbsp;&nbsp; 1300 | &nbsp;&nbsp; 1281 |
| 8.65%, 1/19/2028 (b) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 644 |
| 4.45%, 7/7/2031 (b) | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 482 |
|  |  | &nbsp;&nbsp; 2407 |
| **Nigeria — 3.1%** | **Nigeria — 3.1%** | **Nigeria — 3.1%** |
| Federal Republic of Nigeria |  |  |
| 6.13%, 9/28/2028 (b) | &nbsp;&nbsp; 8135 | &nbsp;&nbsp; 8201 |
| 9.63%, 6/9/2031 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 452 |
| 9.63%, 6/9/2031 (b) | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1922 |
| 7.38%, 9/28/2033 (b) | &nbsp;&nbsp; 4320 | &nbsp;&nbsp; 4380 |
| 7.70%, 2/23/2038 (b) | &nbsp;&nbsp; 5185 | &nbsp;&nbsp; 5177 |
| 9.13%, 1/13/2046 (a) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1632 |
| 7.63%, 11/28/2047 (b) | &nbsp;&nbsp; 9129 | &nbsp;&nbsp; 8627 |
|  |  | &nbsp;&nbsp; 30391 |
| **Oman — 0.8%** | **Oman — 0.8%** | **Oman — 0.8%** |
| Sultanate of Oman Government Bond |  |  |
| 6.50%, 3/8/2047 (b) | &nbsp;&nbsp; 3669 | &nbsp;&nbsp; 3970 |
| 7.00%, 1/25/2051 (b) | &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 3539 |
|  |  | &nbsp;&nbsp; 7509 |
| **Pakistan — 1.1%** | **Pakistan — 1.1%** | **Pakistan — 1.1%** |
| Islamic Republic of Pakistan |  |  |
| 6.88%, 12/5/2027 (b) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1915 |
| 7.38%, 4/8/2031 (b) | &nbsp;&nbsp; 5037 | &nbsp;&nbsp; 4974 |
| 8.88%, 4/8/2051 (b) | &nbsp;&nbsp; 3665 | &nbsp;&nbsp; 3619 |
|  |  | &nbsp;&nbsp; 10508 |
| **Panama — 2.0%** | **Panama — 2.0%** | **Panama — 2.0%** |
| Republic of Panama |  |  |
| 6.70%, 1/26/2036 | &nbsp;&nbsp; 2980 | &nbsp;&nbsp; 3243 |
| 5.66%, 2/23/2038 | &nbsp;&nbsp; 1681 | &nbsp;&nbsp; 1688 |
| 8.00%, 3/1/2038 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 2145 |
| 4.30%, 4/29/2053 | &nbsp;&nbsp; 3730 | &nbsp;&nbsp; 2897 |
| 3.87%, 7/23/2060 | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 3196 |
| 4.50%, 1/19/2063 | &nbsp;&nbsp; 8445 | &nbsp;&nbsp; 6543 |
|  |  | &nbsp;&nbsp; 19712 |
| **Paraguay — 1.4%** | **Paraguay — 1.4%** | **Paraguay — 1.4%** |
| Republic of Paraguay |  |  |
| 7.90%, 2/9/2031 (a) | &nbsp;&nbsp; PYG9,621,000 | &nbsp;&nbsp; 1476 |
| 8.50%, 4/4/2038 (a) | &nbsp;&nbsp; PYG28,024,000 | &nbsp;&nbsp; 4342 |
| 5.60%, 3/13/2048 (b) | &nbsp;&nbsp; 3082 | &nbsp;&nbsp; 2995 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Paraguay—continued** | **Paraguay—continued** | **Paraguay—continued** |
| 5.40%, 3/30/2050 (b) | &nbsp;&nbsp; 2516 | &nbsp;&nbsp; 2375 |
| 6.65%, 3/4/2055 (a) | &nbsp;&nbsp; 2493 | &nbsp;&nbsp; 2735 |
|  |  | &nbsp;&nbsp; 13923 |
| **Peru — 2.8%** | **Peru — 2.8%** | **Peru — 2.8%** |
| Bonos de la Tesoreria 5.35%, 8/12/2040 | &nbsp;&nbsp; PEN34,600 | &nbsp;&nbsp; 9096 |
| Republic of Peru |  |  |
| 3.00%, 1/15/2034 | &nbsp;&nbsp; 4150 | &nbsp;&nbsp; 3647 |
| 5.38%, 2/8/2035 | &nbsp;&nbsp; 14624 | &nbsp;&nbsp; 15099 |
|  |  | &nbsp;&nbsp; 27842 |
| **Poland — 0.1%** | **Poland — 0.1%** | **Poland — 0.1%** |
| Republic of Poland 5.50%, 4/4/2053 | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 675 |
| **Republic of North Macedonia — 0.2%** | **Republic of North Macedonia — 0.2%** | **Republic of North Macedonia — 0.2%** |
| Republic of North Macedonia 4.75%, <br> 1/21/2034 (a)<br>| &nbsp;&nbsp; EUR1,884 | &nbsp;&nbsp; 2212 |
| **Romania — 4.5%** | **Romania — 4.5%** | **Romania — 4.5%** |
| Romania Government Bond |  |  |
| 6.70%, 2/25/2032 | &nbsp;&nbsp; RON47,365 | &nbsp;&nbsp; 11268 |
| 2.00%, 4/14/2033 (b) | &nbsp;&nbsp; EUR9,000 | &nbsp;&nbsp; 8916 |
| 5.75%, 3/24/2035 (a) | &nbsp;&nbsp; 2512 | &nbsp;&nbsp; 2540 |
| 5.75%, 3/24/2035 (b) | &nbsp;&nbsp; 7610 | &nbsp;&nbsp; 7694 |
| 6.63%, 5/16/2036 (a) | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2772 |
| 6.63%, 5/16/2036 (b) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3837 |
| 6.13%, 10/7/2037 (a) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2475 |
| 2.88%, 4/13/2042 (b) | &nbsp;&nbsp; EUR5,600 | &nbsp;&nbsp; 4605 |
|  |  | &nbsp;&nbsp; 44107 |
| **Saudi Arabia — 3.6%** | **Saudi Arabia — 3.6%** | **Saudi Arabia — 3.6%** |
| Kingdom of Saudi Arabia |  |  |
| 4.75%, 1/16/2030 (a) | &nbsp;&nbsp; 6949 | &nbsp;&nbsp; 7080 |
| 4.50%, 4/17/2030 (b) | &nbsp;&nbsp; 9110 | &nbsp;&nbsp; 9215 |
| 5.50%, 10/25/2032 (b) | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 4022 |
| 2.25%, 2/2/2033 (a) | &nbsp;&nbsp; 3047 | &nbsp;&nbsp; 2638 |
| 5.00%, 1/16/2034 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1642 |
| 4.63%, 10/4/2047 (b) | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 1897 |
| 3.45%, 2/2/2061 (b) | &nbsp;&nbsp; 13720 | &nbsp;&nbsp; 8959 |
|  |  | &nbsp;&nbsp; 35453 |
| **Serbia — 0.6%** | **Serbia — 0.6%** | **Serbia — 0.6%** |
| Republic of Serbia |  |  |
| 2.13%, 12/1/2030 (b) | &nbsp;&nbsp; 1196 | &nbsp;&nbsp; 1063 |
| 6.50%, 9/26/2033 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 871 |
| 6.50%, 9/26/2033 (b) | &nbsp;&nbsp; 3965 | &nbsp;&nbsp; 4317 |
|  |  | &nbsp;&nbsp; 6251 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **South Africa — 3.1%** | **South Africa — 3.1%** | **South Africa — 3.1%** |
| Republic of South Africa |  |  |
| 8.50%, 1/31/2037 | &nbsp;&nbsp; ZAR169,000 | &nbsp;&nbsp; 10783 |
| 5.00%, 10/12/2046 | &nbsp;&nbsp; 6928 | &nbsp;&nbsp; 5404 |
| 5.75%, 9/30/2049 | &nbsp;&nbsp; 9876 | &nbsp;&nbsp; 8308 |
| 7.30%, 4/20/2052 | &nbsp;&nbsp; 3470 | &nbsp;&nbsp; 3503 |
| 7.25%, 12/11/2055 (a) | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 2060 |
|  |  | &nbsp;&nbsp; 30058 |
| **Sri Lanka — 1.2%** | **Sri Lanka — 1.2%** | **Sri Lanka — 1.2%** |
| Democratic Socialist Republic of Sri Lanka |  |  |
| 3.10%, 1/15/2030 (b) (c) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 798 |
| 3.35%, 3/15/2033 (a) (c) | &nbsp;&nbsp; 4704 | &nbsp;&nbsp; 4389 |
| 3.60%, 6/15/2035 (b) (c) | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 737 |
| 3.60%, 5/15/2036 (a) (c) | &nbsp;&nbsp; 2204 | &nbsp;&nbsp; 2195 |
| 3.60%, 5/15/2036 (b) (c) | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3984 |
|  |  | &nbsp;&nbsp; 12103 |
| **Suriname — 0.9%** | **Suriname — 0.9%** | **Suriname — 0.9%** |
| Suriname Government International Bond |  |  |
| 7.70%, 11/6/2030 (a) | &nbsp;&nbsp; 2418 | &nbsp;&nbsp; 2490 |
| 8.50%, 11/6/2035 (a) | &nbsp;&nbsp; 6430 | &nbsp;&nbsp; 6867 |
|  |  | &nbsp;&nbsp; 9357 |
| **Turkey — 4.8%** | **Turkey — 4.8%** | **Turkey — 4.8%** |
| Istanbul Metropolitan Municipality 10.50%, <br> 12/6/2028 (a)<br>| &nbsp;&nbsp; 3064 | &nbsp;&nbsp; 3372 |
| Republic of Turkiye (The) |  |  |
| 37.84%, 7/14/2027 | &nbsp;&nbsp; TRY366,000 | &nbsp;&nbsp; 8655 |
| 6.30%, 3/14/2033 | &nbsp;&nbsp; 7451 | &nbsp;&nbsp; 7360 |
| 5.15%, 3/10/2034 | &nbsp;&nbsp; EUR3,278 | &nbsp;&nbsp; 3908 |
| 7.63%, 5/15/2034 | &nbsp;&nbsp; 2054 | &nbsp;&nbsp; 2200 |
| 6.80%, 11/4/2036 | &nbsp;&nbsp; 6550 | &nbsp;&nbsp; 6550 |
| 6.88%, 1/14/2038 | &nbsp;&nbsp; 4247 | &nbsp;&nbsp; 4230 |
| 4.88%, 4/16/2043 | &nbsp;&nbsp; 3205 | &nbsp;&nbsp; 2437 |
| 5.75%, 5/11/2047 | &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 3637 |
| Turkiye Ihracat Kredi Bankasi A/S |  |  |
| 6.38%, 10/3/2030 (a) | &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 1234 |
| 6.38%, 1/15/2031 (a) | &nbsp;&nbsp; 3880 | &nbsp;&nbsp; 3888 |
|  |  | &nbsp;&nbsp; 47471 |
| **Ukraine — 1.6%** | **Ukraine — 1.6%** | **Ukraine — 1.6%** |
| Ukraine Government Bond |  |  |
| 4.50%, 2/1/2029 (b) (c) | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 2289 |
| 0.00%, 2/1/2030 (a) (c) | &nbsp;&nbsp; 742 | &nbsp;&nbsp; 476 |
| 4.00%, 2/1/2032 (a) (c) | &nbsp;&nbsp; 4331 | &nbsp;&nbsp; 3356 |
| 4.50%, 2/1/2034 (a) (c) | &nbsp;&nbsp; 817 | &nbsp;&nbsp; 507 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 21

------

JPMorgan Emerging Markets Debt Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Ukraine—continued** | **Ukraine—continued** | **Ukraine—continued** |
| 4.50%, 2/1/2034 (b) (c) | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 3602 |
| 4.50%, 2/1/2035 (a) (c) | &nbsp;&nbsp; 2152 | &nbsp;&nbsp; 1306 |
| 4.50%, 2/1/2036 (a) (c) | &nbsp;&nbsp; 1651 | &nbsp;&nbsp; 991 |
| 4.50%, 2/1/2036 (b) (c) | &nbsp;&nbsp; 5394 | &nbsp;&nbsp; 3237 |
|  |  | &nbsp;&nbsp; 15764 |
| **Uruguay — 1.4%** | **Uruguay — 1.4%** | **Uruguay — 1.4%** |
| Oriental Republic of Uruguay |  |  |
| 8.00%, 10/29/2035 | &nbsp;&nbsp; UYU125,761 | &nbsp;&nbsp; 3445 |
| 7.63%, 3/21/2036 | &nbsp;&nbsp; 5232 | &nbsp;&nbsp; 6362 |
| 5.25%, 9/10/2060 | &nbsp;&nbsp; 4220 | &nbsp;&nbsp; 4009 |
|  |  | &nbsp;&nbsp; 13816 |
| **Venezuela, Bolivarian Republic of — 1.1%** | **Venezuela, Bolivarian Republic of — 1.1%** | **Venezuela, Bolivarian Republic of — 1.1%** |
| Bolivarian Republic of Venezuela |  |  |
| 12.75%, 8/23/2022 (b) (e) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 880 |
| 8.25%, 10/13/2024 (b) (e) | &nbsp;&nbsp; 4990 | &nbsp;&nbsp; 1944 |
| 7.65%, 4/21/2025 (b) (e) | &nbsp;&nbsp; 3213 | &nbsp;&nbsp; 1238 |
| 11.75%, 10/21/2026 (b) (e) | &nbsp;&nbsp; 3270 | &nbsp;&nbsp; 1514 |
| 9.25%, 5/7/2028 (b) (e) | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 588 |
| 11.95%, 8/5/2031 (b) (e) | &nbsp;&nbsp; 5543 | &nbsp;&nbsp; 2533 |
| 7.00%, 3/31/2038 (b) (e) | &nbsp;&nbsp; 4707 | &nbsp;&nbsp; 1819 |
|  |  | &nbsp;&nbsp; 10516 |
| **Zambia — 0.1%** | **Zambia — 0.1%** | **Zambia — 0.1%** |
| Republic of Zambia 5.75%, 6/30/2033 (b) <br> (c)<br>| &nbsp;&nbsp; 707 | &nbsp;&nbsp; 688 |
| Total Foreign Government Securities <br>(Cost $690,907)<br>|  | &nbsp;&nbsp; 740477 |
| **Corporate Bonds — 17.0%** | **Corporate Bonds — 17.0%** | **Corporate Bonds — 17.0%** |
| **Angola — 0.3%** | **Angola — 0.3%** | **Angola — 0.3%** |
| Sonangol Finance Ltd. 10.00%, <br> 1/29/2031 (a)<br>| &nbsp;&nbsp; 2920 | &nbsp;&nbsp; 2897 |
| **Azerbaijan — 0.0% ^** | **Azerbaijan — 0.0% ^** | **Azerbaijan — 0.0% ^** |
| Southern Gas Corridor CJSC 6.88%, <br> 3/24/2026 (b)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 501 |
| **Bahrain — 0.5%** | **Bahrain — 0.5%** | **Bahrain — 0.5%** |
| Bapco Energies BSC Closed 8.38%, <br> 11/7/2028 (b)<br>| &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4468 |
| **Brazil — 0.2%** | **Brazil — 0.2%** | **Brazil — 0.2%** |
| Braskem Netherlands Finance BV 4.50%, <br> 1/31/2030 (b)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 590 |
| MV24 Capital BV 6.75%, 6/1/2034 (b) | &nbsp;&nbsp; 902 | &nbsp;&nbsp; 918 |
|  |  | &nbsp;&nbsp; 1508 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chile — 1.9%** | **Chile — 1.9%** | **Chile — 1.9%** |
| ATP Tower Holdings 7.88%, 2/3/2030 (a) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1239 |
| Banco de Credito e Inversiones SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.94%), 8.75%, 5/8/2029 (b) (f) (g) <br> (h) (i)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 431 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.77%), 7.50%, 12/12/2034 (a) (f) <br> (g) (h) (i)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 535 |
| Corp. Nacional del Cobre de Chile |  |  |
| 3.00%, 9/30/2029 (b) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 383 |
| 5.13%, 2/2/2033 (a) | &nbsp;&nbsp; 443 | &nbsp;&nbsp; 453 |
| 5.13%, 2/2/2033 (b) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1430 |
| 6.15%, 10/24/2036 (b) | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1291 |
| 4.50%, 8/1/2047 (b) | &nbsp;&nbsp; 4371 | &nbsp;&nbsp; 3670 |
| 6.30%, 9/8/2053 (a) | &nbsp;&nbsp; 2261 | &nbsp;&nbsp; 2375 |
| 6.78%, 1/13/2055 (a) | &nbsp;&nbsp; 3418 | &nbsp;&nbsp; 3762 |
| Empresa Nacional del Petroleo |  |  |
| 3.45%, 9/16/2031 (a) | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 737 |
| 5.95%, 7/30/2034 (a) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1155 |
| 4.50%, 9/14/2047 (b) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 589 |
| GNL Quintero SA 4.63%, 7/31/2029 (b) | &nbsp;&nbsp; 253 | &nbsp;&nbsp; 254 |
|  |  | &nbsp;&nbsp; 18304 |
| **Colombia — 1.2%** | **Colombia — 1.2%** | **Colombia — 1.2%** |
| AI Candelaria - spain- SA |  |  |
| 7.50%, 12/15/2028 (b) | &nbsp;&nbsp; 506 | &nbsp;&nbsp; 511 |
| 5.75%, 6/15/2033 (a) | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 1838 |
| Colombia Telecomunicaciones SA ESP <br> 4.95%, 7/17/2030 (b)<br>| &nbsp;&nbsp; 2602 | &nbsp;&nbsp; 2432 |
| Ecopetrol SA 8.88%, 1/13/2033 | &nbsp;&nbsp; 4805 | &nbsp;&nbsp; 5103 |
| EnfraGen Energia Sur SA 5.38%, <br> 12/30/2030 (b)<br>| &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 2077 |
|  |  | &nbsp;&nbsp; 11961 |
| **Costa Rica — 0.1%** | **Costa Rica — 0.1%** | **Costa Rica — 0.1%** |
| Instituto Costarricense de Electricidad <br> 6.75%, 10/7/2031 (a)<br>| &nbsp;&nbsp; 1180 | &nbsp;&nbsp; 1245 |
| **Guatemala — 0.1%** | **Guatemala — 0.1%** | **Guatemala — 0.1%** |
| CT Trust 5.13%, 2/3/2032 (b) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 768 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **India — 0.3%** | **India — 0.3%** | **India — 0.3%** |
| Greenko Power II Ltd. 4.30%, <br> 12/13/2028 (a)<br>| &nbsp;&nbsp; 1426 | &nbsp;&nbsp; 1375 |
| HDFC Bank Ltd. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 2.93%), 3.70%, 8/25/2026 (b) (f) (g) <br> (h) (i)<br>| &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1861 |
|  |  | &nbsp;&nbsp; 3236 |
| **Indonesia — 0.8%** | **Indonesia — 0.8%** | **Indonesia — 0.8%** |
| Pertamina Persero PT |  |  |
| 3.10%, 1/21/2030 (b) | &nbsp;&nbsp; 4764 | &nbsp;&nbsp; 4520 |
| 6.50%, 5/27/2041 (b) | &nbsp;&nbsp; 1486 | &nbsp;&nbsp; 1584 |
| 4.70%, 7/30/2049 (b) | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1394 |
| Perusahaan Perseroan Persero PT <br> Perusahaan Listrik Negara 5.25%, <br> 5/15/2047 (b)<br>| &nbsp;&nbsp; 835 | &nbsp;&nbsp; 752 |
|  |  | &nbsp;&nbsp; 8250 |
| **Jamaica — 0.2%** | **Jamaica — 0.2%** | **Jamaica — 0.2%** |
| Digicel International Finance Ltd. 8.63%, <br> 8/1/2032 (a)<br>| &nbsp;&nbsp; 1403 | &nbsp;&nbsp; 1460 |
| Kingston Airport Revenue Finance Ltd. <br> 6.75%, 12/15/2036 (a)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 410 |
|  |  | &nbsp;&nbsp; 1870 |
| **Kazakhstan — 0.5%** | **Kazakhstan — 0.5%** | **Kazakhstan — 0.5%** |
| Development Bank of Kazakhstan JSC <br> 4.60%, 1/31/2031 (a)<br>| &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4583 |
| **Macau — 0.0% ^** | **Macau — 0.0% ^** | **Macau — 0.0% ^** |
| Studio City Finance Ltd. 5.00%, <br> 1/15/2029 (b)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 387 |
| **Mexico — 5.3%** | **Mexico — 5.3%** | **Mexico — 5.3%** |
| Banco Mercantil del Norte SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + <br> 5.47%), 7.50%, 6/27/2029 (b) (f) <br> (g) (h) (i)<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1240 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 10 Year + <br> 4.30%), 8.75%, 5/20/2035 (a) (f) <br> (g) (h) (i)<br>| &nbsp;&nbsp; 901 | &nbsp;&nbsp; 988 |
| BBVA Mexico SA Institucion de Banca <br> Multiple Grupo Financiero BBVA Mexico<br>|  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.65%), 5.13%, 1/18/2033 (b) (f) <br> (i)<br>| &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 1063 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mexico — continued** | **Mexico — continued** | **Mexico — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.66%), 8.45%, 6/29/2038 (b) (f) <br> (i)<br>| &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1348 |
| BBVA Mexico SA Institucion De Banca <br> Multiple Grupo Financiero BBVA Mexico <br> (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.65%), <br> 5.13%, 1/18/2033 (b) (f) (i)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 398 |
| Cemex SAB de CV (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 3.52%), 7.20%, 6/10/2030 (a) (g) (h) <br> (i)<br>| &nbsp;&nbsp; 1374 | &nbsp;&nbsp; 1445 |
| Cometa Energia SA de CV 6.38%, <br> 4/24/2035 (b)<br>| &nbsp;&nbsp; 1764 | &nbsp;&nbsp; 1847 |
| Comision Federal de Electricidad |  |  |
| 3.35%, 2/9/2031 (b) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 919 |
| 6.50%, 1/28/2051 (a) | &nbsp;&nbsp; 1143 | &nbsp;&nbsp; 1156 |
| 4.68%, 2/9/2051 (a) | &nbsp;&nbsp; 642 | &nbsp;&nbsp; 494 |
| FIEMEX Energia - Banco Actinver SA <br> Institucion de Banca Multiple 7.25%, <br> 1/31/2041 (a)<br>| &nbsp;&nbsp; 1538 | &nbsp;&nbsp; 1603 |
| Mexico City Airport Trust 3.88%, <br> 4/30/2028 (b)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 987 |
| Petroleos Mexicanos |  |  |
| 8.75%, 6/2/2029 | &nbsp;&nbsp; 3527 | &nbsp;&nbsp; 3794 |
| 6.84%, 1/23/2030 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4100 |
| 5.95%, 1/28/2031 | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4503 |
| 6.70%, 2/16/2032 | &nbsp;&nbsp; 7310 | &nbsp;&nbsp; 7331 |
| 6.35%, 2/12/2048 | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1284 |
| 7.69%, 1/23/2050 | &nbsp;&nbsp; 14957 | &nbsp;&nbsp; 13584 |
| Saavi Energia SARL 8.88%, 2/10/2035 (a) | &nbsp;&nbsp; 1833 | &nbsp;&nbsp; 2014 |
| Tierra Mojada Luxembourg II SARL 5.75%, <br> 12/1/2040 (b)<br>| &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 1633 |
|  |  | &nbsp;&nbsp; 51731 |
| **Morocco — 0.7%** | **Morocco — 0.7%** | **Morocco — 0.7%** |
| OCP SA |  |  |
| 5.13%, 6/23/2051 (b) | &nbsp;&nbsp; 5650 | &nbsp;&nbsp; 4702 |
| 7.50%, 5/2/2054 (a) | &nbsp;&nbsp; 1646 | &nbsp;&nbsp; 1847 |
|  |  | &nbsp;&nbsp; 6549 |
| **Oman — 0.2%** | **Oman — 0.2%** | **Oman — 0.2%** |
| EDO Sukuk Ltd. 5.88%, 9/21/2033 (a) | &nbsp;&nbsp; 2240 | &nbsp;&nbsp; 2372 |
| **Paraguay — 0.4%** | **Paraguay — 0.4%** | **Paraguay — 0.4%** |
| Bioceanico Sovereign Certificate Ltd., Zero <br> Coupon, 6/5/2034 (a)<br>| &nbsp;&nbsp; 5297 | &nbsp;&nbsp; 4375 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 23

------

JPMorgan Emerging Markets Debt Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Peru — 0.9%** | **Peru — 0.9%** | **Peru — 0.9%** |
| Corp. Financiera de Desarrollo SA |  |  |
| 2.40%, 9/28/2027 (b) | &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1655 |
| 5.50%, 5/6/2030 (a) | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1230 |
| Fondo MIVIVIENDA SA 4.63%, <br> 4/12/2027 (a)<br>| &nbsp;&nbsp; 2640 | &nbsp;&nbsp; 2650 |
| Peru LNG Srl, 5.38%, 3/22/2030 (b) | &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1706 |
| Petroleos del Peru SA 5.63%, <br> 6/19/2047 (b)<br>| &nbsp;&nbsp; 2824 | &nbsp;&nbsp; 1806 |
|  |  | &nbsp;&nbsp; 9047 |
| **Russia — 0.0%** | **Russia — 0.0%** | **Russia — 0.0%** |
| Vnesheconombank Via VEB Finance plc <br> 5.94%, 11/21/2023 ‡ (b) (e)<br>| &nbsp;&nbsp; 3090 | &nbsp;&nbsp; —<br> (j)<br>|
| **Saudi Arabia — 0.7%** | **Saudi Arabia — 0.7%** | **Saudi Arabia — 0.7%** |
| Gaci First Investment Co. 4.88%, <br> 2/14/2035 (b)<br>| &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4594 |
| Greensaif Pipelines Bidco SARL 6.51%, <br> 2/23/2042 (a)<br>| &nbsp;&nbsp; 1820 | &nbsp;&nbsp; 1990 |
|  |  | &nbsp;&nbsp; 6584 |
| **South Africa — 0.3%** | **South Africa — 0.3%** | **South Africa — 0.3%** |
| Eskom Holdings 6.35%, 8/10/2028 (b) | &nbsp;&nbsp; 2900 | &nbsp;&nbsp; 2992 |
| **Trinidad And Tobago — 0.2%** | **Trinidad And Tobago — 0.2%** | **Trinidad And Tobago — 0.2%** |
| Trinidad Generation UnLtd 7.75%, <br> 6/16/2033 (a)<br>| &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1862 |
| **Turkey — 0.5%** | **Turkey — 0.5%** | **Turkey — 0.5%** |
| Akbank TAS (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.27%), <br> 9.37%, 3/14/2029 (b) (f) (g) (h) (i)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1045 |
| TC Ziraat Bankasi A/S |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.62%), 8.38%, 11/5/2030 (a) (f) <br> (g) (h) (i)<br>| &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2442 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.33%), 8.99%, 8/2/2034 (a) (f) (i)<br>| &nbsp;&nbsp; 800 | &nbsp;&nbsp; 848 |
| Turkiye Varlik Fonu Yonetimi A/S 8.25%, <br> 2/14/2029 (b)<br>| &nbsp;&nbsp; 600 | &nbsp;&nbsp; 643 |
|  |  | &nbsp;&nbsp; 4978 |
| **Ukraine — 0.1%** | **Ukraine — 0.1%** | **Ukraine — 0.1%** |
| NPC Ukrenergo 6.88%, 11/9/2028 (a) (e) | &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 972 |
| **Uzbekistan — 0.8%** | **Uzbekistan — 0.8%** | **Uzbekistan — 0.8%** |
| Navoi Mining & Metallurgical Combinat <br> 6.70%, 10/17/2028 (a)<br>| &nbsp;&nbsp; 453 | &nbsp;&nbsp; 469 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Uzbekistan — continued** | **Uzbekistan — continued** | **Uzbekistan — continued** |
| Navoiyuran State Enterprise |  |  |
| 6.70%, 7/2/2030 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2057 |
| 6.70%, 7/2/2030 (b) | &nbsp;&nbsp; 1865 | &nbsp;&nbsp; 1919 |
| Uzbekneftegaz JSC |  |  |
| 4.75%, 11/16/2028 (b) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1567 |
| 8.75%, 5/7/2030 (b) | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1883 |
|  |  | &nbsp;&nbsp; 7895 |
| **Venezuela, Bolivarian Republic of — 0.8%** | **Venezuela, Bolivarian Republic of — 0.8%** | **Venezuela, Bolivarian Republic of — 0.8%** |
| Petroleos de Venezuela SA |  |  |
| 8.50%, 10/27/2020 (b) (e) | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 836 |
| 9.00%, 11/17/2021 (b) (e) | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 563 |
| 6.00%, 11/15/2026 (b) (e) | &nbsp;&nbsp; 5700 | &nbsp;&nbsp; 1810 |
| 5.38%, 4/12/2027 (b) (e) | &nbsp;&nbsp; 12068 | &nbsp;&nbsp; 3699 |
| 9.75%, 5/17/2035 (b) (e) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 953 |
|  |  | &nbsp;&nbsp; 7861 |
| Total Corporate Bonds <br>(Cost $162,408)<br>|  | &nbsp;&nbsp; 167196 |
| **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** | **U.S. Treasury Obligations — 0.3%** |
| **United States — 0.3%** | **United States — 0.3%** | **United States — 0.3%** |
| U.S. Treasury Notes, 0.88%, <br> 6/30/2026 (k) <br>(Cost $3,277)<br>| &nbsp;&nbsp; 3308 | &nbsp;&nbsp; 3278 |
| **Short-Term Investments — 6.7%** | **Short-Term Investments — 6.7%** | **Short-Term Investments — 6.7%** |
| **Foreign Government Treasury Bills — 0.8%** | **Foreign Government Treasury Bills — 0.8%** | **Foreign Government Treasury Bills — 0.8%** |
| Nigeria OMO Bill |  |  |
| 22.33%, 8/11/2026 | &nbsp;&nbsp; NGN3,951,099 | &nbsp;&nbsp; 2660 |
| 22.98%, 9/22/2026 (l) | &nbsp;&nbsp; NGN3,853,939 | &nbsp;&nbsp; 2544 |
| 20.63%, 1/12/2027 | &nbsp;&nbsp; NGN3,328,746 | &nbsp;&nbsp; 2104 |
| Total Foreign Government Treasury Bills <br>(Cost $7,016)<br>|  | &nbsp;&nbsp; 7308 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Investment Companies — 5.9%** | **Investment Companies — 5.9%** | **Investment Companies — 5.9%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (m) (n) <br>(Cost $58,262)<br>| &nbsp;&nbsp; 58240 | &nbsp;&nbsp; 58264 |
| Total Short-Term Investments <br>(Cost $65,278)<br>|  | &nbsp;&nbsp; 65572 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | &nbsp;&nbsp; **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Total Investments — 99.2%** <br>**(Cost $921,870)**<br>|  | &nbsp;&nbsp; **976523** |
| **Other Assets in Excess of Liabilities —** <br> **0.8%**<br>|  | &nbsp;&nbsp; **7738** |
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **984261** |

---

&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** |  |
| CJSC | Closed Joint Stock Company |
| COP | Colombian Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| JSC | Joint Stock Company |
| MXN | Mexican Peso |
| NGN | Nigeria Naira |
| PEN | Peruvian Nuevo Sol |
| PT | Limited liability company |
| PYG | Paraguay Guarani |
| RON | Romanian Leu |
| TRY | Turkish Lira |
| UYU | Uruguayan Peso |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2026.

&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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at February 28, 2026 is $12,199 or 1.24% of the Fund's net assets as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Security is an interest bearing note with preferred security characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The rate shown is the effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) 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;(n) The rate shown is the current yield as of February 28, 2026.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 1552 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 170914 | &nbsp;&nbsp;&nbsp;&nbsp; 435 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 25

------

JPMorgan Emerging Markets Debt Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

**Forward foreign currency exchange contracts outstanding as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EGP | &nbsp;&nbsp;&nbsp; 398187 | USD | &nbsp;&nbsp;&nbsp; 6990 | Goldman Sachs International<sup>\*\*</sup> <br>| 3/12/2026 | &nbsp;&nbsp;&nbsp; 1295 |
| BRL | &nbsp;&nbsp;&nbsp; 26342 | USD | &nbsp;&nbsp;&nbsp; 5011 | Goldman Sachs International<sup>\*\*</sup> <br>| 3/24/2026 | &nbsp;&nbsp;&nbsp; 98 |
| EUR | &nbsp;&nbsp;&nbsp; 5652 | USD | &nbsp;&nbsp;&nbsp; 6663 | Barclays Bank plc | 3/24/2026 | &nbsp;&nbsp;&nbsp; 24 |
| MXN | &nbsp;&nbsp;&nbsp; 49301 | USD | &nbsp;&nbsp;&nbsp; 2851 | BNP Paribas | 3/24/2026 | &nbsp;&nbsp;&nbsp; 6 |
| MXN | &nbsp;&nbsp;&nbsp; 82698 | USD | &nbsp;&nbsp;&nbsp; 4791 | Goldman Sachs International | 3/24/2026 | &nbsp;&nbsp;&nbsp; 1 |
| TRY | &nbsp;&nbsp;&nbsp; 43375 | USD | &nbsp;&nbsp;&nbsp; 967 | HSBC Bank, NA | 3/24/2026 | &nbsp;&nbsp;&nbsp; 3 |
| USD | &nbsp;&nbsp;&nbsp; 48430 | EUR | &nbsp;&nbsp;&nbsp; 40751 | BNP Paribas | 3/24/2026 | &nbsp;&nbsp;&nbsp; 223 |
| USD | &nbsp;&nbsp;&nbsp; 2895 | EUR | &nbsp;&nbsp;&nbsp; 2425 | HSBC Bank, NA | 3/24/2026 | &nbsp;&nbsp;&nbsp; 27 |
| USD | &nbsp;&nbsp;&nbsp; 9689 | EUR | &nbsp;&nbsp;&nbsp; 8147 | Morgan Stanley | 3/24/2026 | &nbsp;&nbsp;&nbsp; 49 |
| USD | &nbsp;&nbsp;&nbsp; 7883 | MXN | &nbsp;&nbsp;&nbsp; 135827 | BNP Paribas | 3/24/2026 | &nbsp;&nbsp;&nbsp; 12 |
| USD | &nbsp;&nbsp;&nbsp; 14907 | MXN | &nbsp;&nbsp;&nbsp; 256824 | Goldman Sachs International | 3/24/2026 | &nbsp;&nbsp;&nbsp; 25 |
| ARS | &nbsp;&nbsp;&nbsp; 6771780 | USD | &nbsp;&nbsp;&nbsp; 4461 | Citibank, NA<sup>\*\*</sup> <br>| 3/25/2026 | &nbsp;&nbsp;&nbsp; 292 |
| ARS | &nbsp;&nbsp;&nbsp; 1397573 | USD | &nbsp;&nbsp;&nbsp; 905 | BNP Paribas<sup>\*\*</sup> <br>| 5/5/2026 | &nbsp;&nbsp;&nbsp; 46 |
| ARS | &nbsp;&nbsp;&nbsp; 5374207 | USD | &nbsp;&nbsp;&nbsp; 3474 | Citibank, NA<sup>\*\*</sup> <br>| 5/5/2026 | &nbsp;&nbsp;&nbsp; 183 |
| TRY | &nbsp;&nbsp;&nbsp; 413861 | USD | &nbsp;&nbsp;&nbsp; 8779 | HSBC Bank, NA | 5/22/2026 | &nbsp;&nbsp;&nbsp; 41 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 2325 |
| USD | &nbsp;&nbsp;&nbsp; 2952 | EGP | &nbsp;&nbsp;&nbsp; 156267 | BNP Paribas\*\* | 3/12/2026 | &nbsp;&nbsp;&nbsp; (299)<br>|
| USD | &nbsp;&nbsp;&nbsp; 2131 | EGP | &nbsp;&nbsp;&nbsp; 129557 | Goldman Sachs International\*\* | 3/12/2026 | &nbsp;&nbsp;&nbsp; (565)<br>|
| USD | &nbsp;&nbsp;&nbsp; 10652 | ZAR | &nbsp;&nbsp;&nbsp; 171256 | Barclays Bank plc | 3/24/2026 | &nbsp;&nbsp;&nbsp; (85)<br>|
| USD | &nbsp;&nbsp;&nbsp; 4934 | ZAR | &nbsp;&nbsp;&nbsp; 79534 | Citibank, NA | 3/24/2026 | &nbsp;&nbsp;&nbsp; (51)<br>|
| ZAR | &nbsp;&nbsp;&nbsp; 76652 | USD | &nbsp;&nbsp;&nbsp; 4809 | Barclays Bank plc | 3/24/2026 | &nbsp;&nbsp;&nbsp; (3)<br>|
| USD | &nbsp;&nbsp;&nbsp; 928 | ARS | &nbsp;&nbsp;&nbsp; 1397573 | BNP Paribas\*\* | 3/25/2026 | &nbsp;&nbsp;&nbsp; (53)<br>|
| USD | &nbsp;&nbsp;&nbsp; 3573 | ARS | &nbsp;&nbsp;&nbsp; 5374207 | Citibank, NA\*\* | 3/25/2026 | &nbsp;&nbsp;&nbsp; (199)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (1255)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 1070 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ARS | Argentine Peso |
| BRL | Brazilian Real |
| EGP | Egyptian Pound |
| EUR | Euro |
| MXN | Mexican Peso |
| TRY | Turkish Lira |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* Non-deliverable forward.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Income Funds February 28, 2026

------

**Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection** <sup>(\*)</sup> **as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| **PAYMENT** <br>**FREQUENCY**<br>| **COUNTERPARTY** | **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| Arab Republic of <br> Egypt, 7.60%, <br> 3/1/2029<br>| 1.00 | Quarterly | Goldman Sachs International | 12/20/2030 | 3.24 | USD14,600 | 1270 | 44 | 1314 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium <br> to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to <br> an underlying reference obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**Over-the-Counter ("OTC") Credit default swap contracts outstanding — sell protection** <sup>(\*\*)</sup> **as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| **PAYMENT** <br>**FREQUENCY**<br>| **COUNTERPARTY** | **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| Republic of Panama, <br> 8.88%, <br> 9/30/2027<br>| 1.00 | Quarterly | Merrill Lynch International | 12/20/2030 | 1.12 | USD10,800 | (112)<br>| 81 | (31)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*\*) | The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, <br> and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the <br> terms of individual swap contracts. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 27

------

JPMorgan Emerging Markets Debt Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**Summary of total OTC swap contracts outstanding as of February 28, 2026 (amounts in thousands):**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **NET UPFRONT** <br>**PAYMENTS** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(RECEIPTS)** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($)**<br>|
| **Assets** |  |  |
| OTC Credit default swap contracts outstanding - buy protection | &nbsp;&nbsp;&nbsp;&nbsp; 1270 | &nbsp;&nbsp;&nbsp;&nbsp; 1314 |
| **Liabilities** |  |  |
| OTC Credit default swap contracts outstanding - sell protection | &nbsp;&nbsp;&nbsp;&nbsp; (112)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (31)<br>|
| Total OTC swap contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 1158 | &nbsp;&nbsp;&nbsp;&nbsp; 1283 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Income Funds February 28, 2026

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 55.8%** | **Corporate Bonds — 55.8%** | **Corporate Bonds — 55.8%** |
| **Australia — 0.4%** | **Australia — 0.4%** | **Australia — 0.4%** |
| Glencore Funding LLC |  |  |
| 6.38%, 10/6/2030 (a) | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 444 |
| 2.85%, 4/27/2031 (a) | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 6999 |
| 5.63%, 4/4/2034 (a) | &nbsp;&nbsp; 4771 | &nbsp;&nbsp; 5046 |
| 5.67%, 4/1/2035 (a) | &nbsp;&nbsp; 4440 | &nbsp;&nbsp; 4691 |
| Westpac Banking Corp. (USD SOFR <br> Spread-Adjusted ICE Swap Rate 5 Year <br> + 2.24%), 4.32%, 11/23/2031 (b) <br> (c)<br>| &nbsp;&nbsp; 900 | &nbsp;&nbsp; 900 |
|  |  | &nbsp;&nbsp; 18080 |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| ams-OSRAM AG 12.25%, <br> 3/30/2029 (a)<br>| &nbsp;&nbsp; 1818 | &nbsp;&nbsp; 1937 |
| Benteler International AG |  |  |
| 7.25%, 6/15/2031 (a) | &nbsp;&nbsp; EUR444 | &nbsp;&nbsp; 560 |
| 7.25%, 6/15/2031 (d) | &nbsp;&nbsp; EUR300 | &nbsp;&nbsp; 379 |
|  |  | &nbsp;&nbsp; 2876 |
| **Belgium — 0.4%** | **Belgium — 0.4%** | **Belgium — 0.4%** |
| Azelis Finance NV |  |  |
| 5.75%, 3/15/2028 (d) | &nbsp;&nbsp; EUR1,300 | &nbsp;&nbsp; 1560 |
| 4.13%, 3/10/2031 (a) (e) | &nbsp;&nbsp; EUR578 | &nbsp;&nbsp; 688 |
| KBC Group NV |  |  |
| (EURIBOR ICE Swap Rate 5 Year + <br> 4.93%), 8.00%, 9/5/2028 (b) (c) <br> (d) (f) (g)<br>| &nbsp;&nbsp; EUR7,200 | &nbsp;&nbsp; 9345 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.10%), 5.80%, 1/19/2029 (a) <br> (c)<br>| &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1384 |
| Ontex Group NV 5.25%, 4/15/2030 (d) | &nbsp;&nbsp; EUR780 | &nbsp;&nbsp; 892 |
| Telenet Finance Luxembourg Notes SARL <br> 3.50%, 3/1/2028 (d)<br>| &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2356 |
|  |  | &nbsp;&nbsp; 16225 |
| **Brazil — 0.7%** | **Brazil — 0.7%** | **Brazil — 0.7%** |
| Acu Petroleo Luxembourg SARL 7.50%, <br> 1/13/2032 (d)<br>| &nbsp;&nbsp; 3050 | &nbsp;&nbsp; 3128 |
| Braskem Netherlands Finance BV <br> 7.25%, 2/13/2033 (d)<br>| &nbsp;&nbsp; 3100 | &nbsp;&nbsp; 1279 |
| Guara Norte SARL |  |  |
| 5.20%, 6/15/2034 (a) | &nbsp;&nbsp; 3171 | &nbsp;&nbsp; 3107 |
| 5.20%, 6/15/2034 (d) | &nbsp;&nbsp; 1801 | &nbsp;&nbsp; 1765 |
| Klabin Austria GmbH 7.00%, <br> 4/3/2049 (d)<br>| &nbsp;&nbsp; 2991 | &nbsp;&nbsp; 3122 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Brazil — continued** | **Brazil — continued** | **Brazil — continued** |
| MV24 Capital BV |  |  |
| 6.75%, 6/1/2034 (a) | &nbsp;&nbsp; 2235 | &nbsp;&nbsp; 2275 |
| 6.75%, 6/1/2034 (d) | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 1767 |
| Suzano Austria GmbH |  |  |
| 3.75%, 1/15/2031 | &nbsp;&nbsp; 806 | &nbsp;&nbsp; 768 |
| 7.00%, 3/16/2047 (d) | &nbsp;&nbsp; 1660 | &nbsp;&nbsp; 1849 |
| Vale Overseas Ltd. |  |  |
| 6.40%, 6/28/2054 | &nbsp;&nbsp; 3923 | &nbsp;&nbsp; 4091 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.43%), 6.00%, 2/25/2056 (a) <br> (c)<br>| &nbsp;&nbsp; 1786 | &nbsp;&nbsp; 1821 |
| Yinson Bergenia Production BV 8.50%, <br> 1/31/2045 (a)<br>| &nbsp;&nbsp; 4337 | &nbsp;&nbsp; 4615 |
|  |  | &nbsp;&nbsp; 29587 |
| **Canada — 0.8%** | **Canada — 0.8%** | **Canada — 0.8%** |
| 1011778 BC ULC |  |  |
| 3.88%, 1/15/2028 (a) | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1817 |
| 4.00%, 10/15/2030 (a) | &nbsp;&nbsp; 975 | &nbsp;&nbsp; 936 |
| Bausch Health Cos., Inc. |  |  |
| 4.88%, 6/1/2028 (a) | &nbsp;&nbsp; 1371 | &nbsp;&nbsp; 1276 |
| 5.25%, 1/30/2030 (a) | &nbsp;&nbsp; 2354 | &nbsp;&nbsp; 1648 |
| Bombardier, Inc. |  |  |
| 7.00%, 6/1/2032 (a) | &nbsp;&nbsp; 359 | &nbsp;&nbsp; 378 |
| 6.75%, 6/15/2033 (a) | &nbsp;&nbsp; 731 | &nbsp;&nbsp; 770 |
| Canadian Pacific Railway Co. 3.50%, <br> 5/1/2050<br>| &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 924 |
| Emera US Finance LP 2.64%, <br> 6/15/2031<br>| &nbsp;&nbsp; 6984 | &nbsp;&nbsp; 6408 |
| Enbridge, Inc. |  |  |
| Series NC5, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 <br> Year + 3.79%), 8.25%, <br> 1/15/2084 (c)<br>| &nbsp;&nbsp; 9388 | &nbsp;&nbsp; 10113 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.43%), 8.50%, 1/15/2084 (c)<br>| &nbsp;&nbsp; 1077 | &nbsp;&nbsp; 1243 |
| Garda World Security Corp. |  |  |
| 6.50%, 1/15/2031 (a) | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 407 |
| 8.25%, 8/1/2032 (a) | &nbsp;&nbsp; 1125 | &nbsp;&nbsp; 1150 |
| 8.38%, 11/15/2032 (a) | &nbsp;&nbsp; 318 | &nbsp;&nbsp; 326 |
| NOVA Chemicals Corp. |  |  |
| 5.25%, 6/1/2027 (a) | &nbsp;&nbsp; 1073 | &nbsp;&nbsp; 1079 |
| 9.00%, 2/15/2030 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1062 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 29

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Canada — continued** | **Canada — continued** | **Canada — continued** |
| RB Global Holdings, Inc. 7.75%, <br> 3/15/2031 (a)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 520 |
| Transcanada Trust Series 16-A, <br> (3-MONTH SOFR + 4.64%), 5.88%, <br> 8/15/2076 (c)<br>| &nbsp;&nbsp; 988 | &nbsp;&nbsp; 990 |
| Wrangler Holdco Corp. 6.63%, <br> 4/1/2032 (a)<br>| &nbsp;&nbsp; 275 | &nbsp;&nbsp; 286 |
|  |  | &nbsp;&nbsp; 31333 |
| **Chile — 0.1%** | **Chile — 0.1%** | **Chile — 0.1%** |
| Alfa Desarrollo SpA 4.55%, <br> 9/27/2051 (a)<br>| &nbsp;&nbsp; 4454 | &nbsp;&nbsp; 3609 |
| Chile Electricity Lux Mpc II Sarl 5.58%, <br> 10/20/2035 (d)<br>| &nbsp;&nbsp; 743 | &nbsp;&nbsp; 768 |
|  |  | &nbsp;&nbsp; 4377 |
| **China — 0.1%** | **China — 0.1%** | **China — 0.1%** |
| CFAMC III Co. Ltd. 4.25%, <br> 11/7/2027 (d)<br>| &nbsp;&nbsp; 3620 | &nbsp;&nbsp; 3617 |
| Country Garden Holdings Co. Ltd. |  |  |
| Series REG, 5.00% (Blend (Cash <br> 1.00% + PIK 4.00%)), <br> 12/31/2032 (d) (h)<br>| &nbsp;&nbsp; 1958 | &nbsp;&nbsp; 256 |
| Series AI, 2.25% (PIK), <br> 12/31/2034 (h)<br>| &nbsp;&nbsp; 257 | &nbsp;&nbsp; 21 |
| Far East Horizon Ltd. 5.88%, <br> 3/5/2028 (d)<br>| &nbsp;&nbsp; 1835 | &nbsp;&nbsp; 1849 |
|  |  | &nbsp;&nbsp; 5743 |
| **Colombia — 0.2%** | **Colombia — 0.2%** | **Colombia — 0.2%** |
| AI Candelaria - spain- SA |  |  |
| 7.50%, 12/15/2028 (d) | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 717 |
| 5.75%, 6/15/2033 (d) | &nbsp;&nbsp; 2026 | &nbsp;&nbsp; 1808 |
| 5.75%, 6/15/2033 (a) | &nbsp;&nbsp; 1869 | &nbsp;&nbsp; 1667 |
| Ecopetrol SA 8.88%, 1/13/2033 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 743 |
| EnfraGen Energia Sur SA 5.38%, <br> 12/30/2030 (d)<br>| &nbsp;&nbsp; 3254 | &nbsp;&nbsp; 3059 |
| Grupo Nutresa SA 9.00%, <br> 5/12/2035 (d)<br>| &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1822 |
|  |  | &nbsp;&nbsp; 9816 |
| **Denmark — 0.4%** | **Denmark — 0.4%** | **Denmark — 0.4%** |
| Danske Bank A/S (EURIBOR ICE Swap <br> Rate 1 Year + 1.70%), 4.75%, <br> 6/21/2030 (c) (d)<br>| &nbsp;&nbsp; EUR12,600 | &nbsp;&nbsp; 15768 |
| **Finland — 0.0% ^** | **Finland — 0.0% ^** | **Finland — 0.0% ^** |
| Amer Sports Co. 6.75%, 2/16/2031 (a) | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 861 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **France — 3.7%** | **France — 3.7%** | **France — 3.7%** |
| Air France-KLM (EURIBOR ICE Swap Rate <br> 5 Year + 3.58%), 5.75%, <br> 5/21/2030 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR900 | &nbsp;&nbsp; 1087 |
| Alstom SA (EURIBOR ICE Swap Rate 5 <br> Year + 2.93%), 5.87%, <br> 5/29/2029 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR2,300 | &nbsp;&nbsp; 2878 |
| Altice France SA |  |  |
| 7.25%, 11/1/2029 (a) | &nbsp;&nbsp; EUR1,524 | &nbsp;&nbsp; 1816 |
| 9.50%, 11/1/2029 (a) | &nbsp;&nbsp; 808 | &nbsp;&nbsp; 820 |
| 4.75%, 10/15/2030 (a) | &nbsp;&nbsp; EUR2,682 | &nbsp;&nbsp; 3050 |
| 5.50%, 10/15/2031 (a) | &nbsp;&nbsp; EUR1,605 | &nbsp;&nbsp; 1835 |
| 6.50%, 4/15/2032 (a) | &nbsp;&nbsp; 1225 | &nbsp;&nbsp; 1173 |
| 6.88%, 7/15/2032 (a) | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1277 |
| AXA SA (EURIBOR 3 Month + 2.60%), <br> 1.88%, 7/10/2042 (c) (d)<br>| &nbsp;&nbsp; EUR2,500 | &nbsp;&nbsp; 2669 |
| Banijay Entertainment SAS |  |  |
| 7.00%, 5/1/2029 (d) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1222 |
| 7.00%, 5/1/2029 (a) | &nbsp;&nbsp; EUR791 | &nbsp;&nbsp; 967 |
| Bertrand Franchise Finance SAS |  |  |
| 6.50%, 7/18/2030 (a) | &nbsp;&nbsp; EUR583 | &nbsp;&nbsp; 690 |
| 6.50%, 7/18/2030 (d) | &nbsp;&nbsp; EUR620 | &nbsp;&nbsp; 734 |
| BNP Paribas SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.35%), 8.50%, 8/14/2028 (a) <br> (b) (c) (f) (g)<br>| &nbsp;&nbsp; 8200 | &nbsp;&nbsp; 8766 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.90%), 7.75%, 8/16/2029 (a) <br> (b) (c) (f) (g)<br>| &nbsp;&nbsp; 4635 | &nbsp;&nbsp; 4934 |
| (EURIBOR ICE Swap Rate 5 Year + <br> 4.63%), 7.38%, 6/11/2030 (b) <br> (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR3,000 | &nbsp;&nbsp; 3906 |
| BPCE SA |  |  |
| 4.38%, 7/13/2028 (d) | &nbsp;&nbsp; EUR3,000 | &nbsp;&nbsp; 3677 |
| (SOFR + 1.31%), 2.28%, <br> 1/20/2032 (a) (c)<br>| &nbsp;&nbsp; 3640 | &nbsp;&nbsp; 3278 |
| (SOFR + 1.73%), 3.12%, <br> 10/19/2032 (a) (c)<br>| &nbsp;&nbsp; 1765 | &nbsp;&nbsp; 1603 |
| (SOFR + 2.59%), 7.00%, <br> 10/19/2034 (a) (c)<br>| &nbsp;&nbsp; 4435 | &nbsp;&nbsp; 4984 |
| (SOFR + 2.04%), 6.29%, <br> 1/14/2036 (a) (c)<br>| &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 2230 |
| Cerba Healthcare SACA 3.50%, <br> 5/31/2028 (d)<br>| &nbsp;&nbsp; EUR500 | &nbsp;&nbsp; 438 |
| Chrome Holdco SAS 5.00%, <br> 5/31/2029 (d)<br>| &nbsp;&nbsp; EUR377 | &nbsp;&nbsp; 71 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **France — continued** | **France — continued** | **France — continued** |
| Credit Agricole SA (EURIBOR ICE Swap <br> Rate 5 Year + 4.21%), 6.50%, <br> 9/23/2029 (b) (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR1,500 | &nbsp;&nbsp; 1894 |
| Electricite de France SA |  |  |
| (EURIBOR ICE Swap Rate 5 Year + <br> 3.37%), 2.88%, 12/15/2026 (c) <br> (d) (f) (g)<br>| &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2593 |
| (EUR Swap Annual 5 Year + 3.20%), <br> 3.00%, 9/3/2027 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2586 |
| (EUR Swap Annual 5 Year + 2.86%), <br> 2.63%, 12/1/2027 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR2,800 | &nbsp;&nbsp; 3259 |
| 5.70%, 5/23/2028 (a) | &nbsp;&nbsp; 670 | &nbsp;&nbsp; 693 |
| (EUR Swap Annual 5 Year + 4.86%), <br> 7.50%, 9/6/2028 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR1,600 | &nbsp;&nbsp; 2065 |
| (EUR Swap Annual 5 Year + 3.97%), <br> 3.38%, 6/15/2030 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR3,200 | &nbsp;&nbsp; 3662 |
| Eutelsat Communications SACA |  |  |
| 5.75%, 3/15/2031 (a) | &nbsp;&nbsp; EUR674 | &nbsp;&nbsp; 806 |
| 6.25%, 3/15/2033 (a) | &nbsp;&nbsp; EUR131 | &nbsp;&nbsp; 157 |
| Eutelsat SA 1.50%, 10/13/2028 (d) | &nbsp;&nbsp; EUR2,100 | &nbsp;&nbsp; 2401 |
| Forvia SE |  |  |
| 2.75%, 2/15/2027 (d) | &nbsp;&nbsp; EUR464 | &nbsp;&nbsp; 548 |
| 2.38%, 6/15/2027 (d) | &nbsp;&nbsp; EUR373 | &nbsp;&nbsp; 438 |
| 3.75%, 6/15/2028 (d) | &nbsp;&nbsp; EUR1,693 | &nbsp;&nbsp; 2001 |
| 5.63%, 6/15/2030 (a) | &nbsp;&nbsp; EUR623 | &nbsp;&nbsp; 772 |
| 5.63%, 6/15/2030 (d) | &nbsp;&nbsp; EUR2,600 | &nbsp;&nbsp; 3220 |
| 5.38%, 3/15/2031 (a) | &nbsp;&nbsp; EUR851 | &nbsp;&nbsp; 1041 |
| 6.75%, 9/15/2033 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 206 |
| Iliad Holding SAS |  |  |
| 6.88%, 4/15/2031 (a) | &nbsp;&nbsp; EUR1,116 | &nbsp;&nbsp; 1404 |
| 6.88%, 4/15/2031 (d) | &nbsp;&nbsp; EUR1,820 | &nbsp;&nbsp; 2290 |
| iliad SA |  |  |
| 5.38%, 6/14/2027 (d) | &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2428 |
| 1.88%, 2/11/2028 (d) | &nbsp;&nbsp; EUR3,400 | &nbsp;&nbsp; 3944 |
| Loxam SAS 4.50%, 2/15/2027 (a) | &nbsp;&nbsp; EUR1,136 | &nbsp;&nbsp; 1343 |
| New Immo Holding SA |  |  |
| 3.25%, 7/23/2027 (d) | &nbsp;&nbsp; EUR1,300 | &nbsp;&nbsp; 1534 |
| 5.88%, 4/17/2028 (d) | &nbsp;&nbsp; EUR1,200 | &nbsp;&nbsp; 1473 |
| Orange SA (EUR Swap Annual 5 Year + <br> 1.49%), 1.38%, 2/11/2029 (c) (d) <br> (f) (g)<br>| &nbsp;&nbsp; EUR2,300 | &nbsp;&nbsp; 2554 |
| Paprec Holding SA |  |  |
| 4.13%, 7/15/2030 (a) | &nbsp;&nbsp; EUR1,075 | &nbsp;&nbsp; 1285 |
| 4.50%, 7/15/2032 (a) | &nbsp;&nbsp; EUR797 | &nbsp;&nbsp; 957 |
| 4.50%, 7/15/2032 (d) | &nbsp;&nbsp; EUR1,240 | &nbsp;&nbsp; 1490 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **France — continued** | **France — continued** | **France — continued** |
| RCI Banque SA (EURIBOR ICE Swap Rate <br> 5 Year + 2.75%), 5.50%, <br> 10/9/2034 (c) (d)<br>| &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2374 |
| Renault SA |  |  |
| 2.50%, 6/2/2027 (d) | &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2237 |
| 1.13%, 10/4/2027 (d) | &nbsp;&nbsp; EUR1,300 | &nbsp;&nbsp; 1498 |
| Societe Generale SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.39%), 9.38%, 11/22/2027 (a) <br> (b) (c) (f) (g)<br>| &nbsp;&nbsp; 3720 | &nbsp;&nbsp; 3962 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.45%), 10.00%, <br> 11/14/2028 (a) (b) (c) (f) (g)<br>| &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1744 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.79%), 8.13%, 11/21/2029 (a) <br> (b) (c) (f) (g)<br>| &nbsp;&nbsp; 7250 | &nbsp;&nbsp; 7720 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.51%), 5.38%, 11/18/2030 (a) <br> (b) (c) (f) (g)<br>| &nbsp;&nbsp; 2927 | &nbsp;&nbsp; 2834 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.60%), 6.10%, 4/13/2033 (a) <br> (c)<br>| &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 3244 |
| (SOFR + 1.60%), 5.40%, <br> 4/10/2037 (a) (c)<br>| &nbsp;&nbsp; 3195 | &nbsp;&nbsp; 3214 |
| TotalEnergies Capital International SA |  |  |
| 2.83%, 1/10/2030 | &nbsp;&nbsp; 4885 | &nbsp;&nbsp; 4714 |
| 3.13%, 5/29/2050 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 548 |
| TotalEnergies Capital SA 5.28%, <br> 9/10/2054<br>| &nbsp;&nbsp; 870 | &nbsp;&nbsp; 836 |
| Valeo SE |  |  |
| 4.50%, 4/11/2030 (d) | &nbsp;&nbsp; EUR2,300 | &nbsp;&nbsp; 2793 |
| 5.13%, 5/20/2031 (d) | &nbsp;&nbsp; EUR1,400 | &nbsp;&nbsp; 1735 |
| Veolia Environnement SA |  |  |
| (EURIBOR ICE Swap Rate 5 Year + <br> 2.15%), 1.63%, 6/1/2026 (c) (d) <br> (f) (g)<br>| &nbsp;&nbsp; EUR2,500 | &nbsp;&nbsp; 2935 |
| (EUR Swap Annual 5 Year + 2.82%), <br> 5.99%, 11/22/2028 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2774 |
| Viridien 8.50%, 10/15/2030 (a) | &nbsp;&nbsp; EUR840 | &nbsp;&nbsp; 1061 |
|  |  | &nbsp;&nbsp; 149372 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 31

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Germany — 2.0%** | **Germany — 2.0%** | **Germany — 2.0%** |
| Adler Pelzer Holding GmbH 9.50%, <br> 4/1/2027 (a)<br>| &nbsp;&nbsp; EUR368 | &nbsp;&nbsp; 417 |
| Allianz SE (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.77%), 5.60%, 9/3/2054 (a) (c)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2045 |
| ASK Chemicals Deutschland Holding <br> GmbH 10.00%, 11/15/2029 (a)<br>| &nbsp;&nbsp; EUR1,080 | &nbsp;&nbsp; 1306 |
| Bayer AG (EUR Swap Annual 5 Year + <br> 3.90%), 7.00%, 9/25/2083 (c) (d)<br>| &nbsp;&nbsp; EUR3,600 | &nbsp;&nbsp; 4715 |
| Birkenstock Financing SARL 5.25%, <br> 4/30/2029 (d)<br>| &nbsp;&nbsp; EUR4,379 | &nbsp;&nbsp; 5207 |
| Cheplapharm Arzneimittel GmbH |  |  |
| 7.50%, 5/15/2030 (d) | &nbsp;&nbsp; EUR1,190 | &nbsp;&nbsp; 1464 |
| 7.13%, 6/15/2031 (a) | &nbsp;&nbsp; EUR1,202 | &nbsp;&nbsp; 1468 |
| Cidron Atrium SE 5.63%, <br> 2/15/2033 (a)<br>| &nbsp;&nbsp; EUR404 | &nbsp;&nbsp; 476 |
| Commerzbank AG (EURIBOR ICE Swap <br> Rate 5 Year + 5.13%), 7.88%, <br> 10/9/2031 (b) (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR600 | &nbsp;&nbsp; 807 |
| CT Investment GmbH |  |  |
| 6.38%, 4/15/2030 (a) | &nbsp;&nbsp; EUR905 | &nbsp;&nbsp; 1102 |
| 6.38%, 4/15/2030 (d) | &nbsp;&nbsp; EUR650 | &nbsp;&nbsp; 791 |
| CTEC II GmbH 5.25%, 2/15/2030 (d) | &nbsp;&nbsp; EUR760 | &nbsp;&nbsp; 851 |
| Deutsche Bank AG |  |  |
| (SOFR + 1.14%), 4.73%, <br> 2/6/2032 (c)<br>| &nbsp;&nbsp; 2575 | &nbsp;&nbsp; 2597 |
| (SOFR + 2.26%), 3.74%, <br> 1/7/2033 (c)<br>| &nbsp;&nbsp; 4391 | &nbsp;&nbsp; 4119 |
| Fressnapf Holding SE 5.25%, <br> 10/31/2031 (d)<br>| &nbsp;&nbsp; EUR1,635 | &nbsp;&nbsp; 1961 |
| IHO Verwaltungs GmbH |  |  |
| 8.75% (Cash), 5/15/2028 (a) (h) | &nbsp;&nbsp; EUR1,215 | &nbsp;&nbsp; 1486 |
| 8.75% (Cash), 5/15/2028 (d) (h) (i) | &nbsp;&nbsp; EUR1,410 | &nbsp;&nbsp; 1724 |
| 7.75% (Cash), 11/15/2030 (a) (h) | &nbsp;&nbsp; 404 | &nbsp;&nbsp; 425 |
| 7.00% (Cash), 11/15/2031 (a) (h) | &nbsp;&nbsp; EUR1,669 | &nbsp;&nbsp; 2136 |
| 7.00% (Cash), 11/15/2031 (d) (h) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1280 |
| 8.00% (Cash), 11/15/2032 (a) (h) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 213 |
| Nidda Healthcare Holding GmbH |  |  |
| 5.63%, 2/21/2030 (d) | &nbsp;&nbsp; EUR2,030 | &nbsp;&nbsp; 2473 |
| 7.00%, 2/21/2030 (d) | &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 981 |
| 5.38%, 10/23/2030 (a) | &nbsp;&nbsp; EUR1,355 | &nbsp;&nbsp; 1658 |
| Phoenix PIB Dutch Finance BV 4.88%, <br> 7/10/2029 (d)<br>| &nbsp;&nbsp; EUR1,900 | &nbsp;&nbsp; 2354 |
| Progroup AG |  |  |
| 5.13%, 4/15/2029 (a) | &nbsp;&nbsp; EUR583 | &nbsp;&nbsp; 707 |
| 5.13%, 4/15/2029 (d) | &nbsp;&nbsp; EUR900 | &nbsp;&nbsp; 1092 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Germany — continued** | **Germany — continued** | **Germany — continued** |
| Schaeffler AG |  |  |
| 3.38%, 10/12/2028 (d) | &nbsp;&nbsp; EUR2,300 | &nbsp;&nbsp; 2734 |
| 5.38%, 4/1/2031 (d) | &nbsp;&nbsp; EUR1,700 | &nbsp;&nbsp; 2134 |
| Techem Verwaltungsgesellschaft 675 <br> mbH<br>|  |  |
| 5.38%, 7/15/2029 (a) | &nbsp;&nbsp; EUR624 | &nbsp;&nbsp; 758 |
| 5.38%, 7/15/2029 (d) | &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 243 |
| TK Elevator Midco GmbH 4.38%, <br> 7/15/2027 (d)<br>| &nbsp;&nbsp; EUR516 | &nbsp;&nbsp; 610 |
| TUI Cruises GmbH 6.25%, <br> 4/15/2029 (a)<br>| &nbsp;&nbsp; EUR406 | &nbsp;&nbsp; 497 |
| Volkswagen Group of America <br> Finance LLC 5.80%, 3/27/2035 (a)<br>| &nbsp;&nbsp; 425 | &nbsp;&nbsp; 446 |
| Volkswagen International Finance NV <br> (EUR Swap Annual 10 Year + 3.98%), <br> 4.63%, 6/27/2028 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR3,500 | &nbsp;&nbsp; 4213 |
| Volkswagen Leasing GmbH |  |  |
| 0.50%, 1/12/2029 (d) | &nbsp;&nbsp; EUR4,300 | &nbsp;&nbsp; 4777 |
| 0.63%, 7/19/2029 (d) | &nbsp;&nbsp; EUR3,100 | &nbsp;&nbsp; 3401 |
| Vonovia SE 4.25%, 4/10/2034 (d) | &nbsp;&nbsp; EUR5,800 | &nbsp;&nbsp; 7147 |
| ZF Europe Finance BV |  |  |
| 2.50%, 10/23/2027 (d) | &nbsp;&nbsp; EUR1,100 | &nbsp;&nbsp; 1292 |
| 7.00%, 6/12/2030 (d) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1270 |
| ZF Finance GmbH |  |  |
| 2.25%, 5/3/2028 (d) | &nbsp;&nbsp; EUR1,200 | &nbsp;&nbsp; 1382 |
| 3.75%, 9/21/2028 (d) | &nbsp;&nbsp; EUR3,000 | &nbsp;&nbsp; 3546 |
|  |  | &nbsp;&nbsp; 80305 |
| **Greece — 0.0% ^** | **Greece — 0.0% ^** | **Greece — 0.0% ^** |
| Intralot Capital Luxembourg SA 6.75%, <br> 10/15/2031 (a)<br>| &nbsp;&nbsp; EUR580 | &nbsp;&nbsp; 675 |
| **Hungary — 0.1%** | **Hungary — 0.1%** | **Hungary — 0.1%** |
| OTP Bank Nyrt. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year <br> + 2.86%), 7.30%, 7/30/2035 (c) <br> (d)<br>| &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2969 |
| **India — 0.1%** | **India — 0.1%** | **India — 0.1%** |
| Greenko Power II Ltd. 4.30%, <br> 12/13/2028 (a)<br>| &nbsp;&nbsp; 4173 | &nbsp;&nbsp; 4024 |
| **Indonesia — 0.3%** | **Indonesia — 0.3%** | **Indonesia — 0.3%** |
| Indonesia Asahan Aluminium PT |  |  |
| 5.45%, 5/15/2030 (a) | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; 2451 |
| 6.76%, 11/15/2048 (d) | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 632 |
| Pertamina Persero PT 3.65%, <br> 7/30/2029 (a)<br>| &nbsp;&nbsp; 3619 | &nbsp;&nbsp; 3529 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Indonesia — continued** | **Indonesia — continued** | **Indonesia — continued** |
| Perusahaan Perseroan Persero PT <br> Perusahaan Listrik Negara<br>|  |  |
| 3.00%, 6/30/2030 (a) | &nbsp;&nbsp; 2940 | &nbsp;&nbsp; 2749 |
| 4.38%, 2/5/2050 (d) | &nbsp;&nbsp; 879 | &nbsp;&nbsp; 691 |
|  |  | &nbsp;&nbsp; 10052 |
| **Ireland — 1.5%** | **Ireland — 1.5%** | **Ireland — 1.5%** |
| AerCap Ireland Capital DAC |  |  |
| 2.45%, 10/29/2026 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp; 1097 |
| 6.10%, 1/15/2027 | &nbsp;&nbsp; 5715 | &nbsp;&nbsp; 5812 |
| 5.75%, 6/6/2028 | &nbsp;&nbsp; 2752 | &nbsp;&nbsp; 2850 |
| AIB Group plc |  |  |
| (SOFR + 2.33%), 6.61%, <br> 9/13/2029 (a) (c)<br>| &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1101 |
| (EURIBOR ICE Swap Rate 5 Year + <br> 1.40%), 3.75%, 12/2/2036 (c) <br> (d)<br>| &nbsp;&nbsp; EUR4,000 | &nbsp;&nbsp; 4738 |
| Avolon Holdings Funding Ltd. |  |  |
| 6.38%, 5/4/2028 (a) | &nbsp;&nbsp; 2593 | &nbsp;&nbsp; 2702 |
| 5.75%, 3/1/2029 (a) | &nbsp;&nbsp; 12055 | &nbsp;&nbsp; 12541 |
| 5.75%, 11/15/2029 (a) | &nbsp;&nbsp; 3479 | &nbsp;&nbsp; 3632 |
| 5.15%, 1/15/2030 (a) | &nbsp;&nbsp; 4850 | &nbsp;&nbsp; 4965 |
| 5.38%, 5/30/2030 (a) | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 563 |
| 4.90%, 10/10/2030 (a) | &nbsp;&nbsp; 5100 | &nbsp;&nbsp; 5174 |
| 4.95%, 10/15/2032 (a) | &nbsp;&nbsp; 9015 | &nbsp;&nbsp; 9035 |
| eircom Finance DAC |  |  |
| 5.75%, 12/15/2029 (d) | &nbsp;&nbsp; EUR1,990 | &nbsp;&nbsp; 2433 |
| 5.00%, 4/30/2031 (d) | &nbsp;&nbsp; EUR1,480 | &nbsp;&nbsp; 1783 |
|  |  | &nbsp;&nbsp; 58426 |
| **Italy — 2.8%** | **Italy — 2.8%** | **Italy — 2.8%** |
| Agrifarma SpA 4.50%, 10/31/2028 (d) | &nbsp;&nbsp; EUR3,860 | &nbsp;&nbsp; 4580 |
| Dolcetto Holdco SpA |  |  |
| 5.63%, 7/14/2032 (a) | &nbsp;&nbsp; EUR921 | &nbsp;&nbsp; 1112 |
| 5.63%, 7/14/2032 (d) | &nbsp;&nbsp; EUR450 | &nbsp;&nbsp; 543 |
| Enel Finance International NV |  |  |
| 3.50%, 4/6/2028 (a) | &nbsp;&nbsp; 3665 | &nbsp;&nbsp; 3628 |
| 2.13%, 7/12/2028 (a) (j) | &nbsp;&nbsp; 4745 | &nbsp;&nbsp; 4541 |
| 2.50%, 7/12/2031 (a) (j) | &nbsp;&nbsp; 590 | &nbsp;&nbsp; 538 |
| 5.00%, 6/15/2032 (a) | &nbsp;&nbsp; 3570 | &nbsp;&nbsp; 3676 |
| Enel SpA |  |  |
| Series 9.5Y, (EUR Swap Annual 5 Year <br> + 2.01%), 1.88%, 6/8/2030 (c) <br> (d) (f) (g)<br>| &nbsp;&nbsp; EUR7,000 | &nbsp;&nbsp; 7611 |
| (EUR Swap Annual 5 Year + 3.77%), <br> 6.63%, 4/16/2031 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR2,500 | &nbsp;&nbsp; 3303 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| Eni SpA 5.95%, 5/15/2054 (a) | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 872 |
| Fibercop SpA |  |  |
| 2.38%, 10/12/2027 (d) | &nbsp;&nbsp; EUR990 | &nbsp;&nbsp; 1162 |
| 1.63%, 1/18/2029 | &nbsp;&nbsp; EUR1,145 | &nbsp;&nbsp; 1296 |
| 5.13%, 6/30/2032 (d) | &nbsp;&nbsp; EUR650 | &nbsp;&nbsp; 793 |
| 7.75%, 1/24/2033 | &nbsp;&nbsp; EUR1,920 | &nbsp;&nbsp; 2655 |
| Series 2033, 6.38%, <br> 11/15/2033 (a)<br>| &nbsp;&nbsp; 464 | &nbsp;&nbsp; 471 |
| 7.20%, 7/18/2036 (a) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 558 |
| Generali (EURIBOR 3 Month + 5.35%), <br> 5.50%, 10/27/2047 (c) (d)<br>| &nbsp;&nbsp; EUR1,200 | &nbsp;&nbsp; 1474 |
| Gruppo San Donato SpA 6.50%, <br> 10/31/2031 (a)<br>| &nbsp;&nbsp; EUR931 | &nbsp;&nbsp; 1120 |
| Guala Closures SpA 3.25%, <br> 6/15/2028 (d)<br>| &nbsp;&nbsp; EUR1,006 | &nbsp;&nbsp; 1165 |
| Infrastrutture Wireless Italiane SpA <br> 1.63%, 10/21/2028 (d)<br>| &nbsp;&nbsp; EUR1,840 | &nbsp;&nbsp; 2124 |
| Intesa Sanpaolo SpA |  |  |
| (EUR Swap Annual 5 Year + 5.85%), <br> 5.50%, 3/1/2028 (b) (c) (d) (f) <br> (g)<br>| &nbsp;&nbsp; EUR776 | &nbsp;&nbsp; 944 |
| (EUR Swap Annual 5 Year + 5.56%), <br> 6.38%, 3/30/2028 (b) (c) (d) (f) <br> (g)<br>| &nbsp;&nbsp; EUR652 | &nbsp;&nbsp; 806 |
| (EUR Swap Annual 5 Year + 4.27%), <br> 4.13%, 2/27/2030 (b) (c) (d) (f) <br> (g)<br>| &nbsp;&nbsp; EUR2,000 | &nbsp;&nbsp; 2321 |
| 4.88%, 5/19/2030 (d) | &nbsp;&nbsp; EUR3,000 | &nbsp;&nbsp; 3825 |
| (EURIBOR ICE Swap Rate 5 Year + <br> 4.35%), 7.00%, 5/20/2032 (b) <br> (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR1,500 | &nbsp;&nbsp; 1944 |
| 6.63%, 6/20/2033 (a) | &nbsp;&nbsp; 10220 | &nbsp;&nbsp; 11396 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.75%), 4.95%, 6/1/2042 (a) (c)<br>| &nbsp;&nbsp; 5464 | &nbsp;&nbsp; 4844 |
| Lottomatica Group Spa |  |  |
| 4.88%, 1/31/2031 (a) | &nbsp;&nbsp; EUR1,060 | &nbsp;&nbsp; 1293 |
| 4.88%, 1/31/2031 (d) | &nbsp;&nbsp; EUR700 | &nbsp;&nbsp; 854 |
| Lottomatica Group SpA 5.38%, <br> 6/1/2030 (a)<br>| &nbsp;&nbsp; EUR1,077 | &nbsp;&nbsp; 1312 |
| Mundys SpA |  |  |
| 1.88%, 7/13/2027 (d) | &nbsp;&nbsp; EUR1,028 | &nbsp;&nbsp; 1204 |
| 1.88%, 2/12/2028 (d) | &nbsp;&nbsp; EUR1,555 | &nbsp;&nbsp; 1804 |
| 4.50%, 1/24/2030 (d) | &nbsp;&nbsp; EUR2,200 | &nbsp;&nbsp; 2721 |
| Neopharmed Gentili SpA |  |  |
| 7.13%, 4/8/2030 (a) | &nbsp;&nbsp; EUR1,397 | &nbsp;&nbsp; 1716 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 33

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Italy — continued** | **Italy — continued** | **Italy — continued** |
| 7.13%, 4/8/2030 (d) | &nbsp;&nbsp; EUR600 | &nbsp;&nbsp; 737 |
| Pro-Gest SpA 3.25%, 12/15/2024 (d) <br> (k)<br>| &nbsp;&nbsp; EUR1,700 | &nbsp;&nbsp; 899 |
| Rekeep SpA 9.00%, 9/15/2029 (a) | &nbsp;&nbsp; EUR651 | &nbsp;&nbsp; 675 |
| Rossini SARL |  |  |
| 6.75%, 12/31/2029 (a) | &nbsp;&nbsp; EUR849 | &nbsp;&nbsp; 1047 |
| 6.75%, 12/31/2029 (d) | &nbsp;&nbsp; EUR1,600 | &nbsp;&nbsp; 1973 |
| Telecom Italia Capital SA 6.38%, <br> 11/15/2033<br>| &nbsp;&nbsp; 78 | &nbsp;&nbsp; 83 |
| Telecom Italia Finance SA 7.75%, <br> 1/24/2033<br>| &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 1183 |
| Telecom Italia SpA |  |  |
| 7.88%, 7/31/2028 (d) | &nbsp;&nbsp; EUR3,690 | &nbsp;&nbsp; 4821 |
| 1.63%, 1/18/2029 (d) | &nbsp;&nbsp; EUR565 | &nbsp;&nbsp; 645 |
| UniCredit SpA |  |  |
| (EURIBOR ICE Swap Rate 5 Year + <br> 7.33%), 7.50%, 6/3/2026 (b) (c) <br> (d) (f) (g)<br>| &nbsp;&nbsp; EUR4,400 | &nbsp;&nbsp; 5256 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.20%), 1.98%, 6/3/2027 (a) (c)<br>| &nbsp;&nbsp; 2806 | &nbsp;&nbsp; 2791 |
| (EUR Swap Annual 5 Year + 4.61%), <br> 4.45%, 12/3/2027 (b) (c) (d) (f) <br> (g)<br>| &nbsp;&nbsp; EUR1,800 | &nbsp;&nbsp; 2143 |
| (EURIBOR 3 Month + 1.90%), 4.80%, <br> 1/17/2029 (c) (d)<br>| &nbsp;&nbsp; EUR4,986 | &nbsp;&nbsp; 6129 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.55%), 3.13%, 6/3/2032 (a) (c)<br>| &nbsp;&nbsp; 4935 | &nbsp;&nbsp; 4624 |
|  |  | &nbsp;&nbsp; 113212 |
| **Jamaica — 0.1%** | **Jamaica — 0.1%** | **Jamaica — 0.1%** |
| Digicel International Finance Ltd. <br> 8.63%, 8/1/2032 (a)<br>| &nbsp;&nbsp; 3494 | &nbsp;&nbsp; 3636 |
| **Japan — 0.1%** | **Japan — 0.1%** | **Japan — 0.1%** |
| Kioxia Holdings Corp. 6.25%, <br> 7/24/2030 (a)<br>| &nbsp;&nbsp; 1026 | &nbsp;&nbsp; 1065 |
| Nissan Motor Co. Ltd. 5.25%, <br> 7/17/2029 (a)<br>| &nbsp;&nbsp; EUR836 | &nbsp;&nbsp; 1023 |
| Rakuten Group, Inc. (EUR Swap Annual 5 <br> Year + 4.74%), 4.25%, <br> 4/22/2027 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR1,650 | &nbsp;&nbsp; 1926 |
|  |  | &nbsp;&nbsp; 4014 |
| **Jersey — 0.1%** | **Jersey — 0.1%** | **Jersey — 0.1%** |
| Deepocean Ltd. |  |  |
| 6.00%, 4/8/2031 (a) | &nbsp;&nbsp; EUR682 | &nbsp;&nbsp; 838 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Jersey — continued** | **Jersey — continued** | **Jersey — continued** |
| 6.00%, 4/8/2031 (d) | &nbsp;&nbsp; EUR460 | &nbsp;&nbsp; 565 |
| Waga Bondco Ltd. |  |  |
| 8.50%, 6/15/2030 (a) | &nbsp;&nbsp; GBP553 | &nbsp;&nbsp; 655 |
| 8.50%, 6/15/2030 (d) | &nbsp;&nbsp; GBP950 | &nbsp;&nbsp; 1125 |
|  |  | &nbsp;&nbsp; 3183 |
| **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** | **Kazakhstan — 0.3%** |
| KazMunayGas National Co. JSC |  |  |
| 5.38%, 4/24/2030 (d) | &nbsp;&nbsp; 5400 | &nbsp;&nbsp; 5538 |
| 5.75%, 4/19/2047 (d) | &nbsp;&nbsp; 5480 | &nbsp;&nbsp; 5242 |
| 6.38%, 10/24/2048 (d) | &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 1861 |
|  |  | &nbsp;&nbsp; 12641 |
| **Luxembourg — 0.5%** | **Luxembourg — 0.5%** | **Luxembourg — 0.5%** |
| Altice Financing SA 3.00%, <br> 1/15/2028 (d)<br>| &nbsp;&nbsp; EUR700 | &nbsp;&nbsp; 581 |
| Altice France Lux 3 10.00%, <br> 1/15/2033 (a)<br>| &nbsp;&nbsp; 752 | &nbsp;&nbsp; 707 |
| Essendi SA |  |  |
| 6.38%, 10/15/2029 (a) | &nbsp;&nbsp; EUR575 | &nbsp;&nbsp; 711 |
| 6.38%, 10/15/2029 (d) | &nbsp;&nbsp; EUR2,020 | &nbsp;&nbsp; 2497 |
| 5.50%, 11/15/2031 (d) | &nbsp;&nbsp; EUR700 | &nbsp;&nbsp; 855 |
| Herens Midco SARL 5.25%, <br> 5/15/2029 (d)<br>| &nbsp;&nbsp; EUR1,486 | &nbsp;&nbsp; 751 |
| INEOS Finance plc |  |  |
| 6.63%, 5/15/2028 (d) | &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 906 |
| 6.38%, 4/15/2029 (a) | &nbsp;&nbsp; EUR1,069 | &nbsp;&nbsp; 1141 |
| 7.50%, 4/15/2029 (a) | &nbsp;&nbsp; 2535 | &nbsp;&nbsp; 2263 |
| Maxam Prill SARL 6.00%, <br> 7/15/2030 (d)<br>| &nbsp;&nbsp; EUR1,600 | &nbsp;&nbsp; 1949 |
| Monitchem HoldCo 3 SA 8.75%, <br> 5/1/2028 (a)<br>| &nbsp;&nbsp; EUR460 | &nbsp;&nbsp; 550 |
| PLT VII Finance SARL 6.00%, <br> 6/15/2031 (a)<br>| &nbsp;&nbsp; EUR3,713 | &nbsp;&nbsp; 4571 |
| SES SA (EURIBOR ICE Swap Rate 5 Year + <br> 3.23%), 5.50%, 9/12/2054 (c) (d)<br>| &nbsp;&nbsp; EUR660 | &nbsp;&nbsp; 767 |
|  |  | &nbsp;&nbsp; 18249 |
| **Macau — 0.0% ^** | **Macau — 0.0% ^** | **Macau — 0.0% ^** |
| Wynn Macau Ltd. 5.63%, <br> 8/26/2028 (d)<br>| &nbsp;&nbsp; 1858 | &nbsp;&nbsp; 1855 |
| **Malaysia — 0.1%** | **Malaysia — 0.1%** | **Malaysia — 0.1%** |
| Petronas Capital Ltd. 3.40%, <br> 4/28/2061 (a)<br>| &nbsp;&nbsp; 6007 | &nbsp;&nbsp; 4152 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Mexico — 1.2%** | **Mexico — 1.2%** | **Mexico — 1.2%** |
| Alpek SAB de CV 3.25%, <br> 2/25/2031 (d)<br>| &nbsp;&nbsp; 2110 | &nbsp;&nbsp; 1712 |
| America Movil SAB de CV 2.88%, <br> 5/7/2030<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2365 |
| BBVA Mexico SA Institucion de Banca <br> Multiple Grupo Financiero BBVA <br> Mexico (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + <br> 2.65%), 5.13%, 1/18/2033 (a) (b) <br> (c)<br>| &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 4279 |
| Cemex SAB de CV (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 4.53%), 5.13%, <br> 6/8/2026 (a) (c) (f) (g)<br>| &nbsp;&nbsp; 5558 | &nbsp;&nbsp; 5544 |
| FIEMEX Energia - Banco Actinver SA <br> Institucion de Banca Multiple 7.25%, <br> 1/31/2041 (a)<br>| &nbsp;&nbsp; 5381 | &nbsp;&nbsp; 5607 |
| Orbia Advance Corp. SAB de CV 6.80%, <br> 5/13/2030 (d)<br>| &nbsp;&nbsp; 1744 | &nbsp;&nbsp; 1754 |
| Petroleos Mexicanos |  |  |
| 8.75%, 6/2/2029 | &nbsp;&nbsp; 2719 | &nbsp;&nbsp; 2925 |
| 5.95%, 1/28/2031 | &nbsp;&nbsp; 3895 | &nbsp;&nbsp; 3813 |
| 6.70%, 2/16/2032 | &nbsp;&nbsp; 2810 | &nbsp;&nbsp; 2818 |
| 10.00%, 2/7/2033 | &nbsp;&nbsp; 2165 | &nbsp;&nbsp; 2536 |
| 7.69%, 1/23/2050 | &nbsp;&nbsp; 9285 | &nbsp;&nbsp; 8433 |
| Saavi Energia SARL 8.88%, <br> 2/10/2035 (a)<br>| &nbsp;&nbsp; 3887 | &nbsp;&nbsp; 4270 |
| Southern Copper Corp. 5.88%, <br> 4/23/2045<br>| &nbsp;&nbsp; 3070 | &nbsp;&nbsp; 3203 |
|  |  | &nbsp;&nbsp; 49259 |
| **Morocco — 0.1%** | **Morocco — 0.1%** | **Morocco — 0.1%** |
| OCP SA, 6.88%, 4/25/2044 (d) | &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 2402 |
| **Netherlands — 0.9%** | **Netherlands — 0.9%** | **Netherlands — 0.9%** |
| BE Semiconductor Industries NV 4.50%, <br> 7/15/2031 (d)<br>| &nbsp;&nbsp; EUR340 | &nbsp;&nbsp; 419 |
| Cooperatieve Rabobank UA |  |  |
| (EUR Swap Annual 5 Year + 4.68%), <br> 4.38%, 6/29/2027 (b) (c) (d) (f) <br> (g)<br>| &nbsp;&nbsp; EUR8,200 | &nbsp;&nbsp; 9817 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.22%), 3.65%, 4/6/2028 (a) (c)<br>| &nbsp;&nbsp; 5350 | &nbsp;&nbsp; 5334 |
| Flora Food Management BV 6.88%, <br> 7/2/2029 (a)<br>| &nbsp;&nbsp; EUR1,500 | &nbsp;&nbsp; 1736 |
| House of HR Group BV 9.00%, <br> 11/3/2029 (d)<br>| &nbsp;&nbsp; EUR310 | &nbsp;&nbsp; 316 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Netherlands — continued** | **Netherlands — continued** | **Netherlands — continued** |
| ING Groep NV (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year <br> + 4.34%), 5.75%, 11/16/2026 (b) <br> (c) (f) (g)<br>| &nbsp;&nbsp; 5752 | &nbsp;&nbsp; 5755 |
| Q-Park Holding I BV |  |  |
| 5.13%, 3/1/2029 (a) | &nbsp;&nbsp; EUR1,398 | &nbsp;&nbsp; 1701 |
| 5.13%, 3/1/2029 (d) | &nbsp;&nbsp; EUR1,820 | &nbsp;&nbsp; 2215 |
| Sunrise HoldCo IV BV 3.88%, <br> 6/15/2029 (d)<br>| &nbsp;&nbsp; EUR1,060 | &nbsp;&nbsp; 1250 |
| Trivium Packaging Finance BV 6.63%, <br> 7/15/2030 (a)<br>| &nbsp;&nbsp; EUR593 | &nbsp;&nbsp; 737 |
| VZ Vendor Financing II BV 2.88%, <br> 1/15/2029 (d)<br>| &nbsp;&nbsp; EUR2,830 | &nbsp;&nbsp; 3195 |
| Ziggo Bond Co. BV 3.38%, <br> 2/28/2030 (d)<br>| &nbsp;&nbsp; EUR3,879 | &nbsp;&nbsp; 4059 |
| Ziggo BV 2.88%, 1/15/2030 (d) | &nbsp;&nbsp; EUR265 | &nbsp;&nbsp; 298 |
|  |  | &nbsp;&nbsp; 36832 |
| **Norway — 0.0% ^** | **Norway — 0.0% ^** | **Norway — 0.0% ^** |
| Aker BP ASA 6.00%, 6/13/2033 (a) | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 309 |
| **Peru — 0.1%** | **Peru — 0.1%** | **Peru — 0.1%** |
| Peru LNG Srl, 5.38%, 3/22/2030 (d) | &nbsp;&nbsp; 2733 | &nbsp;&nbsp; 2655 |
| **Poland — 0.0% ^** | **Poland — 0.0% ^** | **Poland — 0.0% ^** |
| ORLEN SA 6.00%, 1/30/2035 (d) | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 765 |
| **Portugal — 0.3%** | **Portugal — 0.3%** | **Portugal — 0.3%** |
| EDP SA |  |  |
| (EURIBOR ICE Swap Rate 5 Year + <br> 2.40%), 4.63%, 9/16/2054 (c) <br> (d)<br>| &nbsp;&nbsp; EUR3,400 | &nbsp;&nbsp; 4146 |
| Series NC5., (EUR Swap Annual 5 Year <br> + 1.89%), 1.50%, 3/14/2082 (c) <br> (d)<br>| &nbsp;&nbsp; EUR3,900 | &nbsp;&nbsp; 4548 |
| (EUR Swap Annual 5 Year + 3.18%), <br> 5.94%, 4/23/2083 (c) (d)<br>| &nbsp;&nbsp; EUR1,500 | &nbsp;&nbsp; 1862 |
|  |  | &nbsp;&nbsp; 10556 |
| **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** | **Saudi Arabia — 0.1%** |
| Gaci First Investment Co. 4.88%, <br> 2/14/2035 (d)<br>| &nbsp;&nbsp; 5420 | &nbsp;&nbsp; 5413 |
| **South Africa — 0.2%** | **South Africa — 0.2%** | **South Africa — 0.2%** |
| Anglo American Capital plc 5.50%, <br> 5/2/2033 (a)<br>| &nbsp;&nbsp; 7480 | &nbsp;&nbsp; 7824 |
| **Spain — 1.4%** | **Spain — 1.4%** | **Spain — 1.4%** |
| Abertis Infraestructuras Finance BV |  |  |
| (EUR Swap Annual 5 Year + 3.27%), <br> 2.63%, 1/26/2027 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 940 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 35

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| (EURIBOR ICE Swap Rate 5 Year + <br> 2.62%), 4.87%, 11/28/2029 (c) <br> (d) (f) (g)<br>| &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 979 |
| (EURIBOR ICE Swap Rate 5 Year + <br> 2.35%), 4.75%, 11/23/2030 (c) <br> (d) (f) (g)<br>| &nbsp;&nbsp; EUR1,300 | &nbsp;&nbsp; 1578 |
| Banco Bilbao Vizcaya Argentaria SA (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.10%), 9.38%, 3/19/2029 (b) (c) <br> (f) (g)<br>| &nbsp;&nbsp; 6800 | &nbsp;&nbsp; 7575 |
| Banco Santander SA |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.31%), 9.63%, 11/21/2028 (b) <br> (c) (f) (g)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3332 |
| (EUR Swap Annual 5 Year + 4.43%), <br> 7.00%, 11/20/2029 (b) (c) (d) (f) <br> (g)<br>| &nbsp;&nbsp; EUR2,600 | &nbsp;&nbsp; 3331 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 5.30%), 9.63%, 5/21/2033 (b) <br> (c) (f) (g)<br>| &nbsp;&nbsp; 3200 | &nbsp;&nbsp; 3859 |
| CaixaBank SA |  |  |
| (EUR Swap Annual 5 Year + 6.35%), <br> 5.88%, 10/9/2027 (b) (c) (d) (f) <br> (g)<br>| &nbsp;&nbsp; EUR3,400 | &nbsp;&nbsp; 4161 |
| (SOFR + 2.77%), 6.84%, <br> 9/13/2034 (a) (c)<br>| &nbsp;&nbsp; 3945 | &nbsp;&nbsp; 4429 |
| (SOFR + 1.79%), 5.58%, <br> 7/3/2036 (a) (c)<br>| &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2283 |
| Cirsa Finance International SARL |  |  |
| 6.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR524 | &nbsp;&nbsp; 641 |
| 4.88%, 10/15/2031 (a) | &nbsp;&nbsp; EUR1,418 | &nbsp;&nbsp; 1709 |
| eDreams ODIGEO SA |  |  |
| 4.88%, 12/30/2030 (a) | &nbsp;&nbsp; EUR1,201 | &nbsp;&nbsp; 1240 |
| 4.88%, 12/30/2030 (d) | &nbsp;&nbsp; EUR620 | &nbsp;&nbsp; 640 |
| Grifols SA |  |  |
| 2.25%, 11/15/2027 (d) | &nbsp;&nbsp; EUR781 | &nbsp;&nbsp; 918 |
| 3.88%, 10/15/2028 (d) | &nbsp;&nbsp; EUR1,367 | &nbsp;&nbsp; 1604 |
| 4.75%, 10/15/2028 (a) | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 434 |
| Grupo Antolin Irausa SA |  |  |
| 3.50%, 4/30/2028 (d) | &nbsp;&nbsp; EUR1,055 | &nbsp;&nbsp; 924 |
| 10.38%, 1/30/2030 (a) | &nbsp;&nbsp; EUR725 | &nbsp;&nbsp; 631 |
| Kaixo Bondco Telecom SA 5.13%, <br> 9/30/2029 (d)<br>| &nbsp;&nbsp; EUR1,924 | &nbsp;&nbsp; 2297 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Spain — continued** | **Spain — continued** | **Spain — continued** |
| Lorca Telecom Bondco SA |  |  |
| 4.00%, 9/18/2027 (d) | &nbsp;&nbsp; EUR477 | &nbsp;&nbsp; 564 |
| 5.75%, 4/30/2029 (d) | &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1218 |
| Telefonica Emisiones SA 4.67%, <br> 3/6/2038<br>| &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 1813 |
| Telefonica Europe BV |  |  |
| (EUR Swap Annual 7 Year + 3.35%), <br> 6.14%, 2/3/2030 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR5,100 | &nbsp;&nbsp; 6466 |
| (EURIBOR ICE Swap Rate 8 Year + <br> 3.62%), 6.75%, 6/7/2031 (c) (d) <br> (f) (g)<br>| &nbsp;&nbsp; EUR2,800 | &nbsp;&nbsp; 3656 |
|  |  | &nbsp;&nbsp; 57222 |
| **Sweden — 0.5%** | **Sweden — 0.5%** | **Sweden — 0.5%** |
| Asmodee Group AB |  |  |
| 5.75%, 12/15/2029 (a) | &nbsp;&nbsp; EUR293 | &nbsp;&nbsp; 364 |
| 5.75%, 12/15/2029 (d) | &nbsp;&nbsp; EUR971 | &nbsp;&nbsp; 1204 |
| 4.25%, 12/15/2031 (a) | &nbsp;&nbsp; EUR314 | &nbsp;&nbsp; 376 |
| Heimstaden Bostad AB (EURIBOR ICE <br> Swap Rate 5 Year + 4.19%), 6.25%, <br> 12/4/2029 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR1,000 | &nbsp;&nbsp; 1254 |
| Samhallsbyggnadsbolaget I Norden <br> Holding AB 1.13%, 9/26/2029 (d)<br>| &nbsp;&nbsp; EUR940 | &nbsp;&nbsp; 919 |
| Svenska Handelsbanken AB (US Treasury <br> Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.05%), 4.75%, <br> 3/1/2031 (b) (c) (d) (f) (g)<br>| &nbsp;&nbsp; 8200 | &nbsp;&nbsp; 7868 |
| Verisure Holding AB 5.50%, <br> 5/15/2030 (a)<br>| &nbsp;&nbsp; EUR1,309 | &nbsp;&nbsp; 1595 |
| Verisure Midholding AB 5.25%, <br> 2/15/2029 (d)<br>| &nbsp;&nbsp; EUR3,903 | &nbsp;&nbsp; 4596 |
|  |  | &nbsp;&nbsp; 18176 |
| **Switzerland — 0.6%** | **Switzerland — 0.6%** | **Switzerland — 0.6%** |
| Swiss Re Finance Luxembourg SA (US <br> Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.58%), 5.00%, 4/2/2049 (a) (c)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
| UBS Group AG |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.05%), 4.70%, 8/5/2027 (a) (c)<br>| &nbsp;&nbsp; 3558 | &nbsp;&nbsp; 3567 |
| 4.28%, 1/9/2028 (a) | &nbsp;&nbsp; 6530 | &nbsp;&nbsp; 6547 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.75%), 9.25%, 11/13/2028 (a) <br> (b) (c) (f) (g)<br>| &nbsp;&nbsp; 3035 | &nbsp;&nbsp; 3308 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Switzerland — continued** | **Switzerland — continued** | **Switzerland — continued** |
| (3-MONTH SOFR + 1.41%), 3.87%, <br> 1/12/2029 (a) (c)<br>| &nbsp;&nbsp; 1585 | &nbsp;&nbsp; 1580 |
| (SOFR + 3.73%), 4.19%, <br> 4/1/2031 (a) (c)<br>| &nbsp;&nbsp; 1853 | &nbsp;&nbsp; 1848 |
| (SOFR + 1.73%), 3.09%, <br> 5/14/2032 (a) (c)<br>| &nbsp;&nbsp; 5132 | &nbsp;&nbsp; 4802 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.76%), 9.25%, 11/13/2033 (a) <br> (b) (c) (f) (g)<br>| &nbsp;&nbsp; 2746 | &nbsp;&nbsp; 3212 |
| VistaJet Malta Finance plc 9.50%, <br> 6/1/2028 (a)<br>| &nbsp;&nbsp; 515 | &nbsp;&nbsp; 531 |
|  |  | &nbsp;&nbsp; 25597 |
| **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** | **Trinidad And Tobago — 0.1%** |
| Trinidad Generation UnLtd 7.75%, <br> 6/16/2033 (a)<br>| &nbsp;&nbsp; 2136 | &nbsp;&nbsp; 2248 |
| **United Arab Emirates — 0.0% ^** | **United Arab Emirates — 0.0% ^** | **United Arab Emirates — 0.0% ^** |
| Aldar Properties PJSC (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 2.04%), 6.62%, <br> 4/15/2055 (c) (d)<br>| &nbsp;&nbsp; 730 | &nbsp;&nbsp; 757 |
| **United Kingdom — 3.6%** | **United Kingdom — 3.6%** | **United Kingdom — 3.6%** |
| 888 Acquisitions Ltd. |  |  |
| (EURIBOR 3 Month + 5.50%), 7.52%, <br> 7/15/2028 (c) (d)<br>| &nbsp;&nbsp; EUR420 | &nbsp;&nbsp; 473 |
| 8.00%, 9/30/2031 (a) | &nbsp;&nbsp; EUR867 | &nbsp;&nbsp; 910 |
| 8.00%, 9/30/2031 (d) | &nbsp;&nbsp; EUR400 | &nbsp;&nbsp; 420 |
| Amber Finco plc |  |  |
| 6.63%, 7/15/2029 (a) | &nbsp;&nbsp; EUR777 | &nbsp;&nbsp; 958 |
| 6.63%, 7/15/2029 (d) | &nbsp;&nbsp; EUR700 | &nbsp;&nbsp; 863 |
| Barclays plc |  |  |
| 4.84%, 5/9/2028 | &nbsp;&nbsp; 710 | &nbsp;&nbsp; 715 |
| (SOFR + 2.22%), 6.49%, <br> 9/13/2029 (c)<br>| &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 3485 |
| (3-MONTH SOFR + 3.05%), 5.09%, <br> 6/20/2030 (c)<br>| &nbsp;&nbsp; 305 | &nbsp;&nbsp; 311 |
| (SOFR + 1.51%), 5.21%, <br> 2/24/2037 (c)<br>| &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 1708 |
| BAT Capital Corp. 7.08%, 8/2/2043 | &nbsp;&nbsp; 9535 | &nbsp;&nbsp; 10839 |
| BCP V Modular Services Finance II plc <br> 6.50%, 7/10/2031 (a)<br>| &nbsp;&nbsp; EUR1,594 | &nbsp;&nbsp; 1765 |
| Bellis Acquisition Co. plc 8.00%, <br> 7/1/2031 (a)<br>| &nbsp;&nbsp; EUR1,037 | &nbsp;&nbsp; 1166 |
| Boots Group Finco LP |  |  |
| 5.38%, 8/31/2032 (a) | &nbsp;&nbsp; EUR434 | &nbsp;&nbsp; 534 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| 5.38%, 8/31/2032 (d) | &nbsp;&nbsp; EUR330 | &nbsp;&nbsp; 406 |
| Cadent Finance plc 0.63%, <br> 3/19/2030 (d)<br>| &nbsp;&nbsp; EUR6,500 | &nbsp;&nbsp; 7030 |
| EC Finance plc 3.25%, 10/15/2026 (d) <br> (j)<br>| &nbsp;&nbsp; EUR2,809 | &nbsp;&nbsp; 3279 |
| Heathrow Funding Ltd. |  |  |
| 1.13%, 10/8/2030 (d) | &nbsp;&nbsp; EUR10,300 | &nbsp;&nbsp; 11174 |
| 5.88%, 5/13/2041 (d) | &nbsp;&nbsp; GBP1,900 | &nbsp;&nbsp; 2563 |
| HSBC Holdings plc |  |  |
| (SOFR + 2.61%), 5.21%, <br> 8/11/2028 (c)<br>| &nbsp;&nbsp; 4135 | &nbsp;&nbsp; 4200 |
| (SOFR + 1.73%), 2.01%, <br> 9/22/2028 (c)<br>| &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 8245 |
| (3-MONTH CME TERM SOFR + <br> 1.87%), 3.97%, 5/22/2030 (c)<br>| &nbsp;&nbsp; 1981 | &nbsp;&nbsp; 1970 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.65%), 4.60%, 12/17/2030 (b) <br> (c) (f) (g)<br>| &nbsp;&nbsp; 6075 | &nbsp;&nbsp; 5791 |
| Iceland Bondco plc |  |  |
| 10.88%, 12/15/2027 (d) | &nbsp;&nbsp; GBP123 | &nbsp;&nbsp; 175 |
| 10.88%, 12/15/2027 (a) | &nbsp;&nbsp; GBP517 | &nbsp;&nbsp; 737 |
| INEOS Quattro Finance 2 plc |  |  |
| 8.50%, 3/15/2029 (a) | &nbsp;&nbsp; EUR1,033 | &nbsp;&nbsp; 1080 |
| 8.50%, 3/15/2029 (d) | &nbsp;&nbsp; EUR280 | &nbsp;&nbsp; 293 |
| 6.75%, 4/15/2030 (a) | &nbsp;&nbsp; EUR1,305 | &nbsp;&nbsp; 1292 |
| INEOS Styrolution Ludwigshafen GmbH <br> 2.25%, 1/16/2027 (d)<br>| &nbsp;&nbsp; EUR863 | &nbsp;&nbsp; 1002 |
| Lloyds Banking Group plc (US Treasury <br> Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.48%), 5.99%, <br> 8/7/2027 (c)<br>| &nbsp;&nbsp; 3670 | &nbsp;&nbsp; 3701 |
| Mobico Group plc (U.K. Government <br> Bonds 5 Year Note Generic Bid Yield + <br> 4.14%), 7.88%, 2/26/2031 (c) (d) <br> (f) (g)<br>| &nbsp;&nbsp; GBP299 | &nbsp;&nbsp; 294 |
| National Grid plc |  |  |
| 0.25%, 9/1/2028 (d) | &nbsp;&nbsp; EUR3,600 | &nbsp;&nbsp; 4022 |
| 0.55%, 9/18/2029 (d) | &nbsp;&nbsp; EUR6,800 | &nbsp;&nbsp; 7436 |
| NatWest Group plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 2.27%), 5.52%, 9/30/2028 (c)<br>| &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 4915 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.75%), 8.13%, 11/10/2033 (b) <br> (c) (f) (g)<br>| &nbsp;&nbsp; 1460 | &nbsp;&nbsp; 1647 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 37

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| NGG Finance plc (EUR Swap Annual 5 <br> Year + 2.53%), 2.13%, <br> 9/5/2082 (c) (d)<br>| &nbsp;&nbsp; EUR2,534 | &nbsp;&nbsp; 2952 |
| Nomad Foods Bondco plc 2.50%, <br> 6/24/2028 (d)<br>| &nbsp;&nbsp; EUR1,860 | &nbsp;&nbsp; 2140 |
| OEG Finance plc |  |  |
| 7.25%, 9/27/2029 (a) | &nbsp;&nbsp; EUR669 | &nbsp;&nbsp; 830 |
| 7.25%, 9/27/2029 (d) | &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 993 |
| PeopleCert Wisdom Issuer plc 5.50%, <br> 6/15/2031 (a)<br>| &nbsp;&nbsp; EUR470 | &nbsp;&nbsp; 537 |
| Pinnacle Bidco plc |  |  |
| 8.25%, 10/11/2028 (d) | &nbsp;&nbsp; EUR290 | &nbsp;&nbsp; 358 |
| 8.25%, 10/11/2028 (a) | &nbsp;&nbsp; EUR1,084 | &nbsp;&nbsp; 1338 |
| Punch Finance plc |  |  |
| 7.88%, 12/30/2030 (a) | &nbsp;&nbsp; GBP1,073 | &nbsp;&nbsp; 1489 |
| 7.88%, 12/30/2030 (d) | &nbsp;&nbsp; GBP1,000 | &nbsp;&nbsp; 1387 |
| RAC Bond Co. plc 5.25%, <br> 11/4/2027 (d)<br>| &nbsp;&nbsp; GBP2,398 | &nbsp;&nbsp; 3223 |
| Santander UK Group Holdings plc |  |  |
| (SOFR + 0.99%), 1.67%, <br> 6/14/2027 (c)<br>| &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5164 |
| (SOFR + 2.60%), 6.53%, <br> 1/10/2029 (c)<br>| &nbsp;&nbsp; 7950 | &nbsp;&nbsp; 8294 |
| Standard Chartered plc |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 3.45%), 7.77%, 11/16/2028 (a) <br> (c)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2117 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 3.85%), 4.64%, 4/1/2031 (a) (c)<br>| &nbsp;&nbsp; 1007 | &nbsp;&nbsp; 1018 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + <br> 1.07%), 5.24%, 1/13/2037 (a) <br> (c)<br>| &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1524 |
| Synthomer plc 7.38%, 5/2/2029 (d) | &nbsp;&nbsp; EUR1,400 | &nbsp;&nbsp; 1232 |
| Virgin Media Finance plc 3.75%, <br> 7/15/2030 (d)<br>| &nbsp;&nbsp; EUR1,325 | &nbsp;&nbsp; 1402 |
| Vmed O2 UK Financing I plc |  |  |
| 3.25%, 1/31/2031 (d) | &nbsp;&nbsp; EUR1,700 | &nbsp;&nbsp; 1877 |
| 5.63%, 4/15/2032 (d) | &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 918 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — continued** | **United Kingdom — continued** | **United Kingdom — continued** |
| Vodafone Group plc |  |  |
| (EUR Swap Annual 5 Year + 3.48%), <br> 3.00%, 8/27/2080 (c) (d)<br>| &nbsp;&nbsp; EUR3,570 | &nbsp;&nbsp; 4097 |
| (EUR Swap Annual 5 Year + 3.49%), <br> 6.50%, 8/30/2084 (c) (d)<br>| &nbsp;&nbsp; EUR4,050 | &nbsp;&nbsp; 5221 |
|  |  | &nbsp;&nbsp; 143510 |
| **United States — 31.8%** | **United States — 31.8%** | **United States — 31.8%** |
| 1261229 BC Ltd. 10.00%, <br> 4/15/2032 (a)<br>| &nbsp;&nbsp; 2973 | &nbsp;&nbsp; 3075 |
| AbbVie, Inc. |  |  |
| 5.05%, 3/15/2034 | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1583 |
| 4.70%, 5/14/2045 | &nbsp;&nbsp; 862 | &nbsp;&nbsp; 791 |
| 4.25%, 11/21/2049 | &nbsp;&nbsp; 14597 | &nbsp;&nbsp; 12282 |
| Acadia Healthcare Co., Inc. |  |  |
| 5.50%, 7/1/2028 (a) | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 428 |
| 5.00%, 4/15/2029 (a) | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 852 |
| Accendra Health, Inc. |  |  |
| 4.50%, 3/31/2029 (a) | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 317 |
| 6.63%, 4/1/2030 (a) | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 491 |
| ACCO Brands Corp. 4.25%, <br> 3/15/2029 (a)<br>| &nbsp;&nbsp; 1791 | &nbsp;&nbsp; 1648 |
| Acushnet Co. 5.63%, 12/1/2033 (a) | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 213 |
| Adient Global Holdings Ltd. |  |  |
| 7.00%, 4/15/2028 (a) | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 851 |
| 8.25%, 4/15/2031 (a) | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1423 |
| 7.50%, 2/15/2033 (a) | &nbsp;&nbsp; 555 | &nbsp;&nbsp; 583 |
| ADT Security Corp. (The) |  |  |
| 4.13%, 8/1/2029 (a) | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1683 |
| 4.88%, 7/15/2032 (a) | &nbsp;&nbsp; 860 | &nbsp;&nbsp; 834 |
| Advanced Drainage Systems, Inc. <br> 5.38%, 3/1/2034 (a)<br>| &nbsp;&nbsp; 170 | &nbsp;&nbsp; 171 |
| AES Corp. (The) 3.95%, 7/15/2030 (a) | &nbsp;&nbsp; 1568 | &nbsp;&nbsp; 1541 |
| Ahead DB Holdings LLC 6.63%, <br> 5/1/2028 (a)<br>| &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1079 |
| Albertsons Cos., Inc. |  |  |
| 4.88%, 2/15/2030 (a) | &nbsp;&nbsp; 425 | &nbsp;&nbsp; 422 |
| 5.50%, 3/31/2031 (a) | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 167 |
| 5.63%, 3/31/2032 (a) | &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 1857 |
| Allied Universal Holdco LLC 4.63%, <br> 6/1/2028 (a)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 495 |
| Allison Transmission, Inc. |  |  |
| 4.75%, 10/1/2027 (a) | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 277 |
| 5.88%, 6/1/2029 (a) | &nbsp;&nbsp; 3545 | &nbsp;&nbsp; 3582 |
| 5.88%, 12/1/2033 (a) | &nbsp;&nbsp; 596 | &nbsp;&nbsp; 609 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Alphabet, Inc. |  |  |
| 4.40%, 2/15/2033 | &nbsp;&nbsp; 2380 | &nbsp;&nbsp; 2401 |
| 4.80%, 2/15/2036 | &nbsp;&nbsp; 4135 | &nbsp;&nbsp; 4203 |
| 5.65%, 2/15/2056 | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1192 |
| Alumina Pty. Ltd. |  |  |
| 6.13%, 3/15/2030 (a) | &nbsp;&nbsp; 302 | &nbsp;&nbsp; 313 |
| 6.38%, 9/15/2032 (a) | &nbsp;&nbsp; 349 | &nbsp;&nbsp; 362 |
| Ameren Corp. 3.50%, 1/15/2031 | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 825 |
| American Airlines, Inc. 5.50%, <br> 4/20/2026 (a)<br>| &nbsp;&nbsp; 163 | &nbsp;&nbsp; 163 |
| American Express Co. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.85%), 3.55%, 9/15/2026 (c) <br> (f) (g)<br>| &nbsp;&nbsp; 1388 | &nbsp;&nbsp; 1379 |
| (SOFR + 1.79%), 5.67%, <br> 4/25/2036 (c)<br>| &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1620 |
| American Medical Systems Europe BV <br> 1.63%, 3/8/2031<br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 221 |
| AmeriGas Partners LP 9.50%, <br> 6/1/2030 (a)<br>| &nbsp;&nbsp; 365 | &nbsp;&nbsp; 391 |
| Amgen, Inc. |  |  |
| 4.85%, 2/19/2036 | &nbsp;&nbsp; 1317 | &nbsp;&nbsp; 1324 |
| 4.88%, 3/1/2053 | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 854 |
| 5.75%, 3/2/2063 | &nbsp;&nbsp; 999 | &nbsp;&nbsp; 990 |
| Amkor Technology, Inc. 5.88%, <br> 10/1/2033 (a)<br>| &nbsp;&nbsp; 1712 | &nbsp;&nbsp; 1747 |
| Antero Midstream Partners LP |  |  |
| 5.75%, 1/15/2028 (a) | &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 1015 |
| 5.38%, 6/15/2029 (a) | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 415 |
| 5.75%, 10/15/2033 (a) | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 365 |
| Anywhere Real Estate Group LLC |  |  |
| 5.25%, 4/15/2030 (a) | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 913 |
| 9.75%, 4/15/2030 (a) | &nbsp;&nbsp; 496 | &nbsp;&nbsp; 534 |
| APi Group DE, Inc. |  |  |
| 4.13%, 7/15/2029 (a) | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 397 |
| 4.75%, 10/15/2029 (a) | &nbsp;&nbsp; 498 | &nbsp;&nbsp; 491 |
| Arches Buyer, Inc. |  |  |
| 4.25%, 6/1/2028 (a) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 581 |
| 6.13%, 12/1/2028 (a) | &nbsp;&nbsp; 1215 | &nbsp;&nbsp; 1147 |
| Archrock Partners LP 6.63%, <br> 9/1/2032 (a)<br>| &nbsp;&nbsp; 602 | &nbsp;&nbsp; 626 |
| Archrock Services LP 6.00%, <br> 2/1/2034 (a)<br>| &nbsp;&nbsp; 169 | &nbsp;&nbsp; 171 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Ardagh Group SA |  |  |
| 9.50%, 12/1/2030 (a) | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 2209 |
| (12.00% (Blend (Cash 5.50% + PIK <br> 6.50%)), 12/1/2030 (a) (h) (i)<br>| &nbsp;&nbsp; 5050 | &nbsp;&nbsp; 5469 |
| Ardagh Metal Packaging Finance <br> USA LLC 5.00%, 1/30/2031 (d)<br>| &nbsp;&nbsp; EUR1,810 | &nbsp;&nbsp; 2198 |
| Asbury Automotive Group, Inc. 4.63%, <br> 11/15/2029 (a)<br>| &nbsp;&nbsp; 1236 | &nbsp;&nbsp; 1217 |
| Ascent Resources Utica Holdings LLC <br> 6.63%, 10/15/2032 (a)<br>| &nbsp;&nbsp; 575 | &nbsp;&nbsp; 597 |
| Asurion LLC and Asurion Co-Issuer, Inc. <br> 8.00%, 12/31/2032 (a)<br>| &nbsp;&nbsp; 670 | &nbsp;&nbsp; 704 |
| AT&T, Inc. |  |  |
| 4.90%, 11/1/2035 | &nbsp;&nbsp; 4240 | &nbsp;&nbsp; 4248 |
| 3.50%, 9/15/2053 | &nbsp;&nbsp; 3980 | &nbsp;&nbsp; 2715 |
| 3.55%, 9/15/2055 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 278 |
| 6.05%, 8/15/2056 | &nbsp;&nbsp; 3665 | &nbsp;&nbsp; 3730 |
| AthenaHealth Group, Inc. 6.50%, <br> 2/15/2030 (a)<br>| &nbsp;&nbsp; 2305 | &nbsp;&nbsp; 2167 |
| ATI, Inc. 4.88%, 10/1/2029 | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 884 |
| Avantor Funding, Inc. |  |  |
| 3.88%, 7/15/2028 (d) | &nbsp;&nbsp; EUR1,135 | &nbsp;&nbsp; 1336 |
| 4.63%, 7/15/2028 (a) | &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 1145 |
| Avient Corp. |  |  |
| 7.13%, 8/1/2030 (a) | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 196 |
| 6.25%, 11/1/2031 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 207 |
| Avis Budget Car Rental LLC |  |  |
| 5.75%, 7/15/2027 (a) | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 230 |
| 5.38%, 3/1/2029 (a) | &nbsp;&nbsp; 4245 | &nbsp;&nbsp; 4064 |
| 8.25%, 1/15/2030 (a) | &nbsp;&nbsp; 546 | &nbsp;&nbsp; 551 |
| 8.00%, 2/15/2031 (a) | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 149 |
| Avis Budget Finance plc 7.25%, <br> 7/31/2030 (a)<br>| &nbsp;&nbsp; EUR1,765 | &nbsp;&nbsp; 2071 |
| Axalta Coating Systems LLC 4.75%, <br> 6/15/2027 (a)<br>| &nbsp;&nbsp; 470 | &nbsp;&nbsp; 470 |
| Ball Corp. |  |  |
| 1.50%, 3/15/2027 | &nbsp;&nbsp; EUR750 | &nbsp;&nbsp; 877 |
| 4.25%, 7/1/2032 | &nbsp;&nbsp; EUR2,239 | &nbsp;&nbsp; 2723 |
| Bank of America Corp. |  |  |
| (3-MONTH CME TERM SOFR + <br> 1.32%), 3.56%, 4/23/2027 (c)<br>| &nbsp;&nbsp; 4060 | &nbsp;&nbsp; 4057 |
| (SOFR + 0.96%), 1.73%, <br> 7/22/2027 (c)<br>| &nbsp;&nbsp; 5405 | &nbsp;&nbsp; 5357 |
| (SOFR + 1.05%), 2.55%, <br> 2/4/2028 (c)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4935 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 39

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| (SOFR + 1.63%), 5.20%, <br> 4/25/2029 (c)<br>| &nbsp;&nbsp; 5085 | &nbsp;&nbsp; 5210 |
| (SOFR + 1.06%), 2.09%, <br> 6/14/2029 (c)<br>| &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1797 |
| (SOFR + 1.57%), 5.82%, <br> 9/15/2029 (c)<br>| &nbsp;&nbsp; 2035 | &nbsp;&nbsp; 2122 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.68%), 6.63%, 5/1/2030 (c) (f) <br> (g)<br>| &nbsp;&nbsp; 1616 | &nbsp;&nbsp; 1692 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.35%), 6.25%, 7/26/2030 (c) <br> (f) (g)<br>| &nbsp;&nbsp; 3525 | &nbsp;&nbsp; 3627 |
| (3-MONTH CME TERM SOFR + <br> 1.45%), 2.88%, 10/22/2030 (c)<br>| &nbsp;&nbsp; 9282 | &nbsp;&nbsp; 8905 |
| (SOFR + 1.53%), 1.90%, <br> 7/23/2031 (c)<br>| &nbsp;&nbsp; 6260 | &nbsp;&nbsp; 5685 |
| (SOFR + 1.37%), 1.92%, <br> 10/24/2031 (c)<br>| &nbsp;&nbsp; 3490 | &nbsp;&nbsp; 3149 |
| (SOFR + 1.21%), 2.57%, <br> 10/20/2032 (c)<br>| &nbsp;&nbsp; 517 | &nbsp;&nbsp; 471 |
| (SOFR + 1.91%), 5.43%, <br> 8/15/2035 (c)<br>| &nbsp;&nbsp; 5675 | &nbsp;&nbsp; 5814 |
| (SOFR + 1.13%), 5.05%, <br> 2/6/2037 (c)<br>| &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2485 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.00%), 3.85%, 3/8/2037 (c)<br>| &nbsp;&nbsp; 4603 | &nbsp;&nbsp; 4356 |
| (SOFR + 1.93%), 2.68%, <br> 6/19/2041 (c)<br>| &nbsp;&nbsp; 1965 | &nbsp;&nbsp; 1461 |
| Bath & Body Works, Inc. 7.50%, <br> 6/15/2029<br>| &nbsp;&nbsp; 196 | &nbsp;&nbsp; 200 |
| Bausch Health Americas, Inc. 8.50%, <br> 1/31/2027 (a)<br>| &nbsp;&nbsp; 298 | &nbsp;&nbsp; 295 |
| Beach Acquisition Bidco LLC 5.25%, <br> 7/15/2032 (a)<br>| &nbsp;&nbsp; EUR972 | &nbsp;&nbsp; 1178 |
| Berry Global, Inc. 5.80%, 6/15/2031 | &nbsp;&nbsp; 5935 | &nbsp;&nbsp; 6320 |
| Big River Steel LLC 6.63%, <br> 1/31/2029 (a)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 402 |
| Block, Inc. |  |  |
| 5.63%, 8/15/2030 (a) | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 250 |
| 6.50%, 5/15/2032 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 537 |
| 6.00%, 8/15/2033 (a) | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 200 |
| Blue Racer Midstream LLC 6.63%, <br> 7/15/2026 (a)<br>| &nbsp;&nbsp; 400 | &nbsp;&nbsp; 401 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Boeing Co. (The) |  |  |
| 5.71%, 5/1/2040 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1124 |
| 3.95%, 8/1/2059 | &nbsp;&nbsp; 3333 | &nbsp;&nbsp; 2389 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1579 |
| BP Capital Markets plc |  |  |
| (EUR Swap Annual 5 Year + 3.52%), <br> 3.25%, 3/22/2026 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR7,100 | &nbsp;&nbsp; 8389 |
| (EUR Swap Annual 5 Year + 3.78%), <br> 3.63%, 3/22/2029 (c) (d) (f) (g)<br>| &nbsp;&nbsp; EUR800 | &nbsp;&nbsp; 950 |
| Brightstar Lottery plc 2.38%, <br> 4/15/2028 (d)<br>| &nbsp;&nbsp; EUR932 | &nbsp;&nbsp; 1091 |
| Bristol-Myers Squibb Co. 5.55%, <br> 2/22/2054<br>| &nbsp;&nbsp; 1379 | &nbsp;&nbsp; 1368 |
| Broadcom, Inc. |  |  |
| 4.55%, 2/15/2032 | &nbsp;&nbsp; 1240 | &nbsp;&nbsp; 1257 |
| 3.14%, 11/15/2035 (a) | &nbsp;&nbsp; 4887 | &nbsp;&nbsp; 4273 |
| Buckeye Partners LP |  |  |
| 4.13%, 12/1/2027 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 432 |
| 4.50%, 3/1/2028 (a) | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 140 |
| 6.75%, 2/1/2030 (a) | &nbsp;&nbsp; 1060 | &nbsp;&nbsp; 1107 |
| Builders FirstSource, Inc. |  |  |
| 4.25%, 2/1/2032 (a) | &nbsp;&nbsp; 1317 | &nbsp;&nbsp; 1256 |
| 6.38%, 3/1/2034 (a) | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 489 |
| 6.75%, 5/15/2035 (a) | &nbsp;&nbsp; 303 | &nbsp;&nbsp; 316 |
| Caesars Entertainment, Inc. 6.50%, <br> 2/15/2032 (a)<br>| &nbsp;&nbsp; 541 | &nbsp;&nbsp; 550 |
| Carnival Corp. |  |  |
| 5.75%, 1/15/2030 (d) | &nbsp;&nbsp; EUR2,100 | &nbsp;&nbsp; 2684 |
| 5.75%, 8/1/2032 (a) | &nbsp;&nbsp; 1341 | &nbsp;&nbsp; 1392 |
| 6.13%, 2/15/2033 (a) | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1077 |
| Carnival plc 4.13%, 7/15/2031 (a) | &nbsp;&nbsp; EUR1,598 | &nbsp;&nbsp; 1942 |
| CCO Holdings LLC |  |  |
| 5.13%, 5/1/2027 (a) | &nbsp;&nbsp; 1880 | &nbsp;&nbsp; 1880 |
| 5.00%, 2/1/2028 (a) | &nbsp;&nbsp; 3665 | &nbsp;&nbsp; 3657 |
| 5.38%, 6/1/2029 (a) | &nbsp;&nbsp; 2298 | &nbsp;&nbsp; 2293 |
| 4.75%, 3/1/2030 (a) | &nbsp;&nbsp; 7188 | &nbsp;&nbsp; 6949 |
| 4.50%, 8/15/2030 (a) | &nbsp;&nbsp; 4855 | &nbsp;&nbsp; 4631 |
| 4.25%, 2/1/2031 (a) | &nbsp;&nbsp; 4492 | &nbsp;&nbsp; 4187 |
| 7.38%, 3/1/2031 (a) | &nbsp;&nbsp; 1755 | &nbsp;&nbsp; 1811 |
| 7.00%, 2/1/2033 (a) | &nbsp;&nbsp; 531 | &nbsp;&nbsp; 543 |
| CD&R Smokey Buyer, Inc. 9.50%, <br> 10/15/2029 (a)<br>| &nbsp;&nbsp; 767 | &nbsp;&nbsp; 630 |
| Celanese US Holdings LLC |  |  |
| 6.34%, 1/19/2029 (j) | &nbsp;&nbsp; EUR1,100 | &nbsp;&nbsp; 1385 |
| 7.00%, 2/15/2031 | &nbsp;&nbsp; 1104 | &nbsp;&nbsp; 1137 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 5.00%, 4/15/2031 | &nbsp;&nbsp; EUR500 | &nbsp;&nbsp; 598 |
| 7.38%, 2/15/2034 | &nbsp;&nbsp; 2609 | &nbsp;&nbsp; 2680 |
| Cencora, Inc. |  |  |
| 2.70%, 3/15/2031 | &nbsp;&nbsp; 5053 | &nbsp;&nbsp; 4709 |
| 4.90%, 2/13/2036 | &nbsp;&nbsp; 657 | &nbsp;&nbsp; 662 |
| Central Garden & Pet Co. 4.13%, <br> 10/15/2030<br>| &nbsp;&nbsp; 3050 | &nbsp;&nbsp; 2943 |
| CF Industries, Inc. 4.95%, 6/1/2043 | &nbsp;&nbsp; 3016 | &nbsp;&nbsp; 2770 |
| Chart Industries, Inc. 7.50%, <br> 1/1/2030 (a)<br>| &nbsp;&nbsp; 700 | &nbsp;&nbsp; 727 |
| Charter Communications Operating LLC |  |  |
| 2.25%, 1/15/2029 | &nbsp;&nbsp; 1280 | &nbsp;&nbsp; 1208 |
| 3.50%, 6/1/2041 | &nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1300 |
| 5.38%, 5/1/2047 | &nbsp;&nbsp; 2844 | &nbsp;&nbsp; 2370 |
| 5.13%, 7/1/2049 | &nbsp;&nbsp; 2207 | &nbsp;&nbsp; 1752 |
| 4.80%, 3/1/2050 | &nbsp;&nbsp; 1725 | &nbsp;&nbsp; 1314 |
| 3.90%, 6/1/2052 | &nbsp;&nbsp; 4238 | &nbsp;&nbsp; 2789 |
| 5.25%, 4/1/2053 | &nbsp;&nbsp; 1155 | &nbsp;&nbsp; 932 |
| Chemours Co. (The) |  |  |
| 5.75%, 11/15/2028 (a) | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1237 |
| 8.00%, 1/15/2033 (a) | &nbsp;&nbsp; 900 | &nbsp;&nbsp; 915 |
| 7.88%, 3/15/2034 (a) (e) | &nbsp;&nbsp; 329 | &nbsp;&nbsp; 329 |
| Cheniere Energy Partners LP |  |  |
| 4.50%, 10/1/2029 | &nbsp;&nbsp; 6060 | &nbsp;&nbsp; 6096 |
| 5.95%, 6/30/2033 | &nbsp;&nbsp; 4670 | &nbsp;&nbsp; 5009 |
| 5.75%, 8/15/2034 | &nbsp;&nbsp; 8125 | &nbsp;&nbsp; 8586 |
| 5.55%, 10/30/2035 | &nbsp;&nbsp; 3150 | &nbsp;&nbsp; 3269 |
| Chord Energy Corp. |  |  |
| 6.00%, 10/1/2030 (a) | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 318 |
| 6.75%, 3/15/2033 (a) | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 465 |
| Ciena Corp. 4.00%, 1/31/2030 (a) | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 623 |
| Cinemark USA, Inc. |  |  |
| 5.25%, 7/15/2028 (a) | &nbsp;&nbsp; 660 | &nbsp;&nbsp; 660 |
| 7.00%, 8/1/2032 (a) | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 223 |
| Cipher Compute LLC 7.13%, <br> 11/15/2030 (a)<br>| &nbsp;&nbsp; 1770 | &nbsp;&nbsp; 1845 |
| Citigroup, Inc. |  |  |
| (3-MONTH CME TERM SOFR + <br> 1.82%), 3.89%, 1/10/2028 (c)<br>| &nbsp;&nbsp; 3415 | &nbsp;&nbsp; 3410 |
| Series CC, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 <br> Year + 2.69%), 7.13%, <br> 8/15/2029 (c) (f) (g)<br>| &nbsp;&nbsp; 5130 | &nbsp;&nbsp; 5302 |
| (SOFR + 1.36%), 5.17%, <br> 2/13/2030 (c)<br>| &nbsp;&nbsp; 2080 | &nbsp;&nbsp; 2143 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series EE, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 <br> Year + 2.57%), 6.75%, <br> 2/15/2030 (c) (f) (g)<br>| &nbsp;&nbsp; 2330 | &nbsp;&nbsp; 2383 |
| Series GG, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 <br> Year + 2.89%), 6.88%, <br> 8/15/2030 (c) (f) (g)<br>| &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1840 |
| (SOFR + 1.34%), 4.54%, <br> 9/19/2030 (c)<br>| &nbsp;&nbsp; 5530 | &nbsp;&nbsp; 5595 |
| (SOFR + 2.11%), 2.57%, <br> 6/3/2031 (c)<br>| &nbsp;&nbsp; 9400 | &nbsp;&nbsp; 8786 |
| (SOFR + 1.17%), 4.50%, <br> 9/11/2031 (c)<br>| &nbsp;&nbsp; 2356 | &nbsp;&nbsp; 2374 |
| (SOFR + 1.18%), 2.52%, <br> 11/3/2032 (c)<br>| &nbsp;&nbsp; 375 | &nbsp;&nbsp; 339 |
| (SOFR + 2.34%), 6.27%, <br> 11/17/2033 (c)<br>| &nbsp;&nbsp; 465 | &nbsp;&nbsp; 510 |
| (SOFR + 2.06%), 5.83%, <br> 2/13/2035 (c)<br>| &nbsp;&nbsp; 3345 | &nbsp;&nbsp; 3480 |
| (SOFR + 1.47%), 5.33%, <br> 3/27/2036 (c)<br>| &nbsp;&nbsp; 12775 | &nbsp;&nbsp; 13169 |
| (EURIBOR 3 Month + 1.61%), 4.30%, <br> 7/23/2036 (c)<br>| &nbsp;&nbsp; EUR1,664 | &nbsp;&nbsp; 1998 |
| (SOFR + 1.49%), 5.17%, <br> 9/11/2036 (c)<br>| &nbsp;&nbsp; 786 | &nbsp;&nbsp; 800 |
| Clarios Global LP |  |  |
| 6.75%, 2/15/2030 (a) | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 754 |
| 6.75%, 9/15/2032 (a) | &nbsp;&nbsp; 1669 | &nbsp;&nbsp; 1732 |
| Clarivate Science Holdings Corp. 4.88%, <br> 7/1/2029 (a)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 205 |
| Clean Harbors, Inc. 5.75%, <br> 10/15/2033 (a)<br>| &nbsp;&nbsp; 470 | &nbsp;&nbsp; 481 |
| Clear Channel Outdoor Holdings, Inc. |  |  |
| 7.75%, 4/15/2028 (a) | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 2056 |
| 7.50%, 6/1/2029 (a) | &nbsp;&nbsp; 2535 | &nbsp;&nbsp; 2553 |
| 7.13%, 2/15/2031 (a) | &nbsp;&nbsp; 1784 | &nbsp;&nbsp; 1886 |
| 7.50%, 3/15/2033 (a) | &nbsp;&nbsp; 1818 | &nbsp;&nbsp; 1963 |
| Cleveland-Cliffs, Inc. |  |  |
| 4.63%, 3/1/2029 (a) | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 1716 |
| 6.88%, 11/1/2029 (a) | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 350 |
| 7.50%, 9/15/2031 (a) | &nbsp;&nbsp; 335 | &nbsp;&nbsp; 350 |
| 7.00%, 3/15/2032 (a) | &nbsp;&nbsp; 251 | &nbsp;&nbsp; 255 |
| Clydesdale Acquisition Holdings, Inc. <br> 6.75%, 4/15/2032 (a)<br>| &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 1372 |
| Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp; 5309 | &nbsp;&nbsp; 5312 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 41

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Coinbase Global, Inc. 3.38%, <br> 10/1/2028 (a)<br>| &nbsp;&nbsp; 1430 | &nbsp;&nbsp; 1364 |
| Columbia Pipelines Operating Co. LLC |  |  |
| 5.93%, 8/15/2030 (a) | &nbsp;&nbsp; 8155 | &nbsp;&nbsp; 8711 |
| 6.04%, 11/15/2033 (a) | &nbsp;&nbsp; 1790 | &nbsp;&nbsp; 1939 |
| Comcast Corp. |  |  |
| 2.80%, 1/15/2051 | &nbsp;&nbsp; 6899 | &nbsp;&nbsp; 4124 |
| 5.35%, 5/15/2053 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3684 |
| 2.99%, 11/1/2063 | &nbsp;&nbsp; 3052 | &nbsp;&nbsp; 1701 |
| Commercial Metals Co. 5.75%, <br> 11/15/2033 (a)<br>| &nbsp;&nbsp; 349 | &nbsp;&nbsp; 356 |
| Community Health Systems, Inc. |  |  |
| 6.13%, 4/1/2030 (a) | &nbsp;&nbsp; 765 | &nbsp;&nbsp; 676 |
| 5.25%, 5/15/2030 (a) | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1052 |
| 4.75%, 2/15/2031 (a) | &nbsp;&nbsp; 3120 | &nbsp;&nbsp; 2863 |
| 10.88%, 1/15/2032 (a) | &nbsp;&nbsp; 656 | &nbsp;&nbsp; 711 |
| Comstock Resources, Inc. 6.75%, <br> 3/1/2029 (a)<br>| &nbsp;&nbsp; 2382 | &nbsp;&nbsp; 2373 |
| Conduent Business Services LLC 6.00%, <br> 11/1/2029 (a)<br>| &nbsp;&nbsp; 950 | &nbsp;&nbsp; 653 |
| Connect Holding II LLC 10.50%, <br> 4/3/2031 (a)<br>| &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1364 |
| Constellation Energy Generation LLC <br> 5.60%, 6/15/2042<br>| &nbsp;&nbsp; 1024 | &nbsp;&nbsp; 1040 |
| Constellium SE |  |  |
| 5.63%, 6/15/2028 (a) | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 928 |
| 5.38%, 8/15/2032 (d) | &nbsp;&nbsp; EUR670 | &nbsp;&nbsp; 834 |
| Cooper-Standard Automotive, Inc. |  |  |
| 13.50% (Cash), 3/31/2027 (a) (h) | &nbsp;&nbsp; 2452 | &nbsp;&nbsp; 2507 |
| 5.63% (Cash), 5/15/2027 (a) (h) | &nbsp;&nbsp; 2652 | &nbsp;&nbsp; 2687 |
| 9.25%, 3/1/2031 (a) (e) | &nbsp;&nbsp; 2945 | &nbsp;&nbsp; 2953 |
| Corebridge Financial, Inc. (US Treasury <br> Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.65%), 6.38%, <br> 9/15/2054 (c)<br>| &nbsp;&nbsp; 592 | &nbsp;&nbsp; 592 |
| CoreWeave, Inc. |  |  |
| 9.25%, 6/1/2030 (a) | &nbsp;&nbsp; 1194 | &nbsp;&nbsp; 1169 |
| 9.00%, 2/1/2031 (a) | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 184 |
| Coterra Energy, Inc. 5.40%, 2/15/2035 | &nbsp;&nbsp; 12724 | &nbsp;&nbsp; 13121 |
| Coty, Inc. 4.75%, 1/15/2029 (a) | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 413 |
| Crescent Energy Finance LLC |  |  |
| 9.25%, 2/15/2028 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 823 |
| 7.63%, 4/1/2032 (a) | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 480 |
| 7.88%, 4/15/2032 (a) | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1875 |
| 7.38%, 1/15/2033 (a) | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 641 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 8.38%, 1/15/2034 (a) | &nbsp;&nbsp; 1132 | &nbsp;&nbsp; 1170 |
| Crown European Holdings SACA |  |  |
| 5.00%, 5/15/2028 (d) | &nbsp;&nbsp; EUR2,100 | &nbsp;&nbsp; 2597 |
| 4.50%, 1/15/2030 (a) | &nbsp;&nbsp; EUR731 | &nbsp;&nbsp; 899 |
| 3.75%, 9/30/2031 (a) | &nbsp;&nbsp; EUR980 | &nbsp;&nbsp; 1164 |
| CSC Holdings LLC 6.50%, 2/1/2029 (a) | &nbsp;&nbsp; 5295 | &nbsp;&nbsp; 3345 |
| DaVita, Inc. |  |  |
| 4.63%, 6/1/2030 (a) | &nbsp;&nbsp; 2975 | &nbsp;&nbsp; 2912 |
| 3.75%, 2/15/2031 (a) | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 606 |
| 6.88%, 9/1/2032 (a) | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 412 |
| DCP Midstream Operating LP 6.75%, <br> 9/15/2037 (a)<br>| &nbsp;&nbsp; 535 | &nbsp;&nbsp; 596 |
| Diamondback Energy, Inc. |  |  |
| 3.13%, 3/24/2031 | &nbsp;&nbsp; 3145 | &nbsp;&nbsp; 2984 |
| 5.75%, 4/18/2054 | &nbsp;&nbsp; 4200 | &nbsp;&nbsp; 4099 |
| Diebold Nixdorf, Inc. 7.75%, <br> 3/31/2030 (a)<br>| &nbsp;&nbsp; 1911 | &nbsp;&nbsp; 2016 |
| Discovery Global Holdings, Inc. 4.28%, <br> 3/15/2032<br>| &nbsp;&nbsp; 950 | &nbsp;&nbsp; 873 |
| DISH DBS Corp. |  |  |
| 7.75%, 7/1/2026 | &nbsp;&nbsp; 1286 | &nbsp;&nbsp; 1270 |
| 5.25%, 12/1/2026 (a) | &nbsp;&nbsp; 2995 | &nbsp;&nbsp; 2909 |
| 5.75%, 12/1/2028 (a) | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 731 |
| DISH Network Corp. 11.75%, <br> 11/15/2027 (a)<br>| &nbsp;&nbsp; 5473 | &nbsp;&nbsp; 5666 |
| Dominion Energy, Inc. |  |  |
| Series B, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 <br> Year + 2.51%), 7.00%, <br> 6/1/2054 (c)<br>| &nbsp;&nbsp; 470 | &nbsp;&nbsp; 510 |
| Series A, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 <br> Year + 2.39%), 6.88%, <br> 2/1/2055 (c)<br>| &nbsp;&nbsp; 730 | &nbsp;&nbsp; 764 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.21%), 6.63%, 5/15/2055 (c)<br>| &nbsp;&nbsp; 4056 | &nbsp;&nbsp; 4210 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.26%), 6.00%, 2/15/2056 (c)<br>| &nbsp;&nbsp; 4190 | &nbsp;&nbsp; 4252 |
| Dornoch Debt Merger Sub, Inc. 6.63%, <br> 10/15/2029 (a)<br>| &nbsp;&nbsp; 1340 | &nbsp;&nbsp; 1211 |
| Duke Energy Indiana LLC 5.40%, <br> 4/1/2053<br>| &nbsp;&nbsp; 375 | &nbsp;&nbsp; 363 |
| Duke Energy Ohio, Inc. |  |  |
| 5.25%, 4/1/2033 | &nbsp;&nbsp; 405 | &nbsp;&nbsp; 424 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 5.65%, 4/1/2053 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 150 |
| Duke Energy Progress LLC |  |  |
| 3.40%, 4/1/2032 | &nbsp;&nbsp; 1410 | &nbsp;&nbsp; 1350 |
| 5.55%, 3/15/2055 | &nbsp;&nbsp; 99 | &nbsp;&nbsp; 99 |
| Duquesne Light Holdings, Inc. 2.78%, <br> 1/7/2032 (a)<br>| &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 1741 |
| Dycom Industries, Inc. 4.50%, <br> 4/15/2029 (a)<br>| &nbsp;&nbsp; 840 | &nbsp;&nbsp; 827 |
| EchoStar Corp. 6.75% (Cash), <br> 11/30/2030 (h)<br>| &nbsp;&nbsp; 700 | &nbsp;&nbsp; 709 |
| Edgewell Personal Care Co. |  |  |
| 5.50%, 6/1/2028 (a) | &nbsp;&nbsp; 2281 | &nbsp;&nbsp; 2279 |
| 4.13%, 4/1/2029 (a) | &nbsp;&nbsp; 1469 | &nbsp;&nbsp; 1418 |
| Edison International (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 3.86%), 8.13%, <br> 6/15/2053 (c)<br>| &nbsp;&nbsp; 813 | &nbsp;&nbsp; 845 |
| Elastic NV 4.13%, 7/15/2029 (a) | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 879 |
| Element Solutions, Inc. 3.88%, <br> 9/1/2028 (a)<br>| &nbsp;&nbsp; 1325 | &nbsp;&nbsp; 1302 |
| EMRLD Borrower LP |  |  |
| 6.38%, 12/15/2030 (d) | &nbsp;&nbsp; EUR1,020 | &nbsp;&nbsp; 1250 |
| 6.38%, 12/15/2030 (a) | &nbsp;&nbsp; EUR1,597 | &nbsp;&nbsp; 1958 |
| 6.63%, 12/15/2030 (a) | &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1858 |
| 6.75%, 7/15/2031 (a) | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 289 |
| Encompass Health Corp. |  |  |
| 4.50%, 2/1/2028 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42 |
| 4.75%, 2/1/2030 | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 298 |
| 4.63%, 4/1/2031 | &nbsp;&nbsp; 1590 | &nbsp;&nbsp; 1561 |
| Endo Finance Holdings LP 8.50%, <br> 4/15/2031 (a)<br>| &nbsp;&nbsp; 223 | &nbsp;&nbsp; 237 |
| Energizer Holdings, Inc. |  |  |
| 4.75%, 6/15/2028 (a) | &nbsp;&nbsp; 2192 | &nbsp;&nbsp; 2171 |
| 4.38%, 3/31/2029 (a) | &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1821 |
| Energy Transfer LP |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 4.02%), 8.00%, 5/15/2054 (c)<br>| &nbsp;&nbsp; 4170 | &nbsp;&nbsp; 4474 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.68%), 6.50%, 2/15/2056 (c)<br>| &nbsp;&nbsp; 5125 | &nbsp;&nbsp; 5179 |
| Entegris, Inc. |  |  |
| 4.38%, 4/15/2028 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 198 |
| 5.95%, 6/15/2030 (a) | &nbsp;&nbsp; 6005 | &nbsp;&nbsp; 6124 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Entergy Corp. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.67%), 7.13%, 12/1/2054 (c)<br>| &nbsp;&nbsp; 3040 | &nbsp;&nbsp; 3180 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.18%), 5.88%, 6/15/2056 (c)<br>| &nbsp;&nbsp; 2229 | &nbsp;&nbsp; 2240 |
| Entergy Texas, Inc. 1.75%, 3/15/2031 | &nbsp;&nbsp; 1355 | &nbsp;&nbsp; 1211 |
| EQT Corp. 4.50%, 1/15/2029 | &nbsp;&nbsp; 1208 | &nbsp;&nbsp; 1219 |
| EquipmentShare.com, Inc. |  |  |
| 9.00%, 5/15/2028 (a) | &nbsp;&nbsp; 1040 | &nbsp;&nbsp; 1089 |
| 8.63%, 5/15/2032 (a) | &nbsp;&nbsp; 890 | &nbsp;&nbsp; 952 |
| 8.00%, 3/15/2033 (a) | &nbsp;&nbsp; 313 | &nbsp;&nbsp; 333 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ <br> (k)<br>| &nbsp;&nbsp; 248 | &nbsp;&nbsp; —<br> (l)<br>|
| EUSHI Finance, Inc. (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 <br> Year + 2.51%), 6.25%, <br> 4/1/2056 (c)<br>| &nbsp;&nbsp; 3209 | &nbsp;&nbsp; 3233 |
| Expand Energy Corp. |  |  |
| 6.75%, 4/15/2029 (a) | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 1991 |
| 5.38%, 3/15/2030 | &nbsp;&nbsp; 5915 | &nbsp;&nbsp; 6005 |
| 5.70%, 1/15/2035 | &nbsp;&nbsp; 1335 | &nbsp;&nbsp; 1398 |
| Exxon Mobil Corp. 3.00%, 8/16/2039 | &nbsp;&nbsp; 3735 | &nbsp;&nbsp; 3055 |
| Fair Isaac Corp. 6.00%, 5/15/2033 (a) | &nbsp;&nbsp; 384 | &nbsp;&nbsp; 388 |
| Fells Point Funding Trust 3.05%, <br> 1/31/2027 (a)<br>| &nbsp;&nbsp; 2795 | &nbsp;&nbsp; 2770 |
| First Student Bidco, Inc. 4.00%, <br> 7/31/2029 (a)<br>| &nbsp;&nbsp; 535 | &nbsp;&nbsp; 518 |
| FirstEnergy Transmission LLC |  |  |
| 2.87%, 9/15/2028 (a) | &nbsp;&nbsp; 4375 | &nbsp;&nbsp; 4255 |
| 4.55%, 4/1/2049 (a) | &nbsp;&nbsp; 2223 | &nbsp;&nbsp; 1925 |
| Flash Compute LLC 7.25%, <br> 12/31/2030 (a)<br>| &nbsp;&nbsp; 635 | &nbsp;&nbsp; 650 |
| Ford Motor Credit Co. LLC |  |  |
| 6.95%, 6/10/2026 | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 618 |
| 4.95%, 5/28/2027 | &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2568 |
| 2.90%, 2/10/2029 | &nbsp;&nbsp; 6075 | &nbsp;&nbsp; 5782 |
| 5.73%, 9/5/2030 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1028 |
| 5.75%, 4/6/2033 | &nbsp;&nbsp; 2068 | &nbsp;&nbsp; 2107 |
| Foundry JV Holdco LLC |  |  |
| 5.50%, 1/25/2031 (a) | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1779 |
| 6.25%, 1/25/2035 (a) | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 3984 |
| Freeport-McMoRan, Inc. 4.13%, <br> 3/1/2028<br>| &nbsp;&nbsp; 367 | &nbsp;&nbsp; 367 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 43

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Frontier Communications Holdings LLC <br> 5.00%, 5/1/2028 (a)<br>| &nbsp;&nbsp; 785 | &nbsp;&nbsp; 785 |
| GCI LLC 4.75%, 10/15/2028 (a) | &nbsp;&nbsp; 3720 | &nbsp;&nbsp; 3655 |
| General Electric Co. 4.13%, <br> 9/19/2035 (d)<br>| &nbsp;&nbsp; EUR493 | &nbsp;&nbsp; 616 |
| General Motors Co. 5.15%, 4/1/2038 | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1558 |
| General Motors Financial Co., Inc. |  |  |
| 2.35%, 1/8/2031 | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2093 |
| 5.60%, 6/18/2031 | &nbsp;&nbsp; 1636 | &nbsp;&nbsp; 1719 |
| 5.45%, 9/6/2034 | &nbsp;&nbsp; 6980 | &nbsp;&nbsp; 7164 |
| 5.90%, 1/7/2035 | &nbsp;&nbsp; 4755 | &nbsp;&nbsp; 4998 |
| Genesis Energy LP |  |  |
| 7.75%, 2/1/2028 | &nbsp;&nbsp; 544 | &nbsp;&nbsp; 545 |
| 8.25%, 1/15/2029 | &nbsp;&nbsp; 235 | &nbsp;&nbsp; 245 |
| 8.00%, 5/15/2033 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 222 |
| 6.75%, 3/15/2034 (e) | &nbsp;&nbsp; 344 | &nbsp;&nbsp; 348 |
| GFL Environmental Holdings US, Inc. <br> 5.50%, 2/1/2034 (a)<br>| &nbsp;&nbsp; 2045 | &nbsp;&nbsp; 2052 |
| GFL Environmental, Inc. |  |  |
| 4.00%, 8/1/2028 (a) | &nbsp;&nbsp; 2110 | &nbsp;&nbsp; 2077 |
| 4.75%, 6/15/2029 (a) | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 869 |
| 4.38%, 8/15/2029 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 393 |
| Global Infrastructure Solutions, Inc. |  |  |
| 5.63%, 6/1/2029 (a) | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 345 |
| 7.50%, 4/15/2032 (a) | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 739 |
| Global Medical Response, Inc. 7.38%, <br> 10/1/2032 (a)<br>| &nbsp;&nbsp; 376 | &nbsp;&nbsp; 394 |
| Global Payments, Inc. 5.55%, <br> 11/15/2035<br>| &nbsp;&nbsp; 2620 | &nbsp;&nbsp; 2606 |
| Go Daddy Operating Co. LLC 5.25%, <br> 12/1/2027 (a)<br>| &nbsp;&nbsp; 790 | &nbsp;&nbsp; 786 |
| Goldman Sachs Group, Inc. (The) |  |  |
| Series T, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 <br> Year + 2.97%), 3.80%, <br> 5/10/2026 (c) (f) (g)<br>| &nbsp;&nbsp; 3709 | &nbsp;&nbsp; 3695 |
| (SOFR + 0.80%), 1.43%, <br> 3/9/2027 (c)<br>| &nbsp;&nbsp; 3770 | &nbsp;&nbsp; 3768 |
| (SOFR + 1.51%), 4.39%, <br> 6/15/2027 (c)<br>| &nbsp;&nbsp; 4905 | &nbsp;&nbsp; 4909 |
| (SOFR + 0.91%), 1.95%, <br> 10/21/2027 (c)<br>| &nbsp;&nbsp; 3790 | &nbsp;&nbsp; 3739 |
| (SOFR + 1.11%), 2.64%, <br> 2/24/2028 (c)<br>| &nbsp;&nbsp; 4540 | &nbsp;&nbsp; 4478 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series X, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 <br> Year + 2.81%), 7.50%, <br> 5/10/2029 (c) (f) (g)<br>| &nbsp;&nbsp; 5020 | &nbsp;&nbsp; 5344 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.46%), 6.85%, 2/10/2030 (c) <br> (f) (g)<br>| &nbsp;&nbsp; 1328 | &nbsp;&nbsp; 1391 |
| (SOFR + 1.14%), 4.69%, <br> 10/23/2030 (c)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1016 |
| (SOFR + 1.08%), 5.21%, <br> 1/28/2031 (c)<br>| &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 2166 |
| (SOFR + 1.58%), 5.22%, <br> 4/23/2031 (c)<br>| &nbsp;&nbsp; 2165 | &nbsp;&nbsp; 2241 |
| (SOFR + 1.06%), 4.37%, <br> 10/21/2031 (c)<br>| &nbsp;&nbsp; 2905 | &nbsp;&nbsp; 2907 |
| (SOFR + 1.28%), 2.62%, <br> 4/22/2032 (c)<br>| &nbsp;&nbsp; 1730 | &nbsp;&nbsp; 1589 |
| (SOFR + 1.26%), 2.65%, <br> 10/21/2032 (c)<br>| &nbsp;&nbsp; 11190 | &nbsp;&nbsp; 10191 |
| (SOFR + 1.33%), 4.94%, <br> 10/21/2036 (c)<br>| &nbsp;&nbsp; 1114 | &nbsp;&nbsp; 1110 |
| (SOFR + 1.19%), 5.07%, <br> 1/21/2037 (c)<br>| &nbsp;&nbsp; 3006 | &nbsp;&nbsp; 3027 |
| (3-MONTH CME TERM SOFR + <br> 1.63%), 4.02%, 10/31/2038 (c)<br>| &nbsp;&nbsp; 2665 | &nbsp;&nbsp; 2408 |
| Goodyear Tire & Rubber Co. (The) |  |  |
| 5.00%, 7/15/2029 | &nbsp;&nbsp; 1873 | &nbsp;&nbsp; 1836 |
| 6.63%, 7/15/2030 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 247 |
| Graphic Packaging International LLC |  |  |
| 3.50%, 3/15/2028 (a) | &nbsp;&nbsp; 573 | &nbsp;&nbsp; 557 |
| 2.63%, 2/1/2029 (d) | &nbsp;&nbsp; EUR970 | &nbsp;&nbsp; 1115 |
| Gray Media, Inc. |  |  |
| 10.50%, 7/15/2029 (a) | &nbsp;&nbsp; 1211 | &nbsp;&nbsp; 1298 |
| 4.75%, 10/15/2030 (a) | &nbsp;&nbsp; 1525 | &nbsp;&nbsp; 1238 |
| 7.25%, 8/15/2033 (a) | &nbsp;&nbsp; 807 | &nbsp;&nbsp; 833 |
| Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp; 3780 | &nbsp;&nbsp; 3778 |
| Group 1 Automotive, Inc. 6.38%, <br> 1/15/2030 (a)<br>| &nbsp;&nbsp; 272 | &nbsp;&nbsp; 279 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (a)<br>| &nbsp;&nbsp; 577 | &nbsp;&nbsp; 598 |
| HCA, Inc. |  |  |
| 4.50%, 2/15/2027 | &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1843 |
| 5.20%, 6/1/2028 | &nbsp;&nbsp; 1740 | &nbsp;&nbsp; 1784 |
| 5.63%, 9/1/2028 | &nbsp;&nbsp; 1147 | &nbsp;&nbsp; 1183 |
| 2.38%, 7/15/2031 | &nbsp;&nbsp; 4335 | &nbsp;&nbsp; 3915 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 4.60%, 11/15/2032 | &nbsp;&nbsp; 1778 | &nbsp;&nbsp; 1781 |
| 5.75%, 3/1/2035 | &nbsp;&nbsp; 4670 | &nbsp;&nbsp; 4944 |
| 5.50%, 6/15/2047 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 173 |
| 5.25%, 6/15/2049 | &nbsp;&nbsp; 3740 | &nbsp;&nbsp; 3429 |
| 3.50%, 7/15/2051 | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 1015 |
| 5.95%, 9/15/2054 | &nbsp;&nbsp; 4603 | &nbsp;&nbsp; 4581 |
| 6.20%, 3/1/2055 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 79 |
| Healthpeak OP LLC, REIT 5.25%, <br> 12/15/2032<br>| &nbsp;&nbsp; 4042 | &nbsp;&nbsp; 4179 |
| Herc Holdings, Inc. 7.00%, <br> 6/15/2030 (a)<br>| &nbsp;&nbsp; 569 | &nbsp;&nbsp; 596 |
| Hertz Corp. (The) |  |  |
| 4.63%, 12/1/2026 (a) | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 621 |
| 12.63%, 7/15/2029 (a) | &nbsp;&nbsp; 1712 | &nbsp;&nbsp; 1579 |
| Hertz Corp. (The), Escrow |  |  |
| 5.50%, 10/15/2024 ‡ (a) (k) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; — |
| 7.13%, 8/1/2026 ‡ (d) (k) | &nbsp;&nbsp; 265 | &nbsp;&nbsp; — |
| 6.00%, 1/15/2028 ‡ (k) | &nbsp;&nbsp; 685 | &nbsp;&nbsp; — |
| Hess Midstream Operations LP |  |  |
| 5.88%, 3/1/2028 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 203 |
| 5.13%, 6/15/2028 (a) | &nbsp;&nbsp; 415 | &nbsp;&nbsp; 415 |
| Hilcorp Energy I LP 5.75%, <br> 2/1/2029 (a)<br>| &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1208 |
| Hilton Domestic Operating Co., Inc. |  |  |
| 5.88%, 3/15/2033 (a) | &nbsp;&nbsp; 628 | &nbsp;&nbsp; 646 |
| 5.75%, 9/15/2033 (a) | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 845 |
| 5.50%, 3/31/2034 (a) | &nbsp;&nbsp; 1769 | &nbsp;&nbsp; 1788 |
| Hilton Worldwide Finance LLC 4.88%, <br> 4/1/2027<br>| &nbsp;&nbsp; 455 | &nbsp;&nbsp; 455 |
| Howard Midstream Energy Partners LLC <br> 6.63%, 1/15/2034 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1034 |
| Hughes Satellite Systems Corp. 6.63%, <br> 8/1/2026<br>| &nbsp;&nbsp; 258 | &nbsp;&nbsp; 235 |
| Huntington Bancshares, Inc. (SOFRINDX <br> + 1.87%), 5.71%, 2/2/2035 (c)<br>| &nbsp;&nbsp; 204 | &nbsp;&nbsp; 215 |
| Hyundai Capital America |  |  |
| 3.50%, 11/2/2026 (a) | &nbsp;&nbsp; 8025 | &nbsp;&nbsp; 7995 |
| 3.50%, 11/2/2026 (d) | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2590 |
| 5.40%, 1/8/2031 (a) | &nbsp;&nbsp; 3460 | &nbsp;&nbsp; 3618 |
| ICITII 6.00%, 1/31/2033 ‡ (a) | &nbsp;&nbsp; 387 | &nbsp;&nbsp; 173 |
| iHeartCommunications, Inc. |  |  |
| 9.13%, 5/1/2029 (a) | &nbsp;&nbsp; 1943 | &nbsp;&nbsp; 1726 |
| 10.88%, 5/1/2030 (a) | &nbsp;&nbsp; 2182 | &nbsp;&nbsp; 1619 |
| 7.75%, 8/15/2030 (a) | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 1394 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| ILFC E-Capital Trust I 6.35%, <br> 12/21/2065 (a) (i)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 434 |
| ILFC E-Capital Trust II 6.60%, <br> 12/21/2065 (a) (i)<br>| &nbsp;&nbsp; 535 | &nbsp;&nbsp; 473 |
| Imola Merger Corp. 4.75%, <br> 5/15/2029 (a)<br>| &nbsp;&nbsp; 2780 | &nbsp;&nbsp; 2733 |
| Installed Building Products, Inc. 5.63%, <br> 2/1/2034 (a)<br>| &nbsp;&nbsp; 217 | &nbsp;&nbsp; 220 |
| ION Platform Finance US, Inc. 7.88%, <br> 9/30/2032 (a)<br>| &nbsp;&nbsp; 604 | &nbsp;&nbsp; 484 |
| IQVIA, Inc. |  |  |
| 1.75%, 3/15/2026 (d) | &nbsp;&nbsp; EUR946 | &nbsp;&nbsp; 1116 |
| 2.25%, 1/15/2028 (d) | &nbsp;&nbsp; EUR1,120 | &nbsp;&nbsp; 1303 |
| 2.88%, 6/15/2028 (d) | &nbsp;&nbsp; EUR3,359 | &nbsp;&nbsp; 3936 |
| 2.25%, 3/15/2029 (d) | &nbsp;&nbsp; EUR1,090 | &nbsp;&nbsp; 1246 |
| 6.25%, 6/1/2032 (a) | &nbsp;&nbsp; 1363 | &nbsp;&nbsp; 1402 |
| Iron Mountain, Inc., REIT |  |  |
| 4.88%, 9/15/2027 (a) | &nbsp;&nbsp; 597 | &nbsp;&nbsp; 597 |
| 5.00%, 7/15/2028 (a) | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1098 |
| 4.88%, 9/15/2029 (a) | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 837 |
| ITC Holdings Corp., 2.95%, <br> 5/14/2030 (a)<br>| &nbsp;&nbsp; 7371 | &nbsp;&nbsp; 7014 |
| Jazz Securities DAC 4.38%, <br> 1/15/2029 (a)<br>| &nbsp;&nbsp; 915 | &nbsp;&nbsp; 902 |
| JBS NV |  |  |
| 6.75%, 3/15/2034 | &nbsp;&nbsp; 4761 | &nbsp;&nbsp; 5308 |
| 5.95%, 4/20/2035 | &nbsp;&nbsp; 1804 | &nbsp;&nbsp; 1913 |
| 5.50%, 1/15/2036 | &nbsp;&nbsp; 6610 | &nbsp;&nbsp; 6783 |
| 4.38%, 2/2/2052 | &nbsp;&nbsp; 1177 | &nbsp;&nbsp; 931 |
| 7.25%, 11/15/2053 | &nbsp;&nbsp; 2820 | &nbsp;&nbsp; 3224 |
| JELD-WEN, Inc. |  |  |
| 4.88%, 12/15/2027 (a) | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 712 |
| 7.00%, 9/1/2032 (a) | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 213 |
| Jersey Central Power & Light Co. 2.75%, <br> 3/1/2032 (a)<br>| &nbsp;&nbsp; 2715 | &nbsp;&nbsp; 2481 |
| JetBlue Airways Corp. 9.88%, <br> 9/20/2031 (a)<br>| &nbsp;&nbsp; 2226 | &nbsp;&nbsp; 2262 |
| JH North America Holdings, Inc. |  |  |
| 5.88%, 1/31/2031 (a) | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 257 |
| 6.13%, 7/31/2032 (a) | &nbsp;&nbsp; 377 | &nbsp;&nbsp; 387 |
| KeyCorp (SOFRINDX + 2.42%), 6.40%, <br> 3/6/2035 (c)<br>| &nbsp;&nbsp; 3274 | &nbsp;&nbsp; 3570 |
| Kinder Morgan, Inc. 5.20%, 6/1/2033 | &nbsp;&nbsp; 3440 | &nbsp;&nbsp; 3590 |
| Kinetik Holdings LP 5.88%, <br> 6/15/2030 (a)<br>| &nbsp;&nbsp; 550 | &nbsp;&nbsp; 556 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 45

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Kodiak Gas Services LLC 6.50%, <br> 10/1/2033 (a)<br>| &nbsp;&nbsp; 179 | &nbsp;&nbsp; 185 |
| Labl 6.75%, 12/31/2026 ‡ | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 44 |
| Lamb Weston Holdings, Inc. 4.13%, <br> 1/31/2030 (a)<br>| &nbsp;&nbsp; 270 | &nbsp;&nbsp; 262 |
| Level 3 Financing, Inc. |  |  |
| 6.88%, 6/30/2033 (a) | &nbsp;&nbsp; 1291 | &nbsp;&nbsp; 1337 |
| 7.00%, 3/31/2034 (a) | &nbsp;&nbsp; 671 | &nbsp;&nbsp; 698 |
| Lithia Motors, Inc. 5.50%, <br> 10/1/2030 (a)<br>| &nbsp;&nbsp; 365 | &nbsp;&nbsp; 367 |
| Live Nation Entertainment, Inc. |  |  |
| 6.50%, 5/15/2027 (a) | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 397 |
| 4.75%, 10/15/2027 (a) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2498 |
| Lsf12 Helix Parent LLC 7.13%, <br> 2/1/2033 (a)<br>| &nbsp;&nbsp; 275 | &nbsp;&nbsp; 276 |
| M&T Bank Corp. |  |  |
| (SOFR + 2.26%), 6.08%, <br> 3/13/2032 (c)<br>| &nbsp;&nbsp; 1408 | &nbsp;&nbsp; 1506 |
| (SOFR + 1.61%), 5.39%, <br> 1/16/2036 (c)<br>| &nbsp;&nbsp; 1816 | &nbsp;&nbsp; 1867 |
| Madison IAQ LLC |  |  |
| 4.13%, 6/30/2028 (a) | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 1609 |
| 5.88%, 6/30/2029 (a) | &nbsp;&nbsp; 1475 | &nbsp;&nbsp; 1471 |
| Marriott International, Inc. 5.35%, <br> 3/15/2035<br>| &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1818 |
| Mars, Inc. 5.20%, 3/1/2035 (a) | &nbsp;&nbsp; 4065 | &nbsp;&nbsp; 4209 |
| Marvell Technology, Inc. |  |  |
| 2.95%, 4/15/2031 | &nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2197 |
| 5.45%, 7/15/2035 | &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1254 |
| Masterbrand, Inc. 7.00%, <br> 7/15/2032 (a)<br>| &nbsp;&nbsp; 3956 | &nbsp;&nbsp; 3981 |
| Matador Resources Co. |  |  |
| 6.25%, 4/15/2033 (a) | &nbsp;&nbsp; 1342 | &nbsp;&nbsp; 1366 |
| 6.00%, 4/15/2034 (a) | &nbsp;&nbsp; 336 | &nbsp;&nbsp; 336 |
| Mauser Packaging Solutions Holding Co. |  |  |
| 7.88%, 4/15/2030 (a) | &nbsp;&nbsp; 2490 | &nbsp;&nbsp; 2549 |
| 9.25%, 4/15/2030 (a) | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 478 |
| McGraw-Hill Education, Inc. 5.75%, <br> 8/1/2028 (a)<br>| &nbsp;&nbsp; 790 | &nbsp;&nbsp; 789 |
| Medline Borrower LP |  |  |
| 3.88%, 4/1/2029 (a) | &nbsp;&nbsp; 440 | &nbsp;&nbsp; 433 |
| 6.25%, 4/1/2029 (a) | &nbsp;&nbsp; 845 | &nbsp;&nbsp; 872 |
| 5.25%, 10/1/2029 (a) | &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1570 |
| Merck & Co., Inc. 5.55%, 12/4/2055 | &nbsp;&nbsp; 2820 | &nbsp;&nbsp; 2828 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Meta Platforms, Inc. |  |  |
| 4.88%, 11/15/2035 | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 1038 |
| 5.50%, 11/15/2045 | &nbsp;&nbsp; 2440 | &nbsp;&nbsp; 2411 |
| 4.45%, 8/15/2052 | &nbsp;&nbsp; 3701 | &nbsp;&nbsp; 3038 |
| 5.40%, 8/15/2054 | &nbsp;&nbsp; 2075 | &nbsp;&nbsp; 1959 |
| 5.63%, 11/15/2055 | &nbsp;&nbsp; 936 | &nbsp;&nbsp; 916 |
| MetLife, Inc. |  |  |
| 6.40%, 12/15/2036 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 455 |
| 9.25%, 4/8/2038 (a) | &nbsp;&nbsp; 3935 | &nbsp;&nbsp; 4689 |
| 10.75%, 8/1/2039 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 371 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.82%), 5.85%, 3/15/2056 (c)<br>| &nbsp;&nbsp; 1124 | &nbsp;&nbsp; 1116 |
| Metropolitan Life Global Funding I <br> 3.30%, 3/21/2029 (a)<br>| &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2053 |
| MGM Resorts International |  |  |
| 5.50%, 4/15/2027 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| 6.13%, 9/15/2029 | &nbsp;&nbsp; 581 | &nbsp;&nbsp; 597 |
| 6.50%, 4/15/2032 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1026 |
| Midcontinent Communications 8.00%, <br> 8/15/2032 (a)<br>| &nbsp;&nbsp; 518 | &nbsp;&nbsp; 488 |
| Millrose Properties, Inc., REIT 6.38%, <br> 8/1/2030 (a)<br>| &nbsp;&nbsp; 603 | &nbsp;&nbsp; 619 |
| MIWD Holdco II LLC 5.50%, <br> 2/1/2030 (a)<br>| &nbsp;&nbsp; 680 | &nbsp;&nbsp; 637 |
| MKS, Inc. 4.25%, 2/15/2034 (a) | &nbsp;&nbsp; EUR1,065 | &nbsp;&nbsp; 1259 |
| Molina Healthcare, Inc. 3.88%, <br> 11/15/2030 (a)<br>| &nbsp;&nbsp; 800 | &nbsp;&nbsp; 729 |
| Morgan Stanley |  |  |
| (SOFR + 0.88%), 1.59%, <br> 5/4/2027 (c)<br>| &nbsp;&nbsp; 11955 | &nbsp;&nbsp; 11905 |
| (SOFR + 1.61%), 4.21%, <br> 4/20/2028 (c)<br>| &nbsp;&nbsp; 967 | &nbsp;&nbsp; 969 |
| (SOFR + 1.73%), 5.12%, <br> 2/1/2029 (c)<br>| &nbsp;&nbsp; 3015 | &nbsp;&nbsp; 3078 |
| (SOFR + 1.59%), 5.16%, <br> 4/20/2029 (c)<br>| &nbsp;&nbsp; 965 | &nbsp;&nbsp; 987 |
| (SOFR + 1.63%), 5.45%, <br> 7/20/2029 (c)<br>| &nbsp;&nbsp; 7680 | &nbsp;&nbsp; 7919 |
| (SOFR + 1.10%), 4.65%, <br> 10/18/2030 (c)<br>| &nbsp;&nbsp; 2520 | &nbsp;&nbsp; 2561 |
| (SOFR + 1.11%), 5.23%, <br> 1/15/2031 (c)<br>| &nbsp;&nbsp; 4235 | &nbsp;&nbsp; 4386 |
| (SOFR + 1.14%), 2.70%, <br> 1/22/2031 (c)<br>| &nbsp;&nbsp; 11330 | &nbsp;&nbsp; 10721 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| (SOFR + 1.03%), 1.79%, <br> 2/13/2032 (c)<br>| &nbsp;&nbsp; 882 | &nbsp;&nbsp; 781 |
| (SOFR + 1.20%), 2.51%, <br> 10/20/2032 (c)<br>| &nbsp;&nbsp; 535 | &nbsp;&nbsp; 485 |
| (SOFR + 1.56%), 5.32%, <br> 7/19/2035 (c)<br>| &nbsp;&nbsp; 3570 | &nbsp;&nbsp; 3697 |
| (SOFR + 1.36%), 2.48%, <br> 9/16/2036 (c)<br>| &nbsp;&nbsp; 5235 | &nbsp;&nbsp; 4635 |
| (SOFR + 1.18%), 5.07%, <br> 1/30/2037 (c)<br>| &nbsp;&nbsp; 3069 | &nbsp;&nbsp; 3095 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.43%), 5.95%, 1/19/2038 (c)<br>| &nbsp;&nbsp; 4386 | &nbsp;&nbsp; 4622 |
| 3.97%, 7/22/2038 (i) | &nbsp;&nbsp; 3985 | &nbsp;&nbsp; 3625 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.17%), 5.31%, 1/18/2041 (c)<br>| &nbsp;&nbsp; 1750 | &nbsp;&nbsp; 1741 |
| Morgan Stanley Private Bank NA (SOFR + <br> 1.02%), 4.47%, 11/19/2031 (c)<br>| &nbsp;&nbsp; 3875 | &nbsp;&nbsp; 3899 |
| MPT Operating Partnership LP, REIT <br> 8.50%, 2/15/2032 (a)<br>| &nbsp;&nbsp; 413 | &nbsp;&nbsp; 442 |
| NCL Corp. Ltd. 5.88%, 1/15/2031 (a) | &nbsp;&nbsp; 1373 | &nbsp;&nbsp; 1387 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp; 1207 | &nbsp;&nbsp; 1296 |
| NCR Voyix Corp. 5.00%, 10/1/2028 (a) | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 801 |
| Neptune Bidco US, Inc. |  |  |
| 9.29%, 4/15/2029 (a) | &nbsp;&nbsp; 625 | &nbsp;&nbsp; 626 |
| 9.50%, 2/15/2033 (a) | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 424 |
| Netflix, Inc. 5.38%, 11/15/2029 (a) | &nbsp;&nbsp; 9956 | &nbsp;&nbsp; 10387 |
| New Albertsons LP |  |  |
| 7.45%, 8/1/2029 | &nbsp;&nbsp; 197 | &nbsp;&nbsp; 207 |
| 8.00%, 5/1/2031 | &nbsp;&nbsp; 480 | &nbsp;&nbsp; 525 |
| Newell Brands, Inc. |  |  |
| 8.50%, 6/1/2028 (a) | &nbsp;&nbsp; 490 | &nbsp;&nbsp; 516 |
| 6.63%, 9/15/2029 | &nbsp;&nbsp; 455 | &nbsp;&nbsp; 462 |
| 6.38%, 5/15/2030 | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 286 |
| 6.63%, 5/15/2032 | &nbsp;&nbsp; 1595 | &nbsp;&nbsp; 1595 |
| 7.50%, 4/1/2046 (j) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 267 |
| Nexstar Media, Inc. |  |  |
| 5.63%, 7/15/2027 (a) | &nbsp;&nbsp; 1612 | &nbsp;&nbsp; 1612 |
| 4.75%, 11/1/2028 (a) | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 1154 |
| NextEra Energy Capital Holdings, Inc. |  |  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.46%), 6.75%, 6/15/2054 (c)<br>| &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1809 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.36%), 6.70%, 9/1/2054 (c)<br>| &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1843 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.05%), 6.38%, 8/15/2055 (c)<br>| &nbsp;&nbsp; 705 | &nbsp;&nbsp; 732 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.98%), 6.50%, 8/15/2055 (c)<br>| &nbsp;&nbsp; 550 | &nbsp;&nbsp; 583 |
| NGL Energy Operating LLC 8.13%, <br> 2/15/2029 (a)<br>| &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1124 |
| NiSource, Inc. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year <br> + 2.45%), 6.95%, 11/30/2054 (c)<br>| &nbsp;&nbsp; 1808 | &nbsp;&nbsp; 1889 |
| NNN REIT, Inc., REIT 5.50%, 6/15/2034 | &nbsp;&nbsp; 930 | &nbsp;&nbsp; 972 |
| Noble Finance II LLC 8.00%, <br> 4/15/2030 (a)<br>| &nbsp;&nbsp; 423 | &nbsp;&nbsp; 440 |
| Novelis Corp. |  |  |
| 4.75%, 1/30/2030 (a) | &nbsp;&nbsp; 615 | &nbsp;&nbsp; 594 |
| 6.88%, 1/30/2030 (a) | &nbsp;&nbsp; 157 | &nbsp;&nbsp; 162 |
| Novelis Sheet Ingot GmbH 3.38%, <br> 4/15/2029 (d)<br>| &nbsp;&nbsp; EUR1,368 | &nbsp;&nbsp; 1596 |
| NRG Energy, Inc. |  |  |
| 5.75%, 1/15/2028 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 200 |
| 5.25%, 6/15/2029 (a) | &nbsp;&nbsp; 1420 | &nbsp;&nbsp; 1425 |
| 3.63%, 2/15/2031 (a) | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 817 |
| 5.41%, 10/15/2035 (a) | &nbsp;&nbsp; 1641 | &nbsp;&nbsp; 1659 |
| NuStar Logistics LP 5.63%, 4/28/2027 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1010 |
| OI European Group BV |  |  |
| 6.25%, 5/15/2028 (d) | &nbsp;&nbsp; EUR100 | &nbsp;&nbsp; 121 |
| 6.25%, 5/15/2028 (a) | &nbsp;&nbsp; EUR989 | &nbsp;&nbsp; 1195 |
| 5.25%, 6/1/2029 (a) | &nbsp;&nbsp; EUR1,043 | &nbsp;&nbsp; 1269 |
| ON Semiconductor Corp. 3.88%, <br> 9/1/2028 (a)<br>| &nbsp;&nbsp; 2301 | &nbsp;&nbsp; 2252 |
| OneMain Finance Corp. |  |  |
| 3.88%, 9/15/2028 | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 2080 |
| 4.00%, 9/15/2030 | &nbsp;&nbsp; 700 | &nbsp;&nbsp; 646 |
| Oracle Corp. |  |  |
| 5.70%, 2/4/2036 | &nbsp;&nbsp; 2128 | &nbsp;&nbsp; 2129 |
| 6.55%, 2/4/2046 | &nbsp;&nbsp; 2829 | &nbsp;&nbsp; 2757 |
| 4.00%, 7/15/2046 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 300 |
| 3.60%, 4/1/2050 | &nbsp;&nbsp; 2749 | &nbsp;&nbsp; 1720 |
| 3.95%, 3/25/2051 | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 540 |
| 5.38%, 9/27/2054 | &nbsp;&nbsp; 3149 | &nbsp;&nbsp; 2549 |
| 6.00%, 8/3/2055 | &nbsp;&nbsp; 160 | &nbsp;&nbsp; 141 |
| 6.70%, 2/4/2056 | &nbsp;&nbsp; 4128 | &nbsp;&nbsp; 4003 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 47

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 6.85%, 2/4/2066 | &nbsp;&nbsp; 2605 | &nbsp;&nbsp; 2496 |
| Organon & Co. |  |  |
| 2.88%, 4/30/2028 (d) | &nbsp;&nbsp; EUR1,576 | &nbsp;&nbsp; 1835 |
| 4.13%, 4/30/2028 (a) | &nbsp;&nbsp; 2880 | &nbsp;&nbsp; 2827 |
| 5.13%, 4/30/2031 (a) | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 755 |
| Outfront Media Capital LLC |  |  |
| 5.00%, 8/15/2027 (a) | &nbsp;&nbsp; 545 | &nbsp;&nbsp; 545 |
| 4.63%, 3/15/2030 (a) | &nbsp;&nbsp; 433 | &nbsp;&nbsp; 425 |
| Owens-Brockway Glass Container, Inc. <br> 6.63%, 5/13/2027 (a)<br>| &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1131 |
| Pacific Gas and Electric Co. |  |  |
| 4.65%, 8/1/2028 | &nbsp;&nbsp; 4230 | &nbsp;&nbsp; 4280 |
| 6.15%, 1/15/2033 | &nbsp;&nbsp; 2570 | &nbsp;&nbsp; 2762 |
| 6.40%, 6/15/2033 | &nbsp;&nbsp; 5220 | &nbsp;&nbsp; 5687 |
| 6.00%, 8/15/2035 | &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 1441 |
| 3.75%, 8/15/2042 (j) | &nbsp;&nbsp; 1530 | &nbsp;&nbsp; 1189 |
| 4.60%, 6/15/2043 | &nbsp;&nbsp; 2692 | &nbsp;&nbsp; 2303 |
| 4.75%, 2/15/2044 | &nbsp;&nbsp; 294 | &nbsp;&nbsp; 255 |
| 6.00%, 5/1/2056 | &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1254 |
| Performance Food Group, Inc. |  |  |
| 4.25%, 8/1/2029 (a) | &nbsp;&nbsp; 895 | &nbsp;&nbsp; 878 |
| 6.13%, 9/15/2032 (a) | &nbsp;&nbsp; 261 | &nbsp;&nbsp; 268 |
| 5.63%, 3/1/2034 (a) | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 391 |
| Permian Resources Operating LLC |  |  |
| 7.00%, 1/15/2032 (a) | &nbsp;&nbsp; 2020 | &nbsp;&nbsp; 2120 |
| 6.25%, 2/1/2033 (a) | &nbsp;&nbsp; 458 | &nbsp;&nbsp; 474 |
| Perrigo Finance Unlimited Co. |  |  |
| 5.38%, 9/30/2032 | &nbsp;&nbsp; EUR630 | &nbsp;&nbsp; 746 |
| 6.13%, 9/30/2032 | &nbsp;&nbsp; 330 | &nbsp;&nbsp; 323 |
| Petco Health & Wellness Co., Inc. 8.25%, <br> 2/1/2031 (a)<br>| &nbsp;&nbsp; 548 | &nbsp;&nbsp; 535 |
| PetSmart LLC 7.50%, 9/15/2032 (a) | &nbsp;&nbsp; 1137 | &nbsp;&nbsp; 1151 |
| PG&E Corp. |  |  |
| 5.00%, 7/1/2028 | &nbsp;&nbsp; 463 | &nbsp;&nbsp; 462 |
| 5.25%, 7/1/2030 | &nbsp;&nbsp; 410 | &nbsp;&nbsp; 410 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.88%), 7.38%, 3/15/2055 (c)<br>| &nbsp;&nbsp; 5548 | &nbsp;&nbsp; 5739 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 3.23%), 6.85%, 9/15/2056 (c)<br>| &nbsp;&nbsp; 1462 | &nbsp;&nbsp; 1460 |
| Philip Morris International, Inc. 5.63%, <br> 11/17/2029<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3169 |
| Piedmont Natural Gas Co., Inc. 3.35%, <br> 6/1/2050<br>| &nbsp;&nbsp; 853 | &nbsp;&nbsp; 594 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| PNC Financial Services Group, Inc. (The) |  |  |
| Series W, (US Treasury Yield Curve <br> Rate T Note Constant Maturity 7 <br> Year + 2.81%), 6.25%, <br> 3/15/2030 (c) (f) (g)<br>| &nbsp;&nbsp; 3486 | &nbsp;&nbsp; 3615 |
| (SOFR + 1.26%), 4.81%, <br> 10/21/2032 (c)<br>| &nbsp;&nbsp; 1975 | &nbsp;&nbsp; 2019 |
| (SOFR + 1.90%), 5.68%, <br> 1/22/2035 (c)<br>| &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1120 |
| (SOFR + 1.42%), 5.37%, <br> 7/21/2036 (c)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 518 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 1.17%), 5.42%, 1/25/2041 (c)<br>| &nbsp;&nbsp; 590 | &nbsp;&nbsp; 596 |
| Post Holdings, Inc. 4.63%, <br> 4/15/2030 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 979 |
| Prairie Acquiror LP 9.00%, <br> 8/1/2029 (a)<br>| &nbsp;&nbsp; 560 | &nbsp;&nbsp; 584 |
| Prestige Brands, Inc. 5.13%, <br> 1/15/2028 (a)<br>| &nbsp;&nbsp; 1270 | &nbsp;&nbsp; 1269 |
| Prime Security Services Borrower LLC |  |  |
| 5.75%, 4/15/2026 (a) | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 42 |
| 3.38%, 8/31/2027 (a) | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 39 |
| Primo Water Holdings, Inc. 6.25%, <br> 4/1/2029 (a)<br>| &nbsp;&nbsp; 586 | &nbsp;&nbsp; 586 |
| Prudential Financial, Inc. (US Treasury <br> Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.40%), 6.50%, <br> 3/15/2054 (c)<br>| &nbsp;&nbsp; 2395 | &nbsp;&nbsp; 2524 |
| Public Service Enterprise Group, Inc. <br> 1.60%, 8/15/2030<br>| &nbsp;&nbsp; 2695 | &nbsp;&nbsp; 2417 |
| Qnity Electronics, Inc. |  |  |
| 5.75%, 8/15/2032 (a) | &nbsp;&nbsp; 198 | &nbsp;&nbsp; 203 |
| 6.25%, 8/15/2033 (a) | &nbsp;&nbsp; 727 | &nbsp;&nbsp; 755 |
| Quikrete Holdings, Inc. 6.38%, <br> 3/1/2032 (a)<br>| &nbsp;&nbsp; 2052 | &nbsp;&nbsp; 2133 |
| QXO Building Products, Inc. 6.75%, <br> 4/30/2032 (a)<br>| &nbsp;&nbsp; 920 | &nbsp;&nbsp; 953 |
| Radiology Partners, Inc. 8.50%, <br> 7/15/2032 (a)<br>| &nbsp;&nbsp; 1213 | &nbsp;&nbsp; 1249 |
| Range Resources Corp. 4.75%, <br> 2/15/2030 (a)<br>| &nbsp;&nbsp; 575 | &nbsp;&nbsp; 569 |
| Raven Acquisition Holdings LLC 6.88%, <br> 11/15/2031 (a)<br>| &nbsp;&nbsp; 506 | &nbsp;&nbsp; 487 |
| RHP Hotel Properties LP, REIT |  |  |
| 4.75%, 10/15/2027 | &nbsp;&nbsp; 2489 | &nbsp;&nbsp; 2488 |
| 4.50%, 2/15/2029 (a) | &nbsp;&nbsp; 755 | &nbsp;&nbsp; 745 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 6.50%, 6/15/2033 (a) | &nbsp;&nbsp; 196 | &nbsp;&nbsp; 204 |
| 5.75%, 3/15/2034 (a) (e) | &nbsp;&nbsp; 234 | &nbsp;&nbsp; 236 |
| RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp; 3169 | &nbsp;&nbsp; 3328 |
| Rocket Cos., Inc. |  |  |
| 6.13%, 8/1/2030 (a) | &nbsp;&nbsp; 799 | &nbsp;&nbsp; 820 |
| 7.13%, 2/1/2032 (a) | &nbsp;&nbsp; 985 | &nbsp;&nbsp; 1030 |
| 6.38%, 8/1/2033 (a) | &nbsp;&nbsp; 424 | &nbsp;&nbsp; 438 |
| Rocket Mortgage LLC |  |  |
| 2.88%, 10/15/2026 (a) | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1156 |
| 3.63%, 3/1/2029 (a) | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 617 |
| 4.00%, 10/15/2033 (a) | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 400 |
| Rockies Express Pipeline LLC 6.75%, <br> 3/15/2033 (a)<br>| &nbsp;&nbsp; 344 | &nbsp;&nbsp; 362 |
| Royal Caribbean Cruises Ltd. |  |  |
| 5.63%, 9/30/2031 (a) | &nbsp;&nbsp; 556 | &nbsp;&nbsp; 573 |
| 6.25%, 3/15/2032 (a) | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 490 |
| 6.00%, 2/1/2033 (a) | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 718 |
| Saks Global Enterprises LLC 11.00%, <br> 12/15/2029 (a) (k)<br>| &nbsp;&nbsp; 505 | &nbsp;&nbsp; 2 |
| SBA Communications Corp., REIT <br> 3.13%, 2/1/2029<br>| &nbsp;&nbsp; 295 | &nbsp;&nbsp; 284 |
| SCIL IV LLC 9.50%, 7/15/2028 (d) | &nbsp;&nbsp; EUR960 | &nbsp;&nbsp; 1189 |
| Scotts Miracle-Gro Co. (The) |  |  |
| 5.25%, 12/15/2026 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 395 |
| 4.50%, 10/15/2029 | &nbsp;&nbsp; 2197 | &nbsp;&nbsp; 2173 |
| 4.00%, 4/1/2031 | &nbsp;&nbsp; 2495 | &nbsp;&nbsp; 2359 |
| 4.38%, 2/1/2032 | &nbsp;&nbsp; 2680 | &nbsp;&nbsp; 2547 |
| Seagate Data Storage Technology Pte. <br> Ltd.<br>|  |  |
| 4.09%, 6/1/2029 (a) | &nbsp;&nbsp; 1369 | &nbsp;&nbsp; 1343 |
| 8.25%, 12/15/2029 (a) | &nbsp;&nbsp; 825 | &nbsp;&nbsp; 871 |
| 5.75%, 12/1/2034 (a) | &nbsp;&nbsp; 485 | &nbsp;&nbsp; 496 |
| Sempra |  |  |
| 3.80%, 2/1/2038 | &nbsp;&nbsp; 1865 | &nbsp;&nbsp; 1629 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.63%), 6.38%, 4/1/2056 (c)<br>| &nbsp;&nbsp; 831 | &nbsp;&nbsp; 851 |
| Sensata Technologies BV |  |  |
| 4.00%, 4/15/2029 (a) | &nbsp;&nbsp; 1217 | &nbsp;&nbsp; 1191 |
| 5.88%, 9/1/2030 (a) | &nbsp;&nbsp; 200 | &nbsp;&nbsp; 202 |
| Sensata Technologies, Inc. |  |  |
| 3.75%, 2/15/2031 (a) | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 10 |
| 6.63%, 7/15/2032 (a) | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2931 |
| Service Corp. International |  |  |
| 5.13%, 6/1/2029 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 326 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 3.38%, 8/15/2030 | &nbsp;&nbsp; 974 | &nbsp;&nbsp; 915 |
| Shift4 Payments LLC 6.75%, <br> 8/15/2032 (a)<br>| &nbsp;&nbsp; 392 | &nbsp;&nbsp; 384 |
| Shutterfly Finance LLC |  |  |
| 8.50% (Cash), 10/1/2027 (a) (h) | &nbsp;&nbsp; 1329 | &nbsp;&nbsp; 1243 |
| 9.75%, 10/1/2027 (a) | &nbsp;&nbsp; 173 | &nbsp;&nbsp; 172 |
| Silgan Holdings, Inc. |  |  |
| 2.25%, 6/1/2028 | &nbsp;&nbsp; EUR433 | &nbsp;&nbsp; 503 |
| 4.25%, 2/15/2031 (a) | &nbsp;&nbsp; EUR1,500 | &nbsp;&nbsp; 1797 |
| Sinclair Television Group, Inc. 8.13%, <br> 2/15/2033 (a)<br>| &nbsp;&nbsp; 1197 | &nbsp;&nbsp; 1246 |
| Sirius XM Radio LLC |  |  |
| 4.00%, 7/15/2028 (a) | &nbsp;&nbsp; 1583 | &nbsp;&nbsp; 1545 |
| 5.50%, 7/1/2029 (a) | &nbsp;&nbsp; 2426 | &nbsp;&nbsp; 2428 |
| 4.13%, 7/1/2030 (a) | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 566 |
| 5.88%, 4/15/2032 (a) | &nbsp;&nbsp; 774 | &nbsp;&nbsp; 772 |
| Six Flags Entertainment Corp. |  |  |
| 5.25%, 7/15/2029 | &nbsp;&nbsp; 409 | &nbsp;&nbsp; 393 |
| 8.63%, 1/15/2032 (a) | &nbsp;&nbsp; 358 | &nbsp;&nbsp; 363 |
| 6.63%, 5/1/2032 (a) | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1190 |
| SM Energy Co. |  |  |
| 6.63%, 1/15/2027 | &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 2182 |
| 8.38%, 7/1/2028 (a) | &nbsp;&nbsp; 1025 | &nbsp;&nbsp; 1059 |
| 6.75%, 8/1/2029 (a) | &nbsp;&nbsp; 469 | &nbsp;&nbsp; 480 |
| 8.75%, 7/1/2031 (a) | &nbsp;&nbsp; 995 | &nbsp;&nbsp; 1045 |
| 7.00%, 8/1/2032 (a) | &nbsp;&nbsp; 402 | &nbsp;&nbsp; 409 |
| 9.63%, 6/15/2033 (a) | &nbsp;&nbsp; 264 | &nbsp;&nbsp; 292 |
| Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp; 252 | &nbsp;&nbsp; 251 |
| Solstice Advanced Materials, Inc. 5.63%, <br> 9/30/2033 (a)<br>| &nbsp;&nbsp; 952 | &nbsp;&nbsp; 962 |
| Solventum Corp. 5.60%, 3/23/2034 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 387 |
| Somnigroup International, Inc. |  |  |
| 4.00%, 4/15/2029 (a) | &nbsp;&nbsp; 3965 | &nbsp;&nbsp; 3853 |
| 3.88%, 10/15/2031 (a) | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 408 |
| Sonic Automotive, Inc. 4.63%, <br> 11/15/2029 (a)<br>| &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 2271 |
| Southern California Edison Co. |  |  |
| Series A, 4.20%, 3/1/2029 | &nbsp;&nbsp; 2217 | &nbsp;&nbsp; 2219 |
| 5.45%, 3/1/2035 | &nbsp;&nbsp; 527 | &nbsp;&nbsp; 542 |
| Series 13-A, 3.90%, 3/15/2043 | &nbsp;&nbsp; 564 | &nbsp;&nbsp; 445 |
| 3.65%, 2/1/2050 | &nbsp;&nbsp; 1513 | &nbsp;&nbsp; 1084 |
| Southern Co. Gas Capital Corp. Series <br> 20-A, 1.75%, 1/15/2031<br>| &nbsp;&nbsp; 1724 | &nbsp;&nbsp; 1541 |
| Spectrum Brands, Inc. 3.88%, <br> 3/15/2031 (a)<br>| &nbsp;&nbsp; 217 | &nbsp;&nbsp; 190 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 49

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Sprint Capital Corp. 6.88%, <br> 11/15/2028<br>| &nbsp;&nbsp; 4210 | &nbsp;&nbsp; 4516 |
| SS&C Technologies, Inc. |  |  |
| 5.50%, 9/30/2027 (a) | &nbsp;&nbsp; 2035 | &nbsp;&nbsp; 2032 |
| 6.50%, 6/1/2032 (a) | &nbsp;&nbsp; 2880 | &nbsp;&nbsp; 2935 |
| Stagwell Global LLC 5.63%, <br> 8/15/2029 (a)<br>| &nbsp;&nbsp; 1464 | &nbsp;&nbsp; 1349 |
| Standard Building Solutions, Inc. 6.25%, <br> 8/1/2033 (a)<br>| &nbsp;&nbsp; 137 | &nbsp;&nbsp; 140 |
| Standard Industries, Inc. |  |  |
| 4.75%, 1/15/2028 (a) | &nbsp;&nbsp; 3900 | &nbsp;&nbsp; 3888 |
| 4.38%, 7/15/2030 (a) | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 405 |
| Staples, Inc. |  |  |
| 10.75%, 9/1/2029 (a) | &nbsp;&nbsp; 3005 | &nbsp;&nbsp; 2757 |
| 12.75%, 1/15/2030 (a) | &nbsp;&nbsp; 403 | &nbsp;&nbsp; 283 |
| State Street Corp. Series I, (US Treasury <br> Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.61%), 6.70%, <br> 3/15/2029 (c) (f) (g)<br>| &nbsp;&nbsp; 821 | &nbsp;&nbsp; 860 |
| Station Casinos LLC 6.63%, <br> 3/15/2032 (a)<br>| &nbsp;&nbsp; 505 | &nbsp;&nbsp; 517 |
| Stellantis Finance US, Inc. |  |  |
| 5.75%, 3/18/2030 (a) | &nbsp;&nbsp; 1181 | &nbsp;&nbsp; 1210 |
| 6.45%, 3/18/2035 (a) | &nbsp;&nbsp; 2660 | &nbsp;&nbsp; 2749 |
| Sunoco LP |  |  |
| 4.50%, 4/30/2030 | &nbsp;&nbsp; 250 | &nbsp;&nbsp; 245 |
| 5.38%, 7/15/2031 (a) (e) | &nbsp;&nbsp; 310 | &nbsp;&nbsp; 311 |
| Surgery Center Holdings, Inc. 7.25%, <br> 4/15/2032 (a)<br>| &nbsp;&nbsp; 650 | &nbsp;&nbsp; 649 |
| SV RNO Property Owner 1 LLC 5.88%, <br> 3/1/2031 (a)<br>| &nbsp;&nbsp; 905 | &nbsp;&nbsp; 909 |
| Synaptics, Inc. 4.00%, 6/15/2029 (a) | &nbsp;&nbsp; 2590 | &nbsp;&nbsp; 2499 |
| Synopsys, Inc. 5.70%, 4/1/2055 | &nbsp;&nbsp; 1117 | &nbsp;&nbsp; 1116 |
| Take-Two Interactive Software, Inc. |  |  |
| 5.40%, 6/12/2029 | &nbsp;&nbsp; 305 | &nbsp;&nbsp; 316 |
| 5.60%, 6/12/2034 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1271 |
| Talen Energy Supply LLC 6.25%, <br> 2/1/2034 (a)<br>| &nbsp;&nbsp; 1676 | &nbsp;&nbsp; 1706 |
| Tallgrass Energy Partners LP |  |  |
| 5.50%, 1/15/2028 (a) | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 105 |
| 7.38%, 2/15/2029 (a) | &nbsp;&nbsp; 1320 | &nbsp;&nbsp; 1368 |
| 6.00%, 12/31/2030 (a) | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 405 |
| 6.00%, 9/1/2031 (a) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1516 |
| 6.75%, 3/15/2034 (a) | &nbsp;&nbsp; 1162 | &nbsp;&nbsp; 1194 |
| TEGNA, Inc. 4.63%, 3/15/2028 | &nbsp;&nbsp; 505 | &nbsp;&nbsp; 504 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Tenet Healthcare Corp. |  |  |
| 5.13%, 11/1/2027 | &nbsp;&nbsp; 1237 | &nbsp;&nbsp; 1238 |
| 4.63%, 6/15/2028 | &nbsp;&nbsp; 1665 | &nbsp;&nbsp; 1663 |
| 6.13%, 10/1/2028 | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 244 |
| 4.25%, 6/1/2029 | &nbsp;&nbsp; 420 | &nbsp;&nbsp; 414 |
| 6.13%, 6/15/2030 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| 6.75%, 5/15/2031 | &nbsp;&nbsp; 735 | &nbsp;&nbsp; 763 |
| Terex Corp. |  |  |
| 5.00%, 5/15/2029 (a) | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 1218 |
| 6.25%, 10/15/2032 (a) | &nbsp;&nbsp; 781 | &nbsp;&nbsp; 804 |
| Thermo Fisher Scientific, Inc. 0.88%, <br> 10/1/2031<br>| &nbsp;&nbsp; EUR200 | &nbsp;&nbsp; 211 |
| T-Mobile USA, Inc. |  |  |
| 2.63%, 2/15/2029 | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 971 |
| 3.38%, 4/15/2029 | &nbsp;&nbsp; 4380 | &nbsp;&nbsp; 4301 |
| 2.25%, 11/15/2031 | &nbsp;&nbsp; 3778 | &nbsp;&nbsp; 3393 |
| TopBuild Corp. 5.63%, 1/31/2034 (a) | &nbsp;&nbsp; 352 | &nbsp;&nbsp; 355 |
| TransDigm, Inc. |  |  |
| 6.38%, 3/1/2029 (a) | &nbsp;&nbsp; 611 | &nbsp;&nbsp; 628 |
| 6.63%, 3/1/2032 (a) | &nbsp;&nbsp; 612 | &nbsp;&nbsp; 634 |
| Transocean International Ltd. 8.25%, <br> 5/15/2029 (a)<br>| &nbsp;&nbsp; 678 | &nbsp;&nbsp; 706 |
| Trinity Industries, Inc. 7.75%, <br> 7/15/2028 (a)<br>| &nbsp;&nbsp; 1370 | &nbsp;&nbsp; 1410 |
| Trinseo Luxco Finance SPV SARL 7.63% <br> (Blend (Cash 5.13% + PIK 2.50%)), <br> 5/3/2029 (a) (h)<br>| &nbsp;&nbsp; 629 | &nbsp;&nbsp; 25 |
| Truist Financial Corp. |  |  |
| (SOFR + 2.30%), 6.12%, <br> 10/28/2033 (c)<br>| &nbsp;&nbsp; 945 | &nbsp;&nbsp; 1026 |
| (SOFR + 1.85%), 5.12%, <br> 1/26/2034 (c)<br>| &nbsp;&nbsp; 3876 | &nbsp;&nbsp; 3976 |
| (SOFR + 2.36%), 5.87%, <br> 6/8/2034 (c)<br>| &nbsp;&nbsp; 3181 | &nbsp;&nbsp; 3403 |
| (SOFR + 1.92%), 5.71%, <br> 1/24/2035 (c)<br>| &nbsp;&nbsp; 580 | &nbsp;&nbsp; 615 |
| (SOFR + 1.40%), 4.96%, <br> 10/23/2036 (c)<br>| &nbsp;&nbsp; 3330 | &nbsp;&nbsp; 3325 |
| Uber Technologies, Inc. |  |  |
| 4.80%, 9/15/2035 | &nbsp;&nbsp; 3875 | &nbsp;&nbsp; 3857 |
| 5.35%, 9/15/2054 | &nbsp;&nbsp; 510 | &nbsp;&nbsp; 486 |
| UGI International LLC 2.50%, <br> 12/1/2029 (d)<br>| &nbsp;&nbsp; EUR905 | &nbsp;&nbsp; 1022 |
| Union Electric Co. 3.90%, 4/1/2052 | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 689 |
| United Airlines Holdings, Inc. 4.88%, <br> 3/1/2029<br>| &nbsp;&nbsp; 445 | &nbsp;&nbsp; 448 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| United Rentals North America, Inc. <br> 5.38%, 11/15/2033 (a)<br>| &nbsp;&nbsp; 1824 | &nbsp;&nbsp; 1839 |
| Univision Communications, Inc. |  |  |
| 8.00%, 8/15/2028 (a) | &nbsp;&nbsp; 690 | &nbsp;&nbsp; 709 |
| 9.38%, 8/1/2032 (a) | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 1650 |
| US Bancorp (SOFR + 1.86%), 5.68%, <br> 1/23/2035 (c)<br>| &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1168 |
| US Foods, Inc. 4.75%, 2/15/2029 (a) | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 134 |
| Vail Resorts, Inc. 6.50%, <br> 5/15/2032 (a)<br>| &nbsp;&nbsp; 410 | &nbsp;&nbsp; 425 |
| Ventas Realty LP, REIT 5.00%, <br> 1/15/2035<br>| &nbsp;&nbsp; 2645 | &nbsp;&nbsp; 2670 |
| Venture Global LNG, Inc. |  |  |
| 8.13%, 6/1/2028 (a) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 564 |
| 9.50%, 2/1/2029 (a) | &nbsp;&nbsp; 1405 | &nbsp;&nbsp; 1507 |
| 7.00%, 1/15/2030 (a) | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 649 |
| 9.88%, 2/1/2032 (a) | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 792 |
| Venture Global Plaquemines LNG LLC |  |  |
| 6.13%, 12/15/2030 (a) | &nbsp;&nbsp; 479 | &nbsp;&nbsp; 498 |
| 6.50%, 6/15/2034 (a) | &nbsp;&nbsp; 338 | &nbsp;&nbsp; 355 |
| VF Corp. 2.95%, 4/23/2030 | &nbsp;&nbsp; 1120 | &nbsp;&nbsp; 1028 |
| Viavi Solutions, Inc. 3.75%, <br> 10/1/2029 (a)<br>| &nbsp;&nbsp; 222 | &nbsp;&nbsp; 211 |
| VICI Properties LP, REIT |  |  |
| 5.75%, 2/1/2027 (a) | &nbsp;&nbsp; 258 | &nbsp;&nbsp; 260 |
| 4.63%, 12/1/2029 (a) | &nbsp;&nbsp; 664 | &nbsp;&nbsp; 663 |
| Viking Cruises Ltd. 5.88%, <br> 10/15/2033 (a)<br>| &nbsp;&nbsp; 1364 | &nbsp;&nbsp; 1392 |
| Vistra Operations Co. LLC |  |  |
| 3.70%, 1/30/2027 (a) | &nbsp;&nbsp; 3157 | &nbsp;&nbsp; 3142 |
| 5.63%, 2/15/2027 (a) | &nbsp;&nbsp; 820 | &nbsp;&nbsp; 820 |
| 4.38%, 5/1/2029 (a) | &nbsp;&nbsp; 1126 | &nbsp;&nbsp; 1114 |
| 4.60%, 10/15/2030 (a) | &nbsp;&nbsp; 579 | &nbsp;&nbsp; 583 |
| 6.88%, 4/15/2032 (a) | &nbsp;&nbsp; 457 | &nbsp;&nbsp; 481 |
| 6.00%, 4/15/2034 (a) | &nbsp;&nbsp; 4180 | &nbsp;&nbsp; 4431 |
| 5.70%, 12/30/2034 (a) | &nbsp;&nbsp; 875 | &nbsp;&nbsp; 907 |
| 5.25%, 10/15/2035 (a) | &nbsp;&nbsp; 1398 | &nbsp;&nbsp; 1401 |
| 5.35%, 1/31/2036 (a) | &nbsp;&nbsp; 2785 | &nbsp;&nbsp; 2804 |
| VoltaGrid LLC 7.38%, 11/1/2030 (a) | &nbsp;&nbsp; 705 | &nbsp;&nbsp; 736 |
| Wabash National Corp. 4.50%, <br> 10/15/2028 (a)<br>| &nbsp;&nbsp; 2825 | &nbsp;&nbsp; 2602 |
| Wand NewCo 3, Inc. 7.63%, <br> 1/30/2032 (a)<br>| &nbsp;&nbsp; 856 | &nbsp;&nbsp; 893 |
| Wayfair LLC |  |  |
| 7.25%, 10/31/2029 (a) | &nbsp;&nbsp; 1560 | &nbsp;&nbsp; 1612 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| 7.75%, 9/15/2030 (a) | &nbsp;&nbsp; 693 | &nbsp;&nbsp; 729 |
| 6.75%, 11/15/2032 (a) | &nbsp;&nbsp; 1495 | &nbsp;&nbsp; 1524 |
| Weekley Homes LLC 4.88%, <br> 9/15/2028 (a)<br>| &nbsp;&nbsp; 980 | &nbsp;&nbsp; 967 |
| Wells Fargo & Co. |  |  |
| (SOFR + 1.51%), 3.53%, <br> 3/24/2028 (c)<br>| &nbsp;&nbsp; 4820 | &nbsp;&nbsp; 4795 |
| (3-MONTH CME TERM SOFR + <br> 1.57%), 3.58%, 5/22/2028 (c)<br>| &nbsp;&nbsp; 3320 | &nbsp;&nbsp; 3302 |
| (SOFR + 1.74%), 5.57%, <br> 7/25/2029 (c)<br>| &nbsp;&nbsp; 7130 | &nbsp;&nbsp; 7376 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + <br> 2.77%), 6.85%, 9/15/2029 (c) <br> (f) (g)<br>| &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2584 |
| (SOFR + 1.11%), 5.24%, <br> 1/24/2031 (c)<br>| &nbsp;&nbsp; 3080 | &nbsp;&nbsp; 3195 |
| (SOFR + 1.78%), 5.50%, <br> 1/23/2035 (c)<br>| &nbsp;&nbsp; 7420 | &nbsp;&nbsp; 7773 |
| (SOFR + 1.74%), 5.61%, <br> 4/23/2036 (c)<br>| &nbsp;&nbsp; 5965 | &nbsp;&nbsp; 6274 |
| (SOFR + 1.10%), 4.96%, <br> 1/23/2037 (c)<br>| &nbsp;&nbsp; 2820 | &nbsp;&nbsp; 2831 |
| 4.90%, 11/17/2045 | &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1093 |
| Welltower OP LLC, REIT 3.85%, <br> 6/15/2032<br>| &nbsp;&nbsp; 1390 | &nbsp;&nbsp; 1360 |
| WESCO Distribution, Inc. |  |  |
| 7.25%, 6/15/2028 (a) | &nbsp;&nbsp; 550 | &nbsp;&nbsp; 554 |
| 6.38%, 3/15/2029 (a) | &nbsp;&nbsp; 803 | &nbsp;&nbsp; 826 |
| 5.25%, 4/15/2031 (a) | &nbsp;&nbsp; 268 | &nbsp;&nbsp; 268 |
| 6.63%, 3/15/2032 (a) | &nbsp;&nbsp; 470 | &nbsp;&nbsp; 489 |
| 6.38%, 3/15/2033 (a) | &nbsp;&nbsp; 300 | &nbsp;&nbsp; 313 |
| Williams Scotsman, Inc. |  |  |
| 6.63%, 6/15/2029 (a) | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1079 |
| 6.63%, 4/15/2030 (a) | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 165 |
| WP Carey, Inc., REIT |  |  |
| 2.40%, 2/1/2031 | &nbsp;&nbsp; 580 | &nbsp;&nbsp; 529 |
| 2.25%, 4/1/2033 | &nbsp;&nbsp; 1302 | &nbsp;&nbsp; 1111 |
| WR Grace Holdings LLC |  |  |
| 5.63%, 8/15/2029 (a) | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 1514 |
| 6.63%, 8/15/2032 (a) | &nbsp;&nbsp; 1267 | &nbsp;&nbsp; 1282 |
| 7.00%, 8/1/2033 (a) | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 167 |
| WULF Compute LLC 7.75%, <br> 10/15/2030 (a)<br>| &nbsp;&nbsp; 4032 | &nbsp;&nbsp; 4270 |
| Wynn Resorts Finance LLC |  |  |
| 5.13%, 10/1/2029 (a) | &nbsp;&nbsp; 3544 | &nbsp;&nbsp; 3564 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 51

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| 6.25%, 3/15/2033 (a) | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 445 |
| Xerox Corp. 10.25%, 10/15/2030 (a) | &nbsp;&nbsp; 332 | &nbsp;&nbsp; 239 |
| Xerox Holdings Corp. 8.88%, <br> 11/30/2029 (a)<br>| &nbsp;&nbsp; 623 | &nbsp;&nbsp; 178 |
| XPO, Inc. 7.13%, 2/1/2032 (a) | &nbsp;&nbsp; 1655 | &nbsp;&nbsp; 1734 |
|  |  | &nbsp;&nbsp; 1283443 |
| Total Corporate Bonds <br>(Cost $2,207,140)<br>|  | &nbsp;&nbsp; 2248399 |
| **Foreign Government Securities — 22.0%** | **Foreign Government Securities — 22.0%** | **Foreign Government Securities — 22.0%** |
| **Argentina — 0.3%** | **Argentina — 0.3%** | **Argentina — 0.3%** |
| Argentine Republic 4.12%, <br> 7/9/2035 (j)<br>| &nbsp;&nbsp; 16110 | &nbsp;&nbsp; 12117 |
| **Bahamas — 0.0% ^** | **Bahamas — 0.0% ^** | **Bahamas — 0.0% ^** |
| Commonwealth of the Bahamas 8.25%, <br> 6/24/2036 (a)<br>| &nbsp;&nbsp; 1607 | &nbsp;&nbsp; 1798 |
| **Benin — 0.3%** | **Benin — 0.3%** | **Benin — 0.3%** |
| Benin Government Bond |  |  |
| 7.96%, 2/13/2038 (a) | &nbsp;&nbsp; 2428 | &nbsp;&nbsp; 2546 |
| 7.96%, 2/13/2038 (d) | &nbsp;&nbsp; 7552 | &nbsp;&nbsp; 7918 |
|  |  | &nbsp;&nbsp; 10464 |
| **Brazil — 1.8%** | **Brazil — 1.8%** | **Brazil — 1.8%** |
| Notas do Tesouro Nacional |  |  |
| 10.00%, 1/1/2031 | &nbsp;&nbsp; BRL340,000 | &nbsp;&nbsp; 59377 |
| 10.00%, 1/1/2037 | &nbsp;&nbsp; BRL92,000 | &nbsp;&nbsp; 14581 |
|  |  | &nbsp;&nbsp; 73958 |
| **Canada — 1.7%** | **Canada — 1.7%** | **Canada — 1.7%** |
| Canada Government Bond 3.25%, <br> 6/1/2035<br>| &nbsp;&nbsp; CAD94,811 | &nbsp;&nbsp; 70392 |
| **Colombia — 1.7%** | **Colombia — 1.7%** | **Colombia — 1.7%** |
| Republic of Colombia |  |  |
| 6.13%, 1/21/2031 | &nbsp;&nbsp; 1843 | &nbsp;&nbsp; 1838 |
| 5.00%, 9/19/2032 | &nbsp;&nbsp; EUR2,368 | &nbsp;&nbsp; 2713 |
| 13.25%, 2/9/2033 | &nbsp;&nbsp; COP97,657,000 | &nbsp;&nbsp; 25217 |
| 7.50%, 2/2/2034 | &nbsp;&nbsp; 640 | &nbsp;&nbsp; 665 |
| 11.75%, 1/24/2035 | &nbsp;&nbsp; COP161,328,400 | &nbsp;&nbsp; 38288 |
|  |  | &nbsp;&nbsp; 68721 |
| **Congo, Democratic Republic of the — 0.1%** | **Congo, Democratic Republic of the — 0.1%** | **Congo, Democratic Republic of the — 0.1%** |
| Republic of Congo (The) 9.88%, <br> 11/7/2032 (d)<br>| &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 3793 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Costa Rica — 0.3%** | **Costa Rica — 0.3%** | **Costa Rica — 0.3%** |
| Republic of Costa Rica |  |  |
| 6.00%, 1/16/2036 (a) | &nbsp;&nbsp; EUR6,750 | &nbsp;&nbsp; 8332 |
| 7.30%, 11/13/2054 (a) | &nbsp;&nbsp; 2994 | &nbsp;&nbsp; 3420 |
|  |  | &nbsp;&nbsp; 11752 |
| **Czech Republic — 1.1%** | **Czech Republic — 1.1%** | **Czech Republic — 1.1%** |
| Czech Republic |  |  |
| 4.90%, 4/14/2034 | &nbsp;&nbsp; CZK434,150 | &nbsp;&nbsp; 22265 |
| 3.50%, 5/30/2035 | &nbsp;&nbsp; CZK504,790 | &nbsp;&nbsp; 23260 |
|  |  | &nbsp;&nbsp; 45525 |
| **Ecuador — 0.4%** | **Ecuador — 0.4%** | **Ecuador — 0.4%** |
| Republic of Ecuador |  |  |
| 8.75%, 1/29/2034 (a) | &nbsp;&nbsp; 2858 | &nbsp;&nbsp; 2884 |
| 6.90%, 7/31/2035 (d) (j) | &nbsp;&nbsp; 7458 | &nbsp;&nbsp; 6767 |
| 9.25%, 1/29/2039 (a) | &nbsp;&nbsp; 1244 | &nbsp;&nbsp; 1265 |
| 5.00%, 7/31/2040 (d) (j) | &nbsp;&nbsp; 5722 | &nbsp;&nbsp; 4669 |
|  |  | &nbsp;&nbsp; 15585 |
| **Egypt — 0.2%** | **Egypt — 0.2%** | **Egypt — 0.2%** |
| Arab Republic of Egypt |  |  |
| 7.63%, 5/29/2032 (d) | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; 3773 |
| 7.90%, 2/21/2048 (d) | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 3698 |
|  |  | &nbsp;&nbsp; 7471 |
| **Guatemala — 0.2%** | **Guatemala — 0.2%** | **Guatemala — 0.2%** |
| Republic of Guatemala 6.05%, <br> 8/6/2031 (a)<br>| &nbsp;&nbsp; 6433 | &nbsp;&nbsp; 6761 |
| **Honduras — 0.1%** | **Honduras — 0.1%** | **Honduras — 0.1%** |
| Republic of Honduras 8.63%, <br> 11/27/2034 (d)<br>| &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3949 |
| **Hungary — 0.4%** | **Hungary — 0.4%** | **Hungary — 0.4%** |
| Hungary Government Bond |  |  |
| 5.50%, 3/26/2036 (a) | &nbsp;&nbsp; 8143 | &nbsp;&nbsp; 8249 |
| 4.88%, 3/22/2040 (d) | &nbsp;&nbsp; EUR6,400 | &nbsp;&nbsp; 7744 |
|  |  | &nbsp;&nbsp; 15993 |
| **Indonesia — 1.5%** | **Indonesia — 1.5%** | **Indonesia — 1.5%** |
| Republic of Indonesia |  |  |
| 6.88%, 4/15/2029 | &nbsp;&nbsp; IDR276,148,000 | &nbsp;&nbsp; 17154 |
| 7.00%, 2/15/2033 | &nbsp;&nbsp; IDR168,525,000 | &nbsp;&nbsp; 10449 |
| 6.75%, 7/15/2035 | &nbsp;&nbsp; IDR537,558,000 | &nbsp;&nbsp; 32762 |
|  |  | &nbsp;&nbsp; 60365 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** | **Ivory Coast — 0.4%** |
| Republic of Cote d'Ivoire |  |  |
| 6.13%, 6/15/2033 (d) | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1119 |
| 8.08%, 4/1/2036 (a) | &nbsp;&nbsp; 3908 | &nbsp;&nbsp; 4213 |
| 8.25%, 1/30/2037 (d) | &nbsp;&nbsp; 2135 | &nbsp;&nbsp; 2332 |
| 6.88%, 10/17/2040 (a) | &nbsp;&nbsp; EUR7,400 | &nbsp;&nbsp; 8806 |
|  |  | &nbsp;&nbsp; 16470 |
| **Japan — 0.6%** | **Japan — 0.6%** | **Japan — 0.6%** |
| Japan Government Bond 3.10%, <br> 3/20/2065<br>| &nbsp;&nbsp; JPY3,947,400 | &nbsp;&nbsp; 23392 |
| **Kenya — 0.2%** | **Kenya — 0.2%** | **Kenya — 0.2%** |
| Republic of Kenya |  |  |
| 9.50%, 3/5/2036 (a) | &nbsp;&nbsp; 4372 | &nbsp;&nbsp; 4594 |
| 8.80%, 10/9/2038 (a) | &nbsp;&nbsp; 1119 | &nbsp;&nbsp; 1107 |
| 8.70%, 2/26/2039 (a) | &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 2157 |
|  |  | &nbsp;&nbsp; 7858 |
| **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** | **Lebanon — 0.0% ^** |
| Lebanese Republic |  |  |
| 6.65%, 4/22/2024 (d) (k) | &nbsp;&nbsp; 3207 | &nbsp;&nbsp; 935 |
| 6.65%, 11/3/2028 (d) (k) | &nbsp;&nbsp; 3134 | &nbsp;&nbsp; 913 |
|  |  | &nbsp;&nbsp; 1848 |
| **Mexico — 4.3%** | **Mexico — 4.3%** | **Mexico — 4.3%** |
| Eagle Funding Luxco SARL 5.50%, <br> 8/17/2030 (a)<br>| &nbsp;&nbsp; 7092 | &nbsp;&nbsp; 7234 |
| Mex Bonos Desarr Fix Rt |  |  |
| 8.50%, 2/28/2030 | &nbsp;&nbsp; MXN924,400 | &nbsp;&nbsp; 54930 |
| 7.75%, 5/29/2031 | &nbsp;&nbsp; MXN721,220 | &nbsp;&nbsp; 41353 |
| 7.75%, 11/23/2034 | &nbsp;&nbsp; MXN453,000 | &nbsp;&nbsp; 25104 |
| 8.00%, 5/24/2035 | &nbsp;&nbsp; MXN647,590 | &nbsp;&nbsp; 35979 |
| United Mexican States |  |  |
| 5.38%, 5/16/2040 | &nbsp;&nbsp; EUR3,036 | &nbsp;&nbsp; 3630 |
| 3.77%, 5/24/2061 | &nbsp;&nbsp; 7068 | &nbsp;&nbsp; 4425 |
|  |  | &nbsp;&nbsp; 172655 |
| **Morocco — 0.2%** | **Morocco — 0.2%** | **Morocco — 0.2%** |
| Kingdom of Morocco |  |  |
| 6.50%, 9/8/2033 (d) | &nbsp;&nbsp; 3220 | &nbsp;&nbsp; 3513 |
| 4.00%, 12/15/2050 (d) | &nbsp;&nbsp; 5210 | &nbsp;&nbsp; 3825 |
|  |  | &nbsp;&nbsp; 7338 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Nigeria — 0.4%** | **Nigeria — 0.4%** | **Nigeria — 0.4%** |
| Federal Republic of Nigeria |  |  |
| 6.13%, 9/28/2028 (d) | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4537 |
| 9.13%, 1/13/2046 (a) | &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 10336 |
|  |  | &nbsp;&nbsp; 14873 |
| **Pakistan — 0.1%** | **Pakistan — 0.1%** | **Pakistan — 0.1%** |
| Islamic Republic of Pakistan 6.88%, <br> 12/5/2027 (d)<br>| &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 3829 |
| **Panama — 0.3%** | **Panama — 0.3%** | **Panama — 0.3%** |
| Republic of Panama |  |  |
| 5.66%, 2/23/2038 | &nbsp;&nbsp; 2401 | &nbsp;&nbsp; 2411 |
| 3.87%, 7/23/2060 | &nbsp;&nbsp; 11600 | &nbsp;&nbsp; 8059 |
|  |  | &nbsp;&nbsp; 10470 |
| **Paraguay — 0.2%** | **Paraguay — 0.2%** | **Paraguay — 0.2%** |
| Republic of Paraguay |  |  |
| 3.85%, 6/28/2033 (a) | &nbsp;&nbsp; 1521 | &nbsp;&nbsp; 1451 |
| 6.00%, 2/9/2036 (d) | &nbsp;&nbsp; 5200 | &nbsp;&nbsp; 5590 |
| 5.60%, 3/13/2048 (d) | &nbsp;&nbsp; 622 | &nbsp;&nbsp; 604 |
|  |  | &nbsp;&nbsp; 7645 |
| **Poland — 1.0%** | **Poland — 1.0%** | **Poland — 1.0%** |
| Republic of Poland |  |  |
| 2.00%, 8/25/2036 | &nbsp;&nbsp; PLN128,910 | &nbsp;&nbsp; 33902 |
| 5.50%, 3/18/2054 | &nbsp;&nbsp; 8439 | &nbsp;&nbsp; 8259 |
|  |  | &nbsp;&nbsp; 42161 |
| **Republic of North Macedonia — 0.1%** | **Republic of North Macedonia — 0.1%** | **Republic of North Macedonia — 0.1%** |
| Republic of North Macedonia 4.75%, <br> 1/21/2034 (a)<br>| &nbsp;&nbsp; EUR3,438 | &nbsp;&nbsp; 4036 |
| **Romania — 0.4%** | **Romania — 0.4%** | **Romania — 0.4%** |
| Romania Government Bond |  |  |
| 6.38%, 1/30/2034 (a) | &nbsp;&nbsp; 3966 | &nbsp;&nbsp; 4189 |
| 6.13%, 10/7/2037 (a) | &nbsp;&nbsp; EUR5,400 | &nbsp;&nbsp; 6683 |
| 4.63%, 4/3/2049 (a) | &nbsp;&nbsp; EUR3,467 | &nbsp;&nbsp; 3402 |
|  |  | &nbsp;&nbsp; 14274 |
| **South Africa — 1.9%** | **South Africa — 1.9%** | **South Africa — 1.9%** |
| Republic of South Africa |  |  |
| 9.00%, 1/31/2040 | &nbsp;&nbsp; ZAR912,962 | &nbsp;&nbsp; 59641 |
| 5.65%, 9/27/2047 | &nbsp;&nbsp; 2621 | &nbsp;&nbsp; 2212 |
| 7.30%, 4/20/2052 | &nbsp;&nbsp; 9300 | &nbsp;&nbsp; 9389 |
| 7.95%, 11/19/2054 (d) | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1944 |
| 7.25%, 12/11/2055 (a) | &nbsp;&nbsp; 3988 | &nbsp;&nbsp; 3988 |
|  |  | &nbsp;&nbsp; 77174 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 53

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| **Suriname — 0.1%** | **Suriname — 0.1%** | **Suriname — 0.1%** |
| Suriname Government International <br> Bond<br>|  |  |
| 7.70%, 11/6/2030 (a) | &nbsp;&nbsp; 1249 | &nbsp;&nbsp; 1286 |
| 8.50%, 11/6/2035 (a) | &nbsp;&nbsp; 3434 | &nbsp;&nbsp; 3668 |
|  |  | &nbsp;&nbsp; 4954 |
| **Turkey — 1.5%** | **Turkey — 1.5%** | **Turkey — 1.5%** |
| Istanbul Metropolitan Municipality <br> 10.50%, 12/6/2028 (d)<br>| &nbsp;&nbsp; 3120 | &nbsp;&nbsp; 3433 |
| Republic of Turkiye (The) |  |  |
| 36.00%, 8/12/2026 | &nbsp;&nbsp; TRY1,062,297 | &nbsp;&nbsp; 24483 |
| 30.00%, 9/12/2029 | &nbsp;&nbsp; TRY328,411 | &nbsp;&nbsp; 7307 |
| 7.25%, 5/29/2032 | &nbsp;&nbsp; 10266 | &nbsp;&nbsp; 10782 |
| 6.30%, 3/14/2033 | &nbsp;&nbsp; 6009 | &nbsp;&nbsp; 5935 |
| 5.15%, 3/10/2034 | &nbsp;&nbsp; EUR5,307 | &nbsp;&nbsp; 6327 |
| Turkiye Ihracat Kredi Bankasi A/S |  |  |
| 6.38%, 10/3/2030 (a) | &nbsp;&nbsp; 1357 | &nbsp;&nbsp; 1364 |
| 6.38%, 1/15/2031 (a) | &nbsp;&nbsp; 2242 | &nbsp;&nbsp; 2247 |
|  |  | &nbsp;&nbsp; 61878 |
| **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** | **Uzbekistan — 0.2%** |
| Republic of Uzbekistan International <br> Bond 6.95%, 5/25/2032 (d)<br>| &nbsp;&nbsp; 6975 | &nbsp;&nbsp; 7594 |
| Total Foreign Government Securities <br>(Cost $849,660)<br>|  | &nbsp;&nbsp; 887093 |
| **Mortgage-Backed Securities — 9.0%** | **Mortgage-Backed Securities — 9.0%** | **Mortgage-Backed Securities — 9.0%** |
| **United States — 9.0%** | **United States — 9.0%** | **United States — 9.0%** |
| FHLMC UMBS, 30 Year Pool # SD8342, <br> 5.50%, 7/1/2053<br>| &nbsp;&nbsp; 2924 | &nbsp;&nbsp; 2982 |
| FNMA UMBS, 30 Year |  |  |
| Pool # FS8290, 5.50%, 9/1/2053 | &nbsp;&nbsp; 36619 | &nbsp;&nbsp; 37700 |
| Pool # FS8365, 5.50%, 6/1/2054 | &nbsp;&nbsp; 12204 | &nbsp;&nbsp; 12466 |
| Pool # MA5879, 5.50%, 11/1/2055 | &nbsp;&nbsp; 46661 | &nbsp;&nbsp; 47435 |
| GNMA II, 30 Year Pool # MA8200, <br> 4.00%, 8/20/2052<br>| &nbsp;&nbsp; 75084 | &nbsp;&nbsp; 72862 |
| GNMA II, Single Family, 30 Year |  |  |
| TBA, 5.00%, 3/15/2056 (e) | &nbsp;&nbsp; 88604 | &nbsp;&nbsp; 88904 |
| TBA, 5.50%, 3/15/2056 (e) | &nbsp;&nbsp; 100000 | &nbsp;&nbsp; 101276 |
| Total Mortgage-Backed Securities <br>(Cost $359,464)<br>|  | &nbsp;&nbsp; 363625 |
| **Convertible Bonds — 4.3%** | **Convertible Bonds — 4.3%** | **Convertible Bonds — 4.3%** |
| **Austria — 0.1%** | **Austria — 0.1%** | **Austria — 0.1%** |
| ams-OSRAM AG 2.13%, 11/3/2027 (d) | &nbsp;&nbsp; EUR1,700 | &nbsp;&nbsp; 1954 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **China — 0.3%** | **China — 0.3%** | **China — 0.3%** |
| Alibaba Group Holding Ltd. 0.50%, <br> 6/1/2031<br>| &nbsp;&nbsp; 4375 | &nbsp;&nbsp; 6742 |
| Country Garden Holdings Co. Ltd. |  |  |
| Series AI, Zero Coupon, 12/31/2031 | &nbsp;&nbsp; 4304 | &nbsp;&nbsp; 434 |
| Zero Coupon, 12/31/2034 (d) | &nbsp;&nbsp; 138 | &nbsp;&nbsp; 4 |
| H World Group Ltd. 3.00%, 5/1/2026 | &nbsp;&nbsp; 4295 | &nbsp;&nbsp; 6292 |
|  |  | &nbsp;&nbsp; 13472 |
| **Israel — 0.1%** | **Israel — 0.1%** | **Israel — 0.1%** |
| Wix.com Ltd. Zero Coupon, <br> 9/15/2030 (a)<br>| &nbsp;&nbsp; 3188 | &nbsp;&nbsp; 2632 |
| **United States — 3.8%** | **United States — 3.8%** | **United States — 3.8%** |
| Alarm.com Holdings, Inc. 2.25%, <br> 6/1/2029<br>| &nbsp;&nbsp; 3235 | &nbsp;&nbsp; 3055 |
| Box, Inc. 1.50%, 9/15/2029 | &nbsp;&nbsp; 2429 | &nbsp;&nbsp; 2265 |
| Callaway Golf Co. 2.75%, 5/1/2026 | &nbsp;&nbsp; 1556 | &nbsp;&nbsp; 1559 |
| Cheesecake Factory, Inc. (The) |  |  |
| 0.38%, 6/15/2026 | &nbsp;&nbsp; 876 | &nbsp;&nbsp; 902 |
| 2.00%, 3/15/2030 (a) | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1253 |
| Compass, Inc. 0.25%, 4/15/2031 (a) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3434 |
| Dropbox, Inc. Zero Coupon, 3/1/2028 | &nbsp;&nbsp; 3396 | &nbsp;&nbsp; 3350 |
| Enphase Energy, Inc. Zero Coupon, <br> 3/1/2028<br>| &nbsp;&nbsp; 3290 | &nbsp;&nbsp; 2953 |
| Etsy, Inc. 0.13%, 10/1/2026 | &nbsp;&nbsp; 3150 | &nbsp;&nbsp; 3129 |
| Euronet Worldwide, Inc. 0.63%, <br> 10/1/2030 (a)<br>| &nbsp;&nbsp; 2245 | &nbsp;&nbsp; 1995 |
| Five9, Inc. 1.00%, 3/15/2029 | &nbsp;&nbsp; 4007 | &nbsp;&nbsp; 3530 |
| Fluor Corp. 1.13%, 8/15/2029 | &nbsp;&nbsp; 1203 | &nbsp;&nbsp; 1601 |
| Global Payments, Inc. 1.50%, 3/1/2031 | &nbsp;&nbsp; 2638 | &nbsp;&nbsp; 2399 |
| Greenbrier Cos., Inc. (The) 2.88%, <br> 4/15/2028<br>| &nbsp;&nbsp; 4164 | &nbsp;&nbsp; 4987 |
| Itron, Inc. |  |  |
| 1.38%, 7/15/2030 | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; 3737 |
| Zero Coupon, 3/15/2032 (a) | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 113 |
| Jazz Investments I Ltd. 3.13%, <br> 9/15/2030<br>| &nbsp;&nbsp; 4905 | &nbsp;&nbsp; 6995 |
| JetBlue Airways Corp. 2.50%, 9/1/2029 | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2520 |
| Kite Realty Group LP REIT, 0.75%, <br> 4/1/2027 (a)<br>| &nbsp;&nbsp; 2431 | &nbsp;&nbsp; 2725 |
| Life360, Inc. Zero Coupon, <br> 6/1/2030 (a)<br>| &nbsp;&nbsp; 2730 | &nbsp;&nbsp; 2753 |
| Live Nation Entertainment, Inc. |  |  |
| 3.13%, 1/15/2029 | &nbsp;&nbsp; 2845 | &nbsp;&nbsp; 4556 |
| 2.88%, 1/15/2030 | &nbsp;&nbsp; 2215 | &nbsp;&nbsp; 2481 |
| 2.88%, 10/15/2031 (a) | &nbsp;&nbsp; 226 | &nbsp;&nbsp; 237 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Convertible Bonds — continued** | **Convertible Bonds — continued** | **Convertible Bonds — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Lyft, Inc. |  |  |
| 0.63%, 3/1/2029 | &nbsp;&nbsp; 3406 | &nbsp;&nbsp; 3538 |
| Zero Coupon, 9/15/2030 (a) | &nbsp;&nbsp; 595 | &nbsp;&nbsp; 574 |
| Meritage Homes Corp. 1.75%, <br> 5/15/2028<br>| &nbsp;&nbsp; 3022 | &nbsp;&nbsp; 3110 |
| Microchip Technology, Inc. |  |  |
| 1.63%, 2/15/2027 | &nbsp;&nbsp; 835 | &nbsp;&nbsp; 1792 |
| 0.75%, 6/1/2030 | &nbsp;&nbsp; 2390 | &nbsp;&nbsp; 2436 |
| MKS, Inc. 1.25%, 6/1/2030 | &nbsp;&nbsp; 6430 | &nbsp;&nbsp; 11185 |
| NCL Corp. Ltd. 0.75%, 9/15/2030 (a) | &nbsp;&nbsp; 3085 | &nbsp;&nbsp; 3197 |
| ON Semiconductor Corp. Zero Coupon, <br> 5/1/2027<br>| &nbsp;&nbsp; 6951 | &nbsp;&nbsp; 9360 |
| PG&E Corp. 4.25%, 12/1/2027 | &nbsp;&nbsp; 4840 | &nbsp;&nbsp; 5173 |
| Semtech Corp. Zero Coupon, <br> 10/15/2030 (a)<br>| &nbsp;&nbsp; 113 | &nbsp;&nbsp; 136 |
| Snowflake, Inc. Zero Coupon, <br> 10/1/2027<br>| &nbsp;&nbsp; 3654 | &nbsp;&nbsp; 4608 |
| SoFi Technologies, Inc. 1.25%, <br> 3/15/2029 (a)<br>| &nbsp;&nbsp; 1390 | &nbsp;&nbsp; 2769 |
| Southern Co. (The) 4.50%, 6/15/2027 | &nbsp;&nbsp; 5245 | &nbsp;&nbsp; 5874 |
| Spectrum Brands, Inc. 3.38%, <br> 6/1/2029<br>| &nbsp;&nbsp; 4349 | &nbsp;&nbsp; 4399 |
| Synaptics, Inc. 0.75%, 12/1/2031 | &nbsp;&nbsp; 5492 | &nbsp;&nbsp; 6294 |
| Terawulf, Inc. |  |  |
| 1.00%, 9/1/2031 (a) | &nbsp;&nbsp; 2270 | &nbsp;&nbsp; 3456 |
| Zero Coupon, 5/1/2032 (a) | &nbsp;&nbsp; 3458 | &nbsp;&nbsp; 3792 |
| Uber Technologies, Inc. Series 2028, <br> 0.88%, 12/1/2028<br>| &nbsp;&nbsp; 3263 | &nbsp;&nbsp; 4031 |
| Veeco Instruments, Inc. 2.88%, <br> 6/1/2029<br>| &nbsp;&nbsp; 3349 | &nbsp;&nbsp; 4342 |
| Viavi Solutions, Inc. 0.63%, <br> 3/1/2031 (a)<br>| &nbsp;&nbsp; 2161 | &nbsp;&nbsp; 4784 |
| Wayfair, Inc. 3.25%, 9/15/2027 | &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 3653 |
| Zoetis, Inc. 0.25%, 6/15/2029 (a) | &nbsp;&nbsp; 3725 | &nbsp;&nbsp; 3902 |
|  |  | &nbsp;&nbsp; 154934 |
| Total Convertible Bonds <br>(Cost $153,643)<br>|  | &nbsp;&nbsp; 172992 |
| **Loan Assignments — 2.4%** (m) | **Loan Assignments — 2.4%** (m) | **Loan Assignments — 2.4%** (m) |
| **Canada — 0.1%** | **Canada — 0.1%** | **Canada — 0.1%** |
| NorthRiver Midstream Finance LP, 1st <br> Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.25%), 5.91%, <br> 8/16/2030 (c)<br>| &nbsp;&nbsp; 2198 | &nbsp;&nbsp; 2198 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** | **United Kingdom — 0.0% ^** |
| Crown Finance US, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 4.50%), 8.17%, 12/2/2031 (c)<br>| &nbsp;&nbsp; 1485 | &nbsp;&nbsp; 1440 |
| **United States — 2.3%** | **United States — 2.3%** | **United States — 2.3%** |
| 1261229 BC Ltd., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + <br> 6.25%), 9.92%, 10/8/2030 (c)<br>| &nbsp;&nbsp; 488 | &nbsp;&nbsp; 475 |
| AAdvantage Loyalty IP Ltd., 1st Lien <br> Term Loan B (3-MONTH CME TERM <br> SOFR + 2.25%), 5.92%, <br> 4/20/2028 (c)<br>| &nbsp;&nbsp; 1518 | &nbsp;&nbsp; 1515 |
| Adient US LLC, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + <br> 2.00%), 5.67%, 1/31/2031 (c) (n)<br>| &nbsp;&nbsp; 1390 | &nbsp;&nbsp; 1387 |
| Ahead DB Holdings LLC, 1st Lien Term <br> Loan B-3 (3-MONTH CME TERM SOFR <br> + 2.50%), 6.17%, 2/3/2031 (c)<br>| &nbsp;&nbsp; 1168 | &nbsp;&nbsp; 1135 |
| AHP Health Partners, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.25%), 5.92%, 9/20/2032 (c)<br>| &nbsp;&nbsp; 1556 | &nbsp;&nbsp; 1555 |
| Altafiber Virginia LLC, 1st Lien Term <br> Loan B-4 (1-MONTH CME TERM SOFR <br> + 2.25%), 5.92%, 11/23/2028 (c)<br>| &nbsp;&nbsp; 2630 | &nbsp;&nbsp; 2623 |
| Altar Bidco, Inc., 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + <br> 3.10%), 6.61%, 2/1/2029 (c)<br>| &nbsp;&nbsp; 2275 | &nbsp;&nbsp; 2259 |
| Altar Bidco, Inc., 2nd Lien Term Loan <br> (12-MONTH CME TERM SOFR + <br> 5.60%), 9.11%, 2/1/2030 (c)<br>| &nbsp;&nbsp; 725 | &nbsp;&nbsp; 680 |
| AthenaHealth Group, Inc., 1st Lien Term <br> Loan (1-MONTH CME TERM SOFR + <br> 2.75%), 6.42%, 2/15/2029 (c)<br>| &nbsp;&nbsp; 1972 | &nbsp;&nbsp; 1918 |
| AWS Claire's LLC, 1st Lien Term Loan B <br> (PIK), 10.00%, 9/18/2030 ‡ (h)<br>| &nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| BCPE Pequod Buyer, Inc., 1st Lien Term <br> Loan (3-MONTH CME TERM SOFR + <br> 2.75%), 6.42%, 11/25/2031 (c)<br>| &nbsp;&nbsp; 5415 | &nbsp;&nbsp; 5229 |
| Belron Finance 2019 LLC, 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 2.00%), 5.66%, 10/16/2031 (c)<br>| &nbsp;&nbsp; 2469 | &nbsp;&nbsp; 2468 |
| Boxer Parent Co., Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 3.00%), 6.67%, 7/30/2031 (c) (n)<br>| &nbsp;&nbsp; 1801 | &nbsp;&nbsp; 1653 |
| Callaway Golf Co., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + <br> 2.75%), 6.42%, 3/18/2030 (c)<br>| &nbsp;&nbsp; 116 | &nbsp;&nbsp; 117 |
| Chariot Buyer LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + <br> 2.75%), 6.42%, 9/8/2032 (c) (n)<br>| &nbsp;&nbsp; 3047 | &nbsp;&nbsp; 3035 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 55

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Conair Holdings LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + <br> 3.75%), 7.54%, 5/17/2028 (c)<br>| &nbsp;&nbsp; 2688 | &nbsp;&nbsp; 1451 |
| Dayforce Bidco LLC, 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + <br> 3.00%), 6.66%, 2/4/2033 (c)<br>| &nbsp;&nbsp; 1436 | &nbsp;&nbsp; 1320 |
| EMRLD Borrower LP, 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + <br> 2.25%), 5.92%, 5/31/2030 (c)<br>| &nbsp;&nbsp; 2006 | &nbsp;&nbsp; 1997 |
| FGI Operating Co. LLC, 1st Lien Term <br> Loan 0.00%, 12/31/2026 ‡ (i) (k)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; — |
| First Student Bidco, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 2.50%), 6.17%, 8/15/2030 (c)<br>| &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 1698 |
| First Student Bidco, Inc., 1st Lien Term <br> Loan C (3-MONTH CME TERM SOFR + <br> 2.50%), 6.17%, 8/15/2030 (c)<br>| &nbsp;&nbsp; 311 | &nbsp;&nbsp; 311 |
| Genesee & Wyoming, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 1.75%), 5.42%, 4/10/2031 (c)<br>| &nbsp;&nbsp; 2666 | &nbsp;&nbsp; 2662 |
| Genesys Cloud Services, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM <br> SOFR + 2.50%), 6.17%, <br> 1/30/2032 (c)<br>| &nbsp;&nbsp; 3621 | &nbsp;&nbsp; 3322 |
| HUB International Ltd., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 2.25%), 5.92%, 6/20/2030 (c)<br>| &nbsp;&nbsp; 2340 | &nbsp;&nbsp; 2311 |
| Icon Parent I, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + <br> 2.75%), 6.44%, 11/13/2031 (c)<br>| &nbsp;&nbsp; 5985 | &nbsp;&nbsp; 5655 |
| Iridium Satellite LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + <br> 2.25%), 5.92%, 9/20/2030 (c) (n)<br>| &nbsp;&nbsp; 755 | &nbsp;&nbsp; 726 |
| KBR, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + <br> 2.00%), 5.67%, 1/17/2031 (c)<br>| &nbsp;&nbsp; 1955 | &nbsp;&nbsp; 1958 |
| LABL, Inc., 1st Lien Term Loan B 0.00%, <br> 10/30/2028 (i) (k)<br>| &nbsp;&nbsp; 889 | &nbsp;&nbsp; 409 |
| LSF12 Crown US Commercial Bidco LLC, <br> 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 3.00%), 6.67%, <br> 12/2/2031 (c)<br>| &nbsp;&nbsp; 1943 | &nbsp;&nbsp; 1941 |
| Madison IAQ LLC, 1st Lien Term Loan <br> (6-MONTH CME TERM SOFR + <br> 2.50%), 6.13%, 6/21/2028 (c)<br>| &nbsp;&nbsp; 748 | &nbsp;&nbsp; 748 |
| Medline Borrower LP, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 1.75%), 5.42%, 10/23/2028 (c)<br>| &nbsp;&nbsp; 282 | &nbsp;&nbsp; 282 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| MIWD Holdco II LLC, 1st Lien Term Loan <br> B-2 (1-MONTH CME TERM SOFR + <br> 2.75%), 6.42%, 3/28/2031 (c)<br>| &nbsp;&nbsp; 1891 | &nbsp;&nbsp; 1876 |
| Modena Buyer LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + <br> 4.25%), 7.92%, 7/1/2031 (c)<br>| &nbsp;&nbsp; 988 | &nbsp;&nbsp; 867 |
| Moran Foods LLC, 1st Lien Super Senior <br> Delayed Draw Term Loan (3-MONTH <br> CME TERM SOFR + 11.50% (PIK) + <br> 0.10% (CAS)), 15.23%, <br> 12/31/2028 ‡ (c) (h)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 22 |
| Moran Foods LLC, 1st Lien Term Loan |  |  |
| (3-MONTH CME TERM SOFR + 7.25% <br> (PIK) + 0.10% (CAS)), 11.02%, <br> 12/31/2028 ‡ (c) (h)<br>| &nbsp;&nbsp; 296 | &nbsp;&nbsp; —<br> (l)<br>|
| (3-MONTH CME TERM SOFR + 7.25% <br> (PIK) + 0.10% (CAS)), 11.02%, <br> 12/31/2028 ‡ (c) (h)<br>| &nbsp;&nbsp; 923 | &nbsp;&nbsp; 192 |
| Moran Foods LLC, Term Loan A <br> (3-MONTH CME TERM SOFR + 2.50% <br> (PIK)), 6.17%, 12/31/2028 ‡ (c) (h)<br>| &nbsp;&nbsp; 138 | &nbsp;&nbsp; 122 |
| Moran Foods LLC, Term Loan B <br> (3-MONTH CME TERM SOFR + 8.50% <br> (PIK)), 12.17%, 12/31/2028 ‡ (c) <br> (h)<br>| &nbsp;&nbsp; 128 | &nbsp;&nbsp; 115 |
| NCR Atleos LLC, 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + <br> 3.00%), 6.70%, 4/16/2029 (c)<br>| &nbsp;&nbsp; 343 | &nbsp;&nbsp; 342 |
| Neon Maple US Debt Mergersub, Inc., <br> 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 2.50%), 6.17%, <br> 11/17/2031 (c)<br>| &nbsp;&nbsp; 1489 | &nbsp;&nbsp; 1448 |
| Neptune Bidco US, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + <br> 5.00%), 8.76%, 1/28/2033 (c)<br>| &nbsp;&nbsp; 1840 | &nbsp;&nbsp; 1730 |
| PAREXEL International Corp., 1st Lien <br> Term Loan B (1-MONTH CME TERM <br> SOFR + 2.75%), 6.42%, <br> 12/12/2031 (c)<br>| &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1679 |
| Petco Health & Wellness Co., Inc., 1st <br> Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 4.25%), 8.04%, <br> 2/3/2031 (c)<br>| &nbsp;&nbsp; 739 | &nbsp;&nbsp; 709 |
| PetSmart LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + <br> 4.00%), 7.68%, 8/18/2032 (c)<br>| &nbsp;&nbsp; 1680 | &nbsp;&nbsp; 1669 |
| Primo Brands Corp., 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + <br> 2.25%), 5.92%, 3/31/2028 (c)<br>| &nbsp;&nbsp; 1208 | &nbsp;&nbsp; 1207 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Quikrete Holdings, Inc., 1st Lien Term <br> Loan B<br>|  |  |
| (1-MONTH CME TERM SOFR + <br> 2.25%), 5.92%, 3/19/2029 (c)<br>| &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1218 |
| (1-MONTH CME TERM SOFR + <br> 2.25%), 5.92%, 2/10/2032 (c)<br>| &nbsp;&nbsp; 993 | &nbsp;&nbsp; 991 |
| Raven Acquisition Holdings LLC, 1st Lien <br> Term Loan B (1-MONTH CME TERM <br> SOFR + 3.00%), 6.67%, <br> 11/19/2031 (c)<br>| &nbsp;&nbsp; 2280 | &nbsp;&nbsp; 2169 |
| Rocket Software, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 3.75%), 7.42%, 11/28/2028 (c)<br>| &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1131 |
| Sanmina Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + <br> 2.00%), 5.67%, 10/27/2032 (c) (n)<br>| &nbsp;&nbsp; 2410 | &nbsp;&nbsp; 2416 |
| Serta Simmons Bedding LLC, 1st Lien <br> Term Loan B (3-MONTH CME TERM <br> SOFR + 7.50%), 11.29%, <br> 6/29/2028 (c)<br>| &nbsp;&nbsp; 343 | &nbsp;&nbsp; 321 |
| SS&C Technologies, Inc., 1st Lien Term <br> Loan B-8 (1-MONTH CME TERM SOFR <br> + 2.00%), 5.67%, 5/9/2031 (c)<br>| &nbsp;&nbsp; 909 | &nbsp;&nbsp; 900 |
| Station Casinos LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + <br> 2.00%), 5.67%, 3/14/2031 (c)<br>| &nbsp;&nbsp; 2765 | &nbsp;&nbsp; 2764 |
| TKO Worldwide Holdings LLC, 1st Lien <br> Term Loan B-4 (3-MONTH CME TERM <br> SOFR + 2.00%), 5.66%, <br> 11/21/2031 (c)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1500 |
| UKG, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + <br> 2.50%), 6.17%, 2/10/2031 (c)<br>| &nbsp;&nbsp; 2135 | &nbsp;&nbsp; 2016 |
| USI, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + <br> 2.25%), 5.92%, 9/27/2030 (c)<br>| &nbsp;&nbsp; 2049 | &nbsp;&nbsp; 2036 |
| Varsity Brands, Inc., 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + <br> 3.00%), 6.67%, 8/26/2031 (c)<br>| &nbsp;&nbsp; 3730 | &nbsp;&nbsp; 3718 |
| Vista Management Holding, Inc., 1st Lien <br> Term Loan B (3-MONTH CME TERM <br> SOFR + 3.75%), 7.41%, <br> 4/1/2031 (c)<br>| &nbsp;&nbsp; 702 | &nbsp;&nbsp; 703 |
| WEC US Holdings, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.00%), 5.67%, 1/27/2031 (c) (n)<br>| &nbsp;&nbsp; 3608 | &nbsp;&nbsp; 3596 |
| Whatabrands LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + <br> 2.50%), 6.17%, 8/3/2028 (c)<br>| &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1215 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| White Cap Supply Holdings LLC, 1st Lien <br> Term Loan B (1-MONTH CME TERM <br> SOFR + 3.25%), 6.92%, <br> 10/19/2029 (c)<br>| &nbsp;&nbsp; 912 | &nbsp;&nbsp; 900 |
| Zekelman Industries, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.25%), 5.91%, 1/24/2031 (c)<br>| &nbsp;&nbsp; 1474 | &nbsp;&nbsp; 1476 |
|  |  | &nbsp;&nbsp; 94033 |
| Total Loan Assignments <br>(Cost $102,427)<br>|  | &nbsp;&nbsp; 97671 |
| **Commercial Mortgage-Backed Securities — 1.2%** | **Commercial Mortgage-Backed Securities — 1.2%** | **Commercial Mortgage-Backed Securities — 1.2%** |
| **United States — 1.2%** | **United States — 1.2%** | **United States — 1.2%** |
| A10 Revolving Asset Financing I LLC <br> Series 2012-RAF1, Class B, 10.68%, <br> 1/15/2020 ‡ (a) (i)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 250 |
| BANK |  |  |
| Series 2018-BN13, Class C, 4.56%, <br> 8/15/2061 (i)<br>| &nbsp;&nbsp; 1703 | &nbsp;&nbsp; 1509 |
| Series 2019-BN20, Class XA, IO, <br> 0.81%, 9/15/2062 (i)<br>| &nbsp;&nbsp; 7382 | &nbsp;&nbsp; 181 |
| Benchmark Mortgage Trust Series <br> 2019-B11, Class C, 3.75%, <br> 5/15/2052 (i)<br>| &nbsp;&nbsp; 5352 | &nbsp;&nbsp; 4312 |
| BX Commercial Mortgage Trust Series <br> 2024-MF, Class B, 5.35%, <br> 2/15/2039 (a) (i)<br>| &nbsp;&nbsp; 2408 | &nbsp;&nbsp; 2409 |
| BX Trust Series 2022-LBA6, Class A, <br> 4.66%, 1/15/2039 (a) (i)<br>| &nbsp;&nbsp; 10375 | &nbsp;&nbsp; 10381 |
| CCUBS Commercial Mortgage Trust <br> Series 2017-C1, Class C, 4.38%, <br> 11/15/2050 (i)<br>| &nbsp;&nbsp; 484 | &nbsp;&nbsp; 459 |
| CD Mortgage Trust Series 2016-CD2, <br> Class C, 3.96%, 11/10/2049 (i)<br>| &nbsp;&nbsp; 303 | &nbsp;&nbsp; 178 |
| FHLMC, Multi-Family Structured <br> Pass-Through Certificates<br>|  |  |
| Series K739, Class X1, IO, 1.17%, <br> 9/25/2027 (i)<br>| &nbsp;&nbsp; 35497 | &nbsp;&nbsp; 413 |
| Series K104, Class X1, IO, 1.11%, <br> 1/25/2030 (i)<br>| &nbsp;&nbsp; 24464 | &nbsp;&nbsp; 882 |
| Series K108, Class X1, IO, 1.69%, <br> 3/25/2030 (i)<br>| &nbsp;&nbsp; 11812 | &nbsp;&nbsp; 681 |
| Series K117, Class X1, IO, 1.22%, <br> 8/25/2030 (i)<br>| &nbsp;&nbsp; 41280 | &nbsp;&nbsp; 1848 |
| Series K724, Class X3, IO, 3.95%, <br> 12/25/2044 (i)<br>| &nbsp;&nbsp; 213 | &nbsp;&nbsp; — |
| Series K072, Class X3, IO, 2.14%, <br> 12/25/2045 (i)<br>| &nbsp;&nbsp; 12354 | &nbsp;&nbsp; 462 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 57

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series K089, Class X3, IO, 2.30%, <br> 1/25/2046 (i)<br>| &nbsp;&nbsp; 11650 | &nbsp;&nbsp; 735 |
| Series K078, Class X3, IO, 2.21%, <br> 6/25/2046 (i)<br>| &nbsp;&nbsp; 10990 | &nbsp;&nbsp; 496 |
| Series K088, Class X3, IO, 2.35%, <br> 2/25/2047 (i)<br>| &nbsp;&nbsp; 11410 | &nbsp;&nbsp; 723 |
| Series K094, Class X3, IO, 2.12%, <br> 7/25/2047 (i)<br>| &nbsp;&nbsp; 4450 | &nbsp;&nbsp; 299 |
| FNMA ACES Series 2020-M39, Class X2, <br> IO, 1.41%, 8/25/2031 (i)<br>| &nbsp;&nbsp; 9087 | &nbsp;&nbsp; 436 |
| FREMF Series 2018-KF46, Class B, <br> 5.74%, 3/25/2028 (a) (i)<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 53 |
| FREMF Mortgage Trust |  |  |
| Series 2017-KF38, Class B, 6.29%, <br> 9/25/2024 (a) (i)<br>| &nbsp;&nbsp; 237 | &nbsp;&nbsp; 237 |
| Series 2017-KF41, Class B, 6.29%, <br> 11/25/2024 (a) (i)<br>| &nbsp;&nbsp; 304 | &nbsp;&nbsp; 311 |
| Series 2018-KF45, Class B, 5.74%, <br> 3/25/2025 (a) (i)<br>| &nbsp;&nbsp; 150 | &nbsp;&nbsp; 157 |
| Series 2017-KF40, Class B, 6.49%, <br> 11/25/2027 (a) (i)<br>| &nbsp;&nbsp; 537 | &nbsp;&nbsp; 534 |
| Series 2018-KF50, Class B, 5.69%, <br> 7/25/2028 (a) (i)<br>| &nbsp;&nbsp; 645 | &nbsp;&nbsp; 624 |
| GS Mortgage Securities Trust Series <br> 2015-GC30, Class C, 4.04%, <br> 5/10/2050 (i)<br>| &nbsp;&nbsp; 605 | &nbsp;&nbsp; 523 |
| HCFT , 7.25%, 1/13/2027 ‡ | &nbsp;&nbsp; 6283 | &nbsp;&nbsp; 6241 |
| JPMBB Commercial Mortgage Securities <br> Trust<br>|  |  |
| Series 2015-C30, Class C, 4.15%, <br> 7/15/2048 (i)<br>| &nbsp;&nbsp; 860 | &nbsp;&nbsp; 702 |
| Series 2015-C31, Class C, 4.65%, <br> 8/15/2048 (i)<br>| &nbsp;&nbsp; 395 | &nbsp;&nbsp; 308 |
| JPMorgan Chase Commercial Mortgage <br> Securities Trust Series 2016-JP4, <br> Class C, 3.40%, 12/15/2049 (i)<br>| &nbsp;&nbsp; 484 | &nbsp;&nbsp; 434 |
| Morgan Stanley Capital I Trust Series <br> 2015-MS1, Class B, 4.03%, <br> 5/15/2048 (i)<br>| &nbsp;&nbsp; 257 | &nbsp;&nbsp; 247 |
| P4 SFR Series 2019-STL B, 9.25%, <br> 10/11/2026 ‡<br>| &nbsp;&nbsp; 2922 | &nbsp;&nbsp; 2905 |
| SDR Commercial Mortgage Trust Series <br> 2024-DSNY, Class B, 5.40%, <br> 5/15/2039 (a) (i)<br>| &nbsp;&nbsp; 3090 | &nbsp;&nbsp; 3090 |
| UBS Commercial Mortgage Trust Series <br> 2017-C7, Class B, 4.29%, <br> 12/15/2050 (i)<br>| &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1750 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Velocity Commercial Capital Loan Trust |  |  |
| Series 2018-2, Class A, 4.05%, <br> 10/26/2048 (a) (i)<br>| &nbsp;&nbsp; 571 | &nbsp;&nbsp; 562 |
| Series 2019-3, Class A, 3.03%, <br> 10/25/2049 (a) (i)<br>| &nbsp;&nbsp; 360 | &nbsp;&nbsp; 352 |
| Series 2020-1, Class AFX, 2.61%, <br> 2/25/2050 (a) (i)<br>| &nbsp;&nbsp; 1288 | &nbsp;&nbsp; 1201 |
| Total Commercial Mortgage-Backed <br> Securities <br>(Cost $49,334)<br>|  | &nbsp;&nbsp; 46885 |
| **Collateralized Mortgage Obligations — 0.4%** | **Collateralized Mortgage Obligations — 0.4%** | **Collateralized Mortgage Obligations — 0.4%** |
| **United States — 0.4%** | **United States — 0.4%** | **United States — 0.4%** |
| Alternative Loan Trust |  |  |
| Series 2004-25CB, Class A1, 6.00%, <br> 12/25/2034<br>| &nbsp;&nbsp; 1272 | &nbsp;&nbsp; 1117 |
| Series 2005-6CB, Class 1A6, 5.50%, <br> 4/25/2035<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 26 |
| Series 2005-21CB, Class A17, <br> 6.00%, 6/25/2035<br>| &nbsp;&nbsp; 485 | &nbsp;&nbsp; 381 |
| Angel Oak Mortgage Trust Series <br> 2020-1, Class A1, 2.47%, <br> 12/25/2059 (a) (i)<br>| &nbsp;&nbsp; 213 | &nbsp;&nbsp; 209 |
| Chase Mortgage Finance Trust Series <br> 2007-A1, Class 2A3, 5.88%, <br> 2/25/2037 (i)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 11 |
| CHL Mortgage Pass-Through Trust Series <br> 2007-16, Class A1, 6.50%, <br> 10/25/2037<br>| &nbsp;&nbsp; 893 | &nbsp;&nbsp; 365 |
| Connecticut Avenue Securities Trust <br> Series 2023-R02, Class 1M1, 5.97%, <br> 1/25/2043 (a) (i)<br>| &nbsp;&nbsp; 2016 | &nbsp;&nbsp; 2066 |
| DSLA Mortgage Loan Trust Series <br> 2005-AR4, Class 2A1A, 4.30%, <br> 8/19/2045 (i)<br>| &nbsp;&nbsp; 345 | &nbsp;&nbsp; 313 |
| FHLMC STACR REMIC Trust Series <br> 2022-DNA3, Class M1B, 6.57%, <br> 4/25/2042 (a) (i)<br>| &nbsp;&nbsp; 1700 | &nbsp;&nbsp; 1735 |
| FHLMC, REMIC |  |  |
| Series 4030, Class IL, IO, 3.50%, <br> 4/15/2027<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
| Series 4043, Class PI, IO, 2.50%, <br> 5/15/2027<br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; 1 |
| Series 4120, Class UI, IO, 3.00%, <br> 10/15/2027<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 1 |
| Series 4313, Class UI, IO, 3.00%, <br> 3/15/2029<br>| &nbsp;&nbsp; 105 | &nbsp;&nbsp; 2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 3459, Class JS, IF, IO, 2.48%, <br> 6/15/2038 (i)<br>| &nbsp;&nbsp; 122 | &nbsp;&nbsp; 12 |
| Series 4018, Class HI, IO, 4.50%, <br> 3/15/2041<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 1 |
| Series 4073, Class IQ, IO, 4.00%, <br> 7/15/2042<br>| &nbsp;&nbsp; 93 | &nbsp;&nbsp; 12 |
| Series 4173, Class I, IO, 4.00%, <br> 3/15/2043<br>| &nbsp;&nbsp; 244 | &nbsp;&nbsp; 35 |
| Series 4305, Class SK, IF, IO, 2.83%, <br> 2/15/2044 (i)<br>| &nbsp;&nbsp; 2468 | &nbsp;&nbsp; 391 |
| Series 4585, Class JI, IO, 4.00%, <br> 5/15/2045<br>| &nbsp;&nbsp; 812 | &nbsp;&nbsp; 93 |
| Series 4694, Class SA, IF, IO, 2.33%, <br> 6/15/2047 (i)<br>| &nbsp;&nbsp; 2252 | &nbsp;&nbsp; 300 |
| Series 4689, Class SD, IF, IO, 2.38%, <br> 6/15/2047 (i)<br>| &nbsp;&nbsp; 4079 | &nbsp;&nbsp; 531 |
| Series 5022, IO, 3.00%, 9/25/2050 | &nbsp;&nbsp; 5325 | &nbsp;&nbsp; 890 |
| Series 5023, Class MI, IO, 3.00%, <br> 10/25/2050<br>| &nbsp;&nbsp; 9565 | &nbsp;&nbsp; 1569 |
| Series 5072, Class DI, IO, 3.50%, <br> 2/25/2051<br>| &nbsp;&nbsp; 8510 | &nbsp;&nbsp; 1576 |
| FHLMC, STRIPS Series 319, Class S2, IF, <br> IO, 2.23%, 11/15/2043 (i)<br>| &nbsp;&nbsp; 4945 | &nbsp;&nbsp; 708 |
| FNMA, REMIC |  |  |
| Series 2013-15, IO, 2.50%, <br> 3/25/2028<br>| &nbsp;&nbsp; 177 | &nbsp;&nbsp; 3 |
| Series 2014-35, Class KI, IO, 3.00%, <br> 6/25/2029<br>| &nbsp;&nbsp; 108 | &nbsp;&nbsp; 2 |
| Series 2014-44, Class QI, IO, 3.00%, <br> 8/25/2029<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1 |
| Series 2013-66, Class IE, IO, 3.00%, <br> 8/25/2032<br>| &nbsp;&nbsp; 637 | &nbsp;&nbsp; 10 |
| Series 2013-61, Class HI, IO, 3.00%, <br> 6/25/2033<br>| &nbsp;&nbsp; 1282 | &nbsp;&nbsp; 88 |
| Series 2013-64, Class LI, IO, 3.00%, <br> 6/25/2033<br>| &nbsp;&nbsp; 319 | &nbsp;&nbsp; 22 |
| Series 2012-93, Class SE, IF, IO, <br> 2.32%, 9/25/2042 (i)<br>| &nbsp;&nbsp; 1081 | &nbsp;&nbsp; 132 |
| Series 2012-93, Class SG, IF, IO, <br> 2.32%, 9/25/2042 (i)<br>| &nbsp;&nbsp; 221 | &nbsp;&nbsp; 28 |
| Series 2014-14, Class SA, IF, IO, <br> 2.17%, 4/25/2044 (i)<br>| &nbsp;&nbsp; 3367 | &nbsp;&nbsp; 397 |
| Series 2015-40, Class LS, IF, IO, <br> 2.39%, 6/25/2045 (i)<br>| &nbsp;&nbsp; 1722 | &nbsp;&nbsp; 207 |
| Series 2015-85, Class SA, IF, IO, <br> 1.84%, 11/25/2045 (i)<br>| &nbsp;&nbsp; 2095 | &nbsp;&nbsp; 205 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **United States — continued** | **United States — continued** | **United States — continued** |
| Series 2016-39, Class LS, IF, IO, <br> 2.22%, 7/25/2046 (i)<br>| &nbsp;&nbsp; 6443 | &nbsp;&nbsp; 822 |
| Series 2016-61, Class ST, IF, IO, <br> 2.22%, 9/25/2046 (i)<br>| &nbsp;&nbsp; 4258 | &nbsp;&nbsp; 531 |
| FNMA, STRIPS Series 401, Class C6, IO, <br> 4.50%, 10/25/2029<br>| &nbsp;&nbsp; 24 | &nbsp;&nbsp; 1 |
| GNMA |  |  |
| Series 2011-13, Class S, IF, IO, <br> 2.18%, 1/16/2041 (i)<br>| &nbsp;&nbsp; 215 | &nbsp;&nbsp; 23 |
| Series 2015-H13, Class GI, IO, <br> 1.58%, 4/20/2065 (i)<br>| &nbsp;&nbsp; 316 | &nbsp;&nbsp; 10 |
| GSMSC Pass-Through Trust Series <br> 2008-2R, Class 2A1, 7.50%, <br> 10/25/2036 (a) (i)<br>| &nbsp;&nbsp; 124 | &nbsp;&nbsp; 13 |
| HarborView Mortgage Loan Trust Series <br> 2007-6, Class 2A1A, 3.97%, <br> 8/19/2037 (i)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; 70 |
| JPMorgan Alternative Loan Trust Series <br> 2006-A2, Class 1A1, 4.15%, <br> 5/25/2036 (i)<br>| &nbsp;&nbsp; 1114 | &nbsp;&nbsp; 947 |
| MASTR Alternative Loan Trust Series <br> 2003-5, Class 30B1, 5.91%, <br> 8/25/2033 (i)<br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; 34 |
| Starwood Mortgage Residential Trust <br> Series 2020-1, Class A1, 2.27%, <br> 2/25/2050 (a) (i)<br>| &nbsp;&nbsp; 86 | &nbsp;&nbsp; 84 |
| Structured Adjustable Rate Mortgage <br> Loan Trust Series 2005-1, Class 5A1, <br> 4.68%, 2/25/2035 (i)<br>| &nbsp;&nbsp; 45 | &nbsp;&nbsp; 43 |
| Total Collateralized Mortgage <br> Obligations <br>(Cost $17,205)<br>|  | &nbsp;&nbsp; 16018 |
| **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** | **Asset-Backed Securities — 0.2%** |
| **Cayman Islands — 0.0% ^** | **Cayman Islands — 0.0% ^** | **Cayman Islands — 0.0% ^** |
| Renew Series 2017-1A, Class B, 5.75%, <br> 9/20/2052 (a)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| **United States — 0.2%** | **United States — 0.2%** | **United States — 0.2%** |
| Accelerated Assets LLC Series 2018-1, <br> Class C, 6.65%, 12/2/2033 (a)<br>| &nbsp;&nbsp; 194 | &nbsp;&nbsp; 185 |
| ACE Securities Corp. Home Equity Loan <br> Trust Series 2004-OP1, Class M2, <br> 5.36%, 4/25/2034 (i)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6 |
| Amur Equipment Finance <br> Receivables LLC Series 2022-2A, <br> Class A2, 5.30%, 6/21/2028 (a)<br>| &nbsp;&nbsp; 121 | &nbsp;&nbsp; 122 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 59

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| **United States — continued** | **United States — continued** | **United States — continued** |
| Argent Securities, Inc. Asset-Backed <br> Pass-Through Certificates Series <br> 2004-W3, Class A3, 3.40%, <br> 2/25/2034 (i)<br>| &nbsp;&nbsp; 30 | &nbsp;&nbsp; 32 |
| Countrywide Asset-Backed Certificates <br> Series 2002-4, Class M1, 4.91%, <br> 12/25/2032 (i)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 |
| Exeter Automobile Receivables Trust <br> Series 2024-3A, Class D, 5.98%, <br> 9/16/2030<br>| &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2165 |
| Flagship Credit Auto Trust Series <br> 2023-1, Class B, 5.05%, <br> 1/18/2028 (a)<br>| &nbsp;&nbsp; 313 | &nbsp;&nbsp; 313 |
| GLS Auto Receivables Issuer Trust Series <br> 2022-3A, Class D, 6.42%, <br> 6/15/2028 (a)<br>| &nbsp;&nbsp; 410 | &nbsp;&nbsp; 413 |
| JetBlue Pass-Through Trust Series <br> 2019-1, Class A, 2.95%, 5/15/2028<br>| &nbsp;&nbsp; 432 | &nbsp;&nbsp; 408 |
| Merrill Lynch Mortgage Investors Trust <br> Series 2003-OPT1, Class M1, 4.76%, <br> 7/25/2034 (i)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 4 |
| Mid-State Capital Corp. Trust Series <br> 2006-1, Class M2, 6.74%, <br> 10/15/2040 (a)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| MVW LLC Series 2021-1WA, Class D, <br> 3.17%, 1/22/2041 (a)<br>| &nbsp;&nbsp; 1357 | &nbsp;&nbsp; 1318 |
| Renaissance Home Equity Loan Trust |  |  |
| Series 2005-1, Class AF6, 5.47%, <br> 5/25/2035 (j)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
| Series 2005-2, Class M1, 5.55%, <br> 8/25/2035 (j)<br>| &nbsp;&nbsp; 511 | &nbsp;&nbsp; 492 |
| Santander Drive Auto Receivables Trust <br> Series 2022-6, Class C, 4.96%, <br> 11/15/2028<br>| &nbsp;&nbsp; 285 | &nbsp;&nbsp; 285 |
| Saxon Asset Securities Trust Series <br> 2004-3, Class M1, 4.69%, <br> 12/26/2034 (i)<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 61 |
| US Auto Funding Series 2021-1A, <br> Class C, 2.20%, 5/15/2026 (a)<br>| &nbsp;&nbsp; 1421 | &nbsp;&nbsp; 1124 |
|  |  | &nbsp;&nbsp; 6988 |
| Total Asset-Backed Securities <br>(Cost $7,284)<br>|  | &nbsp;&nbsp; 7000 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** |
| **France — 0.0% ^** | **France — 0.0% ^** | **France — 0.0% ^** |
| Vallourec SACA | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 446 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** |
| Ardagh Holdings SA ‡ \* | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 491 |
| Ardagh Holdings SA ‡ \* (a) | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 121 |
|  |  | &nbsp;&nbsp; 612 |
| **United States — 0.1%** | **United States — 0.1%** | **United States — 0.1%** |
| Altice France Sa ‡ | &nbsp;&nbsp; 72 | &nbsp;&nbsp; 1414 |
| Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 169 |
| Endo GUC Trust ‡ \* | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 13 |
| iHeartMedia, Inc., Class A \* | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 80 |
| Incora Intermediate LLC ‡ \* | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 197 |
| Keenova, Class A ‡ | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 6 |
| Keenova Therapeutics plc, Class B ‡ | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 61 |
| Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp; 3408992 | &nbsp;&nbsp; 3 |
| MYT Holding LLC ‡ \* | &nbsp;&nbsp; 247 | &nbsp;&nbsp; 62 |
| New Evhc Physical Equity \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 44 |
| NMG Parent LLC, Escrow ‡ \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
| Par Health, Class A ‡ | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1138 |
| Par Health Inc., Class B ‡ | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 111 |
| Serta Simmons Bedding LLC \* | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 762 |
| SSB Equipment Co., Inc. ‡ \* | &nbsp;&nbsp; 84 | &nbsp;&nbsp; — |
|  |  | &nbsp;&nbsp; 4061 |
| Total Common Stocks <br>(Cost $5,432)<br>|  | &nbsp;&nbsp; 5119 |
|  | **NO. OF RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **France — 0.0% ^** | **France — 0.0% ^** | **France — 0.0% ^** |
| Altice France SA‡ \* | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 50 |
| **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** | **Luxembourg — 0.0% ^** |
| SES SA‡ \* | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 534 |
| Total Rights <br>(Cost $—) (l)<br>|  | &nbsp;&nbsp; 584 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| MYT Holding LLC Series A, 10.00%, <br> 6/6/2029 ‡ <br>(Cost $402)<br>| &nbsp;&nbsp; 419 | &nbsp;&nbsp; 535 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **WARRANTS** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **United States — 0.0% ^** | **United States — 0.0% ^** | **United States — 0.0% ^** |
| Audacy, Inc. |  |  |
| expiring 12/31/2049, price 1.00 <br> USD \*<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 |
| expiring 12/31/2049, price 1.00 <br> USD ‡ \*<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| expiring 9/30/2028, price 1.00 <br> USD ‡ \*<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total Warrants <br>(Cost $614)<br>|  | &nbsp;&nbsp; 5 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** | **Short-Term Investments — 6.3%** |
| **Investment Companies — 6.3%** | **Investment Companies — 6.3%** | **Investment Companies — 6.3%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (o) <br> (p) <br>(Cost $253,725)<br>| &nbsp;&nbsp; 253665 | &nbsp;&nbsp; 253766 |
| **Total Investments — 101.7%** <br>**(Cost $4,006,330)**<br>|  | &nbsp;&nbsp; **4099692** |
| **Liabilities in Excess of Other Assets —** <br> **(1.7)%**<br>|  | &nbsp;&nbsp; **(68795)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **4030897** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ACES | Alternative Credit Enhancement Securities |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CAS | Credit Adjustment Spread |
| CME | Chicago Mercantile Exchange |
| COP | Colombian Peso |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GBP | British Pound |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IDR | Indonesian Rupiah |

---

---

| | |
|:---|:---|
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> February 28, 2026. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| JPY | Japanese Yen |
| JSC | Joint Stock Company |
| MXN | Mexican Peso |
| PIK | Payment In Kind |
| PJSC | Public Joint Stock Company |
| PLN | Polish Zloty |
| PT | Limited liability company |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| TRY | Turkish Lira |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Contingent Capital security ("CoCo"). CoCos are hybrid <br> debt securities that may be convertible into equity or <br> may be written down if a pre-specified trigger event <br> occurs. The total value of aggregate CoCo holdings at <br> February 28, 2026 is $124,161 or 3.08% of the <br> Fund's net assets as of February 28, 2026.<br>|
| (c) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|
| (d) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 61

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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) Security is an interest bearing note with preferred security characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All or a portion of this security is unsettled as of February 28, 2026. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) 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;(p) The rate shown is the current yield as of February 28, 2026.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Income Funds February 28, 2026

------

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; 2033 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 282282 | &nbsp;&nbsp;&nbsp;&nbsp; 2101 |
| Euro-BTP | &nbsp;&nbsp;&nbsp;&nbsp; 1299 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 188562 | &nbsp;&nbsp;&nbsp;&nbsp; 3770 |
| Euro-Buxl 30 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 3772 | &nbsp;&nbsp;&nbsp;&nbsp; 75 |
| Euro-Schatz | &nbsp;&nbsp;&nbsp;&nbsp; 5447 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 688993 | &nbsp;&nbsp;&nbsp;&nbsp; 1290 |
| Australia 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 3406 | &nbsp;&nbsp;&nbsp;&nbsp; 03/16/2026 | &nbsp;&nbsp;&nbsp;&nbsp; AUD | &nbsp;&nbsp;&nbsp;&nbsp; 268014 | &nbsp;&nbsp;&nbsp;&nbsp; 3403 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 14564 | &nbsp;&nbsp;&nbsp;&nbsp; 114 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 2053 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 239656 | &nbsp;&nbsp;&nbsp;&nbsp; 2435 |
| Canada 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; 562 | &nbsp;&nbsp;&nbsp;&nbsp; 06/19/2026 | &nbsp;&nbsp;&nbsp;&nbsp; CAD | &nbsp;&nbsp;&nbsp;&nbsp; 50623 | &nbsp;&nbsp;&nbsp;&nbsp; 327 |
| Long Gilt | &nbsp;&nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp;&nbsp; 06/26/2026 | &nbsp;&nbsp;&nbsp;&nbsp; GBP | &nbsp;&nbsp;&nbsp;&nbsp; 50878 | &nbsp;&nbsp;&nbsp;&nbsp; 594 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 12763 | &nbsp;&nbsp;&nbsp;&nbsp; 19 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 14128 |
| **Short Contracts** |  |  |  |  |  |
| Euro-Bobl | &nbsp;&nbsp;&nbsp;&nbsp; (583)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (80949)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (619)<br>|
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; (1188)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; (182936)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2577)<br>|
| Japan 10 Year Bond | &nbsp;&nbsp;&nbsp;&nbsp; (280)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 03/13/2026 | &nbsp;&nbsp;&nbsp;&nbsp; JPY | &nbsp;&nbsp;&nbsp;&nbsp; (238448)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1113)<br>|
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (24)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2731)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (18)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (1064)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (124205)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1269)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (154)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (18239)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (163)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (1708)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (207629)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2939)<br>|
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (339)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (70931)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (112)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (3561)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (392155)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1535)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (10345)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 3783 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| CAD | Canadian Dollar |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 63

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

**Forward foreign currency exchange contracts outstanding as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EUR | &nbsp;&nbsp;&nbsp; 447854 | USD | &nbsp;&nbsp;&nbsp; 528670 | Morgan Stanley | 3/4/2026 | &nbsp;&nbsp;&nbsp; 539 |
| USD | &nbsp;&nbsp;&nbsp; 540429 | EUR | &nbsp;&nbsp;&nbsp; 452365 | Morgan Stanley | 3/4/2026 | &nbsp;&nbsp;&nbsp; 5889 |
| USD | &nbsp;&nbsp;&nbsp; 11538 | GBP | &nbsp;&nbsp;&nbsp; 8394 | Citibank, NA | 3/4/2026 | &nbsp;&nbsp;&nbsp; 227 |
| BRL | &nbsp;&nbsp;&nbsp; 44796 | USD | &nbsp;&nbsp;&nbsp; 8511 | BNP Paribas<sup>\*\*</sup> <br>| 3/24/2026 | &nbsp;&nbsp;&nbsp; 177 |
| CHF | &nbsp;&nbsp;&nbsp; 15275 | USD | &nbsp;&nbsp;&nbsp; 19771 | Goldman Sachs International | 3/24/2026 | &nbsp;&nbsp;&nbsp; 149 |
| EUR | &nbsp;&nbsp;&nbsp; 33531 | USD | &nbsp;&nbsp;&nbsp; 39616 | Goldman Sachs International | 3/24/2026 | &nbsp;&nbsp;&nbsp; 50 |
| HUF | &nbsp;&nbsp;&nbsp; 6381742 | EUR | &nbsp;&nbsp;&nbsp; 16874 | Morgan Stanley | 3/24/2026 | &nbsp;&nbsp;&nbsp; 21 |
| KRW | &nbsp;&nbsp;&nbsp; 29021058 | USD | &nbsp;&nbsp;&nbsp; 19950 | Citibank, NA<sup>\*\*</sup> <br>| 3/24/2026 | &nbsp;&nbsp;&nbsp; 212 |
| KRW | &nbsp;&nbsp;&nbsp; 24587880 | USD | &nbsp;&nbsp;&nbsp; 17034 | Goldman Sachs International<sup>\*\*</sup> <br>| 3/24/2026 | &nbsp;&nbsp;&nbsp; 49 |
| TRY | &nbsp;&nbsp;&nbsp; 866073 | USD | &nbsp;&nbsp;&nbsp; 19299 | Barclays Bank plc | 3/24/2026 | &nbsp;&nbsp;&nbsp; 72 |
| TRY | &nbsp;&nbsp;&nbsp; 190690 | USD | &nbsp;&nbsp;&nbsp; 4240 | HSBC Bank, NA | 3/24/2026 | &nbsp;&nbsp;&nbsp; 25 |
| TWD | &nbsp;&nbsp;&nbsp; 1250742 | USD | &nbsp;&nbsp;&nbsp; 39603 | Goldman Sachs International<sup>\*\*</sup> <br>| 3/24/2026 | &nbsp;&nbsp;&nbsp; 313 |
| USD | &nbsp;&nbsp;&nbsp; 69311 | CAD | &nbsp;&nbsp;&nbsp; 94327 | State Street Bank & Trust | 3/24/2026 | &nbsp;&nbsp;&nbsp; 95 |
| USD | &nbsp;&nbsp;&nbsp; 59741 | CHF | &nbsp;&nbsp;&nbsp; 45805 | Goldman Sachs International | 3/24/2026 | &nbsp;&nbsp;&nbsp; 9 |
| USD | &nbsp;&nbsp;&nbsp; 69448 | COP | &nbsp;&nbsp;&nbsp; 256807870 | Goldman Sachs International<sup>\*\*</sup> <br>| 3/24/2026 | &nbsp;&nbsp;&nbsp; 1396 |
| USD | &nbsp;&nbsp;&nbsp; 8803 | CZK | &nbsp;&nbsp;&nbsp; 179889 | Goldman Sachs International | 3/24/2026 | &nbsp;&nbsp;&nbsp; 29 |
| USD | &nbsp;&nbsp;&nbsp; 71988 | EUR | &nbsp;&nbsp;&nbsp; 60564 | BNP Paribas | 3/24/2026 | &nbsp;&nbsp;&nbsp; 343 |
| USD | &nbsp;&nbsp;&nbsp; 20782 | GBP | &nbsp;&nbsp;&nbsp; 15255 | Morgan Stanley | 3/24/2026 | &nbsp;&nbsp;&nbsp; 222 |
| USD | &nbsp;&nbsp;&nbsp; 12093 | JPY | &nbsp;&nbsp;&nbsp; 1852133 | HSBC Bank, NA | 3/24/2026 | &nbsp;&nbsp;&nbsp; 211 |
| USD | &nbsp;&nbsp;&nbsp; 177641 | MXN | &nbsp;&nbsp;&nbsp; 3060424 | Goldman Sachs International | 3/24/2026 | &nbsp;&nbsp;&nbsp; 298 |
| ZAR | &nbsp;&nbsp;&nbsp; 317389 | USD | &nbsp;&nbsp;&nbsp; 19825 | Merrill Lynch International | 3/24/2026 | &nbsp;&nbsp;&nbsp; 73 |
| EUR | &nbsp;&nbsp;&nbsp; 3246 | USD | &nbsp;&nbsp;&nbsp; 3838 | HSBC Bank, NA | 4/7/2026 | &nbsp;&nbsp;&nbsp; 5 |
| USD | &nbsp;&nbsp;&nbsp; 11319 | GBP | &nbsp;&nbsp;&nbsp; 8394 | Goldman Sachs International | 4/7/2026 | &nbsp;&nbsp;&nbsp; 6 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 10410 |
| EUR | &nbsp;&nbsp;&nbsp; 4511 | USD | &nbsp;&nbsp;&nbsp; 5351 | HSBC Bank, NA | 3/4/2026 | &nbsp;&nbsp;&nbsp; (20)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 8394 | USD | &nbsp;&nbsp;&nbsp; 11318 | Goldman Sachs International | 3/4/2026 | &nbsp;&nbsp;&nbsp; (7)<br>|
| CHF | &nbsp;&nbsp;&nbsp; 15136 | USD | &nbsp;&nbsp;&nbsp; 19866 | Goldman Sachs International | 3/24/2026 | &nbsp;&nbsp;&nbsp; (128)<br>|
| CLP | &nbsp;&nbsp;&nbsp; 51984775 | USD | &nbsp;&nbsp;&nbsp; 60263 | Goldman Sachs International\*\* | 3/24/2026 | &nbsp;&nbsp;&nbsp; (701)<br>|
| CLP | &nbsp;&nbsp;&nbsp; 8706837 | USD | &nbsp;&nbsp;&nbsp; 10037 | HSBC Bank (Hong Kong)\*\* | 3/24/2026 | &nbsp;&nbsp;&nbsp; (61)<br>|
| CNY | &nbsp;&nbsp;&nbsp; 138039 | USD | &nbsp;&nbsp;&nbsp; 20149 | BNP Paribas\*\* | 3/24/2026 | &nbsp;&nbsp;&nbsp; (121)<br>|
| CNY | &nbsp;&nbsp;&nbsp; 528214 | USD | &nbsp;&nbsp;&nbsp; 76726 | Morgan Stanley\*\* | 3/24/2026 | &nbsp;&nbsp;&nbsp; (86)<br>|
| COP | &nbsp;&nbsp;&nbsp; 14966476 | USD | &nbsp;&nbsp;&nbsp; 4028 | BNP Paribas\*\* | 3/24/2026 | &nbsp;&nbsp;&nbsp; (62)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 97752 | USD | &nbsp;&nbsp;&nbsp; 116184 | BNP Paribas | 3/24/2026 | &nbsp;&nbsp;&nbsp; (546)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 14837 | CHF | &nbsp;&nbsp;&nbsp; 15486 | BNP Paribas | 3/24/2026 | &nbsp;&nbsp;&nbsp; (198)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 14906 | EUR | &nbsp;&nbsp;&nbsp; 17043 | Morgan Stanley | 3/24/2026 | &nbsp;&nbsp;&nbsp; (72)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 14621 | USD | &nbsp;&nbsp;&nbsp; 19947 | Goldman Sachs International | 3/24/2026 | &nbsp;&nbsp;&nbsp; (242)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 14612 | USD | &nbsp;&nbsp;&nbsp; 19942 | Morgan Stanley | 3/24/2026 | &nbsp;&nbsp;&nbsp; (250)<br>|
| HUF | &nbsp;&nbsp;&nbsp; 6420381 | EUR | &nbsp;&nbsp;&nbsp; 17079 | Barclays Bank plc | 3/24/2026 | &nbsp;&nbsp;&nbsp; (101)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 3091159 | EUR | &nbsp;&nbsp;&nbsp; 16973 | Morgan Stanley | 3/24/2026 | &nbsp;&nbsp;&nbsp; (247)<br>|
| PLN | &nbsp;&nbsp;&nbsp; 89529 | USD | &nbsp;&nbsp;&nbsp; 25211 | Citibank, NA | 3/24/2026 | &nbsp;&nbsp;&nbsp; (157)<br>|
| USD | &nbsp;&nbsp;&nbsp; 44986 | AUD | &nbsp;&nbsp;&nbsp; 63603 | HSBC Bank, NA | 3/24/2026 | &nbsp;&nbsp;&nbsp; (273)<br>|
| USD | &nbsp;&nbsp;&nbsp; 12585 | BRL | &nbsp;&nbsp;&nbsp; 66159 | Goldman Sachs International\*\* | 3/24/2026 | &nbsp;&nbsp;&nbsp; (246)<br>|
| USD | &nbsp;&nbsp;&nbsp; 19967 | BRL | &nbsp;&nbsp;&nbsp; 104294 | HSBC Bank (Hong Kong)<sup>\*\*</sup> <br>| 3/24/2026 | &nbsp;&nbsp;&nbsp; (260)<br>|
| USD | &nbsp;&nbsp;&nbsp; 39393 | HUF | &nbsp;&nbsp;&nbsp; 12594999 | Citibank, NA | 3/24/2026 | &nbsp;&nbsp;&nbsp; (44)<br>|
| USD | &nbsp;&nbsp;&nbsp; 11497 | JPY | &nbsp;&nbsp;&nbsp; 1799891 | BNP Paribas | 3/24/2026 | &nbsp;&nbsp;&nbsp; (50)<br>|
| USD | &nbsp;&nbsp;&nbsp; 20041 | KRW | &nbsp;&nbsp;&nbsp; 28993269 | Citibank, NA\*\* | 3/24/2026 | &nbsp;&nbsp;&nbsp; (102)<br>|
| USD | &nbsp;&nbsp;&nbsp; 19830 | PHP | &nbsp;&nbsp;&nbsp; 1161259 | Goldman Sachs International\*\* | 3/24/2026 | &nbsp;&nbsp;&nbsp; (287)<br>|
| USD | &nbsp;&nbsp;&nbsp; 19283 | PHP | &nbsp;&nbsp;&nbsp; 1115549 | HSBC Bank (Hong Kong)\*\* | 3/24/2026 | &nbsp;&nbsp;&nbsp; (43)<br>|
| USD | &nbsp;&nbsp;&nbsp; 20953 | ZAR | &nbsp;&nbsp;&nbsp; 336876 | Barclays Bank plc | 3/24/2026 | &nbsp;&nbsp;&nbsp; (167)<br>|
| USD | &nbsp;&nbsp;&nbsp; 98942 | IDR | &nbsp;&nbsp;&nbsp; 1665895353 | Goldman Sachs International\*\* | 3/25/2026 | &nbsp;&nbsp;&nbsp; (228)<br>|
| USD | &nbsp;&nbsp;&nbsp; 521355 | EUR | &nbsp;&nbsp;&nbsp; 440925 | Morgan Stanley | 4/7/2026 | &nbsp;&nbsp;&nbsp; (631)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **CURRENCY**<br> **PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY**<br> **SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT**<br> **DATE**<br>| &nbsp;&nbsp; **UNREALIZED**<br> **APPRECIATION**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (5330)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 5080 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| CLP | Chile Peso |
| CNY | China Yuan |
| COP | Colombian Peso |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| GBP | British Pound |
| HUF | Hungarian Forint |
| IDR | Indonesian Rupiah |
| JPY | Japanese Yen |
| KRW | Korean Republic Won |
| MXN | Mexican Peso |
| PHP | Philippines Peso |
| PLN | Polish Zloty |
| TRY | Turkish Lira |
| TWD | Taiwan Dollar |
| USD | United States Dollar |
| ZAR | South African Rand |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* Non-deliverable forward.

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.45-V2 | 5.00 | Quarterly | 12/20/2030 | 3.32 | USD 152,178 | &nbsp;&nbsp; (10644)<br>| &nbsp;&nbsp; (1043)<br>| &nbsp;&nbsp; (11687)<br>|
| iTraxx.Europe.Crossover.44-V1 | 5.00 | Quarterly | 12/20/2030 | 2.61 | EUR 13,359 | &nbsp;&nbsp; (1496)<br>| &nbsp;&nbsp; (230)<br>| &nbsp;&nbsp; (1726)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (12140)<br>| &nbsp;&nbsp; (1273)<br>| &nbsp;&nbsp; (13413)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 65

------

JPMorgan Global Bond Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| EUR | Euro |
| USD | United States Dollar |

---

**Centrally Cleared interest rate swap contracts outstanding as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **FLOATING RATE INDEX (a)** | &nbsp;&nbsp; **FIXED RATE %** <br>| &nbsp;&nbsp; **PAY/** <br>**RECEIVE** <br>**FLOATING** <br>**RATE**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION) ($)**<br>| **VALUE ($)** |
| 6 month EURIBOR semi-annually | 2.28 annually | Pay | 12/18/2029 | EUR65,120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| 6 month EURIBOR semi-annually | 2.39 annually | Pay | 12/15/2028 | EUR1,349,150 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 1610 | &nbsp;&nbsp; 1639 |
| 6 month EURIBOR semi-annually | 2.92 annually | Receive | 7/14/2057 | EUR34,940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 838 | &nbsp;&nbsp; 838 |
| 6 month EURIBOR semi-annually | 2.96 annually | Receive | 7/16/2057 | EUR31,535 | &nbsp;&nbsp; — | &nbsp;&nbsp; 492 | &nbsp;&nbsp; 492 |
| 6 month PRIBOR semi-annually | 3.59 annually | Pay | 7/24/2028 | CZK448,305 | &nbsp;&nbsp; — | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 515 |
| 6 month PRIBOR semi-annually | 3.64 annually | Pay | 7/22/2028 | CZK120,819 | &nbsp;&nbsp; — | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| 6 month PRIBOR semi-annually | 3.64 annually | Pay | 7/22/2028 | CZK120,819 | &nbsp;&nbsp; — | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 145 |
| 6 month PRIBOR semi-annually | 3.66 annually | Pay | 7/22/2028 | CZK706,120 | &nbsp;&nbsp; — | &nbsp;&nbsp; 866 | &nbsp;&nbsp; 866 |
| 1 day SONIA annually | 3.70 annually | Pay | 9/15/2028 | GBP306,730 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1148 |
| 1 day SONIA annually | 3.76 annually | Pay | 9/15/2028 | GBP1,384,900 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6282 | &nbsp;&nbsp; 6282 |
| 1 day CDI at termination | 12.94 at termination | Pay | 1/2/2029 | BRL146,705 | &nbsp;&nbsp; — | &nbsp;&nbsp; 206 | &nbsp;&nbsp; 206 |
| 1 day CDI at termination | 13.26 at termination | Pay | 1/2/2029 | BRL83,253 | &nbsp;&nbsp; — | &nbsp;&nbsp; 207 | &nbsp;&nbsp; 207 |
|  |  |  |  |  | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 12470 | &nbsp;&nbsp; 12517 |
| 1 day CDI at termination | 12.73 at termination | Pay | 1/2/2029 | BRL108,035 | &nbsp;&nbsp; — | &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; (33)<br>|
|  |  |  |  |  | &nbsp;&nbsp; 47 | &nbsp;&nbsp; 12437 | &nbsp;&nbsp; 12484 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| BRL | Brazilian Real |
| CDI | Certificate of interbank deposits |
| CZK | Czech Republic Koruna |
| EUR | Euro |
| EURIBOR | Euro Interbank Offered Rate |
| GBP | British Pound |
| PRIBOR | Prague Interbank Offered Rate |
| SONIA | Sterling Overnight Index Average |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Value of floating rate index at February 28, 2026 was as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **FLOATING RATE INDEX** | **VALUE** |
| 1 day CDI | 2.27% |
| 1 day SONIA | 3.73 |
| 6 month EURIBOR | 2.13 |
| 6 month PRIBOR | 3.45 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Income Funds February 28, 2026

------

JPMorgan Strategic Income Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 38.6%** | **Corporate Bonds — 38.6%** | **Corporate Bonds — 38.6%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| ICITII 6.00%, 1/31/2033 ‡ (a) | 415 | 186 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Allison Transmission, Inc. 4.75%, 10/1/2027 (a) | 1870 | 1868 |
| Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  |
| 13.50% (Cash), 3/31/2027 (a) (b) | 10324 | 10554 |
| 5.63% (Cash), 5/15/2027 (a) (b) | 3029 | 3069 |
|  |  | 15491 |
| **Automobiles — 2.9%** | **Automobiles — 2.9%** | **Automobiles — 2.9%** |
| BMW US Capital LLC (Germany) | BMW US Capital LLC (Germany) | BMW US Capital LLC (Germany) |
| (SOFRINDX + 0.55%), 4.24%, <br> 4/2/2026 (a) (c)<br>| 27402 | 27410 |
| (SOFRINDX + 0.80%), 4.48%, <br> 8/13/2026 (a) (c)<br>| 14100 | 14139 |
| (SOFRINDX + 0.78%), 4.48%, <br> 3/19/2027 (a) (c)<br>| 24360 | 24477 |
| (SOFR + 0.71%), 4.39%, 8/11/2027 (a) (c) | 20240 | 20307 |
| (SOFRINDX + 0.92%), 4.60%, <br> 8/13/2027 (a) (c)<br>| 23581 | 23735 |
| Hyundai Capital America (SOFR + 1.12%), <br> 4.82%, 6/23/2027 (a) (c)<br>| 18310 | 18441 |
| Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) | Mercedes-Benz Finance North America LLC (Germany) |
| (SOFR + 0.63%), 4.30%, 7/31/2026 (a) (c) | 39551 | 39620 |
| (SOFR + 0.78%), 4.47%, 4/1/2027 (a) (c) | 25170 | 25280 |
| (SOFR + 0.85%), 4.51%, 11/15/2027 (a) (c) | 28405 | 28552 |
| (SOFR + 0.93%), 4.62%, 3/31/2028 (a) (c) | 17540 | 17625 |
| Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| (SOFR + 0.83%), 4.53%, 3/20/2026 (a) (c) | 22956 | 22964 |
| (SOFR + 1.06%), 4.72%, 8/14/2026 (a) (c) | 13760 | 13806 |
|  |  | 276356 |
| **Banks — 14.7%** | **Banks — 14.7%** | **Banks — 14.7%** |
| ANZ New Zealand Int'l Ltd. (New Zealand) (SOFR <br> + 0.61%), 4.29%, 1/22/2029 (a) (c)<br>| 1800 | 1799 |
| Australia & New Zealand Banking Group Ltd. (Australia) | Australia & New Zealand Banking Group Ltd. (Australia) | Australia & New Zealand Banking Group Ltd. (Australia) |
| (SOFR + 0.56%), 4.26%, 3/18/2026 (a) (c) | 2000 | 2000 |
| (SOFR + 0.47%), 4.17%, 12/16/2026 (a) (c) | 18400 | 18461 |
| (SOFR + 0.81%), 4.48%, 1/18/2027 (a) (c) | 22500 | 22615 |
| (SOFR + 0.68%), 4.37%, 7/16/2027 (a) (c) | 5128 | 5156 |
| (SOFR + 0.59%), 4.29%, 12/8/2028 (a) (c) | 7560 | 7582 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| Series DD, (3-MONTH CME TERM SOFR + <br> 4.81%), 6.30%, 3/10/2026 (c) (d) (e)<br>| 1068 | 1068 |
| (3-MONTH CME TERM SOFR + 1.02%), 4.74%, <br> 9/15/2026 (c)<br>| 9649 | 9671 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (3-MONTH CME TERM SOFR + 0.91%), 4.70%, <br> 12/1/2026 (c)<br>| 200 | 200 |
| (SOFR + 0.97%), 4.65%, 7/22/2027 (c) | 6740 | 6754 |
| (SOFR + 1.35%), 5.05%, 9/15/2027 (c) | 6591 | 6624 |
| (SOFR + 1.05%), 4.73%, 2/4/2028 (c) | 24282 | 24413 |
| Bank of America NA (SOFR + 1.02%), 4.68%, <br> 8/18/2026 (c)<br>| 4017 | 4029 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| (SOFRINDX + 1.33%), 5.03%, 6/5/2026 (c) | 17500 | 17553 |
| (SOFRINDX + 0.76%), 4.46%, 6/4/2027 (c) | 8850 | 8893 |
| (SOFRINDX + 0.88%), 4.58%, 9/10/2027 (c) | 24820 | 24888 |
| (SOFR + 0.62%), 4.31%, 1/13/2028 (c) | 18440 | 18475 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| (SOFRINDX + 0.55%), 4.25%, 3/2/2026 (c) | 7472 | 7472 |
| (SOFRINDX + 0.78%), 4.48%, 6/4/2027 (c) | 9100 | 9149 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| (SOFR + 1.22%), 4.91%, 10/2/2026 (c) | 13200 | 13271 |
| (SOFRINDX + 0.93%), 4.63%, 9/11/2027 (c) | 23060 | 23130 |
| (SOFR + 0.72%), 4.41%, 1/13/2028 (c) | 9170 | 9188 |
| Citibank NA  | Citibank NA  | Citibank NA  |
| (SOFRINDX + 0.59%), 4.27%, 4/30/2026 (c) | 37728 | 37743 |
| (SOFR + 0.71%), 4.39%, 8/6/2026 (c) | 27670 | 27710 |
| (SOFR + 0.78%), 4.49%, 5/29/2027 (c) | 8270 | 8324 |
| (SOFR + 0.71%), 4.39%, 11/19/2027 (c) | 27500 | 27569 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (SOFR + 0.77%), 4.47%, 6/9/2027 (c) | 18370 | 18383 |
| (SOFR + 1.14%), 4.82%, 5/7/2028 (c) | 30620 | 30796 |
| Commonwealth Bank of Australia (Australia) | Commonwealth Bank of Australia (Australia) | Commonwealth Bank of Australia (Australia) |
| (SOFR + 0.75%), 4.45%, 3/13/2026 (a) (c) | 9250 | 9252 |
| (SOFR + 0.46%), 4.13%, 11/27/2026 (a) (c) | 6140 | 6151 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| (SOFRINDX + 0.62%), 4.28%, 8/28/2026 (c) | 19000 | 19036 |
| (SOFRINDX + 0.71%), 4.41%, 3/5/2027 (c) | 30000 | 30122 |
| (SOFR + 0.59%), 4.26%, 5/27/2027 (c) | 20250 | 20312 |
| (SOFR + 0.60%), 4.27%, 1/21/2028 (c) | 23980 | 24073 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.29%), 4.97%, 7/5/2026 (a) (c) | 13125 | 13178 |
| (SOFR + 0.87%), 4.57%, 3/11/2027 (a) (c) | 22360 | 22479 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.22%), 4.00%, <br> 3/9/2026 (c) (d) (e)<br>| 14400 | 14380 |
| (SOFR + 1.57%), 5.23%, 8/14/2027 (c) | 7320 | 7357 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 67

------

JPMorgan Strategic Income Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| HSBC USA, Inc.  | HSBC USA, Inc.  | HSBC USA, Inc.  |
| (SOFR + 0.96%), 4.66%, 3/4/2027 (c) | 31192 | 31380 |
| (SOFR + 0.97%), 4.67%, 6/3/2028 (c) | 13740 | 13832 |
| ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |
| (SOFRINDX + 1.01%), 4.70%, 4/1/2027 (c) | 2375 | 2376 |
| (SOFRINDX + 1.56%), 5.26%, 9/11/2027 (c) | 1534 | 1543 |
| Lloyds Banking Group plc (United Kingdom) <br> (SOFRINDX + 1.56%), 5.23%, 8/7/2027 (c)<br>| 4320 | 4343 |
| Morgan Stanley Bank NA  | Morgan Stanley Bank NA  | Morgan Stanley Bank NA  |
| (SOFR + 1.17%), 4.85%, 10/30/2026 (c) | 10150 | 10208 |
| (SOFR + 0.69%), 4.37%, 10/15/2027 (c) | 24400 | 24449 |
| (SOFR + 1.08%), 4.77%, 1/14/2028 (c) | 21535 | 21652 |
| Morgan Stanley Private Bank NA (SOFR + <br> 0.77%), 4.46%, 7/6/2028 (c)<br>| 18400 | 18443 |
| National Australia Bank Ltd. (Australia) | National Australia Bank Ltd. (Australia) | National Australia Bank Ltd. (Australia) |
| (SOFR + 0.65%), 4.34%, 1/12/2027 (a) (c) | 3275 | 3291 |
| (SOFR + 0.62%), 4.32%, 6/11/2027 (a) (c) | 13630 | 13692 |
| (SOFR + 0.60%), 4.28%, 10/26/2027 (a) (c) | 25400 | 25482 |
| National Bank of Canada (Canada) (SOFRINDX + <br> 0.90%), 4.59%, 3/25/2027 (c)<br>| 18050 | 18056 |
| National Securities Clearing Corp. (SOFR + <br> 0.57%), 4.24%, 5/20/2027 (a) (c)<br>| 39731 | 39837 |
| NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) |
| (SOFR + 0.76%), 4.44%, 9/29/2026 (a) (c) | 9170 | 9195 |
| (SOFR + 0.90%), 4.56%, 5/17/2027 (a) (c) | 9100 | 9142 |
| Nordea Bank Abp (Finland) | Nordea Bank Abp (Finland) | Nordea Bank Abp (Finland) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.11%), 6.63%, <br> 3/26/2026 (a) (c) (d) (e) (f)<br>| 49611 | 49696 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.11%), 6.63%, <br> 3/26/2026 (c) (d) (e) (f) (g)<br>| 22030 | 22068 |
| (SOFR + 0.74%), 4.44%, 3/19/2027 (a) (c) | 18360 | 18452 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
| (SOFRINDX + 0.57%), 4.25%, 4/27/2026 (c) | 33077 | 33094 |
| (SOFRINDX + 1.08%), 4.75%, 7/20/2026 (c) | 36740 | 36862 |
| (SOFRINDX + 0.46%), 4.14%, 8/3/2026 (c) | 18400 | 18419 |
| (SOFRINDX + 0.59%), 4.27%, 11/2/2026 (c) | 13720 | 13763 |
| (SOFRINDX + 0.79%), 4.47%, 7/23/2027 (c) | 36750 | 36814 |
| (SOFRINDX + 0.72%), 4.39%, <br> 10/18/2027 (c)<br>| 9150 | 9175 |
| (SOFRINDX + 0.82%), 4.50%, 3/27/2028 (c) | 9220 | 9250 |
| Skandinaviska Enskilda Banken AB (Sweden) <br> (SOFR + 0.89%), 4.59%, 3/5/2027 (a) (c)<br>| 8960 | 9027 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Societe Generale SA (France) (SOFR + 1.10%), <br> 4.77%, 2/19/2027 (a) (c)<br>| 13750 | 13808 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) <br> (SOFR + 1.30%), 4.98%, 7/13/2026 (c)<br>| 17550 | 17619 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) | Sumitomo Mitsui Trust Bank Ltd. (Japan) | Sumitomo Mitsui Trust Bank Ltd. (Japan) |
| (SOFR + 1.12%), 4.81%, 3/9/2026 (a) (c) | 18650 | 18653 |
| (SOFR + 1.15%), 4.84%, 9/14/2026 (a) (c) | 7800 | 7840 |
| Svenska Handelsbanken AB (Sweden) | Svenska Handelsbanken AB (Sweden) | Svenska Handelsbanken AB (Sweden) |
| (SOFR + 1.25%), 4.95%, 6/15/2026 (a) (c) | 13125 | 13161 |
| (SOFR + 0.66%), 4.33%, 5/28/2027 (a) (c) | 4450 | 4463 |
| Swedbank AB (Sweden) (SOFRINDX + 1.38%), <br> 5.08%, 6/15/2026 (a) (c)<br>| 16800 | 16856 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| (SOFR + 1.08%), 4.75%, 7/17/2026 (c) | 24160 | 24240 |
| (SOFR + 0.62%), 4.32%, 12/17/2026 (c) | 19300 | 19346 |
| (SOFR + 0.73%), 4.41%, 4/5/2027 (c) | 19772 | 19855 |
| (SOFR + 0.82%), 4.50%, 1/31/2028 (c) | 18400 | 18499 |
| US Bank NA (SOFR + 0.69%), 4.37%, <br> 10/22/2027 (c)<br>| 17277 | 17304 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| Series BB, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.45%), <br> 3.90%, 3/15/2026 (c) (d) (e)<br>| 62362 | 62298 |
| (SOFR + 0.78%), 4.46%, 1/24/2028 (c) | 27496 | 27567 |
| Wells Fargo Bank NA (SOFR + 1.06%), 4.74%, <br> 8/7/2026 (c)<br>| 21366 | 21426 |
| Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) | Westpac Banking Corp. (Australia) |
| (SOFR + 0.42%), 4.11%, 4/16/2026 (c) | 20300 | 20307 |
| (SOFR + 0.46%), 4.13%, 10/20/2026 (c) | 23000 | 23060 |
|  |  | 1409099 |
| **Beverages — 1.2%** | **Beverages — 1.2%** | **Beverages — 1.2%** |
| Keurig Dr Pepper, Inc.  | Keurig Dr Pepper, Inc.  | Keurig Dr Pepper, Inc.  |
| (SOFR + 0.58%), 4.24%, 11/15/2026 (c) | 55401 | 55464 |
| (SOFRINDX + 0.88%), 4.58%, 3/15/2027 (c) | 38100 | 38157 |
| Pepsico Singapore Financing I Pte. Ltd. <br> (SOFRINDX + 0.56%), 4.22%, 2/16/2027 (c)<br>| 22350 | 22429 |
|  |  | 116050 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| AbbVie, Inc. (SOFRINDX + 0.48%), 4.17%, <br> 3/3/2028 (c)<br>| 13860 | 13888 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Shutterfly Finance LLC  | Shutterfly Finance LLC  | Shutterfly Finance LLC  |
| 8.50% (Cash), 10/1/2027 (a) (b) | 2753 | 2575 |
| 9.75%, 10/1/2027 (a) | 307 | 306 |
|  |  | 2881 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | 900 | 737 |
| **Capital Markets — 3.1%** | **Capital Markets — 3.1%** | **Capital Markets — 3.1%** |
| Goldman Sachs Bank USA  | Goldman Sachs Bank USA  | Goldman Sachs Bank USA  |
| (SOFR + 0.77%), 4.47%, 3/18/2027 (c) | 2428 | 2428 |
| (SOFR + 0.75%), 4.42%, 5/21/2027 (c) | 50327 | 50382 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 0.81%), 4.51%, 3/9/2027 (c) | 9494 | 9494 |
| (SOFR + 0.82%), 4.52%, 9/10/2027 (c) | 10886 | 10906 |
| (SOFR + 0.92%), 4.59%, 10/21/2027 (c) | 4535 | 4547 |
| (3-MONTH CME TERM SOFR + 2.01%), 5.68%, <br> 10/28/2027 (c)<br>| 41284 | 41675 |
| (SOFR + 1.29%), 4.97%, 4/23/2028 (c) | 13750 | 13854 |
| (SOFR + 0.71%), 4.38%, 1/21/2029 (c) | 18440 | 18444 |
| (SOFR + 0.86%), 4.52%, 2/16/2029 (c) | 18460 | 18468 |
| Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) |
| (SOFR + 1.24%), 4.94%, 6/15/2026 (a) (c) | 11056 | 11090 |
| (SOFR + 1.20%), 4.90%, 12/7/2026 (a) (c) | 8900 | 8963 |
| (SOFR + 0.92%), 4.61%, 7/2/2027 (a) (c) | 9100 | 9167 |
| (SOFR + 0.48%), 4.16%, 2/3/2028 (a) (c) | 13830 | 13842 |
| Mizuho Markets Cayman LP (Japan) (SOFR + <br> 0.52%), 4.22%, 10/9/2026 (a) (c)<br>| 18360 | 18380 |
| Morgan Stanley (SOFR + 1.02%), 4.71%, <br> 4/13/2028 (c)<br>| 25244 | 25369 |
| UBS AG (Switzerland) (SOFR + 0.50%), 4.16%, <br> 5/17/2027 (c)<br>| 36670 | 36698 |
|  |  | 293707 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| Axalta Coating Systems LLC 4.75%, <br> 6/15/2027 (a)<br>| 730 | 730 |
| Scotts Miracle-Gro Co. (The) 5.25%, <br> 12/15/2026<br>| 500 | 499 |
|  |  | 1229 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| CoreCivic, Inc. 8.25%, 4/15/2029 | 1015 | 1056 |
| **Consumer Finance — 7.5%** | **Consumer Finance — 7.5%** | **Consumer Finance — 7.5%** |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 0.75%), 4.43%, 4/23/2027 (c) | 32950 | 32965 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| (SOFRINDX + 0.97%), 4.65%, 7/28/2027 (c) | 2966 | 2974 |
| (SOFRINDX + 1.00%), 4.66%, 2/16/2028 (c) | 34583 | 34773 |
| (SOFR + 0.93%), 4.61%, 7/26/2028 (c) | 20625 | 20719 |
| (SOFR + 0.59%), 4.27%, 2/9/2029 (c) | 9230 | 9229 |
| American Honda Finance Corp.  | American Honda Finance Corp.  | American Honda Finance Corp.  |
| (SOFR + 0.55%), 4.23%, 5/11/2026 (c) | 32905 | 32929 |
| Series A, (SOFR + 0.65%), 4.32%, <br> 5/20/2026 (c)<br>| 21980 | 22009 |
| (SOFR + 0.55%), 4.22%, 5/21/2026 (c) | 17380 | 17399 |
| (SOFR + 0.65%), 4.34%, 7/15/2026 (c) | 22900 | 22940 |
| (SOFRINDX + 0.72%), 4.40%, 10/5/2026 (c) | 13408 | 13445 |
| (SOFR + 0.60%), 4.29%, 10/6/2026 (c) | 16540 | 16573 |
| (SOFR + 0.75%), 4.44%, 1/15/2027 (c) | 15862 | 15925 |
| (SOFR + 0.73%), 4.43%, 3/8/2027 (c) | 33350 | 33491 |
| (SOFR + 0.77%), 4.47%, 3/12/2027 (c) | 13450 | 13481 |
| (SOFR + 0.71%), 4.40%, 7/9/2027 (c) | 11950 | 12001 |
| Series A, (SOFR + 0.65%), 4.32%, <br> 11/19/2027 (c)<br>| 15450 | 15471 |
| (SOFR + 0.82%), 4.52%, 3/3/2028 (c) | 5469 | 5493 |
| (SOFR + 0.90%), 4.59%, 9/1/2028 (c) | 18830 | 18915 |
| Caterpillar Financial Services Corp.  | Caterpillar Financial Services Corp.  | Caterpillar Financial Services Corp.  |
| (SOFR + 0.69%), 4.38%, 10/16/2026 (c) | 28200 | 28290 |
| (SOFR + 0.38%), 4.07%, 1/7/2027 (c) | 12574 | 12598 |
| (SOFR + 0.52%), 4.18%, 5/14/2027 (c) | 19484 | 19559 |
| (SOFR + 0.53%), 4.22%, 7/7/2027 (c) | 8260 | 8272 |
| (SOFR + 0.56%), 4.22%, 11/15/2027 (c) | 23000 | 23087 |
| (SOFR + 0.40%), 4.09%, 1/10/2028 (c) | 13770 | 13790 |
| (SOFR + 0.52%), 4.22%, 3/3/2028 (c) | 9764 | 9796 |
| (SOFR + 0.49%), 4.16%, 2/23/2029 (c) | 13850 | 13896 |
| Ford Motor Credit Co. LLC 3.82%, 11/2/2027 | 2695 | 2673 |
| John Deere Capital Corp.  | John Deere Capital Corp.  | John Deere Capital Corp.  |
| (SOFR + 0.57%), 4.26%, 3/3/2026 (c) | 11766 | 11766 |
| (SOFR + 0.79%), 4.48%, 6/8/2026 (c) | 14634 | 14660 |
| (SOFR + 0.40%), 4.15%, 1/5/2027 (c) | 23720 | 23740 |
| (SOFR + 0.60%), 4.27%, 4/19/2027 (c) | 13993 | 14045 |
| (SOFR + 0.60%), 4.29%, 6/11/2027 (c) | 13966 | 14031 |
| (SOFR + 0.68%), 4.36%, 7/15/2027 (c) | 23650 | 23788 |
| (SOFR + 0.50%), 4.19%, 3/6/2028 (c) | 4430 | 4450 |
| Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  |
| (SOFRINDX + 0.45%), 4.14%, 4/10/2026 (c) | 2634 | 2635 |
| (SOFRINDX + 0.89%), 4.55%, 5/18/2026 (c) | 29808 | 29859 |
| (SOFR + 0.47%), 4.16%, 1/8/2027 (c) | 9123 | 9147 |
| (SOFR + 0.65%), 4.35%, 3/19/2027 (c) | 23000 | 23082 |
| (SOFR + 0.71%), 4.37%, 5/14/2027 (c) | 21331 | 21434 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 69

------

JPMorgan Strategic Income Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| (SOFR + 0.50%), 4.16%, 8/25/2027 (c) | 25596 | 25638 |
| Series B, (SOFR + 0.45%), 4.14%, <br> 1/12/2028 (c)<br>| 25390 | 25450 |
|  |  | 716418 |
| **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** | **Consumer Staples Distribution & Retail — 0.4%** |
| Walmart, Inc. (SOFRINDX + 0.43%), 4.11%, <br> 4/28/2027 (c)<br>| 35753 | 35856 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Mauser Packaging Solutions Holding Co. 7.88%, <br> 4/15/2030 (a)<br>| 845 | 865 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 5.13%, 5/1/2027 (a) | 87 | 87 |
| 5.00%, 2/1/2028 (a) | 4140 | 4131 |
| Frontier Communications Holdings LLC 5.88%, <br> 11/1/2029<br>| 506 | 511 |
| Verizon Communications, Inc. (SOFRINDX + <br> 0.79%), 4.49%, 3/20/2026 (c)<br>| 4848 | 4849 |
|  |  | 9578 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Georgia Power Co. (SOFRINDX + 0.28%), 3.98%, <br> 9/15/2026 (c)<br>| 33293 | 33298 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 4.69%, 9/1/2027 | 9190 | 9294 |
| (SOFRINDX + 0.80%), 4.48%, 2/4/2028 (c) | 37826 | 38063 |
|  |  | 80655 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| Transocean Titan Financing Ltd. 8.38%, <br> 2/1/2028 (a)<br>| 269 | 275 |
| **Entertainment — 0.5%** | **Entertainment — 0.5%** | **Entertainment — 0.5%** |
| Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  |
| 6.50%, 5/15/2027 (a) | 3255 | 3270 |
| 4.75%, 10/15/2027 (a) | 3690 | 3688 |
| Walt Disney Co. (The) (SOFRINDX + 0.47%), <br> 4.15%, 3/14/2029 (c)<br>| 36910 | 36920 |
|  |  | 43878 |
| **Financial Services — 1.4%** | **Financial Services — 1.4%** | **Financial Services — 1.4%** |
| Mastercard, Inc. (SOFRINDX + 0.44%), 4.14%, <br> 3/15/2028 (c)<br>| 1649 | 1658 |
| National Rural Utilities Cooperative Finance Corp.  | National Rural Utilities Cooperative Finance Corp.  | National Rural Utilities Cooperative Finance Corp.  |
| (SOFR + 0.33%), 4.01%, 10/30/2026 (c) | 16400 | 16404 |
| (SOFR + 0.58%), 4.25%, 11/22/2026 (c) | 36240 | 36338 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| (SOFR + 0.80%), 4.48%, 2/5/2027 (c) | 24035 | 24141 |
| Series D, (SOFRINDX + 0.43%), 4.11%, <br> 8/9/2027 (c)<br>| 13850 | 13864 |
| (SOFR + 0.82%), 4.52%, 9/16/2027 (c) | 13800 | 13879 |
| PayPal Holdings, Inc. (SOFR + 0.67%), 4.37%, <br> 3/6/2028 (c)<br>| 25917 | 25980 |
|  |  | 132264 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| Avis Budget Car Rental LLC 5.75%, <br> 7/15/2027 (a)<br>| 759 | 758 |
| Hertz Corp. (The), Escrow 5.50%, <br> 10/15/2024 ‡ (a) (h)<br>| 1753 |  |
|  |  | 758 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Abbott Laboratories (SOFRINDX + 0.50%), <br> 4.19%, 3/9/2029 (c) (i)<br>| 27700 | 27701 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| HCA, Inc. (SOFR + 0.87%), 4.56%, <br> 3/1/2028 (c)<br>| 15822 | 15898 |
| Tenet Healthcare Corp. 5.13%, 11/1/2027 | 6530 | 6534 |
| UnitedHealth Group, Inc. (SOFR + 0.50%), <br> 4.19%, 7/15/2026 (c)<br>| 36855 | 36898 |
|  |  | 59330 |
| **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| 5.00%, 10/15/2026 (a) | 275 | 275 |
| 5.00%, 5/15/2027 (a) | 3935 | 3926 |
|  |  | 4201 |
| **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** | **Hotel & Resort REITs — 0.0% ^** |
| RHP Hotel Properties LP 4.75%, 10/15/2027 | 2825 | 2824 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Constellation Energy Generation LLC (SOFR + <br> 0.60%), 4.29%, 1/8/2028 (c)<br>| 6440 | 6452 |
| **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
| Siemens Funding BV (Germany) (SOFR + 0.64%), <br> 4.31%, 5/26/2028 (a) (c)<br>| 16380 | 16459 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Metropolitan Life Global Funding I (SOFRINDX + <br> 0.57%), 4.26%, 4/9/2026 (a) (c)<br>| 13900 | 13906 |
| **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** | **Interactive Media & Services — 0.2%** |
| Alphabet, Inc. (SOFR + 0.52%), 4.18%, <br> 11/15/2028 (c)<br>| 18350 | 18469 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 900 | 871 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) |
| (SOFR + 0.96%), 4.64%, 9/25/2027 (a) (c) | 9560 | 9599 |
| (SOFR + 0.84%), 4.53%, 1/13/2028 (a) (c) | 13750 | 13765 |
|  |  | 23364 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| CSC Holdings LLC  | CSC Holdings LLC  | CSC Holdings LLC  |
| 6.50%, 2/1/2029 (a) | 1075 | 679 |
| 5.75%, 1/15/2030 (a) | 1595 | 616 |
| DISH DBS Corp.  | DISH DBS Corp.  | DISH DBS Corp.  |
| 7.75%, 7/1/2026 | 1820 | 1797 |
| 5.25%, 12/1/2026 (a) | 2350 | 2283 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |
| 9.13%, 5/1/2029 (a) | 2601 | 2311 |
| 10.88%, 5/1/2030 (a) | 900 | 668 |
| Nexstar Media, Inc.  | Nexstar Media, Inc.  | Nexstar Media, Inc.  |
| 5.63%, 7/15/2027 (a) | 1705 | 1705 |
| 4.75%, 11/1/2028 (a) | 2100 | 2090 |
|  |  | 12149 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| (SOFRINDX + 0.75%), 4.44%, <br> 10/1/2026 (a) (c)<br>| 13850 | 13878 |
| (SOFRINDX + 1.06%), 4.74%, <br> 4/4/2027 (a) (c)<br>| 13390 | 13449 |
|  |  | 27327 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| Consolidated Edison Co. of New York, Inc. <br> (SOFRINDX + 0.52%), 4.18%, <br> 11/18/2027 (c)<br>| 24585 | 24621 |
| **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** | **Oil, Gas & Consumable Fuels — 0.7%** |
| Chevron USA, Inc.  | Chevron USA, Inc.  | Chevron USA, Inc.  |
| (SOFRINDX + 0.36%), 4.03%, 2/26/2027 (c) | 27222 | 27282 |
| (SOFRINDX + 0.47%), 4.14%, 2/26/2028 (c) | 15209 | 15309 |
| (SOFR + 0.57%), 4.25%, 8/13/2028 (c) | 19750 | 19890 |
| Crescent Energy Finance LLC 9.25%, <br> 2/15/2028 (a)<br>| 734 | 755 |
| Expand Energy Corp., Escrow 5.50%, <br> 9/15/2026 ‡ (h)<br>| 5690 |  |
| NuStar Logistics LP 6.00%, 6/1/2026 | 845 | 845 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| 8.00%, 4/15/2027 (a) | 1565 | 1575 |
| 9.88%, 7/15/2031 (a) | 779 | 834 |
|  |  | 66490 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| ESC SANCHEZ 8.88%, 3/15/2070 ‡ (a) (h) | 3888 |  |
| **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
| 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | 2860 | 2958 |
| Eli Lilly & Co. (SOFR + 0.53%), 4.22%, <br> 10/15/2028 (c)<br>| 19608 | 19725 |
| GlaxoSmithKline Capital plc (United Kingdom) <br> (SOFR + 0.50%), 4.20%, 3/12/2027 (c)<br>| 36800 | 36912 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| (SOFR + 0.46%), 4.16%, 9/15/2027 (c) | 6909 | 6942 |
| (SOFR + 0.57%), 4.27%, 3/15/2029 (c) | 9160 | 9185 |
| Novartis Capital Corp. (SOFR + 0.52%), 4.20%, <br> 11/5/2028 (c)<br>| 12370 | 12458 |
| Pfizer, Inc. (SOFR + 0.50%), 4.16%, <br> 11/15/2027 (c)<br>| 6426 | 6449 |
| Roche Holdings, Inc. (SOFR + 0.74%), 4.42%, <br> 11/13/2026 (a) (c)<br>| 16227 | 16308 |
| Sanofi SA (SOFR + 0.46%), 4.14%, <br> 11/3/2027 (c)<br>| 4600 | 4620 |
|  |  | 115557 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Oracle Corp. (SOFR + 0.76%), 4.44%, <br> 8/3/2028 (c)<br>| 44560 | 44088 |
| SS&C Technologies, Inc. 5.50%, 9/30/2027 (a) | 290 | 290 |
|  |  | 44378 |
| **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** | **Specialized REITs — 0.5%** |
| Public Storage Operating Co. (SOFRINDX + <br> 0.70%), 4.39%, 4/16/2027 (c)<br>| 48082 | 48281 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ (h) | 129 | —<br> (j)<br>|
| **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** | **Technology Hardware, Storage & Peripherals — 0.2%** |
| Hewlett Packard Enterprise Co. (SOFR + 0.96%), <br> 4.66%, 9/15/2028 (c)<br>| 18340 | 18424 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Philip Morris International, Inc. (SOFR + 0.83%), <br> 4.51%, 4/28/2028 (c)<br>| 10000 | 10058 |
| Total Corporate Bonds <br>(Cost $3,685,673)<br>|  | 3692089 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 71

------

JPMorgan Strategic Income Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — 18.3%** | **Mortgage-Backed Securities — 18.3%** | **Mortgage-Backed Securities — 18.3%** |
| FNMA/FHLMC UMBS, Single Family, 30 Year  |  |  |
| TBA, 4.50%, 3/25/2056 (i) | 92000 | 90974 |
| TBA, 6.00%, 3/25/2056 (i) | 506000 | 518999 |
| TBA, 6.00%, 4/25/2056 (i) | 1110000 | 1138427 |
| Total Mortgage-Backed Securities <br>(Cost $1,746,470)<br>|  | 1748400 |
| **Collateralized Mortgage Obligations — 4.8%** | **Collateralized Mortgage Obligations — 4.8%** | **Collateralized Mortgage Obligations — 4.8%** |
| Adjustable Rate Mortgage Trust |  |  |
| Series 2005-5, Class 5A1, 5.48%, <br> 9/25/2035 (k)<br>|  |  |
| Series 2005-10, Class 1A21, 5.53%, <br> 1/25/2036 (k)<br>| 337 | 321 |
| Alternative Loan Trust |  |  |
| Series 2004-5CB, Class 2A1, 5.00%, <br> 5/25/2019<br>| 35 | 35 |
| Series 2005-50CB, Class 4A1, 5.00%, <br> 11/25/2020<br>| 31 | 29 |
| Series 2005-J11, Class 5A1, 5.50%, <br> 11/25/2020<br>| 167 | 140 |
| Series 2006-J3, Class 2A1, 4.75%, <br> 12/25/2020<br>| 153 | 141 |
| Series 2005-J6, Class 2A1, 5.50%, <br> 7/25/2025<br>| 14 | 13 |
| Series 2006-24CB, Class A23, 6.00%, <br> 8/25/2036<br>|  |  |
| Series 2006-28CB, Class A17, 6.00%, <br> 10/25/2036<br>|  |  |
| Series 2006-41CB, Class 2A17, 6.00%, <br> 1/25/2037<br>| 286 | 142 |
| Series 2007-5CB, Class 1A31, 5.50%, <br> 4/25/2037<br>|  |  |
| American Home Mortgage Assets Trust Series <br> 2006-2, Class 2A1, 4.17%, 9/25/2046 (k)<br>|  |  |
| Angel Oak Mortgage Trust |  |  |
| Series 2020-1, Class A1, 2.47%, <br> 12/25/2059 (a) (k)<br>| 886 | 868 |
| Series 2020-1, Class B1, 3.76%, <br> 12/25/2059 (a) (k)<br>| 2907 | 2716 |
| Series 2020-3, Class A1, 1.69%, <br> 4/25/2065 (a) (k)<br>| 6546 | 6306 |
| Series 2022-2, Class A1, 3.35%, <br> 1/25/2067 (a) (k)<br>| 6424 | 6275 |
| Series 2022-3, Class A1, 4.00%, <br> 1/25/2067 (a)<br>| 8494 | 8459 |
| Series 2024-1, Class A1, 5.21%, <br> 8/25/2068 (a) (l)<br>| 5611 | 5614 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2024-11, Class A1, 5.70%, <br> 8/25/2069 (a) (l)<br>| 4607 | 4654 |
| Series 2024-11, Class A3, 6.06%, <br> 8/25/2069 (a) (l)<br>| 1753 | 1770 |
| Series 2024-9, Class A1, 5.14%, <br> 9/25/2069 (a) (l)<br>| 7368 | 7394 |
| Series 2024-10, Class A1, 5.35%, <br> 10/25/2069 (a) (l)<br>| 1632 | 1642 |
| AOMT Series 2024-6, Class A1, 4.65%, <br> 11/25/2067 (a) (l)<br>| 4198 | 4193 |
| Banc of America Alternative Loan Trust Series <br> 2006-4, Class 2A1, 6.00%, 3/25/2029<br>| 206 | 189 |
| Banc of America Funding Trust |  |  |
| Series 2006-1, Class 2A1, 5.50%, 1/25/2036 | 152 | 136 |
| Series 2006-D, Class 5A2, 5.19%, <br> 5/20/2036 (k)<br>| 259 | 224 |
| Banc of America Mortgage Trust Series 2007-3, <br> Class 1A1, 6.00%, 9/25/2037<br>|  |  |
| Barclays Mortgage Loan Trust Series <br> 2021-NQM1, Class A1, 1.75%, <br> 9/25/2051 (a) (k)<br>| 3392 | 3148 |
| Bear Stearns ARM Trust Series 2005-12, Class <br> 22A1, 6.06%, 2/25/2036 (k)<br>|  |  |
| Bravo Residential Funding Trust Series <br> 2025-NQM3, Class A1, 5.57%, <br> 3/25/2065 (a) (l)<br>| 7885 | 7966 |
| BRAVO Residential Funding Trust |  |  |
| Series 2023-NQM1, Class A1, 5.76%, <br> 1/25/2063 (a) (l)<br>| 5658 | 5641 |
| Series 2023-NQM1, Class A2, 6.35%, <br> 1/25/2063 (a) (l)<br>| 1490 | 1486 |
| Chase Mortgage Finance Trust Series 2005-S1, <br> Class 1A15, 6.00%, 5/25/2035<br>|  |  |
| CHL Mortgage Pass-Through Trust |  |  |
| Series 2005-21, Class A2, 5.50%, <br> 10/25/2035<br>| 236 | 125 |
| Series 2006-15, Class A1, 6.25%, <br> 10/25/2036<br>|  |  |
| Series 2006-20, Class 1A36, 5.75%, <br> 2/25/2037<br>| 349 | 144 |
| Series 2007-5, Class A6, 4.14%, <br> 5/25/2037 (k)<br>|  |  |
| Citigroup Mortgage Loan Trust Series 2014-10, <br> Class 4A1, 3.96%, 2/25/2037 (a) (k)<br>| 263 | 263 |
| COLT Mortgage Loan Trust |  |  |
| Series 2023-3, Class A1, 7.18%, <br> 9/25/2068 (a) (l)<br>| 5759 | 5814 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2025-6, Class A1, 5.53%, <br> 8/25/2070 (a) (l)<br>| 17902 | 18102 |
| Connecticut Avenue Securities Trust |  |  |
| Series 2019-R07, Class 1B1, 7.18%, <br> 10/25/2039 (a) (k)<br>| 10580 | 10730 |
| Series 2021-R01, Class 1M2, 5.22%, <br> 10/25/2041 (a) (k)<br>| 6335 | 6361 |
| Series 2022-R01, Class 1M1, 4.67%, <br> 12/25/2041 (a) (k)<br>| 2524 | 2524 |
| Series 2021-R03, Class 1M2, 5.32%, <br> 12/25/2041 (a) (k)<br>| 19577 | 19665 |
| Series 2022-R02, Class 2M2, 6.67%, <br> 1/25/2042 (a) (k)<br>| 10181 | 10340 |
| Series 2022-R04, Class 1M2, 6.77%, <br> 3/25/2042 (a) (k)<br>| 12435 | 12703 |
| Series 2022-R05, Class 2M1, 5.57%, <br> 4/25/2042 (a) (k)<br>| 465 | 465 |
| Series 2023-R01, Class 1M1, 6.07%, <br> 12/25/2042 (a) (k)<br>| 6426 | 6591 |
| Series 2023-R02, Class 1M1, 5.97%, <br> 1/25/2043 (a) (k)<br>| 7566 | 7756 |
| Series 2023-R04, Class 1M1, 5.97%, <br> 5/25/2043 (a) (k)<br>| 6558 | 6695 |
| Series 2023-R08, Class 1M1, 5.17%, <br> 10/25/2043 (a) (k)<br>| 2648 | 2653 |
| Series 2024-R01, Class 1M1, 4.72%, <br> 1/25/2044 (a) (k)<br>| 375 | 375 |
| Series 2024-R02, Class 1M1, 4.77%, <br> 2/25/2044 (a) (k)<br>| 3837 | 3837 |
| Series 2024-R04, Class 1M1, 4.77%, <br> 5/25/2044 (a) (k)<br>| 2664 | 2665 |
| Series 2024-R05, Class 2M1, 4.67%, <br> 7/25/2044 (a) (k)<br>| 431 | 431 |
| Credit Suisse First Boston Mortgage Securities <br> Corp. (Switzerland)<br>|  |  |
| Series 2005-7, Class 3A1, 5.00%, 8/25/2020 | 7 | 7 |
| Series 2004-5, Class 4A1, 6.00%, 9/25/2034 |  |  |
| Deephaven Residential Mortgage Trust Series <br> 2021-3, Class A1, 1.19%, 8/25/2066 (a) (k)<br>| 10330 | 9280 |
| Deutsche Alt-A Securities Mortgage Loan Trust <br> Series 2007-AR2, Class A1, 4.09%, <br> 3/25/2037 (k)<br>|  |  |
| Deutsche Alt-A Securities, Inc. Mortgage Loan <br> Trust<br>|  |  |
| Series 2005-1, Class 2A1, 3.41%, <br> 2/25/2020 (k)<br>| 47 | 46 |
| Series 2005-1, Class 1A1, 4.29%, <br> 2/25/2035 (k)<br>|  |  |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| EFMT Series 2025-NQM1, Class A1, 5.67%, <br> 1/25/2070 (a) (k)<br>| 6652 | 6722 |
| FHLMC STACR REMIC Trust |  |  |
| Series 2021-DNA5, Class M2, 5.32%, <br> 1/25/2034 (a) (k)<br>| 3993 | 4011 |
| Series 2021-DNA6, Class M2, 5.17%, <br> 10/25/2041 (a) (k)<br>| 20713 | 20770 |
| Series 2022-DNA2, Class M1A, 4.97%, <br> 2/25/2042 (a) (k)<br>| 3308 | 3310 |
| Series 2022-DNA2, Class M1B, 6.07%, <br> 2/25/2042 (a) (k)<br>| 3510 | 3552 |
| Series 2022-HQA1, Class M1A, 5.77%, <br> 3/25/2042 (a) (k)<br>| 2117 | 2121 |
| Series 2022-DNA3, Class M1B, 6.57%, <br> 4/25/2042 (a) (k)<br>| 16894 | 17243 |
| Series 2023-DNA1, Class M1A, 5.77%, <br> 3/25/2043 (a) (k)<br>| 1406 | 1421 |
| Series 2024-DNA1, Class M1, 5.02%, <br> 2/25/2044 (a) (k)<br>| 1748 | 1752 |
| Series 2024-HQA1, Class M1, 4.92%, <br> 3/25/2044 (a) (k)<br>| 5940 | 5946 |
| Series 2024-DNA2, Class M1, 4.87%, <br> 5/25/2044 (a) (k)<br>| 11641 | 11649 |
| Series 2024-DNA3, Class M2, 5.12%, <br> 10/25/2044 (a) (k)<br>| 1942 | 1943 |
| Series 2025-DNA1, Class M1, 4.72%, <br> 1/25/2045 (a) (k)<br>| 6572 | 6572 |
| FNMA, REMIC Series 2021-47, Class QI, IO, <br> 2.50%, 10/25/2049<br>| 33818 | 3923 |
| GCAT Trust |  |  |
| Series 2019-NQM3, Class A1, 3.69%, <br> 11/25/2059 (a) (k)<br>| 1576 | 1557 |
| Series 2020-NQM1, Class A1, 3.25%, <br> 1/25/2060 (a) (l)<br>| 1309 | 1297 |
| Series 2025-NQM1, Class A1, 5.37%, <br> 11/25/2069 (a) (l)<br>| 4914 | 4954 |
| Series 2025-NQM5, Class A1, 4.98%, <br> 8/25/2070 (a) (k)<br>| 13419 | 13469 |
| GSR Mortgage Loan Trust Series 2006-3F, Class <br> 2A7, 5.75%, 3/25/2036<br>|  |  |
| HarborView Mortgage Loan Trust Series 2007-1, <br> Class 2A1A, 4.04%, 3/19/2037 (k)<br>|  |  |
| Impac CMB Trust Series 2004-6, Class 1A2, <br> 4.57%, 10/25/2034 (k)<br>|  |  |
| JPMorgan Seasoned Mortgage Trust Series <br> 2014-1, Class A2, 4.29%, 5/25/2033 (a) (k)<br>| 1724 | 1706 |
| Lehman Mortgage Trust Series 2006-4, Class <br> 3A1, 5.00%, 8/25/2021<br>| 4 | 4 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 73

------

JPMorgan Strategic Income Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| MASTR Alternative Loan Trust Series 2005-5, <br> Class 3A1, 5.75%, 8/25/2035<br>|  |  |
| MFA Trust Series 2023-INV2, Class A1, 6.77%, <br> 10/25/2058 (a) (l)<br>| 3727 | 3759 |
| Mill City Mortgage Loan Trust Series 2023-NQM1, <br> Class A1, 6.05%, 10/25/2067 (a) (l)<br>| 6288 | 6269 |
| NACC Reperforming Loan REMIC Trust Series <br> 2004-R1, Class A1, 6.50%, 3/25/2034 (a)<br>| 645 | 599 |
| New Residential Mortgage Loan Trust Series <br> 2018-RPL1, Class A1, 3.50%, <br> 12/25/2057 (a) (k)<br>| 7349 | 7207 |
| Nomura Resecuritization Trust Series 2015-2R, <br> Class 4A1, 3.93%, 12/26/2036 (a) (k)<br>| 4 | 4 |
| NYMT Loan Trust Series 2024-INV1, Class A1, <br> 5.38%, 6/25/2069 (a) (k)<br>| 4188 | 4214 |
| OBX Trust |  |  |
| Series 2022-NQM7, Class A1, 5.11%, <br> 8/25/2062 (a) (l)<br>| 6060 | 6054 |
| Series 2023-NQM3, Class A1, 5.95%, <br> 2/25/2063 (a) (l)<br>| 6980 | 6969 |
| Series 2023-NQM5, Class A1A, 6.57%, <br> 6/25/2063 (a) (l)<br>| 2952 | 2960 |
| Series 2023-NQM10, Class A1, 6.46%, <br> 10/25/2063 (a) (l)<br>| 1348 | 1360 |
| Series 2024-NQM13, Class A3, 5.42%, <br> 6/25/2064 (a) (l)<br>| 2406 | 2413 |
| Series 2024-NQM11, Class A3, 6.23%, <br> 6/25/2064 (a) (l)<br>| 6436 | 6506 |
| Series 2024-NQM12, Class A1, 5.47%, <br> 7/25/2064 (a) (l)<br>| 4953 | 4988 |
| Series 2025-NQM14, Class A1F, 4.87%, <br> 7/25/2065 (a) (k)<br>| 4199 | 4203 |
| Series 2025-NQM15, Class A1F, 4.82%, <br> 7/27/2065 (a) (k)<br>| 5073 | 5077 |
| Series 2025-NQM16, Class A1F, 4.82%, <br> 8/25/2065 (a) (k)<br>| 3170 | 3173 |
| Series 2025-NQM18, Class A1, 5.06%, <br> 9/25/2065 (a) (k)<br>| 2914 | 2935 |
| Series 2026-NQM1, Class A1F, 4.92%, <br> 11/25/2065 (a) (k)<br>| 9337 | 9362 |
| Series 2021-NQM1, Class A1, 1.07%, <br> 2/25/2066 (a) (k)<br>| 7557 | 6814 |
| PRPM Trust Series 2024-NQM1, Class A1, <br> 6.27%, 12/25/2068 (a) (l)<br>| 1881 | 1901 |
| RALI Trust Series 2006-QS18, Class 3A3, 5.75%, <br> 12/25/2036<br>| 8 | 3 |
| Residential Asset Securitization Trust Series <br> 2006-R1, Class A2, 4.19%, 1/25/2046 (k)<br>|  |  |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| RFMSI Trust |  |  |
| Series 2006-S10, Class 1A1, 6.00%, <br> 10/25/2036<br>|  |  |
| Series 2006-SA4, Class 2A1, 5.43%, <br> 11/25/2036 (k)<br>| 347 | 294 |
| Santander Mortgage Asset Receivable Trust |  |  |
| Series 2025-NQM1, Class A1, 5.55%, <br> 1/25/2065 (a) (l)<br>| 7880 | 7949 |
| Series 2025-NQM2, Class A1, 5.73%, <br> 2/25/2065 (a) (l)<br>| 6717 | 6797 |
| SG Residential Mortgage Trust |  |  |
| Series 2022-2, Class A1, 5.35%, <br> 8/25/2062 (a) (l)<br>| 13909 | 13902 |
| Series 2022-2, Class A2, 5.35%, <br> 8/25/2062 (a) (k)<br>| 4091 | 4086 |
| Starwood Mortgage Residential Trust |  |  |
| Series 2019-INV1, Class A3, 2.92%, <br> 9/27/2049 (a) (k)<br>| 236 | 235 |
| Series 2022-2, Class A1, 3.17%, <br> 2/25/2067 (a) (k)<br>| 3362 | 3291 |
| Series 2022-4, Class A1, 5.19%, <br> 5/25/2067 (a) (l)<br>| 9104 | 9087 |
| Towd Point Mortgage Trust Series 2019-HY2, <br> Class A1, 4.79%, 5/25/2058 (a) (k)<br>| 2848 | 2908 |
| Verus Securitization Trust |  |  |
| Series 2021-6, Class A1, 1.63%, <br> 10/25/2066 (a) (k)<br>| 7382 | 6627 |
| Series 2024-7, Class A1, 5.10%, <br> 9/25/2069 (a) (k)<br>| 6911 | 6938 |
| Visio Trust Series 2022-1, Class A1, 5.76%, <br> 8/25/2057 (a) (l)<br>| 1946 | 1946 |
| Vista Point Securitization Trust Series 2020-2, <br> Class A1, 1.47%, 4/25/2065 (a) (k)<br>| 1287 | 1255 |
| Total Collateralized Mortgage Obligations <br>(Cost $459,277)<br>|  | 463081 |
| **Convertible Bonds — 3.5%** | **Convertible Bonds — 3.5%** | **Convertible Bonds — 3.5%** |
| **Air Freight & Logistics — 0.0% ^** | **Air Freight & Logistics — 0.0% ^** | **Air Freight & Logistics — 0.0% ^** |
| ZTO Express Cayman, Inc. (China) 1.50%, <br> 9/1/2027<br>| 1454 | 1434 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| Nissan Motor Co. Ltd. (Japan) 1.00%, <br> 7/15/2031 (g)<br>| 340000 | 2773 |
| Winnebago Industries, Inc. 3.25%, 1/15/2030 | 1380 | 1302 |
|  |  | 4075 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Convertible Bonds — continued** | **Convertible Bonds — continued** | **Convertible Bonds — continued** |
| **Banks — 0.3%** | **Banks — 0.3%** | **Banks — 0.3%** |
| Barclays Bank plc (United Kingdom) Series MSFT, <br> 1.00%, 2/16/2029<br>| 11518 | 11825 |
| BofA Finance LLC 0.60%, 5/25/2027 | 5837 | 7115 |
| Goldman Sachs Finance Corp. International Ltd. <br> Zero Coupon, 11/6/2028 (g)<br>| 4400 | 4222 |
| Morgan Stanley Finance LLC Series 0001, Zero <br> Coupon, 3/21/2028 (g)<br>| 3000 | 4894 |
|  |  | 28056 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| BioMarin Pharmaceutical, Inc. 1.25%, <br> 5/15/2027<br>| 6774 | 6538 |
| Exact Sciences Corp. 0.38%, 3/1/2028 | 4466 | 4638 |
| Halozyme Therapeutics, Inc. 0.25%, 3/1/2027 | 7239 | 7769 |
|  |  | 18945 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| JD.com, Inc. (China) 0.25%, 6/1/2029 | 793 | 784 |
| Match Group Financeco 3, Inc. 2.00%, <br> 1/15/2030 (a)<br>| 9042 | 8142 |
|  |  | 8926 |
| **Capital Markets — 0.1%** | **Capital Markets — 0.1%** | **Capital Markets — 0.1%** |
| Euronext NV (Netherlands) 1.50%, <br> 5/30/2032 (g)<br>| 1400 | 1691 |
| Orpar SA (France) 2.00%, 2/7/2031 (g) | 4700 | 5287 |
|  |  | 6978 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Kansai Paint Co. Ltd. (Japan) Zero Coupon, <br> 3/8/2029 (g)<br>| 820000 | 5731 |
| **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** | **Construction & Engineering — 0.0% ^** |
| Vinci SA (France) 0.70%, 2/18/2030 (g) | 2900 | 3845 |
| **Consumer Finance — 0.0% ^** | **Consumer Finance — 0.0% ^** | **Consumer Finance — 0.0% ^** |
| SoFi Technologies, Inc. Zero Coupon, <br> 10/15/2026 (a)<br>| 3008 | 3178 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| Cellnex Telecom SA (Spain) 0.50%, <br> 7/5/2028 (g)<br>| 3800 | 4746 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| Legrand SA (France) 1.50%, 6/23/2033 (g) | 6300 | 8837 |
| Schneider Electric SE Series SUFP, 1.63%, <br> 6/28/2031 (g)<br>| 6900 | 9285 |
|  |  | 18122 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Itron, Inc. 1.38%, 7/15/2030 | 1950 | 2030 |
| Taiyo Yuden Co. Ltd. (Japan) Zero Coupon, <br> 10/18/2030 (g)<br>| 740000 | 5900 |
|  |  | 7930 |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Live Nation Entertainment, Inc. 2.88%, <br> 1/15/2030<br>| 5420 | 6070 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| Affirm Holdings, Inc. 0.75%, 12/15/2029 | 5335 | 5060 |
| Block, Inc. Zero Coupon, 5/1/2026 | 5295 | 5250 |
| Citigroup Global Markets Funding Luxembourg <br> SCA Zero Coupon, 3/15/2028 (g)<br>| 6400 | 8105 |
| Citigroup Global Markets Holdings, Inc.  | Citigroup Global Markets Holdings, Inc.  | Citigroup Global Markets Holdings, Inc.  |
| 1.00%, 4/9/2029 (g) | 4000 | 4593 |
| 0.80%, 2/5/2030 (g) | 8000 | 10024 |
| Global Payments, Inc. 1.50%, 3/1/2031 | 1645 | 1496 |
| Shift4 Payments, Inc. 0.50%, 8/1/2027 | 1278 | 1192 |
|  |  | 35720 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Dexcom, Inc. 0.38%, 5/15/2028 | 8714 | 8160 |
| Envista Holdings Corp. 1.75%, 8/15/2028 | 4201 | 4293 |
| Integer Holdings Corp. 2.13%, 2/15/2028 | 3027 | 3554 |
|  |  | 16007 |
| **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** |
| Fresenius SE & Co. KGaA (Germany) 0.00%, <br> 3/11/2028 (g)<br>| 2600 | 3015 |
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Airbnb, Inc. Zero Coupon, 3/15/2026 | 7571 | 7533 |
| DoorDash, Inc. Zero Coupon, 5/15/2030 (a) | 6201 | 5975 |
| DraftKings Holdings, Inc. Zero Coupon, <br> 3/15/2028<br>| 5066 | 4572 |
| Wynn Macau Ltd. (Macau) 4.50%, 3/7/2029 (a) | 2305 | 2324 |
|  |  | 20404 |
| **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** | **Household Durables — 0.0% ^** |
| Meritage Homes Corp. 1.75%, 5/15/2028 | 1561 | 1606 |
| **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
| Rexford Industrial Realty LP 4.13%, <br> 3/15/2029 (a)<br>| 4984 | 4972 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Baidu, Inc. (China) Zero Coupon, 3/12/2032 (g) | 5100 | 4771 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 75

------

JPMorgan Strategic Income Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Convertible Bonds — continued** | **Convertible Bonds — continued** | **Convertible Bonds — continued** |
| **Interactive Media & Services — continued** | **Interactive Media & Services — continued** | **Interactive Media & Services — continued** |
| Snap, Inc.  | Snap, Inc.  | Snap, Inc.  |
| 0.75%, 8/1/2026 | 3508 | 3383 |
| 0.50%, 5/1/2030 | 2659 | 2155 |
|  |  | 10309 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Akamai Technologies, Inc. 1.13%, 2/15/2029 | 5594 | 5996 |
| Snowflake, Inc. Zero Coupon, 10/1/2027 | 1291 | 1628 |
| Wix.com Ltd. (Israel) Zero Coupon, <br> 9/15/2030 (a)<br>| 5866 | 4843 |
|  |  | 12467 |
| **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** |
| QIAGEN NV 2.50%, 9/10/2031 (g) | 3000 | 3362 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| EchoStar Corp. 3.88% (Cash), 11/30/2030 (b) | 237 | 837 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| JFE Holdings, Inc. (Japan) Zero Coupon, <br> 9/28/2028 (g)<br>| 740000 | 4904 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Eni SpA (Italy) 2.95%, 9/14/2030 (g) | 3800 | 5358 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| ANA Holdings, Inc. (Japan) Zero Coupon, <br> 12/10/2031 (g)<br>| 400000 | 3138 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Oddity Finance LLC Zero Coupon, 6/15/2030 (a) | 5000 | 3269 |
| **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** | **Pharmaceuticals — 0.1%** |
| Jazz Investments I Ltd. 2.00%, 6/15/2026 | 2595 | 3170 |
| Zoetis, Inc. 0.25%, 6/15/2029 (a) | 4106 | 4301 |
|  |  | 7471 |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| LEG Immobilien SE (Germany) 0.40%, <br> 6/30/2028 (g)<br>| 700 | 781 |
| Vonovia SE (Germany) Series A, Zero Coupon, <br> 5/20/2030 (g)<br>| 2900 | 3492 |
|  |  | 4273 |
| **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** | **Retail REITs — 0.0% ^** |
| Federal Realty OP LP 3.25%, 1/15/2029 (a) | 1560 | 1612 |
| **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** | **Semiconductors & Semiconductor Equipment — 0.3%** |
| Microchip Technology, Inc. 0.75%, 6/1/2030 | 10238 | 10435 |
| MKS, Inc. 1.25%, 6/1/2030 | 872 | 1517 |
| ON Semiconductor Corp. 0.50%, 3/1/2029 | 9143 | 9184 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Rohm Co. Ltd. (Japan) Zero Coupon, <br> 4/24/2029 (g)<br>| 600000 | 4409 |
| STMicroelectronics NV (Singapore) Series B, Zero <br> Coupon, 8/4/2027 (g)<br>| 5400 | 5510 |
|  |  | 31055 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| BILL Holdings, Inc. Zero Coupon, 4/1/2030 | 4141 | 3810 |
| Commvault Systems, Inc. Zero Coupon, <br> 9/15/2030 (a)<br>| 2823 | 2367 |
| Datadog, Inc. Zero Coupon, 12/1/2029 | 6987 | 6739 |
| Dropbox, Inc.  | Dropbox, Inc.  | Dropbox, Inc.  |
| Zero Coupon, 3/1/2026 | 2842 | 2839 |
| Zero Coupon, 3/1/2028 | 4862 | 4796 |
| Nutanix, Inc. 0.50%, 12/15/2029 | 7152 | 6576 |
| Unity Software, Inc. Zero Coupon, 11/15/2026 | 3768 | 3642 |
| Workiva, Inc. 1.25%, 8/15/2028 | 1325 | 1247 |
| Xero Investments Ltd. (New Zealand) 1.63%, <br> 6/12/2031 (g)<br>| 3462 | 3245 |
| Zscaler, Inc. Zero Coupon, 7/15/2028 (a) | 5183 | 4748 |
|  |  | 40009 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Anllian Capital 2 Ltd. (China) Zero Coupon, <br> 12/5/2029 (g)<br>| 7500 | 8862 |
| Total Convertible Bonds <br>(Cost $321,315)<br>|  | 336686 |
| **Loan Assignments — 0.4% (m)** | **Loan Assignments — 0.4% (m)** | **Loan Assignments — 0.4% (m)** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| TransDigm, Inc., 1st Lien Term Loan J (1-MONTH <br> CME TERM SOFR + 2.50%), 6.17%, <br> 2/28/2031 (c)<br>| 424 | 424 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH <br> CME TERM SOFR + 2.00%), 5.67%, <br> 1/31/2031 (c)<br>| 566 | 564 |
| DexKo Global, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.75%), 7.68%, <br> 10/4/2028 (c)<br>| 992 | 987 |
|  |  | 1551 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Primo Brands Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 3/31/2028 (c)<br>| 848 | 847 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Shutterfly Finance LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 6.00%), 9.67%, <br> 10/1/2027 (c)<br>| 99 | 99 |
| Shutterfly Finance LLC, 2nd Lien Term Loan <br> (1-MONTH CME TERM SOFR + 5.00% (PIK) + <br> 3.82% (Cash)), 12.49%, 10/1/2027 (b) (c)<br>| 230 | 213 |
|  |  | 312 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| Quikrete Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 3/19/2029 (c)<br>| 807 | 807 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| Ecovyst Catalyst Technologies LLC, 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + 2.00%), <br> 5.67%, 6/12/2031 (c)<br>| 615 | 614 |
| INEOS US Finance LLC, 1st Lien Term Loan B <br> (Luxembourg) (1-MONTH CME TERM SOFR + <br> 3.25%), 6.92%, 2/18/2030 (c)<br>| 1781 | 1492 |
| Venator Materials LLC, 1st Lien PIK Term Loan <br> (PRIME + 2.00% (PIK) + 4.32% (Cash)), <br> 13.07%, 10/12/2028 (b) (c)<br>| 618 | 49 |
| Venator Materials LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 7.00% (PIK)), <br> 10.67%, 3/16/2026 (b) (c)<br>| 386 | 309 |
| Venator Materials LLC, 1st Lien Term Loan B <br> (PRIME + 1.00% (PIK) + 1.00% (Cash)), <br> 8.75%, 7/16/2026 (b) (c)<br>| 385 | 308 |
|  |  | 2772 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| APi Group DE, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 1/3/2029 (c)<br>| 477 | 478 |
| Garda World Security Corp., 1st Lien Term Loan B <br> (Canada) (3-MONTH CME TERM SOFR + <br> 2.75%), 6.42%, 2/1/2029 (c)<br>| 288 | 287 |
| Guardian US Holdco LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.25%), 6.92%, <br> 1/31/2030 (c)<br>| 341 | 333 |
| Harsco Corp., Term Loan B-3 (1-MONTH CME <br> TERM SOFR + 2.25%), 6.04%, 6/9/2028 (c)<br>| 460 | 458 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| Madison IAQ LLC, 1st Lien Term Loan (6-MONTH <br> CME TERM SOFR + 2.50%), 6.13%, <br> 6/21/2028 (c)<br>| 2638 | 2638 |
| Prime Security Services Borrower LLC, 1st Lien <br> Term Loan B-1 (1-MONTH CME TERM SOFR + <br> 2.00%), 5.67%, 10/15/2030 (c)<br>| 433 | 433 |
|  |  | 4627 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Moran Foods LLC, 1st Lien Super Senior Delayed <br> Draw Term Loan (3-MONTH CME TERM SOFR + <br> 11.50% (PIK) + 0.10% (CAS)), 15.23%, <br> 12/31/2028 ‡ (b) (c)<br>| 98 | 88 |
| Moran Foods LLC, 1st Lien Term Loan |  |  |
| (3-MONTH CME TERM SOFR + 7.25% (PIK) + <br> 0.10% (CAS)), 11.02%, 12/31/2028 ‡ (b) <br> (c)<br>| 3195 |  |
| (3-MONTH CME TERM SOFR + 7.25% (PIK) + <br> 0.10% (CAS)), 11.02%, 12/31/2028 ‡ (b) <br> (c)<br>| 4284 | 749 |
| Moran Foods LLC, Term Loan A (3-MONTH CME <br> TERM SOFR + 2.50% (PIK)), 6.17%, <br> 12/31/2028 ‡ (b) (c)<br>| 855 | 760 |
| Moran Foods LLC, Term Loan B (3-MONTH CME <br> TERM SOFR + 8.50% (PIK)), 12.17%, <br> 12/31/2028 ‡ (b) (c)<br>| 795 | 716 |
| Utz Quality Foods LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 1/29/2032 (c)<br>| 211 | 210 |
|  |  | 2523 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Mauser Packaging Solutions Holding Co., 1st Lien <br> Term Loan B (3-MONTH CME TERM SOFR + <br> 3.50%), 7.16%, 4/15/2030 (c) (n)<br>| 50 | 49 |
| Trident TPI Holdings, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.75%), 7.42%, <br> 9/15/2028 (c)<br>| 582 | 561 |
|  |  | 610 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| St. George's University Scholastic Services LLC, <br> 1st Lien Term Loan B (Canada) (1-MONTH CME <br> TERM SOFR + 2.75%), 6.42%, 2/12/2029 (c)<br>| 717 | 683 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 77

------

JPMorgan Strategic Income Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| Altice Financing SA, 1st Lien Term Loan B <br> (Luxembourg) (3-MONTH CME TERM SOFR + <br> 5.00%), 8.67%, 10/29/2027 (c)<br>| 172 | 126 |
| Altice France SA, 1st Lien Term Loan B-14 <br> (France) (3-MONTH CME TERM SOFR + <br> 6.88%), 10.55%, 5/30/2031 (c)<br>| 214 | 214 |
|  |  | 340 |
| **Electric Utilities — 0.0% ^** | **Electric Utilities — 0.0% ^** | **Electric Utilities — 0.0% ^** |
| Constellation Renewables LLC, 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + 2.00%), <br> 5.67%, 12/15/2027 (c)<br>| 788 | 788 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Vertiv Group Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 8/12/2032 (c)<br>| 1143 | 1143 |
| **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** |
| Crown Finance US, Inc., 1st Lien Term Loan B <br> (United Kingdom) (1-MONTH CME TERM SOFR <br> + 4.50%), 8.17%, 12/2/2031 (c)<br>| 992 | 963 |
| WMG Acquisition Corp., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 1/24/2031 (c)<br>| 1178 | 1179 |
|  |  | 2142 |
| **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** | **Ground Transportation — 0.0% ^** |
| First Student Bidco, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/15/2030 (c)<br>| 703 | 702 |
| First Student Bidco, Inc., 1st Lien Term Loan C <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/15/2030 (c)<br>| 129 | 128 |
| Hertz Corp. (The), 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.50%), 7.29%, <br> 6/30/2028 (c)<br>| 1051 | 808 |
| Hertz Corp. (The), 1st Lien Term Loan C <br> (1-MONTH CME TERM SOFR + 3.50%), 7.29%, <br> 6/30/2028 (c)<br>| 207 | 159 |
|  |  | 1797 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Bausch + Lomb Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.42%, <br> 1/15/2031 (c)<br>| 713 | 713 |
| Medline Borrower LP, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 10/23/2028 (c)<br>| 70 | 70 |
|  |  | 783 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** |
| MED ParentCo LP, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.00%), 6.67%, <br> 4/15/2031 (c)<br>| 354 | 353 |
| US Renal Care, Inc., 1st Lien Term Loan C <br> (1-MONTH CME TERM SOFR + 5.00%), 8.79%, <br> 6/28/2028 (c)<br>| 1104 | 1043 |
|  |  | 1396 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Whatabrands LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/3/2028 (c)<br>| 912 | 909 |
| **Insurance — 0.0% ^** | **Insurance — 0.0% ^** | **Insurance — 0.0% ^** |
| Asurion LLC, 1st Lien Term Loan B-11 (1-MONTH <br> CME TERM SOFR + 4.25%), 8.02%, <br> 8/21/2028 (c)<br>| 609 | 609 |
| HUB International Ltd., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 6/20/2030 (c)<br>| 539 | 532 |
| USI, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.25%), 5.92%, <br> 11/21/2029 (c)<br>| 410 | 408 |
|  |  | 1549 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Arches Buyer, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.25%), 7.02%, <br> 12/6/2027 (c)<br>| 193 | 192 |
| Indy US Holdco LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 10/31/2030 (c)<br>| 403 | 389 |
| Virtusa Corp., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 3.25%), 6.92%, <br> 2/15/2029 (c)<br>| 230 | 211 |
|  |  | 792 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| FGI Operating Co. LLC, 1st Lien Term Loan, <br> 0.00%, 12/31/2026 ‡ (h) (k)<br>| 2243 | 22 |
| **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** |
| PAREXEL International Corp., 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 2.75%), <br> 6.42%, 12/12/2031 (c)<br>| 971 | 958 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| TK Elevator Midco GmbH, 1st Lien Term Loan B <br> (Germany) (6-MONTH CME TERM SOFR + <br> 2.75%), 6.38%, 4/30/2030 (c)<br>| 355 | 355 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| Clear Channel Outdoor Holdings, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 4.00%), 7.79%, 8/23/2028 (c)<br>| 570 | 572 |
| DIRECTV Financing LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 5.00%), 8.93%, <br> 8/2/2027 (c)<br>| 11 | 11 |
| EW Scripps Co. (The), 1st Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 3.35%), 7.13%, <br> 11/30/2029 (c)<br>| 173 | 168 |
| iHeartCommunications, Inc., 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 5.78%), <br> 9.56%, 5/1/2029 (c)<br>| 1679 | 1449 |
|  |  | 2200 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| Buckeye Partners LP, 1st Lien Term Loan B-7 <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 11/22/2032 (c)<br>| 435 | 437 |
| Whitewater Whistler Holdings LLC, 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + 1.75%), <br> 5.44%, 2/15/2030 (c)<br>| 550 | 548 |
|  |  | 985 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Conair Holdings LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.54%, <br> 5/17/2028 (c)<br>| 586 | 316 |
| Knowlton Development Corp., Inc., 1st Lien Term <br> Loan B (Canada) (1-MONTH CME TERM SOFR + <br> 3.50%), 7.17%, 8/15/2028 (c)<br>| 329 | 326 |
|  |  | 642 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| Jazz Financing Lux SARL, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 5/5/2028 (c)<br>| 366 | 367 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| WEC US Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 1/27/2031 (c)<br>| 1508 | 1503 |
| **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** |
| Altar Bidco, Inc., 2nd Lien Term Loan (12-MONTH <br> CME TERM SOFR + 5.60%), 9.11%, <br> 2/1/2030 (c)<br>| 251 | 236 |
| **Software — 0.1%** | **Software — 0.1%** | **Software — 0.1%** |
| AthenaHealth Group, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 2/15/2029 (c)<br>| 258 | 251 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Software — continued** | **Software — continued** | **Software — continued** |
| DCert Buyer, Inc., 1st Lien Term Loan (1-MONTH <br> CME TERM SOFR + 7.00%), 10.67%, <br> 2/16/2029 (c)<br>| 220 | 176 |
| Project Boost Purchaser LLC, 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + 2.75%), <br> 6.42%, 7/16/2031 (c)<br>| 743 | 707 |
| Proofpoint, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 3.00%), 6.67%, <br> 8/31/2028 (c)<br>| 547 | 523 |
| RealPage, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 3.00%), 6.93%, <br> 4/24/2028 (c)<br>| 278 | 256 |
| Skopima Consilio Parent LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 3.75%), <br> 7.42%, 5/12/2028 (c) (n)<br>| 132 | 104 |
| Thoughtworks, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.50%), 6.29%, <br> 3/24/2028 (c)<br>| 179 | 169 |
| UKG, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.50%), 6.17%, 2/10/2031 (c)<br>| 1161 | 1097 |
|  |  | 3283 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| AWS Claire's LLC, 1st Lien Term Loan B (PIK), <br> 10.00%, 9/18/2030 ‡ (b)<br>| 657 | 656 |
| Serta Simmons Bedding LLC, 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + 7.50%), <br> 11.29%, 6/29/2028 (c)<br>| 89 | 84 |
| Staples, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 5.75%), 9.41%, <br> 8/23/2029 (c)<br>| 1139 | 1016 |
| White Cap Supply Holdings LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + 3.25%), <br> 6.92%, 10/19/2029 (c)<br>| 645 | 637 |
|  |  | 2393 |
| Total Loan Assignments <br>(Cost $49,404)<br>|  | 39739 |
| **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** | **Asset-Backed Securities — 0.4%** |
| Bear Stearns Asset-Backed Securities Trust Series <br> 2004-SD1, Class M2, 5.82%, 12/25/2042 (l)<br>| 784 | 726 |
| Carrington Mortgage Loan Trust Series <br> 2006-NC1, Class M2, 4.42%, 1/25/2036 (k)<br>| 18441 | 16814 |
| GSAMP Trust |  |  |
| Series 2006-FM3, Class A1, 4.07%, <br> 11/25/2036 (k)<br>|  |  |
| Series 2007-HE1, Class A2C, 4.09%, <br> 3/25/2047 (k)<br>| 8015 | 7556 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 79

------

JPMorgan Strategic Income Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Home Equity Mortgage Loan Asset-Backed Trust <br> Series 2004-B, Class M2, 4.75%, <br> 11/25/2034 (k)<br>| 186 | 184 |
| New Century Home Equity Loan Trust |  |  |
| Series 2003-5, Class AI7, 4.84%, <br> 11/25/2033 (k)<br>|  |  |
| Series 2005-1, Class M6, 4.99%, <br> 3/25/2035 (k)<br>| 3955 | 3994 |
| Option One Mortgage Loan Trust Series 2004-3, <br> Class M2, 4.64%, 11/25/2034 (k)<br>| 329 | 362 |
| RAMP Trust Series 2005-EFC6, Class M4, 4.67%, <br> 11/25/2035 (k)<br>| 2540 | 2427 |
| Saxon Asset Securities Trust Series 2002-3, <br> Class AF6, 5.41%, 5/25/2031 (l)<br>| 452 | 448 |
| Securitized Asset-Backed Receivables LLC Trust |  |  |
| Series 2006-NC3, Class A1, 4.07%, <br> 9/25/2036 (k)<br>|  |  |
| Series 2006-WM2, Class A2A, 4.11%, <br> 9/25/2036 (k)<br>|  |  |
| Terwin Mortgage Trust Series 2006-3, Class 2A2, <br> 4.21%, 4/25/2037 (a) (k)<br>| 548 | 542 |
| Total Asset-Backed Securities <br>(Cost $32,162)<br>|  | 33053 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| Incora Intermediate LLC ‡ \* | 19 | 212 |
| Incora Top Holdco LLC ‡ \* | 1 | 17 |
|  |  | 229 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Moran Foods Backstop Equity ‡ \* | 21191575 | 21 |
| MYT Holding LLC ‡ \* | 1412 | 353 |
| NMG Parent LLC, Escrow ‡ \* | 47 | 24 |
|  |  | 398 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| Venator Materials plc ‡ \* |  | 3 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Remington LLC ‡ \* | 10425 |  |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| Keenova, Class A ‡ | 5 | 438 |
| Par Health, Class A ‡ | 5 | 42 |
|  |  | 480 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| New Evhc Physical Equity \* | 36 | 557 |
| **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** | **Health Care Providers & Services — 0.1%** |
| International Oncology Care, Inc. ‡ \* | 158 | 2490 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| SSB Equipment Co., Inc. ‡ \* | 22 |  |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| iHeartMedia, Inc., Class A \* | 71 | 231 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| Gulfport Energy Corp. \* | 2 | 432 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Neiman Marcus Group, Inc. ‡ \* | 5 | 3 |
| Serta Simmons Bedding LLC \* | 22 | 198 |
|  |  | 201 |
| Total Common Stocks <br>(Cost $3,326)<br>|  | 5021 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Commercial Mortgage-Backed Securities — 0.0% ^** | **Commercial Mortgage-Backed Securities — 0.0% ^** | **Commercial Mortgage-Backed Securities — 0.0% ^** |
| Harvest Commercial Capital Loan Trust Series <br> 2019-1, Class M4, 4.64%, 9/25/2046 (a) (k) <br>(Cost $3,553)<br>| 3555 | 3500 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ <br>(Cost $2,135)<br>| 2223 | 2835 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| SES SA (Luxembourg) ‡ \* <br>(Cost $—) (j)<br>| 130 | 1951 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **CONTRACTS**<br>| **VALUE** <br>**($000)**<br>|
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| 3 Month SOFR |  |  |
| 6/12/2026 at USD 96.88, American Style |  |  |
| Notional Amount: USD 230,000 |  |  |
| Counterparty: Exchange-Traded \* | 920 | 92 |
| 3 Month SOFR |  |  |
| 9/11/2026 at USD 96.81, American Style |  |  |
| Notional Amount: USD 460,000 |  |  |
| Counterparty: Exchange-Traded \* | 1840 | 776 |
| Total Call Options Purchased <br>(Cost $926)<br>|  | 868 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 53.1%** | **Short-Term Investments — 53.1%** | **Short-Term Investments — 53.1%** |
| **Investment Companies — 52.4%** | **Investment Companies — 52.4%** | **Investment Companies — 52.4%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.76% (o) (p) <br>(Cost $5,013,826)<br>| 5012686 | 5014691 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Repurchase Agreements — 0.7%** | **Repurchase Agreements — 0.7%** | **Repurchase Agreements — 0.7%** |
| BofA Securities, Inc., 4.09%, dated 2/27/2026, <br> due 6/26/2026, repurchase price $65,879, <br> collateralized by Collateralized Mortgage <br> Obligations, 0.00% - 8.02%, due <br> 11/25/2026 - 12/25/2065 and Corporate <br> Notes & Bonds, 0.00%, due 11/1/2028, with <br> the value of $70,200. <br>(Cost $65,000)<br>| 65000 | 65000 |
| **U.S. Treasury Obligations — 0.0% ^** | **U.S. Treasury Obligations — 0.0% ^** | **U.S. Treasury Obligations — 0.0% ^** |
| U.S. Treasury Bills, 3.57%, 4/16/2026 (q) (r) <br>(Cost $6,133)<br>| 6161 | 6133 |
| Total Short-Term Investments <br>(Cost $5,084,959)<br>|  | 5085824 |
| **Total Investments — 119.2%** <br>**(Cost $11,389,200)**<br>|  | **11413047** |
| **Liabilities in Excess of Other Assets — (19.2)%** |  | **(1838119)**<br>|
| **NET ASSETS — 100.0%** |  | **9574928** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CAS | Credit Adjustment Spread |
| CME | Chicago Mercantile Exchange |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| PIK | Payment In Kind |
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| SCA | Limited partnership with share capital |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Security has the ability to pay in kind ("PIK") or pay <br> income in cash. When applicable, separate rates of <br> such payments are disclosed.<br>|
| (c) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|
| (d) | Security is an interest bearing note with preferred <br> security characteristics.<br>|
| (e) | Security is perpetual and thus, does not have a <br> predetermined maturity date. The coupon rate for this <br> security is fixed for a period of time and may be <br> structured to adjust thereafter. The date shown, if <br> applicable, reflects the next call date. The coupon rate <br> shown is the rate in effect as of February 28, 2026.<br>|
| (f) | Contingent Capital security ("CoCo"). CoCos are hybrid <br> debt securities that may be convertible into equity or <br> may be written down if a pre-specified trigger event <br> occurs. The total value of aggregate CoCo holdings at <br> February 28, 2026 is $71,764 or 0.75% of the <br> Fund's net assets as of February 28, 2026.<br>|
| (g) | Security exempt from registration pursuant to <br> Regulation S under the Securities Act of 1933, as <br> amended. Regulation S applies to securities offerings <br> that are made outside of the United States and do not <br> involve direct selling efforts in the United States and <br> as such may have restrictions on resale.<br>|
| (h) | Defaulted security. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 81

------

JPMorgan Strategic Income Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) 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;(j) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) All or a portion of this security is unsettled as of February 28, 2026. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) 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;(p) The rate shown is the current yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The rate shown is the effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

**TBA Short Commitments**

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| FNMA / FHLMC UMBS, Single Family, 30 <br> Year <br>|  |  |
| TBA, 5.50%, 3/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (184000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (186950)<br>|
| TBA, 6.50%, 3/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (828000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (859968)<br>|
| TBA, 5.50%, 4/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (555000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (563486)<br>|
| TBA, 6.50%, 4/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (555000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (576753)<br>|
| (Proceeds received of $2,185,673) |  | &nbsp;&nbsp;&nbsp;&nbsp; (2187157)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 116544 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 4444 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 489396 | &nbsp;&nbsp;&nbsp;&nbsp; 1273 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1372 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (5348)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (23)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (886)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (107704)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1006)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (1101)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1032)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 340 |

---

&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;

82 J.P. Morgan Income Funds February 28, 2026

------

**Forward foreign currency exchange contracts outstanding as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EUR | &nbsp;&nbsp;&nbsp; 66335 | USD | &nbsp;&nbsp;&nbsp; 78230 | Royal Bank of Canada | 3/5/2026 | &nbsp;&nbsp;&nbsp; 158 |
| JPY | &nbsp;&nbsp;&nbsp; 4123637 | USD | &nbsp;&nbsp;&nbsp; 26372 | HSBC Bank, NA | 3/5/2026 | &nbsp;&nbsp;&nbsp; 38 |
| USD | &nbsp;&nbsp;&nbsp; 1276 | EUR | &nbsp;&nbsp;&nbsp; 1078 | Goldman Sachs International | 3/5/2026 | &nbsp;&nbsp;&nbsp; 2 |
| USD | &nbsp;&nbsp;&nbsp; 77496 | EUR | &nbsp;&nbsp;&nbsp; 65256 | HSBC Bank, NA | 3/5/2026 | &nbsp;&nbsp;&nbsp; 381 |
| USD | &nbsp;&nbsp;&nbsp; 26587 | JPY | &nbsp;&nbsp;&nbsp; 4082103 | Citibank, NA | 3/5/2026 | &nbsp;&nbsp;&nbsp; 443 |
| EUR | &nbsp;&nbsp;&nbsp; 698 | USD | &nbsp;&nbsp;&nbsp; 823 | Morgan Stanley | 4/2/2026 | &nbsp;&nbsp;&nbsp; 3 |
| USD | &nbsp;&nbsp;&nbsp; 1139 | JPY | &nbsp;&nbsp;&nbsp; 175593 | Morgan Stanley | 4/2/2026 | &nbsp;&nbsp;&nbsp; 12 |
| EUR | &nbsp;&nbsp;&nbsp; 1444 | USD | &nbsp;&nbsp;&nbsp; 1709 | Morgan Stanley | 4/7/2026 | &nbsp;&nbsp;&nbsp; 1 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 1038 |
| JPY | &nbsp;&nbsp;&nbsp; 142548 | USD | &nbsp;&nbsp;&nbsp; 931 | Barclays Bank plc | 3/5/2026 | &nbsp;&nbsp;&nbsp; (18)<br>|
| USD | &nbsp;&nbsp;&nbsp; 1178 | JPY | &nbsp;&nbsp;&nbsp; 184082 | BNP Paribas | 3/5/2026 | &nbsp;&nbsp;&nbsp; (1)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 128561 | USD | &nbsp;&nbsp;&nbsp; 833 | Morgan Stanley | 4/2/2026 | &nbsp;&nbsp;&nbsp; (8)<br>|
| USD | &nbsp;&nbsp;&nbsp; 78334 | EUR | &nbsp;&nbsp;&nbsp; 66335 | Royal Bank of Canada | 4/2/2026 | &nbsp;&nbsp;&nbsp; (179)<br>|
| USD | &nbsp;&nbsp;&nbsp; 26436 | JPY | &nbsp;&nbsp;&nbsp; 4123637 | HSBC Bank, NA | 4/2/2026 | &nbsp;&nbsp;&nbsp; (40)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 17100 | USD | &nbsp;&nbsp;&nbsp; 20246 | HSBC Bank, NA | 4/7/2026 | &nbsp;&nbsp;&nbsp; (2)<br>|
| USD | &nbsp;&nbsp;&nbsp; 21929 | EUR | &nbsp;&nbsp;&nbsp; 18544 | Morgan Stanley | 4/7/2026 | &nbsp;&nbsp;&nbsp; (25)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (273)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 765 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| JPY | Japanese Yen |
| USD | United States Dollar |

---

**Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection** <sup>(\*)</sup> **as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| **PAYMENT** <br>**FREQUENCY**<br>| **COUNTERPARTY** | **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| ABX.HE.AAA.06-2 | 0.11 | Monthly | Bank of America NA | 5/25/2046 | 0.57 | USD14,170 | 2771 | (2597)<br>| 174 |
| ABX.HE.AAA.06-2 | 0.11 | Monthly | Bank of America NA | 5/25/2046 | 0.57 | USD6,970 | 1310 | (1224)<br>| 86 |
| ABX.HE.AAA.06-2 | 0.11 | Monthly | Barclays Bank plc | 5/25/2046 | 0.57 | USD13,370 | 3973 | (3809)<br>| 164 |
| ABX.HE.AAA.06-2 | 0.11 | Monthly | Credit Suisse International | 5/25/2046 | 0.57 | USD6,600 | 1840 | (1759)<br>| 81 |
| ABX.HE.AAA.06-2 | 0.11 | Monthly | Credit Suisse International | 5/25/2046 | 0.57 | USD13,230 | 3366 | (3204)<br>| 162 |
|  |  |  |  |  |  |  | 13260 | (12593)<br>| 667 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium <br> to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to <br> an underlying reference obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 83

------

JPMorgan Strategic Income Opportunities Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABX | Asset-Backed Securities Index |
| USD | United States Dollar |

---

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.45-V2 | 5.00 | Quarterly | 12/20/2030 | 3.32 | USD 37,000 | &nbsp;&nbsp; (2572)<br>| &nbsp;&nbsp; (269)<br>| &nbsp;&nbsp; (2841)<br>|
| CDX.NA.HY.45-V2 | 5.00 | Quarterly | 12/20/2030 | 3.32 | USD 44,200 | &nbsp;&nbsp; (3060)<br>| &nbsp;&nbsp; (334)<br>| &nbsp;&nbsp; (3394)<br>|
| CDX.NA.IG.45-V1 | 1.00 | Quarterly | 12/20/2030 | 0.56 | USD 549,850 | &nbsp;&nbsp; (11450)<br>| &nbsp;&nbsp; (303)<br>| &nbsp;&nbsp; (11753)<br>|
| iTraxx.Europe.Crossover.44-V1 | 5.00 | Quarterly | 12/20/2030 | 2.61 | EUR 68,750 | &nbsp;&nbsp; (7789)<br>| &nbsp;&nbsp; (1092)<br>| &nbsp;&nbsp; (8881)<br>|
| iTraxx.Europe.Main.44-V1 | 1.00 | Quarterly | 12/20/2030 | 0.56 | EUR 115,000 | &nbsp;&nbsp; (2670)<br>| &nbsp;&nbsp; (315)<br>| &nbsp;&nbsp; (2985)<br>|
| iTraxx.Europe.Sub.Financials.44-V1 | 1.00 | Quarterly | 12/20/2030 | 1.01 | EUR 276,690 | &nbsp;&nbsp; (760)<br>| &nbsp;&nbsp; 319 | &nbsp;&nbsp; (441)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (28301)<br>| &nbsp;&nbsp; (1994)<br>| &nbsp;&nbsp; (30295)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| EUR | Euro |
| USD | United States Dollar |

---

**Summary of total OTC swap contracts outstanding as of February 28, 2026 (amounts in thousands):**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **NET UPFRONT** <br>**PAYMENTS** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(RECEIPTS)** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($)**<br>|
| **Assets** |  |  |
| OTC Credit default swap contracts outstanding - buy protection | &nbsp;&nbsp;&nbsp;&nbsp; 13260 | &nbsp;&nbsp;&nbsp;&nbsp; 667 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| 3 Month SOFR | Exchange-Traded | 920 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 230,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 97.00<br>| 6/12/2026 | &nbsp;&nbsp; (380)<br>|
| 3 Month SOFR | Exchange-Traded | 1840 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 460,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 96.75<br>| 9/11/2026 | &nbsp;&nbsp; (1483)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (1863)<br>|
| Total Written Options Contracts (Premiums Received $(1024)) | Total Written Options Contracts (Premiums Received $(1024)) | Total Written Options Contracts (Premiums Received $(1024)) | Total Written Options Contracts (Premiums Received $(1024)) | Total Written Options Contracts (Premiums Received $(1024)) | Total Written Options Contracts (Premiums Received $(1024)) | &nbsp;&nbsp; (1863)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 85

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Corporate** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Emerging** <br>**Markets** <br>**Debt Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $390468 | &nbsp;&nbsp;&nbsp; $918259 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 17558 | &nbsp;&nbsp;&nbsp; 58264 |
| Cash | &nbsp;&nbsp;&nbsp; 104 | &nbsp;&nbsp;&nbsp; — |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 373 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 1008 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 2432 | &nbsp;&nbsp;&nbsp; 7635 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 455 | &nbsp;&nbsp;&nbsp; 1368 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 4872 | &nbsp;&nbsp;&nbsp; 14312 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp; 130 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 473 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 2325 |
| Outstanding OTC swap contracts, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1314 |
| Total Assets | &nbsp;&nbsp;&nbsp; 417217 | &nbsp;&nbsp;&nbsp; 1004453 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 93 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 7643 | &nbsp;&nbsp;&nbsp; 16035 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 1915 | &nbsp;&nbsp;&nbsp; — |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 2180 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 1255 |
| Outstanding OTC swap contracts, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31 |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 429 |
| Administration fees | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 23 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 8 |
| Service fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 10 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 44 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 84 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 10070 | &nbsp;&nbsp;&nbsp; 20192 |
| Net Assets | &nbsp;&nbsp;&nbsp; $407147 | &nbsp;&nbsp;&nbsp; $984261 |

---

------

(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 Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Corporate**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Emerging**<br> **Markets**<br>**Debt Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $449963 | &nbsp;&nbsp;&nbsp; $1526063 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (42816)<br>| &nbsp;&nbsp;&nbsp; (541802)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $407147 | &nbsp;&nbsp;&nbsp; $984261 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $54413 | &nbsp;&nbsp;&nbsp; $40640 |
| Class C | &nbsp;&nbsp;&nbsp; 5287 | &nbsp;&nbsp;&nbsp; 1207 |
| Class I | &nbsp;&nbsp;&nbsp; 133439 | &nbsp;&nbsp;&nbsp; 47196 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2 |
| Class R6 | &nbsp;&nbsp;&nbsp; 214008 | &nbsp;&nbsp;&nbsp; 895216 |
| Total | &nbsp;&nbsp;&nbsp; $407147 | &nbsp;&nbsp;&nbsp; $984261 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 6352 | &nbsp;&nbsp;&nbsp; 6028 |
| Class C | &nbsp;&nbsp;&nbsp; 619 | &nbsp;&nbsp;&nbsp; 180 |
| Class I | &nbsp;&nbsp;&nbsp; 15538 | &nbsp;&nbsp;&nbsp; 6987 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; 24931 | &nbsp;&nbsp;&nbsp; 132315 |
| Net Asset Value (b): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $8.57 | &nbsp;&nbsp;&nbsp; $6.74 |
| Class C — Offering price per share (c) | &nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp;6.71 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;6.76 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;6.84 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;6.77 |
| Class A maximum sales charge | &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; $8.90 | &nbsp;&nbsp;&nbsp; $7.00 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $385214 | &nbsp;&nbsp;&nbsp; $863608 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 17556 | &nbsp;&nbsp;&nbsp; 58262 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 373 |
| Net upfront payments on OTC swap contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1158 |

---

------

(a) Amount rounds to less than one thousand.

(b) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(c) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 87

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Global Bond** <br>**Opportunities** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Strategic Income** <br>**Opportunities** <br>**Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $3845926 | &nbsp;&nbsp;&nbsp; $6332488 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 253766 | &nbsp;&nbsp;&nbsp; 5014691 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 65000 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 868 |
| Restricted cash for securities sold short | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 500 |
| Cash | &nbsp;&nbsp;&nbsp; 1309 | &nbsp;&nbsp;&nbsp; 2796 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 8452 | &nbsp;&nbsp;&nbsp; 622 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 31536 | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for centrally cleared swaps | &nbsp;&nbsp;&nbsp; 35435 | &nbsp;&nbsp;&nbsp; 20094 |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 1763 | &nbsp;&nbsp;&nbsp; 1056 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 4924175 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 14598 | &nbsp;&nbsp;&nbsp; 5869 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 49998 | &nbsp;&nbsp;&nbsp; 23648 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; 14516 |
| Tax reclaims | &nbsp;&nbsp;&nbsp; 164 | &nbsp;&nbsp;&nbsp; — |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 108 | &nbsp;&nbsp;&nbsp; 47 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp; 2802 | &nbsp;&nbsp;&nbsp; 2849 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 10410 | &nbsp;&nbsp;&nbsp; 1038 |
| Outstanding OTC swap contracts, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 667 |
| Total Assets | &nbsp;&nbsp;&nbsp; 4257249 | &nbsp;&nbsp;&nbsp; 16410924 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| TBA short commitments, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2187157 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 11407 | &nbsp;&nbsp;&nbsp; 95332 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 194150 | &nbsp;&nbsp;&nbsp; 4513738 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 13196 | &nbsp;&nbsp;&nbsp; 32473 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 5330 | &nbsp;&nbsp;&nbsp; 273 |
| Unrealized depreciation on unfunded commitments | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; — |
| Options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1863 |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp; 2624 |
| Administration fees | &nbsp;&nbsp;&nbsp; 134 | &nbsp;&nbsp;&nbsp; 431 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 200 |
| Service fees | &nbsp;&nbsp;&nbsp; 404 | &nbsp;&nbsp;&nbsp; 1497 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp; 128 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Deferred foreign capital gains tax | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; — |
| Other | &nbsp;&nbsp;&nbsp; 163 | &nbsp;&nbsp;&nbsp; 280 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 226352 | &nbsp;&nbsp;&nbsp; 6835996 |
| Net Assets | &nbsp;&nbsp;&nbsp; $4030897 | &nbsp;&nbsp;&nbsp; $9574928 |

---

------

(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 Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Global Bond**<br> **Opportunities**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Strategic Income**<br> **Opportunities**<br>**Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $4218292 | &nbsp;&nbsp;&nbsp; $10365580 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (187395)<br>| &nbsp;&nbsp;&nbsp; (790652)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $4030897 | &nbsp;&nbsp;&nbsp; $9574928 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $163154 | &nbsp;&nbsp;&nbsp; $669183 |
| Class C | &nbsp;&nbsp;&nbsp; 55307 | &nbsp;&nbsp;&nbsp; 120769 |
| Class I | &nbsp;&nbsp;&nbsp; 3167536 | &nbsp;&nbsp;&nbsp; 7000872 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47729 |
| Class R6 | &nbsp;&nbsp;&nbsp; 644900 | &nbsp;&nbsp;&nbsp; 1736375 |
| Total | &nbsp;&nbsp;&nbsp; $4030897 | &nbsp;&nbsp;&nbsp; $9574928 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 16360 | &nbsp;&nbsp;&nbsp; 58764 |
| Class C | &nbsp;&nbsp;&nbsp; 5568 | &nbsp;&nbsp;&nbsp; 10683 |
| Class I | &nbsp;&nbsp;&nbsp; 316672 | &nbsp;&nbsp;&nbsp; 612745 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4172 |
| Class R6 | &nbsp;&nbsp;&nbsp; 64428 | &nbsp;&nbsp;&nbsp; 151667 |
| Net Asset Value (a): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp; $11.39 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;11.30 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;11.43 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;11.44 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;11.45 |
| Class A maximum sales charge | &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; $10.36 | &nbsp;&nbsp;&nbsp; $11.83 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $3752605 | &nbsp;&nbsp;&nbsp; $6309448 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 253725 | &nbsp;&nbsp;&nbsp; 5013826 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 65000 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 926 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 8363 | &nbsp;&nbsp;&nbsp; 621 |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1024 |
| Proceeds from short TBAs | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2185673 |
| Net upfront receipts on centrally cleared swaps | &nbsp;&nbsp;&nbsp; (12093)<br>| &nbsp;&nbsp;&nbsp; (28301)<br>|
| Net upfront payments on OTC swap contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13260 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 89

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Corporate** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Emerging** <br>**Markets** <br>**Debt Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $19457 | &nbsp;&nbsp;&nbsp; $71597 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 7 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 570 | &nbsp;&nbsp;&nbsp; 1451 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; (461)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 20032 | &nbsp;&nbsp;&nbsp; 72594 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1124 | &nbsp;&nbsp;&nbsp; 6281 |
| Administration fees | &nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp; 725 |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 86 |
| Class C | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 3 |
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 86 |
| Class C | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 1 |
| Class I | &nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp; 89 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 181 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 96 |
| Professional fees | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 121 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 27 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 44 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 95 | &nbsp;&nbsp;&nbsp; 110 |
| Transfer agency fees (See Note 2.M.) | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 15 |
| Other | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 26 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2434 | &nbsp;&nbsp;&nbsp; 7891 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (617)<br>| &nbsp;&nbsp;&nbsp; (1382)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 1817 | &nbsp;&nbsp;&nbsp; 6506 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 18215 | &nbsp;&nbsp;&nbsp; 66088 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Corporate**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Emerging**<br> **Markets**<br>**Debt Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $918 | &nbsp;&nbsp;&nbsp; $7406 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 369 | &nbsp;&nbsp;&nbsp; 1598 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; (104)<br>|
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; (223)<br>| &nbsp;&nbsp;&nbsp; (2660)<br>|
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1235)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp; 5005 |
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 5816 | &nbsp;&nbsp;&nbsp; 51370 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; (2)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; (118)<br>| &nbsp;&nbsp;&nbsp; (100)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 60 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp; 777 |
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 125 |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 5733 | &nbsp;&nbsp;&nbsp; 52230 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 6888 | &nbsp;&nbsp;&nbsp; 57235 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $25103 | &nbsp;&nbsp;&nbsp; $123323 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 91

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Global Bond** <br>**Opportunities** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Strategic Income** <br>**Opportunities** <br>**Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $202392 | &nbsp;&nbsp;&nbsp; $266780 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 54 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 149 | &nbsp;&nbsp;&nbsp; 852 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 8701 | &nbsp;&nbsp;&nbsp; 198433 |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; (359)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| Total investment income | &nbsp;&nbsp;&nbsp; 211002 | &nbsp;&nbsp;&nbsp; 466118 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 16568 | &nbsp;&nbsp;&nbsp; 45873 |
| Administration fees | &nbsp;&nbsp;&nbsp; 2761 | &nbsp;&nbsp;&nbsp; 7586 |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp; 1763 |
| Class C | &nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp; 1042 |
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 362 | &nbsp;&nbsp;&nbsp; 1763 |
| Class C | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 347 |
| Class I | &nbsp;&nbsp;&nbsp; 7301 | &nbsp;&nbsp;&nbsp; 18553 |
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 51 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 720 | &nbsp;&nbsp;&nbsp; 511 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 7 |
| Professional fees | &nbsp;&nbsp;&nbsp; 152 | &nbsp;&nbsp;&nbsp; 195 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 33 | &nbsp;&nbsp;&nbsp; 47 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 333 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 147 | &nbsp;&nbsp;&nbsp; 190 |
| Transfer agency fees (See Note 2.M.) | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 185 |
| Other | &nbsp;&nbsp;&nbsp; 128 | &nbsp;&nbsp;&nbsp; 163 |
| Total expenses | &nbsp;&nbsp;&nbsp; 29191 | &nbsp;&nbsp;&nbsp; 78609 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (5810)<br>| &nbsp;&nbsp;&nbsp; (9275)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (52)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 23381 | &nbsp;&nbsp;&nbsp; 69282 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 187621 | &nbsp;&nbsp;&nbsp; 396836 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Global Bond**<br> **Opportunities**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Strategic Income**<br> **Opportunities**<br>**Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $1480 | &nbsp;&nbsp;&nbsp; $13614 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; (187)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9284)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 8197 | &nbsp;&nbsp;&nbsp; (14157)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; (130)<br>| &nbsp;&nbsp;&nbsp; 239 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; (126844)<br>| &nbsp;&nbsp;&nbsp; (1883)<br>|
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8816 |
| Swaps | &nbsp;&nbsp;&nbsp; (15272)<br>| &nbsp;&nbsp;&nbsp; (25256)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (132616)<br>| &nbsp;&nbsp;&nbsp; (28098)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 212,625<br> (a)<br>| &nbsp;&nbsp;&nbsp; 25800 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; (93)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8388 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 3053 | &nbsp;&nbsp;&nbsp; (1678)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 434 | &nbsp;&nbsp;&nbsp; 469 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; 591 | &nbsp;&nbsp;&nbsp; 807 |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (9865)<br>|
| Swaps | &nbsp;&nbsp;&nbsp; 22360 | &nbsp;&nbsp;&nbsp; 19908 |
| Unfunded commitments | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 239079 | &nbsp;&nbsp;&nbsp; 43736 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 106463 | &nbsp;&nbsp;&nbsp; 15638 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $294084 | &nbsp;&nbsp;&nbsp; $412474 |

---

------

(a) Net of change in foreign capital gains tax of $(136).

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 93

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Corporate Bond Fund**  | **JPMorgan Corporate Bond Fund**  | **JPMorgan Emerging Markets Debt Fund**  | **JPMorgan Emerging Markets Debt Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $18215 | &nbsp;&nbsp;&nbsp; $15500 | &nbsp;&nbsp;&nbsp; $66088 | &nbsp;&nbsp;&nbsp; $63391 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 1155 | &nbsp;&nbsp;&nbsp; (315)<br>| &nbsp;&nbsp;&nbsp; 5005 | &nbsp;&nbsp;&nbsp; (5737)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 5733 | &nbsp;&nbsp;&nbsp; 5177 | &nbsp;&nbsp;&nbsp; 52230 | &nbsp;&nbsp;&nbsp; 39953 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 25103 | &nbsp;&nbsp;&nbsp; 20362 | &nbsp;&nbsp;&nbsp; 123323 | &nbsp;&nbsp;&nbsp; 97607 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2340)<br>| &nbsp;&nbsp;&nbsp; (1888)<br>| &nbsp;&nbsp;&nbsp; (2069)<br>| &nbsp;&nbsp;&nbsp; (1605)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (203)<br>| &nbsp;&nbsp;&nbsp; (229)<br>| &nbsp;&nbsp;&nbsp; (19)<br>| &nbsp;&nbsp;&nbsp; (18)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (6136)<br>| &nbsp;&nbsp;&nbsp; (4980)<br>| &nbsp;&nbsp;&nbsp; (2222)<br>| &nbsp;&nbsp;&nbsp; (2591)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; (38)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (9835)<br>| &nbsp;&nbsp;&nbsp; (8289)<br>| &nbsp;&nbsp;&nbsp; (57258)<br>| &nbsp;&nbsp;&nbsp; (58815)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (18514)<br>| &nbsp;&nbsp;&nbsp; (15386)<br>| &nbsp;&nbsp;&nbsp; (61573)<br>| &nbsp;&nbsp;&nbsp; (63067)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 37909 | &nbsp;&nbsp;&nbsp; 102597 | &nbsp;&nbsp;&nbsp; (112033)<br>| &nbsp;&nbsp;&nbsp; 187003 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 44498 | &nbsp;&nbsp;&nbsp; 107573 | &nbsp;&nbsp;&nbsp; (50283)<br>| &nbsp;&nbsp;&nbsp; 221543 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 362649 | &nbsp;&nbsp;&nbsp; 255076 | &nbsp;&nbsp;&nbsp; 1034544 | &nbsp;&nbsp;&nbsp; 813001 |
| End of period | &nbsp;&nbsp;&nbsp; $407147 | &nbsp;&nbsp;&nbsp; $362649 | &nbsp;&nbsp;&nbsp; $984261 | &nbsp;&nbsp;&nbsp; $1034544 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Bond Opportunities Fund**  | **JPMorgan Global Bond Opportunities Fund**  | **JPMorgan Strategic Income Opportunities Fund**  | **JPMorgan Strategic Income Opportunities Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM** <br> **OPERATIONS:** <br>|  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $187621 | &nbsp;&nbsp;&nbsp; $168778 | &nbsp;&nbsp;&nbsp; $396836 | &nbsp;&nbsp;&nbsp; $481123 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (132616)<br>| &nbsp;&nbsp;&nbsp; (39324)<br>| &nbsp;&nbsp;&nbsp; (28098)<br>| &nbsp;&nbsp;&nbsp; (28924)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 239079 | &nbsp;&nbsp;&nbsp; 77802 | &nbsp;&nbsp;&nbsp; 43736 | &nbsp;&nbsp;&nbsp; 38132 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 294084 | &nbsp;&nbsp;&nbsp; 207256 | &nbsp;&nbsp;&nbsp; 412474 | &nbsp;&nbsp;&nbsp; 490331 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| **Class A**  |  |  |  |  |
| From net investment income  | &nbsp;&nbsp;&nbsp; (7277)<br>| &nbsp;&nbsp;&nbsp; (6152)<br>| &nbsp;&nbsp;&nbsp; (26896)<br>| &nbsp;&nbsp;&nbsp; (34686)<br>|
| Return of capital  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class C**  |  |  |  |  |
| From net investment income  | &nbsp;&nbsp;&nbsp; (1727)<br>| &nbsp;&nbsp;&nbsp; (1150)<br>| &nbsp;&nbsp;&nbsp; (4617)<br>| &nbsp;&nbsp;&nbsp; (5823)<br>|
| Return of capital  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class I**  |  |  |  |  |
| From net investment income  | &nbsp;&nbsp;&nbsp; (153066)<br>| &nbsp;&nbsp;&nbsp; (130110)<br>| &nbsp;&nbsp;&nbsp; (300781)<br>| &nbsp;&nbsp;&nbsp; (350255)<br>|
| Return of capital  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1908)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5**  |  |  |  |  |
| From net investment income  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2116)<br>| &nbsp;&nbsp;&nbsp; (3054)<br>|
| **Class R6**  |  |  |  |  |
| From net investment income  | &nbsp;&nbsp;&nbsp; (31406)<br>| &nbsp;&nbsp;&nbsp; (23113)<br>| &nbsp;&nbsp;&nbsp; (80558)<br>| &nbsp;&nbsp;&nbsp; (95070)<br>|
| Return of capital  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (325)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total distributions to shareholders  | &nbsp;&nbsp;&nbsp; (193476)<br>| &nbsp;&nbsp;&nbsp; (162874)<br>| &nbsp;&nbsp;&nbsp; (414968)<br>| &nbsp;&nbsp;&nbsp; (488888)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital <br> transactions <br>| &nbsp;&nbsp;&nbsp; 406757 | &nbsp;&nbsp;&nbsp; 74693 | &nbsp;&nbsp;&nbsp; (827661)<br>| &nbsp;&nbsp;&nbsp; 891408 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 507365 | &nbsp;&nbsp;&nbsp; 119075 | &nbsp;&nbsp;&nbsp; (830155)<br>| &nbsp;&nbsp;&nbsp; 892851 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 3523532 | &nbsp;&nbsp;&nbsp; 3404457 | &nbsp;&nbsp;&nbsp; 10405083 | &nbsp;&nbsp;&nbsp; 9512232 |
| End of period | &nbsp;&nbsp;&nbsp; $4030897 | &nbsp;&nbsp;&nbsp; $3523532 | &nbsp;&nbsp;&nbsp; $9574928 | &nbsp;&nbsp;&nbsp; $10405083 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 95

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Corporate Bond Fund** | **JPMorgan Corporate Bond Fund** | **JPMorgan Emerging Markets Debt Fund** | **JPMorgan Emerging Markets Debt Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| **Year Ended**<br> **February 28, 2025** |
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $15414 | &nbsp;&nbsp;&nbsp; $19033 | &nbsp;&nbsp;&nbsp; $33015 | &nbsp;&nbsp;&nbsp; $32857 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2159 | &nbsp;&nbsp;&nbsp; 1799 | &nbsp;&nbsp;&nbsp; 2066 | &nbsp;&nbsp;&nbsp; 1601 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (11180)<br>| &nbsp;&nbsp;&nbsp; (9385)<br>| &nbsp;&nbsp;&nbsp; (27043)<br>| &nbsp;&nbsp;&nbsp; (28366)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 6393 | &nbsp;&nbsp;&nbsp; 11447 | &nbsp;&nbsp;&nbsp; 8038 | &nbsp;&nbsp;&nbsp; 6092 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 2002 | &nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp; 1112 | &nbsp;&nbsp;&nbsp; 101 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 203 | &nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 18 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2248)<br>| &nbsp;&nbsp;&nbsp; (1570)<br>| &nbsp;&nbsp;&nbsp; (199)<br>| &nbsp;&nbsp;&nbsp; (262)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp; (409)<br>| &nbsp;&nbsp;&nbsp; 932 | &nbsp;&nbsp;&nbsp; (143)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 52354 | &nbsp;&nbsp;&nbsp; 100161 | &nbsp;&nbsp;&nbsp; 28660 | &nbsp;&nbsp;&nbsp; 25556 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6036 | &nbsp;&nbsp;&nbsp; 4947 | &nbsp;&nbsp;&nbsp; 2217 | &nbsp;&nbsp;&nbsp; 2577 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (54383)<br>| &nbsp;&nbsp;&nbsp; (53338)<br>| &nbsp;&nbsp;&nbsp; (30116)<br>| &nbsp;&nbsp;&nbsp; (24882)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 4007 | &nbsp;&nbsp;&nbsp; 51770 | &nbsp;&nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp; 3251 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 4 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 38 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (605)<br>| &nbsp;&nbsp;&nbsp; (53)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (599)<br>| &nbsp;&nbsp;&nbsp; (11)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 51720 | &nbsp;&nbsp;&nbsp; 62497 | &nbsp;&nbsp;&nbsp; 168228 | &nbsp;&nbsp;&nbsp; 214889 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 8663 | &nbsp;&nbsp;&nbsp; 7127 | &nbsp;&nbsp;&nbsp; 56504 | &nbsp;&nbsp;&nbsp; 57468 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (32831)<br>| &nbsp;&nbsp;&nbsp; (29835)<br>| &nbsp;&nbsp;&nbsp; (345897)<br>| &nbsp;&nbsp;&nbsp; (94543)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 27552 | &nbsp;&nbsp;&nbsp; 39789 | &nbsp;&nbsp;&nbsp; (121165)<br>| &nbsp;&nbsp;&nbsp; 177814 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $37909 | &nbsp;&nbsp;&nbsp; $102597 | &nbsp;&nbsp;&nbsp; $(112033)<br>| &nbsp;&nbsp;&nbsp; $187003 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 1820 | &nbsp;&nbsp;&nbsp; 2267 | &nbsp;&nbsp;&nbsp; 5183 | &nbsp;&nbsp;&nbsp; 5293 |
| Reinvested | &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 258 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1325)<br>| &nbsp;&nbsp;&nbsp; (1126)<br>| &nbsp;&nbsp;&nbsp; (4250)<br>| &nbsp;&nbsp;&nbsp; (4566)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 751 | &nbsp;&nbsp;&nbsp; 1357 | &nbsp;&nbsp;&nbsp; 1253 | &nbsp;&nbsp;&nbsp; 985 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Corporate Bond Fund** | **JPMorgan Corporate Bond Fund** | **JPMorgan Emerging Markets Debt Fund** | **JPMorgan Emerging Markets Debt Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| **Year Ended**<br> **February 28, 2025** |
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 237 | &nbsp;&nbsp;&nbsp; 112 | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; 17 |
| Reinvested | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 |
| Redeemed | &nbsp;&nbsp;&nbsp; (268)<br>| &nbsp;&nbsp;&nbsp; (189)<br>| &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; (43)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; 140 | &nbsp;&nbsp;&nbsp; (23)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6192 | &nbsp;&nbsp;&nbsp; 11924 | &nbsp;&nbsp;&nbsp; 4398 | &nbsp;&nbsp;&nbsp; 4121 |
| Reinvested | &nbsp;&nbsp;&nbsp; 714 | &nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp; 415 |
| Redeemed | &nbsp;&nbsp;&nbsp; (6462)<br>| &nbsp;&nbsp;&nbsp; (6399)<br>| &nbsp;&nbsp;&nbsp; (4789)<br>| &nbsp;&nbsp;&nbsp; (4010)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 444 | &nbsp;&nbsp;&nbsp; 6117 | &nbsp;&nbsp;&nbsp; (49)<br>| &nbsp;&nbsp;&nbsp; 526 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 6 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (97)<br>| &nbsp;&nbsp;&nbsp; (8)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (96)<br>| &nbsp;&nbsp;&nbsp; (1)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6124 | &nbsp;&nbsp;&nbsp; 7454 | &nbsp;&nbsp;&nbsp; 25999 | &nbsp;&nbsp;&nbsp; 34739 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1026 | &nbsp;&nbsp;&nbsp; 853 | &nbsp;&nbsp;&nbsp; 8772 | &nbsp;&nbsp;&nbsp; 9232 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3889)<br>| &nbsp;&nbsp;&nbsp; (3569)<br>| &nbsp;&nbsp;&nbsp; (54118)<br>| &nbsp;&nbsp;&nbsp; (15159)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 3261 | &nbsp;&nbsp;&nbsp; 4738 | &nbsp;&nbsp;&nbsp; (19347)<br>| &nbsp;&nbsp;&nbsp; 28812 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 97

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Bond Opportunities Fund** | **JPMorgan Global Bond Opportunities Fund** | **JPMorgan Strategic Income Opportunities Fund** | **JPMorgan Strategic Income Opportunities Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $65871 | &nbsp;&nbsp;&nbsp; $32623 | &nbsp;&nbsp;&nbsp; $125288 | &nbsp;&nbsp;&nbsp; $135604 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 6998 | &nbsp;&nbsp;&nbsp; 6021 | &nbsp;&nbsp;&nbsp; 24220 | &nbsp;&nbsp;&nbsp; 31084 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (45579)<br>| &nbsp;&nbsp;&nbsp; (69814)<br>| &nbsp;&nbsp;&nbsp; (208415)<br>| &nbsp;&nbsp;&nbsp; (198639)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 27290 | &nbsp;&nbsp;&nbsp; (31170)<br>| &nbsp;&nbsp;&nbsp; (58907)<br>| &nbsp;&nbsp;&nbsp; (31951)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 39762 | &nbsp;&nbsp;&nbsp; 4624 | &nbsp;&nbsp;&nbsp; 25439 | &nbsp;&nbsp;&nbsp; 59639 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1684 | &nbsp;&nbsp;&nbsp; 1130 | &nbsp;&nbsp;&nbsp; 4449 | &nbsp;&nbsp;&nbsp; 5554 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (13423)<br>| &nbsp;&nbsp;&nbsp; (11319)<br>| &nbsp;&nbsp;&nbsp; (56635)<br>| &nbsp;&nbsp;&nbsp; (48983)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 28023 | &nbsp;&nbsp;&nbsp; (5565)<br>| &nbsp;&nbsp;&nbsp; (26747)<br>| &nbsp;&nbsp;&nbsp; 16210 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 960282 | &nbsp;&nbsp;&nbsp; 788485 | &nbsp;&nbsp;&nbsp; 1950478 | &nbsp;&nbsp;&nbsp; 2567509 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 142875 | &nbsp;&nbsp;&nbsp; 123307 | &nbsp;&nbsp;&nbsp; 271648 | &nbsp;&nbsp;&nbsp; 316719 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (844306)<br>| &nbsp;&nbsp;&nbsp; (899033)<br>| &nbsp;&nbsp;&nbsp; (2763575)<br>| &nbsp;&nbsp;&nbsp; (2119409)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 258851 | &nbsp;&nbsp;&nbsp; 12759 | &nbsp;&nbsp;&nbsp; (541449)<br>| &nbsp;&nbsp;&nbsp; 764819 |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8508 | &nbsp;&nbsp;&nbsp; 9076 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2099 | &nbsp;&nbsp;&nbsp; 3039 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (18220)<br>| &nbsp;&nbsp;&nbsp; (25115)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (7613)<br>| &nbsp;&nbsp;&nbsp; (13000)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 206439 | &nbsp;&nbsp;&nbsp; 182134 | &nbsp;&nbsp;&nbsp; 392149 | &nbsp;&nbsp;&nbsp; 493413 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 26321 | &nbsp;&nbsp;&nbsp; 19315 | &nbsp;&nbsp;&nbsp; 64765 | &nbsp;&nbsp;&nbsp; 74080 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (140167)<br>| &nbsp;&nbsp;&nbsp; (102780)<br>| &nbsp;&nbsp;&nbsp; (649859)<br>| &nbsp;&nbsp;&nbsp; (412163)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 92593 | &nbsp;&nbsp;&nbsp; 98669 | &nbsp;&nbsp;&nbsp; (192945)<br>| &nbsp;&nbsp;&nbsp; 155330 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $406757 | &nbsp;&nbsp;&nbsp; $74693 | &nbsp;&nbsp;&nbsp; $(827661)<br>| &nbsp;&nbsp;&nbsp; $891408 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 6687 | &nbsp;&nbsp;&nbsp; 3387 | &nbsp;&nbsp;&nbsp; 10979 | &nbsp;&nbsp;&nbsp; 11872 |
| Reinvested | &nbsp;&nbsp;&nbsp; 712 | &nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp; 2126 | &nbsp;&nbsp;&nbsp; 2726 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4639)<br>| &nbsp;&nbsp;&nbsp; (7275)<br>| &nbsp;&nbsp;&nbsp; (18266)<br>| &nbsp;&nbsp;&nbsp; (17395)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 2760 | &nbsp;&nbsp;&nbsp; (3262)<br>| &nbsp;&nbsp;&nbsp; (5161)<br>| &nbsp;&nbsp;&nbsp; (2797)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Global Bond Opportunities** <br> **Fund** | **JPMorgan Global Bond Opportunities** <br> **Fund** | **JPMorgan Strategic Income Opportunities** <br> **Fund** | **JPMorgan Strategic Income Opportunities** <br> **Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4043 | &nbsp;&nbsp;&nbsp; 481 | &nbsp;&nbsp;&nbsp; 2245 | &nbsp;&nbsp;&nbsp; 5261 |
| Reinvested | &nbsp;&nbsp;&nbsp; 172 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp; 490 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1372)<br>| &nbsp;&nbsp;&nbsp; (1179)<br>| &nbsp;&nbsp;&nbsp; (5000)<br>| &nbsp;&nbsp;&nbsp; (4318)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 2843 | &nbsp;&nbsp;&nbsp; (580)<br>| &nbsp;&nbsp;&nbsp; (2362)<br>| &nbsp;&nbsp;&nbsp; 1433 |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 97325 | &nbsp;&nbsp;&nbsp; 81616 | &nbsp;&nbsp;&nbsp; 170358 | &nbsp;&nbsp;&nbsp; 224114 |
| Reinvested | &nbsp;&nbsp;&nbsp; 14511 | &nbsp;&nbsp;&nbsp; 12784 | &nbsp;&nbsp;&nbsp; 23759 | &nbsp;&nbsp;&nbsp; 27697 |
| Redeemed | &nbsp;&nbsp;&nbsp; (85851)<br>| &nbsp;&nbsp;&nbsp; (92941)<br>| &nbsp;&nbsp;&nbsp; (241405)<br>| &nbsp;&nbsp;&nbsp; (185008)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 25985 | &nbsp;&nbsp;&nbsp; 1459 | &nbsp;&nbsp;&nbsp; (47288)<br>| &nbsp;&nbsp;&nbsp; 66803 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 742 | &nbsp;&nbsp;&nbsp; 792 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 265 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1588)<br>| &nbsp;&nbsp;&nbsp; (2189)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (663)<br>| &nbsp;&nbsp;&nbsp; (1132)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 20879 | &nbsp;&nbsp;&nbsp; 18805 | &nbsp;&nbsp;&nbsp; 34178 | &nbsp;&nbsp;&nbsp; 42989 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2671 | &nbsp;&nbsp;&nbsp; 2001 | &nbsp;&nbsp;&nbsp; 5654 | &nbsp;&nbsp;&nbsp; 6466 |
| Redeemed | &nbsp;&nbsp;&nbsp; (14211)<br>| &nbsp;&nbsp;&nbsp; (10615)<br>| &nbsp;&nbsp;&nbsp; (56631)<br>| &nbsp;&nbsp;&nbsp; (35917)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 9339 | &nbsp;&nbsp;&nbsp; 10191 | &nbsp;&nbsp;&nbsp; (16799)<br>| &nbsp;&nbsp;&nbsp; 13538 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 99

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Corporate Bond Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $8.42 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.55 | &nbsp;&nbsp; $(0.40)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.40)<br>|
| Year Ended February 28, 2025 | 8.26 | 0.40 | 0.15 | 0.55 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended February 29, 2024 | 8.12 | 0.36 | 0.13 | 0.49 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2023 | 9.45 | 0.26 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 28, 2022 | 10.52 | 0.22 | &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.78)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 8.40 | 0.35 | 0.15 | 0.50 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2025 | 8.24 | 0.35 | 0.16 | 0.51 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 29, 2024 | 8.11 | 0.32 | 0.12 | 0.44 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2023 | 9.43 | 0.22 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (1.05)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.27)<br>|
| Year Ended February 28, 2022 | 10.51 | 0.17 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.73)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 8.44 | 0.41 | 0.16 | 0.57 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 28, 2025 | 8.28 | 0.42 | 0.15 | 0.57 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 29, 2024 | 8.14 | 0.38 | 0.13 | 0.51 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2023 | 9.47 | 0.28 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 28, 2022 | 10.54 | 0.25 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.80)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 8.44 | 0.42 | 0.15 | 0.57 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended February 28, 2025 | 8.28 | 0.43 | 0.15 | 0.58 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 29, 2024 | 8.14 | 0.39 | 0.13 | 0.52 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 28, 2023 | 9.47 | 0.29 | &nbsp;&nbsp; (1.27)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2022 | 10.54 | 0.25 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.82)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.66<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $54413 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.60<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35066 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26475 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5256 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11.13)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.66)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 133439 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74313 | &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;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53149 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 81447 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 182821 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140126 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191567 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 101

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Emerging Markets Debt Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $6.30 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.82 | &nbsp;&nbsp; $(0.38)<br>|
| Year Ended February 28, 2025 | 6.08 | 0.39 | 0.21 | 0.60 | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 29, 2024 | 5.90 | 0.35 | 0.16 | 0.51 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2023 | 6.87 | 0.32 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.62)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2022 | 7.94 | 0.32 | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.32)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.27 | 0.38 | 0.41 | 0.79 | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2025 | 6.05 | 0.35 | 0.22 | 0.57 | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 29, 2024 | 5.88 | 0.31 | 0.15 | 0.46 | &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 28, 2023 | 6.83 | 0.29 | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 28, 2022 | 7.90 | 0.28 | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.28)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.31 | 0.43 | 0.42 | 0.85 | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 28, 2025 | 6.09 | 0.40 | 0.22 | 0.62 | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 29, 2024 | 5.92 | 0.36 | 0.15 | 0.51 | &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 28, 2023 | 6.87 | 0.34 | &nbsp;&nbsp; (0.92)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2022 | 7.95 | 0.34 | &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Class R5** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.40 | 0.44 | 0.42 | 0.86 | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 28, 2025 | 6.17 | 0.41 | 0.22 | 0.63 | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 29, 2024 | 5.98 | 0.37 | 0.16 | 0.53 | &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 28, 2023 | 6.95 | 0.34 | &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2022 | 8.04 | 0.34 | &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.32 | 0.44 | 0.42 | 0.86 | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2025 | 6.10 | 0.41 | 0.22 | 0.63 | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 29, 2024 | 5.92 | 0.37 | 0.16 | 0.53 | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2023 | 6.89 | 0.34 | &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 28, 2022 | 7.96 | 0.35 | &nbsp;&nbsp; (1.07)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.35)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $40640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.43<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23037 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.89)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24588 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1207 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 253 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 384 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 894 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1353 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47196 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44421 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39648 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47910 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.52)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 710 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.69)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895216 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 121 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 959160 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 749331 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.50)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 888305 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

103 <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** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions**  | **Distributions**  | **Distributions**  | **Distributions**  |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains <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>| Return <br>of capital<br>| Total <br>distributions<br>|
| **JPMorgan Global Bond Opportunities Fund** |  |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |  |
| Year Ended February 28, 2026  | $9.70 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $0.28 | &nbsp;&nbsp; $0.76 | &nbsp;&nbsp; $(0.49)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.49)<br>|
| Year Ended February 28, 2025  | 9.59 | 0.44 | 0.10 | 0.54 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.43)<br>|
| Year Ended February 29, 2024  | 9.49 | 0.40 | 0.05 | 0.45 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2023  | 10.10 | 0.32 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2022  | 10.49 | 0.26 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| **Class C** |  |  |  |  |  |  |  |  |
| Year Ended February 28, 2026  | 9.67 | 0.43 | 0.28 | 0.71 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended February 28, 2025  | 9.55 | 0.40 | 0.11 | 0.51 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended February 29, 2024  | 9.46 | 0.36 | 0.04 | 0.40 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2023  | 10.06 | 0.28 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 28, 2022  | 10.45 | 0.21 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.21)<br>|
| **Class I** |  |  |  |  |  |  |  |  |
| Year Ended February 28, 2026  | 9.73 | 0.50 | 0.29 | 0.79 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.52)<br>|
| Year Ended February 28, 2025  | 9.61 | 0.47 | 0.10 | 0.57 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.45)<br>|
| Year Ended February 29, 2024  | 9.52 | 0.43 | 0.03 | 0.46 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2023  | 10.13 | 0.35 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 28, 2022  | 10.51 | 0.28 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| **Class R6** |  |  |  |  |  |  |  |  |
| Year Ended February 28, 2026  | 9.74 | 0.52 | 0.28 | 0.80 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.53)<br>|
| Year Ended February 28, 2025  | 9.62 | 0.49 | 0.10 | 0.59 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.47)<br>|
| Year Ended February 29, 2024  | 9.52 | 0.44 | 0.05 | 0.49 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.39)<br>|
| Year Ended February 28, 2023  | 10.13 | 0.36 | &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2022  | 10.52 | 0.30 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $163154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.07<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131980 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161627 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157631 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 205516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55307 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56993 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3167536 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2828769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2779525 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2508577 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2833995 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 644900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536441 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 431754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &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; 131 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 393108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.91)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 676287 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

105 <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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Strategic Income Opportunities Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $11.39 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $(0.44)<br>|
| Year Ended February 28, 2025 | 11.39 | 0.52 | 0.01 | 0.53 | &nbsp;&nbsp; (0.53)<br>|
| Year Ended February 29, 2024 | 11.36 | 0.54 | 0.02 | 0.56 | &nbsp;&nbsp; (0.53)<br>|
| Year Ended February 28, 2023 | 11.45 | 0.23 | &nbsp;&nbsp; (0.07)<br>| 0.16 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2022 | 11.50 | 0.03 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 11.31 | 0.35 | 0.02 | 0.37 | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 28, 2025 | 11.32 | 0.46 | &nbsp;&nbsp; —(d)<br>| 0.46 | &nbsp;&nbsp; (0.47)<br>|
| Year Ended February 29, 2024 | 11.29 | 0.48 | 0.02 | 0.50 | &nbsp;&nbsp; (0.47)<br>|
| Year Ended February 28, 2023 | 11.39 | 0.16 | &nbsp;&nbsp; (0.06)<br>| 0.10 | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 28, 2022 | 11.46 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; —<br> (d)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 11.43 | 0.44 | 0.03 | 0.47 | &nbsp;&nbsp; (0.47)<br>|
| Year Ended February 28, 2025 | 11.43 | 0.55 | 0.01 | 0.56 | &nbsp;&nbsp; (0.56)<br>|
| Year Ended February 29, 2024 | 11.39 | 0.57 | 0.03 | 0.60 | &nbsp;&nbsp; (0.56)<br>|
| Year Ended February 28, 2023 | 11.48 | 0.26 | &nbsp;&nbsp; (0.08)<br>| 0.18 | &nbsp;&nbsp; (0.27)<br>|
| Year Ended February 28, 2022 | 11.53 | 0.06 | &nbsp;&nbsp; (0.05)<br>| 0.01 | &nbsp;&nbsp; (0.06)<br>|
| **Class R5** |  |  |  |  |  |
| Year Ended February 28, 2026 | 11.45 | 0.46 | 0.01 | 0.47 | &nbsp;&nbsp; (0.48)<br>|
| Year Ended February 28, 2025 | 11.44 | 0.57 | 0.02 | 0.59 | &nbsp;&nbsp; (0.58)<br>|
| Year Ended February 29, 2024 | 11.41 | 0.58 | 0.02 | 0.60 | &nbsp;&nbsp; (0.57)<br>|
| Year Ended February 28, 2023 | 11.49 | 0.28 | &nbsp;&nbsp; (0.07)<br>| 0.21 | &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 28, 2022 | 11.54 | 0.08 | &nbsp;&nbsp; (0.06)<br>| 0.02 | &nbsp;&nbsp; (0.07)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 11.45 | 0.47 | 0.02 | 0.49 | &nbsp;&nbsp; (0.49)<br>|
| Year Ended February 28, 2025 | 11.45 | 0.58 | 0.01 | 0.59 | &nbsp;&nbsp; (0.59)<br>|
| Year Ended February 29, 2024 | 11.41 | 0.60 | 0.02 | 0.62 | &nbsp;&nbsp; (0.58)<br>|
| Year Ended February 28, 2023 | 11.50 | 0.28 | &nbsp;&nbsp; (0.07)<br>| 0.21 | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 28, 2022 | 11.54 | 0.09 | &nbsp;&nbsp; (0.04)<br>| 0.05 | &nbsp;&nbsp; (0.09)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

&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** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $11.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $669183 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.04<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 728375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760124 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 769071 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 874236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120769 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 131415 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152504 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191301 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7000872 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7544355 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6778756 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6592191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6538863 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55340 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68270 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86997 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 88556 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1736375 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1929434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1773667 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1518327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1624510 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 134 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

107 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I (the "Trust") was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following are 4 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Corporate Bond Fund | Class A, Class C, Class I and Class R6 | Diversified |
| JPMorgan Emerging Markets Debt Fund | Class A, Class C, Class I, Class R5 and Class R6 | Diversified |
| JPMorgan Global Bond Opportunities Fund | Class A, Class C, Class I and Class R6 | Diversified |
| JPMorgan Strategic Income Opportunities Fund | Class A, Class C, Class I, Class R5 and Class R6 | Diversified |

---

The investment objective of JPMorgan Corporate Bond Fund ("Corporate Bond Fund") and JPMorgan Global Bond Opportunities Fund ("Global Bond Opportunities Fund") is to seek to provide total return.

The investment objective of JPMorgan Emerging Markets Debt Fund ("Emerging Markets Debt Fund") is to seek to provide high total return from a portfolio of fixed income securities of emerging markets issuers.

The investment objective of JPMorgan Strategic Income Opportunities Fund ("Strategic Income Opportunities Fund") is to seek to provide high total return.

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, Class R2, Class R5, 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 Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the 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. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Board. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 J.P. Morgan Income Funds February 28, 2026

------

An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date. Certain foreign equity instruments, as well as certain derivatives with foreign equity reference obligations, are valued by applying international fair value factors provided by approved Pricing Services. The factors seek to adjust the local closing price for movements of local markets post-closing, but prior to the time the NAVs are calculated.

Certain short term investments may be valued using the amortized cost method, provided it approximates the fair market value of the investment. 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.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts are generally valued on the basis of available market quotations. Swaps, options and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

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"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate 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** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1698 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1698 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 373173 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 373173 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 795 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 795 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13088 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13088 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 271 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 271 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 17558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17558 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 109

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Corporate Bond Fund** (continued) | **Corporate Bond Fund** (continued) | **Corporate Bond Fund** (continued) | **Corporate Bond Fund** (continued) | **Corporate Bond Fund** (continued) |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1443 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1443 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 17558 | &nbsp;&nbsp;&nbsp;&nbsp; 1443 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19001 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $17558 | &nbsp;&nbsp;&nbsp;&nbsp; $390468 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $408026 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $45 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $45 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 902 | &nbsp;&nbsp;&nbsp;&nbsp; 75 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 977 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(6)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(6)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (726)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (726)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $176 | &nbsp;&nbsp;&nbsp;&nbsp; $114 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $290 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt 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** |  |  |  |  |
| Corporate Bonds |  |  |  |  |
| Angola | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2897 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2897 |
| Azerbaijan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 501 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 501 |
| Bahrain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4468 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4468 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1508 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1508 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18304 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18304 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11961 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11961 |
| Costa Rica | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1245 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1245 |
| Guatemala | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 768 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3236 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8250 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8250 |
| Jamaica | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1870 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1870 |
| Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4583 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4583 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 387 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 387 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51731 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51731 |
| Morocco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6549 |
| Oman | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2372 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2372 |
| Paraguay | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4375 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9047 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9047 |
| Russia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6584 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6584 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2992 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2992 |
| Trinidad And Tobago | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1862 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1862 |
| Turkey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4978 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4978 |
| Ukraine | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 972 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 972 |
| Uzbekistan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7895 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7895 |
| Venezuela, Bolivarian Republic of | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7861 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 167196 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 167196 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Emerging Markets Debt Fund** (continued) | **Emerging Markets Debt Fund** (continued) | **Emerging Markets Debt 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** |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $740477 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $740477 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3278 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3278 |
| Short-Term Investments |  |  |  |  |
| Foreign Government Treasury Bills | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7308 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7308 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 58264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58264 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 58264 | &nbsp;&nbsp;&nbsp;&nbsp; 7308 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65572 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $58264 | &nbsp;&nbsp;&nbsp;&nbsp; $918259 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $976523 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2325 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2325 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 435 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 435 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1255)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1255)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $435 | &nbsp;&nbsp;&nbsp;&nbsp; $1195 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1630 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Bond Opportunities Fund**  | **Global Bond Opportunities Fund**  | **Global Bond Opportunities 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** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7000 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7000 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16018 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16018 |
| Commercial Mortgage-Backed Securities |  |  |  |  |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37489 | &nbsp;&nbsp;&nbsp;&nbsp; 9396 | &nbsp;&nbsp;&nbsp;&nbsp; 46885 |
| Common Stocks |  |  |  |  |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 446 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 446 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 612 | &nbsp;&nbsp;&nbsp;&nbsp; 612 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp; 806 | &nbsp;&nbsp;&nbsp;&nbsp; 3006 | &nbsp;&nbsp;&nbsp;&nbsp; 4061 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 249 | &nbsp;&nbsp;&nbsp;&nbsp; 1252 | &nbsp;&nbsp;&nbsp;&nbsp; 3618 | &nbsp;&nbsp;&nbsp;&nbsp; 5119 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172992 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172992 |
| Corporate Bonds |  |  |  |  |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18080 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18080 |
| Austria | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2876 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2876 |
| Belgium | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16225 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16225 |
| Brazil | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29587 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29587 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31333 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31333 |
| Chile | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4377 |
| China | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5743 |
| Colombia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9816 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9816 |
| Denmark | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15768 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15768 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 861 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 861 |
| France | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149372 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 149372 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80305 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 675 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 111

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Bond Opportunities Fund** (continued) | **Global Bond Opportunities Fund** (continued) | **Global Bond Opportunities 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** |
| Hungary | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2969 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2969 |
| India | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4024 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4024 |
| Indonesia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10052 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10052 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58426 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58426 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113212 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 113212 |
| Jamaica | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3636 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3636 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4014 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4014 |
| Jersey | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3183 |
| Kazakhstan | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12641 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12641 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18249 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18249 |
| Macau | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1855 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1855 |
| Malaysia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4152 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4152 |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49259 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49259 |
| Morocco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2402 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2402 |
| Netherlands | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36832 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36832 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 309 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
| Peru | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2655 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2655 |
| Poland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 765 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 765 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10556 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10556 |
| Saudi Arabia | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5413 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5413 |
| South Africa | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7824 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57222 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57222 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18176 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18176 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25597 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25597 |
| Trinidad And Tobago | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2248 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2248 |
| United Arab Emirates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 757 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 757 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 143510 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1283226 | &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp; 1283443 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2248182 | &nbsp;&nbsp;&nbsp;&nbsp; 217 | &nbsp;&nbsp;&nbsp;&nbsp; 2248399 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 887093 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 887093 |
| Loan Assignments |  |  |  |  |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2198 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2198 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1440 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93437 | &nbsp;&nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp;&nbsp; 94033 |
| Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97075 | &nbsp;&nbsp;&nbsp;&nbsp; 596 | &nbsp;&nbsp;&nbsp;&nbsp; 97671 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 363625 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 363625 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 535 | &nbsp;&nbsp;&nbsp;&nbsp; 535 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 584 | &nbsp;&nbsp;&nbsp;&nbsp; 584 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 253766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 253766 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $254015 | &nbsp;&nbsp;&nbsp;&nbsp; $3830731 | &nbsp;&nbsp;&nbsp;&nbsp; $14946 | &nbsp;&nbsp;&nbsp;&nbsp; $4099692 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10410 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $10410 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 10725 | &nbsp;&nbsp;&nbsp;&nbsp; 3403 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14128 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12470 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12470 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Global Bond Opportunities Fund** (continued) | **Global Bond Opportunities Fund** (continued) | **Global Bond Opportunities 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** |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(5330)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(5330)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (10345)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (10345)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1306)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1306)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $380 | &nbsp;&nbsp;&nbsp;&nbsp; $19647 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $20027 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities 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** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $33053 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $33053 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 463081 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 463081 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3500 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3500 |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229 | &nbsp;&nbsp;&nbsp;&nbsp; 229 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 398 | &nbsp;&nbsp;&nbsp;&nbsp; 398 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 3 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 480 | &nbsp;&nbsp;&nbsp;&nbsp; 480 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 557 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2490 | &nbsp;&nbsp;&nbsp;&nbsp; 2490 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Media | &nbsp;&nbsp;&nbsp;&nbsp; 231 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 231 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 432 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 201 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 663 | &nbsp;&nbsp;&nbsp;&nbsp; 755 | &nbsp;&nbsp;&nbsp;&nbsp; 3603 | &nbsp;&nbsp;&nbsp;&nbsp; 5021 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336686 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 336686 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 186 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15491 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15491 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 276356 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 276356 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1409099 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1409099 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 116050 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13888 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13888 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2881 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 737 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 737 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 293707 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 293707 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1229 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1229 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1056 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 716418 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 716418 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35856 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 35856 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 865 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 865 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9578 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9578 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80655 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80655 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 113

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic Income Opportunities Fund** (continued) | **Strategic Income Opportunities Fund** (continued) | **Strategic Income Opportunities Fund** (continued) | **Strategic Income Opportunities Fund** (continued) | **Strategic Income Opportunities 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** |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $275 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $275 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43878 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43878 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 132264 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 758 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 758 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27701 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27701 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59330 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59330 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4201 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4201 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2824 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6452 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6452 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16459 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16459 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13906 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13906 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18469 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18469 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 871 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 871 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23364 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23364 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12149 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12149 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27327 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27327 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24621 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24621 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66490 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 66490 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115557 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44378 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48281 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48281 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (b)<br>|
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18424 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18424 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10058 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3691903 | &nbsp;&nbsp;&nbsp;&nbsp; 186 | &nbsp;&nbsp;&nbsp;&nbsp; 3692089 |
| Loan Assignments |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 424 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 424 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1551 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1551 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 847 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 807 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 807 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2772 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2772 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4627 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 210 | &nbsp;&nbsp;&nbsp;&nbsp; 2313 | &nbsp;&nbsp;&nbsp;&nbsp; 2523 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 610 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 610 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 683 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 683 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 788 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1143 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1143 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2142 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2142 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1797 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1797 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 783 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 783 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1396 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 909 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 909 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1549 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1549 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 792 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Strategic Income Opportunities Fund** (continued) | **Strategic Income Opportunities Fund** (continued) | **Strategic Income Opportunities Fund** (continued) | **Strategic Income Opportunities Fund** (continued) | **Strategic Income Opportunities 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** |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $958 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $958 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 355 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 355 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2200 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 985 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 985 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 642 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 642 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 367 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 367 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1503 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1503 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3283 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3283 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1737 | &nbsp;&nbsp;&nbsp;&nbsp; 656 | &nbsp;&nbsp;&nbsp;&nbsp; 2393 |
| Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36748 | &nbsp;&nbsp;&nbsp;&nbsp; 2991 | &nbsp;&nbsp;&nbsp;&nbsp; 39739 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1748400 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1748400 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 868 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 868 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2835 | &nbsp;&nbsp;&nbsp;&nbsp; 2835 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1951 | &nbsp;&nbsp;&nbsp;&nbsp; 1951 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 5014691 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5014691 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65000 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6133 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 5014691 | &nbsp;&nbsp;&nbsp;&nbsp; 71133 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5085824 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5016222 | &nbsp;&nbsp;&nbsp;&nbsp; $6385259 | &nbsp;&nbsp;&nbsp;&nbsp; $11566 | &nbsp;&nbsp;&nbsp;&nbsp; $11413047 |
| **Liabilities** |  |  |  |  |
| TBA Short Commitment | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2187157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2187157)<br>|
| **Total Liabilities in Securities Sold Short** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2187157)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2187157)<br>|
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1038 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1038 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 1372 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1372 |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 319 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(273)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(273)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (1032)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1032)<br>|
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (1863)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (1863)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14906)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (14906)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1523)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(13822)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(15345)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

(b) Value is zero.

There were no significant transfers into or out of level 3 for the year ended February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 115

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Bond Opportunities Fund** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**February 28,** <br>**2026**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | $58 | $— | $— | $— | $— | $— | $— | $(58)<br>| $— |
| Collateralized Mortgage <br> Obligations<br>| 9528 |  | 23 | —<br> (a)<br>|  | (9551)<br>|  |  |  |
| Commercial Mortgage-Backed <br> Securities<br>| 9917 |  | 72 | 1 | 283 | (877)<br>|  |  | 9396 |
| Common Stocks | 2287 | (978)<br>| 1380 |  | 3219 | (1486)<br>|  | (804)<br>| 3618 |
| Convertible Preferred Stocks | 1310 | (1939)<br>| 558 |  | 71 |  |  |  |  |
| Corporate Bonds | 1050 | (853)<br>| 744 | 39 | 307 | (1070)<br>|  |  | 217 |
| Loan Assignments | 978 | —<br> (a)<br>| (714)<br>| 64 | 274 | (6)<br>|  |  | 596 |
| Preferred Stocks | 549 |  | (14)<br>|  |  |  |  |  | 535 |
| Rights |  |  | 584 |  |  |  |  |  | 584 |
| Warrants | 17 | —<br> (a)<br>| —<br> (a)<br>|  |  |  |  | (17)<br>| —<br> (a)<br>|
| **Total** | $25694 | $(3770)<br>| $2633 | $104 | $4154 | $(12990)<br>| $— | $(879)<br>| $14946 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2026, which were valued using significant unobservable inputs (level 3), amounted to $(39). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the year ended February 28, 2026.

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of February 28, 2026, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. Repurchase Agreements**— Strategic Income Opportunities 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.

The Funds' repurchase agreements are not subject to master netting arrangements.

**D. Loan Assignments**— Corporate Bond Fund, Global Bond Opportunities Fund and Strategic Income Opportunities Fund invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a "Lender") by corporate, governmental or other borrowers (a "Borrower"). A loan is often administered by a bank or other financial institution (the "Agent") that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The above Funds invested in loan assignments of all or a portion of the loans. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan. In addition, it is unclear whether loans, loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loans are secured by collateral, a Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower.

Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid when purchased, may become illiquid and difficult to value. In addition, the settlement period for loans is

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 J.P. Morgan Income Funds February 28, 2026

------

uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, a Fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

**E. Unfunded Commitments**— Global Bond Opportunities Fund entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Funds to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.D.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Funds may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of Interest income from non-affiliates on the Statements of Operations.

At February 28, 2026, Global Bond Opportunities Fund had the following loan commitments outstanding in which all or a portion of the commitments were unfunded, and which could be extended at the options of the borrower:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Unfunded** <br>**Commitment** | **Unfunded** <br>**Commitment** | **Funded** <br>**Commitment** | **Funded** <br>**Commitment** | **Total** <br>**Commitment** | **Total** <br>**Commitment** |
| **Security Description** | **Maturity** <br>**Date**<br>| **Commitment** <br>**Fee Rate**<br>| **Rate if** <br>**Funded**<br>| **Par** <br>**Amount**<br>| **Value** | **Par** <br>**Amount**<br>| **Value** | **Par** <br>**Amount**<br>| **Value** |
| **Global Bond Opportunities Fund** | **Global Bond Opportunities Fund** | **Global Bond Opportunities Fund** | **Global Bond Opportunities Fund** | **Global Bond Opportunities Fund** | **Global Bond Opportunities Fund** | **Global Bond Opportunities Fund** | **Global Bond Opportunities Fund** | **Global Bond Opportunities Fund** | **Global Bond Opportunities Fund** |
| Raven Acquisition Holdings LLC, 1st Lien <br> Delayed Draw Term Loan<br>| 11/19/2031 | 3.000<br> %<br>| 6.670<br> %<br>| &nbsp;&nbsp; $164 | &nbsp;&nbsp; $156 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $164 | &nbsp;&nbsp; $156 |

---

**F. Commercial and Residential Loans**— Strategic Income Opportunities Fund invests in wholly owned limited liability companies or corporations; the Fund through these wholly owned entities make loans directly to the borrower. These loans are collateralized with real property or interests in real property.

**G. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— Corporate Bond Fund, Global Bond Opportunities Fund and Strategic Income Opportunities 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.

Global Bond Opportunities Fund and Strategic Income Opportunities Fund may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a Fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in a separate segregated account maintained by JPMCB.

Corporate Bond, Global Bond Opportunities Fund and Strategic Income Opportunities Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2026, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2026 are detailed on the SOI, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 117

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The Funds' delayed delivery securities collateral requirements and collateral posted or received by counterparty as of February 28, 2026 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** |  | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Collateral** <br>**amount**<br>|
| Global Bond Opportunities Fund | Collateral Received | Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(50)<br>|

---

**H. Securities Lending** — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrower. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower's failure to return a loaned security.

The Funds did not lend out any securities during the year ended February 28, 2026.

**I. 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 and ETFs. Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate Bond Fund**  | **Corporate Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (a) (b)<br>| $14639 | $205075 | $202156 | $(2)<br>| $2 | $17558 | 17551 | $570 | $— |

---

&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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  | **Emerging Markets Debt Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (a) (b)<br>| $30349 | $585514 | $557597 | $—<br> (c)<br>| $(2)<br>| $58264 | 58240 | $1451 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Global Bond Opportunities Fund**  | **Global Bond Opportunities Fund**  | **Global Bond Opportunities Fund**  | **Global Bond Opportunities Fund**  | **Global Bond Opportunities Fund**  | **Global Bond Opportunities Fund**  | **Global Bond Opportunities Fund**  | **Global Bond Opportunities Fund**  | **Global Bond Opportunities Fund**  | **Global Bond Opportunities Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (a) (b)<br>| $67676 | $1307747 | $1121634 | $(47)<br>| $24 | $253766 | 253665 | $8701 | $— |

---

&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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  | **Strategic Income Opportunities Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class IM Shares, 3.76% (a) (b)<br>| $4990276 | $6793196 | $6768501 | $(187)<br>| $(93)<br>| $5014691 | 5012686 | $198433 | $— |

---

&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 February 28, 2026.

**J. Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 119

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**K. Derivatives**—The Funds used derivative instruments including futures contracts, forward foreign currency exchange contracts and swaps, in connection with their respective investment strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

Notes K(1) — K(4) below describe the various derivatives used by the Funds.

**(1) Options**— Strategic Income Opportunities Fund purchased put and call options on securities to gain long or short exposure to the underlying instrument. 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 Fund for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Fund will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Fund for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Fund record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Fund are added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

**(2) Futures Contracts**— The Funds used 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 equity price, foreign exchange and interest rate risk/risks. 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 J.P. Morgan Income Funds February 28, 2026

------

subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**(3) Forward Foreign Currency Exchange Contracts**— The Funds are exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Funds' forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(4) Swaps**— The Funds engaged in various swap transactions to manage credit, interest rate (e.g., duration, yield curve), currency, inflation and total return risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by a Fund are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and are amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, the Funds are required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/ depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the clearinghouse.

The Funds' OTC swap contracts are subject to master netting arrangements.

**Credit Default Swaps**

Emerging Markets Debt Fund, Global Bond Opportunities Fund and Strategic Income Opportunities Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 121

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to a Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

**Interest Rate Swaps**

Global Bond Opportunities Fund entered into interest rate swap contracts to manage fund exposure to interest rates or to either preserve or generate a return on a particular investment or portion of their portfolios. These are agreements between counterparties to exchange periodic interest payments based on interest rates. One cash flow stream will typically be a floating rate payment based upon a specified interest rate, while the other is typically based on a fixed interest rate.

**(5) Summary of Derivatives Information**—The following tables present the value of derivatives held as of February 28, 2026, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporate** <br>**Bond Fund**<br>| **Emerging** <br>**Markets** <br>**Debt Fund**<br>| **Global Bond** <br>**Opportunities** <br>**Fund**<br>| **Strategic** <br>**Income** <br>**Opportunities** <br>**Fund**<br>|
| **Foreign Exchange Rate Risk Exposure:** |  |  |  |  |
| Unrealized Appreciation on Forward Foreign Currency Exchange Contracts | $45 | &nbsp;&nbsp; $2325 | &nbsp;&nbsp; $10410 | &nbsp;&nbsp; $1038 |
| Unrealized Depreciation on Forward Foreign Currency Exchange Contracts | (6)<br>| &nbsp;&nbsp; (1255)<br>| &nbsp;&nbsp; (5330)<br>| &nbsp;&nbsp; (273)<br>|
| **Interest Rate Risk Exposure:** |  |  |  |  |
| Unrealized Appreciation on Futures Contracts \* | 977 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 14128 | &nbsp;&nbsp; 1372 |
| Swaps at Value (Assets) \*\* |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 12517 | &nbsp;&nbsp; — |
| Purchased Options at Market Value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 868 |
| Unrealized Depreciation on Futures Contracts \* | (726)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10345)<br>| &nbsp;&nbsp; (1032)<br>|
| Swaps at Value (Liabilities) \*\* |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (33)<br>| &nbsp;&nbsp; — |
| Written Options at Market Value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1863)<br>|
| **Credit Risk Exposure:** |  |  |  |  |
| Swaps at Value (Assets) \*\* |  | &nbsp;&nbsp; 1314 | &nbsp;&nbsp; — | &nbsp;&nbsp; 667 |
| Swaps at Value (Liabilities) \*\* |  | &nbsp;&nbsp; (31)<br>| &nbsp;&nbsp; (13413)<br>| &nbsp;&nbsp; (30295)<br>|
| **Net Fair Value of Derivative Contracts:** |  |  |  |  |
| Unrealized Appreciation (Depreciation) on Futures Contracts \* | 251 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 3783 | &nbsp;&nbsp; 340 |
| Swaps at Value \*\* |  | &nbsp;&nbsp; 1283 | &nbsp;&nbsp; (929)<br>| &nbsp;&nbsp; (29628)<br>|
| Unrealized Appreciation (Depreciation) on Forward Foreign Currency Exchange <br> Contracts<br>| 39 | &nbsp;&nbsp; 1070 | &nbsp;&nbsp; 5080 | &nbsp;&nbsp; 765 |
| Purchased Options at Market Value  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 868 |
| Written Options at Market Value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1863)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities. 

\*\* Includes the fair value of centrally cleared swap contracts as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 J.P. Morgan Income Funds February 28, 2026

------

The following tables present the effect of derivatives on the Statements of Operations for the year ended February 28, 2026, by primary underlying risk exposure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporate** <br>**Bond Fund**<br>| **Emerging** <br>**Markets** <br>**Debt Fund**<br>| **Global Bond** <br>**Opportunities** <br>**Fund**<br>| **Strategic** <br>**Income** <br>**Opportunities** <br>**Fund**<br>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Forward Foreign Currency Exchange Contracts | $(223)<br>| &nbsp;&nbsp; $(2660)<br>| &nbsp;&nbsp; $(126844)<br>| &nbsp;&nbsp; $(1883)<br>|
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | 369 | &nbsp;&nbsp; 1598 | &nbsp;&nbsp; 8197 | &nbsp;&nbsp; (14157)<br>|
| Swap Contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3516)<br>| &nbsp;&nbsp; — |
| Purchased Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9284)<br>|
| Written Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8816 |
| **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** |
| Swap Contracts |  | &nbsp;&nbsp; (1235)<br>| &nbsp;&nbsp; (11756)<br>| &nbsp;&nbsp; (25256)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Forward Foreign Currency Exchange Contracts | $32 | &nbsp;&nbsp; $777 | &nbsp;&nbsp; $591 | &nbsp;&nbsp; $807 |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | (118)<br>| &nbsp;&nbsp; (100)<br>| &nbsp;&nbsp; 3053 | &nbsp;&nbsp; (1678)<br>|
| Swap Contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 21651 | &nbsp;&nbsp; — |
| Purchased Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 8388 |
| Written Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (9865)<br>|
| **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** |
| Swap Contracts |  | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 709 | &nbsp;&nbsp; 19908 |

---

**Derivatives Volume**

The table below discloses the volume of the Funds' options, futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended February 28, 2026. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporate** <br>**Bond Fund**<br>| **Emerging** <br>**Markets** <br>**Debt Fund**<br>| **Global Bond** <br>**Opportunities** <br>**Fund**<br>| **Strategic** <br>**Income** <br>**Opportunities** <br>**Fund**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $142989 | &nbsp;&nbsp; $130063 | &nbsp;&nbsp; $1784154 | &nbsp;&nbsp; $1440750 |
| Average Notional Balance Short | &nbsp;&nbsp; (102737)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1196441)<br>| &nbsp;&nbsp; (607407)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 144030 | &nbsp;&nbsp; 170914 | &nbsp;&nbsp; 1800107 | &nbsp;&nbsp; 605940 |
| Ending Notional Balance Short | &nbsp;&nbsp; (81786)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1318223)<br>| &nbsp;&nbsp; (114153)<br>|
| **Forward Foreign Currency Exchange Contracts:** |  |  |  |  |
| Average Settlement Value Purchased | &nbsp;&nbsp; (1466)<br>| &nbsp;&nbsp; (16877)<br>| &nbsp;&nbsp; (777794)<br>| &nbsp;&nbsp; (95537)<br>|
| Average Settlement Value Sold | &nbsp;&nbsp; 3449 | &nbsp;&nbsp; 33424 | &nbsp;&nbsp; 1480998 | &nbsp;&nbsp; 186177 |
| Ending Settlement Value Purchased | &nbsp;&nbsp; (3912)<br>| &nbsp;&nbsp; (49701)<br>| &nbsp;&nbsp; (1209979)<br>| &nbsp;&nbsp; (129144)<br>|
| Ending Settlement Value Sold | &nbsp;&nbsp; 7715 | &nbsp;&nbsp; 108974 | &nbsp;&nbsp; 1881925 | &nbsp;&nbsp; 234375 |
| **Interest Rate-Related Swaps:** |  |  |  |  |
| Average Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 288550 | &nbsp;&nbsp; — |
| Average Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2126612 | &nbsp;&nbsp; — |
| Ending Notional Balance - Pays Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 78547 | &nbsp;&nbsp; — |
| Ending Notional Balance - Receives Fixed Rate | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4084831 | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 123

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Corporate**<br> **Bond Fund**<br>| **Emerging**<br> **Markets**<br> **Debt Fund**<br>| **Global Bond**<br> **Opportunities**<br> **Fund**<br>| **Strategic**<br> **Income**<br> **Opportunities**<br> **Fund**<br>|
| **Exchange-Traded Options:** |  |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2169 |
| Average Number of Contracts Written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2239)<br>|
| Ending Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2760 |
| Ending Number of Contracts Written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (2760)<br>|
| **Credit Default Swaps:** |  |  |  |  |
| Average Notional Balance - Buy Protection | &nbsp;&nbsp; $— | &nbsp;&nbsp; $22349 | &nbsp;&nbsp; $212947 | &nbsp;&nbsp; $1025662 |
| Average Notional Balance - Sell Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 17774 |
| Ending Notional Balance - Buy Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 14600 | &nbsp;&nbsp; 167963 | &nbsp;&nbsp; 1229446 |
| Ending Notional Balance - Sell Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 10800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

The Funds may be required to post or receive collateral based on the net value of the Funds' outstanding non-deliverable forward foreign currency exchange contracts and/or OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds' custodian bank. For certain counterparties cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.F), otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Funds is held in a separate segregated account maintained by JPMCB, an affiliate of the Funds. These amounts are not reflected on the Funds' Statements of Assets and Liabilities and are disclosed in the table below.

Global Bond Opportunities Fund's and Strategic Income Opportunities Fund's derivative contracts collateral requirements and collateral posted or received by counterparty as of February 28, 2026 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** |  | **Fund Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Value of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Collateral**<br> **amount**<br>|
| Emerging Markets Debt Fund | Collateral Received | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(2060)<br>|
| Global Bond Opportunities Fund | Collateral Received | Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (410)<br>|
| Strategic Income Opportunities Fund | Collateral Received | Bank of America, NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (220)<br>|
| Strategic Income Opportunities Fund | Collateral Received | Barclays Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40)<br>|

---

The Funds' derivatives contracts held at February 28, 2026 are not accounted for as hedging instruments under GAAP.

**L. 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. Dividend income, net of foreign taxes withheld, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend. Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**M. 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 Trust 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

124 J.P. Morgan Income Funds February 28, 2026

------

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 28, 2026, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R5** | **Class R6** | **Total** |
| **Corporate Bond Fund** |  |  |  |  |  |  |
| Transfer agency fees  | $3 | $1 | $2 | n/a | $6 | $12 |
| **Emerging Markets Debt Fund** |  |  |  |  |  |  |
| Transfer agency fees  | 4 | 1 | 2 | $—<br> (a)<br>| 8 | 15 |
| **Global Bond Opportunities Fund** |  |  |  |  |  |  |
| Transfer agency fees  | 8 | 2 | 26 | n/a | 45 | 81 |
| **Strategic Income Opportunities Fund** |  |  |  |  |  |  |
| Transfer agency fees  | 32 | 7 | 67 | 11 | 68 | 185 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

**N. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of February 28, 2026, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

For the year ended February 28, 2026, the Funds did not pay any significant foreign, federal or state and local income taxes.

**O. Foreign Taxes**—The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

**P. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared daily and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $44 | &nbsp;&nbsp;&nbsp;&nbsp; $(44)<br>|
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (5269)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 5269 |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (118741)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 118741 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; (325)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 16181 | &nbsp;&nbsp;&nbsp;&nbsp; (15856)<br>|

---

The reclassifications for the Funds relate primarily to tax adjustments on certain derivatives and investments and foreign currency gains or losses.

**Q. Segment Reporting** — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 125

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**R. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds' net assets or results of operations.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.45 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended February 28, 2026, the effective rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMCB serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the administration 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 Board has adopted a Distribution Plan (the "Distribution Plan") for Class A , Class C and Class R2 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R5 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** |
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 |

---

JPMDS waived distribution fees as outlined in Note 3.F.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended February 28, 2026, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**D. Service Fees**— The Trust, 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** | **Class R5** |
| Corporate 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>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |

---

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 R5** | **Class R6** |
| Corporate Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>|
| Emerging Markets Debt Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.65 |
| Global Bond Opportunities Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;1.30 | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Strategic Income Opportunities Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |

---

The expense limitation agreements were in effect for the year ended February 28, 2026 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2026.

For the year ended February 28, 2026, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Corporate Bond Fund | &nbsp;&nbsp; $192 | &nbsp;&nbsp; $128 | &nbsp;&nbsp; $269 | &nbsp;&nbsp; $589 | &nbsp;&nbsp; $— |
| Emerging Markets Debt Fund | &nbsp;&nbsp; 740 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; 3 |
| Global Bond Opportunities Fund | &nbsp;&nbsp; 1470 | &nbsp;&nbsp; 981 | &nbsp;&nbsp; 2936 | &nbsp;&nbsp; 5387 | &nbsp;&nbsp; — |
| Strategic Income Opportunities Fund | &nbsp;&nbsp; 2367 | &nbsp;&nbsp; 1580 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 3995 | &nbsp;&nbsp; 52 |

---

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 127

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The amounts of these waivers resulting from investments in these Affiliated Money Market Funds for the year ended February 28, 2026 were as follows:

---

| | |
|:---|:---|
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $28 |
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp; 72 |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 423 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5280 |

---

**G. Other**— Certain officers of the Trust 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 Board 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 Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Board's independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended February 28, 2026, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the year ended February 28, 2026, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| Corporate Bond Fund | $318606 | $272620 | $4104 | $4227 |
| Emerging Markets Debt Fund | 1113019 | 1257352 |  |  |
| Global Bond Opportunities Fund | 4100701 | 3947294 |  |  |
| Strategic Income Opportunities Fund | 30743395 | 29801539 | 1674616 | 2189885 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $403337 | &nbsp;&nbsp;&nbsp;&nbsp; $9995 | &nbsp;&nbsp;&nbsp;&nbsp; $5016 | &nbsp;&nbsp;&nbsp;&nbsp; $4979 |
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp; 926075 | &nbsp;&nbsp;&nbsp;&nbsp; 65738 | &nbsp;&nbsp;&nbsp;&nbsp; 12502 | &nbsp;&nbsp;&nbsp;&nbsp; 53236 |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4067423 | &nbsp;&nbsp;&nbsp;&nbsp; 165472 | &nbsp;&nbsp;&nbsp;&nbsp; 125269 | &nbsp;&nbsp;&nbsp;&nbsp; 40203 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 9187060 | &nbsp;&nbsp;&nbsp;&nbsp; 50857 | &nbsp;&nbsp;&nbsp;&nbsp; 42413 | &nbsp;&nbsp;&nbsp;&nbsp; 8444 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain derivatives and investments, foreign currency gains or losses and wash sale loss deferrals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

128 J.P. Morgan Income Funds February 28, 2026

------

The tax character of distributions paid during the year ended February 28, 2026 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $18514 | &nbsp;&nbsp;&nbsp;&nbsp; $18514 |
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp; 61573 | &nbsp;&nbsp;&nbsp;&nbsp; 61573 |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 193476 | &nbsp;&nbsp;&nbsp;&nbsp; 193476 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 414968 | &nbsp;&nbsp;&nbsp;&nbsp; 414968 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended February 28, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| **Return of Capital** | &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $15386 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $15386 |
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp; 63067 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 63067 |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 160525 | &nbsp;&nbsp;&nbsp;&nbsp; 2349 | &nbsp;&nbsp;&nbsp;&nbsp; 162874 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 488888 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 488888 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of February 28, 2026, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $174 | &nbsp;&nbsp;&nbsp;&nbsp; $(47916)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $4984 |
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2823 | &nbsp;&nbsp;&nbsp;&nbsp; (594095)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 49527 |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1428 | &nbsp;&nbsp;&nbsp;&nbsp; (212045)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 40460 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (786689)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8866 |

---

The cumulative timing differences primarily consist of tax adjustments on certain derivatives and investments, straddle loss deferral, foreign currency gains or loss, post-October capital loss deferrals and wash sale loss deferrals.

As of February 28, 2026, the following Funds had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $12793 | &nbsp;&nbsp;&nbsp;&nbsp; $35123 |
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp; 298780 | &nbsp;&nbsp;&nbsp;&nbsp; 295315 |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 64922 | &nbsp;&nbsp;&nbsp;&nbsp; 147123 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; 70300 | &nbsp;&nbsp;&nbsp;&nbsp; 716389 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 129

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

Specified ordinary losses and net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended February 28, 2026, the Funds deferred to March 1, 2025 the following specified ordinary losses and net capital losses (gains):

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; $(1313)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $18490 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; (10219)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 22840 |

---

During the year ended February 28, 2026, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Corporate Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $638 | &nbsp;&nbsp;&nbsp;&nbsp; $18 |
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5270 | &nbsp;&nbsp;&nbsp;&nbsp; 1720 |
| Global Bond Opportunities Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8315 |

---

**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 JPMorgan Trust II and may be relied upon by the Funds because the Funds and the series of JPMorgan Trust II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended February 28, 2026.

The Trust and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2026.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended February 28, 2026.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 J.P. Morgan Income Funds February 28, 2026

------

As of February 28, 2026, the 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** |
| Corporate Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 24.9<br> %<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; 51.1<br> %<br>|
| Emerging Markets Debt Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;33.1 |
| Global Bond Opportunities Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;12.0 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;44.0 |
| Strategic Income Opportunities Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;11.9 | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;37.7 |

---

As of February 28, 2026, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated funds of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Blend Funds**<br>|
| Emerging Markets Debt Fund | &nbsp;&nbsp;&nbsp;&nbsp; 16.5<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20.1<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19.1<br> %<br>|

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

Emerging Markets Debt Fund's investments in sovereign and corporate debt obligations within emerging market countries may be subject to potentially higher risks than investments in more developed markets and the prices of such investments may be volatile. The yields of emerging market debt obligations reflect, among other things, perceived credit risk. The consequences of political, social or economic instability in these markets may have disruptive effects on the market prices of the Funds' investments and the income they generate, as well as the Funds' ability to repatriate such amounts.

The Funds are subject to the risk that, should the Funds decide to sell an illiquid investment when a ready buyer is not available at a price the Funds deem to be representative of its value, the value of the Funds' net assets could be adversely affected.

The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e. the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

Emerging Markets Debt Fund, Global Bond Opportunities Fund and Strategic Income Opportunities Fund invest in high yield securities that are not rated or rated below investment grade (commonly known as "junk bonds"). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 131

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds' original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Fund to value accurately.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.

The Funds invest in foreign issuers and foreign securities (including depositary receipts) are subject to additional risks, including political and economic risks, unstable governments, civil conflicts and war, greater volatility, decreased market liquidity, expropriation and nationalization risks, sanctions or other measures by the United States or other governments, currency fluctuations, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. In certain markets where securities and other instruments are not traded "delivery versus payment," a Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit Fund's ability to buy and sell securities.

Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile. Emerging Markets Debt Fund invests a substantial portion of its assets in emerging market countries. These risks are magnified in countries in emerging markets. Emerging market countries typically have less established market economies than developed countries and may face greater social, economic, regulatory and political uncertainties. In addition, emerging markets typically present greater illiquidity and price volatility concerns due to smaller or limited local capital markets and greater difficulty in determining market valuations of securities due to limited public information on issuers. Certain emerging market countries may be subject to less stringent requirements regarding accounting, auditing, financial reporting and record keeping and therefore, material information related to an investment may not be available or reliable. Additionally, the Funds may have substantial difficulties exercising their legal rights or enforcing a counterparty's legal obligations in certain jurisdictions outside of the United States, in particular in emerging market countries, which can increase the risks of loss.

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 investment in the United States of America due to concentrated investments in a limited number of foreign countries or regions, which may vary throughout the year. Such concentrations may subject the 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

132 J.P. Morgan Income Funds February 28, 2026

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Corporate Bond Fund, JPMorgan Emerging Markets Debt Fund, JPMorgan Global Bond Opportunities Fund and JPMorgan Strategic Income Opportunities Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Corporate Bond Fund, JPMorgan Emerging Markets Debt Fund, JPMorgan Global Bond Opportunities Fund and JPMorgan Strategic Income Opportunities Fund (four of the funds constituting JPMorgan Trust I, hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 29, 2026

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 133

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended February 28, 2026. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2026. The information necessary to complete your income tax returns for the calendar year ending December 31, 2026 will be provided under separate cover.

**Treasury Income**

Each Fund listed below had the following percentage, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Income from** <br>**U.S. Treasury** <br>**Obligations**<br>|
| JPMorgan Corporate Bond Fund | 0.6<br> %<br>|
| JPMorgan Emerging Markets Debt Fund | 0.2 |
| JPMorgan Strategic Income Opportunities Fund | 3.4 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 J.P. Morgan Income Funds February 28, 2026

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g117669img4a61685a2.jpg)

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![](g117669imgb0e836be3.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2026. All rights reserved. February 2026.

AN-INC-226

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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.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

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Annual Financial Statements

J.P. Morgan Income Funds

February 28, 2026

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| |
|:---|
| JPMorgan Core Bond Fund |
| JPMorgan Core Plus Bond Fund |
| JPMorgan Floating Rate Income Fund |
| JPMorgan Government Bond Fund |
| JPMorgan High Yield Fund |
| JPMorgan Income Fund |
| JPMorgan Short Duration Bond Fund |
| JPMorgan Short Duration Core Plus Fund |

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![](g112100img2fc5ab311.jpg)

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**CONTENTS** 

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| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_698bb3ae-e768-497b-b5de-165666766c50_SOI-TOC-ScheduleofInvestments-838_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_698bb3ae-e768-497b-b5de-165666766c50_FS-TOC-FinancialStatement-838_1) | &nbsp;&nbsp; **259** |
| [Financial Highlights](#xx_698bb3ae-e768-497b-b5de-165666766c50_FIHI-TOC-FinancialHighlights-838_1) | &nbsp;&nbsp; **282** |
| [Notes to Financial Statements](#xx_698bb3ae-e768-497b-b5de-165666766c50_NTF-NTFRunningFooter-838_1) | &nbsp;&nbsp; **300** |
| [Report of Independent Registered Public Accounting Firm](#xx_698bb3ae-e768-497b-b5de-165666766c50_AUD-TOC-AuditorsReport-838_1) | &nbsp;&nbsp; **345** |
| [Tax Letter](#xx_698bb3ae-e768-497b-b5de-165666766c50_TL-TAXLETTERCC-838_1) | &nbsp;&nbsp; **346** |

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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 Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 31.8%** | **U.S. Treasury Obligations — 31.8%** | **U.S. Treasury Obligations — 31.8%** |
| U.S. Treasury Bonds |  |  |
| 4.25%, 5/15/2039 | 55245 | 55502 |
| 1.13%, 8/15/2040 | 29845 | 19398 |
| 3.88%, 8/15/2040 | 54475 | 51834 |
| 2.25%, 5/15/2041 | 207900 | 157939 |
| 2.75%, 11/15/2042 | 289890 | 230055 |
| 3.13%, 2/15/2043 | 138080 | 115329 |
| 3.88%, 2/15/2043 | 3905 | 3618 |
| 3.88%, 5/15/2043 | 101570 | 93885 |
| 3.63%, 8/15/2043 | 531973 | 473872 |
| 4.38%, 8/15/2043 | 44779 | 44046 |
| 3.75%, 11/15/2043 | 256218 | 231587 |
| 3.63%, 2/15/2044 | 198360 | 175851 |
| 3.00%, 11/15/2044 | 50821 | 40691 |
| 3.00%, 11/15/2045 | 9035 | 7153 |
| 2.50%, 2/15/2046 | 70000 | 50591 |
| 2.25%, 8/15/2046 | 179932 | 123091 |
| 3.00%, 2/15/2047 | 5431 | 4240 |
| 3.00%, 2/15/2048 | 78220 | 60391 |
| 3.13%, 5/15/2048 | 43243 | 34064 |
| 3.00%, 8/15/2048 | 4200 | 3226 |
| 2.88%, 5/15/2049 | 12946 | 9642 |
| 2.25%, 8/15/2049 | 180150 | 117555 |
| 2.38%, 11/15/2049 | 98830 | 66073 |
| 2.00%, 2/15/2050 | 76853 | 47000 |
| 1.25%, 5/15/2050 | 4667 | 2338 |
| 1.38%, 8/15/2050 | 551004 | 283638 |
| 1.63%, 11/15/2050 | 62475 | 34281 |
| 1.88%, 2/15/2051 | 204145 | 119138 |
| 2.38%, 5/15/2051 | 166815 | 109511 |
| 2.00%, 8/15/2051 | 144750 | 86556 |
| 1.88%, 11/15/2051 | 200075 | 115489 |
| 2.25%, 2/15/2052 | 150605 | 95275 |
| 2.88%, 5/15/2052 | 131125 | 95281 |
| 3.00%, 8/15/2052 | 172625 | 128592 |
| 3.63%, 2/15/2053 | 28800 | 24176 |
| 4.63%, 5/15/2054 | 33110 | 33004 |
| 4.25%, 8/15/2054 | 6595 | 6179 |
| 4.50%, 11/15/2054 | 20140 | 19676 |
| 4.75%, 5/15/2055 | 26990 | 27468 |
| U.S. Treasury Inflation Indexed Bonds |  |  |
| 1.75%, 1/15/2028 | 3248 | 3301 |
| 3.63%, 4/15/2028 | 18164 | 19186 |
| 2.50%, 1/15/2029 | 5414 | 5649 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| U.S. Treasury Notes |  |  |
| 0.75%, 4/30/2026 | 15670 | 15594 |
| 4.13%, 6/15/2026 | 20000 | 20027 |
| 0.88%, 6/30/2026 | 248957 | 246658 |
| 4.63%, 9/15/2026 | 265210 | 266551 |
| 2.00%, 11/15/2026 | 10000 | 9888 |
| 1.75%, 12/31/2026 | 64262 | 63321 |
| 1.50%, 1/31/2027 | 5196 | 5101 |
| 4.13%, 2/28/2027 | 250000 | 251445 |
| 2.63%, 5/31/2027 | 200000 | 197906 |
| 2.75%, 7/31/2027 | 113240 | 112152 |
| 3.13%, 8/31/2027 | 111315 | 110806 |
| 0.38%, 9/30/2027 | 31575 | 30110 |
| 4.13%, 10/31/2027 | 318905 | 322480 |
| 4.25%, 1/15/2028 | 53280 | 54088 |
| 1.25%, 3/31/2028 | 160035 | 153227 |
| 3.63%, 3/31/2028 | 12000 | 12056 |
| 1.25%, 4/30/2028 | 85520 | 81738 |
| 2.88%, 5/15/2028 | 7030 | 6954 |
| 1.25%, 6/30/2028 | 782088 | 745030 |
| 1.00%, 7/31/2028 | 149415 | 141238 |
| 1.75%, 1/31/2029 | 48420 | 46226 |
| 1.88%, 2/28/2029 | 218300 | 208894 |
| 2.88%, 4/30/2029 | 617050 | 607264 |
| 3.25%, 6/30/2029 | 270000 | 268587 |
| 3.13%, 8/31/2029 | 86645 | 85772 |
| 3.88%, 9/30/2029 | 175000 | 177529 |
| 4.00%, 10/31/2029 | 113000 | 115145 |
| 4.38%, 12/31/2029 | 33345 | 34438 |
| 3.88%, 7/31/2030 | 45000 | 45707 |
| 3.63%, 9/30/2030 | 80000 | 80409 |
| 4.88%, 10/31/2030 | 315775 | 334179 |
| 1.63%, 5/15/2031 | 23990 | 21803 |
| 1.25%, 8/15/2031 | 115000 | 101788 |
| 1.38%, 11/15/2031 | 28783 | 25482 |
| 4.50%, 12/31/2031 | 14685 | 15362 |
| 4.38%, 1/31/2032 | 37635 | 39124 |
| 1.88%, 2/15/2032 | 292700 | 265236 |
| 4.13%, 2/29/2032 | 30000 | 30786 |
| 2.88%, 5/15/2032 | 116650 | 111574 |
| 4.13%, 5/31/2032 | 264440 | 271309 |
| 4.00%, 7/31/2032 | 228000 | 232230 |
| 2.75%, 8/15/2032 | 171000 | 161869 |
| 3.75%, 10/31/2032 | 108995 | 109302 |
| 4.13%, 11/15/2032 | 21000 | 21525 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 1

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JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 3.88%, 8/15/2033 | 14250 | 14354 |
| 4.50%, 11/15/2033 | 1304950 | 1366986 |
| 4.00%, 2/15/2034 | 972166 | 984964 |
| 3.88%, 8/15/2034 | 826090 | 827316 |
| 4.25%, 11/15/2034 | 450920 | 463267 |
| 4.25%, 5/15/2035 | 61730 | 63314 |
| U.S. Treasury STRIPS Bonds |  |  |
| 6.61%, 5/15/2026 (a) | 24999 | 24811 |
| 0.71%, 11/15/2026 (a) | 10990 | 10714 |
| 1.45%, 11/15/2027 (a) | 50000 | 47155 |
| 1.78%, 8/15/2029 (a) | 100000 | 88717 |
| 4.67%, 8/15/2030 (a) | 63190 | 53957 |
| 3.24%, 11/15/2030 (a) | 195970 | 165846 |
| 4.85%, 2/15/2031 (a) | 449750 | 376741 |
| 4.72%, 5/15/2031 (a) | 261915 | 217266 |
| 4.86%, 8/15/2031 (a) | 567895 | 466208 |
| 4.74%, 11/15/2031 (a) | 167615 | 136192 |
| 5.38%, 5/15/2032 (a) | 113297 | 90203 |
| 4.02%, 8/15/2032 (a) | 149800 | 117898 |
| 4.45%, 11/15/2032 (a) | 122788 | 95709 |
| 4.64%, 2/15/2033 (a) | 36300 | 27966 |
| 4.85%, 5/15/2033 (a) | 108105 | 82352 |
| 7.03%, 8/15/2033 (a) | 24963 | 18795 |
| 5.81%, 11/15/2033 (a) | 60239 | 44835 |
| 4.07%, 8/15/2034 (a) | 209640 | 150388 |
| 4.22%, 11/15/2034 (a) | 319920 | 226803 |
| 4.28%, 2/15/2035 (a) | 148502 | 103990 |
| 4.35%, 5/15/2035 (a) | 102600 | 71014 |
| 4.33%, 8/15/2035 (a) | 519891 | 355322 |
| 4.24%, 11/15/2035 (a) | 91000 | 61419 |
| 4.29%, 2/15/2036 (a) | 65611 | 43713 |
| 4.30%, 5/15/2036 (a) | 198352 | 130425 |
| 4.41%, 8/15/2036 (a) | 43554 | 28263 |
| 4.51%, 11/15/2036 (a) | 202881 | 129963 |
| 4.41%, 2/15/2037 (a) | 65678 | 41473 |
| 4.35%, 5/15/2037 (a) | 107759 | 67166 |
| 4.33%, 8/15/2037 (a) | 27176 | 16706 |
| 4.37%, 11/15/2037 (a) | 110686 | 67134 |
| 5.23%, 8/15/2039 (a) | 17900 | 9825 |
| 4.75%, 8/15/2040 (a) | 31482 | 16320 |
| 5.27%, 11/15/2040 (a) | 216030 | 110454 |
| 5.30%, 2/15/2041 (a) | 138670 | 69873 |
| 5.39%, 8/15/2041 (a) | 178550 | 87791 |
| 4.94%, 2/15/2042 (a) | 87575 | 41745 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 5.33%, 2/15/2043 (a) | 16580 | 7443 |
| 5.31%, 5/15/2046 (a) | 19005 | 7149 |
| Total U.S. Treasury Obligations <br>(Cost $18,066,448)<br>|  | 17313226 |
| **Corporate Bonds — 24.9%** | **Corporate Bonds — 24.9%** | **Corporate Bonds — 24.9%** |
| **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
| Airbus SE (France) 3.95%, 4/10/2047 (b) | 1046 | 875 |
| BAE Systems plc (United Kingdom) | BAE Systems plc (United Kingdom) | BAE Systems plc (United Kingdom) |
| 1.90%, 2/15/2031 (b) | 14745 | 13284 |
| 5.80%, 10/11/2041 (b) | 2500 | 2669 |
| 3.00%, 9/15/2050 (b) | 5645 | 3869 |
| Boeing Co. (The)  | Boeing Co. (The)  | Boeing Co. (The)  |
| 3.10%, 5/1/2026 | 9560 | 9544 |
| 5.04%, 5/1/2027 | 9155 | 9251 |
| 5.15%, 5/1/2030 | 14590 | 15111 |
| 6.39%, 5/1/2031 | 11580 | 12658 |
| 3.60%, 5/1/2034 | 5076 | 4682 |
| 6.53%, 5/1/2034 | 19270 | 21605 |
| 5.71%, 5/1/2040 | 12565 | 13073 |
| 5.81%, 5/1/2050 | 14000 | 14057 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 5.25%, 6/1/2031 | 22080 | 23137 |
| 5.40%, 7/31/2033 | 11863 | 12498 |
| 4.85%, 4/27/2035 | 1918 | 1936 |
| Leidos, Inc.  | Leidos, Inc.  | Leidos, Inc.  |
| 2.30%, 2/15/2031 | 8020 | 7286 |
| 5.75%, 3/15/2033 | 8600 | 9131 |
| 5.00%, 3/15/2036 (c) | 18335 | 18292 |
| Northrop Grumman Corp. 5.15%, 5/1/2040 | 13000 | 13155 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 5.15%, 2/27/2033 | 11955 | 12511 |
| 4.50%, 6/1/2042 | 13927 | 12834 |
| 4.15%, 5/15/2045 | 7861 | 6710 |
| 3.75%, 11/1/2046 | 7060 | 5599 |
| 4.35%, 4/15/2047 | 4020 | 3472 |
| 2.82%, 9/1/2051 | 10000 | 6389 |
| 3.03%, 3/15/2052 | 3840 | 2553 |
| 6.40%, 3/15/2054 | 5495 | 6140 |
|  |  | 262321 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 1.50%, 6/15/2026 (b) | 17530 | 17399 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Income Funds February 28, 2026

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Automobiles — continued** | **Automobiles — continued** | **Automobiles — continued** |
| 2.38%, 10/15/2027 (b) | 9020 | 8794 |
| 1.80%, 1/10/2028 (b) | 12950 | 12445 |
|  |  | 38638 |
| **Banks — 7.6%** | **Banks — 7.6%** | **Banks — 7.6%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 6.34%, <br> 9/18/2027 (b) (d)<br>| 17700 | 17921 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.47%, <br> 12/13/2029 (b) (d)<br>| 15800 | 15114 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.25%), 5.52%, <br> 12/3/2035 (b) (d)<br>| 19600 | 20358 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (b) (d) | 7745 | 8198 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (b) (d) | 16965 | 17623 |
| (SOFRINDX + 1.91%), 5.87%, <br> 3/28/2035 (b) (d)<br>| 42860 | 45672 |
| Australia & New Zealand Banking Group Ltd. <br> (Australia) 4.40%, 5/19/2026 (b) (e)<br>| 1834 | 1836 |
| Banco Bilbao Vizcaya Argentaria SA (Spain) <br> 5.13%, 3/3/2036<br>| 37200 | 36983 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (d)<br>| 6400 | 6323 |
| 5.59%, 8/8/2028 | 37800 | 39181 |
| 5.13%, 11/6/2035 | 21200 | 21333 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| 4.25%, 10/22/2026 | 6055 | 6064 |
| (SOFR + 0.96%), 1.73%, 7/22/2027 (d) | 9615 | 9529 |
| (SOFR + 1.32%), 2.69%, 4/22/2032 (d) | 22915 | 21217 |
| (SOFR + 1.21%), 2.57%, 10/20/2032 (d) | 19870 | 18102 |
| (SOFR + 2.16%), 5.02%, 7/22/2033 (d) | 26230 | 27001 |
| (SOFR + 1.84%), 5.87%, 9/15/2034 (d) | 28820 | 30943 |
| (SOFR + 1.31%), 5.51%, 1/24/2036 (d) | 53000 | 55628 |
| (SOFR + 1.13%), 5.05%, 2/6/2037 (d) | 58670 | 59516 |
| (SOFR + 1.93%), 2.68%, 6/19/2041 (d) | 54117 | 40223 |
| Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) | Bank of Ireland Group plc (Ireland) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 2.03%, <br> 9/30/2027 (b) (d)<br>| 34388 | 33979 |
| (SOFR + 1.62%), 5.60%, 3/20/2030 (b) (d) | 33280 | 34627 |

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Bank of Montreal (Canada) (SOFRINDX + 1.08%), <br> 4.35%, 9/22/2031 (d)<br>| 20510 | 20642 |
| Bank of New Zealand (New Zealand) 5.08%, <br> 1/30/2029 (b)<br>| 16360 | 16908 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 4.85%, 2/1/2030 | 7526 | 7747 |
| (SOFR + 1.05%), 4.81%, 2/2/2034 (d) | 26940 | 27251 |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| 1.60%, 10/4/2026 (b) | 23810 | 23485 |
| 5.79%, 7/13/2028 (b) | 24190 | 25124 |
| 5.54%, 1/22/2030 (b) | 13575 | 14211 |
| 4.54%, 1/15/2031 (b) | 16730 | 16825 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 2.21%), 5.83%, 5/9/2027 (d) | 8500 | 8527 |
| (SOFR + 1.88%), 6.50%, 9/13/2027 (d) | 52040 | 52705 |
| (SOFR + 1.56%), 4.94%, 9/10/2030 (d) | 10846 | 11098 |
| (SOFR + 1.14%), 4.52%, 2/24/2032 (d) | 9620 | 9641 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 11/24/2032 (d)<br>| 10428 | 9558 |
| (SOFR + 2.98%), 6.22%, 5/9/2034 (d) | 7324 | 7924 |
| (SOFR + 1.59%), 5.79%, 2/25/2036 (d) | 16020 | 16783 |
| (SOFR + 1.51%), 5.21%, 2/24/2037 (d) | 16335 | 16320 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.50%), 5.34%, <br> 6/12/2029 (b) (d)<br>| 2500 | 2569 |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (b) (d) | 20560 | 21147 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (b) (d) | 26260 | 27266 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (b) (d) | 76360 | 79106 |
| (SOFR + 1.62%), 5.79%, 1/13/2033 (b) (d) | 32240 | 34147 |
| (SOFR + 1.56%), 3.13%, 1/20/2033 (b) (d) | 12958 | 11973 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| 4.75%, 7/19/2027 (b) | 2915 | 2949 |
| (SOFR + 1.98%), 6.61%, 10/19/2027 (b) (d) | 23410 | 23785 |
| 5.28%, 5/30/2029 (b) | 9560 | 9889 |
| (SOFR + 2.27%), 6.71%, 10/19/2029 (b) (d) | 29400 | 31222 |
| (SOFR + 1.68%), 5.88%, 1/14/2031 (b) (d) | 19250 | 20239 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (b) (d) | 43095 | 44583 |
| (SOFR + 1.27%), 4.76%, 1/13/2032 (b) (d) | 11500 | 11599 |
| (SOFR + 1.31%), 2.28%, 1/20/2032 (b) (d) | 15245 | 13729 |
| (SOFR + 2.59%), 7.00%, 10/19/2034 (b) (d) | 21875 | 24584 |
| (SOFR + 1.85%), 5.94%, 5/30/2035 (b) (d) | 23406 | 24701 |
| (SOFR + 2.04%), 6.29%, 1/14/2036 (b) (d) | 14995 | 16152 |
| (SOFR + 1.96%), 6.03%, 5/28/2036 (b) (d) | 49665 | 52382 |

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**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 3

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JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

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| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFRINDX + 1.78%), 5.67%, <br> 3/15/2030 (b) (d)<br>| 27576 | 28757 |
| (SOFR + 1.36%), 4.89%, 7/3/2031 (b) (d) | 49395 | 50411 |
| (SOFR + 2.77%), 6.84%, 9/13/2034 (b) (d) | 10504 | 11792 |
| (SOFR + 2.26%), 6.04%, 6/15/2035 (b) (d) | 30700 | 32944 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (b) (d) | 26134 | 27115 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 5.99%, 10/3/2028 | 3200 | 3358 |
| 3.60%, 4/7/2032 | 8000 | 7710 |
| Capital One NA 4.25%, 3/13/2026 | 8109 | 8108 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| 4.30%, 11/20/2026 | 6200 | 6211 |
| 4.45%, 9/29/2027 | 1491 | 1500 |
| (3-MONTH CME TERM SOFR + 1.65%), 3.67%, <br> 7/24/2028 (d)<br>| 41323 | 41127 |
| (3-MONTH CME TERM SOFR + 1.41%), 3.52%, <br> 10/27/2028 (d)<br>| 11100 | 11015 |
| (3-MONTH CME TERM SOFR + 1.45%), 4.08%, <br> 4/23/2029 (d)<br>| 6399 | 6408 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (d) | 21204 | 21454 |
| (SOFR + 1.46%), 4.95%, 5/7/2031 (d) | 18415 | 18886 |
| (SOFR + 1.17%), 4.50%, 9/11/2031 (d) | 23430 | 23609 |
| (SOFR + 1.35%), 3.06%, 1/25/2033 (d) | 3330 | 3079 |
| (SOFR + 2.34%), 6.27%, 11/17/2033 (d) | 50000 | 54867 |
| (SOFR + 1.45%), 5.45%, 6/11/2035 (d) | 31800 | 33166 |
| (SOFR + 1.49%), 5.17%, 9/11/2036 (d) | 19340 | 19678 |
| (SOFR + 1.38%), 2.90%, 11/3/2042 (d) | 1901 | 1417 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| 3.75%, 7/21/2026 | 8564 | 8553 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 3.65%, <br> 4/6/2028 (b) (d)<br>| 12800 | 12762 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.99%, <br> 5/27/2031 (b) (d)<br>| 25880 | 26666 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 5.71%, <br> 1/21/2033 (b) (d)<br>| 21400 | 22761 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| 5.59%, 7/5/2026 (b) | 12885 | 12957 |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (b) (d) | 15002 | 15316 |
| (SOFR + 1.46%), 5.22%, 5/27/2031 (b) (d) | 14822 | 15326 |
| (SOFR + 1.36%), 4.82%, 9/25/2033 (b) (d) | 22790 | 22962 |
| (SOFR + 1.74%), 5.86%, 1/9/2036 (b) (d) | 45845 | 48728 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.43%), 5.26%, 1/12/2037 (b) (d) | 32045 | 32373 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.40%), 5.71%, <br> 3/1/2030 (b) (d)<br>| 29115 | 30386 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (b) (d)<br>| 10433 | 10570 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.02%, <br> 3/4/2031 (b) (d)<br>| 13405 | 13781 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 4.42%, <br> 9/12/2031 (b) (d)<br>| 14355 | 14420 |
| DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.68%), 1.61%, <br> 3/30/2028 (b) (d)<br>| 22075 | 21539 |
| (SOFR + 1.05%), 4.38%, 11/4/2031 (b) (d) | 17715 | 17800 |
| Fifth Third Bancorp  | Fifth Third Bancorp  | Fifth Third Bancorp  |
| (SOFR + 1.84%), 5.63%, 1/29/2032 (d) | 8401 | 8862 |
| (SOFR + 0.95%), 4.57%, 4/29/2032 (d) | 14810 | 14898 |
| (SOFR + 1.24%), 5.14%, 1/29/2037 (d) | 22670 | 22740 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (d) | 25865 | 25090 |
| (SOFR + 1.29%), 2.21%, 8/17/2029 (d) | 13465 | 12875 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (d) | 43090 | 44668 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (d) | 11185 | 11541 |
| (SOFR + 1.57%), 5.24%, 5/13/2031 (d) | 17890 | 18533 |
| (SOFR + 1.95%), 2.36%, 8/18/2031 (d) | 20470 | 18841 |
| (SOFR + 1.19%), 4.62%, 11/6/2031 (d) | 8585 | 8683 |
| (SOFR + 1.41%), 2.87%, 11/22/2032 (d) | 13085 | 12038 |
| (SOFR + 1.43%), 5.13%, 11/6/2036 (d) | 15845 | 16005 |
| (SOFR + 2.65%), 6.33%, 3/9/2044 (d) | 3840 | 4241 |
| Huntington Bancshares, Inc.  | Huntington Bancshares, Inc.  | Huntington Bancshares, Inc.  |
| (SOFR + 1.28%), 5.27%, 1/15/2031 (d) | 17160 | 17764 |
| (SOFRINDX + 1.87%), 5.71%, 2/2/2035 (d) | 13000 | 13694 |
| ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |
| 3.95%, 3/29/2027 | 2572 | 2574 |
| (SOFR + 1.01%), 1.73%, 4/1/2027 (d) | 8840 | 8823 |
| (SOFR + 1.56%), 6.08%, 9/11/2027 (d) | 7083 | 7160 |
| KBC Group NV (Belgium) | KBC Group NV (Belgium) | KBC Group NV (Belgium) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 4.45%, <br> 9/23/2031 (b) (d)<br>| 27938 | 28153 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.05%), 6.32%, <br> 9/21/2034 (b) (d)<br>| 36960 | 40721 |
| KeyCorp  | KeyCorp  | KeyCorp  |
| (SOFRINDX + 1.23%), 5.12%, 4/4/2031 (d) | 26465 | 27149 |
| (SOFRINDX + 2.06%), 4.79%, 6/1/2033 (d) | 3780 | 3799 |
| (SOFR + 1.37%), 5.31%, 1/28/2037 (d) | 10115 | 10205 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 1.63%, <br> 5/11/2027 (d)<br>| 12150 | 12092 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.38%), 5.46%, <br> 1/5/2028 (d)<br>| 6805 | 6889 |
| 4.38%, 3/22/2028 | 6745 | 6800 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.75%), 5.68%, <br> 1/5/2035 (d)<br>| 19370 | 20525 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.97%), 4.94%, <br> 11/4/2036 (d)<br>| 39385 | 39160 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.75%), 1.54%, <br> 7/20/2027 (d)<br>| 17660 | 17497 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.64%, <br> 10/13/2027 (d)<br>| 14590 | 14389 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 5.16%, <br> 4/24/2031 (d)<br>| 20600 | 21372 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.93%), 5.19%, <br> 9/12/2036 (d)<br>| 19000 | 19461 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (d)<br>| 16739 | 16640 |
| (3-MONTH CME TERM SOFR + 1.57%), 2.87%, <br> 9/13/2030 (d)<br>| 11274 | 10811 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 5.74%, <br> 5/27/2031 (d)<br>| 26000 | 27555 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.71%, <br> 7/8/2031 (d)<br>| 30645 | 31248 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.90%), 5.75%, <br> 7/6/2034 (d)<br>| 15000 | 16032 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.32%, <br> 7/8/2036 (d)<br>| 41825 | 43346 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| 4.80%, 4/5/2026 | 11867 | 11874 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.35%), 5.85%, <br> 3/2/2027 (d)<br>| 8560 | 8560 |
| (3-MONTH SOFR + 1.75%), 4.89%, <br> 5/18/2029 (d)<br>| 29653 | 30191 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.95%), 5.81%, <br> 9/13/2029 (d)<br>| 4480 | 4668 |
| (3-MONTH SOFR + 1.91%), 5.08%, <br> 1/27/2030 (d)<br>| 14835 | 15223 |
| (3-MONTH SOFR + 1.87%), 4.45%, <br> 5/8/2030 (d)<br>| 25946 | 26164 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.50%), 5.78%, <br> 3/1/2035 (d)<br>| 41515 | 44159 |
| NatWest Markets plc (United Kingdom) 5.41%, <br> 5/17/2029 (b)<br>| 20945 | 21811 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| (SOFR + 1.26%), 4.81%, 10/21/2032 (d) | 21370 | 21850 |
| (SOFR + 1.42%), 5.37%, 7/21/2036 (d) | 38175 | 39579 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (d)<br>| 34180 | 34868 |
| Santander Holdings USA, Inc.  | Santander Holdings USA, Inc.  | Santander Holdings USA, Inc.  |
| (SOFR + 2.50%), 6.17%, 1/9/2030 (d) | 29735 | 31053 |
| (SOFR + 2.14%), 6.34%, 5/31/2035 (d) | 14000 | 15079 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFR + 0.99%), 1.67%, 6/14/2027 (d) | 14830 | 14727 |
| (SOFR + 2.60%), 6.53%, 1/10/2029 (d) | 45000 | 46949 |
| (SOFRINDX + 1.55%), 4.86%, 9/11/2030 (d) | 20755 | 21158 |
| (SOFRINDX + 1.52%), 5.69%, 4/15/2031 (d) | 34925 | 36670 |
| (SOFRINDX + 1.58%), 5.14%, 9/22/2036 (d) | 24590 | 24634 |
| Skandinaviska Enskilda Banken AB (Sweden) <br> 4.50%, 9/3/2030 (b)<br>| 15500 | 15700 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| 5.25%, 2/19/2027 (b) | 25708 | 25994 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (b) (d)<br>| 7650 | 7603 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 5

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.55%), 6.45%, <br> 1/10/2029 (b) (d)<br>| 11289 | 11743 |
| 3.00%, 1/22/2030 (b) | 6844 | 6518 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (b) (d) | 43352 | 45124 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.30%), 2.89%, <br> 6/9/2032 (b) (d)<br>| 31110 | 28576 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.60%), 6.10%, <br> 4/13/2033 (b) (d)<br>| 36630 | 39088 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.95%), 6.69%, <br> 1/10/2034 (b) (d)<br>| 21602 | 23722 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 6.07%, <br> 1/19/2035 (b) (d)<br>| 16372 | 17465 |
| (SOFR + 1.73%), 5.44%, 10/3/2036 (b) (d) | 30570 | 30981 |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 5.69%, <br> 5/14/2028 (b) (d)<br>| 15994 | 16292 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.15%), 5.01%, <br> 10/15/2030 (b) (d)<br>| 7725 | 7908 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 5.24%, <br> 1/13/2037 (b) (d)<br>| 12115 | 12184 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 3.01%, 10/19/2026 | 2517 | 2504 |
| 5.72%, 9/14/2028 | 25582 | 26673 |
| 3.04%, 7/16/2029 | 25422 | 24635 |
| 5.71%, 1/13/2030 | 23065 | 24384 |
| 5.24%, 4/15/2030 | 23100 | 24109 |
| Toronto-Dominion Bank (The) (Canada) 5.30%, <br> 1/30/2032<br>| 25100 | 26420 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (d) | 27075 | 27210 |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (d) | 5344 | 5753 |
| (SOFR + 1.31%), 5.07%, 5/20/2031 (d) | 8000 | 8257 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (d) | 12630 | 12955 |
| (SOFR + 2.36%), 5.87%, 6/8/2034 (d) | 10000 | 10698 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (d) | 10759 | 11416 |
| (SOFR + 1.40%), 4.96%, 10/23/2036 (d) | 40260 | 40202 |
| UniCredit SpA (Italy) (US Treasury Yield Curve Rate <br> T Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (b) (d)<br>| 10885 | 10826 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| US Bancorp  | US Bancorp  | US Bancorp  |
| (SOFR + 1.30%), 5.08%, 5/15/2031 (d) | 19230 | 19893 |
| (SOFR + 1.86%), 5.68%, 1/23/2035 (d) | 12600 | 13376 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| 4.30%, 7/22/2027 | 2925 | 2935 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (d) | 15412 | 15945 |
| (SOFR + 1.79%), 6.30%, 10/23/2029 (d) | 46180 | 48702 |
| (SOFR + 1.50%), 5.20%, 1/23/2030 (d) | 22315 | 23006 |
| (SOFR + 2.10%), 4.90%, 7/25/2033 (d) | 15023 | 15320 |
| (SOFR + 2.02%), 5.39%, 4/24/2034 (d) | 18175 | 18940 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (d) | 16715 | 17589 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (d) | 95840 | 98409 |
| (SOFR + 1.74%), 5.61%, 4/23/2036 (d) | 93141 | 97959 |
| (SOFR + 1.10%), 4.96%, 1/23/2037 (d) | 19170 | 19243 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (d) | 11119 | 8680 |
| (SOFR + 2.13%), 4.61%, 4/25/2053 (d) | 2800 | 2414 |
|  |  | 4123096 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Anheuser-Busch Cos. LLC (Belgium) 4.70%, <br> 2/1/2036<br>| 21807 | 21863 |
| Anheuser-Busch InBev Worldwide, Inc. (Belgium) <br> 5.80%, 1/23/2059<br>| 605 | 628 |
| Coca-Cola Femsa SAB de CV (Mexico) 1.85%, <br> 9/1/2032<br>| 11205 | 9604 |
| Constellation Brands, Inc.  | Constellation Brands, Inc.  | Constellation Brands, Inc.  |
| 4.75%, 5/9/2032 | 5000 | 5085 |
| 4.50%, 5/9/2047 | 3680 | 3169 |
| 5.25%, 11/15/2048 | 3091 | 2912 |
| Keurig Dr. Pepper, Inc. 3.20%, 5/1/2030 | 13500 | 12933 |
|  |  | 56194 |
| **Biotechnology — 0.5%** | **Biotechnology — 0.5%** | **Biotechnology — 0.5%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 5.05%, 3/15/2034 | 10770 | 11181 |
| 4.55%, 3/15/2035 | 3881 | 3864 |
| 4.50%, 5/14/2035 | 15614 | 15468 |
| 4.75%, 3/15/2036 | 12735 | 12802 |
| 4.05%, 11/21/2039 | 33708 | 30512 |
| 4.63%, 10/1/2042 | 9850 | 9212 |
| 4.40%, 11/6/2042 | 12902 | 11708 |
| 4.75%, 3/15/2045 | 7000 | 6483 |
| 4.45%, 5/14/2046 | 2145 | 1899 |
| 4.25%, 11/21/2049 | 10194 | 8577 |
| 5.55%, 3/15/2056 | 11475 | 11546 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 5.25%, 3/2/2030 | 17235 | 17986 |
| 4.85%, 2/19/2036 | 19115 | 19218 |
| 3.15%, 2/21/2040 | 12815 | 10312 |
| 5.60%, 3/2/2043 | 23181 | 23692 |
| 4.66%, 6/15/2051 | 17300 | 15104 |
| 5.65%, 3/2/2053 | 16083 | 16054 |
| 5.75%, 3/2/2063 | 7500 | 7434 |
| Baxalta, Inc. 5.25%, 6/23/2045 | 327 | 318 |
| Biogen, Inc.  | Biogen, Inc.  | Biogen, Inc.  |
| 3.25%, 2/15/2051 | 3480 | 2310 |
| 6.45%, 5/15/2055 | 5340 | 5729 |
| Gilead Sciences, Inc. 2.60%, 10/1/2040 | 36128 | 27063 |
|  |  | 268472 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Amazon.com, Inc.  | Amazon.com, Inc.  | Amazon.com, Inc.  |
| 3.95%, 4/13/2052 | 27400 | 21664 |
| 3.25%, 5/12/2061 | 7000 | 4498 |
|  |  | 26162 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| Masco Corp.  | Masco Corp.  | Masco Corp.  |
| 2.00%, 10/1/2030 | 3665 | 3323 |
| 6.50%, 8/15/2032 | 10095 | 11175 |
| 4.50%, 5/15/2047 | 3130 | 2712 |
| Trane Technologies Financing Ltd. 5.25%, <br> 3/3/2033<br>| 10410 | 11006 |
|  |  | 28216 |
| **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 1.85%), 6.47%, 10/25/2034 (d)<br>| 19650 | 22028 |
| Blackstone Holdings Finance Co. LLC 4.45%, <br> 7/15/2045 (b)<br>| 3107 | 2677 |
| Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) | Brookfield Finance, Inc. (Canada) |
| 3.90%, 1/25/2028 | 3664 | 3656 |
| 4.85%, 3/29/2029 | 5160 | 5255 |
| 4.70%, 9/20/2047 | 1075 | 927 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 2.52%), 7.15%, 7/13/2027 (d) | 14135 | 14295 |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (d) | 4955 | 4895 |
| (SOFR + 1.21%), 5.37%, 1/10/2029 (d) | 24880 | 25427 |
| (SOFR + 3.18%), 6.72%, 1/18/2029 (d) | 8661 | 9058 |
| 5.41%, 5/10/2029 | 16725 | 17439 |
| (SOFR + 2.51%), 6.82%, 11/20/2029 (d) | 11195 | 11923 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.70%), 5.00%, 9/11/2030 (d) | 6960 | 7111 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (d) | 55508 | 57320 |
| (SOFR + 1.30%), 4.95%, 8/4/2031 (d) | 26935 | 27432 |
| (SOFR + 3.04%), 3.55%, 9/18/2031 (d) | 10555 | 10138 |
| (SOFR + 1.10%), 4.47%, 12/10/2031 (d) | 9255 | 9308 |
| (SOFR + 1.72%), 3.04%, 5/28/2032 (d) | 17877 | 16571 |
| FMR LLC 6.45%, 11/15/2039 (b) | 2242 | 2502 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 0.91%), 1.95%, 10/21/2027 (d) | 14889 | 14688 |
| (SOFR + 1.85%), 3.62%, 3/15/2028 (d) | 15385 | 15314 |
| (3-MONTH CME TERM SOFR + 1.42%), 3.81%, <br> 4/23/2029 (d)<br>| 18675 | 18567 |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (d) | 26250 | 27789 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (d) | 25535 | 26196 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (d) | 39376 | 40762 |
| (SOFR + 0.96%), 4.52%, 1/21/2032 (d) | 20000 | 20123 |
| (SOFR + 1.28%), 2.62%, 4/22/2032 (d) | 11700 | 10745 |
| (SOFR + 1.25%), 2.38%, 7/21/2032 (d) | 12855 | 11595 |
| (SOFR + 1.41%), 3.10%, 2/24/2033 (d) | 23688 | 21979 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (d) | 53955 | 55694 |
| (SOFR + 1.38%), 5.54%, 1/28/2036 (d) | 13000 | 13596 |
| (SOFR + 1.33%), 4.94%, 10/21/2036 (d) | 44510 | 44352 |
| (SOFR + 1.19%), 5.07%, 1/21/2037 (d) | 37520 | 37784 |
| 6.75%, 10/1/2037 | 1435 | 1612 |
| (3-MONTH CME TERM SOFR + 1.63%), 4.02%, <br> 10/31/2038 (d)<br>| 4600 | 4156 |
| (3-MONTH CME TERM SOFR + 1.69%), 4.41%, <br> 4/23/2039 (d)<br>| 16126 | 15015 |
| (SOFR + 1.51%), 3.21%, 4/22/2042 (d) | 1000 | 772 |
| (SOFR + 1.63%), 3.44%, 2/24/2043 (d) | 5469 | 4293 |
| Jefferies Financial Group, Inc. 6.45%, 6/8/2027 | 3725 | 3820 |
| Macquarie Bank Ltd. (Australia) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 1.70%), 3.05%, 3/3/2036 (b) (d) (e)<br>| 8095 | 7467 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| 4.35%, 9/8/2026 | 1640 | 1644 |
| (SOFR + 1.00%), 2.48%, 1/21/2028 (d) | 5806 | 5729 |
| (3-MONTH CME TERM SOFR + 1.89%), 4.43%, <br> 1/23/2030 (d)<br>| 17528 | 17692 |
| (SOFR + 1.26%), 5.66%, 4/18/2030 (d) | 4930 | 5149 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (d) | 16015 | 16479 |
| Series I, (SOFR + 1.07%), 4.36%, <br> 10/22/2031 (d)<br>| 28385 | 28452 |
| (SOFR + 1.03%), 1.79%, 2/13/2032 (d) | 11200 | 9916 |
| (SOFR + 1.87%), 5.25%, 4/21/2034 (d) | 28395 | 29420 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 7

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.88%), 5.42%, 7/21/2034 (d) | 9295 | 9708 |
| (SOFR + 1.73%), 5.47%, 1/18/2035 (d) | 11146 | 11668 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (d) | 21675 | 22443 |
| Series I, (SOFR + 1.31%), 4.89%, <br> 10/22/2036 (d)<br>| 18980 | 18883 |
| (SOFR + 1.18%), 5.07%, 1/30/2037 (d) | 31685 | 31955 |
| (3-MONTH CME TERM SOFR + 1.69%), 4.46%, <br> 4/22/2039 (d)<br>| 10600 | 10030 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (d) | 9350 | 7396 |
| Nasdaq, Inc. 5.55%, 2/15/2034 | 7712 | 8128 |
| Nomura Holdings, Inc. (Japan) 2.68%, <br> 7/16/2030<br>| 12180 | 11392 |
| Northern Trust Corp. (3-MONTH SOFR + 1.13%), <br> 3.38%, 5/8/2032 (d)<br>| 2762 | 2734 |
| State Street Corp.  | State Street Corp.  | State Street Corp.  |
| (SOFR + 1.57%), 4.82%, 1/26/2034 (d) | 9010 | 9197 |
| (SOFR + 1.22%), 4.78%, 10/23/2036 (d) | 13330 | 13321 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (3-MONTH SOFR + 1.41%), 3.87%, <br> 1/12/2029 (b) (d)<br>| 2991 | 2981 |
| (SOFR + 1.06%), 4.40%, 9/23/2031 (b) (d) | 8035 | 8058 |
| (SOFR + 1.73%), 3.09%, 5/14/2032 (b) (d) | 13127 | 12284 |
| (SOFR + 1.29%), 4.84%, 11/6/2033 (b) (d) | 37905 | 38223 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.00%), 6.30%, <br> 9/22/2034 (b) (d)<br>| 9855 | 10809 |
| (SOFR + 1.76%), 5.58%, 5/9/2036 (b) (d) | 8000 | 8328 |
| (SOFR + 1.34%), 5.01%, 3/23/2037 (b) (d) | 32415 | 32310 |
| (SOFR + 1.34%), 5.20%, 8/10/2037 (b) (d) | 29685 | 29954 |
|  |  | 1058564 |
| **Chemicals — 0.1%** | **Chemicals — 0.1%** | **Chemicals — 0.1%** |
| CF Industries, Inc.  | CF Industries, Inc.  | CF Industries, Inc.  |
| 5.30%, 11/26/2035 | 3570 | 3632 |
| 4.95%, 6/1/2043 | 16825 | 15452 |
| DuPont de Nemours, Inc. 5.32%, 11/15/2038 | 11250 | 11421 |
| International Flavors & Fragrances, Inc. 2.30%, <br> 11/1/2030 (b)<br>| 31177 | 28431 |
| Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) | Nutrien Ltd. (Canada) |
| 4.13%, 3/15/2035 | 6522 | 6138 |
| 5.25%, 1/15/2045 | 4729 | 4566 |
| 5.00%, 4/1/2049 | 4150 | 3799 |
|  |  | 73439 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.27%, 6/26/2026 (b) | 25300 | 25422 |
| 5.64%, 3/13/2027 (b) | 6890 | 6990 |
| 6.32%, 12/4/2028 (b) | 25788 | 27208 |
| 5.04%, 3/25/2030 (b) | 23200 | 23782 |
| Ford Foundation (The) Series 2020, 2.82%, <br> 6/1/2070<br>| 4000 | 2384 |
|  |  | 85786 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc.  | Quanta Services, Inc.  | Quanta Services, Inc.  |
| 2.35%, 1/15/2032 | 17240 | 15410 |
| 5.10%, 8/9/2035 | 26000 | 26476 |
| 3.05%, 10/1/2041 | 3330 | 2530 |
|  |  | 44416 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| CRH America, Inc. 5.13%, 5/18/2045 (b) | 6052 | 5803 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 2.45%, 10/29/2026 | 39380 | 38999 |
| 5.10%, 1/19/2029 | 3835 | 3938 |
| 4.63%, 9/10/2029 | 22915 | 23236 |
| 3.30%, 1/30/2032 | 12605 | 11779 |
| 4.75%, 1/15/2033 | 12970 | 12995 |
| 5.00%, 11/15/2035 | 14740 | 14718 |
| Aircastle Ltd. 5.75%, 10/1/2031 (b) | 11525 | 12146 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFRINDX + 1.02%), 5.09%, 1/30/2031 (d) | 14285 | 14759 |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (d) | 16625 | 17030 |
| (SOFRINDX + 1.32%), 5.44%, 1/30/2036 (d) | 5720 | 5961 |
| (SOFR + 1.24%), 4.80%, 10/24/2036 (d) | 28320 | 28048 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 4.25%, 4/15/2026 (b) | 56405 | 56380 |
| 4.38%, 5/1/2026 (b) | 29066 | 29074 |
| 2.53%, 11/18/2027 (b) | 29501 | 28663 |
| 4.95%, 1/15/2028 (b) | 25172 | 25507 |
| 5.75%, 3/1/2029 (b) | 6790 | 7063 |
| 4.20%, 4/15/2029 (b) | 14100 | 14062 |
| 5.15%, 1/15/2030 (b) | 19965 | 20439 |
| 4.90%, 10/10/2030 (b) | 10505 | 10657 |
| 4.70%, 1/30/2031 (b) | 17510 | 17566 |
| 4.85%, 4/1/2033 (b) | 24935 | 24739 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| (SOFR + 0.86%), 1.88%, 11/2/2027 (d) | 2798 | 2754 |
| (SOFR + 2.64%), 6.31%, 6/8/2029 (d) | 29565 | 30946 |
| (SOFR + 1.27%), 2.62%, 11/2/2032 (d) | 16445 | 14892 |
| (SOFR + 1.63%), 5.20%, 9/11/2036 (d) | 7500 | 7479 |
| HSBC Finance Corp. 7.63%, 5/17/2032 | 9000 | 9784 |
| Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) | Macquarie Airfinance Holdings Ltd. (United Kingdom) |
| 5.20%, 3/27/2028 (b) | 18685 | 18998 |
| 6.40%, 3/26/2029 (b) | 27694 | 29205 |
| 5.15%, 3/17/2030 (b) | 14928 | 15253 |
| Mitsubishi HC Finance America LLC (Japan) <br> 5.81%, 9/12/2028 (b)<br>| 13025 | 13537 |
| Synchrony Financial (SOFRINDX + 2.13%), 5.94%, <br> 8/2/2030 (d)<br>| 8500 | 8821 |
|  |  | 569428 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| CVS Pass-Through Trust 7.51%, 1/10/2032 (b) | 3129 | 3350 |
| Kroger Co. (The)  | Kroger Co. (The)  | Kroger Co. (The)  |
| 5.00%, 9/15/2034 | 9140 | 9293 |
| 5.40%, 7/15/2040 | 829 | 842 |
| 5.00%, 4/15/2042 | 9000 | 8575 |
| 3.88%, 10/15/2046 | 11000 | 8699 |
| 5.50%, 9/15/2054 | 6950 | 6719 |
|  |  | 37478 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Amcor Flexibles North America, Inc. 5.10%, <br> 3/17/2030<br>| 6000 | 6210 |
| Smurfit Westrock Financing DAC (Ireland) 5.42%, <br> 1/15/2035<br>| 5760 | 5978 |
| WRKCo, Inc. 3.90%, 6/1/2028 | 2870 | 2868 |
|  |  | 15056 |
| **Diversified — 0.3%** | **Diversified — 0.3%** | **Diversified — 0.3%** |
| Ygrene Frn 8.50%, 7/25/2045 ‡ (b) | 176105 | 176986 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| Claremont Mckenna College Series 2019, 3.38%, <br> 1/1/2050<br>| 10000 | 7236 |
| Pepperdine University Series 2020, 3.30%, <br> 12/1/2059<br>| 9620 | 6282 |
| University of Miami Series 2022, 4.06%, <br> 4/1/2052<br>| 6570 | 5399 |
| University of Southern California Series A, 3.23%, <br> 10/1/2120<br>| 9370 | 5641 |
|  |  | 24558 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| Equinix Europe 2 Financing Corp. LLC 4.70%, <br> 3/15/2033 (c)<br>| 28285 | 28390 |
| Safehold GL Holdings LLC  | Safehold GL Holdings LLC  | Safehold GL Holdings LLC  |
| 2.80%, 6/15/2031 | 3991 | 3682 |
| 2.85%, 1/15/2032 | 2972 | 2716 |
| Simon Property Group LP 3.25%, 9/13/2049 | 12865 | 9047 |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 4.25%, 10/1/2026 | 4970 | 4972 |
| 2.45%, 2/1/2032 | 10980 | 9826 |
| 2.25%, 4/1/2033 | 12000 | 10243 |
|  |  | 68876 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 1.65%, 2/1/2028 | 3535 | 3390 |
| 2.25%, 2/1/2032 | 26520 | 23685 |
| 4.75%, 4/30/2033 | 29475 | 29877 |
| 3.50%, 6/1/2041 | 35836 | 28759 |
| 3.65%, 6/1/2051 | 16997 | 12179 |
| 3.55%, 9/15/2055 | 25312 | 17137 |
| 3.80%, 12/1/2057 | 4454 | 3125 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 4.25%, 1/15/2033 | 16564 | 16407 |
| 5.30%, 6/1/2034 | 3950 | 4127 |
| 4.20%, 8/15/2034 | 3361 | 3261 |
| 5.17%, 1/15/2037 (b) | 37553 | 37811 |
| 3.25%, 11/1/2039 | 19265 | 15379 |
| 3.75%, 4/1/2040 | 8535 | 7200 |
| 4.00%, 11/1/2049 | 5553 | 4198 |
| 3.45%, 2/1/2050 | 8500 | 5848 |
| 2.80%, 1/15/2051 | 24803 | 14825 |
| 2.89%, 11/1/2051 | 14886 | 8986 |
| 4.05%, 11/1/2052 | 1350 | 1013 |
| 5.35%, 5/15/2053 | 4960 | 4569 |
| 2.94%, 11/1/2056 | 15473 | 9024 |
| 2.99%, 11/1/2063 | 962 | 536 |
| Grupo Televisa SAB (Mexico) 6.13%, 1/31/2046 | 767 | 594 |
| Orange SA (France) 4.75%, 1/13/2033 (b) | 53360 | 53982 |
| Verizon Communications, Inc. 3.40%, 3/22/2041 | 7000 | 5573 |
|  |  | 311485 |
| **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** | **Electric Utilities — 2.7%** |
| AEP Transmission Co. LLC  | AEP Transmission Co. LLC  | AEP Transmission Co. LLC  |
| 3.80%, 6/15/2049 | 3615 | 2780 |
| 3.15%, 9/15/2049 | 2680 | 1839 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 9

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.40%, 3/15/2053 | 4030 | 3930 |
| Alabama Power Co.  | Alabama Power Co.  | Alabama Power Co.  |
| 6.13%, 5/15/2038 | 1904 | 2117 |
| 6.00%, 3/1/2039 | 769 | 841 |
| 4.10%, 1/15/2042 | 923 | 809 |
| Appalachian Power Co. Series P, 6.70%, <br> 8/15/2037<br>| 3740 | 4227 |
| Arizona Public Service Co. 5.05%, 9/1/2041 | 3036 | 2952 |
| Ausgrid Finance Pty. Ltd. (Australia) 4.35%, <br> 8/1/2028 (b)<br>| 1500 | 1509 |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 3.50%, 8/15/2046 | 3755 | 2841 |
| 3.20%, 9/15/2049 | 8020 | 5553 |
| 2.90%, 6/15/2050 | 7770 | 5065 |
| 5.65%, 6/1/2054 | 17320 | 17507 |
| CenterPoint Energy Houston Electric LLC 3.95%, <br> 3/1/2048<br>| 1066 | 861 |
| Cleveland Electric Illuminating Co. (The)  | Cleveland Electric Illuminating Co. (The)  | Cleveland Electric Illuminating Co. (The)  |
| 3.50%, 4/1/2028 (b) | 3890 | 3832 |
| 5.95%, 12/15/2036 | 840 | 893 |
| Commonwealth Edison Co. 3.65%, 6/15/2046 | 3615 | 2812 |
| Consumers 2023 Securitization Funding LLC Series <br> A2, 5.21%, 9/1/2030<br>| 4231 | 4380 |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| 2.95%, 3/1/2050 | 8800 | 5931 |
| Series B, 3.65%, 3/1/2052 | 1146 | 863 |
| 5.40%, 4/1/2053 | 934 | 918 |
| DTE Electric Securitization Funding II LLC Series <br> A-1, 5.97%, 3/1/2032<br>| 15404 | 16361 |
| Duke Energy Carolinas LLC  | Duke Energy Carolinas LLC  | Duke Energy Carolinas LLC  |
| 4.25%, 12/15/2041 | 1228 | 1094 |
| 5.40%, 1/15/2054 | 9705 | 9505 |
| Duke Energy Corp.  | Duke Energy Corp.  | Duke Energy Corp.  |
| 2.65%, 9/1/2026 | 1382 | 1373 |
| 3.75%, 9/1/2046 | 16415 | 12623 |
| 6.10%, 9/15/2053 | 26040 | 26937 |
| 5.70%, 9/15/2055 | 18525 | 18162 |
| Duke Energy Florida Project Finance LLC Series <br> 2032, 2.86%, 3/1/2033<br>| 9430 | 8815 |
| Duke Energy Indiana LLC  | Duke Energy Indiana LLC  | Duke Energy Indiana LLC  |
| 3.75%, 5/15/2046 | 4500 | 3561 |
| Series YYY, 3.25%, 10/1/2049 | 6895 | 4846 |
| Duke Energy Ohio, Inc. 3.70%, 6/15/2046 | 3297 | 2569 |
| Duke Energy Progress LLC  | Duke Energy Progress LLC  | Duke Energy Progress LLC  |
| 4.10%, 5/15/2042 | 1886 | 1629 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 4.10%, 3/15/2043 | 1569 | 1356 |
| 4.15%, 12/1/2044 | 2258 | 1924 |
| 3.70%, 10/15/2046 | 1616 | 1267 |
| 2.90%, 8/15/2051 | 9495 | 6074 |
| Duke Energy Progress NC Storm Funding LLC <br> Series A-2, 2.39%, 7/1/2037<br>| 5000 | 4390 |
| Duquesne Light Holdings, Inc.  | Duquesne Light Holdings, Inc.  | Duquesne Light Holdings, Inc.  |
| 3.62%, 8/1/2027 (b) | 8002 | 7937 |
| 2.78%, 1/7/2032 (b) | 6275 | 5690 |
| Edison International  | Edison International  | Edison International  |
| 5.75%, 6/15/2027 | 2000 | 2031 |
| 4.13%, 3/15/2028 | 6730 | 6696 |
| 5.25%, 11/15/2028 | 15800 | 16103 |
| Electricite de France SA (France) 5.95%, <br> 4/22/2034 (b)<br>| 19275 | 20755 |
| Emera US Finance LP (Canada) 4.75%, <br> 6/15/2046<br>| 40095 | 34666 |
| Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| 3.50%, 4/6/2028 (b) | 4500 | 4455 |
| 5.13%, 6/26/2029 (b) | 15935 | 16417 |
| 5.50%, 6/26/2034 (b) | 22930 | 23922 |
| 5.00%, 9/30/2035 (b) | 12700 | 12687 |
| 6.00%, 10/7/2039 (b) | 897 | 952 |
| Entergy Arkansas LLC  | Entergy Arkansas LLC  | Entergy Arkansas LLC  |
| 2.65%, 6/15/2051 | 8425 | 5096 |
| 5.75%, 6/1/2054 | 6750 | 6805 |
| Entergy Corp. 2.95%, 9/1/2026 | 2469 | 2456 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 2.40%, 10/1/2026 | 4979 | 4937 |
| 3.25%, 4/1/2028 | 1551 | 1536 |
| 3.05%, 6/1/2031 | 4606 | 4373 |
| 4.00%, 3/15/2033 | 3430 | 3338 |
| 5.80%, 3/15/2055 | 17840 | 18143 |
| Entergy Mississippi LLC 5.85%, 6/1/2054 | 12395 | 12509 |
| Entergy Texas, Inc. 5.80%, 9/1/2053 | 8450 | 8636 |
| Evergy Metro, Inc. 5.40%, 4/1/2034 | 6931 | 7311 |
| Evergy Missouri West Storm Funding I LLC Series <br> A-1, 5.10%, 12/1/2038<br>| 10464 | 10899 |
| Evergy, Inc. 2.90%, 9/15/2029 | 7869 | 7563 |
| Exelon Corp.  | Exelon Corp.  | Exelon Corp.  |
| 3.40%, 4/15/2026 | 1177 | 1176 |
| 5.30%, 3/15/2033 | 13000 | 13623 |
| Fells Point Funding Trust 3.05%, 1/31/2027 (b) | 51620 | 51155 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| FirstEnergy Pennsylvania Electric Co.  | FirstEnergy Pennsylvania Electric Co.  | FirstEnergy Pennsylvania Electric Co.  |
| 3.25%, 3/15/2028 (b) | 1570 | 1547 |
| 5.20%, 4/1/2028 (b) | 2400 | 2454 |
| FirstEnergy Transmission LLC  | FirstEnergy Transmission LLC  | FirstEnergy Transmission LLC  |
| 5.45%, 7/15/2044 (b) | 8353 | 8212 |
| 4.55%, 4/1/2049 (b) | 830 | 719 |
| Florida Power & Light Co.  | Florida Power & Light Co.  | Florida Power & Light Co.  |
| 5.10%, 4/1/2033 | 5440 | 5670 |
| 5.30%, 4/1/2053 | 9410 | 9161 |
| Fortis, Inc. (Canada) 3.06%, 10/4/2026 | 8472 | 8419 |
| Interstate Power and Light Co. 4.95%, 9/30/2034 | 8615 | 8720 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 2.95%, 5/14/2030 (b) | 6820 | 6490 |
| 5.40%, 6/1/2033 (b) | 5000 | 5187 |
| 5.65%, 5/9/2034 (b) | 18040 | 19013 |
| Jersey Central Power & Light Co.  | Jersey Central Power & Light Co.  | Jersey Central Power & Light Co.  |
| 5.10%, 1/15/2035 | 8680 | 8915 |
| 6.15%, 6/1/2037 | 1740 | 1909 |
| Massachusetts Electric Co. 4.00%, 8/15/2046 (b) | 4957 | 3982 |
| MidAmerican Energy Co. 5.85%, 9/15/2054 | 10500 | 10940 |
| Monongahela Power Co. 5.85%, 2/15/2034 (b) | 7920 | 8528 |
| Nevada Power Co.  | Nevada Power Co.  | Nevada Power Co.  |
| Series N, 6.65%, 4/1/2036 | 700 | 796 |
| 5.38%, 9/15/2040 | 1287 | 1305 |
| 5.45%, 5/15/2041 | 3354 | 3422 |
| New England Power Co. 3.80%, 12/5/2047 (b) | 3024 | 2363 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 3.55%, 5/1/2027 | 2239 | 2230 |
| 5.25%, 2/28/2053 | 11030 | 10294 |
| 5.55%, 3/15/2054 | 45000 | 43661 |
| Niagara Mohawk Power Corp.  | Niagara Mohawk Power Corp.  | Niagara Mohawk Power Corp.  |
| 5.66%, 1/17/2054 (b) | 8540 | 8380 |
| 6.00%, 7/3/2055 (b) | 3735 | 3814 |
| Northern States Power Co. 5.10%, 5/15/2053 | 15470 | 14526 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 2.45%, 12/2/2027 (b) | 13055 | 12648 |
| 5.41%, 10/15/2035 (b) | 5289 | 5345 |
| OGE Energy Corp. 5.45%, 5/15/2029 | 7110 | 7407 |
| Ohio Edison Co. 6.88%, 7/15/2036 | 780 | 902 |
| Oncor Electric Delivery Co. LLC  | Oncor Electric Delivery Co. LLC  | Oncor Electric Delivery Co. LLC  |
| 5.75%, 3/15/2029 | 1076 | 1129 |
| 4.95%, 9/15/2052 | 19830 | 18103 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 2.95%, 3/1/2026 | 5955 | 5955 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 3.75%, 7/1/2028 | 7665 | 7611 |
| 6.10%, 1/15/2029 | 28870 | 30320 |
| 6.40%, 6/15/2033 | 33829 | 36858 |
| 5.80%, 5/15/2034 | 21651 | 22844 |
| 6.00%, 8/15/2035 | 35355 | 37671 |
| 4.45%, 4/15/2042 | 5700 | 4874 |
| 3.75%, 8/15/2042 (f) | 2882 | 2240 |
| 4.30%, 3/15/2045 | 18688 | 15129 |
| 4.00%, 12/1/2046 | 5000 | 3857 |
| 6.75%, 1/15/2053 | 7990 | 8634 |
| 5.90%, 10/1/2054 | 18445 | 17950 |
| 6.00%, 5/1/2056 | 7660 | 7566 |
| Palomino Funding Trust I 7.23%, 5/17/2028 (b) | 5000 | 5286 |
| PECO Energy Co. 2.80%, 6/15/2050 | 6430 | 4096 |
| Pepco Holdings LLC 7.45%, 8/15/2032 | 3507 | 4064 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | 22380 | 23058 |
| Series A-3, 5.54%, 7/15/2047 | 8670 | 8894 |
| Series A-3, 5.53%, 6/1/2049 | 26600 | 27504 |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | 10550 | 10461 |
| Series A-4, 5.21%, 12/1/2047 | 9600 | 9539 |
| Series A-5, 4.67%, 12/1/2051 | 2170 | 1954 |
| Series A-5, 5.10%, 6/1/2052 | 26355 | 25245 |
| Potomac Electric Power Co. 6.50%, 11/15/2037 | 1184 | 1343 |
| PPL Electric Utilities Corp.  | PPL Electric Utilities Corp.  | PPL Electric Utilities Corp.  |
| 3.00%, 10/1/2049 | 10000 | 6740 |
| 5.25%, 5/15/2053 | 14285 | 13762 |
| Progress Energy, Inc. 7.00%, 10/30/2031 | 2600 | 2940 |
| Public Service Co. of Colorado  | Public Service Co. of Colorado  | Public Service Co. of Colorado  |
| 3.55%, 6/15/2046 | 1175 | 878 |
| 5.25%, 4/1/2053 | 10460 | 9846 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.25%, 1/15/2033 | 6680 | 6919 |
| 5.20%, 1/15/2035 | 6205 | 6337 |
| Series G, 6.63%, 11/15/2037 | 3901 | 4434 |
| Series K, 3.15%, 8/15/2051 | 12330 | 8263 |
| Public Service Electric and Gas Co. 5.38%, <br> 11/1/2039<br>| 1021 | 1046 |
| SCE Recovery Funding LLC  | SCE Recovery Funding LLC  | SCE Recovery Funding LLC  |
| Series A-2, 1.94%, 5/15/2038 | 9380 | 7427 |
| Series A-1, 4.70%, 6/15/2040 | 15903 | 16028 |
| Series A-3, 2.51%, 11/15/2043 | 7950 | 5549 |
| 5.34%, 3/15/2045 | 19235 | 19754 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 11

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Series A-2, 5.11%, 12/15/2047 | 6495 | 6382 |
| Sierra Pacific Power Co. 5.90%, 3/15/2054 | 20270 | 20660 |
| Sigeco Securitization I LLC  | Sigeco Securitization I LLC  | Sigeco Securitization I LLC  |
| Series A1, 5.03%, 11/15/2036 | 14226 | 14660 |
| Series A2, 5.17%, 5/15/2041 | 6960 | 7070 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| Series B, 3.65%, 3/1/2028 | 4300 | 4272 |
| 6.00%, 1/15/2034 | 895 | 955 |
| 5.20%, 6/1/2034 | 14150 | 14385 |
| 6.05%, 3/15/2039 | 2197 | 2299 |
| 3.90%, 12/1/2041 | 3408 | 2764 |
| Series C, 4.13%, 3/1/2048 | 1800 | 1409 |
| Series 20A, 2.95%, 2/1/2051 | 3000 | 1881 |
| 5.70%, 3/1/2053 | 5545 | 5281 |
| 5.88%, 12/1/2053 | 25400 | 24955 |
| 5.75%, 4/15/2054 | 13500 | 12993 |
| 5.90%, 3/1/2055 | 12515 | 12334 |
| Southern Co. (The)  | Southern Co. (The)  | Southern Co. (The)  |
| 5.20%, 6/15/2033 | 2370 | 2455 |
| 5.70%, 3/15/2034 | 28704 | 30531 |
| Southwestern Public Service Co. 4.50%, <br> 8/15/2041<br>| 2700 | 2435 |
| Toledo Edison Co. (The) 6.15%, 5/15/2037 | 5800 | 6402 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | 13540 | 14134 |
| 4.00%, 4/1/2048 | 1600 | 1289 |
| 3.90%, 4/1/2052 | 6367 | 4953 |
| 5.45%, 3/15/2053 | 11765 | 11591 |
| 5.13%, 3/15/2055 | 8335 | 7807 |
| Virginia Electric and Power Co. Series A, 6.00%, <br> 5/15/2037<br>| 2100 | 2268 |
| Virginia Power Fuel Securitization LLC Series A-2, <br> 4.88%, 5/1/2031<br>| 8150 | 8395 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 6.95%, 10/15/2033 (b) | 2981 | 3342 |
| 6.00%, 4/15/2034 (b) | 4203 | 4456 |
| 5.70%, 12/30/2034 (b) | 13240 | 13721 |
| 5.35%, 1/31/2036 (b) | 15930 | 16040 |
| Xcel Energy, Inc. 4.80%, 9/15/2041 | 829 | 772 |
|  |  | 1448771 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Amphenol Corp. 5.30%, 11/15/2055 | 28740 | 27830 |
| Corning, Inc. 5.35%, 11/15/2048 | 6270 | 6231 |
|  |  | 34061 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| Halliburton Co.  | Halliburton Co.  | Halliburton Co.  |
| 4.75%, 8/1/2043 | 2375 | 2155 |
| 7.60%, 8/15/2096 (b) | 2242 | 2642 |
|  |  | 4797 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| BAML RCAP (United Kingdom) 8.00%, <br> 10/26/2029 ‡<br>| 17826 | 17803 |
| BG Beta I Ltd. (Cayman Islands) 0.00%, <br> 7/16/2054 ‡ (g)<br>| 54450 | 54940 |
| CFIN 2022-RTL1 Issuer LLC Class A, 0.00%, <br> 8/17/2027 ‡<br>| 151690 | 151500 |
| CK Hutchison International 16 Ltd. (United <br> Kingdom) 2.75%, 10/3/2026 (b)<br>| 6500 | 6452 |
| Corebridge Financial, Inc.  | Corebridge Financial, Inc.  | Corebridge Financial, Inc.  |
| 3.65%, 4/5/2027 | 13295 | 13225 |
| 3.85%, 4/5/2029 | 9710 | 9599 |
| Fiserv, Inc.  | Fiserv, Inc.  | Fiserv, Inc.  |
| 3.20%, 7/1/2026 | 6035 | 6015 |
| 5.15%, 8/12/2034 | 18135 | 18082 |
| 4.40%, 7/1/2049 | 5835 | 4617 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 5.30%, 8/15/2029 | 6266 | 6437 |
| 2.90%, 11/15/2031 | 9690 | 8726 |
| 5.20%, 11/15/2032 | 41950 | 42197 |
| 5.55%, 11/15/2035 | 20900 | 20789 |
| 5.95%, 8/15/2052 | 3625 | 3454 |
| Goodleap LLC Class A, 0.00%, 7/15/2038 ‡ | 99641 | 102132 |
| LSEG Finance plc (United Kingdom) 2.00%, <br> 4/6/2028 (b)<br>| 30170 | 28960 |
| National Rural Utilities Cooperative Finance Corp. <br> 5.00%, 2/7/2031<br>| 11940 | 12406 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (3-MONTH SOFR + 1.86%), 3.96%, <br> 7/18/2030 (b) (d)<br>| 26080 | 25875 |
| (SOFR + 1.65%), 5.54%, 7/14/2036 (b) (d) | 22695 | 23565 |
| Shell International Finance BV 2.88%, <br> 11/26/2041<br>| 3612 | 2722 |
| Siemens Financieringsmaatschappij NV (Germany) | Siemens Financieringsmaatschappij NV (Germany) | Siemens Financieringsmaatschappij NV (Germany) |
| 4.40%, 5/27/2045 (b) | 3421 | 3089 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| 3.30%, 9/15/2046 (b) | 3050 | 2302 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 65941 | 65941 |
|  |  | 630828 |
| **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
| Bimbo Bakeries USA, Inc. (Mexico) | Bimbo Bakeries USA, Inc. (Mexico) | Bimbo Bakeries USA, Inc. (Mexico) |
| 6.05%, 1/15/2029 (b) | 3406 | 3573 |
| 5.38%, 1/9/2036 (b) | 5080 | 5254 |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 2.75%, 5/14/2031 | 22130 | 20590 |
| 5.15%, 8/4/2035 | 24200 | 24832 |
| JBS NV  | JBS NV  | JBS NV  |
| 3.75%, 12/1/2031 | 15000 | 14306 |
| 6.75%, 3/15/2034 | 24808 | 27658 |
| 5.95%, 4/20/2035 | 8980 | 9521 |
| 5.50%, 1/15/2036 | 29725 | 30504 |
| 6.50%, 12/1/2052 | 1710 | 1807 |
| 6.38%, 2/25/2055 | 16735 | 17290 |
| 6.38%, 4/15/2066 | 32455 | 33035 |
| Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  | Kraft Heinz Foods Co.  |
| 5.00%, 7/15/2035 | 22860 | 22944 |
| 4.38%, 6/1/2046 | 12068 | 9905 |
| 4.88%, 10/1/2049 | 22000 | 18965 |
| Mars, Inc. 5.00%, 3/1/2032 (b) | 28555 | 29579 |
| Mead Johnson Nutrition Co. (United Kingdom) <br> 4.60%, 6/1/2044<br>| 955 | 868 |
| Tyson Foods, Inc. 5.70%, 3/15/2034 | 10200 | 10854 |
|  |  | 281485 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Atmos Energy Corp.  | Atmos Energy Corp.  | Atmos Energy Corp.  |
| 4.15%, 1/15/2043 | 7215 | 6314 |
| 4.13%, 10/15/2044 | 1750 | 1504 |
| 4.13%, 3/15/2049 | 6000 | 4944 |
| Boston Gas Co. 4.49%, 2/15/2042 (b) | 2201 | 1930 |
| Brooklyn Union Gas Co. (The)  | Brooklyn Union Gas Co. (The)  | Brooklyn Union Gas Co. (The)  |
| 3.87%, 3/4/2029 (b) | 5620 | 5585 |
| 4.27%, 3/15/2048 (b) | 6500 | 5314 |
| KeySpan Gas East Corp. 2.74%, 8/15/2026 (b) | 4242 | 4216 |
| Piedmont Natural Gas Co., Inc.  | Piedmont Natural Gas Co., Inc.  | Piedmont Natural Gas Co., Inc.  |
| 3.50%, 6/1/2029 | 1700 | 1677 |
| 5.05%, 5/15/2052 | 7979 | 7304 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Gas Utilities — continued** | **Gas Utilities — continued** | **Gas Utilities — continued** |
| Southern California Gas Co. Series XX, 2.55%, <br> 2/1/2030<br>| 7148 | 6786 |
| Southwest Gas Corp. 3.80%, 9/29/2046 | 3595 | 2822 |
|  |  | 48396 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  |
| 4.40%, 3/15/2042 | 2010 | 1831 |
| 4.38%, 9/1/2042 | 4018 | 3617 |
| 4.70%, 9/1/2045 | 3150 | 2900 |
| 3.55%, 2/15/2050 | 5584 | 4171 |
| Canadian Pacific Railway Co. (Canada) 4.70%, <br> 5/1/2048<br>| 2500 | 2273 |
| CSX Corp.  | CSX Corp.  | CSX Corp.  |
| 5.50%, 4/15/2041 | 3498 | 3639 |
| 4.10%, 3/15/2044 | 1515 | 1301 |
| 4.75%, 11/15/2048 | 8165 | 7375 |
| 3.35%, 9/15/2049 | 2710 | 1950 |
| ERAC USA Finance LLC  | ERAC USA Finance LLC  | ERAC USA Finance LLC  |
| 5.20%, 10/30/2034 (b) | 7330 | 7621 |
| 7.00%, 10/15/2037 (b) | 425 | 500 |
| 5.63%, 3/15/2042 (b) | 3104 | 3211 |
| Norfolk Southern Corp.  | Norfolk Southern Corp.  | Norfolk Southern Corp.  |
| 3.95%, 10/1/2042 | 2888 | 2444 |
| 4.05%, 8/15/2052 | 5192 | 4089 |
| Uber Technologies, Inc. 4.80%, 9/15/2034 | 13210 | 13248 |
| Union Pacific Corp.  | Union Pacific Corp.  | Union Pacific Corp.  |
| 3.95%, 8/15/2059 | 6000 | 4545 |
| 4.10%, 9/15/2067 | 1962 | 1477 |
|  |  | 66192 |
| **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** | **Health Care Equipment & Supplies — 0.1%** |
| Becton Dickinson & Co. 3.79%, 5/20/2050 | 499 | 383 |
| Boston Scientific Corp.  | Boston Scientific Corp.  | Boston Scientific Corp.  |
| 6.25%, 11/15/2035 (f) | 14000 | 15879 |
| 4.55%, 3/1/2039 | 5011 | 4886 |
| Solventum Corp. 5.60%, 3/23/2034 | 37387 | 39090 |
|  |  | 60238 |
| **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** | **Health Care Providers & Services — 1.3%** |
| Aetna, Inc.  | Aetna, Inc.  | Aetna, Inc.  |
| 6.75%, 12/15/2037 | 2959 | 3297 |
| 4.50%, 5/15/2042 | 1777 | 1544 |
| AHS Hospital Corp. 5.02%, 7/1/2045 | 14094 | 13678 |
| Banner Health 1.90%, 1/1/2031 | 13950 | 12678 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 13

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| BayCare Health System, Inc. Series 2020, 3.83%, <br> 11/15/2050<br>| 9475 | 7522 |
| Beth Israel Lahey Health, Inc. Series L, 3.08%, <br> 7/1/2051<br>| 4180 | 2849 |
| Cardinal Health, Inc. 5.45%, 2/15/2034 | 7500 | 7889 |
| Cencora, Inc. 5.13%, 2/15/2034 | 30700 | 31845 |
| Children's Hospital Series 2020, 2.93%, <br> 7/15/2050<br>| 13680 | 9129 |
| Cigna Group (The)  | Cigna Group (The)  | Cigna Group (The)  |
| 5.13%, 5/15/2031 | 20860 | 21711 |
| 5.25%, 1/15/2036 | 27546 | 28292 |
| 3.20%, 3/15/2040 | 17731 | 14171 |
| 4.80%, 7/15/2046 | 1904 | 1709 |
| CommonSpirit Health  | CommonSpirit Health  | CommonSpirit Health  |
| 2.78%, 10/1/2030 | 6205 | 5828 |
| 4.19%, 10/1/2049 | 5540 | 4508 |
| 3.91%, 10/1/2050 | 6600 | 5069 |
| Cottage Health Obligated Group Series 2020, <br> 3.30%, 11/1/2049<br>| 10450 | 7586 |
| CVS Health Corp.  | CVS Health Corp.  | CVS Health Corp.  |
| 4.30%, 3/25/2028 | 2122 | 2134 |
| 5.13%, 2/21/2030 | 8553 | 8822 |
| 5.25%, 2/21/2033 | 22000 | 22851 |
| 4.88%, 7/20/2035 | 3500 | 3479 |
| CVS Pass-Through Trust Series 2013, 4.70%, <br> 1/10/2036 (b)<br>| 6860 | 6654 |
| Elevance Health, Inc.  | Elevance Health, Inc.  | Elevance Health, Inc.  |
| 4.10%, 3/1/2028 | 5485 | 5501 |
| 4.63%, 5/15/2042 | 3477 | 3164 |
| 4.65%, 1/15/2043 | 3394 | 3067 |
| 4.65%, 8/15/2044 | 4149 | 3707 |
| Hackensack Meridian Health, Inc. Series 2020, <br> 2.88%, 9/1/2050<br>| 11100 | 7404 |
| Hartford HealthCare Corp. 3.45%, 7/1/2054 | 23430 | 17271 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 5.50%, 3/1/2032 | 9612 | 10084 |
| 5.60%, 4/1/2034 | 28350 | 29770 |
| 5.75%, 3/1/2035 | 23003 | 24350 |
| 4.90%, 11/15/2035 | 10120 | 10078 |
| 5.13%, 6/15/2039 | 4805 | 4686 |
| 5.50%, 6/15/2047 | 17500 | 16684 |
| 3.50%, 7/15/2051 | 6831 | 4715 |
| 4.63%, 3/15/2052 | 27825 | 23046 |
| 5.95%, 9/15/2054 | 12475 | 12416 |
| 6.10%, 4/1/2064 | 17625 | 17645 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Mayo Clinic Series 2016, 4.13%, 11/15/2052 | 2975 | 2509 |
| MedStar Health, Inc. Series 20A, 3.63%, <br> 8/15/2049<br>| 7365 | 5490 |
| Memorial Health Services 3.45%, 11/1/2049 | 25595 | 19166 |
| Memorial Sloan-Kettering Cancer Center Series <br> 2015, 4.20%, 7/1/2055<br>| 3335 | 2800 |
| MyMichigan Health Series 2020, 3.41%, <br> 6/1/2050<br>| 5410 | 3899 |
| Nationwide Children's Hospital, Inc. 4.56%, <br> 11/1/2052<br>| 4136 | 3683 |
| NYU Langone Hospitals  | NYU Langone Hospitals  | NYU Langone Hospitals  |
| 4.78%, 7/1/2044 | 5994 | 5659 |
| Series 2020, 3.38%, 7/1/2055 | 9170 | 6526 |
| Queen's Health Systems (The) 4.81%, 7/1/2052 | 18840 | 17285 |
| Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  |
| 3.45%, 6/1/2026 | 1684 | 1682 |
| 6.40%, 11/30/2033 | 11460 | 12813 |
| Sutter Health 5.55%, 8/15/2053 | 5000 | 5125 |
| Texas Health Resources  | Texas Health Resources  | Texas Health Resources  |
| 2.33%, 11/15/2050 | 6717 | 3957 |
| 4.33%, 11/15/2055 | 4275 | 3594 |
| Triad Holdings III LLC 0.00%, 4/1/2052 ‡ | 122701 | 123928 |
| Trinity Health Corp. Series 2019, 3.43%, <br> 12/1/2048<br>| 20450 | 15759 |
| UMass Memorial Health Care Obligated Group <br> 5.36%, 7/1/2052<br>| 6070 | 5836 |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| 3.50%, 8/15/2039 | 8210 | 6892 |
| 2.75%, 5/15/2040 | 4800 | 3622 |
| 3.25%, 5/15/2051 | 9695 | 6639 |
| 5.88%, 2/15/2053 | 9740 | 9906 |
| 5.05%, 4/15/2053 | 19000 | 17272 |
|  |  | 700875 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  |
| 3.80%, 4/15/2026 | 2199 | 2197 |
| 5.15%, 4/15/2053 | 2800 | 2541 |
| DOC DR LLC  | DOC DR LLC  | DOC DR LLC  |
| 4.30%, 3/15/2027 | 4500 | 4509 |
| 3.95%, 1/15/2028 | 2100 | 2097 |
| 2.63%, 11/1/2031 | 6195 | 5632 |
| Ventas Realty LP  | Ventas Realty LP  | Ventas Realty LP  |
| 3.25%, 10/15/2026 | 7254 | 7219 |
| 3.85%, 4/1/2027 | 4308 | 4300 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care REITs — continued** | **Health Care REITs — continued** | **Health Care REITs — continued** |
| Welltower OP LLC  | Welltower OP LLC  | Welltower OP LLC  |
| 6.50%, 3/15/2041 | 460 | 522 |
| 4.95%, 9/1/2048 | 5000 | 4729 |
|  |  | 33746 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| McDonald's Corp. 4.45%, 3/1/2047 | 3210 | 2809 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| AES Corp. (The) 5.80%, 3/15/2032 | 29565 | 30884 |
| Alexander Funding Trust II 7.47%, 7/31/2028 (b) | 25600 | 27264 |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 5.80%, 3/1/2033 | 4555 | 4885 |
| 6.25%, 10/1/2039 | 18303 | 20069 |
| 5.75%, 10/1/2041 | 15265 | 15872 |
| 6.50%, 10/1/2053 | 3470 | 3829 |
| Southern Power Co. 5.15%, 9/15/2041 | 7079 | 6924 |
|  |  | 109727 |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Goodman US Finance Six LLC (Australia) 5.13%, <br> 10/7/2034 (b)<br>| 11095 | 11294 |
| Goodman US Finance Three LLC (Australia) <br> 3.70%, 3/15/2028 (b)<br>| 5157 | 5118 |
| Prologis LP  | Prologis LP  | Prologis LP  |
| 2.25%, 4/15/2030 | 3830 | 3587 |
| 4.75%, 6/15/2033 | 5000 | 5108 |
|  |  | 25107 |
| **Insurance — 0.6%** | **Insurance — 0.6%** | **Insurance — 0.6%** |
| AIA Group Ltd. (Hong Kong) 3.20%, <br> 9/16/2040 (b)<br>| 7535 | 6073 |
| AIG SunAmerica Global Financing X 6.90%, <br> 3/15/2032 (b)<br>| 8295 | 9297 |
| Alleghany Corp. 3.63%, 5/15/2030 | 8945 | 8827 |
| Aon North America, Inc.  | Aon North America, Inc.  | Aon North America, Inc.  |
| 5.45%, 3/1/2034 | 34340 | 35829 |
| 5.75%, 3/1/2054 | 9050 | 8958 |
| Athene Global Funding 2.95%, 11/12/2026 (b) | 42215 | 41879 |
| Berkshire Hathaway Finance Corp.  | Berkshire Hathaway Finance Corp.  | Berkshire Hathaway Finance Corp.  |
| 4.40%, 5/15/2042 | 13241 | 12233 |
| 4.30%, 5/15/2043 | 2795 | 2533 |
| 3.85%, 3/15/2052 | 24230 | 18831 |
| CNO Global Funding 1.75%, 10/7/2026 (b) | 11240 | 11086 |
| Corebridge Global Funding 4.90%, 8/21/2032 (b) | 4955 | 4992 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| F&G Annuities & Life, Inc.  | F&G Annuities & Life, Inc.  | F&G Annuities & Life, Inc.  |
| 7.40%, 1/13/2028 | 10949 | 11360 |
| 6.50%, 6/4/2029 | 22393 | 23050 |
| F&G Global Funding 1.75%, 6/30/2026 (b) | 12780 | 12672 |
| Five Corners Funding Trust II 2.85%, <br> 5/15/2030 (b)<br>| 15000 | 14227 |
| Guardian Life Insurance Co. of America (The)  | Guardian Life Insurance Co. of America (The)  | Guardian Life Insurance Co. of America (The)  |
| 3.70%, 1/22/2070 (b) | 6450 | 4404 |
| 4.85%, 1/24/2077 (b) | 1663 | 1399 |
| Hartford Insurance Group, Inc. (The) 4.30%, <br> 4/15/2043<br>| 7410 | 6556 |
| MetLife, Inc. 4.13%, 8/13/2042 | 2027 | 1722 |
| Mutual of Omaha Cos. Global Funding 5.80%, <br> 7/27/2026 (b)<br>| 18500 | 18631 |
| Nationwide Mutual Insurance Co. 8.25%, <br> 12/1/2031 (b)<br>| 7900 | 9243 |
| New York Life Insurance Co.  | New York Life Insurance Co.  | New York Life Insurance Co.  |
| 3.75%, 5/15/2050 (b) | 9600 | 7249 |
| 4.45%, 5/15/2069 (b) | 11250 | 8927 |
| Pacific Life Insurance Co. (3-MONTH SOFR + <br> 2.80%), 4.30%, 10/24/2067 (b) (d)<br>| 3766 | 3029 |
| Pine Street Trust III 6.22%, 5/15/2054 (b) | 21750 | 22149 |
| Prudential Financial, Inc. 3.91%, 12/7/2047 | 9236 | 7118 |
| Prudential Funding Asia plc (Hong Kong) 3.13%, <br> 4/14/2030<br>| 16987 | 16385 |
| Swiss Re Finance Luxembourg SA (Switzerland) <br> (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.58%), 5.00%, <br> 4/2/2049 (b) (d)<br>| 2600 | 2627 |
| Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  | Teachers Insurance & Annuity Association of America  |
| 4.90%, 9/15/2044 (b) | 3653 | 3376 |
| 4.27%, 5/15/2047 (b) | 5480 | 4593 |
|  |  | 339255 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Alphabet, Inc.  | Alphabet, Inc.  | Alphabet, Inc.  |
| 5.50%, 2/15/2046 | 17720 | 18044 |
| 5.65%, 2/15/2056 | 26030 | 26635 |
| 5.75%, 2/15/2066 | 16010 | 16304 |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.88%, 11/15/2035 | 42180 | 42600 |
| 5.50%, 11/15/2045 | 41850 | 41346 |
| 5.60%, 5/15/2053 | 30000 | 29209 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 15

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Interactive Media & Services — continued** | **Interactive Media & Services — continued** | **Interactive Media & Services — continued** |
| 5.40%, 8/15/2054 | 11965 | 11297 |
| 5.63%, 11/15/2055 | 16665 | 16312 |
|  |  | 201747 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Accenture Capital, Inc. 4.50%, 10/4/2034 | 9552 | 9449 |
| CGI, Inc. (Canada) | CGI, Inc. (Canada) | CGI, Inc. (Canada) |
| 1.45%, 9/14/2026 | 14101 | 13907 |
| 2.30%, 9/14/2031 | 10000 | 8908 |
|  |  | 32264 |
| **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** | **Life Sciences Tools & Services — 0.0% ^** |
| Thermo Fisher Scientific, Inc.  | Thermo Fisher Scientific, Inc.  | Thermo Fisher Scientific, Inc.  |
| 4.55%, 6/15/2033 | 8360 | 8455 |
| 2.80%, 10/15/2041 | 6745 | 5075 |
|  |  | 13530 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| nVent Finance SARL (United Kingdom) 4.55%, <br> 4/15/2028<br>| 6750 | 6800 |
| Parker-Hannifin Corp. 4.45%, 11/21/2044 | 3759 | 3377 |
| Xylem, Inc. 2.25%, 1/30/2031 | 7315 | 6696 |
|  |  | 16873 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 6.38%, 10/23/2035 | 4374 | 4569 |
| 5.38%, 4/1/2038 | 4923 | 4562 |
| 3.50%, 6/1/2041 | 12020 | 8659 |
| 3.50%, 3/1/2042 | 7800 | 5508 |
| 5.38%, 5/1/2047 | 9380 | 7818 |
| 4.80%, 3/1/2050 | 13160 | 10026 |
| 3.70%, 4/1/2051 | 27270 | 17599 |
| Cox Communications, Inc.  | Cox Communications, Inc.  | Cox Communications, Inc.  |
| 3.35%, 9/15/2026 (b) | 3046 | 3031 |
| 2.95%, 10/1/2050 (b) | 8375 | 4748 |
| TCI Communications, Inc. 7.13%, 2/15/2028 | 1199 | 1273 |
| Time Warner Cable Enterprises LLC 8.38%, <br> 7/15/2033<br>| 3041 | 3556 |
| Time Warner Cable LLC  | Time Warner Cable LLC  | Time Warner Cable LLC  |
| 6.55%, 5/1/2037 | 2327 | 2395 |
| 7.30%, 7/1/2038 | 2197 | 2378 |
| 6.75%, 6/15/2039 | 1794 | 1838 |
| 5.88%, 11/15/2040 | 16175 | 15172 |
| 5.50%, 9/1/2041 | 6940 | 6208 |
|  |  | 99340 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** | **Metals & Mining — 0.2%** |
| Corp. Nacional del Cobre de Chile (Chile) 6.44%, <br> 1/26/2036 (b)<br>| 17281 | 18876 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 2.50%, 9/1/2030 (b) | 16105 | 14931 |
| 5.63%, 4/4/2034 (b) | 23352 | 24697 |
| Newmont Corp. 3.25%, 5/13/2030 | 4606 | 4484 |
| Steel Dynamics, Inc.  | Steel Dynamics, Inc.  | Steel Dynamics, Inc.  |
| 1.65%, 10/15/2027 | 5270 | 5086 |
| 3.25%, 10/15/2050 | 3519 | 2407 |
| Vale Overseas Ltd. (Brazil) 3.75%, 7/8/2030 | 27542 | 26648 |
|  |  | 97129 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.1%** |
| Resurgent 6.78%, 7/1/2030 ‡ | 60000 | 60000 |
| **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** | **Multi-Utilities — 0.3%** |
| CMS Energy Corp.  | CMS Energy Corp.  | CMS Energy Corp.  |
| 3.00%, 5/15/2026 | 3458 | 3450 |
| 2.95%, 2/15/2027 | 2426 | 2404 |
| 3.45%, 8/15/2027 | 1250 | 1241 |
| Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  |
| 5.70%, 6/15/2040 | 2760 | 2925 |
| Series 2017, 3.88%, 6/15/2047 | 3355 | 2651 |
| 4.50%, 5/15/2058 | 1724 | 1434 |
| Consumers Energy Co. 3.25%, 8/15/2046 | 2150 | 1585 |
| Delmarva Power & Light Co. 4.00%, 6/1/2042 | 1478 | 1266 |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| Series D, 2.85%, 8/15/2026 | 1927 | 1917 |
| Series F, 5.25%, 8/1/2033 | 5067 | 5247 |
| 7.00%, 6/15/2038 | 1076 | 1225 |
| Series C, 4.90%, 8/1/2041 | 1840 | 1714 |
| Engie SA (France) 5.63%, 4/10/2034 (b) | 13225 | 13936 |
| National Grid plc (United Kingdom) 5.42%, <br> 1/11/2034<br>| 21700 | 22678 |
| New York State Electric & Gas Corp. 3.25%, <br> 12/1/2026 (b)<br>| 2326 | 2310 |
| NiSource, Inc. 5.80%, 2/1/2042 | 6726 | 6857 |
| PG&E Energy Recovery Funding LLC Series A-2, <br> 2.28%, 1/15/2036<br>| 9710 | 8244 |
| Public Service Enterprise Group, Inc.  | Public Service Enterprise Group, Inc.  | Public Service Enterprise Group, Inc.  |
| 1.60%, 8/15/2030 | 15540 | 13939 |
| 5.45%, 4/1/2034 | 7700 | 8048 |
| Puget Energy, Inc.  | Puget Energy, Inc.  | Puget Energy, Inc.  |
| 2.38%, 6/15/2028 | 6522 | 6285 |
| 5.73%, 3/15/2035 | 11300 | 11692 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Puget Sound Energy, Inc. 5.45%, 6/1/2053 | 10070 | 9855 |
| San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  |
| Series FFF, 6.13%, 9/15/2037 | 973 | 1076 |
| 3.95%, 11/15/2041 | 2690 | 2270 |
| 2.95%, 8/15/2051 | 17150 | 11234 |
| 5.35%, 4/1/2053 | 3000 | 2854 |
| Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  |
| 3.25%, 6/15/2026 | 1690 | 1686 |
| 5.75%, 9/15/2033 | 12830 | 13699 |
| Series B, 5.10%, 9/15/2035 | 7500 | 7639 |
| 5.88%, 3/15/2041 | 10518 | 11058 |
| 4.40%, 6/1/2043 | 1392 | 1221 |
| 3.95%, 10/1/2046 | 2136 | 1702 |
| 4.40%, 5/30/2047 | 2274 | 1940 |
|  |  | 187282 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP  | COPT Defense Properties LP  | COPT Defense Properties LP  |
| 2.00%, 1/15/2029 | 3440 | 3248 |
| 4.50%, 10/15/2030 | 6270 | 6297 |
|  |  | 9545 |
| **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |
| Aker BP ASA (Norway) 5.80%, 10/1/2054 (b) | 6320 | 5936 |
| BP Capital Markets America, Inc. 2.94%, <br> 6/4/2051<br>| 25080 | 16391 |
| Cheniere Energy Partners LP 5.55%, 10/30/2035 | 12420 | 12889 |
| Cheniere Energy, Inc. 5.65%, 4/15/2034 | 13830 | 14543 |
| Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  | Columbia Pipelines Holding Co. LLC  |
| 5.10%, 10/1/2031 (b) | 3993 | 4108 |
| 5.68%, 1/15/2034 (b) | 16276 | 17027 |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 5.93%, 8/15/2030 (b) | 11670 | 12466 |
| 6.04%, 11/15/2033 (b) | 11250 | 12189 |
| 5.44%, 2/15/2035 (b) | 36855 | 38387 |
| 5.96%, 2/15/2055 (b) | 25130 | 25521 |
| ConocoPhillips Co.  | ConocoPhillips Co.  | ConocoPhillips Co.  |
| 5.30%, 5/15/2053 | 13210 | 12531 |
| 5.50%, 1/15/2055 | 10025 | 9845 |
| Devon Energy Corp. 5.75%, 9/15/2054 | 8163 | 7955 |
| DT Midstream, Inc. 4.30%, 4/15/2032 (b) | 17380 | 17019 |
| Eastern Energy Gas Holdings LLC 6.20%, <br> 1/15/2055<br>| 10430 | 11088 |
| Eastern Gas Transmission & Storage, Inc. 3.90%, <br> 11/15/2049<br>| 4476 | 3356 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 5.70%, 3/8/2033 | 17080 | 18153 |
| 5.63%, 4/5/2034 | 19445 | 20583 |
| 6.70%, 11/15/2053 | 5550 | 6241 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 4.15%, 9/15/2029 | 9791 | 9818 |
| 7.50%, 7/1/2038 | 2695 | 3172 |
| 6.05%, 6/1/2041 | 4266 | 4400 |
| 6.10%, 2/15/2042 | 7220 | 7394 |
| 5.95%, 10/1/2043 | 3950 | 3981 |
| 5.30%, 4/1/2044 | 1840 | 1717 |
| 5.00%, 5/15/2044 (f) | 8600 | 7685 |
| 6.00%, 6/15/2048 | 6419 | 6331 |
| 6.25%, 4/15/2049 | 5655 | 5717 |
| Eni SpA (Italy) | Eni SpA (Italy) | Eni SpA (Italy) |
| 5.70%, 10/1/2040 (b) | 4843 | 4954 |
| 5.95%, 5/15/2054 (b) | 14030 | 14393 |
| Eni USA, Inc. (Italy) 7.30%, 11/15/2027 | 4040 | 4258 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| Series J, 5.75%, 3/1/2035 | 2509 | 2669 |
| 7.55%, 4/15/2038 | 455 | 556 |
| 5.95%, 2/1/2041 | 1259 | 1347 |
| 4.45%, 2/15/2043 | 455 | 407 |
| 5.10%, 2/15/2045 | 1758 | 1683 |
| 4.95%, 10/15/2054 | 1189 | 1075 |
| EQT Corp. 3.90%, 10/1/2027 | 3371 | 3365 |
| Exxon Mobil Corp.  | Exxon Mobil Corp.  | Exxon Mobil Corp.  |
| 3.00%, 8/16/2039 | 14245 | 11652 |
| 4.11%, 3/1/2046 | 2726 | 2328 |
| 3.10%, 8/16/2049 | 17965 | 12603 |
| Galaxy Pipeline Assets Bidco Ltd. (United Arab <br> Emirates) 2.94%, 9/30/2040 (b)<br>| 14425 | 12365 |
| Gray Oak Pipeline LLC 3.45%, 10/15/2027 (b) | 12470 | 12335 |
| Kinder Morgan, Inc. 5.05%, 2/15/2046 | 6000 | 5525 |
| NGPL PipeCo LLC  | NGPL PipeCo LLC  | NGPL PipeCo LLC  |
| 4.88%, 8/15/2027 (b) | 8486 | 8545 |
| 3.25%, 7/15/2031 (b) | 8283 | 7769 |
| Northern Natural Gas Co. 5.63%, 2/1/2054 (b) | 4550 | 4487 |
| Occidental Petroleum Corp. 4.30%, 8/15/2039 | 6860 | 6030 |
| ONEOK Partners LP 6.65%, 10/1/2036 | 1825 | 2029 |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| 4.75%, 10/15/2031 | 12960 | 13146 |
| 4.95%, 10/15/2032 | 16771 | 17063 |
| Pioneer Natural Resources Co. 1.90%, 8/15/2030 | 18050 | 16554 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 17

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Shell Finance US, Inc. 5.13%, 10/15/2041 (b) | 2169 | 2161 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 | 7000 | 7076 |
| 5.03%, 10/1/2029 | 8260 | 8446 |
| Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) | Suncor Energy, Inc. (Canada) |
| 5.95%, 12/1/2034 | 11584 | 12456 |
| 6.80%, 5/15/2038 | 1997 | 2261 |
| TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
| 2.99%, 6/29/2041 | 16000 | 12346 |
| 3.46%, 7/12/2049 | 12800 | 9394 |
| 3.13%, 5/29/2050 | 20230 | 13856 |
| Western Midstream Operating LP 5.25%, <br> 2/1/2050 (f)<br>| 7040 | 6114 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 2.60%, 3/15/2031 | 9675 | 8953 |
| 5.65%, 3/15/2033 | 13720 | 14518 |
| 5.60%, 3/15/2035 | 18110 | 19032 |
| 6.00%, 3/15/2055 | 5070 | 5201 |
|  |  | 605395 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| United Airlines Pass-Through Trust Series 2016-2, <br> Class A, 3.10%, 10/7/2028<br>| 15337 | 14798 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| AstraZeneca plc (United Kingdom) | AstraZeneca plc (United Kingdom) | AstraZeneca plc (United Kingdom) |
| 6.45%, 9/15/2037 | 4250 | 4875 |
| 4.00%, 9/18/2042 | 4270 | 3726 |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 4.13%, 6/15/2039 | 7096 | 6523 |
| 4.55%, 2/20/2048 | 5046 | 4419 |
| 4.25%, 10/26/2049 | 21446 | 17841 |
| 3.70%, 3/15/2052 | 16992 | 12694 |
| 5.55%, 2/22/2054 | 2669 | 2648 |
| Eli Lilly & Co.  | Eli Lilly & Co.  | Eli Lilly & Co.  |
| 4.70%, 2/9/2034 | 15300 | 15654 |
| 5.00%, 2/9/2054 | 17320 | 16268 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 4.00%, 3/7/2049 | 13120 | 10683 |
| 2.75%, 12/10/2051 | 7065 | 4449 |
| 2.90%, 12/10/2061 | 14550 | 8629 |
| Pfizer Investment Enterprises Pte. Ltd. 5.34%, <br> 5/19/2063<br>| 36640 | 34385 |
| Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) | Takeda Pharmaceutical Co. Ltd. (Japan) |
| 2.05%, 3/31/2030 | 1200 | 1108 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| 3.03%, 7/9/2040 | 12794 | 9991 |
| 5.65%, 7/5/2044 | 7762 | 7935 |
| 3.18%, 7/9/2050 | 16452 | 11286 |
| Utah Acquisition Sub, Inc. 3.95%, 6/15/2026 | 2504 | 2501 |
|  |  | 175615 |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| Ontario Teachers' Cadillac Fairview Properties <br> Trust (Canada) 3.88%, 3/20/2027 (b)<br>| 6562 | 6558 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Essex Portfolio LP  | Essex Portfolio LP  | Essex Portfolio LP  |
| 1.65%, 1/15/2031 | 8950 | 7900 |
| 5.50%, 4/1/2034 | 6190 | 6456 |
| Mid-America Apartments LP 1.70%, 2/15/2031 | 5500 | 4886 |
| UDR, Inc.  | UDR, Inc.  | UDR, Inc.  |
| 2.95%, 9/1/2026 | 3831 | 3811 |
| 3.50%, 1/15/2028 | 1354 | 1343 |
| 3.00%, 8/15/2031 | 4750 | 4453 |
| 2.10%, 8/1/2032 | 5520 | 4804 |
| 3.10%, 11/1/2034 | 6440 | 5652 |
|  |  | 39305 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| Brixmor Operating Partnership LP 2.50%, <br> 8/16/2031<br>| 6530 | 5937 |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 3.60%, 12/15/2026 | 5527 | 5511 |
| 5.60%, 10/15/2033 | 7500 | 7907 |
| 5.50%, 6/15/2034 | 9180 | 9596 |
| Realty Income Corp. 3.00%, 1/15/2027 | 2243 | 2227 |
| Regency Centers LP 4.13%, 3/15/2028 | 1755 | 1764 |
|  |  | 32942 |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |
| Analog Devices, Inc. 2.95%, 10/1/2051 | 6000 | 3969 |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 5.15%, 11/15/2031 | 16770 | 17560 |
| 4.55%, 2/15/2032 | 10780 | 10926 |
| 3.14%, 11/15/2035 (b) | 40051 | 35019 |
| 4.80%, 2/15/2036 | 16008 | 16047 |
| 3.19%, 11/15/2036 (b) | 5766 | 4974 |
| Intel Corp.  | Intel Corp.  | Intel Corp.  |
| 3.73%, 12/8/2047 | 9000 | 6516 |
| 3.25%, 11/15/2049 | 15310 | 10023 |
| 5.70%, 2/10/2053 | 17000 | 16146 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| KLA Corp.  | KLA Corp.  | KLA Corp.  |
| 3.30%, 3/1/2050 | 7000 | 4971 |
| 4.95%, 7/15/2052 | 7000 | 6486 |
| Marvell Technology, Inc.  | Marvell Technology, Inc.  | Marvell Technology, Inc.  |
| 4.75%, 7/15/2030 | 5518 | 5625 |
| 2.95%, 4/15/2031 | 7790 | 7281 |
| 5.45%, 7/15/2035 | 17842 | 18574 |
| Micron Technology, Inc. 5.30%, 1/15/2031 | 13521 | 14201 |
| NXP BV (Netherlands) | NXP BV (Netherlands) | NXP BV (Netherlands) |
| 2.50%, 5/11/2031 | 30981 | 28375 |
| 5.00%, 1/15/2033 | 4000 | 4083 |
| 3.25%, 5/11/2041 | 24465 | 18774 |
|  |  | 229550 |
| **Software — 0.5%** | **Software — 0.5%** | **Software — 0.5%** |
| Microsoft Corp. 3.04%, 3/17/2062 | 1820 | 1144 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 4.80%, 9/26/2032 | 19220 | 18780 |
| 4.90%, 2/6/2033 | 9640 | 9424 |
| 3.90%, 5/15/2035 | 1952 | 1713 |
| 5.70%, 2/4/2036 | 21475 | 21487 |
| 3.60%, 4/1/2040 | 10434 | 7885 |
| 3.65%, 3/25/2041 | 19515 | 14494 |
| 5.88%, 9/26/2045 | 13100 | 11869 |
| 6.55%, 2/4/2046 | 6615 | 6446 |
| 4.00%, 7/15/2046 | 15792 | 11017 |
| 3.60%, 4/1/2050 | 53900 | 33716 |
| 3.95%, 3/25/2051 | 18610 | 12319 |
| 6.70%, 2/4/2056 | 31510 | 30557 |
| 6.85%, 2/4/2066 | 15075 | 14442 |
| Roper Technologies, Inc.  | Roper Technologies, Inc.  | Roper Technologies, Inc.  |
| 4.75%, 2/15/2032 | 9385 | 9468 |
| 4.90%, 10/15/2034 | 24270 | 24124 |
| Synopsys, Inc. 5.15%, 4/1/2035 | 20850 | 21353 |
|  |  | 250238 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| American Tower Corp.  | American Tower Corp.  | American Tower Corp.  |
| 3.38%, 10/15/2026 | 4378 | 4360 |
| 2.10%, 6/15/2030 | 8940 | 8209 |
| 1.88%, 10/15/2030 | 19410 | 17525 |
| 5.90%, 11/15/2033 | 17280 | 18646 |
| Crown Castle, Inc.  | Crown Castle, Inc.  | Crown Castle, Inc.  |
| 4.00%, 3/1/2027 | 2066 | 2066 |
| 5.60%, 6/1/2029 | 12355 | 12870 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialized REITs — continued** | **Specialized REITs — continued** | **Specialized REITs — continued** |
| 5.80%, 3/1/2034 | 12960 | 13727 |
| Extra Space Storage LP 3.50%, 7/1/2026 | 8937 | 8921 |
|  |  | 86324 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| AutoZone, Inc. 1.65%, 1/15/2031 | 12180 | 10797 |
| O'Reilly Automotive, Inc. 3.60%, 9/1/2027 | 4715 | 4692 |
|  |  | 15489 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| 3.45%, 2/9/2045 | 14187 | 11235 |
| 3.85%, 8/4/2046 | 3512 | 2899 |
| 3.75%, 9/12/2047 | 13570 | 10919 |
| 3.75%, 11/13/2047 | 1600 | 1286 |
| 2.70%, 8/5/2051 | 57605 | 36636 |
| 4.10%, 8/8/2062 | 5260 | 4194 |
| Dell International LLC  | Dell International LLC  | Dell International LLC  |
| 6.02%, 6/15/2026 | 2501 | 2503 |
| 4.90%, 10/1/2026 | 5595 | 5614 |
| 5.25%, 2/1/2028 | 5508 | 5634 |
| 5.30%, 10/1/2029 | 6000 | 6227 |
| 5.00%, 4/1/2030 | 4770 | 4906 |
| 5.50%, 4/1/2035 | 46000 | 47834 |
| 3.45%, 12/15/2051 | 242 | 170 |
|  |  | 140057 |
| **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
| Altria Group, Inc. 2.45%, 2/4/2032 | 27925 | 25062 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 4.39%, 8/15/2037 | 9875 | 9223 |
| 4.54%, 8/15/2047 | 12507 | 10556 |
| BAT International Finance plc (United Kingdom) <br> 1.67%, 3/25/2026<br>| 11000 | 10983 |
|  |  | 55824 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Aviation Capital Group LLC  | Aviation Capital Group LLC  | Aviation Capital Group LLC  |
| 5.38%, 7/15/2029 (b) | 20000 | 20660 |
| 5.13%, 4/10/2030 (b) | 9650 | 9914 |
| WW Grainger, Inc. 4.60%, 6/15/2045 | 4364 | 4020 |
|  |  | 34594 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 19

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp.  | American Water Capital Corp.  | American Water Capital Corp.  |
| 6.59%, 10/15/2037 | 3354 | 3862 |
| 4.00%, 12/1/2046 | 2241 | 1795 |
|  |  | 5657 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| America Movil SAB de CV (Mexico) 4.38%, <br> 4/22/2049<br>| 8284 | 7075 |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 3.75%, 4/15/2027 | 18000 | 17971 |
| 3.88%, 4/15/2030 | 25095 | 24902 |
| 3.40%, 10/15/2052 | 16650 | 11355 |
| 5.50%, 1/15/2055 | 9450 | 9013 |
| 3.60%, 11/15/2060 | 4000 | 2692 |
| Vodafone Group plc (United Kingdom) 5.63%, <br> 2/10/2053<br>| 3745 | 3642 |
|  |  | 76650 |
| Total Corporate Bonds <br>(Cost $13,812,422)<br>|  | 13547967 |
| **Mortgage-Backed Securities — 20.7%** | **Mortgage-Backed Securities — 20.7%** | **Mortgage-Backed Securities — 20.7%** |
| FHLMC  |  |  |
| Pool # 785618, ARM, 6.13%, 7/1/2026 (g) | 2 | 2 |
| Pool # 789758, ARM, 6.50%, 9/1/2032 (g) | 3 | 3 |
| Pool # 847621, ARM, 6.18%, 5/1/2033 (g) | 214 | 220 |
| Pool # 781087, ARM, 5.86%, 12/1/2033 (g) | 39 | 40 |
| Pool # 1B1665, ARM, 6.75%, 4/1/2034 (g) | 39 | 40 |
| Pool # 782870, ARM, 6.24%, 9/1/2034 (g) | 150 | 155 |
| Pool # 782979, ARM, 5.87%, 1/1/2035 (g) | 315 | 328 |
| Pool # 782980, ARM, 5.87%, 1/1/2035 (g) | 100 | 103 |
| Pool # 1Q0007, ARM, 6.39%, 12/1/2035 (g) | 29 | 29 |
| Pool # 1Q0025, ARM, 6.18%, 2/1/2036 (g) | 31 | 32 |
| Pool # 848431, ARM, 6.19%, 2/1/2036 (g) | 113 | 116 |
| Pool # 1G1861, ARM, 6.91%, 3/1/2036 (g) | 129 | 134 |
| Pool # 1J1380, ARM, 7.37%, 3/1/2036 (g) | 13 | 14 |
| Pool # 1H2618, ARM, 6.34%, 5/1/2036 (g) | 208 | 217 |
| Pool # 1L1286, ARM, 6.50%, 5/1/2036 (g) | 74 | 76 |
| Pool # 1G2415, ARM, 7.33%, 5/1/2036 (g) | 40 | 41 |
| Pool # 848068, ARM, 6.64%, 6/1/2036 (g) | 190 | 196 |
| Pool # 1G2557, ARM, 6.80%, 6/1/2036 (g) | 355 | 368 |
| Pool # 1A1082, ARM, 6.04%, 7/1/2036 (g) | 101 | 103 |
| Pool # 848365, ARM, 6.23%, 7/1/2036 (g) | 94 | 97 |
| Pool # 1H2623, ARM, 6.25%, 7/1/2036 (g) | 44 | 46 |
| Pool # 1A1085, ARM, 6.24%, 8/1/2036 (g) | 81 | 83 |
| Pool # 1Q0105, ARM, 6.42%, 9/1/2036 (g) | 93 | 96 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # 1B7242, ARM, 6.66%, 9/1/2036 (g) | 322 | 333 |
| Pool # 1A1096, ARM, 6.27%, 10/1/2036 (g) | 346 | 352 |
| Pool # 1N0249, ARM, 6.32%, 10/1/2036 (g) | 95 | 97 |
| Pool # 1G2539, ARM, 6.35%, 10/1/2036 (g) | 88 | 90 |
| Pool # 1A1097, ARM, 6.45%, 10/1/2036 (g) | 79 | 80 |
| Pool # 1K0046, ARM, 6.48%, 10/1/2036 (g) | 83 | 87 |
| Pool # 1J1348, ARM, 6.69%, 10/1/2036 (g) | 93 | 97 |
| Pool # 1G2671, ARM, 5.96%, 11/1/2036 (g) | 60 | 62 |
| Pool # 1J1378, ARM, 6.01%, 11/1/2036 (g) | 168 | 173 |
| Pool # 848115, ARM, 6.12%, 11/1/2036 (g) | 63 | 65 |
| Pool # 782760, ARM, 6.29%, 11/1/2036 (g) | 183 | 190 |
| Pool # 1Q0737, ARM, 6.36%, 11/1/2036 (g) | 68 | 70 |
| Pool # 1J1419, ARM, 6.06%, 12/1/2036 (g) | 158 | 161 |
| Pool # 1G1386, ARM, 6.21%, 12/1/2036 (g) | 138 | 142 |
| Pool # 1J1634, ARM, 6.23%, 12/1/2036 (g) | 659 | 685 |
| Pool # 1J1399, ARM, 6.50%, 12/1/2036 (g) | 5 | 5 |
| Pool # 1G1478, ARM, 6.04%, 1/1/2037 (g) | 72 | 75 |
| Pool # 1N0353, ARM, 6.23%, 2/1/2037 (g) | 132 | 135 |
| Pool # 1J1516, ARM, 6.27%, 2/1/2037 (g) | 15 | 15 |
| Pool # 1G1554, ARM, 6.44%, 2/1/2037 (g) | 104 | 107 |
| Pool # 1Q0739, ARM, 6.13%, 3/1/2037 (g) | 204 | 208 |
| Pool # 1B7303, ARM, 7.35%, 3/1/2037 (g) | 12 | 13 |
| Pool # 1J1564, ARM, 6.95%, 4/1/2037 (g) | 180 | 186 |
| Pool # 1Q0697, ARM, 5.96%, 5/1/2037 (g) | 279 | 287 |
| Pool # 1A1193, ARM, 6.26%, 5/1/2037 (g) | 80 | 81 |
| Pool # 1N1463, ARM, 6.48%, 5/1/2037 (g) | 16 | 16 |
| Pool # 1N1477, ARM, 6.53%, 5/1/2037 (g) | 37 | 38 |
| Pool # 1Q0783, ARM, 6.92%, 5/1/2037 (g) | 129 | 133 |
| Pool # 1J1621, ARM, 7.18%, 5/1/2037 (g) | 136 | 141 |
| Pool # 1J0533, ARM, 6.62%, 7/1/2037 (g) | 19 | 19 |
| Pool # 1J2945, ARM, 6.50%, 11/1/2037 (g) | 35 | 36 |
| Pool # 1Q0722, ARM, 6.68%, 4/1/2038 (g) | 84 | 87 |
| Pool # 1Q0789, ARM, 6.74%, 5/1/2038 (g) | 16 | 16 |
| Pool # 848699, ARM, 6.45%, 7/1/2040 (g) | 75 | 78 |
| FHLMC Gold Pools, 20 Year  |  |  |
| Pool # C91158, 6.50%, 1/1/2028 | 18 | 18 |
| Pool # C91417, 3.50%, 1/1/2032 | 962 | 953 |
| Pool # C91403, 3.50%, 3/1/2032 | 368 | 365 |
| FHLMC Gold Pools, 30 Year  |  |  |
| Pool # C00452, 7.00%, 4/1/2026 |  |  |
| Pool # G00981, 8.50%, 7/1/2028 |  |  |
| Pool # G02210, 7.00%, 12/1/2028 | 18 | 18 |
| Pool # C47315, 6.50%, 8/1/2029 | 178 | 185 |
| Pool # G03029, 6.00%, 10/1/2029 | 15 | 15 |
| Pool # A88871, 7.00%, 1/1/2031 | 36 | 38 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # C68485, 7.00%, 7/1/2032 | 7 | 7 |
| Pool # G01448, 7.00%, 8/1/2032 | 13 | 13 |
| Pool # C75791, 5.50%, 1/1/2033 | 108 | 110 |
| Pool # A13625, 5.50%, 10/1/2033 | 73 | 74 |
| Pool # A16107, 6.00%, 12/1/2033 | 57 | 58 |
| Pool # G01864, 5.00%, 1/1/2034 | 57 | 59 |
| Pool # A17537, 6.00%, 1/1/2034 | 67 | 69 |
| Pool # A23139, 5.00%, 6/1/2034 | 167 | 172 |
| Pool # A61572, 5.00%, 9/1/2034 | 220 | 225 |
| Pool # A28796, 6.50%, 11/1/2034 | 1 | 1 |
| Pool # G03369, 6.50%, 1/1/2035 | 192 | 199 |
| Pool # A70350, 5.00%, 3/1/2035 | 69 | 70 |
| Pool # A46987, 5.50%, 7/1/2035 | 188 | 196 |
| Pool # G05713, 6.50%, 12/1/2035 | 141 | 146 |
| Pool # G03777, 5.00%, 11/1/2036 | 165 | 169 |
| Pool # C02660, 6.50%, 11/1/2036 | 42 | 44 |
| Pool # G02427, 5.50%, 12/1/2036 | 88 | 92 |
| Pool # A57681, 6.00%, 12/1/2036 | 19 | 21 |
| Pool # G02682, 7.00%, 2/1/2037 | 23 | 24 |
| Pool # G04949, 6.50%, 11/1/2037 | 150 | 161 |
| Pool # G03666, 7.50%, 1/1/2038 | 262 | 284 |
| Pool # G04952, 7.50%, 1/1/2038 | 65 | 69 |
| Pool # G04077, 6.50%, 3/1/2038 | 166 | 177 |
| Pool # G05671, 5.50%, 8/1/2038 | 187 | 195 |
| Pool # G05190, 7.50%, 9/1/2038 | 106 | 110 |
| Pool # C03466, 5.50%, 3/1/2040 | 67 | 70 |
| Pool # A93383, 5.00%, 8/1/2040 | 719 | 742 |
| Pool # A93511, 5.00%, 8/1/2040 | 2693 | 2776 |
| Pool # G06493, 4.50%, 5/1/2041 | 5020 | 5090 |
| Pool # V80351, 3.00%, 8/1/2043 | 9772 | 9207 |
| Pool # Q52834, 4.00%, 12/1/2047 | 1101 | 1085 |
| Pool # Z40179, 4.00%, 7/1/2048 | 17414 | 17196 |
| Pool # Q57995, 5.00%, 8/1/2048 | 3037 | 3129 |
| Pool # Q61104, 4.00%, 1/1/2049 | 1056 | 1042 |
| Pool # Q61107, 4.00%, 1/1/2049 | 1685 | 1663 |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN1157, 1.80%, 11/1/2028 | 50852 | 48415 |
| Pool # P20570, 7.00%, 7/1/2029 | 3 | 3 |
| Pool # G20027, 10.00%, 10/1/2030 | 4 | 4 |
| Pool # B90491, 7.50%, 1/1/2032 | 122 | 125 |
| Pool # WA3237, 3.55%, 11/1/2032 | 25063 | 24361 |
| Pool # WA1630, 4.15%, 11/1/2032 | 6721 | 6759 |
| Pool # U80192, 3.50%, 2/1/2033 | 625 | 615 |
| Pool # U80342, 3.50%, 5/1/2033 | 251 | 248 |
| Pool # U80345, 3.50%, 5/1/2033 | 1681 | 1664 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # WN3233, 3.19%, 7/1/2033 | 61099 | 57828 |
| Pool # WN3225, 3.80%, 10/1/2034 | 20000 | 19397 |
| Pool # P50523, 6.50%, 12/1/2035 | 37 | 37 |
| Pool # H05030, 6.00%, 11/1/2036 | 5 | 5 |
| Pool # L10291, 6.50%, 11/1/2036 | 413 | 431 |
| Pool # P51353, 6.50%, 11/1/2036 | 399 | 414 |
| Pool # P50595, 6.50%, 12/1/2036 | 667 | 707 |
| Pool # P51361, 6.50%, 12/1/2036 | 316 | 327 |
| Pool # G20028, 7.50%, 12/1/2036 | 293 | 301 |
| Pool # P50536, 6.50%, 2/1/2037 | 11 | 11 |
| Pool # WA3186, 3.86%, 4/1/2037 | 2013 | 1943 |
| Pool # P50556, 6.50%, 6/1/2037 | 20 | 20 |
| Pool # U90690, 3.50%, 6/1/2042 | 6478 | 6244 |
| Pool # U90975, 4.00%, 6/1/2042 | 4727 | 4696 |
| Pool # T65101, 4.00%, 10/1/2042 | 143 | 141 |
| Pool # U90402, 3.50%, 11/1/2042 | 360 | 347 |
| Pool # U90673, 4.00%, 1/1/2043 | 656 | 653 |
| Pool # U91192, 4.00%, 4/1/2043 | 893 | 889 |
| Pool # U91488, 3.50%, 5/1/2043 | 789 | 761 |
| Pool # U99051, 3.50%, 6/1/2043 | 1999 | 1927 |
| Pool # U99134, 4.00%, 1/1/2046 | 22982 | 22885 |
| Pool # U69030, 4.50%, 1/1/2046 | 7449 | 7554 |
| FHLMC UMBS, 20 Year Pool # SC0104, 3.50%, <br> 8/1/2035<br>| 4768 | 4671 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # QG5005, 3.00%, 6/1/2048 | 9259 | 8542 |
| Pool # ZT2236, 4.00%, 6/1/2048 | 13728 | 13537 |
| Pool # ZT2212, 4.00%, 9/1/2048 | 3237 | 3191 |
| Pool # QA0149, 4.00%, 6/1/2049 | 2969 | 2938 |
| Pool # QA2578, 3.50%, 9/1/2049 | 1162 | 1105 |
| Pool # RA2008, 4.00%, 1/1/2050 | 9631 | 9481 |
| Pool # RA2282, 4.00%, 1/1/2050 | 5786 | 5795 |
| Pool # QA7351, 3.00%, 2/1/2050 | 5501 | 5035 |
| Pool # QB0704, 2.50%, 6/1/2050 | 9027 | 7840 |
| Pool # QB1571, 2.50%, 7/1/2050 | 9963 | 8653 |
| Pool # SD8089, 2.50%, 7/1/2050 | 74821 | 65531 |
| Pool # QB2879, 2.50%, 8/1/2050 | 2346 | 2037 |
| Pool # QB7670, 2.50%, 1/1/2051 | 4173 | 3619 |
| Pool # QB8840, 2.50%, 2/1/2051 | 6676 | 5789 |
| Pool # SD4044, 2.50%, 2/1/2051 | 32190 | 28461 |
| Pool # QC2061, 2.00%, 5/1/2051 | 14250 | 11950 |
| Pool # SD8152, 3.00%, 6/1/2051 | 10498 | 9548 |
| Pool # RA6135, 2.50%, 10/1/2051 | 15007 | 13237 |
| Pool # SD1964, 2.50%, 10/1/2051 | 53169 | 46895 |
| Pool # RA6128, 3.00%, 10/1/2051 | 28009 | 25431 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 21

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # RA6228, 2.50%, 11/1/2051 | 15910 | 13956 |
| Pool # RA6222, 3.00%, 11/1/2051 | 14807 | 13438 |
| Pool # RA6459, 2.50%, 12/1/2051 | 25793 | 22369 |
| Pool # RA6652, 2.50%, 1/1/2052 | 28384 | 24756 |
| Pool # RA6606, 3.00%, 1/1/2052 | 19214 | 17579 |
| Pool # SD0809, 3.00%, 1/1/2052 | 5647 | 5124 |
| Pool # SD1076, 3.00%, 1/1/2052 | 10065 | 9212 |
| Pool # SD5768, 3.00%, 1/1/2052 | 12041 | 10998 |
| Pool # RA6815, 2.50%, 2/1/2052 | 5954 | 5229 |
| Pool # RA6702, 3.00%, 2/1/2052 | 39051 | 35342 |
| Pool # SD3952, 2.50%, 3/1/2052 | 38844 | 34259 |
| Pool # SD7554, 2.50%, 4/1/2052 | 54754 | 48434 |
| Pool # SD8212, 2.50%, 5/1/2052 | 64678 | 56371 |
| Pool # SD3362, 3.00%, 5/1/2052 | 21856 | 19967 |
| Pool # SD6410, 3.00%, 5/1/2052 | 10180 | 9243 |
| Pool # SD8213, 3.00%, 5/1/2052 | 98745 | 89496 |
| Pool # SL1024, 3.00%, 5/1/2052 | 28407 | 26023 |
| Pool # SD6159, 3.00%, 6/1/2052 | 90880 | 82725 |
| Pool # SL0293, 3.00%, 6/1/2052 | 1977 | 1805 |
| Pool # RA7468, 4.00%, 6/1/2052 | 25952 | 25477 |
| Pool # SD1365, 4.00%, 7/1/2052 | 47920 | 46752 |
| Pool # RA7683, 5.00%, 7/1/2052 | 20682 | 20942 |
| Pool # RA7843, 4.00%, 8/1/2052 | 34246 | 33404 |
| Pool # SD1713, 5.00%, 10/1/2052 | 30616 | 31180 |
| Pool # SD2394, 4.50%, 11/1/2052 | 11977 | 11983 |
| Pool # SD2355, 4.50%, 12/1/2052 | 9661 | 9665 |
| Pool # RA8766, 5.00%, 3/1/2053 | 20034 | 20290 |
| Pool # SD3567, 4.50%, 5/1/2053 | 15694 | 15702 |
| Pool # RA9259, 5.00%, 6/1/2053 | 21419 | 21687 |
| Pool # RJ2912, 5.50%, 11/1/2054 | 15315 | 15729 |
| Pool # RJ2914, 5.50%, 11/1/2054 | 57005 | 58271 |
| FNMA  |  |  |
| Pool # 54844, ARM, 4.24%, 9/1/2027 (g) | 2 | 2 |
| Pool # 303532, ARM, 4.40%, 3/1/2029 (g) | 1 | 1 |
| Pool # 555732, ARM, 6.37%, 8/1/2033 (g) | 77 | 79 |
| Pool # 658481, ARM, 5.53%, 9/1/2033 (g) | 108 | 109 |
| Pool # 746299, ARM, 6.64%, 9/1/2033 (g) | 23 | 24 |
| Pool # 743546, ARM, 5.92%, 11/1/2033 (g) | 83 | 84 |
| Pool # 766610, ARM, 5.91%, 1/1/2034 (g) | 11 | 11 |
| Pool # 777132, ARM, 6.29%, 6/1/2034 (g) | 90 | 93 |
| Pool # 782306, ARM, 5.67%, 7/1/2034 (g) | 2 | 2 |
| Pool # 800422, ARM, 5.31%, 8/1/2034 (g) | 87 | 88 |
| Pool # 790235, ARM, 6.23%, 8/1/2034 (g) | 40 | 41 |
| Pool # 790964, ARM, 6.40%, 9/1/2034 (g) | 5 | 5 |
| Pool # 794792, ARM, 6.21%, 10/1/2034 (g) | 25 | 25 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # 896463, ARM, 6.45%, 10/1/2034 (g) | 54 | 56 |
| Pool # 781563, ARM, 5.87%, 11/1/2034 (g) | 9 | 9 |
| Pool # 810896, ARM, 5.87%, 1/1/2035 (g) | 297 | 309 |
| Pool # 809319, ARM, 5.92%, 1/1/2035 (g) | 8 | 8 |
| Pool # 816594, ARM, 5.62%, 2/1/2035 (g) | 10 | 10 |
| Pool # 820602, ARM, 6.60%, 3/1/2035 (g) | 44 | 45 |
| Pool # 745862, ARM, 6.29%, 4/1/2035 (g) | 68 | 70 |
| Pool # 821378, ARM, 6.04%, 5/1/2035 (g) | 33 | 33 |
| Pool # 823660, ARM, 6.59%, 5/1/2035 (g) | 21 | 22 |
| Pool # 832801, ARM, 6.46%, 9/1/2035 (g) | 6 | 6 |
| Pool # 851432, ARM, 6.58%, 10/1/2035 (g) | 151 | 157 |
| Pool # 849251, ARM, 5.92%, 1/1/2036 (g) | 219 | 224 |
| Pool # 745445, ARM, 6.06%, 1/1/2036 (g) | 62 | 63 |
| Pool # 920340, ARM, 6.87%, 2/1/2036 (g) | 25 | 25 |
| Pool # 920843, ARM, 6.70%, 3/1/2036 (g) | 533 | 553 |
| Pool # 868952, ARM, 6.81%, 5/1/2036 (g) | 9 | 9 |
| Pool # 872825, ARM, 6.42%, 6/1/2036 (g) | 86 | 89 |
| Pool # 884066, ARM, 6.61%, 6/1/2036 (g) | 35 | 36 |
| Pool # 892868, ARM, 6.52%, 7/1/2036 (g) | 72 | 74 |
| Pool # 884722, ARM, 6.12%, 8/1/2036 (g) | 17 | 17 |
| Pool # 886558, ARM, 6.34%, 8/1/2036 (g) | 172 | 177 |
| Pool # 920547, ARM, 6.23%, 9/1/2036 (g) | 99 | 102 |
| Pool # 893580, ARM, 6.32%, 9/1/2036 (g) | 39 | 40 |
| Pool # 886772, ARM, 6.48%, 9/1/2036 (g) | 137 | 141 |
| Pool # 894452, ARM, 6.57%, 9/1/2036 (g) | 90 | 93 |
| Pool # 894239, ARM, 6.06%, 10/1/2036 (g) | 36 | 37 |
| Pool # 900197, ARM, 6.78%, 10/1/2036 (g) | 207 | 217 |
| Pool # 900191, ARM, 6.82%, 10/1/2036 (g) | 45 | 47 |
| Pool # 902818, ARM, 6.32%, 11/1/2036 (g) | 1 | 1 |
| Pool # 902955, ARM, 6.01%, 12/1/2036 (g) | 88 | 90 |
| Pool # 920954, ARM, 5.66%, 1/1/2037 (g) | 113 | 116 |
| Pool # 888184, ARM, 6.00%, 1/1/2037 (g) | 62 | 64 |
| Pool # 913984, ARM, 5.56%, 2/1/2037 (g) | 94 | 96 |
| Pool # 915645, ARM, 6.09%, 2/1/2037 (g) | 55 | 56 |
| Pool # 888307, ARM, 6.58%, 4/1/2037 (g) | 49 | 51 |
| Pool # 948208, ARM, 5.59%, 7/1/2037 (g) | 63 | 64 |
| Pool # 995919, ARM, 6.55%, 7/1/2037 (g) | 141 | 146 |
| Pool # 938346, ARM, 6.56%, 7/1/2037 (g) | 61 | 63 |
| Pool # 945032, ARM, 7.08%, 8/1/2037 (g) | 245 | 254 |
| Pool # 952835, ARM, 6.41%, 9/1/2037 (g) | 43 | 45 |
| Pool # 946362, ARM, 6.51%, 9/1/2037 (g) | 18 | 19 |
| Pool # 946260, ARM, 6.66%, 9/1/2037 (g) | 30 | 31 |
| Pool # AD0085, ARM, 5.74%, 11/1/2037 (g) | 132 | 134 |
| Pool # 995108, ARM, 6.25%, 11/1/2037 (g) | 49 | 50 |
| Pool # AD0179, ARM, 5.78%, 12/1/2037 (g) | 59 | 61 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| FNMA UMBS, 15 Year Pool # FM3386, 3.50%, <br> 7/1/2034<br>| 372 | 370 |
| FNMA UMBS, 20 Year  |  |  |
| Pool # 256311, 6.00%, 7/1/2026 | 3 | 3 |
| Pool # 256352, 6.50%, 8/1/2026 | 6 | 6 |
| Pool # 256803, 6.00%, 7/1/2027 | 18 | 19 |
| Pool # 256962, 6.00%, 11/1/2027 | 13 | 13 |
| Pool # 257007, 6.00%, 12/1/2027 | 35 | 36 |
| Pool # 257048, 6.00%, 1/1/2028 | 58 | 60 |
| Pool # 890222, 6.00%, 10/1/2028 | 39 | 40 |
| Pool # AE0049, 6.00%, 9/1/2029 | 25 | 25 |
| Pool # AO7761, 3.50%, 7/1/2032 | 258 | 255 |
| Pool # MA1138, 3.50%, 8/1/2032 | 1539 | 1528 |
| Pool # AL6238, 4.00%, 1/1/2035 | 4651 | 4622 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # 689977, 8.00%, 3/1/2027 | 2 | 2 |
| Pool # 695533, 8.00%, 6/1/2027 | 4 | 4 |
| Pool # 313687, 7.00%, 9/1/2027 |  |  |
| Pool # 755973, 8.00%, 11/1/2028 | 23 | 24 |
| Pool # 455759, 6.00%, 12/1/2028 | 3 | 3 |
| Pool # 252211, 6.00%, 1/1/2029 | 3 | 3 |
| Pool # 889020, 6.50%, 11/1/2029 | 440 | 456 |
| Pool # 598559, 6.50%, 8/1/2031 | 31 | 32 |
| Pool # 679886, 6.50%, 2/1/2032 | 73 | 75 |
| Pool # 682078, 5.50%, 11/1/2032 | 174 | 179 |
| Pool # 675555, 6.00%, 12/1/2032 | 24 | 25 |
| Pool # AL0045, 6.00%, 12/1/2032 | 290 | 301 |
| Pool # 683351, 5.50%, 2/1/2033 | 4 | 4 |
| Pool # 357363, 5.50%, 3/1/2033 | 158 | 162 |
| Pool # 674349, 6.00%, 3/1/2033 | 3 | 3 |
| Pool # 688625, 6.00%, 3/1/2033 | 6 | 6 |
| Pool # 695584, 6.00%, 3/1/2033 | 2 | 2 |
| Pool # 254693, 5.50%, 4/1/2033 | 116 | 119 |
| Pool # 702901, 6.00%, 5/1/2033 | 40 | 41 |
| Pool # 720576, 5.00%, 6/1/2033 | 26 | 27 |
| Pool # 995656, 7.00%, 6/1/2033 | 150 | 157 |
| Pool # 723852, 5.00%, 7/1/2033 | 37 | 38 |
| Pool # 729296, 5.00%, 7/1/2033 | 31 | 31 |
| Pool # 720155, 5.50%, 7/1/2033 | 25 | 25 |
| Pool # 729379, 6.00%, 8/1/2033 | 16 | 16 |
| Pool # AA0917, 5.50%, 9/1/2033 | 432 | 439 |
| Pool # 737825, 6.00%, 9/1/2033 | 29 | 30 |
| Pool # 750977, 4.50%, 11/1/2033 | 27 | 27 |
| Pool # 725027, 5.00%, 11/1/2033 | 92 | 95 |
| Pool # 755109, 5.50%, 11/1/2033 | 7 | 7 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # 753174, 4.00%, 12/1/2033 | 149 | 147 |
| Pool # 725017, 5.50%, 12/1/2033 | 195 | 200 |
| Pool # 759424, 5.50%, 1/1/2034 | 24 | 24 |
| Pool # 751341, 5.50%, 3/1/2034 | 23 | 23 |
| Pool # 770405, 5.00%, 4/1/2034 | 189 | 190 |
| Pool # 776708, 5.00%, 5/1/2034 | 95 | 97 |
| Pool # AC1317, 4.50%, 9/1/2034 | 30 | 30 |
| Pool # 888568, 5.00%, 12/1/2034 | 67 | 68 |
| Pool # 810663, 5.00%, 1/1/2035 | 33 | 33 |
| Pool # 995003, 7.50%, 1/1/2035 | 57 | 60 |
| Pool # 995156, 7.50%, 3/1/2035 | 93 | 97 |
| Pool # 735503, 6.00%, 4/1/2035 | 217 | 227 |
| Pool # 827776, 5.00%, 7/1/2035 | 29 | 29 |
| Pool # 820347, 5.00%, 9/1/2035 | 148 | 153 |
| Pool # 745148, 5.00%, 1/1/2036 | 113 | 116 |
| Pool # 888417, 6.50%, 1/1/2036 | 370 | 383 |
| Pool # 745275, 5.00%, 2/1/2036 | 88 | 91 |
| Pool # 833629, 7.00%, 3/1/2036 | 7 | 7 |
| Pool # 745418, 5.50%, 4/1/2036 | 159 | 166 |
| Pool # 888016, 5.50%, 5/1/2036 | 208 | 217 |
| Pool # 888209, 5.50%, 5/1/2036 | 138 | 144 |
| Pool # 870770, 6.50%, 7/1/2036 | 20 | 21 |
| Pool # 976871, 6.50%, 8/1/2036 | 291 | 301 |
| Pool # AA0922, 6.00%, 9/1/2036 | 763 | 800 |
| Pool # 745948, 6.50%, 10/1/2036 | 94 | 100 |
| Pool # AA1019, 6.00%, 11/1/2036 | 105 | 111 |
| Pool # 888476, 7.50%, 5/1/2037 | 49 | 50 |
| Pool # 928584, 6.50%, 8/1/2037 | 81 | 86 |
| Pool # 945870, 6.50%, 8/1/2037 | 136 | 144 |
| Pool # 986648, 6.00%, 9/1/2037 | 241 | 254 |
| Pool # 928670, 7.00%, 9/1/2037 | 151 | 158 |
| Pool # 888890, 6.50%, 10/1/2037 | 165 | 176 |
| Pool # 888707, 7.50%, 10/1/2037 | 359 | 382 |
| Pool # 888892, 7.50%, 11/1/2037 | 109 | 119 |
| Pool # AL0662, 5.50%, 1/1/2038 | 247 | 254 |
| Pool # 995505, 8.00%, 1/1/2038 | 9 | 10 |
| Pool # 929331, 6.00%, 4/1/2038 | 66 | 69 |
| Pool # 909236, 7.00%, 9/1/2038 | 235 | 250 |
| Pool # 890268, 6.50%, 10/1/2038 | 199 | 212 |
| Pool # 995149, 6.50%, 10/1/2038 | 806 | 858 |
| Pool # 934591, 7.00%, 10/1/2038 | 186 | 198 |
| Pool # AB2869, 6.00%, 11/1/2038 | 201 | 212 |
| Pool # 991908, 7.00%, 11/1/2038 | 191 | 205 |
| Pool # 995504, 7.50%, 11/1/2038 | 112 | 119 |
| Pool # 257510, 7.00%, 12/1/2038 | 577 | 621 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 23

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # AD0753, 7.00%, 1/1/2039 | 658 | 705 |
| Pool # AD0780, 7.50%, 4/1/2039 | 476 | 516 |
| Pool # AC2948, 5.00%, 9/1/2039 | 333 | 342 |
| Pool # AC3740, 5.50%, 9/1/2039 | 141 | 144 |
| Pool # AC7296, 5.50%, 12/1/2039 | 204 | 211 |
| Pool # AD7790, 5.00%, 8/1/2040 | 1805 | 1859 |
| Pool # AD9151, 5.00%, 8/1/2040 | 616 | 636 |
| Pool # AL2059, 4.00%, 6/1/2042 | 4268 | 4255 |
| Pool # AB9017, 3.00%, 4/1/2043 | 6507 | 6131 |
| Pool # AT5891, 3.00%, 6/1/2043 | 7991 | 7527 |
| Pool # AB9860, 3.00%, 7/1/2043 | 5731 | 5392 |
| Pool # AL7527, 4.50%, 9/1/2043 | 2772 | 2808 |
| Pool # AL7496, 3.50%, 5/1/2044 | 11856 | 11520 |
| Pool # AX9319, 3.50%, 12/1/2044 | 4975 | 4799 |
| Pool # AL7380, 3.50%, 2/1/2045 | 6888 | 6682 |
| Pool # AS6479, 3.50%, 1/1/2046 | 17030 | 16562 |
| Pool # BM1213, 4.00%, 4/1/2047 | 6746 | 6693 |
| Pool # BH7650, 4.00%, 9/1/2047 | 2619 | 2605 |
| Pool # BM3500, 4.00%, 9/1/2047 | 20698 | 20769 |
| Pool # BE8344, 4.00%, 11/1/2047 | 855 | 844 |
| Pool # BJ7248, 4.00%, 12/1/2047 | 3017 | 2980 |
| Pool # BE8349, 4.00%, 1/1/2048 | 1513 | 1492 |
| Pool # BJ5756, 4.00%, 1/1/2048 | 3490 | 3423 |
| Pool # BJ7310, 4.00%, 1/1/2048 | 5835 | 5754 |
| Pool # BJ8237, 4.00%, 1/1/2048 | 3244 | 3199 |
| Pool # BJ8264, 4.00%, 1/1/2048 | 2173 | 2143 |
| Pool # BM3375, 4.00%, 1/1/2048 | 4110 | 4059 |
| Pool # BK1007, 4.00%, 2/1/2048 | 1036 | 1022 |
| Pool # BK1134, 4.00%, 2/1/2048 | 3594 | 3544 |
| Pool # BM3665, 4.00%, 3/1/2048 | 25437 | 25122 |
| Pool # BE8366, 4.50%, 7/1/2048 | 2805 | 2824 |
| Pool # BK7982, 5.00%, 7/1/2048 | 2700 | 2796 |
| Pool # BN0271, 4.50%, 9/1/2048 | 865 | 871 |
| Pool # BN1315, 4.50%, 9/1/2048 | 1391 | 1397 |
| Pool # BN4733, 5.50%, 3/1/2049 | 232 | 243 |
| Pool # BK8745, 4.50%, 4/1/2049 | 1792 | 1791 |
| Pool # FM1939, 4.50%, 5/1/2049 | 9242 | 9255 |
| Pool # BK8753, 4.50%, 6/1/2049 | 2522 | 2525 |
| Pool # CA3713, 5.00%, 6/1/2049 | 970 | 992 |
| Pool # BO2305, 4.00%, 7/1/2049 | 3239 | 3190 |
| Pool # BO5607, 3.50%, 9/1/2049 | 1852 | 1764 |
| Pool # BO1405, 4.00%, 9/1/2049 | 4188 | 4117 |
| Pool # BO4392, 3.50%, 1/1/2050 | 3538 | 3379 |
| Pool # BP3048, 3.00%, 3/1/2050 | 3988 | 3646 |
| Pool # BP5299, 3.50%, 3/1/2050 | 4559 | 4498 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # CA5702, 2.50%, 5/1/2050 | 39242 | 34633 |
| Pool # CA5729, 3.00%, 5/1/2050 | 4350 | 3969 |
| Pool # FM3671, 4.50%, 5/1/2050 | 4376 | 4497 |
| Pool # CA6079, 2.50%, 6/1/2050 | 39170 | 34020 |
| Pool # BK2746, 2.50%, 7/1/2050 | 17152 | 14897 |
| Pool # BP6474, 2.50%, 7/1/2050 | 34180 | 29945 |
| Pool # BP9823, 2.50%, 7/1/2050 | 566 | 491 |
| Pool # BP9948, 2.50%, 7/1/2050 | 771 | 670 |
| Pool # CA6361, 2.50%, 7/1/2050 | 40490 | 35841 |
| Pool # CA6708, 2.50%, 8/1/2050 | 25637 | 22738 |
| Pool # FM4051, 2.50%, 8/1/2050 | 16974 | 14930 |
| Pool # CA6989, 2.50%, 9/1/2050 | 55813 | 49374 |
| Pool # FM4532, 3.00%, 9/1/2050 | 10533 | 9618 |
| Pool # BQ1155, 2.50%, 10/1/2050 | 15619 | 13565 |
| Pool # BQ7669, 2.50%, 10/1/2050 | 686 | 596 |
| Pool # FS3599, 2.50%, 1/1/2051 | 75538 | 66352 |
| Pool # BQ4516, 2.00%, 2/1/2051 | 6964 | 5819 |
| Pool # CB0047, 3.00%, 4/1/2051 | 15867 | 14360 |
| Pool # CB0458, 2.50%, 5/1/2051 | 27915 | 24430 |
| Pool # CB0514, 2.50%, 5/1/2051 | 22299 | 19709 |
| Pool # CB0674, 2.50%, 5/1/2051 | 40801 | 35839 |
| Pool # CB0531, 3.00%, 5/1/2051 | 58136 | 53046 |
| Pool # FM8172, 3.00%, 5/1/2051 | 19408 | 17709 |
| Pool # FM7916, 2.50%, 6/1/2051 | 17578 | 15504 |
| Pool # FS5384, 2.50%, 6/1/2051 | 69730 | 61675 |
| Pool # FM9523, 2.50%, 7/1/2051 | 12174 | 10881 |
| Pool # CB1411, 3.00%, 8/1/2051 | 43778 | 39945 |
| Pool # FM8817, 2.50%, 9/1/2051 | 40295 | 35585 |
| Pool # FS4539, 3.00%, 9/1/2051 | 8111 | 7403 |
| Pool # BU0070, 2.50%, 10/1/2051 | 39369 | 34358 |
| Pool # CB1901, 2.50%, 10/1/2051 | 34641 | 30823 |
| Pool # FM9195, 2.50%, 10/1/2051 | 44440 | 39196 |
| Pool # CB1874, 3.00%, 10/1/2051 | 3400 | 3089 |
| Pool # CB1878, 3.00%, 10/1/2051 | 7984 | 7327 |
| Pool # MA4466, 2.50%, 11/1/2051 | 77039 | 67265 |
| Pool # CB2066, 3.00%, 11/1/2051 | 6559 | 5955 |
| Pool # FS4645, 4.00%, 11/1/2051 | 13645 | 13331 |
| Pool # CB2297, 2.50%, 12/1/2051 | 14335 | 12581 |
| Pool # FM9882, 2.50%, 12/1/2051 | 8657 | 7580 |
| Pool # FS3611, 2.50%, 12/1/2051 | 5813 | 5140 |
| Pool # FS2559, 3.00%, 12/1/2051 | 25149 | 22947 |
| Pool # MA4494, 3.00%, 12/1/2051 | 5580 | 5083 |
| Pool # FS4108, 4.00%, 12/1/2051 | 4123 | 4032 |
| Pool # BU7561, 2.50%, 1/1/2052 | 17303 | 15252 |
| Pool # CB2637, 2.50%, 1/1/2052 | 54549 | 48146 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # FS0196, 2.50%, 1/1/2052 | 60668 | 52614 |
| Pool # BV0492, 3.00%, 1/1/2052 | 8083 | 7375 |
| Pool # CB2664, 3.00%, 1/1/2052 | 5585 | 5071 |
| Pool # FS5731, 3.00%, 1/1/2052 | 24555 | 22281 |
| Pool # BV3339, 2.50%, 2/1/2052 | 7949 | 6997 |
| Pool # FA2022, 2.50%, 2/1/2052 | 17332 | 15226 |
| Pool # FS4284, 2.50%, 2/1/2052 | 44833 | 39194 |
| Pool # MA4548, 2.50%, 2/1/2052 | 49834 | 43464 |
| Pool # BV4133, 2.50%, 3/1/2052 | 43385 | 37701 |
| Pool # CB3031, 2.50%, 3/1/2052 | 10900 | 9507 |
| Pool # FS0882, 2.50%, 3/1/2052 | 39929 | 35347 |
| Pool # FS4533, 2.50%, 3/1/2052 | 5728 | 5034 |
| Pool # FS5446, 2.50%, 3/1/2052 | 41293 | 36078 |
| Pool # FS0957, 3.00%, 3/1/2052 | 30182 | 27357 |
| Pool # FS2246, 3.00%, 3/1/2052 | 32838 | 30366 |
| Pool # FS4393, 3.00%, 3/1/2052 | 12070 | 10949 |
| Pool # BV5360, 2.50%, 4/1/2052 | 48528 | 42295 |
| Pool # FS7697, 2.50%, 4/1/2052 | 31225 | 27522 |
| Pool # CB3360, 3.00%, 4/1/2052 | 7588 | 6877 |
| Pool # CB3361, 3.00%, 4/1/2052 | 25569 | 23330 |
| Pool # FS6301, 3.00%, 4/1/2052 | 16125 | 14713 |
| Pool # CB3378, 4.00%, 4/1/2052 | 20538 | 20044 |
| Pool # BV7119, 4.50%, 4/1/2052 | 398 | 395 |
| Pool # BV7121, 4.50%, 4/1/2052 | 1105 | 1096 |
| Pool # BV7122, 4.50%, 4/1/2052 | 3251 | 3240 |
| Pool # BV7124, 4.50%, 4/1/2052 | 988 | 980 |
| Pool # FS9052, 3.00%, 5/1/2052 | 19413 | 17579 |
| Pool # BV8375, 4.00%, 5/1/2052 | 15154 | 14773 |
| Pool # FS1669, 4.00%, 5/1/2052 | 22885 | 22650 |
| Pool # BV7111, 4.50%, 5/1/2052 | 1347 | 1337 |
| Pool # BV7133, 4.50%, 5/1/2052 | 822 | 816 |
| Pool # FS2773, 2.50%, 6/1/2052 | 9634 | 8531 |
| Pool # FS2645, 3.00%, 6/1/2052 | 16076 | 14597 |
| Pool # FS8849, 3.00%, 7/1/2052 | 17810 | 16171 |
| Pool # FA1355, 4.00%, 7/1/2052 | 34066 | 33240 |
| Pool # FA1708, 3.00%, 8/1/2052 | 47064 | 43090 |
| Pool # FS8358, 3.50%, 8/1/2052 | 18888 | 17851 |
| Pool # FS4076, 4.00%, 8/1/2052 | 15041 | 14720 |
| Pool # CB4587, 4.50%, 9/1/2052 | 15345 | 15242 |
| Pool # CB4628, 5.00%, 9/1/2052 | 71484 | 72381 |
| Pool # FS2982, 5.00%, 9/1/2052 | 22826 | 23084 |
| Pool # CB4642, 6.00%, 9/1/2052 | 11851 | 12262 |
| Pool # FS3977, 4.50%, 11/1/2052 | 2503 | 2505 |
| Pool # BV0962, 5.00%, 11/1/2052 | 10522 | 10601 |
| Pool # BW1328, 5.00%, 11/1/2052 | 39620 | 40000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # CB5267, 4.50%, 12/1/2052 | 17528 | 17442 |
| Pool # CB5412, 4.00%, 1/1/2053 | 6042 | 5889 |
| Pool # CB5666, 4.00%, 2/1/2053 | 37737 | 36816 |
| Pool # CB5896, 5.00%, 3/1/2053 | 20868 | 21052 |
| Pool # CB5898, 5.00%, 3/1/2053 | 15977 | 16175 |
| Pool # CB6313, 5.00%, 5/1/2053 | 13860 | 13995 |
| Pool # BX4395, 5.50%, 5/1/2053 | 7854 | 8073 |
| Pool # BY4714, 5.00%, 6/1/2053 | 127140 | 128151 |
| Pool # BY4776, 5.00%, 7/1/2053 | 85876 | 86344 |
| Pool # BY4770, 5.50%, 7/1/2053 | 16299 | 16753 |
| Pool # BY4775, 5.50%, 7/1/2053 | 11529 | 11732 |
| Pool # BY7101, 5.50%, 8/1/2053 | 6147 | 6318 |
| Pool # BY7130, 6.00%, 9/1/2053 | 8719 | 9067 |
| Pool # DB1954, 5.00%, 11/1/2054 | 84585 | 85039 |
| Pool # DB4827, 5.00%, 11/1/2054 | 39175 | 39385 |
| Pool # CC0876, 6.00%, 8/1/2055 | 19417 | 20139 |
| FNMA, 30 Year  |  |  |
| Pool # 252409, 6.50%, 3/1/2029 | 15 | 16 |
| Pool # 653815, 7.00%, 2/1/2033 | 4 | 4 |
| Pool # 752786, 6.00%, 9/1/2033 | 44 | 45 |
| Pool # CA3029, 4.00%, 1/1/2049 | 3758 | 3622 |
| Pool # CA5105, 3.50%, 2/1/2050 | 5837 | 5449 |
| FNMA, Other  |  |  |
| Pool # AN1497, 2.61%, 6/1/2026 | 11034 | 10973 |
| Pool # AN1243, 2.64%, 6/1/2026 | 7998 | 7950 |
| Pool # AN1247, 2.64%, 6/1/2026 | 9848 | 9790 |
| Pool # 468645, 4.54%, 7/1/2026 | 1876 | 1877 |
| Pool # AN2367, 2.46%, 8/1/2026 | 5550 | 5505 |
| Pool # 468927, 4.77%, 8/1/2026 | 4529 | 4538 |
| Pool # AM6448, 3.25%, 9/1/2026 | 8569 | 8523 |
| Pool # AM7117, 3.14%, 12/1/2026 | 16595 | 16489 |
| Pool # AM7262, 3.19%, 12/1/2026 | 14696 | 14602 |
| Pool # AM7011, 3.22%, 12/1/2026 | 2481 | 2467 |
| Pool # FN0029, 4.47%, 12/1/2026 (g) | 4187 | 4191 |
| Pool # AM8008, 2.94%, 2/1/2027 | 10353 | 10260 |
| Pool # AM8803, 2.78%, 6/1/2027 | 3537 | 3494 |
| Pool # AM9345, 3.25%, 7/1/2027 | 6676 | 6631 |
| Pool # AN7048, 2.90%, 10/1/2027 | 5878 | 5802 |
| Pool # AM1469, 2.96%, 11/1/2027 | 3204 | 3170 |
| Pool # AN7669, 2.83%, 12/1/2027 | 18330 | 18068 |
| Pool # AN8114, 3.00%, 1/1/2028 | 7068 | 6986 |
| Pool # AN8048, 3.08%, 1/1/2028 | 43719 | 43388 |
| Pool # AN7943, 3.10%, 1/1/2028 | 13627 | 13482 |
| Pool # BS8221, 4.56%, 5/1/2028 | 10254 | 10403 |
| Pool # AN1600, 2.59%, 6/1/2028 | 5635 | 5541 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 25

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # AN9686, 3.52%, 6/1/2028 | 29251 | 29179 |
| Pool # AN9486, 3.57%, 6/1/2028 | 25394 | 25304 |
| Pool # AN2005, 2.73%, 7/1/2028 | 8926 | 8733 |
| Pool # 387806, 3.55%, 8/1/2028 | 14700 | 14667 |
| Pool # BS8383, 4.62%, 11/1/2028 | 7514 | 7678 |
| Pool # BS8384, 4.62%, 11/1/2028 | 5246 | 5361 |
| Pool # BL1040, 3.81%, 12/1/2028 | 42090 | 42209 |
| Pool # BL0907, 3.88%, 12/1/2028 | 11971 | 11985 |
| Pool # BL1435, 3.53%, 1/1/2029 | 22360 | 22277 |
| Pool # BS8376, 4.60%, 5/1/2029 | 9263 | 9502 |
| Pool # BL4317, 2.27%, 9/1/2029 | 4263 | 4073 |
| Pool # BS6615, 3.50%, 9/1/2029 | 14504 | 14408 |
| Pool # BS6621, 3.50%, 9/1/2029 | 32089 | 31834 |
| Pool # AN6846, 2.93%, 10/1/2029 | 12541 | 12214 |
| Pool # BS6739, 3.82%, 10/1/2029 | 45001 | 45095 |
| Pool # BL4592, 2.28%, 11/1/2029 | 27630 | 26335 |
| Pool # BL4333, 2.52%, 11/1/2029 | 38513 | 36958 |
| Pool # AM8123, 2.92%, 2/1/2030 | 7019 | 6816 |
| Pool # AM7785, 3.17%, 2/1/2030 | 5417 | 5291 |
| Pool # AM7516, 3.55%, 2/1/2030 | 13000 | 12883 |
| Pool # BS7388, 4.82%, 3/1/2030 | 10417 | 10768 |
| Pool # AM8692, 3.03%, 4/1/2030 | 25000 | 24346 |
| Pool # AM8544, 3.08%, 4/1/2030 | 13419 | 13087 |
| Pool # AM8889, 2.92%, 5/1/2030 | 11320 | 10960 |
| Pool # AM8151, 2.94%, 5/1/2030 | 11415 | 11060 |
| Pool # AN9154, 3.64%, 5/1/2030 | 3775 | 3766 |
| Pool # BS7669, 4.75%, 5/1/2030 | 8177 | 8447 |
| Pool # AM9020, 2.97%, 6/1/2030 | 6909 | 6702 |
| Pool # BS7678, 4.75%, 6/1/2030 | 8500 | 8785 |
| Pool # BS8846, 4.09%, 7/1/2030 | 34350 | 34749 |
| Pool # BS7681, 4.75%, 7/1/2030 | 4758 | 4919 |
| Pool # BZ1291, 4.82%, 8/1/2030 | 15307 | 15858 |
| Pool # AN9293, 3.71%, 9/1/2030 | 60000 | 59731 |
| Pool # BS8736, 4.37%, 10/1/2030 | 9217 | 9395 |
| Pool # BL9494, 1.46%, 12/1/2030 | 10000 | 8970 |
| Pool # BS8375, 4.66%, 1/1/2031 | 9425 | 9730 |
| Pool # BS7921, 4.77%, 1/1/2031 | 9126 | 9456 |
| Pool # BZ0423, 4.31%, 2/1/2031 | 38469 | 39204 |
| Pool # BZ0424, 4.31%, 2/1/2031 | 19031 | 19395 |
| Pool # BS8377, 4.66%, 2/1/2031 | 1184 | 1223 |
| Pool # BS9557, 5.23%, 2/1/2031 | 7554 | 7989 |
| Pool # AH9683, 5.00%, 4/1/2031 | 157 | 160 |
| Pool # BS2035, 1.84%, 6/1/2031 | 33900 | 30815 |
| Pool # AN1829, 2.90%, 6/1/2031 | 6630 | 6358 |
| Pool # BS2422, 1.67%, 7/1/2031 | 36050 | 32251 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BL3298, 2.86%, 8/1/2031 | 6828 | 6517 |
| Pool # BS9623, 4.91%, 8/1/2031 | 5143 | 5362 |
| Pool # BL4310, 2.35%, 10/1/2031 | 10613 | 9843 |
| Pool # AN2625, 2.50%, 10/1/2031 | 8805 | 8242 |
| Pool # AN2513, 2.63%, 10/1/2031 | 25000 | 23448 |
| Pool # BZ2211, 3.90%, 11/1/2031 | 47210 | 47168 |
| Pool # BS4338, 1.82%, 1/1/2032 | 26665 | 23849 |
| Pool # BS4124, 1.94%, 1/1/2032 | 10952 | 9911 |
| Pool # BS4030, 1.96%, 1/1/2032 | 19594 | 17684 |
| Pool # BS3869, 2.00%, 1/1/2032 | 36000 | 32508 |
| Pool # BS4650, 2.02%, 1/1/2032 | 7530 | 6825 |
| Pool # BS4396, 2.05%, 1/1/2032 | 10000 | 9027 |
| Pool # BS4200, 2.05%, 2/1/2032 | 34650 | 31268 |
| Pool # BM7037, 1.75%, 3/1/2032 (g) | 102599 | 91284 |
| Pool # BL5789, 2.40%, 3/1/2032 | 12063 | 11139 |
| Pool # BS5204, 2.50%, 4/1/2032 | 6186 | 5743 |
| Pool # BS5130, 2.55%, 4/1/2032 | 45507 | 42349 |
| Pool # BS5069, 2.73%, 4/1/2032 | 2469 | 2305 |
| Pool # AN5065, 3.34%, 4/1/2032 | 26680 | 25865 |
| Pool # BS5330, 2.85%, 5/1/2032 | 14317 | 13467 |
| Pool # BS5298, 3.07%, 5/1/2032 | 36743 | 34980 |
| Pool # BS5907, 3.54%, 6/1/2032 | 10756 | 10494 |
| Pool # BS6033, 3.97%, 7/1/2032 | 2081 | 2076 |
| Pool # BS6301, 3.67%, 8/1/2032 | 19145 | 18779 |
| Pool # BS6258, 3.70%, 8/1/2032 | 538 | 527 |
| Pool # BS6409, 3.88%, 8/1/2032 | 2206 | 2183 |
| Pool # BS6288, 3.89%, 8/1/2032 | 10968 | 10903 |
| Pool # BS6597, 3.67%, 9/1/2032 | 13781 | 13446 |
| Pool # BS6305, 3.68%, 9/1/2032 | 54320 | 53454 |
| Pool # BS6316, 3.76%, 9/1/2032 | 20000 | 19849 |
| Pool # BS6339, 3.80%, 9/1/2032 | 65061 | 64366 |
| Pool # BS6381, 3.89%, 9/1/2032 | 22000 | 21810 |
| Pool # BS6159, 3.92%, 9/1/2032 | 6000 | 5988 |
| Pool # BM6466, 1.33%, 10/1/2032 (g) | 105042 | 89672 |
| Pool # BS6845, 4.22%, 10/1/2032 | 43000 | 43519 |
| Pool # BS6915, 4.60%, 10/1/2032 | 36000 | 37032 |
| Pool # BS8968, 4.73%, 10/1/2032 | 15496 | 16056 |
| Pool # BM6492, 1.51%, 11/1/2032 (g) | 44429 | 38337 |
| Pool # BM7110, 3.87%, 11/1/2032 (g) | 27299 | 27106 |
| Pool # BS6840, 4.18%, 11/1/2032 | 8255 | 8335 |
| Pool # BS6841, 4.18%, 11/1/2032 | 11615 | 11721 |
| Pool # BS6995, 4.18%, 11/1/2032 | 19825 | 20041 |
| Pool # BS6868, 4.61%, 11/1/2032 | 7463 | 7743 |
| Pool # BS9560, 5.30%, 11/1/2032 | 4300 | 4597 |
| Pool # AQ7084, 3.50%, 12/1/2032 | 638 | 627 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BS7083, 4.59%, 12/1/2032 | 34142 | 35390 |
| Pool # BS7019, 4.60%, 12/1/2032 | 33325 | 34449 |
| Pool # BS7320, 4.88%, 12/1/2032 | 14287 | 14969 |
| Pool # 650236, 5.00%, 12/1/2032 | 3 | 3 |
| Pool # BS7303, 5.34%, 12/1/2032 | 10639 | 11427 |
| Pool # BM6552, 1.57%, 1/1/2033 (g) | 98301 | 84921 |
| Pool # BS7496, 4.33%, 1/1/2033 | 12042 | 12242 |
| Pool # BS7558, 4.40%, 1/1/2033 | 15134 | 15461 |
| Pool # BS7595, 4.46%, 1/1/2033 | 9381 | 9620 |
| Pool # BS7147, 4.95%, 1/1/2033 | 10740 | 11265 |
| Pool # AR7484, 3.50%, 2/1/2033 | 1173 | 1164 |
| Pool # BS7843, 3.90%, 2/1/2033 | 60000 | 59496 |
| Pool # BS7775, 4.14%, 3/1/2033 | 8725 | 8769 |
| Pool # BS8110, 4.30%, 3/1/2033 | 44672 | 45222 |
| Pool # BS7786, 4.24%, 4/1/2033 | 38094 | 38440 |
| Pool # BS8223, 4.50%, 4/1/2033 | 6368 | 6541 |
| Pool # BS8055, 4.71%, 4/1/2033 | 14699 | 15233 |
| Pool # BS8185, 4.17%, 5/1/2033 | 13528 | 13635 |
| Pool # BS8213, 4.22%, 5/1/2033 | 17895 | 18104 |
| Pool # BS8546, 4.37%, 5/1/2033 | 32295 | 32899 |
| Pool # BS8284, 4.43%, 5/1/2033 | 8651 | 8847 |
| Pool # BS8610, 4.48%, 5/1/2033 | 4615 | 4734 |
| Pool # BS8247, 4.53%, 5/1/2033 | 3900 | 4012 |
| Pool # BS8609, 4.53%, 5/1/2033 | 6149 | 6326 |
| Pool # AT7117, 3.50%, 6/1/2033 | 406 | 401 |
| Pool # BS8756, 4.14%, 6/1/2033 | 18345 | 18429 |
| Pool # BS8644, 4.32%, 6/1/2033 | 22338 | 22700 |
| Pool # BS8661, 4.34%, 6/1/2033 | 4663 | 4758 |
| Pool # BS8665, 4.34%, 6/1/2033 | 5025 | 5110 |
| Pool # BS8571, 4.43%, 6/1/2033 | 6239 | 6390 |
| Pool # AN6000, 3.21%, 7/1/2033 | 9144 | 8703 |
| Pool # AN9695, 3.67%, 7/1/2033 | 32550 | 31784 |
| Pool # AN9496, 3.75%, 7/1/2033 | 24000 | 23637 |
| Pool # AN9950, 3.89%, 7/1/2033 | 8346 | 8194 |
| Pool # BS9089, 4.51%, 7/1/2033 | 31800 | 32725 |
| Pool # BS8883, 4.58%, 7/1/2033 | 35052 | 35940 |
| Pool # BS2642, 1.85%, 8/1/2033 | 9139 | 7939 |
| Pool # BS3169, 1.82%, 9/1/2033 | 6842 | 5883 |
| Pool # BS2496, 1.88%, 9/1/2033 | 7883 | 6795 |
| Pool # BS9470, 4.45%, 10/1/2033 | 17758 | 18233 |
| Pool # BS9471, 4.45%, 10/1/2033 | 16368 | 16806 |
| Pool # BS9185, 4.51%, 10/1/2033 | 26043 | 26678 |
| Pool # BS9182, 4.52%, 10/1/2033 | 29035 | 29946 |
| Pool # BS3315, 1.82%, 11/1/2033 | 10924 | 9310 |
| Pool # BZ0419, 4.25%, 1/1/2034 | 21000 | 21140 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BS4824, 2.50%, 2/1/2034 | 60280 | 53581 |
| Pool # BZ0430, 4.32%, 2/1/2034 | 40000 | 40582 |
| Pool # 810997, 5.50%, 10/1/2034 | 74 | 74 |
| Pool # AM7122, 3.61%, 11/1/2034 | 4669 | 4515 |
| Pool # BL5976, 2.49%, 4/1/2035 | 22962 | 20069 |
| Pool # AM8474, 3.45%, 4/1/2035 | 4225 | 4032 |
| Pool # AM8475, 3.45%, 4/1/2035 | 1714 | 1635 |
| Pool # BL6315, 2.20%, 5/1/2035 | 5081 | 4334 |
| Pool # AM9188, 3.12%, 6/1/2035 | 22760 | 21026 |
| Pool # BL7110, 1.76%, 7/1/2035 | 12366 | 10291 |
| Pool # AM9532, 3.63%, 10/1/2035 | 3220 | 3104 |
| Pool # BS5413, 3.41%, 12/1/2035 | 10250 | 9492 |
| Pool # AN0375, 3.76%, 12/1/2035 | 5083 | 4939 |
| Pool # 256051, 5.50%, 12/1/2035 | 48 | 49 |
| Pool # 256128, 6.00%, 2/1/2036 | 11 | 11 |
| Pool # 880219, 7.00%, 2/1/2036 | 50 | 52 |
| Pool # 920934, 6.50%, 1/1/2037 | 161 | 166 |
| Pool # 888408, 6.00%, 3/1/2037 | 169 | 173 |
| Pool # 888373, 7.00%, 3/1/2037 | 25 | 27 |
| Pool # 888412, 7.00%, 4/1/2037 | 20 | 20 |
| Pool # BS5648, 3.87%, 6/1/2037 | 10561 | 10084 |
| Pool # BS5650, 3.87%, 6/1/2037 | 14180 | 13601 |
| Pool # BS5761, 3.87%, 6/1/2037 | 10964 | 10516 |
| Pool # 995783, 8.00%, 11/1/2037 | 66 | 69 |
| Pool # 257209, 5.50%, 5/1/2038 | 71 | 74 |
| Pool # MA0127, 5.50%, 6/1/2039 | 93 | 95 |
| Pool # AL2606, 4.00%, 3/1/2042 | 177 | 174 |
| Pool # AO7225, 4.00%, 7/1/2042 | 1068 | 1060 |
| Pool # AO9352, 4.00%, 7/1/2042 | 1419 | 1408 |
| Pool # AO9353, 4.00%, 7/1/2042 | 1694 | 1684 |
| Pool # MA1125, 4.00%, 7/1/2042 | 932 | 925 |
| Pool # MA1178, 4.00%, 9/1/2042 | 5303 | 5261 |
| Pool # MA1213, 3.50%, 10/1/2042 | 2420 | 2330 |
| Pool # MA1251, 3.50%, 11/1/2042 | 6142 | 5913 |
| Pool # MA1253, 4.00%, 11/1/2042 | 4371 | 4348 |
| Pool # AR1397, 3.00%, 1/1/2043 | 4838 | 4559 |
| Pool # MA1328, 3.50%, 1/1/2043 | 884 | 851 |
| Pool # AQ9999, 3.00%, 2/1/2043 | 2282 | 2150 |
| Pool # MA1373, 3.50%, 3/1/2043 | 1501 | 1445 |
| Pool # MA1404, 3.50%, 4/1/2043 | 4360 | 4198 |
| Pool # AB9096, 4.00%, 4/1/2043 | 477 | 475 |
| Pool # AB9196, 3.50%, 5/1/2043 | 1170 | 1127 |
| Pool # AT4051, 3.50%, 5/1/2043 | 533 | 513 |
| Pool # MA1437, 3.50%, 5/1/2043 | 4793 | 4615 |
| Pool # AT5914, 3.50%, 6/1/2043 | 3000 | 2888 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 27

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # MA1463, 3.50%, 6/1/2043 | 5973 | 5751 |
| Pool # AB9704, 4.00%, 6/1/2043 | 995 | 972 |
| Pool # MA1711, 4.50%, 12/1/2043 | 6690 | 6768 |
| Pool # AL6167, 3.50%, 1/1/2044 | 3190 | 3072 |
| Pool # MA1759, 4.00%, 1/1/2044 | 2163 | 2152 |
| Pool # MA1760, 4.50%, 1/1/2044 | 1986 | 2010 |
| Pool # AV9286, 4.00%, 2/1/2044 | 1747 | 1738 |
| Pool # MA1800, 4.00%, 2/1/2044 | 1338 | 1331 |
| Pool # MA1828, 4.50%, 3/1/2044 | 5142 | 5202 |
| Pool # MA2429, 4.00%, 10/1/2045 | 1527 | 1511 |
| Pool # MA2565, 4.00%, 3/1/2046 | 2259 | 2236 |
| Pool # BM5835, 3.00%, 9/1/2047 | 7772 | 7048 |
| Pool # AD0523, 6.00%, 11/1/2048 | 164 | 167 |
| Pool # BF0131, 3.50%, 8/1/2056 | 34380 | 32333 |
| Pool # BF0144, 3.50%, 10/1/2056 | 2216 | 2079 |
| Pool # BF0690, 3.00%, 2/1/2057 | 7694 | 7149 |
| Pool # BF0230, 5.50%, 1/1/2058 | 33533 | 35143 |
| Pool # BF0341, 5.50%, 1/1/2059 | 14334 | 14775 |
| Pool # BM7076, 4.00%, 4/1/2059 | 37362 | 36515 |
| Pool # BF0396, 2.50%, 8/1/2059 | 25271 | 21789 |
| Pool # BM6734, 4.00%, 8/1/2059 | 26397 | 25603 |
| Pool # BF0464, 3.50%, 3/1/2060 | 39198 | 36670 |
| Pool # BF0520, 3.00%, 1/1/2061 | 51518 | 45727 |
| Pool # BM7075, 3.00%, 3/1/2061 | 56889 | 50493 |
| Pool # BF0546, 2.50%, 7/1/2061 | 64123 | 54174 |
| Pool # BF0562, 3.50%, 9/1/2061 | 47297 | 43831 |
| Pool # BF0577, 2.50%, 12/1/2061 | 10584 | 9099 |
| Pool # BF0590, 2.50%, 12/1/2061 | 14967 | 12644 |
| Pool # BF0579, 3.00%, 12/1/2061 | 18142 | 16035 |
| Pool # BF0583, 4.00%, 12/1/2061 | 25275 | 24271 |
| Pool # BF0586, 5.00%, 12/1/2061 | 10731 | 10835 |
| Pool # BF0617, 2.50%, 3/1/2062 | 73003 | 61675 |
| Pool # BF0602, 3.00%, 3/1/2062 | 26578 | 23492 |
| Pool # BF0603, 3.50%, 3/1/2062 | 17775 | 16610 |
| Pool # BF0604, 3.50%, 3/1/2062 | 28073 | 26015 |
| Pool # BF0605, 4.00%, 3/1/2062 | 14188 | 13625 |
| Pool # BF0674, 2.50%, 4/1/2062 | 58736 | 49621 |
| Pool # BF0759, 2.50%, 5/1/2062 | 54957 | 46429 |
| Pool # BF0673, 2.50%, 6/1/2062 | 38897 | 32861 |
| Pool # BF0654, 3.00%, 6/1/2062 | 30805 | 27228 |
| Pool # BF0648, 3.50%, 6/1/2062 | 19585 | 18301 |
| Pool # BF0655, 3.50%, 6/1/2062 | 38023 | 35236 |
| Pool # BF0649, 4.00%, 6/1/2062 | 17884 | 17456 |
| Pool # BF0677, 4.00%, 9/1/2062 | 39101 | 37548 |
| Pool # BF0701, 3.50%, 12/1/2062 | 14871 | 13780 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BF0733, 3.00%, 6/1/2063 | 27623 | 24415 |
| Pool # BF0764, 3.50%, 9/1/2063 | 21447 | 19955 |
| Pool # BF0767, 4.00%, 9/1/2063 | 44209 | 42453 |
| FNMA/FHLMC UMBS, Single Family, 30 Year  |  |  |
| TBA, 2.50%, 3/25/2056 (c) | 303435 | 262863 |
| TBA, 4.00%, 3/25/2056 (c) | 162300 | 157725 |
| GNMA I, 30 Year  |  |  |
| Pool # 411829, 7.50%, 7/15/2027 | 2 | 2 |
| Pool # 554108, 6.50%, 3/15/2028 | 11 | 12 |
| Pool # 468236, 6.50%, 9/15/2028 | 14 | 14 |
| Pool # 486537, 7.50%, 9/15/2028 | 3 | 3 |
| Pool # 486631, 6.50%, 10/15/2028 | 1 | 1 |
| Pool # 781328, 7.00%, 9/15/2031 | 133 | 139 |
| Pool # 569568, 6.50%, 1/15/2032 | 129 | 134 |
| Pool # 591882, 6.50%, 7/15/2032 | 11 | 11 |
| Pool # 607645, 6.50%, 2/15/2033 | 40 | 41 |
| Pool # 607724, 7.00%, 2/15/2033 | 28 | 29 |
| Pool # 783123, 5.50%, 4/15/2033 | 837 | 868 |
| Pool # 604209, 6.50%, 4/15/2033 | 33 | 33 |
| Pool # 614546, 5.50%, 6/15/2033 | 8 | 8 |
| Pool # 781614, 7.00%, 6/15/2033 | 47 | 50 |
| Pool # 781689, 5.50%, 12/15/2033 | 29 | 30 |
| Pool # 632415, 5.50%, 7/15/2034 | 17 | 17 |
| Pool # 574710, 5.50%, 9/15/2034 | 12 | 12 |
| Pool # 782615, 7.00%, 6/15/2035 | 284 | 301 |
| Pool # 782025, 6.50%, 12/15/2035 | 118 | 122 |
| Pool # 617486, 7.00%, 4/15/2037 | 43 | 43 |
| Pool # 782212, 7.50%, 10/15/2037 | 89 | 94 |
| Pool # BI6868, 5.00%, 3/15/2049 | 1836 | 1880 |
| Pool # BM1726, 5.00%, 3/15/2049 | 1442 | 1476 |
| Pool # CO1894, 4.50%, 7/15/2052 | 6913 | 7087 |
| Pool # CU0289, 6.50%, 6/15/2053 | 9804 | 10213 |
| GNMA II  |  |  |
| Pool # CE5521, ARM, 5.25%, 8/20/2071 (g) | 11501 | 12030 |
| Pool # CE5523, ARM, 5.32%, 8/20/2071 (g) | 16703 | 17429 |
| Pool # CE9356, ARM, 5.07%, 9/20/2071 (g) | 8091 | 8373 |
| Pool # CE5533, ARM, 5.27%, 9/20/2071 (g) | 37748 | 39472 |
| Pool # CE5537, ARM, 5.28%, 9/20/2071 (g) | 33598 | 35198 |
| Pool # CE5536, ARM, 5.30%, 9/20/2071 (g) | 30782 | 32260 |
| Pool # CE5544, ARM, 5.22%, 10/20/2071 (g) | 36149 | 37817 |
| Pool # CE5550, ARM, 5.25%, 10/20/2071 (g) | 18086 | 18915 |
| Pool # CE5552, ARM, 5.26%, 11/20/2071 (g) | 36291 | 37992 |
| Pool # CK2783, ARM, 5.21%, 2/20/2072 (g) | 87082 | 91172 |
| Pool # CK2789, ARM, 5.22%, 2/20/2072 (g) | 31197 | 32665 |
| Pool # CM0227, ARM, 5.25%, 2/20/2072 (g) | 28965 | 30360 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Income Funds February 28, 2026

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---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CM0228, ARM, 5.46%, 2/20/2072 (g) | 19574 | 20621 |
| Pool # CL8129, ARM, 5.14%, 3/20/2072 (g) | 19209 | 20068 |
| Pool # CK2802, ARM, 5.17%, 3/20/2072 (g) | 27928 | 29224 |
| Pool # CM0234, ARM, 5.18%, 3/20/2072 (g) | 30504 | 31933 |
| Pool # CK2800, ARM, 5.20%, 3/20/2072 (g) | 22910 | 24020 |
| Pool # CM9946, ARM, 5.20%, 3/20/2072 (g) | 17796 | 18639 |
| Pool # CK2791, ARM, 5.22%, 3/20/2072 (g) | 42361 | 44412 |
| Pool # CK2794, ARM, 5.22%, 3/20/2072 (g) | 43971 | 46077 |
| Pool # CK2793, ARM, 5.23%, 3/20/2072 (g) | 40931 | 42870 |
| Pool # CK2803, ARM, 5.17%, 4/20/2072 (g) | 42802 | 44865 |
| Pool # BL8377, ARM, 5.25%, 4/20/2072 (g) | 36935 | 38887 |
| Pool # CN0126, ARM, 5.21%, 5/20/2072 (g) | 34222 | 35876 |
| Pool # CN7634, ARM, 5.29%, 6/20/2072 (g) | 27305 | 28829 |
| Pool # 786250, ARM, 5.39%, 6/20/2072 (g) | 38994 | 41332 |
| Pool # CL8191, ARM, 5.37%, 7/20/2072 (g) | 22790 | 24119 |
| Pool # CO0363, ARM, 5.40%, 7/20/2072 (g) | 28906 | 30690 |
| GNMA II, 30 Year  |  |  |
| Pool # 2234, 8.00%, 6/20/2026 |  |  |
| Pool # 2270, 8.00%, 8/20/2026 |  |  |
| Pool # 2285, 8.00%, 9/20/2026 |  |  |
| Pool # 2324, 8.00%, 11/20/2026 |  |  |
| Pool # 2499, 8.00%, 10/20/2027 | 1 | 2 |
| Pool # 2512, 8.00%, 11/20/2027 | 1 | 1 |
| Pool # 2525, 8.00%, 12/20/2027 | 1 | 1 |
| Pool # 2549, 7.50%, 2/20/2028 | 1 | 1 |
| Pool # 2562, 6.00%, 3/20/2028 | 4 | 4 |
| Pool # 2646, 7.50%, 9/20/2028 | 4 | 4 |
| Pool # 2781, 6.50%, 7/20/2029 | 106 | 110 |
| Pool # 4224, 7.00%, 8/20/2038 | 48 | 51 |
| Pool # 4245, 6.00%, 9/20/2038 | 1215 | 1310 |
| Pool # 783389, 6.00%, 8/20/2039 | 464 | 489 |
| Pool # 783444, 5.50%, 9/20/2039 | 299 | 309 |
| Pool # 783967, 4.25%, 12/20/2044 | 3205 | 3102 |
| Pool # AK8791, 3.75%, 7/20/2045 | 1075 | 1030 |
| Pool # BD0481, 4.00%, 12/20/2047 | 1017 | 984 |
| Pool # BD0484, 4.50%, 12/20/2047 | 4006 | 3968 |
| Pool # BE0207, 4.50%, 2/20/2048 | 3073 | 3056 |
| Pool # BE0208, 4.50%, 2/20/2048 | 4490 | 4469 |
| Pool # BE5169, 4.50%, 2/20/2048 | 4729 | 4711 |
| Pool # BA7567, 4.50%, 5/20/2048 | 1356 | 1338 |
| Pool # BG6360, 5.00%, 5/20/2048 | 5226 | 5391 |
| Pool # BF2574, 5.50%, 5/20/2048 | 123 | 128 |
| Pool # BI0728, 5.00%, 7/20/2048 | 6317 | 6480 |
| Pool # BD0551, 4.50%, 8/20/2048 | 1569 | 1570 |
| Pool # BI5288, 5.00%, 8/20/2048 | 7865 | 8048 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BI5289, 5.00%, 8/20/2048 | 10913 | 11228 |
| Pool # AY2411, 4.25%, 9/20/2048 | 2967 | 2904 |
| Pool # 784598, 5.00%, 9/20/2048 | 8392 | 8630 |
| Pool # 784626, 4.50%, 10/20/2048 | 1147 | 1141 |
| Pool # BK2586, 5.00%, 11/20/2048 | 1217 | 1241 |
| Pool # BJ7082, 5.00%, 12/20/2048 | 485 | 491 |
| Pool # BJ7085, 5.00%, 12/20/2048 | 935 | 963 |
| Pool # BK7169, 5.00%, 12/20/2048 | 4402 | 4482 |
| Pool # BK8878, 4.50%, 2/20/2049 | 2029 | 2001 |
| Pool # BK7189, 5.00%, 2/20/2049 | 4487 | 4586 |
| Pool # BJ9972, 5.50%, 2/20/2049 | 896 | 922 |
| Pool # BK7198, 4.50%, 3/20/2049 | 2098 | 2078 |
| Pool # BK7199, 5.00%, 3/20/2049 | 631 | 646 |
| Pool # BL8042, 5.00%, 3/20/2049 | 4496 | 4605 |
| Pool # BL9333, 5.00%, 3/20/2049 | 2525 | 2612 |
| Pool # BG0079, 5.50%, 3/20/2049 | 788 | 811 |
| Pool # BL6756, 5.50%, 3/20/2049 | 294 | 302 |
| Pool # BJ1322, 5.00%, 4/20/2049 | 3925 | 4092 |
| Pool # BJ9622, 5.00%, 4/20/2049 | 1438 | 1460 |
| Pool # BK7209, 5.00%, 4/20/2049 | 3273 | 3354 |
| Pool # BL6758, 5.50%, 4/20/2049 | 628 | 646 |
| Pool # BM9664, 4.50%, 5/20/2049 | 4850 | 4882 |
| Pool # BM9683, 5.00%, 6/20/2049 | 10507 | 10778 |
| Pool # BO2880, 5.00%, 6/20/2049 | 410 | 415 |
| Pool # BN3950, 5.50%, 6/20/2049 | 1674 | 1722 |
| Pool # BN2629, 4.00%, 7/20/2049 | 8300 | 8195 |
| Pool # BI0926, 5.00%, 7/20/2049 | 766 | 777 |
| Pool # BI0927, 5.00%, 7/20/2049 | 575 | 580 |
| Pool # BM2186, 5.00%, 7/20/2049 | 341 | 346 |
| Pool # BM2187, 5.00%, 7/20/2049 | 295 | 299 |
| Pool # BO2871, 5.00%, 7/20/2049 | 231 | 234 |
| Pool # BO2872, 5.00%, 7/20/2049 | 756 | 773 |
| Pool # BO2878, 5.00%, 7/20/2049 | 594 | 603 |
| Pool # BO2879, 5.00%, 7/20/2049 | 309 | 313 |
| Pool # BO3162, 5.00%, 7/20/2049 | 37924 | 39946 |
| Pool # BO3173, 5.00%, 7/20/2049 | 722 | 733 |
| Pool # BO3174, 5.00%, 7/20/2049 | 343 | 347 |
| Pool # BO8226, 5.00%, 7/20/2049 | 368 | 373 |
| Pool # BO8229, 5.00%, 7/20/2049 | 3787 | 3928 |
| Pool # BO8235, 5.00%, 7/20/2049 | 615 | 623 |
| Pool # BO8236, 5.00%, 7/20/2049 | 408 | 412 |
| Pool # BP4243, 5.00%, 8/20/2049 | 9334 | 9604 |
| Pool # BN2649, 3.50%, 9/20/2049 | 2102 | 1990 |
| Pool # BM9713, 4.50%, 9/20/2049 | 1607 | 1596 |
| Pool # BP4337, 4.50%, 9/20/2049 | 12499 | 12689 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 29

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BQ3224, 4.50%, 9/20/2049 | 11646 | 11597 |
| Pool # 784810, 5.00%, 9/20/2049 | 10202 | 10271 |
| Pool # BM9734, 4.00%, 10/20/2049 | 2513 | 2441 |
| Pool # 784847, 4.50%, 11/20/2049 | 16879 | 16694 |
| Pool # BQ8694, 4.50%, 11/20/2049 | 529 | 532 |
| Pool # BQ8696, 4.50%, 11/20/2049 | 615 | 622 |
| Pool # BR2686, 4.50%, 11/20/2049 | 1743 | 1739 |
| Pool # BR2687, 4.50%, 11/20/2049 | 3804 | 3822 |
| Pool # BR2688, 4.50%, 11/20/2049 | 2087 | 2087 |
| Pool # BR2689, 4.50%, 11/20/2049 | 2651 | 2685 |
| Pool # BR2739, 4.50%, 11/20/2049 | 1318 | 1343 |
| Pool # BR2756, 4.50%, 11/20/2049 | 1686 | 1705 |
| Pool # BR2757, 4.50%, 11/20/2049 | 1881 | 1894 |
| Pool # BR3820, 4.50%, 11/20/2049 | 212 | 211 |
| Pool # BR3821, 4.50%, 11/20/2049 | 597 | 593 |
| Pool # BS0953, 4.50%, 11/20/2049 | 1647 | 1678 |
| Pool # BQ4131, 3.50%, 12/20/2049 | 9823 | 9371 |
| Pool # BI0940, 4.50%, 12/20/2049 | 590 | 590 |
| Pool # BQ3796, 4.50%, 12/20/2049 | 1665 | 1681 |
| Pool # BR2730, 4.50%, 12/20/2049 | 732 | 731 |
| Pool # BR2731, 4.50%, 12/20/2049 | 665 | 667 |
| Pool # BR2732, 4.50%, 12/20/2049 | 979 | 1003 |
| Pool # BR2755, 4.50%, 12/20/2049 | 916 | 914 |
| Pool # BR3822, 4.50%, 12/20/2049 | 827 | 822 |
| Pool # BR3823, 4.50%, 12/20/2049 | 1132 | 1137 |
| Pool # BR3824, 4.50%, 12/20/2049 | 663 | 673 |
| Pool # BS0951, 4.50%, 12/20/2049 | 1647 | 1651 |
| Pool # BS0952, 4.50%, 12/20/2049 | 1260 | 1274 |
| Pool # BQ4132, 3.50%, 1/20/2050 | 4694 | 4443 |
| Pool # BQ4133, 3.50%, 1/20/2050 | 3802 | 3617 |
| Pool # BR1548, 3.50%, 1/20/2050 | 3693 | 3608 |
| Pool # BS8380, 4.50%, 2/20/2050 | 2419 | 2494 |
| Pool # BP8085, 3.00%, 3/20/2050 | 3659 | 3358 |
| Pool # BR3892, 4.00%, 3/20/2050 | 8283 | 7974 |
| Pool # BT8094, 4.00%, 4/20/2050 | 668 | 647 |
| Pool # BT8095, 4.00%, 4/20/2050 | 4574 | 4426 |
| Pool # BT8096, 4.00%, 4/20/2050 | 6630 | 6412 |
| Pool # BT8097, 4.00%, 4/20/2050 | 6243 | 6091 |
| Pool # BT8098, 4.00%, 4/20/2050 | 8153 | 7985 |
| Pool # BT8099, 4.00%, 4/20/2050 | 5751 | 5644 |
| Pool # BW7042, 3.50%, 9/20/2050 | 16732 | 15715 |
| Pool # 785294, 3.50%, 1/20/2051 | 44869 | 41589 |
| Pool # MA7534, 2.50%, 8/20/2051 | 199359 | 176041 |
| Pool # MA7649, 2.50%, 10/20/2051 | 29306 | 25878 |
| Pool # CH9031, 3.50%, 10/20/2051 | 18781 | 17639 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # MA7706, 3.00%, 11/20/2051 | 35654 | 32723 |
| Pool # 787205, 3.50%, 11/20/2051 | 69882 | 65994 |
| Pool # CI9257, 3.50%, 11/20/2051 | 22429 | 21066 |
| Pool # CK1527, 3.50%, 12/20/2051 | 6892 | 6507 |
| Pool # CK1600, 4.00%, 1/20/2052 | 13858 | 13395 |
| Pool # CK7137, 4.00%, 1/20/2052 | 23688 | 22515 |
| Pool # 786362, 3.00%, 2/20/2052 | 33127 | 29972 |
| Pool # CL2553, 4.00%, 2/20/2052 | 17169 | 16319 |
| Pool # MA7936, 2.50%, 3/20/2052 | 50145 | 44279 |
| Pool # CM2213, 3.00%, 3/20/2052 | 7011 | 6434 |
| Pool # 787457, 4.00%, 3/20/2052 | 21426 | 21034 |
| Pool # CL2574, 4.00%, 3/20/2052 | 10230 | 9724 |
| Pool # CL2575, 4.00%, 3/20/2052 | 5324 | 5125 |
| Pool # 787010, 3.50%, 4/20/2052 | 27859 | 26366 |
| Pool # CM1194, 4.00%, 4/20/2052 | 12416 | 11802 |
| Pool # MA8148, 3.00%, 7/20/2052 | 171304 | 157407 |
| Pool # MA8200, 4.00%, 8/20/2052 | 125314 | 121606 |
| Pool # MA8423, 2.50%, 11/20/2052 | 34474 | 30483 |
| Pool # CO8957, 5.00%, 12/20/2052 | 15063 | 15017 |
| Pool # MA8565, 3.00%, 1/20/2053 | 29654 | 27262 |
| Pool # MA8721, 3.00%, 3/20/2053 | 103199 | 95020 |
| Pool # MA8796, 3.00%, 4/20/2053 | 41162 | 38070 |
| Pool # 786842, 4.00%, 4/20/2053 | 76577 | 72919 |
| Pool # CS4305, 5.50%, 6/20/2053 | 29089 | 29700 |
| Pool # CS4391, 5.50%, 7/20/2053 | 34985 | 35721 |
| Pool # MA9166, 3.00%, 9/20/2053 | 16838 | 15469 |
| Pool # MA9600, 3.00%, 4/20/2054 | 14680 | 13490 |
| Pool # DL3307, 6.50%, 8/20/2055 | 28168 | 29586 |
| GNMA II, Other  |  |  |
| Pool # AD0858, 3.75%, 9/20/2038 | 395 | 384 |
| Pool # 4285, 6.00%, 11/20/2038 | 10 | 10 |
| Pool # AD0862, 3.75%, 1/20/2039 | 812 | 780 |
| Pool # 787496, 6.00%, 7/20/2064 | 35339 | 36189 |
| Pool # 784879, 4.09%, 11/20/2069 (g) | 12018 | 11695 |
| Pool # 785137, 3.08%, 8/20/2070 (g) | 15742 | 14477 |
| Pool # 785183, 2.94%, 10/20/2070 (g) | 31977 | 29449 |
| Pool # 785863, 3.10%, 12/20/2071 (g) | 11988 | 11035 |
| Pool # 786556, 4.65%, 1/20/2073 (g) | 39116 | 38928 |
| Total Mortgage-Backed Securities <br>(Cost $11,257,712)<br>|  | 11261632 |
| **Asset-Backed Securities — 10.3%** | **Asset-Backed Securities — 10.3%** | **Asset-Backed Securities — 10.3%** |
| Academic Loan Funding Trust Series 2013-1A, <br> Class A, 4.58%, 12/26/2044 (b) (g)<br>| 891 | 877 |
| Accelerated Assets LLC Series 2018-1, Class A, <br> 3.87%, 12/2/2033 (b)<br>| 1291 | 1281 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| ACHD Trust Series 2025-DS1, Class A, 5.98%, <br> 1/9/2034 (b)<br>| 6736 | 6749 |
| Air Canada Pass-Through Trust (Canada) |  |  |
| Series 2015-1, Class A, 3.60%, 3/15/2027 (b) | 2893 | 2865 |
| Series 2017-1, Class AA, 3.30%, <br> 1/15/2030 (b)<br>| 5299 | 5132 |
| Series 2017-1, Class A, 3.55%, 1/15/2030 (b) | 5107 | 4914 |
| Alternative LN Issuer LLC |  |  |
| 5.60%, 11/15/2035 ‡ | 24951 | 25138 |
| 6.33%, 11/15/2035 ‡ | 5533 | 5588 |
| 6.82%, 11/15/2035 ‡ | 11451 | 11565 |
| American Airlines Pass-Through Trust |  |  |
| Series 2014-1, Class A, 3.70%, 10/1/2026 | 5682 | 5664 |
| Series 2015-2, Class A, 4.00%, 9/22/2027 | 14606 | 14381 |
| Series 2016-2, Class A, 3.65%, 6/15/2028 | 4092 | 3986 |
| Series 2016-3, Class AA, 3.00%, 10/15/2028 | 6711 | 6548 |
| Series 2017-2, Class A, 3.60%, 10/15/2029 | 6636 | 6344 |
| Series 2021-1, Class B, 3.95%, 7/11/2030 | 8275 | 8040 |
| American Credit Acceptance Receivables Trust <br> Series 2023-4, Class C, 6.99%, 9/12/2030 (b)<br>| 6248 | 6294 |
| AMSR Trust |  |  |
| Series 2022-SFR1, Class E1, 4.39%, <br> 3/17/2039 (b)<br>| 28018 | 27716 |
| Series 2022-SFR3, Class D, 4.00%, <br> 10/17/2039 (b)<br>| 22000 | 21688 |
| Series 2023-SFR1, Class D, 4.00%, <br> 4/17/2040 (b)<br>| 22082 | 21637 |
| Series 2023-SFR2, Class D, 3.95%, <br> 6/17/2040 (b)<br>| 12065 | 11830 |
| Series 2023-SFR2, Class E1, 3.95%, <br> 6/17/2040 (b)<br>| 11900 | 11534 |
| Series 2024-SFR2, Class C, 4.15%, <br> 11/17/2041 (b)<br>| 11723 | 11486 |
| Aqua Finance Trust |  |  |
| Series 2019-A, Class A, 3.14%, 7/16/2040 (b) | 1595 | 1564 |
| Series 2020-AA, Class B, 2.79%, <br> 7/17/2046 (b)<br>| 1799 | 1736 |
| Avis Budget Rental Car Funding AESOP LLC Series <br> 2024-1A, Class A, 5.36%, 6/20/2030 (b)<br>| 22973 | 23876 |
| Bastion Funding I LLC |  |  |
| Series 2023-1A, Class A2, 7.12%, <br> 4/25/2038 ‡ (b)<br>| 48348 | 48787 |
| 7.80%, 10/25/2038 ‡ | 12886 | 13019 |
| BG Beta Ltd. (Cayman Islands) 6.28%, <br> 7/16/2054 ‡<br>| 60140 | 61927 |
| Bridge Trust Series 2024-SFR1, Class A, 4.00%, <br> 8/17/2040 (b)<br>| 52289 | 51230 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2023-1, Class C, 7.10%, 8/15/2029 | 19650 | 19923 |
| Series 2024-4, Class D, 5.23%, 8/15/2030 | 23845 | 24200 |
| Series 2025-2, Class D, 5.62%, 3/17/2031 | 10805 | 11068 |
| Series 2025-4, Class C, 4.80%, 8/15/2031 | 16570 | 16779 |
| British Airways Pass-Through Trust (United <br> Kingdom)<br>|  |  |
| Series 2018-1, Class AA, 3.80%, <br> 9/20/2031 (b)<br>| 4196 | 4139 |
| Series 2018-1, Class A, 4.13%, 9/20/2031 (b) | 6772 | 6622 |
| Series 2019-1, Class AA, 3.30%, <br> 12/15/2032 (b)<br>| 6843 | 6535 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class A, 4.46%, 6/15/2037 ‡ <br> (b)<br>| 34201 | 34109 |
| Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ <br> (b)<br>| 27924 | 28331 |
| BXG Receivables Note Trust |  |  |
| Series 2023-A, Class A, 5.77%, <br> 11/15/2038 (b)<br>| 1688 | 1723 |
| Series 2023-A, Class B, 6.31%, <br> 11/15/2038 (b)<br>| 11599 | 11856 |
| Cars Net Lease Mortgage Notes Series 2020-1A, <br> Class A3, 3.10%, 12/15/2050 (b)<br>| 14963 | 14492 |
| CARS-DB4 LP |  |  |
| Series 2020-1A, Class A5, 3.48%, <br> 2/15/2050 (b)<br>| 5615 | 5525 |
| Series 2020-1A, Class A6, 3.81%, <br> 2/15/2050 (b)<br>| 5859 | 5601 |
| Carvana Auto Receivables Trust |  |  |
| Series 2022-P1, Class A4, 3.52%, 2/10/2028 | 5089 | 5082 |
| Series 2023-P4, Class A4, 6.16%, <br> 9/10/2029 (b)<br>| 16476 | 17028 |
| Series 2023-N4, Class B, 6.46%, <br> 2/11/2030 (b)<br>| 16330 | 16477 |
| Cascade MH Asset Trust Series 2022-MH1, Class A, <br> 4.25%, 8/25/2054 (b) (f)<br>| 31755 | 31227 |
| CFIN Issuer LLC Series 2022-RTL1, Class AA, <br> 4.75%, 2/16/2026 ‡ (b) (f)<br>| 7718 | 7682 |
| Chase Funding Trust |  |  |
| Series 2003-4, Class 1A5, 4.95%, <br> 5/25/2033 (f)<br>| 375 | 374 |
| Series 2003-6, Class 1A5, 4.85%, <br> 11/25/2034 (f)<br>| 469 | 469 |
| Series 2003-6, Class 1A7, 4.85%, <br> 11/25/2034 (f)<br>| 799 | 800 |
| Citibank Credit Card Issuance Trust Series <br> 2007-A3, Class A3, 6.15%, 6/15/2039<br>| 950 | 1081 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 31

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Continental Finance Credit Card ABS Master Trust |  |  |
| Series 2022-A, Class A, 6.19%, <br> 10/15/2030 (b)<br>| 19781 | 19830 |
| Series 2024-A, Class A, 5.78%, <br> 12/15/2032 (b)<br>| 41825 | 42200 |
| Series 2024-A, Class B, 6.22%, <br> 12/15/2032 (b)<br>| 6990 | 7053 |
| COOF Securitization Trust Ltd. Series 2014-1, <br> Class A, 3.18%, 6/25/2040 (b) (g)<br>| 1129 | 73 |
| CoreVest American Finance Trust |  |  |
| Series 2019-2, Class B, 3.42%, 6/15/2052 (b) | 3039 | 2974 |
| Series 2019-2, Class C, 3.68%, 6/15/2052 (b) | 5526 | 5396 |
| Series 2019-3, Class A, 2.71%, <br> 10/15/2052 (b)<br>| 1703 | 1700 |
| CPS Auto Receivables Trust Series 2022-D, Class C, <br> 7.69%, 1/16/2029 (b)<br>| 4765 | 4801 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2022-3A, Class D, 9.00%, <br> 4/18/2033 (b)<br>| 50000 | 50452 |
| Series 2023-2A, Class A, 5.92%, <br> 5/16/2033 (b)<br>| 3779 | 3782 |
| Series 2023-1A, Class B, 7.02%, <br> 5/16/2033 (b)<br>| 4118 | 4138 |
| Series 2023-2A, Class B, 6.61%, <br> 7/15/2033 (b)<br>| 33379 | 33557 |
| Series 2023-3A, Class A, 6.39%, <br> 8/15/2033 (b)<br>| 11799 | 11843 |
| Series 2023-3A, Class B, 7.09%, <br> 10/17/2033 (b)<br>| 43500 | 44102 |
| Series 2023-5A, Class A, 6.13%, <br> 12/15/2033 (b)<br>| 6402 | 6439 |
| 6.95%, 2/15/2034 ‡ | 65094 | 65817 |
| Series 2024-1A, Class A, 5.68%, <br> 3/15/2034 (b)<br>| 35480 | 35713 |
| Series 2024-1A, Class B, 6.03%, <br> 5/15/2034 (b)<br>| 12000 | 12181 |
| 8.30%, 6/15/2034 | 27013 | 27937 |
| Series 2024-2A, Class B, 6.11%, <br> 8/15/2034 (b)<br>| 40000 | 41086 |
| Series 2024-3A, Class C, 5.39%, <br> 1/16/2035 (b)<br>| 19100 | 19386 |
| Credit One 6.47%, 2/25/2029 ‡ (b) | 71500 | 72787 |
| Crown Castle Towers LLC 4.24%, 7/15/2028 (b) | 10000 | 10027 |
| CVS Pass-Through Trust |  |  |
| 6.94%, 1/10/2030 | 475 | 495 |
| 5.93%, 1/10/2034 (b) | 3325 | 3432 |
| Series 2014, 4.16%, 8/11/2036 (b) | 906 | 864 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| CWABS, Inc. Asset-Backed Certificates |  |  |
| Series 2004-1, Class M1, 4.54%, <br> 3/25/2034 (g)<br>| 33 | 34 |
| Series 2004-1, Class 3A, 4.35%, <br> 4/25/2034 (g)<br>| 220 | 214 |
| CWABS, Inc. Asset-Backed Certificates Trust Series <br> 2004-6, Class M1, 4.69%, 10/25/2034 (g)<br>| 19 | 19 |
| DailyPay Securitization Trust Series 2025-1A, <br> Class A, 5.63%, 6/26/2028 (b)<br>| 21000 | 21145 |
| Delta Air Lines Pass-Through Trust Series 2020-1, <br> Class AA, 2.00%, 6/10/2028<br>| 4358 | 4178 |
| Diversified ABS Holdings LLC Series 2024-2A, <br> Class A, 6.56%, 9/30/2044 ‡ (b)<br>| 41475 | 41861 |
| Diversified ABS LLC |  |  |
| Series 2025-1A, Class A1, 5.95%, <br> 2/28/2045 (b)<br>| 22604 | 22763 |
| Series 2025-1A, Class A2, 6.75%, <br> 2/28/2045 (b)<br>| 58000 | 58713 |
| Diversified ABS Phase LLC |  |  |
| Series VI, Class A, 7.50%, 11/28/2039 ‡ | 21825 | 21886 |
| Series 2024-1A, Class A1, 7.08%, <br> 5/30/2044 (b)<br>| 16751 | 16929 |
| Series 2024-1A, Class A2, 7.67%, <br> 5/30/2044 (b)<br>| 18321 | 18522 |
| DP Lion Holdco LLC Series 2023-1A, Class A, <br> 8.24%, 11/30/2043<br>| 16096 | 16547 |
| Drive Auto Receivables Trust Series 2025-1, <br> Class D, 5.41%, 9/15/2032<br>| 9190 | 9358 |
| DT Auto Owner Trust |  |  |
| Series 2022-3A, Class D, 8.14%, <br> 7/17/2028 (b)<br>| 41938 | 42889 |
| Series 2023-1A, Class D, 6.44%, <br> 11/15/2028 (b)<br>| 15550 | 15795 |
| Series 2023-2A, Class D, 6.62%, <br> 2/15/2029 (b)<br>| 9358 | 9558 |
| Series 2023-3A, Class C, 6.40%, <br> 5/15/2029 (b)<br>| 9883 | 9972 |
| Series 2022-2A, Class E, 6.45%, <br> 5/15/2029 (b)<br>| 5955 | 5993 |
| Series 2023-3A, Class D, 7.12%, <br> 5/15/2029 (b)<br>| 13224 | 13658 |
| Series 2023-1A, Class E, 10.39%, <br> 1/15/2030 (b)<br>| 27300 | 28442 |
| Elara Hgv Timeshare Issuer LLC Series 2025-A, <br> Class A, 4.54%, 1/25/2040 (b)<br>| 6153 | 6201 |
| Energy Assets 8.11%, 6/26/2044 ‡ | 19504 | 20078 |
| EQV ABS Issuer LLC 6.90%, 12/15/2040 ‡ | 23967 | 24326 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-2A, Class C, 5.75%, 7/17/2028 | 9562 | 9597 |
| Series 2022-3A, Class D, 6.76%, 9/15/2028 | 29913 | 30227 |
| Series 2023-5A, Class C, 6.85%, 1/16/2029 | 20966 | 21218 |
| Series 2022-5A, Class D, 7.40%, 2/15/2029 | 10798 | 10930 |
| Series 2022-6A, Class D, 8.03%, 4/6/2029 | 13806 | 14156 |
| Series 2023-3A, Class D, 6.68%, 4/16/2029 | 7000 | 7141 |
| Series 2023-1A, Class D, 6.69%, 6/15/2029 | 7876 | 7997 |
| Series 2023-4A, Class D, 6.95%, 12/17/2029 | 14269 | 14640 |
| Series 2025-3A, Class D, 5.57%, 10/15/2031 | 25900 | 26605 |
| Series 2025-4A, Class D, 5.23%, 1/15/2032 | 48000 | 48831 |
| FHF Issuer Trust |  |  |
| Series 2023-2A, Class A2, 6.79%, <br> 10/15/2029 (b)<br>| 3529 | 3563 |
| Series 2024-1A, Class A2, 5.69%, <br> 2/15/2030 (b)<br>| 9840 | 9914 |
| FHF Trust |  |  |
| Series 2022-2A, Class A, 6.14%, <br> 12/15/2027 (b)<br>| 1304 | 1305 |
| Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (b)<br>| 2548 | 2559 |
| FirstKey Homes Trust |  |  |
| Series 2022-SFR3, Class D, 3.50%, <br> 7/17/2038 (b)<br>| 7187 | 7141 |
| Series 2022-SFR3, Class E1, 3.50%, <br> 7/17/2038 (b)<br>| 7000 | 6954 |
| Series 2021-SFR1, Class D, 2.19%, <br> 8/17/2038 (b)<br>| 14400 | 14228 |
| Series 2021-SFR1, Class E1, 2.39%, <br> 8/17/2038 (b)<br>| 15500 | 15294 |
| Series 2022-SFR1, Class E1, 5.00%, <br> 5/19/2039 (b)<br>| 36486 | 36212 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-GT1, Class A, 3.62%, <br> 7/25/2026 (b) (g)<br>| 43050 | 41800 |
| Series 2021-GT2, Class A, 3.85%, <br> 10/25/2026 (b) (g)<br>| 61030 | 59463 |
| Series 2024-SAT1, Class A, 6.50%, <br> 3/26/2027 (b) (g)<br>| 108325 | 110311 |
| Series 2022-GT1, Class A, 6.19%, <br> 4/25/2027 (b)<br>| 86250 | 86897 |
| Series 2020-GT1, Class A, 4.45%, <br> 1/25/2028 (b) (g)<br>| 56650 | 56480 |
| Fortiva Retail Credit Master Note Business Trust <br> Series 2025-TWO, Class A, 5.92%, <br> 5/15/2031 ‡ (b)<br>| 49535 | 49659 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Foundation Finance Trust Series 2023-2A, Class A, <br> 6.53%, 6/15/2049 (b)<br>| 21970 | 22998 |
| FW Energy Asset Issuer LLC 7.15%, 6/26/2044 ‡ | 64610 | 66437 |
| GE Capital Mortgage Services, Inc. Trust Series <br> 1999-HE1, Class M, 6.71%, 4/25/2029 (g)<br>| 27 | 24 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2022-2A, Class D, 6.15%, <br> 4/17/2028 (b)<br>| 11782 | 11863 |
| Series 2023-3A, Class D, 6.44%, <br> 5/15/2029 (b)<br>| 9293 | 9535 |
| Series 2023-4A, Class C, 6.65%, <br> 8/15/2029 (b)<br>| 19000 | 19224 |
| Series 2025-2A, Class D, 5.59%, <br> 1/15/2031 (b)<br>| 21900 | 22536 |
| Series 2025-3A, Class C, 4.69%, <br> 5/15/2031 (b)<br>| 5205 | 5276 |
| GLS Auto Select Receivables Trust Series 2023-1A, <br> Class A3, 5.96%, 10/16/2028 (b)<br>| 8355 | 8414 |
| Goodgreen |  |  |
| Series 2019-2A, Class A, 2.76%, <br> 4/15/2055 (b)<br>| 14936 | 13316 |
| Series 2023-1A, Class A, 5.90%, <br> 1/17/2061 (b)<br>| 40329 | 40990 |
| Goodgreen Ltd. Series 2024-1A, Class A, 6.29%, <br> 7/15/2056 ‡ (b)<br>| 58285 | 59198 |
| Goodgreen Trust |  |  |
| Series 2016-1A, Class A, 3.23%, <br> 10/15/2052 (b)<br>| 6398 | 6004 |
| Series 2017-1A, Class A, 3.74%, <br> 10/15/2052 (b)<br>| 1825 | 1722 |
| Series 2017-2A, Class A, 3.26%, <br> 10/15/2053 (b)<br>| 8523 | 7881 |
| GoodLeap Home Improvement Solutions Trust |  |  |
| Series 2024-1A, Class A, 5.35%, <br> 10/20/2046 (b)<br>| 5271 | 5374 |
| Series 2025-3A, Class A, 5.00%, <br> 10/20/2049 (b)<br>| 49594 | 49992 |
| Granite Park Equipment Leasing LLC |  |  |
| Series 2023-1A, Class A3, 6.46%, <br> 9/20/2032 (b)<br>| 1944 | 1946 |
| Series 2023-1A, Class D, 7.00%, <br> 8/22/2033 (b)<br>| 8650 | 8759 |
| Grene Series 2023-Senior, 5.50%, 1/17/2061 ‡ | 17066 | 17513 |
| Grene Energy 11.00%, 3/15/2026 ‡ (b) | 5005 | 4699 |
| Grene Energy Senio 11.00%, 1/25/2027 ‡ | 2724 | 2211 |
| HERO Funding (Cayman Islands) |  |  |
| Series 2017-3A, Class A2, 3.95%, <br> 9/20/2048 (b)<br>| 5606 | 5320 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 33

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2018-1A, Class A2, 4.67%, <br> 9/20/2048 (b)<br>| 7085 | 6999 |
| HERO Funding II (Cayman Islands) 3.75%, <br> 9/21/2044 ‡<br>| 2541 | 2238 |
| HERO Funding Trust |  |  |
| Series 2016-3A, Class A1, 3.08%, <br> 9/20/2042 (b)<br>| 1926 | 1827 |
| Series 2016-4A, Class A1, 3.57%, <br> 9/20/2047 (b)<br>| 609 | 586 |
| Series 2016-4A, Class A2, 4.29%, <br> 9/20/2047 (b)<br>| 1268 | 1248 |
| Series 2017-1A, Class A2, 4.46%, <br> 9/20/2047 (b)<br>| 4711 | 4559 |
| Hilton Grand Vacations Trust |  |  |
| Series 2020-AA, Class A, 2.74%, <br> 2/25/2039 (b)<br>| 2428 | 2392 |
| Series 2024-3A, Class C, 5.71%, <br> 8/27/2040 (b)<br>| 5000 | 5086 |
| HINNT LLC Series 2022-A, Class C, 5.58%, <br> 5/15/2041 (b)<br>| 4478 | 4531 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class E1, 2.85%, <br> 12/17/2026 (b)<br>| 52016 | 51102 |
| Series 2021-2, Class E2, 2.95%, <br> 12/17/2026 (b)<br>| 9355 | 9187 |
| Series 2021-3, Class D, 3.00%, 1/17/2041 (b) | 40515 | 38356 |
| Hornbeck Offshore 8.90%, 1/1/2044 ‡ (b) | 46544 | 47591 |
| Huntington Bank Auto Credit-Linked Notes Series <br> 2024-2, Class B1, 5.44%, 10/20/2032 (b)<br>| 10501 | 10618 |
| Identity Digital Capital LLC 6.79%, 3/20/2065 ‡ | 99500 | 101102 |
| Invitation Homes Trust Series 2024-SFR1, Class D, <br> 4.25%, 9/17/2041 (b)<br>| 22630 | 22127 |
| Jonah 7.80%, 11/10/2037 ‡ (b) | 30154 | 30630 |
| Jonah Energy ABS LLC |  |  |
| Series 2022-1, Class A1, 7.20%, <br> 12/10/2037 ‡ (b)<br>| 17233 | 17575 |
| Series 2022-1, Class B, 7.63%, 8/10/2039 ‡ <br> (b)<br>| 39902 | 40472 |
| Series 2025-1A, Class A1, 6.59%, <br> 12/10/2040 (b)<br>| 47334 | 47964 |
| Series 2025-2A, Class A1, 5.91%, <br> 1/10/2041 ‡ (b)<br>| 20532 | 20577 |
| KGS-Alpha SBA COOF Trust |  |  |
| Series 2012-3, Class A, IO, 0.99%, <br> 9/25/2026 ‡ (b) (g)<br>| 8 | —<br> (h)<br>|
| Series 2014-1, Class A, IO, 1.70%, <br> 10/25/2032 (b) (g)<br>| 2982 | 69 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2012-4, Class A, IO, 1.02%, <br> 9/25/2037 ‡ (b) (g)<br>| 5598 | 94 |
| Series 2012-2, Class A, IO, 1.16%, <br> 8/25/2038 (b) (g)<br>| 3966 | 64 |
| Series 2013-2, Class A, IO, 1.59%, <br> 3/25/2039 (b) (g)<br>| 3186 | 82 |
| Series 2012-6, Class A, IO, 0.68%, <br> 5/25/2039 ‡ (b) (g)<br>| 3890 | 44 |
| Series 2014-2, Class A, IO, 3.63%, <br> 4/25/2040 (b) (g)<br>| 565 | 39 |
| Series 2015-2, Class A, IO, 3.36%, <br> 7/25/2041 ‡ (b) (g)<br>| 1822 | 177 |
| Koda Gnb ABS LLC |  |  |
| Series 2023-1A, Class A1, 7.48%, <br> 4/28/2040 ‡ (b)<br>| 10659 | 10831 |
| Series 2023-1A, Class A2, 7.85%, <br> 4/28/2040 ‡ (b)<br>| 20361 | 20697 |
| Lendingpoint Asset Securitization Trust Series <br> 2022-C, Class C, 8.68%, 2/15/2030 (b)<br>| 2062 | 2061 |
| Lendmark Funding Trust |  |  |
| Series 2021-1A, Class B, 2.47%, <br> 11/20/2031 (b)<br>| 11204 | 10781 |
| Series 2021-2A, Class C, 3.09%, <br> 4/20/2032 (b)<br>| 9780 | 9325 |
| Long Beach Mortgage Loan Trust |  |  |
| Series 2004-1, Class M1, 4.54%, <br> 2/25/2034 (g)<br>| 360 | 358 |
| Series 2004-3, Class M1, 4.64%, <br> 7/25/2034 (g)<br>| 170 | 173 |
| LVNV Funding Frn 7.25%, 10/15/2027 ‡ (g) | 50000 | 50500 |
| Mariner Finance Issuance Trust Series 2021-BA, <br> Class D, 3.42%, 11/20/2036 (b)<br>| 11935 | 11456 |
| Merchants Fleet Funding LLC |  |  |
| Series 2023-1A, Class A, 7.21%, <br> 5/20/2036 (b)<br>| 9997 | 10030 |
| Series 2025-1A, Class A, 4.49%, <br> 1/20/2039 (b)<br>| 32295 | 32561 |
| Mercury Financial Credit Card Master Trust |  |  |
| Series 2024-2A, Class A, 6.56%, <br> 7/20/2029 (b)<br>| 61625 | 61801 |
| Series 2025-1A, Class B, 6.16%, <br> 12/22/2031 (b)<br>| 21600 | 21690 |
| Series 2026-1A, Class A, 5.34%, <br> 2/20/2032 (b)<br>| 106650 | 107092 |
| Series 2026-1A, Class B, 6.31%, <br> 2/20/2032 (b)<br>| 12520 | 12569 |
| Midcon Energy Asset Issuer LLC 5.31%, <br> 2/27/2051 ‡ (g)<br>| 30300 | 30300 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Mid-State Capital Corp. Trust Series 2006-1, <br> Class M1, 6.08%, 10/15/2040 (b)<br>| 1798 | 1811 |
| MMAF Equipment Finance LLC Series 2024-A, <br> Class A4, 5.10%, 7/13/2049 (b)<br>| 18608 | 19340 |
| MMP Capital LLC Series 2025-A, Class A, 5.36%, <br> 12/15/2031 (b)<br>| 7689 | 7759 |
| MNR ABS Issuer I LLC |  |  |
| 8.12%, 12/15/2038 ‡ | 16687 | 17049 |
| 8.95%, 12/15/2038 ‡ | 21761 | 22483 |
| Mpire Frn Series 2025-MF, 8.29%, 9/13/2030 ‡ <br> (b)<br>| 59211 | 59378 |
| New Century Home Equity Loan Trust Series <br> 2003-5, Class AI6, 4.84%, 11/25/2033 (f)<br>| 549 | 549 |
| Nexgen, Inc.0.00, 11/16/2033‡ (g) | 30245 | 30207 |
| NRZ Excess Spread-Collateralized Notes Series <br> 2021-GNT1, Class A, 3.47%, 11/25/2026 (b)<br>| 12882 | 12702 |
| Octane Receivables Trust |  |  |
| Series 2022-1A, Class C, 5.21%, <br> 8/21/2028 (b)<br>| 2967 | 2973 |
| Series 2022-1A, Class D, 5.54%, <br> 2/20/2029 (b)<br>| 4235 | 4263 |
| Series 2023-3A, Class C, 6.74%, <br> 8/20/2029 (b)<br>| 3539 | 3619 |
| Series 2023-1A, Class C, 6.37%, <br> 9/20/2029 (b)<br>| 3400 | 3442 |
| Series 2023-1A, Class D, 7.76%, <br> 3/20/2030 (b)<br>| 10792 | 11177 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, 5/8/2031 (b) | 6038 | 5934 |
| Series 2021-C, Class A, 2.18%, 10/8/2031 (b) | 2249 | 2214 |
| Series 2025-B, Class B, 5.28%, 5/9/2033 (b) | 10450 | 10511 |
| Series 2025-C, Class B, 4.93%, 7/8/2033 (b) | 23150 | 23208 |
| Pagaya AI Technology in Housing Trust |  |  |
| Series 2023-1, Class A, 3.60%, <br> 10/25/2040 (b)<br>| 48444 | 47401 |
| Series 2023-1, Class B, 3.60%, <br> 10/25/2040 (b)<br>| 22500 | 21741 |
| Series 2023-1, Class C, 3.60%, <br> 10/25/2040 (b)<br>| 8000 | 7638 |
| Series 2023-1, Class D, 3.60%, <br> 10/25/2040 (b)<br>| 22177 | 21016 |
| Piper ABS Issuer LLC 6.05%, 1/15/2046 ‡ | 16500 | 16500 |
| PowerPay Issuance Trust Series 2025-1A, Class A, <br> 5.23%, 11/18/2041 (b)<br>| 14138 | 14278 |
| Presidio Finance LLC Series 2023-1, Class A1, <br> 7.81%, 12/25/2038 ‡ (b)<br>| 12498 | 12763 |
| Prestige Auto Receivables Trust Series 2022-1A, <br> Class C, 7.09%, 8/15/2028 (b)<br>| 460 | 461 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Progress Residential Trust |  |  |
| Series 2022-SFR2, Class E1, 4.55%, <br> 4/17/2027 (b)<br>| 55300 | 54812 |
| Series 2024-SFR5, Class C, 3.25%, <br> 8/9/2029 (b) (g)<br>| 15640 | 14949 |
| Series 2024-SFR5, Class D, 3.38%, <br> 8/9/2029 (b) (g)<br>| 17333 | 16445 |
| Series 2021-SFR8, Class A, 1.51%, <br> 10/17/2038 (b)<br>| 7397 | 7289 |
| Series 2021-SFR8, Class E1, 2.38%, <br> 10/17/2038 (b)<br>| 47000 | 46340 |
| Series 2021-SFR11, Class D, 3.13%, <br> 1/17/2039 (b)<br>| 11560 | 11065 |
| Series 2021-SFR11, Class E1, 3.38%, <br> 1/17/2039 (b)<br>| 23735 | 22797 |
| Series 2022-SFR3, Class E1, 5.20%, <br> 4/17/2039 (b)<br>| 50390 | 50315 |
| Series 2022-SFR1, Class C, 3.46%, <br> 2/17/2041 (b)<br>| 14649 | 14203 |
| Series 2022-SFR1, Class D, 3.65%, <br> 2/17/2041 (b)<br>| 21816 | 21142 |
| Series 2024-SFR2, Class B, 3.40%, <br> 4/17/2041 (b) (g)<br>| 14285 | 13835 |
| Series 2024-SFR4, Class C, 3.33%, <br> 7/17/2041 (b)<br>| 6712 | 6432 |
| Purewest ABS Issuer LLC |  |  |
| Series 2025-1, Class A1, 5.69%, 4/5/2040 (b) | 26463 | 26893 |
| Series 2025-1, Class A2, 6.53%, 4/5/2040 ‡ <br> (b)<br>| 95062 | 97477 |
| Raisa Funding LLC 7.60%, 6/15/2038 ‡ | 8584 | 8761 |
| ReadyCap Lending Small Business Loan Trust <br> Series 2019-2, Class A, 6.25%, <br> 12/27/2044 (b) (g)<br>| 1118 | 1117 |
| Renaissance Home Equity Loan Trust Series <br> 2007-2, Class AF2, 5.68%, 6/25/2037 (f)<br>| 96 | 23 |
| Renew (Cayman Islands) |  |  |
| Series 2017-1A, Class A, 3.67%, <br> 9/20/2052 (b)<br>| 2447 | 2327 |
| Series 2024-1A, Class A, 6.21%, <br> 11/20/2059 (b)<br>| 13957 | 14291 |
| Series 2024-2A, Class A, 5.33%, <br> 11/20/2060 (b)<br>| 11971 | 11703 |
| Republic Finance Issuance Trust Series 2024-B, <br> Class A, 5.42%, 11/20/2037 (b)<br>| 20275 | 20708 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2023-2, Class B, 5.24%, 5/15/2028 | 6218 | 6224 |
| Series 2022-4, Class C, 5.00%, 11/15/2029 | 11493 | 11549 |
| Series 2023-2, Class C, 5.47%, 12/16/2030 | 20100 | 20403 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 35

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2022-5, Class D, 5.67%, 12/16/2030 | 95700 | 96529 |
| Series 2022-6, Class D, 5.69%, 2/18/2031 | 67185 | 67949 |
| Series 2022-7, Class C, 6.69%, 3/17/2031 | 12993 | 13229 |
| Series 2024-3, Class D, 5.97%, 10/15/2031 | 5230 | 5399 |
| Series 2024-4, Class D, 5.32%, 12/15/2031 | 24035 | 24537 |
| Series 2024-5, Class D, 5.14%, 2/17/2032 | 12380 | 12567 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class A3, 5.52%, <br> 1/20/2032 (b)<br>| 21850 | 22305 |
| Series 2024-1A, Class B, 5.56%, <br> 4/20/2032 (b)<br>| 6540 | 6799 |
| Series 2023-1A, Class A3, 6.17%, <br> 5/20/2032 (b)<br>| 28375 | 28584 |
| Series 2023-1A, Class B, 6.37%, <br> 5/20/2032 (b)<br>| 24700 | 25331 |
| Securitized Asset-Backed Receivables LLC Trust <br> Series 2006-CB1, Class AF2, 2.80%, <br> 1/25/2036 (f)<br>| 328 | 287 |
| SFS Auto Receivables Securitization Trust |  |  |
| Series 2024-1A, Class A3, 4.95%, <br> 5/21/2029 (b)<br>| 6299 | 6333 |
| Series 2024-1A, Class C, 5.51%, <br> 1/20/2032 (b)<br>| 615 | 635 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2022-1A, Class C, 3.94%, <br> 10/20/2038 (b)<br>| 989 | 982 |
| Series 2023-1A, Class B, 5.83%, <br> 1/20/2040 (b)<br>| 3760 | 3833 |
| Series 2023-1A, Class C, 7.00%, <br> 1/20/2040 (b)<br>| 2062 | 2122 |
| Series 2023-2A, Class B, 6.28%, <br> 4/20/2040 (b)<br>| 4813 | 4962 |
| Series 2025-3A, Class B, 4.64%, <br> 8/22/2044 (b)<br>| 2070 | 2085 |
| SRT Issuer I LLC 0.00%, 7/7/2031 ‡ (g) | 95000 | 94881 |
| SRT Issuer LLC 0.00%, 12/7/2031 ‡ (g) | 95000 | 95042 |
| Stellantis Financial Underwritten Enhanced Lease <br> Trust Series 2025-AA, Class A3, 4.47%, <br> 7/20/2028 (b)<br>| 14479 | 14579 |
| Stream Innovations Issuer Trust Series 2024-2A, <br> Class A, 5.21%, 2/15/2045 (b)<br>| 5459 | 5561 |
| Structured Asset Securities Corp. Pass-Through <br> Certificates<br>|  |  |
| Series 2002-AL1, Class A2, 3.45%, 2/25/2032 | 6 | 5 |
| Series 2002-AL1, Class A3, 3.45%, 2/25/2032 | 98 | 16 |
| Tricon American Homes Trust |  |  |
| Series 2019-SFR1, Class D, 3.20%, <br> 3/17/2038 (b)<br>| 4641 | 4630 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2019-SFR1, Class E, 3.40%, <br> 3/17/2038 (b)<br>| 11000 | 10973 |
| Tricon Residential Trust |  |  |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (b)<br>| 25719 | 25833 |
| Series 2023-SFR2, Class C, 5.00%, <br> 12/17/2040 (b)<br>| 5835 | 5847 |
| Series 2024-SFR4, Class D, 5.35%, <br> 11/17/2041 (b)<br>| 10000 | 10084 |
| Ucielo 2025-assic 8.01%, 8/9/2033 ‡ | 1875 | 1875 |
| United Airlines Pass-Through Trust |  |  |
| Series 2018-1, Class B, 4.60%, 3/1/2026 | 8511 | 8511 |
| Series 2014-1, Class A, 4.00%, 4/11/2026 | 3365 | 3364 |
| Series 2014-2, Class A, 3.75%, 9/3/2026 | 5940 | 5928 |
| Series 2019-2, Class B, 3.50%, 5/1/2028 | 4306 | 4217 |
| Series 2016-1, Class AA, 3.10%, 7/7/2028 | 1599 | 1566 |
| Series 2016-1, Class A, 3.45%, 7/7/2028 | 15166 | 14835 |
| Series 2016-2, Class AA, 2.88%, 10/7/2028 | 1084 | 1054 |
| Series 2018-1, Class AA, 3.50%, 3/1/2030 | 8704 | 8581 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | 5032 | 4847 |
| Series 2019-1, Class AA, 4.15%, 8/25/2031 | 10286 | 10232 |
| Series 2019-1, Class A, 4.55%, 8/25/2031 | 9312 | 9138 |
| Series 2019-2, Class AA, 2.70%, 5/1/2032 | 5486 | 5141 |
| Series 2024-1, Class AA, 5.45%, 2/15/2037 | 26370 | 27576 |
| UOG ABS Issuer LLC Series 2023-1, Class A1, <br> 8.35%, 6/5/2040 ‡ (b)<br>| 26655 | 27740 |
| UPG HI Issuer Trust Series 2025-2, Class A, <br> 5.00%, 9/25/2047 (b)<br>| 29221 | 29435 |
| Upstart Frn Series 2025-TE, 6.80%, 3/29/2029 ‡ <br> (b)<br>| 48000 | 47940 |
| US Auto Funding Trust Series 2022-1A, Class C, <br> 6.21%, 9/15/2026 ‡ (b)<br>| 40434 |  |
| Verdant Receivables LLC Series 2024-1A, <br> Class A2, 5.68%, 12/12/2031 (b)<br>| 7322 | 7461 |
| vMobo, Inc. 7.46%, 7/18/2027 ‡ | 110554 | 105803 |
| VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, <br> 5/25/2051 (b) (f)<br>| 2051 | 2051 |
| VOLT CVI LLC Series 2021-NP12, Class A1, <br> 6.73%, 12/26/2051 (b) (f)<br>| 7383 | 7389 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, <br> 6.24%, 3/27/2051 (b) (f)<br>| 986 | 987 |
| Western Funding Auto Loan Trust |  |  |
| Series 2025-1, Class B, 4.98%, 9/17/2035 (b) | 27000 | 27421 |
| Series 2025-1, Class D, 5.79%, 1/15/2036 (b) | 5860 | 5999 |
| Westgate Resorts LLC |  |  |
| Series 2023-1A, Class A, 5.84%, <br> 12/20/2037 (b)<br>| 10156 | 10283 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-1A, Class A, 6.06%, <br> 1/20/2038 (b)<br>| 14657 | 14892 |
| Series 2024-1A, Class B, 6.56%, <br> 1/20/2038 (b)<br>| 7658 | 7782 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2022-3A, Class D, 6.68%, <br> 4/17/2028 (b)<br>| 70490 | 71110 |
| Series 2023-4A, Class C, 6.64%, <br> 11/15/2028 (b)<br>| 12352 | 12557 |
| Series 2023-2A, Class D, 7.01%, <br> 11/15/2028 (b)<br>| 18890 | 19229 |
| Wolf ABS LLC |  |  |
| Series 2022-1A, Class A1, 8.15%, <br> 12/22/2042 ‡ (b)<br>| 8112 | 8270 |
| Series 2022-1A, Class A2, 8.18%, <br> 12/22/2042 ‡ (b)<br>| 21961 | 23026 |
| Wolf Energy Asset Issuer LLC 5.70%, <br> 7/25/2050 ‡<br>| 37711 | 37711 |
| Total Asset-Backed Securities <br>(Cost $5,584,071)<br>|  | 5622967 |
| **Collateralized Mortgage Obligations — 4.2%** | **Collateralized Mortgage Obligations — 4.2%** | **Collateralized Mortgage Obligations — 4.2%** |
| Alternative Loan Trust |  |  |
| Series 2004-2CB, Class 1A9, 5.75%, <br> 3/25/2034<br>| 1496 | 1544 |
| Series 2005-1CB, Class 1A6, IF, IO, 3.31%, <br> 3/25/2035 (g)<br>| 447 | 54 |
| Series 2005-22T1, Class A2, IF, IO, 1.28%, <br> 6/25/2035 (g)<br>| 3262 | 306 |
| Series 2005-20CB, Class 3A8, IF, IO, 0.96%, <br> 7/25/2035 (g)<br>| 2048 | 127 |
| Series 2005-28CB, Class 1A4, 5.50%, <br> 8/25/2035<br>| 797 | 687 |
| Series 2005-28CB, Class 3A5, 6.00%, <br> 8/25/2035<br>| 41 | 15 |
| Series 2005-37T1, Class A2, IF, IO, 1.26%, <br> 9/25/2035 (g)<br>| 10437 | 891 |
| Series 2005-54CB, Class 1A2, IF, IO, 1.06%, <br> 11/25/2035 (g)<br>| 2636 | 176 |
| Series 2005-54CB, Class 1A11, 5.50%, <br> 11/25/2035<br>| 667 | 512 |
| Series 2005-54CB, Class 1A7, 5.50%, <br> 11/25/2035<br>| 10 | 7 |
| Series 2005-64CB, Class 1A9, 5.50%, <br> 12/25/2035<br>| 281 | 252 |
| American General Mortgage Loan Trust Series <br> 2006-1, Class A5, 5.75%, 12/25/2035 (b) (g)<br>| 1 | 1 |
| Aml-prop CAP Frn Series 2022-E, 6.45%, <br> 1/25/2027 ‡ (g)<br>| 1357 | 1352 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Anchor Mortgage Trust, 8.23%, 3/25/2031 ‡ (g) | 80000 | 80519 |
| ASG Resecuritization Trust Series 2011-1, Class <br> 2A35, 6.00%, 9/28/2036 (b) (g)<br>| 231 | 69 |
| Baml PIMCO Frn, 0.00%, 1/30/2027 ‡ | 9143 | 9143 |
| Banc of America Alternative Loan Trust Series <br> 2004-6, Class 15, PO, 7/25/2019<br>| 7 | 3 |
| Banc of America Funding Trust |  |  |
| Series 2004-1, PO, 3/25/2034 | 68 | 49 |
| Series 2004-2, Class 1CB1, 5.75%, 9/20/2034 | 54 | 54 |
| Series 2005-6, Class 2A7, 5.50%, <br> 10/25/2035<br>| 102 | 94 |
| Series 2005-7, Class 30, PO, 11/25/2035 | 58 | 59 |
| Series 2005-8, Class 30, PO, 1/25/2036 | 22 | 15 |
| Series 2006-1, Class X, PO, 1/25/2036 | 27 | 18 |
| Banc of America Mortgage Trust Series 2003-C, <br> Class 3A1, 7.00%, 4/25/2033 (g)<br>| 12 | 11 |
| Baring Frn Series 2021-EBO1, Class PA, 0.00%, <br> 6/25/2027 ‡<br>| 4779 | 4779 |
| Bear Stearns ARM Trust |  |  |
| Series 2003-2, Class A5, 5.73%, <br> 1/25/2033 (b) (g)<br>| 316 | 315 |
| Series 2003-7, Class 3A, 6.83%, <br> 10/25/2033 (g)<br>| 11 | 11 |
| Series 2004-2, Class 14A, 4.47%, <br> 5/25/2034 (g)<br>| 161 | 150 |
| Series 2006-1, Class A1, 5.95%, <br> 2/25/2036 (g)<br>| 345 | 337 |
| Brean Asset-Backed Securities Trust Series <br> 2023-SRM1, Class A, 4.00%, 9/25/2063 ‡ (b)<br>| 9965 | 9904 |
| BVRT LLC Series 2025-1, Class C, 3.66%, <br> 5/10/2033 ‡ (b) (g)<br>| 13218 | 12657 |
| Cendant Mortgage Capital CDMC Mortgage <br> Pass-Through Certificates Series 2003-8, Class <br> 1P, PO, 10/25/2033<br>| 10 | 7 |
| Cendant Mortgage Capital LLC CDMC Mortgage <br> Pass-Through Certificates Series 2004-1, <br> Class P, PO, 2/25/2034<br>| 18 | 14 |
| Center Street Lending Resi-Investor ABS Mortgage <br> Trust Series 2024-RTL1, Class A1, 6.89%, <br> 10/25/2029 ‡ (b) (f)<br>| 37151 | 37544 |
| CFIN LLC Series 2024-1A, Class A, 6.50%, <br> 11/27/2028 ‡ (b)<br>| 93000 | 94674 |
| Chase Mortgage Finance Trust |  |  |
| Series 2007-A2, Class 2A1, 6.15%, <br> 6/25/2035 (g)<br>| 94 | 94 |
| Series 2007-A2, Class 1A1, 6.89%, <br> 6/25/2035 (g)<br>| 13 | 13 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 37

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2007-A1, Class 2A1, 5.88%, <br> 2/25/2037 (g)<br>| 118 | 114 |
| Series 2007-A1, Class 9A1, 5.97%, <br> 2/25/2037 (g)<br>| 88 | 87 |
| Series 2007-A1, Class 1A3, 6.56%, <br> 2/25/2037 (g)<br>| 31 | 32 |
| Series 2007-A1, Class 7A1, 6.87%, <br> 2/25/2037 (g)<br>| 3 | 3 |
| CHL Mortgage Pass-Through Trust |  |  |
| Series 2002-18, PO, 11/25/2032 | 27 | 22 |
| Series 2004-3, Class A26, 5.50%, 4/25/2034 | 83 | 84 |
| Series 2004-3, Class A4, 5.75%, 4/25/2034 | 56 | 57 |
| Series 2004-HYB1, Class 2A, 4.95%, <br> 5/20/2034 (g)<br>| 39 | 38 |
| Series 2004-HYB3, Class 2A, 4.63%, <br> 6/20/2034 (g)<br>| 150 | 143 |
| Series 2004-7, Class 2A1, 5.23%, <br> 6/25/2034 (g)<br>| 24 | 22 |
| Series 2004-5, Class 1A4, 5.50%, 6/25/2034 | 318 | 319 |
| Series 2004-HYB6, Class A3, 5.27%, <br> 11/20/2034 (g)<br>| 122 | 118 |
| Series 2005-14, Class A2, 5.50%, 7/25/2035 | 72 | 27 |
| Series 2005-16, Class A23, 5.50%, <br> 9/25/2035<br>| 39 | 24 |
| Series 2005-22, Class 2A1, 4.79%, <br> 11/25/2035 (g)<br>| 569 | 471 |
| Citicorp Mortgage Securities Trust Series 2006-4, <br> Class 1A2, 6.00%, 8/25/2036<br>| 141 | 131 |
| Citigroup Global Markets Mortgage Securities VII, <br> Inc.<br>|  |  |
| Series 2003-UP2, Class 1, PO, 6/25/2033 | 1 | 1 |
| Series 2003-HYB1, Class A, 6.74%, <br> 9/25/2033 (g)<br>| 87 | 84 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2009-10, Class 1A1, 5.37%, <br> 9/25/2033 (b) (g)<br>| 126 | 126 |
| Series 2004-UST1, Class A6, 6.22%, <br> 8/25/2034 (g)<br>| 26 | 25 |
| Series 2015-A, Class B2, 4.50%, <br> 6/25/2058 (b) (g)<br>| 682 | 680 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| Series 2003-1, Class 3, PO, 9/25/2033 | 7 | 5 |
| Series 2003-1, Class 2, PO, 10/25/2033 |  |  |
| Series 2003-1, Class 2A6, PO, 10/25/2033 | 5 | 4 |
| Series 2003-1, Class 2A5, 5.25%, <br> 10/25/2033<br>| 27 | 26 |
| Series 2005-1, Class 2A1A, 3.12%, <br> 2/25/2035 (g)<br>| 109 | 96 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2005-2, Class 2A11, 5.50%, <br> 5/25/2035<br>| 273 | 277 |
| Series 2005-5, Class 1A2, 4.14%, <br> 8/25/2035 (g)<br>| 298 | 253 |
| Connecticut Avenue Securities Trust |  |  |
| Series 2023-R02, Class 1M2, 7.02%, <br> 1/25/2043 (b) (g)<br>| 17575 | 18263 |
| Series 2023-R06, Class 1M2, 6.37%, <br> 7/25/2043 (b) (g)<br>| 9750 | 10008 |
| Credit Suisse First Boston Mortgage Securities <br> Corp. (Switzerland)<br>|  |  |
| Series 2003-1, Class DB1, 6.68%, <br> 2/25/2033 (g)<br>| 260 | 270 |
| Series 2003-AR15, Class 3A1, 6.56%, <br> 6/25/2033 (g)<br>| 26 | 26 |
| Series 2003-21, Class 1A4, 5.25%, <br> 9/25/2033<br>| 121 | 122 |
| Series 2003-23, Class 1P, PO, 10/25/2033 | 161 | 121 |
| CSFB Mortgage-Backed Pass-Through Certificates |  |  |
| Series 2004-4, Class 2A4, 5.50%, 9/25/2034 | 122 | 126 |
| Series 2004-8, Class 1A4, 5.50%, <br> 12/25/2034<br>| 349 | 361 |
| Series 2005-9, Class AP, PO, 10/25/2035 | 24 | 19 |
| Series 2005-9, Class DX, IO, 5.50%, <br> 10/25/2035<br>| 631 | 105 |
| Series 2005-10, Class AP, PO, 11/25/2035 | 32 | 23 |
| CVS Pass-Through Trust Series 2009, 8.35%, <br> 7/10/2031 (b)<br>| 3268 | 3548 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust <br> Series 2005-1, Class 2A1, 3.41%, <br> 2/25/2020 (g)<br>| 23 | 23 |
| EQV Abs Issuer I LLC, 5.85%, 12/15/2040 ‡ | 1301 | 1308 |
| FARM Mortgage Trust |  |  |
| Series 2023-1, Class A, 2.63%, 1/25/2052 (b) <br> (g)<br>| 24107 | 20121 |
| Series 2024-2, Class A, 5.18%, 8/1/2054 (b) <br> (g)<br>| 48180 | 44459 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2017-4, Class HT, 3.25%, <br> 6/25/2057 (f)<br>| 12394 | 11556 |
| Series 2017-4, Class M60C, 3.50%, <br> 6/25/2057<br>| 7600 | 7178 |
| Series 2017-4, Class MT, 3.50%, 6/25/2057 | 23977 | 22398 |
| Series 2018-4, Class MA, 3.50%, 3/25/2058 | 22830 | 22501 |
| Series 2018-4, Class MZ, 3.50%, 3/25/2058 | 15506 | 12830 |
| Series 2019-1, Class MT, 3.50%, 7/25/2058 | 32497 | 30008 |
| Series 2019-1, Class M55D, 4.00%, <br> 7/25/2058<br>| 17088 | 16492 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2019-2, Class MA, 3.50%, 8/26/2058 | 11588 | 11380 |
| Series 2019-3, Class MB, 3.50%, 10/25/2058 | 26442 | 22791 |
| Series 2019-4, Class MA, 3.00%, 2/25/2059 | 29374 | 27772 |
| Series 2020-1, Class M55G, 3.00%, <br> 8/25/2059<br>| 26945 | 24690 |
| Series 2020-2, Class MB, 2.00%, 11/25/2059 | 20429 | 14694 |
| Series 2020-3, Class MT, 2.00%, 5/25/2060 | 40540 | 33365 |
| Series 2020-3, Class MTU, 2.50%, 5/25/2060 | 36951 | 31765 |
| Series 2022-1, Class MTU, 3.25%, <br> 11/25/2061<br>| 81430 | 72485 |
| Series 2023-1, Class MT, 3.00%, 10/25/2062 | 52080 | 45021 |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 80882 | 73645 |
| FHLMC, Reference REMIC |  |  |
| Series R006, Class ZA, 6.00%, 4/15/2036 | 787 | 833 |
| Series R007, Class ZA, 6.00%, 5/15/2036 | 1026 | 1088 |
| FHLMC, REMIC |  |  |
| Series 1890, Class H, 7.50%, 9/15/2026 |  |  |
| Series 1899, Class ZE, 8.00%, 9/15/2026 | 2 | 2 |
| Series 1927, Class ZA, 6.50%, 1/15/2027 |  |  |
| Series 1927, Class PH, 7.50%, 1/15/2027 | 5 | 5 |
| Series 1963, Class Z, 7.50%, 1/15/2027 | 2 | 2 |
| Series 1935, Class FL, 4.47%, 2/15/2027 (g) |  |  |
| Series 1981, Class Z, 6.00%, 5/15/2027 | 1 | 1 |
| Series 1970, Class PG, 7.25%, 7/15/2027 | 1 | 1 |
| Series 1987, Class PE, 7.50%, 9/15/2027 | 5 | 5 |
| Series 2019, Class Z, 6.50%, 12/15/2027 | 6 | 6 |
| Series 2038, Class PN, IO, 7.00%, 3/15/2028 | 8 |  |
| Series 2040, Class PE, 7.50%, 3/15/2028 | 17 | 17 |
| Series 2054, Class PV, 7.50%, 5/15/2028 | 5 | 5 |
| Series 2063, Class PG, 6.50%, 6/15/2028 | 10 | 11 |
| Series 2064, Class TE, 7.00%, 6/15/2028 | 1 | 1 |
| Series 2070, Class C, 6.00%, 7/15/2028 | 12 | 13 |
| Series 2075, Class PM, 6.25%, 8/15/2028 | 33 | 34 |
| Series 2075, Class PH, 6.50%, 8/15/2028 | 31 | 31 |
| Series 2086, Class GB, 6.00%, 9/15/2028 | 4 | 4 |
| Series 2089, Class PJ, IO, 7.00%, 10/15/2028 | 13 | 1 |
| Series 2095, Class PE, 6.00%, 11/15/2028 | 27 | 28 |
| Series 2106, Class ZD, 6.00%, 12/15/2028 | 69 | 70 |
| Series 2388, Class FB, 4.37%, 1/15/2029 (g) | 14 | 14 |
| Series 2110, Class PG, 6.00%, 1/15/2029 | 72 | 73 |
| Series 2125, Class JZ, 6.00%, 2/15/2029 | 21 | 22 |
| Series 2126, Class CB, 6.25%, 2/15/2029 | 31 | 31 |
| Series 2132, Class SB, IF, 14.10%, <br> 3/15/2029 (g)<br>| 2 | 2 |
| Series 2141, IO, 7.00%, 4/15/2029 | 1 |  |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2169, Class TB, 7.00%, 6/15/2029 | 61 | 63 |
| Series 2163, Class PC, IO, 7.50%, 6/15/2029 | 4 |  |
| Series 2172, Class QC, 7.00%, 7/15/2029 | 46 | 47 |
| Series 2176, Class OJ, 7.00%, 8/15/2029 | 26 | 27 |
| Series 2196, Class TL, 7.50%, 11/15/2029 |  |  |
| Series 2201, Class C, 8.00%, 11/15/2029 | 7 | 7 |
| Series 2204, Class GB, 8.00%, 12/20/2029 (g) | 1 |  |
| Series 2208, Class PG, 7.00%, 1/15/2030 | 53 | 55 |
| Series 2209, Class TC, 8.00%, 1/15/2030 | 11 | 11 |
| Series 2210, Class Z, 8.00%, 1/15/2030 | 50 | 52 |
| Series 2224, Class CB, 8.00%, 3/15/2030 | 12 | 13 |
| Series 3654, Class DC, 5.00%, 4/15/2030 | 1837 | 1866 |
| Series 2230, Class Z, 8.00%, 4/15/2030 | 13 | 13 |
| Series 2234, Class PZ, 7.50%, 5/15/2030 | 13 | 14 |
| Series 2247, Class Z, 7.50%, 8/15/2030 | 16 | 17 |
| Series 2256, Class MC, 7.25%, 9/15/2030 | 19 | 20 |
| Series 2259, Class ZM, 7.00%, 10/15/2030 | 46 | 48 |
| Series 2262, Class Z, 7.50%, 10/15/2030 | 3 | 3 |
| Series 2271, Class PC, 7.25%, 12/15/2030 | 45 | 47 |
| Series 2296, Class PD, 7.00%, 3/15/2031 | 28 | 29 |
| Series 2313, Class LA, 6.50%, 5/15/2031 | 5 | 5 |
| Series 2325, Class PM, 7.00%, 6/15/2031 | 16 | 16 |
| Series 2359, Class ZB, 8.50%, 6/15/2031 | 48 | 52 |
| Series 2332, Class ZH, 7.00%, 7/15/2031 | 53 | 56 |
| Series 2344, Class ZD, 6.50%, 8/15/2031 | 291 | 304 |
| Series 2344, Class ZJ, 6.50%, 8/15/2031 | 50 | 52 |
| Series 2345, Class NE, 6.50%, 8/15/2031 | 36 | 38 |
| Series 2351, Class PZ, 6.50%, 8/15/2031 | 28 | 29 |
| Series 2367, Class ME, 6.50%, 10/15/2031 | 38 | 40 |
| Series 2399, Class OH, 6.50%, 1/15/2032 | 39 | 41 |
| Series 2399, Class TH, 6.50%, 1/15/2032 | 51 | 53 |
| Series 2475, Class S, IF, IO, 4.23%, <br> 2/15/2032 (g)<br>| 138 | 15 |
| Series 2418, Class FO, 4.67%, 2/15/2032 (g) | 34 | 34 |
| Series 2410, Class QX, IF, IO, 4.88%, <br> 2/15/2032 (g)<br>| 21 | 2 |
| Series 2410, Class NG, 6.50%, 2/15/2032 | 53 | 56 |
| Series 2420, Class XK, 6.50%, 2/15/2032 | 58 | 60 |
| Series 2412, Class SP, IF, 8.55%, <br> 2/15/2032 (g)<br>| 75 | 83 |
| Series 2410, Class QS, IF, 9.69%, <br> 2/15/2032 (g)<br>| 76 | 83 |
| Series 2444, Class ES, IF, IO, 4.18%, <br> 3/15/2032 (g)<br>| 55 | 5 |
| Series 2450, Class SW, IF, IO, 4.23%, <br> 3/15/2032 (g)<br>| 36 | 3 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 39

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2423, Class TB, 6.50%, 3/15/2032 | 48 | 50 |
| Series 2430, Class WF, 6.50%, 3/15/2032 | 88 | 93 |
| Series 2423, Class MC, 7.00%, 3/15/2032 | 49 | 51 |
| Series 2423, Class MT, 7.00%, 3/15/2032 | 56 | 59 |
| Series 2434, Class ZA, 6.50%, 4/15/2032 | 101 | 103 |
| Series 2435, Class CJ, 6.50%, 4/15/2032 | 116 | 122 |
| Series 2441, Class GF, 6.50%, 4/15/2032 | 21 | 23 |
| Series 2434, Class TC, 7.00%, 4/15/2032 | 113 | 119 |
| Series 2436, Class MC, 7.00%, 4/15/2032 | 17 | 17 |
| Series 2455, Class GK, 6.50%, 5/15/2032 | 71 | 74 |
| Series 2450, Class GZ, 7.00%, 5/15/2032 | 70 | 75 |
| Series 2458, Class ZM, 6.50%, 6/15/2032 | 32 | 32 |
| Series 2466, Class DH, 6.50%, 6/15/2032 | 25 | 26 |
| Series 2466, Class PH, 6.50%, 6/15/2032 | 89 | 94 |
| Series 2474, Class NR, 6.50%, 7/15/2032 | 82 | 86 |
| Series 2484, Class LZ, 6.50%, 7/15/2032 | 99 | 104 |
| Series 3393, Class JO, PO, 9/15/2032 | 235 | 216 |
| Series 2500, Class MC, 6.00%, 9/15/2032 | 66 | 69 |
| Series 2835, Class QO, PO, 12/15/2032 | 12 | 11 |
| Series 2571, Class FY, 4.52%, 12/15/2032 (g) | 94 | 95 |
| Series 2543, Class YX, 6.00%, 12/15/2032 | 195 | 204 |
| Series 2544, Class HC, 6.00%, 12/15/2032 | 56 | 59 |
| Series 2571, Class SY, IF, 9.55%, <br> 12/15/2032 (g)<br>| 55 | 62 |
| Series 2552, Class ME, 6.00%, 1/15/2033 | 133 | 139 |
| Series 2567, Class QD, 6.00%, 2/15/2033 | 126 | 132 |
| Series 2575, Class ME, 6.00%, 2/15/2033 | 536 | 561 |
| Series 2596, Class QG, 6.00%, 3/15/2033 | 71 | 74 |
| Series 2586, Class WI, IO, 6.50%, 3/15/2033 | 43 | 5 |
| Series 2631, Class SA, IF, 7.93%, <br> 6/15/2033 (g)<br>| 151 | 160 |
| Series 2642, Class SL, IF, 4.90%, <br> 7/15/2033 (g)<br>| 4 | 4 |
| Series 2653, Class PZ, 5.00%, 7/15/2033 | 592 | 608 |
| Series 2692, Class SC, IF, 5.74%, <br> 7/15/2033 (g)<br>| 74 | 80 |
| Series 4238, Class WY, 3.00%, 8/15/2033 | 1273 | 1241 |
| Series 2671, Class S, IF, 7.84%, 9/15/2033 (g) | 45 | 50 |
| Series 2733, Class SB, IF, 4.61%, <br> 10/15/2033 (g)<br>| 1131 | 1136 |
| Series 2780, Class SY, IF, 8.20%, <br> 11/15/2033 (g)<br>| 28 | 32 |
| Series 2722, Class PF, 4.37%, 12/15/2033 (g) | 375 | 376 |
| Series 3920, Class LP, 5.00%, 1/15/2034 | 606 | 624 |
| Series 2744, Class PE, 5.50%, 2/15/2034 | 1 | 1 |
| Series 2802, Class OH, 6.00%, 5/15/2034 | 88 | 91 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 3611, PO, 7/15/2034 | 260 | 235 |
| Series 3305, Class MG, IF, 5.99%, <br> 7/15/2034 (g)<br>| 103 | 105 |
| Series 2990, Class GO, PO, 2/15/2035 | 87 | 77 |
| Series 2929, Class MS, IF, 11.56%, <br> 2/15/2035 (g)<br>| 105 | 116 |
| Series 2968, Class EH, 6.00%, 4/15/2035 | 2137 | 2214 |
| Series 2981, Class FA, 4.17%, 5/15/2035 (g) | 110 | 110 |
| Series 2988, Class AF, 4.07%, 6/15/2035 (g) | 221 | 219 |
| Series 2990, Class WP, IF, 7.29%, <br> 6/15/2035 (g)<br>| 2 | 2 |
| Series 3014, Class OD, PO, 8/15/2035 | 21 | 19 |
| Series 3085, Class WF, 4.57%, 8/15/2035 (g) | 132 | 133 |
| Series 3029, Class SO, PO, 9/15/2035 | 62 | 58 |
| Series 3064, Class SG, IF, 7.42%, <br> 11/15/2035 (g)<br>| 82 | 90 |
| Series 3101, Class UZ, 6.00%, 1/15/2036 | 309 | 331 |
| Series 3102, Class HS, IF, 10.73%, <br> 1/15/2036 (g)<br>| 8 | 10 |
| Series 3117, Class AO, PO, 2/15/2036 | 90 | 83 |
| Series 3117, Class EO, PO, 2/15/2036 | 68 | 61 |
| Series 3117, Class OG, PO, 2/15/2036 | 29 | 26 |
| Series 3117, Class OK, PO, 2/15/2036 | 63 | 56 |
| Series 3122, Class OH, PO, 3/15/2036 | 55 | 49 |
| Series 3122, Class OP, PO, 3/15/2036 | 51 | 47 |
| Series 3134, PO, 3/15/2036 | 17 | 14 |
| Series 3122, Class ZB, 6.00%, 3/15/2036 | 32 | 35 |
| Series 3138, PO, 4/15/2036 | 100 | 89 |
| Series 3147, PO, 4/15/2036 | 105 | 97 |
| Series 3607, Class AO, PO, 4/15/2036 | 172 | 150 |
| Series 3607, Class BO, PO, 4/15/2036 | 315 | 280 |
| Series 3137, Class XP, 6.00%, 4/15/2036 | 234 | 249 |
| Series 3219, Class DI, IO, 6.00%, 4/15/2036 | 166 | 27 |
| Series 3819, Class ZQ, 6.00%, 4/15/2036 | 1708 | 1813 |
| Series 3149, Class SO, PO, 5/15/2036 | 57 | 47 |
| Series 3151, PO, 5/15/2036 | 108 | 94 |
| Series 3153, Class EO, PO, 5/15/2036 | 129 | 113 |
| Series 3233, Class OP, PO, 5/15/2036 | 24 | 21 |
| Series 3171, Class MO, PO, 6/15/2036 | 136 | 125 |
| Series 3164, Class MG, 6.00%, 6/15/2036 | 43 | 46 |
| Series 3523, Class SD, IF, 9.29%, <br> 6/15/2036 (g)<br>| 70 | 74 |
| Series 3179, Class OA, PO, 7/15/2036 | 55 | 49 |
| Series 3194, Class SA, IF, IO, 3.33%, <br> 7/15/2036 (g)<br>| 36 | 4 |
| Series 3181, Class AZ, 6.50%, 7/15/2036 | 198 | 211 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 3195, Class PD, 6.50%, 7/15/2036 | 99 | 103 |
| Series 3200, PO, 8/15/2036 | 103 | 90 |
| Series 3202, Class HI, IF, IO, 2.88%, <br> 8/15/2036 (g)<br>| 1260 | 124 |
| Series 3200, Class AY, 5.50%, 8/15/2036 | 426 | 444 |
| Series 3645, Class KZ, 5.50%, 8/15/2036 | 152 | 158 |
| Series 3213, Class OA, PO, 9/15/2036 | 58 | 52 |
| Series 3218, Class AO, PO, 9/15/2036 | 46 | 38 |
| Series 3225, Class EO, PO, 10/15/2036 | 110 | 94 |
| Series 3232, Class ST, IF, IO, 2.93%, <br> 10/15/2036 (g)<br>| 210 | 17 |
| Series 3704, Class DT, 7.50%, 11/15/2036 | 1341 | 1451 |
| Series 3256, PO, 12/15/2036 | 60 | 51 |
| Series 3704, Class CT, 7.00%, 12/15/2036 | 2972 | 3203 |
| Series 3704, Class ET, 7.50%, 12/15/2036 | 1178 | 1302 |
| Series 3261, Class OA, PO, 1/15/2037 | 64 | 55 |
| Series 3260, Class CS, IF, IO, 2.37%, <br> 1/15/2037 (g)<br>| 107 | 10 |
| Series 3274, Class JO, PO, 2/15/2037 | 20 | 18 |
| Series 3510, Class OD, PO, 2/15/2037 | 130 | 116 |
| Series 3275, Class FL, 4.21%, 2/15/2037 (g) | 92 | 91 |
| Series 3274, Class B, 6.00%, 2/15/2037 | 164 | 175 |
| Series 3286, PO, 3/15/2037 | 6 | 5 |
| Series 3290, Class SB, IF, IO, 2.68%, <br> 3/15/2037 (g)<br>| 204 | 18 |
| Series 3443, Class SY, IF, 9.00%, <br> 3/15/2037 (g)<br>| 54 | 60 |
| Series 3373, Class TO, PO, 4/15/2037 | 65 | 57 |
| Series 3302, Class UT, 6.00%, 4/15/2037 | 162 | 173 |
| Series 3316, PO, 5/15/2037 | 109 | 94 |
| Series 3318, Class AO, PO, 5/15/2037 | 2 | 2 |
| Series 3607, PO, 5/15/2037 | 616 | 521 |
| Series 3315, Class HZ, 6.00%, 5/15/2037 | 129 | 138 |
| Series 3326, Class JO, PO, 6/15/2037 | 12 | 11 |
| Series 3331, PO, 6/15/2037 | 63 | 56 |
| Series 3607, Class OP, PO, 7/15/2037 | 598 | 520 |
| Series 4032, Class TO, PO, 7/15/2037 | 844 | 728 |
| Series 3344, Class SL, IF, IO, 2.83%, <br> 7/15/2037 (g)<br>| 123 | 11 |
| Series 4048, Class FJ, 4.31%, 7/15/2037 (g) | 1250 | 1237 |
| Series 3365, PO, 9/15/2037 | 91 | 79 |
| Series 3371, Class FA, 4.37%, 9/15/2037 (g) | 46 | 46 |
| Series 3387, Class SA, IF, IO, 2.65%, <br> 11/15/2037 (g)<br>| 840 | 70 |
| Series 3383, Class SA, IF, IO, 2.68%, <br> 11/15/2037 (g)<br>| 422 | 33 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 3404, Class SC, IF, IO, 2.23%, <br> 1/15/2038 (g)<br>| 898 | 89 |
| Series 3422, Class SE, IF, 8.02%, <br> 2/15/2038 (g)<br>| 42 | 47 |
| Series 3423, Class PB, 5.50%, 3/15/2038 | 770 | 807 |
| Series 3424, Class PI, IF, IO, 3.03%, <br> 4/15/2038 (g)<br>| 463 | 48 |
| Series 3453, Class B, 5.50%, 5/15/2038 | 70 | 73 |
| Series 3455, Class SE, IF, IO, 2.43%, <br> 6/15/2038 (g)<br>| 429 | 50 |
| Series 3461, Class LZ, 6.00%, 6/15/2038 | 50 | 54 |
| Series 3461, Class Z, 6.00%, 6/15/2038 | 925 | 975 |
| Series 3481, Class SJ, IF, IO, 2.08%, <br> 8/15/2038 (g)<br>| 536 | 53 |
| Series 3895, Class WA, 5.60%, <br> 10/15/2038 (g)<br>| 192 | 201 |
| Series 3501, Class CB, 5.50%, 1/15/2039 | 444 | 463 |
| Series 3511, Class SA, IF, IO, 2.23%, <br> 2/15/2039 (g)<br>| 236 | 20 |
| Series 3546, Class A, 6.07%, 2/15/2039 (g) | 175 | 178 |
| Series 3531, Class SM, IF, IO, 2.33%, <br> 5/15/2039 (g)<br>| 41 | 3 |
| Series 3531, Class SA, IF, IO, 2.53%, <br> 5/15/2039 (g)<br>| 347 | 32 |
| Series 3549, Class FA, 4.97%, 7/15/2039 (g) | 40 | 41 |
| Series 3607, Class TO, PO, 10/15/2039 | 300 | 257 |
| Series 3608, Class SC, IF, IO, 2.48%, <br> 12/15/2039 (g)<br>| 196 | 11 |
| Series 3621, Class BO, PO, 1/15/2040 | 289 | 255 |
| Series 3802, Class LS, IF, IO, 2.07%, <br> 1/15/2040 (g)<br>| 1247 | 117 |
| Series 3632, Class BS, IF, 4.92%, <br> 2/15/2040 (g)<br>| 703 | 715 |
| Series 3740, Class SB, IF, IO, 2.23%, <br> 10/15/2040 (g)<br>| 664 | 63 |
| Series 3740, Class SC, IF, IO, 2.23%, <br> 10/15/2040 (g)<br>| 648 | 73 |
| Series 3779, Class GZ, 4.50%, 12/15/2040 | 5149 | 5221 |
| Series 3779, Class Z, 4.50%, 12/15/2040 | 14574 | 14761 |
| Series 3860, Class PZ, 5.00%, 5/15/2041 | 8257 | 8542 |
| Series 3852, Class QN, IF, 5.50%, <br> 5/15/2041 (g)<br>| 453 | 439 |
| Series 3852, Class TP, IF, 5.50%, <br> 5/15/2041 (g)<br>| 1282 | 1276 |
| Series 4048, Class FB, 4.17%, 10/15/2041 (g) | 995 | 993 |
| Series 3957, Class B, 4.00%, 11/15/2041 | 830 | 826 |
| Series 3966, Class NA, 4.00%, 12/15/2041 | 744 | 744 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 41

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 4012, Class FN, 4.27%, 3/15/2042 (g) | 2283 | 2274 |
| Series 4077, Class FB, 4.27%, 7/15/2042 (g) | 1066 | 1060 |
| Series 4217, Class KY, 3.00%, 6/15/2043 | 1794 | 1637 |
| Series 4257, Class DZ, 2.50%, 10/15/2043 | 6663 | 6021 |
| Series 3688, Class GT, 7.47%, 11/15/2046 (g) | 1390 | 1495 |
| Series 4809, Class ZM, 4.00%, 7/15/2048 | 18536 | 17962 |
| Series 4837, Class ZB, 4.00%, 10/15/2048 | 6322 | 6108 |
| Series 5008, Class LB, 1.50%, 8/25/2050 | 18522 | 15372 |
| Series 5190, Class PH, 2.50%, 2/25/2052 | 16851 | 15849 |
| Series 5354, PO, 10/25/2053 | 5260 | 3978 |
| FHLMC, STRIPS |  |  |
| Series 197, PO, 4/1/2028 | 45 | 44 |
| Series 233, Class 11, IO, 5.00%, 9/15/2035 | 309 | 47 |
| Series 233, Class 12, IO, 5.00%, 9/15/2035 | 259 | 35 |
| Series 233, Class 13, IO, 5.00%, 9/15/2035 | 472 | 66 |
| Series 239, Class S30, IF, IO, 3.93%, <br> 8/15/2036 (g)<br>| 958 | 123 |
| Series 262, Class 35, 3.50%, 7/15/2042 | 10661 | 10195 |
| Series 264, Class F1, 4.32%, 7/15/2042 (g) | 4117 | 4102 |
| Series 270, Class F1, 4.27%, 8/15/2042 (g) | 1457 | 1448 |
| Series 299, Class 300, 3.00%, 1/15/2043 | 751 | 702 |
| Series 310, PO, 9/15/2043 | 2538 | 2010 |
| Series 406, PO, 10/25/2053 | 39298 | 35105 |
| FHLMC, Structured Pass-Through Certificates, <br> Whole Loan<br>|  |  |
| Series T-41, Class 3A, 4.46%, 7/25/2032 (g) | 249 | 234 |
| Series T-48, Class 1A, 4.30%, 7/25/2033 (g) | 696 | 681 |
| Series T-76, Class 2A, 2.12%, 10/25/2037 (g) | 4565 | 4235 |
| Series T-42, Class A5, 7.50%, 2/25/2042 | 1007 | 1098 |
| Series T-51, Class 2A, 7.50%, 8/25/2042 (g) | 224 | 230 |
| Series T-54, Class 2A, 6.50%, 2/25/2043 | 1297 | 1318 |
| Series T-54, Class 3A, 7.00%, 2/25/2043 | 417 | 440 |
| Series T-56, Class A5, 5.23%, 5/25/2043 | 2661 | 2590 |
| Series T-57, Class 1AP, PO, 7/25/2043 | 83 | 51 |
| Series T-57, Class 1A3, 7.50%, 7/25/2043 | 237 | 259 |
| Series T-58, Class A, PO, 9/25/2043 | 81 | 67 |
| Series T-58, Class 4A, 7.50%, 9/25/2043 | 1223 | 1284 |
| Series T-59, Class 1AP, PO, 10/25/2043 | 98 | 51 |
| Series T-59, Class 1A2, 7.00%, 10/25/2043 | 1207 | 1280 |
| Series T-62, Class 1A1, 5.12%, <br> 10/25/2044 (g)<br>| 1261 | 1169 |
| First Horizon Alternative Mortgage Securities Trust |  |  |
| Series 2005-FA8, Class 1A19, 5.50%, <br> 11/25/2035<br>| 401 | 174 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2007-FA4, Class 1A2, IF, IO, 1.86%, <br> 8/25/2037 (g)<br>| 4454 | 410 |
| FNMA REMIC Trust |  |  |
| Series 2006-72, Class GO, PO, 8/25/2036 | 143 | 128 |
| Series 2007-42, Class AO, PO, 5/25/2037 | 7 | 6 |
| FNMA Trust, Whole Loan |  |  |
| Series 2004-W1, Class 2A2, 7.00%, <br> 12/25/2033<br>| 711 | 750 |
| Series 2003-W8, Class 3F1, 4.18%, <br> 5/25/2042 (g)<br>| 93 | 93 |
| Series 2003-W2, Class 2A9, 5.90%, <br> 7/25/2042<br>| 204 | 207 |
| Series 2003-W2, Class 1A1, 6.50%, <br> 7/25/2042<br>| 346 | 363 |
| Series 2003-W6, Class 2A4, 5.20%, <br> 9/25/2042<br>| 1136 | 1141 |
| Series 2003-W6, Class 3A, 6.50%, 9/25/2042 | 408 | 422 |
| Series 2003-W8, Class 2A, 7.00%, <br> 10/25/2042<br>| 443 | 459 |
| Series 2004-W2, Class 2A2, 7.00%, <br> 2/25/2044<br>| 88 | 92 |
| Series 2004-W8, Class 3A, 7.50%, 6/25/2044 | 69 | 71 |
| Series 2004-W15, Class 2AF, 4.03%, <br> 8/25/2044 (g)<br>| 290 | 288 |
| Series 2005-W3, Class 2AF, 4.00%, <br> 3/25/2045 (g)<br>| 2383 | 2363 |
| Series 2005-W4, Class 1A1, 6.00%, <br> 8/25/2045<br>| 108 | 111 |
| Series 2006-W2, Class 2A, 5.75%, <br> 11/25/2045 (g)<br>| 315 | 324 |
| Series 2006-W2, Class 1AF1, 4.00%, <br> 2/25/2046 (g)<br>| 1042 | 1031 |
| FNMA, Grantor Trust Series 2017-T1, Class A, <br> 2.90%, 6/25/2027<br>| 85697 | 84550 |
| FNMA, Grantor Trust, Whole Loan |  |  |
| Series 1999-T2, Class A1, 7.50%, <br> 1/19/2039 (g)<br>| 204 | 211 |
| Series 2001-T3, Class A1, 7.50%, 11/25/2040 | 339 | 341 |
| Series 2002-T4, Class A1, 6.50%, 12/25/2041 | 3882 | 4025 |
| Series 2002-T16, Class A2, 7.00%, 7/25/2042 | 494 | 528 |
| Series 2004-T2, Class 2A, 5.49%, <br> 7/25/2043 (g)<br>| 241 | 245 |
| Series 2004-T2, Class 1A4, 7.50%, <br> 11/25/2043<br>| 596 | 602 |
| Series 2004-T1, Class 1A2, 6.50%, 1/25/2044 | 61 | 63 |
| Series 2004-T3, Class PT1, 8.93%, <br> 1/25/2044 (g)<br>| 87 | 94 |
| Series 2004-T3, Class 1A2, 6.50%, 2/25/2044 | 1172 | 1204 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2004-T3, Class 1A3, 7.00%, 2/25/2044 | 506 | 523 |
| FNMA, REMIC |  |  |
| Series 2006-94, Class GK, IF, 14.34%, <br> 10/25/2026 (g)<br>| 1 | 1 |
| Series 1996-48, Class Z, 7.00%, 11/25/2026 |  |  |
| Series 1997-27, Class J, 7.50%, 4/18/2027 | 2 | 2 |
| Series 1997-29, Class J, 7.50%, 4/20/2027 | 3 | 3 |
| Series 1997-32, Class PG, 6.50%, 4/25/2027 |  |  |
| Series 1997-39, Class PD, 7.50%, 5/20/2027 | 10 | 10 |
| Series 1997-42, Class ZC, 6.50%, 7/18/2027 |  |  |
| Series 1997-81, Class PI, IO, 7.00%, <br> 12/18/2027<br>| 4 |  |
| Series 1998-36, Class ZB, 6.00%, 7/18/2028 | 7 | 7 |
| Series 2008-55, Class S, IF, IO, 3.82%, <br> 7/25/2028 (g)<br>| 122 | 3 |
| Series 1999-17, Class C, 6.35%, 4/25/2029 | 5 | 5 |
| Series 1999-62, Class PB, 7.50%, 12/18/2029 | 4 | 5 |
| Series 2000-2, Class ZE, 7.50%, 2/25/2030 | 38 | 39 |
| Series 2000-52, IO, 8.50%, 1/25/2031 | 4 |  |
| Series 2001-7, Class PF, 7.00%, 3/25/2031 | 4 | 4 |
| Series 2011-31, Class DB, 3.50%, 4/25/2031 | 1494 | 1477 |
| Series 2001-33, Class ID, IO, 6.00%, <br> 7/25/2031<br>| 61 | 6 |
| Series 2001-30, Class PM, 7.00%, 7/25/2031 | 28 | 29 |
| Series 2001-36, Class DE, 7.00%, 8/25/2031 | 69 | 72 |
| Series 2001-49, Class Z, 6.50%, 9/25/2031 | 19 | 20 |
| Series 2001-44, Class MY, 7.00%, 9/25/2031 | 78 | 82 |
| Series 2001-44, Class PD, 7.00%, 9/25/2031 | 10 | 11 |
| Series 2001-44, Class PU, 7.00%, 9/25/2031 | 13 | 14 |
| Series 2001-60, Class QS, IF, 11.26%, <br> 9/25/2031 (g)<br>| 36 | 43 |
| Series 2001-52, Class KB, 6.50%, 10/25/2031 | 13 | 14 |
| Series 2003-52, Class SX, IF, 11.60%, <br> 10/25/2031 (g)<br>| 24 | 28 |
| Series 2001-60, Class PX, 6.00%, 11/25/2031 | 102 | 105 |
| Series 2001-61, Class Z, 7.00%, 11/25/2031 | 115 | 120 |
| Series 2004-74, Class SW, IF, 7.95%, <br> 11/25/2031 (g)<br>| 35 | 37 |
| Series 2001-72, Class SX, IF, 8.66%, <br> 12/25/2031 (g)<br>| 2 | 2 |
| Series 2001-81, Class LO, PO, 1/25/2032 | 2 | 2 |
| Series 2002-1, Class SA, IF, 12.90%, <br> 2/25/2032 (g)<br>| 11 | 13 |
| Series 2002-13, Class SJ, IF, IO, 1.60%, <br> 3/25/2032 (g)<br>| 49 | 1 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2002-13, Class ST, IF, 10.00%, <br> 3/25/2032 (g)<br>| 1 | 1 |
| Series 2002-21, Class LO, PO, 4/25/2032 | 3 | 3 |
| Series 2002-15, Class ZA, 6.00%, 4/25/2032 | 263 | 273 |
| Series 2002-21, Class PE, 6.50%, 4/25/2032 | 46 | 48 |
| Series 2002-28, Class PK, 6.50%, 5/25/2032 | 93 | 97 |
| Series 2002-37, Class Z, 6.50%, 6/25/2032 | 45 | 47 |
| Series 2006-130, Class GI, IO, 6.50%, <br> 7/25/2032<br>| 102 | 5 |
| Series 2002-48, Class GH, 6.50%, 8/25/2032 | 107 | 112 |
| Series 2002-71, Class AP, 5.00%, 11/25/2032 | 10 | 10 |
| Series 2011-39, Class ZA, 6.00%, 11/25/2032 | 871 | 912 |
| Series 2004-61, Class SK, IF, 8.50%, <br> 11/25/2032 (g)<br>| 33 | 35 |
| Series 2004-61, Class SH, IF, 8.87%, <br> 11/25/2032 (g)<br>| 12 | 13 |
| Series 2004-59, Class BG, PO, 12/25/2032 | 23 | 21 |
| Series 2002-78, Class Z, 5.50%, 12/25/2032 | 247 | 256 |
| Series 2002-77, Class S, IF, 7.55%, <br> 12/25/2032 (g)<br>| 19 | 19 |
| Series 2003-9, Class NZ, 6.50%, 2/25/2033 | 52 | 55 |
| Series 2003-14, Class TI, IO, 5.00%, <br> 3/25/2033<br>| 8 |  |
| Series 2003-22, Class UD, 4.00%, 4/25/2033 | 498 | 497 |
| Series 2003-35, Class EA, PO, 5/25/2033 | 15 | 14 |
| Series 2003-42, Class GB, 4.00%, 5/25/2033 | 36 | 36 |
| Series 2003-34, Class AX, 6.00%, 5/25/2033 | 78 | 82 |
| Series 2003-34, Class ED, 6.00%, 5/25/2033 | 331 | 345 |
| Series 2003-34, Class GE, 6.00%, 5/25/2033 | 216 | 226 |
| Series 2003-39, IO, 6.00%, 5/25/2033 (g) | 19 | 3 |
| Series 2003-33, Class IA, IO, 6.50%, <br> 5/25/2033<br>| 184 | 23 |
| Series 2007-97, Class KI, IO, 7.00%, <br> 5/25/2033<br>| 364 | 24 |
| Series 2003-47, Class PE, 5.75%, 6/25/2033 | 146 | 153 |
| Series 2003-64, Class SX, IF, 4.26%, <br> 7/25/2033 (g)<br>| 51 | 51 |
| Series 2003-132, Class OA, PO, 8/25/2033 | 1 | 1 |
| Series 2003-71, Class DS, IF, 2.41%, <br> 8/25/2033 (g)<br>| 264 | 254 |
| Series 2003-74, Class SH, IF, 3.36%, <br> 8/25/2033 (g)<br>| 41 | 37 |
| Series 2003-72, Class IE, IO, 5.50%, <br> 8/25/2033<br>| 591 | 66 |
| Series 2003-73, Class HC, 5.50%, 8/25/2033 | 223 | 233 |
| Series 2003-91, Class SD, IF, 6.20%, <br> 9/25/2033 (g)<br>| 34 | 36 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 43

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2013-100, Class WB, 3.00%, <br> 10/25/2033<br>| 3867 | 3770 |
| Series 2003-105, Class AZ, 5.50%, <br> 10/25/2033<br>| 1636 | 1708 |
| Series 2003-116, Class SB, IF, IO, 3.82%, <br> 11/25/2033 (g)<br>| 213 | 18 |
| Series 2006-44, Class P, PO, 12/25/2033 | 230 | 205 |
| Series 2003-122, Class ZJ, 6.00%, <br> 12/25/2033<br>| 1324 | 1393 |
| Series 2004-87, Class F, 4.53%, <br> 1/25/2034 (g)<br>| 293 | 295 |
| Series 2003-130, Class SX, IF, 5.85%, <br> 1/25/2034 (g)<br>| 2 | 2 |
| Series 2004-17, Class H, 5.50%, 4/25/2034 | 552 | 574 |
| Series 2004-25, Class SA, IF, 9.13%, <br> 4/25/2034 (g)<br>| 63 | 69 |
| Series 2004-36, Class FA, 4.18%, <br> 5/25/2034 (g)<br>| 428 | 427 |
| Series 2004-46, Class SK, IF, 6.10%, <br> 5/25/2034 (g)<br>| 14 | 16 |
| Series 2004-46, Class QB, IF, 8.87%, <br> 5/25/2034 (g)<br>| 42 | 46 |
| Series 2004-36, Class SA, IF, 9.13%, <br> 5/25/2034 (g)<br>| 183 | 206 |
| Series 2004-50, Class VZ, 5.50%, 7/25/2034 | 1048 | 1097 |
| Series 2004-51, Class SY, IF, 6.68%, <br> 7/25/2034 (g)<br>| 31 | 32 |
| Series 2005-25, Class PF, 4.13%, <br> 4/25/2035 (g)<br>| 258 | 257 |
| Series 2005-42, Class PS, IF, 7.55%, <br> 5/25/2035 (g)<br>| 5 | 5 |
| Series 2005-59, Class SU, IF, 6.59%, <br> 6/25/2035 (g)<br>| 79 | 90 |
| Series 2005-56, Class S, IF, IO, 2.93%, <br> 7/25/2035 (g)<br>| 163 | 12 |
| Series 2005-66, Class SG, IF, 7.92%, <br> 7/25/2035 (g)<br>| 79 | 88 |
| Series 2005-68, Class PG, 5.50%, 8/25/2035 | 166 | 171 |
| Series 2005-73, Class ZB, 5.50%, 8/25/2035 | 1897 | 1981 |
| Series 2005-73, Class PS, IF, 7.25%, <br> 8/25/2035 (g)<br>| 60 | 63 |
| Series 2005-72, Class SB, IF, 7.42%, <br> 8/25/2035 (g)<br>| 33 | 35 |
| Series 2005-75, Class SV, IF, 9.07%, <br> 9/25/2035 (g)<br>| 10 | 12 |
| Series 2010-39, Class OT, PO, 10/25/2035 | 52 | 46 |
| Series 2005-84, Class XM, 5.75%, <br> 10/25/2035<br>| 106 | 109 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2005-90, Class ES, IF, 7.42%, <br> 10/25/2035 (g)<br>| 57 | 61 |
| Series 2005-106, Class US, IF, 10.70%, <br> 11/25/2035 (g)<br>| 147 | 155 |
| Series 2005-110, Class GL, 5.50%, <br> 12/25/2035<br>| 1263 | 1315 |
| Series 2005-109, Class PC, 6.00%, <br> 12/25/2035<br>| 12 | 13 |
| Series 2006-16, Class OA, PO, 3/25/2036 | 35 | 31 |
| Series 2006-8, Class WQ, PO, 3/25/2036 | 472 | 401 |
| Series 2006-8, Class WN, IF, IO, 2.92%, <br> 3/25/2036 (g)<br>| 1730 | 171 |
| Series 2006-12, Class BZ, 5.50%, 3/25/2036 | 475 | 499 |
| Series 2006-16, Class HZ, 5.50%, 3/25/2036 | 127 | 132 |
| Series 2006-8, Class JZ, 5.50%, 3/25/2036 | 603 | 626 |
| Series 2006-11, Class PS, IF, 10.70%, <br> 3/25/2036 (g)<br>| 50 | 61 |
| Series 2006-22, Class AO, PO, 4/25/2036 | 135 | 122 |
| Series 2006-23, Class KO, PO, 4/25/2036 | 31 | 29 |
| Series 2006-27, Class OH, PO, 4/25/2036 | 52 | 46 |
| Series 2006-23, Class FK, 4.03%, <br> 4/25/2036 (g)<br>| 303 | 301 |
| Series 2006-33, Class LS, IF, 13.13%, <br> 5/25/2036 (g)<br>| 40 | 49 |
| Series 2006-43, PO, 6/25/2036 | 40 | 37 |
| Series 2006-43, Class DO, PO, 6/25/2036 | 128 | 114 |
| Series 2006-44, Class GO, PO, 6/25/2036 | 80 | 72 |
| Series 2006-50, Class JO, PO, 6/25/2036 | 267 | 235 |
| Series 2006-50, Class PS, PO, 6/25/2036 | 332 | 303 |
| Series 2006-53, Class US, IF, IO, 2.80%, <br> 6/25/2036 (g)<br>| 323 | 26 |
| Series 2006-46, Class FW, 4.18%, <br> 6/25/2036 (g)<br>| 80 | 80 |
| Series 2006-46, Class SW, IF, 10.33%, <br> 6/25/2036 (g)<br>| 13 | 15 |
| Series 2006-58, PO, 7/25/2036 | 50 | 44 |
| Series 2006-58, Class AP, PO, 7/25/2036 | 28 | 23 |
| Series 2006-65, Class QO, PO, 7/25/2036 | 91 | 79 |
| Series 2006-58, Class IG, IF, IO, 2.74%, <br> 7/25/2036 (g)<br>| 91 | 8 |
| Series 2006-56, Class FC, 4.07%, <br> 7/25/2036 (g)<br>| 655 | 652 |
| Series 2006-58, Class FL, 4.24%, <br> 7/25/2036 (g)<br>| 81 | 80 |
| Series 2006-71, Class ZL, 6.00%, 7/25/2036 | 1059 | 1123 |
| Series 2006-63, Class ZH, 6.50%, 7/25/2036 | 470 | 509 |
| Series 2011-19, Class ZY, 6.50%, 7/25/2036 | 622 | 674 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2006-60, Class AK, IF, 13.67%, <br> 7/25/2036 (g)<br>| 49 | 57 |
| Series 2006-62, Class PS, IF, 17.21%, <br> 7/25/2036 (g)<br>| 35 | 50 |
| Series 2006-72, Class TO, PO, 8/25/2036 | 28 | 24 |
| Series 2006-79, Class DO, PO, 8/25/2036 | 60 | 52 |
| Series 2006-79, Class OP, PO, 8/25/2036 | 102 | 86 |
| Series 2007-7, Class SG, IF, IO, 2.72%, <br> 8/25/2036 (g)<br>| 807 | 84 |
| Series 2006-79, Class DF, 4.13%, <br> 8/25/2036 (g)<br>| 255 | 254 |
| Series 2006-77, Class PC, 6.50%, 8/25/2036 | 138 | 143 |
| Series 2006-78, Class BZ, 6.50%, 8/25/2036 | 69 | 74 |
| Series 2006-86, Class OB, PO, 9/25/2036 | 100 | 87 |
| Series 2006-90, Class AO, PO, 9/25/2036 | 45 | 41 |
| Series 2008-42, Class AO, PO, 9/25/2036 | 41 | 36 |
| Series 2006-85, Class MZ, 6.50%, 9/25/2036 | 23 | 25 |
| Series 2009-19, Class PW, 4.50%, <br> 10/25/2036<br>| 421 | 427 |
| Series 2006-95, Class SG, IF, 11.07%, <br> 10/25/2036 (g)<br>| 52 | 66 |
| Series 2006-109, PO, 11/25/2036 | 29 | 26 |
| Series 2006-110, PO, 11/25/2036 | 134 | 118 |
| Series 2006-111, Class EO, PO, 11/25/2036 | 78 | 65 |
| Series 2006-115, Class OK, PO, 12/25/2036 | 76 | 62 |
| Series 2006-119, PO, 12/25/2036 | 45 | 40 |
| Series 2006-117, Class GS, IF, IO, 2.87%, <br> 12/25/2036 (g)<br>| 382 | 38 |
| Series 2006-118, Class A1, 3.87%, <br> 12/25/2036 (g)<br>| 161 | 157 |
| Series 2006-118, Class A2, 3.87%, <br> 12/25/2036 (g)<br>| 705 | 693 |
| Series 2006-115, Class ES, IF, 11.43%, <br> 12/25/2036 (g)<br>| 6 | 7 |
| Series 2006-128, PO, 1/25/2037 | 92 | 81 |
| Series 2009-70, Class CO, PO, 1/25/2037 | 271 | 226 |
| Series 2006-128, Class BP, 5.50%, 1/25/2037 | 13 | 13 |
| Series 2007-10, Class FD, 4.03%, <br> 2/25/2037 (g)<br>| 91 | 91 |
| Series 2007-1, Class SD, IF, 16.31%, <br> 2/25/2037 (g)<br>| 73 | 128 |
| Series 2007-14, Class OP, PO, 3/25/2037 | 65 | 58 |
| Series 2007-22, Class SC, IF, IO, 2.30%, <br> 3/25/2037 (g)<br>| 3 |  |
| Series 2007-14, Class ES, IF, IO, 2.66%, <br> 3/25/2037 (g)<br>| 577 | 64 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2007-77, Class FG, 4.28%, <br> 3/25/2037 (g)<br>| 161 | 161 |
| Series 2007-16, Class FC, 4.53%, <br> 3/25/2037 (g)<br>| 108 | 109 |
| Series 2009-63, Class P, 5.00%, 3/25/2037 | 9 | 9 |
| Series 2007-18, Class MZ, 6.00%, 3/25/2037 | 202 | 215 |
| Series 2007-28, Class EO, PO, 4/25/2037 | 212 | 187 |
| Series 2007-35, Class SI, IF, IO, 2.32%, <br> 4/25/2037 (g)<br>| 215 | 11 |
| Series 2007-29, Class SG, IF, 10.06%, <br> 4/25/2037 (g)<br>| 122 | 139 |
| Series 2007-43, Class FL, 4.08%, <br> 5/25/2037 (g)<br>| 134 | 133 |
| Series 2007-42, Class B, 6.00%, 5/25/2037 | 367 | 391 |
| Series 2007-92, Class YS, IF, IO, 2.00%, <br> 6/25/2037 (g)<br>| 109 | 9 |
| Series 2007-53, Class SH, IF, IO, 2.32%, <br> 6/25/2037 (g)<br>| 447 | 38 |
| Series 2007-54, Class WI, IF, IO, 2.32%, <br> 6/25/2037 (g)<br>| 105 | 11 |
| Series 2007-98, Class FB, 4.23%, <br> 6/25/2037 (g)<br>| 65 | 64 |
| Series 2007-92, Class YA, 6.50%, 6/25/2037 | 66 | 70 |
| Series 2007-67, PO, 7/25/2037 | 158 | 143 |
| Series 2007-72, Class EK, IF, IO, 2.62%, <br> 7/25/2037 (g)<br>| 1159 | 131 |
| Series 2007-65, Class KI, IF, IO, 2.84%, <br> 7/25/2037 (g)<br>| 384 | 39 |
| Series 2007-60, Class AX, IF, IO, 3.37%, <br> 7/25/2037 (g)<br>| 1653 | 228 |
| Series 2007-97, Class FC, 4.28%, <br> 7/25/2037 (g)<br>| 104 | 104 |
| Series 2007-70, Class Z, 5.50%, 7/25/2037 | 411 | 431 |
| Series 2007-62, Class SE, IF, 7.05%, <br> 7/25/2037 (g)<br>| 88 | 97 |
| Series 2007-76, Class AZ, 5.50%, 8/25/2037 | 50 | 52 |
| Series 2007-76, Class ZG, 6.00%, 8/25/2037 | 103 | 107 |
| Series 2007-78, Class CB, 6.00%, 8/25/2037 | 41 | 43 |
| Series 2007-78, Class PE, 6.00%, 8/25/2037 | 86 | 92 |
| Series 2007-81, Class GE, 6.00%, 8/25/2037 | 183 | 195 |
| Series 2007-79, Class SB, IF, 10.15%, <br> 8/25/2037 (g)<br>| 118 | 142 |
| Series 2007-88, Class VI, IF, IO, 2.76%, <br> 9/25/2037 (g)<br>| 544 | 47 |
| Series 2007-85, Class SL, IF, 6.70%, <br> 9/25/2037 (g)<br>| 27 | 29 |
| Series 2009-86, Class OT, PO, 10/25/2037 | 1371 | 1193 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 45

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2007-100, Class SM, IF, IO, 2.67%, <br> 10/25/2037 (g)<br>| 374 | 41 |
| Series 2007-91, Class ES, IF, IO, 2.68%, <br> 10/25/2037 (g)<br>| 608 | 66 |
| Series 2007-108, Class SA, IF, IO, 2.58%, <br> 12/25/2037 (g)<br>| 23 | 2 |
| Series 2007-109, Class AI, IF, IO, 2.62%, <br> 12/25/2037 (g)<br>| 498 | 44 |
| Series 2007-112, Class SA, IF, IO, 2.67%, <br> 12/25/2037 (g)<br>| 584 | 77 |
| Series 2007-112, Class MJ, 6.50%, <br> 12/25/2037<br>| 431 | 459 |
| Series 2007-116, Class HI, IO, 1.88%, <br> 1/25/2038 (g)<br>| 814 | 54 |
| Series 2008-1, Class BI, IF, IO, 2.13%, <br> 2/25/2038 (g)<br>| 461 | 38 |
| Series 2008-4, Class SD, IF, IO, 2.22%, <br> 2/25/2038 (g)<br>| 1299 | 129 |
| Series 2008-16, Class IS, IF, IO, 2.42%, <br> 3/25/2038 (g)<br>| 168 | 14 |
| Series 2008-10, Class XI, IF, IO, 2.45%, <br> 3/25/2038 (g)<br>| 196 | 18 |
| Series 2008-20, Class SA, IF, IO, 3.21%, <br> 3/25/2038 (g)<br>| 180 | 20 |
| Series 2008-18, Class FA, 4.68%, <br> 3/25/2038 (g)<br>| 102 | 104 |
| Series 2008-18, Class SP, IF, 6.44%, <br> 3/25/2038 (g)<br>| 79 | 79 |
| Series 2008-32, Class SA, IF, IO, 3.07%, <br> 4/25/2038 (g)<br>| 101 | 9 |
| Series 2008-27, Class SN, IF, IO, 3.12%, <br> 4/25/2038 (g)<br>| 215 | 23 |
| Series 2008-28, Class QS, IF, 9.35%, <br> 4/25/2038 (g)<br>| 68 | 80 |
| Series 2008-44, PO, 5/25/2038 | 7 | 7 |
| Series 2008-46, Class HI, IO, 1.97%, <br> 6/25/2038 (g)<br>| 190 | 12 |
| Series 2008-53, Class CI, IF, IO, 3.42%, <br> 7/25/2038 (g)<br>| 99 | 10 |
| Series 2008-56, Class AC, 5.00%, 7/25/2038 | 106 | 108 |
| Series 2008-60, Class JC, 5.00%, 7/25/2038 | 139 | 144 |
| Series 2011-47, Class ZA, 5.50%, 7/25/2038 | 489 | 508 |
| Series 2008-80, Class SA, IF, IO, 2.07%, <br> 9/25/2038 (g)<br>| 432 | 39 |
| Series 2008-81, Class SB, IF, IO, 2.07%, <br> 9/25/2038 (g)<br>| 464 | 36 |
| Series 2009-6, Class GS, IF, IO, 2.77%, <br> 2/25/2039 (g)<br>| 271 | 23 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2009-4, Class BD, 4.50%, 2/25/2039 | 4 | 3 |
| Series 2009-17, Class QS, IF, IO, 2.87%, <br> 3/25/2039 (g)<br>| 100 | 9 |
| Series 2009-52, Class PI, IO, 5.00%, <br> 7/25/2039<br>| 200 | 28 |
| Series 2009-47, Class MT, 7.00%, 7/25/2039 | 6 | 6 |
| Series 2009-59, Class HB, 5.00%, 8/25/2039 | 824 | 844 |
| Series 2009-60, Class HT, 6.00%, 8/25/2039 | 1039 | 1104 |
| Series 2009-65, Class MT, 5.00%, 9/25/2039 | 68 | 70 |
| Series 2009-69, Class WA, 5.96%, <br> 9/25/2039 (g)<br>| 215 | 219 |
| Series 2009-84, Class WS, IF, IO, 2.12%, <br> 10/25/2039 (g)<br>| 135 | 11 |
| Series 2009-86, Class IP, IO, 5.50%, <br> 10/25/2039<br>| 529 | 86 |
| Series 2009-99, Class SC, IF, IO, 2.40%, <br> 12/25/2039 (g)<br>| 169 | 13 |
| Series 2009-99, Class WA, 6.33%, <br> 12/25/2039 (g)<br>| 466 | 478 |
| Series 2009-103, Class MB, 6.55%, <br> 12/25/2039 (g)<br>| 448 | 452 |
| Series 2009-113, Class AO, PO, 1/25/2040 | 114 | 96 |
| Series 2009-112, Class ST, IF, IO, 2.47%, <br> 1/25/2040 (g)<br>| 363 | 39 |
| Series 2010-1, Class WA, 6.27%, <br> 2/25/2040 (g)<br>| 100 | 102 |
| Series 2010-49, Class SC, IF, 5.10%, <br> 3/25/2040 (g)<br>| 554 | 562 |
| Series 2010-16, Class WB, 6.09%, <br> 3/25/2040 (g)<br>| 498 | 507 |
| Series 2010-16, Class WA, 6.44%, <br> 3/25/2040 (g)<br>| 321 | 329 |
| Series 2010-35, Class SB, IF, IO, 2.64%, <br> 4/25/2040 (g)<br>| 229 | 16 |
| Series 2010-40, Class FJ, 4.38%, <br> 4/25/2040 (g)<br>| 18 | 18 |
| Series 2010-35, Class SJ, IF, 5.06%, <br> 4/25/2040 (g)<br>| 302 | 309 |
| Series 2010-42, Class S, IF, IO, 2.62%, <br> 5/25/2040 (g)<br>| 149 | 13 |
| Series 2010-43, Class FD, 4.38%, <br> 5/25/2040 (g)<br>| 150 | 150 |
| Series 2010-63, Class AP, PO, 6/25/2040 | 186 | 165 |
| Series 2010-64, Class DM, 5.00%, 6/25/2040 | 696 | 709 |
| Series 2010-58, Class MB, 5.50%, 6/25/2040 | 1686 | 1728 |
| Series 2010-71, Class HJ, 5.50%, 7/25/2040 | 708 | 738 |
| Series 2010-102, Class PN, 5.00%, 9/25/2040 | 518 | 533 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2010-111, Class AM, 5.50%, <br> 10/25/2040<br>| 2657 | 2794 |
| Series 2010-125, Class SA, IF, IO, 0.66%, <br> 11/25/2040 (g)<br>| 1050 | 52 |
| Series 2010-147, Class SA, IF, IO, 2.75%, <br> 1/25/2041 (g)<br>| 1931 | 230 |
| Series 2011-30, Class LS, IO, 1.96%, <br> 4/25/2041 (g)<br>| 1231 | 94 |
| Series 2011-149, Class EF, 4.28%, <br> 7/25/2041 (g)<br>| 70 | 70 |
| Series 2011-75, Class FA, 4.33%, <br> 8/25/2041 (g)<br>| 142 | 142 |
| Series 2011-149, Class MF, 4.28%, <br> 11/25/2041 (g)<br>| 333 | 332 |
| Series 2011-118, Class LB, 7.00%, <br> 11/25/2041<br>| 1990 | 2147 |
| Series 2011-118, Class MT, 7.00%, <br> 11/25/2041<br>| 2512 | 2695 |
| Series 2011-118, Class NT, 7.00%, <br> 11/25/2041<br>| 2262 | 2445 |
| Series 2012-99, Class FA, 4.23%, <br> 9/25/2042 (g)<br>| 736 | 729 |
| Series 2012-101, Class FC, 4.28%, <br> 9/25/2042 (g)<br>| 444 | 442 |
| Series 2012-97, Class FB, 4.28%, <br> 9/25/2042 (g)<br>| 1421 | 1413 |
| Series 2012-108, Class F, 4.28%, <br> 10/25/2042 (g)<br>| 1118 | 1111 |
| Series 2012-120, Class ZB, 3.50%, <br> 11/25/2042<br>| 4272 | 4117 |
| Series 2013-81, Class TA, 3.00%, 2/25/2043 | 848 | 842 |
| Series 2013-4, Class AJ, 3.50%, 2/25/2043 | 791 | 765 |
| Series 2013-92, PO, 9/25/2043 | 3051 | 2422 |
| Series 2013-101, Class DO, PO, 10/25/2043 | 2772 | 2076 |
| Series 2013-128, PO, 12/25/2043 | 4793 | 3716 |
| Series 2013-135, PO, 1/25/2044 | 1683 | 1297 |
| Series 2014-29, Class PS, IF, IO, 2.27%, <br> 5/25/2044 (g)<br>| 1575 | 183 |
| Series 2018-42, Class B, 3.00%, 6/25/2048 | 27571 | 25443 |
| Series 2018-63, Class DA, 3.50%, 9/25/2048 | 1029 | 972 |
| Series 2018-94, Class DZ, 4.00%, 1/25/2049 | 8718 | 8441 |
| Series 2010-103, Class SB, IF, IO, 2.32%, <br> 11/25/2049 (g)<br>| 314 | 29 |
| Series 2020-90, Class PE, 2.00%, 12/25/2050 | 9911 | 8157 |
| Series 2011-2, Class WA, 5.80%, <br> 2/25/2051 (g)<br>| 186 | 195 |
| Series 2011-58, Class WA, 5.51%, <br> 7/25/2051 (g)<br>| 152 | 151 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2023-40, PO, 9/25/2053 | 12679 | 10847 |
| Series 2025-18, Class MA, 0.50%, 9/25/2054 | 138061 | 118535 |
| Series 2025-31, Class MA, 0.50%, 9/25/2054 | 8703 | 7422 |
| FNMA, REMIC Trust, Whole Loan |  |  |
| Series 2004-W10, Class A6, 5.75%, <br> 8/25/2034<br>| 1242 | 1287 |
| Series 2007-W3, Class 1A3, 6.75%, <br> 4/25/2037<br>| 92 | 94 |
| Series 2007-W5, PO, 6/25/2037 | 78 | 64 |
| Series 2007-W7, Class 1A4, IF, 16.49%, <br> 7/25/2037 (g)<br>| 52 | 73 |
| Series 2002-W6, Class 1A6, 6.15%, <br> 6/25/2042<br>| 7359 | 7414 |
| Series 2003-W4, Class 2A, 5.02%, <br> 10/25/2042 (g)<br>| 50 | 51 |
| Series 2003-W1, Class 1A1, 4.68%, <br> 12/25/2042 (g)<br>| 367 | 371 |
| Series 2003-W1, Class 2A, 5.04%, <br> 12/25/2042 (g)<br>| 106 | 107 |
| Series 2004-W11, Class 1A1, 6.00%, <br> 5/25/2044<br>| 315 | 331 |
| Series 2005-W1, Class 1A2, 6.50%, <br> 10/25/2044<br>| 535 | 560 |
| Series 2006-W3, Class 2A, 6.00%, 9/25/2046 | 246 | 254 |
| Series 2007-W10, Class 2A, 6.12%, <br> 8/25/2047 (g)<br>| 27 | 28 |
| Series 2009-W1, Class A, 6.00%, 12/25/2049 | 712 | 744 |
| FNMA, REMIC, Whole Loan |  |  |
| Series 2007-101, Class A2, 4.58%, <br> 6/27/2036 (g)<br>| 1288 | 1301 |
| Series 2007-54, Class FA, 4.18%, <br> 6/25/2037 (g)<br>| 645 | 641 |
| Series 2007-64, Class FB, 4.15%, <br> 7/25/2037 (g)<br>| 171 | 171 |
| Series 2007-106, Class A7, 6.06%, <br> 10/25/2037 (g)<br>| 133 | 136 |
| Series 2002-90, Class A1, 6.50%, 6/25/2042 | 217 | 221 |
| FNMA, STRIPS |  |  |
| Series 329, Class 1, PO, 1/25/2033 | 17 | 16 |
| Series 345, Class 6, IO, 5.00%, <br> 12/25/2033 (g)<br>| 26 | 3 |
| Series 365, Class 8, IO, 5.50%, 5/25/2036 | 113 | 20 |
| Series 374, Class 5, IO, 5.50%, 8/25/2036 | 76 | 11 |
| Series 393, Class 6, IO, 5.50%, 4/25/2037 | 25 | 2 |
| Series 383, Class 33, IO, 6.00%, 1/25/2038 | 80 | 14 |
| Series 412, Class F2, 4.28%, 8/25/2042 (g) | 1525 | 1480 |
| Series 411, Class F1, 4.33%, 8/25/2042 (g) | 3371 | 3359 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 47

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| FNMA, Whole Loan Series 2007-W1, Class 1AF1, <br> 4.04%, 11/25/2046 (g)<br>| 1832 | 1817 |
| GMACM Mortgage Loan Trust Series 2005-AR3, <br> Class 3A4, 4.37%, 6/19/2035 (g)<br>| 150 | 148 |
| GNMA |  |  |
| Series 2001-35, Class SA, IF, IO, 4.48%, <br> 8/16/2031 (g)<br>| 27 |  |
| Series 2002-52, Class GH, 6.50%, 7/20/2032 | 161 | 160 |
| Series 2003-58, Class BE, 6.50%, 1/20/2033 | 227 | 227 |
| Series 2003-12, Class SP, IF, IO, 3.92%, <br> 2/20/2033 (g)<br>| 51 |  |
| Series 2003-25, Class PZ, 5.50%, 4/20/2033 | 472 | 471 |
| Series 2003-46, Class MG, 6.50%, 5/20/2033 | 169 | 168 |
| Series 2003-52, Class AP, PO, 6/16/2033 | 88 | 79 |
| Series 2003-75, Class ZX, 6.00%, 9/16/2033 | 260 | 259 |
| Series 2010-41, Class WA, 5.80%, <br> 10/20/2033 (g)<br>| 263 | 271 |
| Series 2003-97, Class SA, IF, IO, 2.78%, <br> 11/16/2033 (g)<br>| 71 |  |
| Series 2003-112, Class SA, IF, IO, 2.78%, <br> 12/16/2033 (g)<br>| 190 | 1 |
| Series 2004-28, Class S, IF, 9.28%, <br> 4/16/2034 (g)<br>| 83 | 91 |
| Series 2005-7, Class JM, IF, 8.42%, <br> 5/18/2034 (g)<br>| 1 | 1 |
| Series 2004-46, PO, 6/20/2034 | 163 | 139 |
| Series 2004-49, Class Z, 6.00%, 6/20/2034 | 677 | 683 |
| Series 2010-103, Class WA, 5.65%, <br> 8/20/2034 (g)<br>| 148 | 152 |
| Series 2004-73, Class JL, IF, IO, 2.78%, <br> 9/16/2034 (g)<br>| 697 | 63 |
| Series 2004-71, Class ST, IF, 7.00%, <br> 9/20/2034 (g)<br>| 71 | 71 |
| Series 2004-71, Class SB, IF, 10.89%, <br> 9/20/2034 (g)<br>| 71 | 76 |
| Series 2004-89, Class LS, IF, 10.54%, <br> 10/16/2034 (g)<br>| 48 | 48 |
| Series 2004-90, Class SI, IF, IO, 2.32%, <br> 10/20/2034 (g)<br>| 957 | 39 |
| Series 2004-96, Class SC, IF, IO, 2.30%, <br> 11/20/2034 (g)<br>| 603 | 3 |
| Series 2005-3, Class SK, IF, IO, 2.97%, <br> 1/20/2035 (g)<br>| 629 | 27 |
| Series 2005-68, Class DP, IF, 7.34%, <br> 6/17/2035 (g)<br>| 125 | 138 |
| Series 2008-79, Class CS, IF, 3.02%, <br> 6/20/2035 (g)<br>| 329 | 330 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2005-56, Class IC, IO, 5.50%, <br> 7/20/2035<br>| 66 | 6 |
| Series 2005-66, Class SP, IF, 8.25%, <br> 8/16/2035 (g)<br>| 40 | 46 |
| Series 2010-14, Class CO, PO, 8/20/2035 | 381 | 327 |
| Series 2005-65, Class SA, IF, 8.40%, <br> 8/20/2035 (g)<br>| 27 | 28 |
| Series 2005-68, Class KI, IF, IO, 2.52%, <br> 9/20/2035 (g)<br>| 1383 | 122 |
| Series 2005-72, Class AZ, 5.50%, 9/20/2035 | 237 | 242 |
| Series 2005-82, PO, 10/20/2035 | 93 | 79 |
| Series 2010-14, Class BO, PO, 11/20/2035 | 137 | 118 |
| Series 2005-91, Class PI, IO, 6.00%, <br> 12/20/2035<br>| 135 | 10 |
| Series 2006-16, Class OP, PO, 3/20/2036 | 117 | 99 |
| Series 2006-22, Class AO, PO, 5/20/2036 | 170 | 144 |
| Series 2006-34, PO, 7/20/2036 | 22 | 19 |
| Series 2006-33, Class Z, 6.50%, 7/20/2036 | 763 | 784 |
| Series 2006-38, Class ZK, 6.50%, 8/20/2036 | 938 | 936 |
| Series 2006-59, Class SD, IF, IO, 2.92%, <br> 10/20/2036 (g)<br>| 248 | 15 |
| Series 2006-57, Class PZ, 5.56%, 10/20/2036 | 417 | 416 |
| Series 2011-22, Class WA, 5.76%, <br> 2/20/2037 (g)<br>| 120 | 124 |
| Series 2007-9, Class CI, IF, IO, 2.42%, <br> 3/20/2037 (g)<br>| 467 | 31 |
| Series 2007-17, Class JO, PO, 4/16/2037 | 235 | 195 |
| Series 2007-17, Class JI, IF, IO, 3.04%, <br> 4/16/2037 (g)<br>| 605 | 46 |
| Series 2007-19, Class SD, IF, IO, 2.42%, <br> 4/20/2037 (g)<br>| 217 | 1 |
| Series 2010-129, Class AW, 5.80%, <br> 4/20/2037 (g)<br>| 208 | 215 |
| Series 2007-25, Class FN, 4.07%, <br> 5/16/2037 (g)<br>| 206 | 205 |
| Series 2007-28, Class BO, PO, 5/20/2037 | 33 | 28 |
| Series 2007-26, Class SC, IF, IO, 2.42%, <br> 5/20/2037 (g)<br>| 407 | 3 |
| Series 2007-27, Class SD, IF, IO, 2.42%, <br> 5/20/2037 (g)<br>| 449 | 4 |
| Series 2007-35, PO, 6/16/2037 | 619 | 513 |
| Series 2007-36, Class HO, PO, 6/16/2037 | 60 | 49 |
| Series 2007-36, Class SE, IF, IO, 2.70%, <br> 6/16/2037 (g)<br>| 256 | 2 |
| Series 2007-36, Class SJ, IF, IO, 2.47%, <br> 6/20/2037 (g)<br>| 336 | 2 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2007-45, Class QA, IF, IO, 2.86%, <br> 7/20/2037 (g)<br>| 514 | 33 |
| Series 2007-40, Class SN, IF, IO, 2.90%, <br> 7/20/2037 (g)<br>| 489 | 12 |
| Series 2007-40, Class SD, IF, IO, 2.97%, <br> 7/20/2037 (g)<br>| 358 | 10 |
| Series 2007-53, Class ES, IF, IO, 2.77%, <br> 9/20/2037 (g)<br>| 393 | 13 |
| Series 2007-53, Class SW, IF, 8.86%, <br> 9/20/2037 (g)<br>| 86 | 93 |
| Series 2008-7, Class SP, IF, 5.84%, <br> 10/20/2037 (g)<br>| 61 | 61 |
| Series 2009-79, Class OK, PO, 11/16/2037 | 607 | 513 |
| Series 2007-74, Class SL, IF, IO, 2.77%, <br> 11/16/2037 (g)<br>| 467 | 3 |
| Series 2007-73, Class MI, IF, IO, 2.22%, <br> 11/20/2037 (g)<br>| 420 | 2 |
| Series 2007-76, Class SB, IF, IO, 2.72%, <br> 11/20/2037 (g)<br>| 823 | 5 |
| Series 2007-67, Class SI, IF, IO, 2.73%, <br> 11/20/2037 (g)<br>| 435 | 3 |
| Series 2007-72, Class US, IF, IO, 2.77%, <br> 11/20/2037 (g)<br>| 371 | 2 |
| Series 2008-7, Class SK, IF, 8.60%, <br> 11/20/2037 (g)<br>| 43 | 43 |
| Series 2007-79, Class SY, IF, IO, 2.77%, <br> 12/20/2037 (g)<br>| 538 | 2 |
| Series 2008-1, PO, 1/20/2038 | 24 | 20 |
| Series 2015-137, Class WA, 5.55%, <br> 1/20/2038 (g)<br>| 1340 | 1400 |
| Series 2009-106, Class ST, IF, IO, 2.22%, <br> 2/20/2038 (g)<br>| 3192 | 41 |
| Series 2008-17, IO, 5.50%, 2/20/2038 | 81 |  |
| Series 2008-33, Class XS, IF, IO, 3.93%, <br> 4/16/2038 (g)<br>| 242 | 10 |
| Series 2008-36, Class SH, IF, IO, 2.52%, <br> 4/20/2038 (g)<br>| 561 | 3 |
| Series 2008-40, Class SA, IF, IO, 2.63%, <br> 5/16/2038 (g)<br>| 1318 | 65 |
| Series 2008-55, Class SA, IF, IO, 2.42%, <br> 6/20/2038 (g)<br>| 138 | 1 |
| Series 2008-50, Class KB, 6.00%, 6/20/2038 | 281 | 289 |
| Series 2008-60, Class CS, IF, IO, 2.37%, <br> 7/20/2038 (g)<br>| 468 | 3 |
| Series 2008-71, Class SC, IF, IO, 2.22%, <br> 8/20/2038 (g)<br>| 158 | 1 |
| Series 2012-59, Class WA, 5.58%, <br> 8/20/2038 (g)<br>| 651 | 673 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2008-76, Class US, IF, IO, 2.12%, <br> 9/20/2038 (g)<br>| 576 | 11 |
| Series 2008-81, Class S, IF, IO, 2.42%, <br> 9/20/2038 (g)<br>| 1187 | 7 |
| Series 2009-25, Class SE, IF, IO, 3.82%, <br> 9/20/2038 (g)<br>| 247 | 4 |
| Series 2011-97, Class WA, 6.07%, <br> 11/20/2038 (g)<br>| 288 | 294 |
| Series 2008-93, Class AS, IF, IO, 1.92%, <br> 12/20/2038 (g)<br>| 634 | 36 |
| Series 2008-96, Class SL, IF, IO, 2.22%, <br> 12/20/2038 (g)<br>| 339 | 3 |
| Series 2008-95, Class DS, IF, IO, 3.52%, <br> 12/20/2038 (g)<br>| 1032 | 8 |
| Series 2011-163, Class WA, 5.83%, <br> 12/20/2038 (g)<br>| 1365 | 1420 |
| Series 2014-6, Class W, 5.27%, 1/20/2039 (g) | 1062 | 1104 |
| Series 2009-6, Class SA, IF, IO, 2.33%, <br> 2/16/2039 (g)<br>| 262 | 1 |
| Series 2009-11, Class SC, IF, IO, 2.38%, <br> 2/16/2039 (g)<br>| 306 | 4 |
| Series 2009-10, Class SA, IF, IO, 2.17%, <br> 2/20/2039 (g)<br>| 447 | 33 |
| Series 2009-6, Class SH, IF, IO, 2.26%, <br> 2/20/2039 (g)<br>| 275 | 1 |
| Series 2009-31, Class TS, IF, IO, 2.52%, <br> 3/20/2039 (g)<br>| 112 | 2 |
| Series 2009-14, Class KI, IO, 6.50%, <br> 3/20/2039<br>| 156 | 7 |
| Series 2009-14, Class NI, IO, 6.50%, <br> 3/20/2039<br>| 347 | 17 |
| Series 2009-22, Class SA, IF, IO, 2.49%, <br> 4/20/2039 (g)<br>| 638 | 50 |
| Series 2009-35, Class ZB, 5.50%, 5/16/2039 | 6118 | 6417 |
| Series 2009-33, Class CI, IO, 5.50%, <br> 5/20/2039<br>| 95 | 5 |
| Series 2009-33, Class TI, IO, 6.00%, <br> 5/20/2039<br>| 130 | 8 |
| Series 2009-43, Class SA, IF, IO, 2.17%, <br> 6/20/2039 (g)<br>| 431 | 19 |
| Series 2009-42, Class SC, IF, IO, 2.30%, <br> 6/20/2039 (g)<br>| 607 | 50 |
| Series 2009-64, Class SN, IF, IO, 2.33%, <br> 7/16/2039 (g)<br>| 431 | 21 |
| Series 2009-72, Class SM, IF, IO, 2.48%, <br> 8/16/2039 (g)<br>| 611 | 48 |
| Series 2009-81, Class SB, IF, IO, 2.31%, <br> 9/20/2039 (g)<br>| 1190 | 108 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 49

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2009-75, Class MN, 5.50%, 9/20/2039 | 2599 | 2759 |
| Series 2009-106, Class AS, IF, IO, 2.63%, <br> 11/16/2039 (g)<br>| 1016 | 101 |
| Series 2013-147, Class BE, 4.00%, <br> 12/20/2039<br>| 3874 | 3759 |
| Series 2015-91, Class W, 5.27%, <br> 5/20/2040 (g)<br>| 1359 | 1416 |
| Series 2013-75, Class WA, 5.07%, <br> 6/20/2040 (g)<br>| 335 | 346 |
| Series 2011-137, Class WA, 5.58%, <br> 7/20/2040 (g)<br>| 691 | 725 |
| Series 2010-130, Class CP, 7.00%, <br> 10/16/2040<br>| 1062 | 1137 |
| Series 2010-157, Class OP, PO, 12/20/2040 | 1402 | 1227 |
| Series 2011-75, Class SM, IF, IO, 2.82%, <br> 5/20/2041 (g)<br>| 757 | 51 |
| Series 2013-26, Class AK, 4.70%, <br> 9/20/2041 (g)<br>| 849 | 870 |
| Series 2014-188, Class W, 4.54%, <br> 10/20/2041 (g)<br>| 898 | 915 |
| Series 2012-141, Class WA, 4.52%, <br> 11/16/2041 (g)<br>| 1224 | 1235 |
| Series 2011-157, Class UY, 3.00%, <br> 12/20/2041<br>| 1500 | 1387 |
| Series 2012-141, Class WC, 3.75%, <br> 1/20/2042 (g)<br>| 1004 | 974 |
| Series 2012-141, Class WB, 4.00%, <br> 9/16/2042 (g)<br>| 689 | 670 |
| Series 2014-41, Class W, 4.59%, <br> 10/20/2042 (g)<br>| 978 | 994 |
| Series 2013-54, Class WA, 4.90%, <br> 11/20/2042 (g)<br>| 676 | 701 |
| Series 2013-91, Class WA, 4.41%, <br> 4/20/2043 (g)<br>| 931 | 912 |
| Series 2019-78, Class SW, IF, IO, 2.32%, <br> 6/20/2049 (g)<br>| 5394 | 477 |
| Series 2020-123, Class LB, 1.00%, 8/20/2050 | 9770 | 8300 |
| Series 2020-134, Class ST, IF, IO, 3.11%, <br> 9/20/2050 (g)<br>| 39143 | 1054 |
| Series 2022-9, Class P, 2.00%, 9/20/2051 | 19327 | 17475 |
| Series 2021-201, Class Z, 3.00%, 11/20/2051 | 18277 | 13925 |
| Series 2022-114, Class BS, IF, 8.06%, <br> 6/20/2052 (g)<br>| 13036 | 14486 |
| Series 2022-133, Class ES, IF, 7.69%, <br> 7/20/2052 (g)<br>| 8132 | 8594 |
| Series 2022-121, Class S, IF, 7.86%, <br> 7/20/2052 (g)<br>| 10491 | 11559 |
| Series 2024-164, Class AO, PO, 10/20/2054 | 7930 | 6395 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-105, Class SM, IF, 5.40%, <br> 6/20/2055 (g)<br>| 23080 | 22717 |
| Series 2012-H24, Class FA, 4.25%, <br> 3/20/2060 (g)<br>| 165 | 164 |
| Series 2012-H24, Class FG, 4.23%, <br> 4/20/2060 (g)<br>| 7 | 7 |
| Series 2013-H03, Class FA, 4.10%, <br> 8/20/2060 (g)<br>|  |  |
| Series 2011-H05, Class FB, 4.30%, <br> 12/20/2060 (g)<br>| 245 | 245 |
| Series 2011-H06, Class FA, 4.25%, <br> 2/20/2061 (g)<br>| 238 | 238 |
| Series 2012-H21, Class CF, 4.50%, <br> 5/20/2061 (g)<br>| 4 | 4 |
| Series 2011-H19, Class FA, 4.27%, <br> 8/20/2061 (g)<br>| 174 | 174 |
| Series 2012-H26, Class JA, 4.35%, <br> 10/20/2061 (g)<br>| 1 | 1 |
| Series 2012-H10, Class FA, 4.35%, <br> 12/20/2061 (g)<br>| 1398 | 1399 |
| Series 2012-H08, Class FB, 4.40%, <br> 3/20/2062 (g)<br>| 400 | 400 |
| Series 2013-H07, Class MA, 4.35%, <br> 4/20/2062 (g)<br>|  |  |
| Series 2012-H08, Class FS, 4.50%, <br> 4/20/2062 (g)<br>| 1259 | 1264 |
| Series 2012-H15, Class FA, 4.25%, <br> 5/20/2062 (g)<br>|  |  |
| Series 2012-H26, Class MA, 4.35%, <br> 7/20/2062 (g)<br>| 39 | 39 |
| Series 2012-H18, Class NA, 4.32%, <br> 8/20/2062 (g)<br>| 104 | 104 |
| Series 2012-H28, Class FA, 4.38%, <br> 9/20/2062 (g)<br>| 20 | 20 |
| Series 2012-H29, Class FA, 4.31%, <br> 10/20/2062 (g)<br>| 793 | 793 |
| Series 2012-H24, Class FE, 4.40%, <br> 10/20/2062 (g)<br>| 24 | 24 |
| Series 2013-H02, Class HF, 4.10%, <br> 11/20/2062 (g)<br>| 1 | 1 |
| Series 2023-48, Class W, 3.98%, <br> 12/20/2062 (g)<br>| 8920 | 8416 |
| Series 2013-H01, Class FA, 1.65%, 1/20/2063 |  |  |
| Series 2013-H01, Class JA, 4.12%, <br> 1/20/2063 (g)<br>| 787 | 785 |
| Series 2013-H04, Class SA, 4.22%, <br> 2/20/2063 (g)<br>| 465 | 465 |
| Series 2013-H08, Class FC, 4.25%, <br> 2/20/2063 (g)<br>| 486 | 486 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2013-H07, Class HA, 4.21%, <br> 3/20/2063 (g)<br>| 589 | 588 |
| Series 2013-H09, Class HA, 1.65%, <br> 4/20/2063<br>| 63 | 60 |
| Series 2013-H14, Class FG, 4.27%, <br> 5/20/2063 (g)<br>| 136 | 136 |
| Series 2013-H14, Class FC, 4.27%, <br> 6/20/2063 (g)<br>| 104 | 104 |
| Series 2014-H01, Class FD, 4.45%, <br> 1/20/2064 (g)<br>| 581 | 583 |
| Series 2014-H05, Class FA, 4.49%, <br> 2/20/2064 (g)<br>| 1541 | 1547 |
| Series 2014-H06, Class HB, 4.45%, <br> 3/20/2064 (g)<br>| 234 | 235 |
| Series 2014-H09, Class TA, 4.40%, <br> 4/20/2064 (g)<br>| 508 | 510 |
| Series 2014-H10, Class TA, 4.40%, <br> 4/20/2064 (g)<br>| 4409 | 4416 |
| Series 2024-57, Class PT, 4.50%, 4/20/2064 | 8929 | 8885 |
| Series 2014-H11, Class VA, 4.30%, <br> 6/20/2064 (g)<br>| 4736 | 4737 |
| Series 2014-H15, Class FA, 4.30%, <br> 7/20/2064 (g)<br>| 4390 | 4391 |
| Series 2014-H17, Class FC, 4.30%, <br> 7/20/2064 (g)<br>| 2562 | 2563 |
| Series 2014-H19, Class FE, 4.27%, <br> 9/20/2064 (g)<br>| 2457 | 2456 |
| Series 2014-H20, Class LF, 4.40%, <br> 10/20/2064 (g)<br>| 2390 | 2391 |
| Series 2015-H02, Class FB, 4.30%, <br> 12/20/2064 (g)<br>| 383 | 383 |
| Series 2015-H03, Class FA, 4.30%, <br> 12/20/2064 (g)<br>| 479 | 479 |
| Series 2015-H05, Class FC, 4.28%, <br> 2/20/2065 (g)<br>| 4720 | 4720 |
| Series 2015-H06, Class FA, 4.28%, <br> 2/20/2065 (g)<br>| 2091 | 2091 |
| Series 2015-H07, Class ES, 4.42%, <br> 2/20/2065 (g)<br>| 1074 | 1074 |
| Series 2015-H08, Class FC, 4.28%, <br> 3/20/2065 (g)<br>| 4928 | 4928 |
| Series 2015-H10, Class FC, 4.28%, <br> 4/20/2065 (g)<br>|  |  |
| Series 2015-H12, Class FA, 4.28%, <br> 5/20/2065 (g)<br>| 2390 | 2390 |
| Series 2015-H15, Class FD, 4.24%, <br> 6/20/2065 (g)<br>| 1365 | 1364 |
| Series 2015-H15, Class FJ, 4.24%, <br> 6/20/2065 (g)<br>| 1977 | 1976 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2015-H18, Class FA, 4.25%, <br> 6/20/2065 (g)<br>| 1349 | 1349 |
| Series 2015-H16, Class FG, 4.24%, <br> 7/20/2065 (g)<br>| 3039 | 3038 |
| Series 2015-H16, Class FL, 4.24%, <br> 7/20/2065 (g)<br>| 2789 | 2787 |
| Series 2015-H20, Class FA, 4.27%, <br> 8/20/2065 (g)<br>| 2309 | 2308 |
| Series 2015-H26, Class FG, 4.32%, <br> 10/20/2065 (g)<br>| 824 | 824 |
| Series 2015-H32, Class FH, 4.46%, <br> 12/20/2065 (g)<br>| 1379 | 1382 |
| Series 2016-H07, Class FB, 4.55%, <br> 3/20/2066 (g)<br>| 1597 | 1603 |
| Series 2016-H11, Class FD, 5.08%, <br> 5/20/2066 (g)<br>| 3278 | 3312 |
| Series 2016-H26, Class FC, 4.80%, <br> 12/20/2066 (g)<br>| 2965 | 2985 |
| Series 2017-H08, Class XI, IO, 2.22%, <br> 3/20/2067 (g)<br>| 15603 | 652 |
| Series 2017-H14, Class XI, IO, 1.87%, <br> 6/20/2067 (g)<br>| 17183 | 447 |
| Series 2018-H09, Class FE, 4.54%, <br> 6/20/2068 (g)<br>| 1203 | 1210 |
| Series 2019-H20, Class ID, IO, 1.37%, <br> 12/20/2069 (g)<br>| 16600 | 1031 |
| Series 2020-H02, Class MI, IO, 1.30%, <br> 1/20/2070 (g)<br>| 35954 | 2154 |
| Series 2020-H05, IO, 1.70%, 3/20/2070 (g) | 33973 | 1998 |
| Series 2020-H09, IO, 1.58%, 5/20/2070 (g) | 40182 | 2035 |
| Series 2020-H09, Class IC, IO, 1.89%, <br> 5/20/2070 (g)<br>| 39663 | 2421 |
| Series 2020-H09, Class CI, IO, 2.06%, <br> 5/20/2070 (g)<br>| 37037 | 2499 |
| Series 2020-H11, IO, 1.61%, 6/20/2070 (g) | 22657 | 1258 |
| Series 2020-H12, Class IJ, IO, 1.75%, <br> 7/20/2070 (g)<br>| 32134 | 1770 |
| Series 2020-H12, Class HI, IO, 2.44%, <br> 7/20/2070 (g)<br>| 28010 | 2261 |
| Series 2020-H15, IO, 1.84%, 8/20/2070 (g) | 41108 | 2449 |
| Series 2021-H14, Class BF, 5.06%, <br> 9/20/2071 (g)<br>| 7899 | 8091 |
| GS Mortgage-Backed Securities Corp. Trust Series <br> 2021-RPL1, Class A1, 1.75%, 12/25/2060 (b) <br> (g)<br>| 29777 | 28213 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2024-RPL4, Class A1, 3.90%, <br> 9/25/2061 (b) (f)<br>| 19023 | 18816 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 51

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2025-RPL3, Class A1, 4.10%, <br> 7/25/2065 (b) (f)<br>| 41707 | 41095 |
| GSMPS Mortgage Loan Trust |  |  |
| Series 2004-4, Class 1AF, 4.19%, <br> 6/25/2034 (b) (g)<br>| 220 | 199 |
| Series 2005-RP2, Class 1AF, 4.14%, <br> 3/25/2035 (b) (g)<br>| 390 | 365 |
| Series 2005-RP3, Class 1AS, IO, 0.42%, <br> 9/25/2035 (b) (g)<br>| 2042 | 45 |
| Series 2005-RP3, Class 1AF, 4.14%, <br> 9/25/2035 (b) (g)<br>| 2770 | 2396 |
| GSR Mortgage Loan Trust |  |  |
| Series 2003-3F, Class 4A3, 5.75%, 4/25/2033 | 22 | 22 |
| Series 2004-6F, Class 2A4, 5.50%, 5/25/2034 | 142 | 143 |
| Series 2004-6F, Class 3A4, 6.50%, 5/25/2034 | 127 | 132 |
| Series 2004-13F, Class 3A3, 6.00%, <br> 11/25/2034<br>| 81 | 82 |
| Series 2005-5F, Class 8A3, 4.29%, <br> 6/25/2035 (g)<br>| 58 | 57 |
| Series 2005-AR6, Class 3A1, 4.49%, <br> 9/25/2035 (g)<br>| 18 | 16 |
| Series 2005-7F, Class 3A9, 6.00%, 9/25/2035 | 305 | 309 |
| Series 2006-1F, Class 1A3, 5.50%, 2/25/2036 | 14 | 158 |
| Series 2006-1F, Class 2A4, 6.00%, 2/25/2036 | 1391 | 569 |
| Homeward Opportunities Fund Trust Series <br> 2025-RRTL2, Class A1, 5.24%, 9/25/2040 (b) <br> (f)<br>| 24975 | 25082 |
| Impac CMB Trust Series 2005-4, Class 2A1, <br> 4.39%, 5/25/2035 (g)<br>| 339 | 332 |
| Impac Secured Assets CMN Owner Trust Series <br> 2003-2, Class A1, 5.50%, 8/25/2033<br>| 251 | 190 |
| Impac Secured Assets Trust Series 2006-1, Class <br> 2A1, 4.49%, 5/25/2036 (g)<br>| 365 | 350 |
| JPMorgan Mortgage Trust |  |  |
| Series 2006-A2, Class 5A3, 6.31%, <br> 11/25/2033 (g)<br>| 277 | 276 |
| Series 2006-A3, Class 6A1, 4.94%, <br> 8/25/2034 (g)<br>| 94 | 93 |
| Series 2006-A2, Class 4A1, 6.45%, <br> 8/25/2034 (g)<br>| 926 | 943 |
| Series 2004-S1, Class 1A7, 5.00%, 9/25/2034 | 19 | 18 |
| Series 2004-A4, Class 1A1, 6.74%, <br> 9/25/2034 (g)<br>| 6 | 6 |
| Series 2005-A1, Class 3A4, 5.31%, <br> 2/25/2035 (g)<br>| 120 | 116 |
| Series 2007-A1, Class 5A1, 5.82%, <br> 7/25/2035 (g)<br>| 85 | 85 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2007-A1, Class 5A2, 5.82%, <br> 7/25/2035 (g)<br>| 34 | 34 |
| Legacy Mortgage Asset Trust Series 2021-GS1, <br> Class A1, 5.89%, 10/25/2066 (b) (f)<br>| 15299 | 15310 |
| Lehman Mortgage Trust |  |  |
| Series 2006-2, Class 1A1, 5.73%, <br> 4/25/2036 (g)<br>| 295 | 182 |
| Series 2007-6, Class 1A8, 6.00%, 7/25/2037 | 10 | 8 |
| Series 2008-2, Class 1A6, 6.00%, 3/25/2038 | 1858 | 432 |
| LHOME Mortgage Trust |  |  |
| Series 2024-RTL5, Class A1, 5.32%, <br> 9/25/2039 (b) (f)<br>| 41700 | 41780 |
| Series 2025-RTL3, Class A1, 5.24%, <br> 8/25/2040 (b) (f)<br>| 16785 | 16892 |
| MASTR Adjustable Rate Mortgages Trust |  |  |
| Series 2004-13, Class 2A1, 6.25%, <br> 4/21/2034 (g)<br>| 257 | 254 |
| Series 2004-3, Class 4A2, 4.23%, <br> 4/25/2034 (g)<br>| 100 | 91 |
| Series 2004-15, Class 3A1, 6.76%, <br> 12/25/2034 (g)<br>| 47 | 46 |
| MASTR Alternative Loan Trust |  |  |
| Series 2004-8, Class 6A1, 5.50%, 9/25/2019 |  |  |
| Series 2003-9, Class 8A1, 6.00%, 1/25/2034 | 59 | 56 |
| Series 2004-3, Class 3A1, 6.00%, 4/25/2034 | 560 | 575 |
| Series 2004-3, Class 2A1, 6.25%, 4/25/2034 | 101 | 105 |
| Series 2004-6, Class 30, PO, 7/25/2034 | 110 | 88 |
| Series 2004-6, Class 7A1, 6.00%, 7/25/2034 | 67 | 66 |
| Series 2004-7, Class 30, PO, 8/25/2034 | 58 | 41 |
| Series 2005-6, Class 3A1, 5.50%, <br> 12/25/2035<br>| 55 | 49 |
| MASTR Asset Securitization Trust |  |  |
| Series 2004-6, Class 15, PO, 7/25/2019 ‡ |  |  |
| Series 2003-12, Class 30, PO, 12/25/2033 | 2 |  |
| Series 2003-12, Class 6A1, 5.00%, <br> 12/25/2033<br>| 37 | 31 |
| Series 2004-4, Class 1A6, 5.25%, <br> 12/26/2033<br>| 115 | 114 |
| Series 2004-P7, Class A6, 5.50%, <br> 12/27/2033 (b)<br>| 52 | 45 |
| Series 2004-1, Class 30, PO, 2/25/2034 | 7 | 6 |
| MASTR Reperforming Loan Trust |  |  |
| Series 2005-2, Class 1A1F, 4.14%, <br> 5/25/2035 (b) (g)<br>| 4776 | 2235 |
| Series 2006-2, Class 1A1, 4.31%, <br> 5/25/2036 (b) (g)<br>| 468 | 390 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| MASTR Resecuritization Trust Series 2005-PO, <br> Class 3, PO, 5/28/2035 (b)<br>| 57 | 43 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2003-E, Class A1, 4.41%, <br> 10/25/2028 (g)<br>| 88 | 83 |
| Series 2003-F, Class A1, 4.43%, <br> 10/25/2028 (g)<br>| 68 | 68 |
| Series 2004-A, Class A1, 4.25%, <br> 4/25/2029 (g)<br>| 46 | 43 |
| Series 2004-C, Class A2, 4.63%, <br> 7/25/2029 (g)<br>| 59 | 59 |
| Series 2003-A5, Class 2A6, 6.11%, <br> 8/25/2033 (g)<br>| 63 | 62 |
| Series 2004-A4, Class A2, 5.11%, <br> 8/25/2034 (g)<br>| 139 | 133 |
| Series 2004-1, Class 2A1, 5.04%, <br> 12/25/2034 (g)<br>| 144 | 135 |
| Series 2005-A2, Class A1, 5.14%, <br> 2/25/2035 (g)<br>| 318 | 288 |
| MFA Trust Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (b) (f)<br>| 15610 | 15703 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| Series 2004-9, Class 4A, 3.13%, <br> 10/25/2019 (g)<br>| 45 | 43 |
| Series 2004-3, Class 4A, 5.65%, <br> 4/25/2034 (g)<br>| 426 | 425 |
| MRFC Mortgage Pass-Through Trust |  |  |
| Series 2000-TBC2, Class A1, 4.25%, <br> 6/15/2030 (g)<br>| 222 | 219 |
| Series 2000-TBC3, Class A1, 4.21%, <br> 12/15/2030 (g)<br>| 53 | 52 |
| NACC Reperforming Loan REMIC Trust Series <br> 2004-R2, Class A1, 6.50%, 10/25/2034 (b) <br> (g)<br>| 195 | 172 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (b) (f)<br>| 11960 | 11990 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (b) (f)<br>| 46200 | 46750 |
| Nomura Asset Acceptance Corp. Alternative Loan <br> Trust<br>|  |  |
| Series 2003-A1, Class A5, 7.00%, 4/25/2033 | 66 | 66 |
| Series 2003-A1, Class A1, 5.50%, 5/25/2033 | 11 | 11 |
| Series 2003-A1, Class A2, 6.00%, 5/25/2033 | 28 | 28 |
| Ocwen Loan Investment Trust Series 2024-HB1, <br> Class A, 3.00%, 2/25/2037 ‡ (b)<br>| 3906 | 3856 |
| PRET Trust Series 2024-RPL2, Class A1, 4.07%, <br> 6/25/2064 (b) (g)<br>| 17196 | 16649 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Prime Mortgage Trust Series 2004-CL1, Class 1A1, <br> 6.00%, 2/25/2034<br>| 104 | 105 |
| PRPM LLC Series 2024-RCF1, Class A1, 4.00%, <br> 1/25/2054 (b) (f)<br>| 8033 | 7981 |
| Rain City Mortgage Trust Series 2024-RTL1, <br> Class A1, 6.53%, 9/25/2029 (b) (f)<br>| 39489 | 39976 |
| RALI Trust |  |  |
| Series 2005-QA6, Class A32, 6.84%, <br> 5/25/2035 (g)<br>| 597 | 304 |
| Series 2007-QS1, Class 1A1, 6.00%, <br> 1/25/2037<br>| 58 | 47 |
| Reperforming Loan REMIC Trust Series 2005-R1, <br> Class 2A, PO, 3/25/2035 (b)<br>| 20 | 11 |
| Residential Asset Securitization Trust Series <br> 2003-A8, Class A5, 4.25%, 10/25/2018<br>| 12 | 12 |
| Seasoned Credit Risk Transfer Trust |  |  |
| Series 2025-1, Class MTU, 3.25%, <br> 11/25/2064<br>| 65976 | 58305 |
| Series 2025-2, Class MTU, 3.25%, 6/25/2065 | 71480 | 62280 |
| Seasoned Loans Structured Transaction Series <br> 2018-1, Class A1, 3.50%, 6/25/2028<br>| 6135 | 6046 |
| Sequoia Mortgage Trust |  |  |
| Series 2004-8, Class A1, 4.48%, <br> 9/20/2034 (g)<br>| 264 | 234 |
| Series 2004-8, Class A2, 4.76%, <br> 9/20/2034 (g)<br>| 227 | 217 |
| Series 2004-10, Class A1A, 4.40%, <br> 11/20/2034 (g)<br>| 104 | 100 |
| Series 2004-11, Class A1, 4.38%, <br> 12/20/2034 (g)<br>| 119 | 111 |
| Series 2004-12, Class A3, 4.37%, <br> 1/20/2035 (g)<br>| 166 | 166 |
| Starwoood Anoo, 9.75%, 1/16/2027 ‡ (b) | 18439 | 18371 |
| Structured Asset Mortgage Investments II Trust |  |  |
| Series 2004-AR5, Class 1A1, 4.44%, <br> 10/19/2034 (g)<br>| 223 | 218 |
| Series 2005-AR5, Class A3, 4.28%, <br> 7/19/2035 (g)<br>| 741 | 718 |
| Structured Asset Securities Corp. |  |  |
| Series 2004-4XS, Class 1A5, 5.99%, <br> 2/25/2034 (f)<br>| 624 | 621 |
| Series 2005-RF3, Class 1A, 4.14%, <br> 6/25/2035 (b) (g)<br>| 280 | 241 |
| Structured Asset Securities Corp. Mortgage <br> Pass-Through Certificates<br>|  |  |
| Series 2003-34A, Class 3A3, 5.40%, <br> 11/25/2033 (g)<br>| 43 | 43 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 53

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2003-37A, Class 2A, 5.43%, <br> 12/25/2033 (g)<br>| 286 | 282 |
| Thornburg Mortgage Securities Trust |  |  |
| Series 2003-4, Class A1, 4.43%, <br> 9/25/2043 (g)<br>| 582 | 584 |
| Series 2004-4, Class 3A, 5.07%, <br> 12/25/2044 (g)<br>| 360 | 359 |
| Towd Point Mortgage Trust |  |  |
| Series 2017-FRE2, Class M6, 4.00%, <br> 11/25/2047 (b) (f)<br>| 4516 | 4478 |
| Series 2021-R1, Class A1, 2.92%, <br> 11/30/2060 (b) (g)<br>| 85269 | 78558 |
| Series 2021-R1, Class A2C, 3.31%, <br> 11/30/2060 (b)<br>| 10000 | 8453 |
| United Mortgage Mezz, 8.00%, 2/18/2027 ‡ | 3900 | 3900 |
| Vendee Mortgage Trust |  |  |
| Series 1996-2, Class 1Z, 6.75%, 6/15/2026 | 13 | 13 |
| Series 1997-1, Class 2Z, 7.50%, 2/15/2027 | 67 | 68 |
| Series 1998-1, Class 2E, 7.00%, 3/15/2028 | 96 | 97 |
| Series 2010-1, Class DZ, 4.25%, 4/15/2040 | 3044 | 2992 |
| WaMu Mortgage Pass-Through Certificates |  |  |
| Series 2003-S4, Class 2A10, IF, 7.04%, <br> 6/25/2033 (g)<br>| 19 | 19 |
| Series 2004-RS2, Class A4, 5.00%, <br> 11/25/2033<br>| 106 | 106 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| Series 2003-S1, Class A5, 5.50%, 4/25/2033 | 142 | 145 |
| Series 2003-AR7, Class A7, 5.64%, <br> 8/25/2033 (g)<br>| 154 | 151 |
| Series 2003-AR9, Class 1A6, 5.39%, <br> 9/25/2033 (g)<br>| 975 | 960 |
| Series 2003-AR9, Class 2A, 5.69%, <br> 9/25/2033 (g)<br>| 82 | 81 |
| Series 2003-S9, Class P, PO, 10/25/2033 | 9 | 7 |
| Series 2003-S9, Class A8, 5.25%, 10/25/2033 | 749 | 753 |
| Series 2003-AR11, Class A6, 5.76%, <br> 10/25/2033 (g)<br>| 488 | 462 |
| Series 2004-AR3, Class A1, 5.33%, <br> 6/25/2034 (g)<br>| 223 | 214 |
| Series 2004-AR3, Class A2, 5.33%, <br> 6/25/2034 (g)<br>| 286 | 275 |
| Series 2004-S2, Class 2A4, 5.50%, 6/25/2034 | 461 | 457 |
| Series 2006-AR10, Class 2P, 4.14%, <br> 9/25/2036 (g)<br>| 33 | 31 |
| Series 2006-AR8, Class 1A2, 4.47%, <br> 8/25/2046 (g)<br>| 183 | 173 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Trust<br>|  |  |
| Series 2005-1, Class CP, PO, 3/25/2035 | 21 | 14 |
| Series 2005-1, Class 1A1, 5.50%, 3/25/2035 | 237 | 238 |
| Series 2005-2, Class 2A3, IF, IO, 1.21%, <br> 4/25/2035 (g)<br>| 523 | 30 |
| Series 2005-2, Class 1A4, IF, IO, 1.26%, <br> 4/25/2035 (g)<br>| 2296 | 130 |
| Series 2005-4, Class CB7, 5.50%, 6/25/2035 | 730 | 685 |
| Series 2005-4, Class CX, IO, 5.50%, <br> 6/25/2035<br>| 800 | 118 |
| Series 2005-6, Class 2A4, 5.50%, 8/25/2035 | 126 | 114 |
| Series 2006-1, Class 3A2, 5.75%, 2/25/2036 | 62 | 60 |
| Washington Mutual MSC Mortgage Pass-Through <br> Certificates Trust Series 2003-MS7, Class P, PO, <br> 3/25/2033<br>|  |  |
| Wells Fargo Alternative Loan Trust |  |  |
| Series 2003-1, Class A, PO, 9/25/2033 | 8 | 6 |
| Series 2007-PA3, Class 1A2, 5.75%, <br> 7/25/2037<br>| 77 | 69 |
| Wells Fargo Mortgage-Backed Securities Trust <br> Series 2007-7, Class A7, 6.00%, 6/25/2037<br>| 34 | 31 |
| Total Collateralized Mortgage Obligations <br>(Cost $2,309,630)<br>|  | 2288749 |
| **Commercial Mortgage-Backed Securities — 4.1%** | **Commercial Mortgage-Backed Securities — 4.1%** | **Commercial Mortgage-Backed Securities — 4.1%** |
| 20 Times Square Trust |  |  |
| Series 2018-20TS, Class D, 3.10%, <br> 5/15/2035 (b) (g)<br>| 21000 | 19688 |
| Series 2018-20TS, Class E, 3.10%, <br> 5/15/2035 (b) (g)<br>| 13399 | 12327 |
| Acrc Series TL-2021A, 3.75%, 11/15/2026 ‡ (b) | 22200 | 21607 |
| Baml Pimco PIF (United Kingdom) 9.10%, <br> 1/25/2027 ‡<br>| 151 | 151 |
| BAML RCAP Frn 8.00%, 10/25/2027 ‡ | 63652 | 63652 |
| BAMLL Commercial Mortgage Securities Trust <br> Series 2014-520M, Class C, 4.21%, <br> 8/15/2046 (b) (g)<br>| 7700 | 5424 |
| BAMLL Re-REMIC Trust |  |  |
| Series 2024-FRR2, Class A, 2.44%, <br> 7/27/2050 ‡ (b) (g)<br>| 13078 | 12448 |
| Series 2024-FRR2, Class B, 2.47%, <br> 7/27/2050 ‡ (b) (g)<br>| 17745 | 16780 |
| Series 2025-FRR5, Class BK73, 2.04%, <br> 2/27/2051 ‡ (b) (g)<br>| 20476 | 19178 |
| Series 2025-FRR5, Class B736, 1.94%, <br> 9/27/2052 ‡ (b) (g)<br>| 18347 | 18024 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2025-FRR5, Class A736, 1.95%, <br> 9/27/2052 ‡ (b) (g)<br>| 15256 | 15003 |
| Bear Stearns Commercial Mortgage Securities <br> Trust Series 2007-T26, Class X1, IO, 0.95%, <br> 1/12/2045 (b) (g)<br>| 170 |  |
| BXP Trust Series 2017-GM, Class A, 3.38%, <br> 6/13/2039 (b)<br>| 5817 | 5735 |
| Cascade Funding Mortgage Trust |  |  |
| Series 2021-FRR1, Class AK98, 0.00%, <br> 8/29/2029 (b)<br>| 22370 | 18797 |
| Series 2021-FRR1, Class AK58, 2.19%, <br> 9/29/2029 (b) (g)<br>| 28730 | 28111 |
| CD Mortgage Trust Series 2006-CD3, Class XS, IO, <br> 0.19%, 10/15/2048 ‡ (b) (g)<br>| 573 | 1 |
| Commercial Mortgage Trust Series 2018-HOME, <br> Class A, 3.82%, 4/10/2033 (b) (g)<br>| 53745 | 53033 |
| Credit Suisse Commercial Mortgage Trust Series <br> 2007-C2, Class AX, IO, 0.01%, 1/15/2049 (b) <br> (g)<br>| 14851 | 4 |
| CSMC OA LLC |  |  |
| Series 2014-USA, Class A2, 3.95%, <br> 9/15/2037 (b)<br>| 14250 | 13411 |
| Series 2014-USA, Class B, 4.18%, <br> 9/15/2037 (b)<br>| 25890 | 23237 |
| Series 2014-USA, Class D, 4.37%, <br> 9/15/2037 (b)<br>| 16830 | 14511 |
| DBWF Mortgage Trust Series 2015-LCM, Class A2, <br> 3.42%, 6/10/2034 (b) (g)<br>| 4000 | 3939 |
| FHLMC MSCR Trust Series 2023-MN7, Class M1, <br> 7.27%, 9/25/2043 (b) (g)<br>| 17828 | 17890 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K070, Class A2, 3.30%, <br> 11/25/2027 (g)<br>| 17323 | 17205 |
| Series K072, Class A2, 3.44%, 12/25/2027 | 14689 | 14615 |
| Series K072, Class AM, 3.50%, <br> 12/25/2027 (g)<br>| 19000 | 18905 |
| Series W5FX, Class AFX, 3.34%, 4/25/2028 (g) | 21769 | 21564 |
| Series K081, Class A2, 3.90%, 8/25/2028 (g) | 1531 | 1539 |
| Series K082, Class AM, 3.92%, 9/25/2028 (g) | 12035 | 12092 |
| Series K087, Class A2, 3.77%, 12/25/2028 | 4023 | 4032 |
| Series K088, Class A2, 3.69%, 1/25/2029 | 355 | 355 |
| Series K115, Class XAM, IO, 1.54%, <br> 7/25/2030 (g)<br>| 44581 | 2684 |
| Series K118, Class XAM, IO, 1.17%, <br> 9/25/2030 (g)<br>| 21865 | 1046 |
| Series K753, Class A2, 4.40%, 10/25/2030 | 40970 | 41963 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series K754, Class AM, 4.94%, <br> 11/25/2030 (g)<br>| 18128 | 18948 |
| Series KJ45, Class A2, 4.66%, 1/25/2031 | 19800 | 20340 |
| Series K142, Class A2, 2.40%, 3/25/2032 | 58400 | 53693 |
| Series K145, Class A2, 2.58%, 5/25/2032 | 40795 | 37765 |
| Series K146, Class A2, 2.92%, 6/25/2032 | 27100 | 25566 |
| Series K146, Class AM, 2.92%, 7/25/2032 | 27000 | 25363 |
| Series KJ42, Class A2, 4.12%, 11/25/2032 | 8460 | 8494 |
| Series K-1515, Class A2, 1.94%, 2/25/2035 | 22000 | 18419 |
| Series Q013, Class APT2, 1.17%, <br> 5/25/2050 (g)<br>| 12228 | 11904 |
| Series K138, Class AM, 1.89%, 1/25/2055 | 24220 | 21592 |
| FNMA ACES |  |  |
| Series 2017-M3, Class A2, 2.47%, <br> 12/25/2026 (g)<br>| 6194 | 6128 |
| Series 2015-M10, Class A2, 3.09%, <br> 4/25/2027 (g)<br>| 25576 | 25394 |
| Series 2017-M8, Class A2, 3.06%, <br> 5/25/2027 (g)<br>| 21251 | 21069 |
| Series 2017-M12, Class A2, 3.06%, <br> 6/25/2027 (g)<br>| 21372 | 21166 |
| Series 2017-M15, Class A2, 2.97%, <br> 9/25/2027 (g)<br>| 7915 | 7833 |
| Series 2018-M2, Class A2, 2.93%, <br> 1/25/2028 (g)<br>| 16837 | 16580 |
| Series 2018-M4, Class A2, 3.07%, <br> 3/25/2028 (g)<br>| 15573 | 15402 |
| Series 2018-M9, Class APT2, 3.10%, <br> 4/25/2028 (g)<br>| 54048 | 53295 |
| Series 2018-M8, Class A2, 3.31%, <br> 6/25/2028 (g)<br>| 27752 | 27564 |
| Series 2018-M10, Class A2, 3.36%, <br> 7/25/2028 (g)<br>| 41526 | 41266 |
| Series 2020-M38, Class X2, IO, 1.98%, <br> 11/25/2028 (g)<br>| 40266 | 1431 |
| Series 2017-M5, Class A2, 3.02%, <br> 4/25/2029 (g)<br>| 3542 | 3483 |
| Series 2019-M7, Class A2, 3.14%, 4/25/2029 | 31715 | 31217 |
| Series 2017-M11, Class A2, 2.98%, <br> 8/25/2029<br>| 12071 | 11809 |
| Series 2020-M5, Class A2, 2.21%, 1/25/2030 | 38827 | 36804 |
| Series 2018-M3, Class A2, 3.07%, <br> 2/25/2030 (g)<br>| 10210 | 9990 |
| Series 2020-M50, Class A2, 1.20%, <br> 10/25/2030<br>| 9680 | 9368 |
| Series 2020-M50, Class X1, IO, 1.82%, <br> 10/25/2030 (g)<br>| 158580 | 5141 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 55

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2022-M1G, Class A2, 1.53%, <br> 9/25/2031 (g)<br>| 28657 | 25634 |
| Series 2022-M3, Class A2, 1.71%, <br> 11/25/2031 (g)<br>| 45000 | 39981 |
| Series 2022-M10, Class A2, 1.92%, <br> 1/25/2032 (g)<br>| 5551 | 4999 |
| Series 2022-M1S, Class A2, 2.08%, <br> 4/25/2032 (g)<br>| 48740 | 44058 |
| Series 2022-M13, Class A2, 2.59%, <br> 6/25/2032 (g)<br>| 60253 | 55866 |
| Series 2022-M2S, Class A2, 3.76%, <br> 8/25/2032 (g)<br>| 55694 | 55103 |
| Series 2023-M8, Class A1, 4.48%, <br> 11/25/2032 (g)<br>| 10304 | 10529 |
| Series 2023-M8, Class A2, 4.48%, <br> 3/25/2033 (g)<br>| 71540 | 73456 |
| Series 2024-M2, Class A1, 4.62%, <br> 4/25/2033 (g)<br>| 10289 | 10620 |
| Series 2024-M2, Class A2, 3.75%, 8/25/2033 | 112205 | 109719 |
| Series 2021-M3, Class X1, IO, 1.83%, <br> 11/25/2033 (g)<br>| 108392 | 6458 |
| Series 2022-M5, Class A1, 2.34%, <br> 1/1/2034 (g)<br>| 13817 | 13172 |
| Series 2019-M10, Class X, IO, 0.44%, <br> 5/25/2049 (g)<br>| 57043 | 1220 |
| FREMF Mortgage Trust |  |  |
| Series 2019-KL05, Class BP, 3.96%, <br> 6/25/2029 (b) (g)<br>| 5645 | 5379 |
| Series 2020-KHG2, Class B, 3.07%, <br> 2/25/2030 (b) (g)<br>| 13500 | 12412 |
| Series 2020-KHG2, Class C, 3.07%, <br> 2/25/2030 (b) (g)<br>| 32666 | 28520 |
| Series 2021-KLU3, Class BFX, 4.26%, <br> 1/25/2031 (b) (g)<br>| 9374 | 8823 |
| Series 2018-KW07, Class B, 4.11%, <br> 10/25/2031 (b) (g)<br>| 5000 | 4607 |
| Series 2016-K56, Class B, 3.93%, <br> 6/25/2049 (b) (g)<br>| 8451 | 8415 |
| Series 2017-K67, Class B, 3.95%, <br> 9/25/2049 (b) (g)<br>| 10500 | 10441 |
| Series 2017-K63, Class B, 3.88%, <br> 2/25/2050 (b) (g)<br>| 20000 | 19856 |
| Series 2019-K102, Class B, 3.53%, <br> 12/25/2051 (b) (g)<br>| 6000 | 5831 |
| Series 2019-K90, Class B, 4.32%, <br> 2/25/2052 (b) (g)<br>| 8500 | 8518 |
| Series 2019-K93, Class B, 4.12%, <br> 5/25/2052 (b) (g)<br>| 8000 | 7955 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2020-K737, Class B, 3.33%, <br> 1/25/2053 (b) (g)<br>| 10000 | 9905 |
| GAM Re-REMIC Trust Series 2022-FRR3, <br> Class BK61, PO, 11/27/2049 ‡ (b)<br>| 16520 | 15806 |
| GNMA Series 2021-211, Class AC, 1.30%, <br> 1/16/2063<br>| 7347 | 5519 |
| JPMorgan Chase Commercial Mortgage Securities <br> Trust Series 2007-LD12, Class X, IO, 0.00%, <br> 2/15/2051 (g)<br>| 742 |  |
| Ladder Capital Commercial Mortgage Trust Series <br> 2013-GCP, Class A2, 3.99%, 2/15/2036 (b)<br>| 8924 | 8430 |
| MHC Commercial Mortgage Trust Series <br> 2021-MHC, Class E, 5.88%, 4/15/2038 (b) (g)<br>| 215 | 215 |
| MRCD MARK Mortgage Trust |  |  |
| Series 2019-PARK, Class A, 2.72%, <br> 12/15/2036 (b)<br>| 38560 | 34318 |
| Series 2019-PARK, Class E, 2.72%, <br> 12/15/2036 (b)<br>| 81600 | 61506 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2023-01, Class M7, 7.67%, <br> 11/25/2053 (b) (g)<br>| 39271 | 40362 |
| Series 2024-01, Class M7, 6.42%, <br> 7/25/2054 (b) (g)<br>| 7361 | 7447 |
| P4 SFR Series 2019-STL A, 7.25%, <br> 10/11/2026 ‡<br>| 31509 | 31194 |
| PRM7 Trust |  |  |
| Series 2025-PRM7, Class A, 4.36%, <br> 11/10/2042 (b) (g)<br>| 26545 | 26487 |
| Series 2025-PRM7, Class B, 4.65%, <br> 11/10/2042 (b) (g)<br>| 6865 | 6863 |
| RFT TRUST Series 2024-2, Class A1, 7.11%, <br> 9/27/2028 (b) (f)<br>| 116769 | 116803 |
| ROCK Trust |  |  |
| Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (b)<br>| 33500 | 34671 |
| Series 2024-CNTR, Class B, 5.93%, <br> 11/13/2041 (b)<br>| 45950 | 47816 |
| RWC Commercial Mortgage Trust Series 2025-1, <br> Class A, 5.01%, 6/25/2040 (b)<br>| 10792 | 10864 |
| SBALR Commercial Mortgage Trust Series <br> 2020-RR1, Class A3, 2.83%, 2/13/2053 (b)<br>| 19427 | 16901 |
| SLG Office Trust Series 2021-OVA, Class A, 2.59%, <br> 7/15/2041 (b)<br>| 67015 | 61111 |
| Wachovia Bank Commercial Mortgage Trust Series <br> 2006-C24, Class XC, IO, 0.00%, 3/15/2045 (b) <br> (g)<br>| 23 |  |
| WFRBS Commercial Mortgage Trust Series <br> 2013-C11, Class D, 4.22%, 3/15/2045 (b) (g)<br>| 2283 | 2055 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.53%, 7/15/2040 (b) (g)<br>| 25880 | 26856 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $2,278,421)<br>|  | 2242676 |
| **Foreign Government Securities — 0.8%** | **Foreign Government Securities — 0.8%** | **Foreign Government Securities — 0.8%** |
| Eagle Funding Luxco SARL 5.50%, 8/17/2030 (b) | 94917 | 96815 |
| Kingdom of Saudi Arabia 3.45%, 2/2/2061 (b) | 4399 | 2872 |
| Republic of Chile 2.55%, 1/27/2032 | 9568 | 8664 |
| Republic of Panama 5.23%, 2/23/2034 | 23875 | 23860 |
| Republic of Peru 5.63%, 11/18/2050 | 737 | 733 |
| Republic of Poland 5.50%, 3/18/2054 | 18163 | 17775 |
| United Mexican States |  |  |
| 6.00%, 5/13/2030 | 19624 | 20644 |
| 2.66%, 5/24/2031 | 20674 | 18627 |
| 5.85%, 7/2/2032 | 33567 | 34910 |
| 5.63%, 2/9/2034 | 12894 | 13028 |
| 3.50%, 2/12/2034 | 6211 | 5438 |
| 5.63%, 9/22/2035 | 56562 | 56435 |
| 6.00%, 5/7/2036 | 8056 | 8267 |
| 6.88%, 5/13/2037 | 29236 | 31663 |
| 6.63%, 1/29/2038 | 22624 | 23914 |
| 4.75%, 3/8/2044 | 3906 | 3261 |
| 4.60%, 1/23/2046 | 15089 | 12056 |
| 4.35%, 1/15/2047 | 4228 | 3247 |
| 4.60%, 2/10/2048 | 1928 | 1515 |
| 4.40%, 2/12/2052 | 14965 | 11164 |
| 6.34%, 5/4/2053 | 4796 | 4652 |
| 3.77%, 5/24/2061 | 11682 | 7313 |
| 5.75%, 10/12/2110 | 5118 | 4347 |
| Total Foreign Government Securities <br>(Cost $423,147)<br>|  | 411200 |
| **U.S. Government Agency Securities — 0.3%** | **U.S. Government Agency Securities — 0.3%** | **U.S. Government Agency Securities — 0.3%** |
| FFCB Funding Corp. <br>1.84%, 1/25/2036<br>| 25000 | 19837 |
| FHLB |  |  |
| 1.87%, 2/8/2036 | 32500 | 26212 |
| 1.93%, 2/11/2036 | 40000 | 32124 |
| Resolution Funding Corp. STRIPS |  |  |
| DN, 3.60%, 1/15/2030 (a) | 30700 | 26709 |
| DN, 3.20%, 4/15/2030 (a) | 26456 | 22794 |
| Tennessee Valley Authority |  |  |
| 5.88%, 4/1/2036 | 31814 | 36261 |
| 5.50%, 6/15/2038 | 493 | 549 |
| 4.63%, 9/15/2060 | 4157 | 3860 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 4.25%, 9/15/2065 | 2604 | 2236 |
| Tennessee Valley Authority STRIPS |  |  |
| DN, 7.00%, 7/15/2028 (a) | 3119 | 2874 |
| DN, 4.39%, 12/15/2028 (a) | 3500 | 3175 |
| DN, 6.13%, 6/15/2035 (a) | 2242 | 1516 |
| Total U.S. Government Agency Securities <br>(Cost $182,256)<br>|  | 178147 |
| **Municipal Bonds — 0.3% (i)** | **Municipal Bonds — 0.3% (i)** | **Municipal Bonds — 0.3% (i)** |
| **California — 0.0% ^** | **California — 0.0% ^** | **California — 0.0% ^** |
| City of Los Angeles Department of Airports, <br> Federally Taxable Build America Bonds Direct <br> Payment to Issuer Series 2009C, Rev., 6.58%, <br> 5/15/2039<br>| 2530 | 2767 |
| Regents of the University of California, Medical <br> Center Pooled Series 2020N, Rev., 3.71%, <br> 5/15/2120<br>| 21120 | 14013 |
| State of California, Various Purpose, GO, 7.30%, <br> 10/1/2039<br>| 2400 | 2850 |
| Total California |  | 19630 |
| **New York — 0.1%** | **New York — 0.1%** | **New York — 0.1%** |
| New York State Dormitory Authority, State <br> Personal Income Tax, General Purpose Series <br> 2010D, Rev., 5.60%, 3/15/2040<br>| 2240 | 2341 |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 164, Rev., 5.65%, 11/1/2040 | 10965 | 11950 |
| Series 165, Rev., 5.65%, 11/1/2040 | 3780 | 4120 |
| Series 174, Rev., 4.46%, 10/1/2062 | 17925 | 15765 |
| Total New York |  | 34176 |
| **Ohio — 0.0% ^** | **Ohio — 0.0% ^** | **Ohio — 0.0% ^** |
| American Municipal Power, Inc., Meldahl <br> Hydroelectric Project Series 2010B, Rev., <br> 7.50%, 2/15/2050<br>| 11170 | 13282 |
| County of Franklin, Hospital Facilities, Nationwide <br> Children's Hospital Project, Rev., 2.88%, <br> 11/1/2050<br>| 4675 | 3185 |
| Ohio State University (The), General Receipts <br> Series 2011A, Rev., 4.80%, 6/1/2111<br>| 9576 | 8309 |
| Ohio University, General Receipts, Federally <br> Taxable, Rev., 5.59%, 12/1/2114<br>| 5822 | 5631 |
| Total Ohio |  | 30407 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 57

------

JPMorgan Core Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oklahoma — 0.1%** | **Oklahoma — 0.1%** | **Oklahoma — 0.1%** |
| Oklahoma Development Finance Authority, Natural <br> Gas Co. Series 2022, Rev., 4.71%, 5/1/2052<br>| 11680 | 11135 |
| Oklahoma Development Finance Authority, Public <br> Service Co. Series 2022, Rev., 4.62%, <br> 6/1/2044<br>| 27500 | 27420 |
| Total Oklahoma |  | 38555 |
| **Pennsylvania — 0.0% ^** | **Pennsylvania — 0.0% ^** | **Pennsylvania — 0.0% ^** |
| Chester County Health and Education Facilities <br> Authority, Main Line Health System Series <br> 2020C, Rev., 3.31%, 6/1/2051<br>| 11130 | 8253 |
| **Texas — 0.1%** | **Texas — 0.1%** | **Texas — 0.1%** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds<br>|  |  |
| Series 2023A-1, Rev., 5.10%, 4/1/2035 | 11052 | 11516 |
| Series 2023A-2, Rev., 5.17%, 4/1/2041 | 20730 | 21601 |
| Total Texas |  | 33117 |
| Total Municipal Bonds <br>(Cost $176,545)<br>|  | 164138 |
| **Loan Assignments — 0.1% (j)** | **Loan Assignments — 0.1% (j)** | **Loan Assignments — 0.1% (j)** |
| **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** | **Consumer Finance — 0.1%** |
| OneSky Loan Trust, 1st Lien Term Loan, 3.88%, <br> 1/15/2031 <br>(Cost $42,773)<br>| 43244 | 41850 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** | **Short-Term Investments — 2.0%** |
| **Investment Companies — 2.0%** | **Investment Companies — 2.0%** | **Investment Companies — 2.0%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (k) (l) <br>(Cost $1,070,074)<br>| 1069864 | 1070292 |
| **Total Investments — 99.5%** <br>**(Cost $55,203,499)**<br>|  | **54142844** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **270051** |
| **NET ASSETS — 100.0%** |  | **54412895** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |

---

---

| | |
|:---|:---|
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| CME | Chicago Mercantile Exchange |
| CSMC | Credit Suisse Mortgage Trust |
| DN | Discount Notes |
| FFCB | Federal Farm Credit Bank |
| FHLB | Federal Home Loan Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| FRN | Floating Rate Note |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> February 28, 2026. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| (a) | The rate shown is the effective yield as of February <br> 28, 2026. <br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | 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;

58 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at February 28, 2026 is $9,303 or 0.02% of the Fund's net assets as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) 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;(l) The rate shown is the current yield as of February 28, 2026.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 3872 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 440561 | &nbsp;&nbsp;&nbsp;&nbsp; 1900 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 3818 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 445692 | &nbsp;&nbsp;&nbsp;&nbsp; 4401 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 10914 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2283584 | &nbsp;&nbsp;&nbsp;&nbsp; 2291 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 28962 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3189440 | &nbsp;&nbsp;&nbsp;&nbsp; 8117 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 16709 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (317)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (37545)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (464)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (2683)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (326152)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (4607)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (5071)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 11638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 59

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 32.6%** | **Corporate Bonds — 32.6%** | **Corporate Bonds — 32.6%** |
| **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** | **Aerospace & Defense — 0.3%** |
| ATI, Inc. 5.88%, 12/1/2027 | &nbsp;&nbsp; 6088 | &nbsp;&nbsp; 6090 |
| Axon Enterprise, Inc.  | Axon Enterprise, Inc.  | Axon Enterprise, Inc.  |
| 6.13%, 3/15/2030 (a) | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 449 |
| 6.25%, 3/15/2033 (a) | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; 1117 |
| BAE Systems plc (United Kingdom) | BAE Systems plc (United Kingdom) | BAE Systems plc (United Kingdom) |
| 1.90%, 2/15/2031 (a) | &nbsp;&nbsp; 764 | &nbsp;&nbsp; 688 |
| 3.00%, 9/15/2050 (a) | &nbsp;&nbsp; 1494 | &nbsp;&nbsp; 1024 |
| Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
| 6.00%, 2/15/2028 (a) | &nbsp;&nbsp; 2012 | &nbsp;&nbsp; 2010 |
| 8.75%, 11/15/2030 (a) | &nbsp;&nbsp; 1935 | &nbsp;&nbsp; 2073 |
| BWX Technologies, Inc.  | BWX Technologies, Inc.  | BWX Technologies, Inc.  |
| 4.13%, 6/30/2028 (a) | &nbsp;&nbsp; 675 | &nbsp;&nbsp; 669 |
| 4.13%, 4/15/2029 (a) | &nbsp;&nbsp; 1633 | &nbsp;&nbsp; 1599 |
| ICITII 6.00%, 1/31/2033 ‡ (a) | &nbsp;&nbsp; 2472 | &nbsp;&nbsp; 1107 |
| L3Harris Technologies, Inc. 5.60%, <br> 7/31/2053<br>| &nbsp;&nbsp; 2166 | &nbsp;&nbsp; 2180 |
| Leidos, Inc. 5.40%, 3/15/2032 | &nbsp;&nbsp; 13163 | &nbsp;&nbsp; 13732 |
| Northrop Grumman Corp. 4.95%, 3/15/2053 | &nbsp;&nbsp; 2476 | &nbsp;&nbsp; 2276 |
| RTX Corp.  | RTX Corp.  | RTX Corp.  |
| 5.15%, 2/27/2033 | &nbsp;&nbsp; 3712 | &nbsp;&nbsp; 3885 |
| 4.50%, 6/1/2042 | &nbsp;&nbsp; 3088 | &nbsp;&nbsp; 2846 |
| 5.38%, 2/27/2053 | &nbsp;&nbsp; 1882 | &nbsp;&nbsp; 1836 |
| 6.40%, 3/15/2054 | &nbsp;&nbsp; 6210 | &nbsp;&nbsp; 6940 |
| TransDigm, Inc.  | TransDigm, Inc.  | TransDigm, Inc.  |
| 6.38%, 3/1/2029 (a) | &nbsp;&nbsp; 3139 | &nbsp;&nbsp; 3224 |
| 6.88%, 12/15/2030 (a) | &nbsp;&nbsp; 6390 | &nbsp;&nbsp; 6651 |
| 6.63%, 3/1/2032 (a) | &nbsp;&nbsp; 4277 | &nbsp;&nbsp; 4431 |
| 6.25%, 1/31/2034 (a) | &nbsp;&nbsp; 948 | &nbsp;&nbsp; 981 |
|  |  | &nbsp;&nbsp; 65808 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |
| 7.00%, 4/15/2028 (a) | &nbsp;&nbsp; 2782 | &nbsp;&nbsp; 2837 |
| 7.50%, 2/15/2033 (a) | &nbsp;&nbsp; 2102 | &nbsp;&nbsp; 2206 |
| Allison Transmission, Inc.  | Allison Transmission, Inc.  | Allison Transmission, Inc.  |
| 4.75%, 10/1/2027 (a) | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 243 |
| 5.88%, 6/1/2029 (a) | &nbsp;&nbsp; 3939 | &nbsp;&nbsp; 3980 |
| 3.75%, 1/30/2031 (a) | &nbsp;&nbsp; 3368 | &nbsp;&nbsp; 3204 |
| 5.88%, 12/1/2033 (a) | &nbsp;&nbsp; 1111 | &nbsp;&nbsp; 1135 |
| American Axle & Manufacturing, Inc. 6.88%, <br> 7/1/2028<br>| &nbsp;&nbsp; 861 | &nbsp;&nbsp; 862 |
| Clarios Global LP  | Clarios Global LP  | Clarios Global LP  |
| 6.75%, 5/15/2028 (a) | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 765 |
| 6.75%, 2/15/2030 (a) | &nbsp;&nbsp; 4636 | &nbsp;&nbsp; 4856 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  |
| 13.50% (Cash), 3/31/2027 (a) (b) | &nbsp;&nbsp; 6722 | &nbsp;&nbsp; 6871 |
| 5.63% (Cash), 5/15/2027 (a) (b) | &nbsp;&nbsp; 4777 | &nbsp;&nbsp; 4840 |
| 9.25%, 3/1/2031 (a) (c) | &nbsp;&nbsp; 8264 | &nbsp;&nbsp; 8287 |
| Forvia SE (France) 6.75%, 9/15/2033 (a) | &nbsp;&nbsp; 587 | &nbsp;&nbsp; 605 |
| Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  |
| 5.00%, 7/15/2029 | &nbsp;&nbsp; 2150 | &nbsp;&nbsp; 2107 |
| 5.25%, 4/30/2031 | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 3279 |
| 5.25%, 7/15/2031 | &nbsp;&nbsp; 4073 | &nbsp;&nbsp; 3886 |
| IHO Verwaltungs GmbH (Germany) 8.00% <br> (Cash), 11/15/2032 (a) (b)<br>| &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1206 |
|  |  | &nbsp;&nbsp; 51169 |
| **Automobiles — 0.2%** | **Automobiles — 0.2%** | **Automobiles — 0.2%** |
| Ford Motor Co. 9.63%, 4/22/2030 | &nbsp;&nbsp; 3537 | &nbsp;&nbsp; 4132 |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 1.50%, 6/15/2026 (a) | &nbsp;&nbsp; 3398 | &nbsp;&nbsp; 3373 |
| 3.00%, 2/10/2027 (a) | &nbsp;&nbsp; 3883 | &nbsp;&nbsp; 3849 |
| 2.38%, 10/15/2027 (a) | &nbsp;&nbsp; 1088 | &nbsp;&nbsp; 1061 |
| Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| 5.05%, 3/27/2028 (a) | &nbsp;&nbsp; 11216 | &nbsp;&nbsp; 11398 |
| 4.75%, 11/13/2028 (a) | &nbsp;&nbsp; 9214 | &nbsp;&nbsp; 9332 |
| 5.35%, 3/27/2030 (a) | &nbsp;&nbsp; 18911 | &nbsp;&nbsp; 19603 |
|  |  | &nbsp;&nbsp; 52748 |
| **Banks — 7.3%** | **Banks — 7.3%** | **Banks — 7.3%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.78%), <br> 4.99%, 12/3/2028 (a) (d)<br>| &nbsp;&nbsp; 14600 | &nbsp;&nbsp; 14846 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.10%), <br> 2.47%, 12/13/2029 (a) (d)<br>| &nbsp;&nbsp; 6900 | &nbsp;&nbsp; 6600 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.90%), <br> 3.32%, 3/13/2037 (a) (d)<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 4588 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, <br> 9/13/2029 (a) (d)<br>| &nbsp;&nbsp; 5408 | &nbsp;&nbsp; 5724 |
| (SOFR + 1.65%), 5.32%, <br> 5/15/2031 (a) (d)<br>| &nbsp;&nbsp; 2205 | &nbsp;&nbsp; 2291 |
| (SOFRINDX + 1.91%), 5.87%, <br> 3/28/2035 (a) (d)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1492 |
| Banco Bilbao Vizcaya Argentaria SA (Spain) <br> 5.38%, 3/13/2029<br>| &nbsp;&nbsp; 24600 | &nbsp;&nbsp; 25596 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Banco Nacional de Comercio Exterior SNC (Mexico) | Banco Nacional de Comercio Exterior SNC (Mexico) | Banco Nacional de Comercio Exterior SNC (Mexico) |
| 5.88%, 5/7/2030 (a) | &nbsp;&nbsp; 2450 | &nbsp;&nbsp; 2538 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.00%), <br> 2.72%, 8/11/2031 (a) (d)<br>| &nbsp;&nbsp; 2850 | &nbsp;&nbsp; 2809 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.90%), <br> 1.72%, 9/14/2027 (d)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2964 |
| 5.59%, 8/8/2028 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp; 23840 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 5.31%), <br> 9.63%, 11/21/2028 (d) (e) (f) (g)<br>| &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 16659 |
| 4.55%, 11/6/2030 | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 12096 |
| 5.13%, 11/6/2035 | &nbsp;&nbsp; 12400 | &nbsp;&nbsp; 12478 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| Series N, (SOFR + 0.91%), 1.66%, <br> 3/11/2027 (d)<br>| &nbsp;&nbsp; 3083 | &nbsp;&nbsp; 3081 |
| (3-MONTH CME TERM SOFR + 1.32%), <br> 3.56%, 4/23/2027 (d)<br>| &nbsp;&nbsp; 8019 | &nbsp;&nbsp; 8013 |
| (3-MONTH CME TERM SOFR + 1.77%), <br> 3.71%, 4/24/2028 (d)<br>| &nbsp;&nbsp; 971 | &nbsp;&nbsp; 968 |
| (SOFR + 1.99%), 6.20%, 11/10/2028 (d) | &nbsp;&nbsp; 3223 | &nbsp;&nbsp; 3338 |
| (3-MONTH CME TERM SOFR + 1.33%), <br> 3.97%, 3/5/2029 (d)<br>| &nbsp;&nbsp; 266 | &nbsp;&nbsp; 266 |
| (SOFR + 1.63%), 5.20%, 4/25/2029 (d) | &nbsp;&nbsp; 2369 | &nbsp;&nbsp; 2427 |
| (SOFR + 1.06%), 2.09%, 6/14/2029 (d) | &nbsp;&nbsp; 12355 | &nbsp;&nbsp; 11841 |
| (SOFR + 1.57%), 5.82%, 9/15/2029 (d) | &nbsp;&nbsp; 22241 | &nbsp;&nbsp; 23195 |
| (3-MONTH CME TERM SOFR + 1.47%), <br> 3.97%, 2/7/2030 (d)<br>| &nbsp;&nbsp; 11190 | &nbsp;&nbsp; 11180 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.68%), <br> 6.63%, 5/1/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 8600 | &nbsp;&nbsp; 9003 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.35%), <br> 6.25%, 7/26/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 15805 | &nbsp;&nbsp; 16263 |
| (SOFR + 1.00%), 5.16%, 1/24/2031 (d) | &nbsp;&nbsp; 16910 | &nbsp;&nbsp; 17552 |
| (3-MONTH CME TERM SOFR + 1.25%), <br> 2.50%, 2/13/2031 (d)<br>| &nbsp;&nbsp; 13198 | &nbsp;&nbsp; 12396 |
| (SOFR + 1.53%), 1.90%, 7/23/2031 (d) | &nbsp;&nbsp; 14562 | &nbsp;&nbsp; 13223 |
| (SOFR + 1.37%), 1.92%, 10/24/2031 (d) | &nbsp;&nbsp; 7165 | &nbsp;&nbsp; 6465 |
| Series N, (SOFR + 1.22%), 2.65%, <br> 3/11/2032 (d)<br>| &nbsp;&nbsp; 4854 | &nbsp;&nbsp; 4500 |
| (SOFR + 1.32%), 2.69%, 4/22/2032 (d) | &nbsp;&nbsp; 724 | &nbsp;&nbsp; 670 |
| (SOFR + 1.22%), 2.30%, 7/21/2032 (d) | &nbsp;&nbsp; 21357 | &nbsp;&nbsp; 19268 |
| (SOFR + 1.65%), 5.47%, 1/23/2035 (d) | &nbsp;&nbsp; 10662 | &nbsp;&nbsp; 11174 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.91%), 5.43%, 8/15/2035 (d) | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10244 |
| (SOFR + 1.13%), 5.05%, 2/6/2037 (d) | &nbsp;&nbsp; 20460 | &nbsp;&nbsp; 20755 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.00%), <br> 3.85%, 3/8/2037 (d)<br>| &nbsp;&nbsp; 15030 | &nbsp;&nbsp; 14224 |
| (3-MONTH CME TERM SOFR + 1.58%), <br> 4.08%, 4/23/2040 (d)<br>| &nbsp;&nbsp; 1491 | &nbsp;&nbsp; 1340 |
| (SOFR + 1.93%), 2.68%, 6/19/2041 (d) | &nbsp;&nbsp; 8412 | &nbsp;&nbsp; 6252 |
| (3-MONTH CME TERM SOFR + 3.41%), <br> 4.08%, 3/20/2051 (d)<br>| &nbsp;&nbsp; 3398 | &nbsp;&nbsp; 2756 |
| Bank of Ireland Group plc (Ireland) (SOFR + <br> 1.62%), 5.60%, 3/20/2030 (a) (d)<br>| &nbsp;&nbsp; 4145 | &nbsp;&nbsp; 4313 |
| Bank of Montreal (Canada) 5.51%, 6/4/2031 | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3709 |
| Bank of Nova Scotia (The) (Canada) (SOFR + <br> 1.44%), 4.74%, 11/10/2032 (d)<br>| &nbsp;&nbsp; 7050 | &nbsp;&nbsp; 7177 |
| Banque Federative du Credit Mutuel SA <br> (France) 5.79%, 7/13/2028 (a)<br>| &nbsp;&nbsp; 6790 | &nbsp;&nbsp; 7052 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.56%), 4.94%, 9/10/2030 (d) | &nbsp;&nbsp; 26660 | &nbsp;&nbsp; 27279 |
| (SOFR + 1.14%), 4.52%, 2/24/2032 (d) | &nbsp;&nbsp; 16655 | &nbsp;&nbsp; 16692 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 3.50%), <br> 7.44%, 11/2/2033 (d)<br>| &nbsp;&nbsp; 17880 | &nbsp;&nbsp; 20522 |
| (SOFR + 1.51%), 5.21%, 2/24/2037 (d) | &nbsp;&nbsp; 5485 | &nbsp;&nbsp; 5480 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.61%), 1.90%, <br> 9/30/2028 (a) (d)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 967 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.90%), <br> 7.75%, 8/16/2029 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 4045 |
| (SOFR + 1.22%), 2.16%, <br> 9/15/2029 (a) (d)<br>| &nbsp;&nbsp; 832 | &nbsp;&nbsp; 791 |
| (SOFR + 1.52%), 5.18%, 1/9/2030 (a) (d) | &nbsp;&nbsp; 21495 | &nbsp;&nbsp; 22108 |
| (SOFR + 1.59%), 5.50%, <br> 5/20/2030 (a) (d)<br>| &nbsp;&nbsp; 4215 | &nbsp;&nbsp; 4377 |
| (SOFR + 1.56%), 3.13%, <br> 1/20/2033 (a) (d)<br>| &nbsp;&nbsp; 2128 | &nbsp;&nbsp; 1966 |
| (SOFR + 1.92%), 5.91%, <br> 11/19/2035 (a) (d)<br>| &nbsp;&nbsp; 14140 | &nbsp;&nbsp; 14771 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| 4.75%, 7/19/2027 (a) | &nbsp;&nbsp; 1625 | &nbsp;&nbsp; 1644 |
| (SOFR + 1.98%), 6.61%, <br> 10/19/2027 (a) (d)<br>| &nbsp;&nbsp; 6380 | &nbsp;&nbsp; 6482 |
| 5.13%, 1/18/2028 (a) | &nbsp;&nbsp; 17959 | &nbsp;&nbsp; 18341 |
| (SOFR + 2.27%), 6.71%, <br> 10/19/2029 (a) (d)<br>| &nbsp;&nbsp; 10690 | &nbsp;&nbsp; 11352 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 61

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.31%), 2.28%, <br> 1/20/2032 (a) (d)<br>| &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 1815 |
| (SOFR + 1.73%), 3.12%, <br> 10/19/2032 (a) (d)<br>| &nbsp;&nbsp; 6550 | &nbsp;&nbsp; 5948 |
| (SOFR + 2.59%), 7.00%, <br> 10/19/2034 (a) (d)<br>| &nbsp;&nbsp; 11360 | &nbsp;&nbsp; 12767 |
| (SOFR + 1.85%), 5.94%, <br> 5/30/2035 (a) (d)<br>| &nbsp;&nbsp; 8035 | &nbsp;&nbsp; 8479 |
| (SOFR + 2.04%), 6.29%, <br> 1/14/2036 (a) (d)<br>| &nbsp;&nbsp; 13100 | &nbsp;&nbsp; 14111 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.08%), 6.68%, <br> 9/13/2027 (a) (d)<br>| &nbsp;&nbsp; 3445 | &nbsp;&nbsp; 3494 |
| (SOFR + 1.79%), 5.58%, 7/3/2036 (a) (d) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3735 |
| Canadian Imperial Bank of Commerce <br> (Canada) (SOFR + 1.34%), 4.63%, <br> 9/11/2030 (d)<br>| &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 4377 |
| Citibank NA  | Citibank NA  | Citibank NA  |
| 5.80%, 9/29/2028 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4189 |
| 4.84%, 8/6/2029 | &nbsp;&nbsp; 4843 | &nbsp;&nbsp; 4975 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| 4.30%, 11/20/2026 | &nbsp;&nbsp; 2427 | &nbsp;&nbsp; 2431 |
| 6.63%, 1/15/2028 | &nbsp;&nbsp; 814 | &nbsp;&nbsp; 855 |
| (3-MONTH CME TERM SOFR + 1.65%), <br> 3.67%, 7/24/2028 (d)<br>| &nbsp;&nbsp; 780 | &nbsp;&nbsp; 776 |
| (3-MONTH CME TERM SOFR + 1.41%), <br> 3.52%, 10/27/2028 (d)<br>| &nbsp;&nbsp; 6742 | &nbsp;&nbsp; 6691 |
| Series CC, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.69%), <br> 7.13%, 8/15/2029 (d) (f) (g)<br>| &nbsp;&nbsp; 19925 | &nbsp;&nbsp; 20594 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (d) | &nbsp;&nbsp; 12100 | &nbsp;&nbsp; 12468 |
| Series EE, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.57%), <br> 6.75%, 2/15/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 14790 | &nbsp;&nbsp; 15129 |
| Series FF, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.73%), <br> 6.95%, 2/15/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 8296 | &nbsp;&nbsp; 8529 |
| (3-MONTH CME TERM SOFR + 1.60%), <br> 3.98%, 3/20/2030 (d)<br>| &nbsp;&nbsp; 3495 | &nbsp;&nbsp; 3483 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (d) | &nbsp;&nbsp; 53407 | &nbsp;&nbsp; 54037 |
| (SOFR + 3.91%), 4.41%, 3/31/2031 (d) | &nbsp;&nbsp; 16707 | &nbsp;&nbsp; 16794 |
| (SOFR + 2.11%), 2.57%, 6/3/2031 (d) | &nbsp;&nbsp; 4854 | &nbsp;&nbsp; 4537 |
| (SOFR + 1.17%), 4.50%, 9/11/2031 (d) | &nbsp;&nbsp; 12098 | &nbsp;&nbsp; 12190 |
| (SOFR + 1.17%), 2.56%, 5/1/2032 (d) | &nbsp;&nbsp; 18009 | &nbsp;&nbsp; 16484 |
| (SOFR + 1.18%), 2.52%, 11/3/2032 (d) | &nbsp;&nbsp; 2345 | &nbsp;&nbsp; 2121 |
| (SOFR + 2.34%), 6.27%, 11/17/2033 (d) | &nbsp;&nbsp; 10460 | &nbsp;&nbsp; 11478 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 2.06%), 5.83%, 2/13/2035 (d) | &nbsp;&nbsp; 23450 | &nbsp;&nbsp; 24399 |
| (SOFR + 1.47%), 5.33%, 3/27/2036 (d) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3092 |
| (SOFR + 1.49%), 5.17%, 9/11/2036 (d) | &nbsp;&nbsp; 29677 | &nbsp;&nbsp; 30195 |
| (SOFR + 4.55%), 5.32%, 3/26/2041 (d) | &nbsp;&nbsp; 6796 | &nbsp;&nbsp; 6820 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.21%), 4.63%, <br> 9/11/2028 (a) (d)<br>| &nbsp;&nbsp; 3030 | &nbsp;&nbsp; 3056 |
| (SOFR + 1.86%), 6.32%, <br> 10/3/2029 (a) (d)<br>| &nbsp;&nbsp; 12130 | &nbsp;&nbsp; 12767 |
| (SOFR + 1.74%), 5.86%, 1/9/2036 (a) (d) | &nbsp;&nbsp; 13215 | &nbsp;&nbsp; 14046 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.40%), <br> 5.71%, 3/1/2030 (a) (d)<br>| &nbsp;&nbsp; 2560 | &nbsp;&nbsp; 2672 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.10%), <br> 4.61%, 10/2/2030 (a) (d)<br>| &nbsp;&nbsp; 6157 | &nbsp;&nbsp; 6238 |
| DNB Bank ASA (Norway) | DNB Bank ASA (Norway) | DNB Bank ASA (Norway) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.68%), <br> 1.61%, 3/30/2028 (a) (d)<br>| &nbsp;&nbsp; 1115 | &nbsp;&nbsp; 1088 |
| (SOFR + 1.05%), 4.85%, <br> 11/5/2030 (a) (d)<br>| &nbsp;&nbsp; 12100 | &nbsp;&nbsp; 12430 |
| Fifth Third Bancorp (SOFR + 0.95%), 4.57%, <br> 4/29/2032 (d)<br>| &nbsp;&nbsp; 7250 | &nbsp;&nbsp; 7293 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.57%), 5.89%, 8/14/2027 (d) | &nbsp;&nbsp; 16045 | &nbsp;&nbsp; 16181 |
| (SOFR + 2.61%), 5.21%, 8/11/2028 (d) | &nbsp;&nbsp; 11902 | &nbsp;&nbsp; 12089 |
| (SOFR + 1.73%), 2.01%, 9/22/2028 (d) | &nbsp;&nbsp; 28997 | &nbsp;&nbsp; 28129 |
| (3-MONTH CME TERM SOFR + 1.87%), <br> 3.97%, 5/22/2030 (d)<br>| &nbsp;&nbsp; 28351 | &nbsp;&nbsp; 28198 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (d) | &nbsp;&nbsp; 32560 | &nbsp;&nbsp; 33753 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (d) | &nbsp;&nbsp; 4520 | &nbsp;&nbsp; 4664 |
| (SOFR + 1.19%), 4.62%, 11/6/2031 (d) | &nbsp;&nbsp; 12135 | &nbsp;&nbsp; 12274 |
| (SOFR + 1.52%), 5.73%, 5/17/2032 (d) | &nbsp;&nbsp; 9495 | &nbsp;&nbsp; 10068 |
| (SOFR + 1.19%), 2.80%, 5/24/2032 (d) | &nbsp;&nbsp; 5629 | &nbsp;&nbsp; 5199 |
| (SOFR + 4.25%), 8.11%, 11/3/2033 (d) | &nbsp;&nbsp; 1250 | &nbsp;&nbsp; 1476 |
| (SOFR + 1.43%), 5.13%, 11/6/2036 (d) | &nbsp;&nbsp; 12810 | &nbsp;&nbsp; 12939 |
| Huntington Bancshares, Inc. (SOFRINDX + <br> 1.87%), 5.71%, 2/2/2035 (d)<br>| &nbsp;&nbsp; 4207 | &nbsp;&nbsp; 4432 |
| Intesa Sanpaolo SpA (Italy) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year <br> + 2.75%), 4.95%, 6/1/2042 (a) (d)<br>| &nbsp;&nbsp; 15549 | &nbsp;&nbsp; 13784 |
| KBC Group NV (Belgium) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year <br> + 1.07%), 4.93%, 10/16/2030 (a) (d)<br>| &nbsp;&nbsp; 7455 | &nbsp;&nbsp; 7646 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| KeyCorp  | KeyCorp  | KeyCorp  |
| (SOFRINDX + 1.23%), 5.12%, <br> 4/4/2031 (d)<br>| &nbsp;&nbsp; 12620 | &nbsp;&nbsp; 12946 |
| (SOFRINDX + 2.06%), 4.79%, <br> 6/1/2033 (d)<br>| &nbsp;&nbsp; 7090 | &nbsp;&nbsp; 7126 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.85%), <br> 1.63%, 5/11/2027 (d)<br>| &nbsp;&nbsp; 3060 | &nbsp;&nbsp; 3045 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.38%), <br> 5.46%, 1/5/2028 (d)<br>| &nbsp;&nbsp; 1110 | &nbsp;&nbsp; 1124 |
| 4.38%, 3/22/2028 | &nbsp;&nbsp; 633 | &nbsp;&nbsp; 638 |
| (3-MONTH SOFR + 1.21%), 3.57%, <br> 11/7/2028 (d)<br>| &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 6954 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.75%), <br> 5.68%, 1/5/2035 (d)<br>| &nbsp;&nbsp; 1205 | &nbsp;&nbsp; 1277 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.97%), <br> 4.94%, 11/4/2036 (d)<br>| &nbsp;&nbsp; 14620 | &nbsp;&nbsp; 14537 |
| M&T Bank Corp.  | M&T Bank Corp.  | M&T Bank Corp.  |
| (SOFR + 2.26%), 6.08%, 3/13/2032 (d) | &nbsp;&nbsp; 9047 | &nbsp;&nbsp; 9679 |
| (SOFR + 1.61%), 5.39%, 1/16/2036 (d) | &nbsp;&nbsp; 11089 | &nbsp;&nbsp; 11402 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 0.75%), <br> 1.54%, 7/20/2027 (d)<br>| &nbsp;&nbsp; 3760 | &nbsp;&nbsp; 3725 |
| 3.20%, 7/18/2029 | &nbsp;&nbsp; 2605 | &nbsp;&nbsp; 2539 |
| Series 8NC7, (US Treasury Yield Curve Rate <br> T Note Constant Maturity 1 Year + <br> 1.53%), 5.48%, 2/22/2031 (d)<br>| &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 2170 |
| 3.75%, 7/18/2039 | &nbsp;&nbsp; 3145 | &nbsp;&nbsp; 2779 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.65%), <br> 5.78%, 7/6/2029 (d)<br>| &nbsp;&nbsp; 3490 | &nbsp;&nbsp; 3630 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.08%), <br> 5.38%, 7/10/2030 (d)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2080 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.90%), <br> 5.75%, 7/6/2034 (d)<br>| &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 2031 |
| Morgan Stanley Private Bank NA (SOFR + <br> 1.02%), 4.47%, 11/19/2031 (d)<br>| &nbsp;&nbsp; 23635 | &nbsp;&nbsp; 23780 |
| National Australia Bank Ltd. (Australia) <br> 2.33%, 8/21/2030 (a) (e)<br>| &nbsp;&nbsp; 4616 | &nbsp;&nbsp; 4242 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| NatWest Group plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 5.12%, <br> 5/23/2031 (d)<br>| &nbsp;&nbsp; 16485 | &nbsp;&nbsp; 17001 |
| NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) |
| 5.41%, 5/17/2029 (a) | &nbsp;&nbsp; 17115 | &nbsp;&nbsp; 17823 |
| 5.02%, 3/21/2030 (a) | &nbsp;&nbsp; 16190 | &nbsp;&nbsp; 16747 |
| Nordea Bank Abp (Finland) 5.38%, <br> 9/22/2027 (a)<br>| &nbsp;&nbsp; 610 | &nbsp;&nbsp; 624 |
| PNC Bank NA 2.70%, 10/22/2029 | &nbsp;&nbsp; 4150 | &nbsp;&nbsp; 3956 |
| PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  | PNC Financial Services Group, Inc. (The)  |
| 2.55%, 1/22/2030 | &nbsp;&nbsp; 1918 | &nbsp;&nbsp; 1819 |
| (SOFR + 0.98%), 2.31%, 4/23/2032 (d) | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 886 |
| (SOFR + 1.26%), 4.81%, 10/21/2032 (d) | &nbsp;&nbsp; 6840 | &nbsp;&nbsp; 6994 |
| (SOFR + 1.95%), 5.94%, 8/18/2034 (d) | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2269 |
| (SOFR + 2.28%), 6.88%, 10/20/2034 (d) | &nbsp;&nbsp; 11680 | &nbsp;&nbsp; 13283 |
| (SOFR + 1.90%), 5.68%, 1/22/2035 (d) | &nbsp;&nbsp; 3790 | &nbsp;&nbsp; 4023 |
| (SOFR + 1.42%), 5.37%, 7/21/2036 (d) | &nbsp;&nbsp; 3880 | &nbsp;&nbsp; 4023 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.17%), <br> 5.42%, 1/25/2041 (d)<br>| &nbsp;&nbsp; 7775 | &nbsp;&nbsp; 7860 |
| Royal Bank of Canada (Canada) (SOFRINDX + <br> 1.08%), 4.65%, 10/18/2030 (d)<br>| &nbsp;&nbsp; 39065 | &nbsp;&nbsp; 39852 |
| Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) | Santander UK Group Holdings plc (United Kingdom) |
| (SOFRINDX + 1.55%), 4.86%, <br> 9/11/2030 (d)<br>| &nbsp;&nbsp; 32065 | &nbsp;&nbsp; 32687 |
| (SOFRINDX + 1.52%), 5.69%, <br> 4/15/2031 (d)<br>| &nbsp;&nbsp; 6098 | &nbsp;&nbsp; 6403 |
| (SOFR + 1.48%), 2.90%, 3/15/2032 (d) | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 4549 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.30%), <br> 2.80%, 1/19/2028 (a) (d)<br>| &nbsp;&nbsp; 10679 | &nbsp;&nbsp; 10564 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 2.55%), <br> 6.45%, 1/10/2029 (a) (d)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3121 |
| 3.00%, 1/22/2030 (a) | &nbsp;&nbsp; 3734 | &nbsp;&nbsp; 3556 |
| (SOFR + 1.65%), 5.51%, <br> 5/22/2031 (a) (d)<br>| &nbsp;&nbsp; 13035 | &nbsp;&nbsp; 13568 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.30%), <br> 2.89%, 6/9/2032 (a) (d)<br>| &nbsp;&nbsp; 3095 | &nbsp;&nbsp; 2843 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.60%), <br> 6.10%, 4/13/2033 (a) (d)<br>| &nbsp;&nbsp; 19245 | &nbsp;&nbsp; 20536 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 63

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 2.10%), <br> 6.07%, 1/19/2035 (a) (d)<br>| &nbsp;&nbsp; 13063 | &nbsp;&nbsp; 13935 |
| (SOFR + 1.60%), 5.40%, <br> 4/10/2037 (a) (d)<br>| &nbsp;&nbsp; 19155 | &nbsp;&nbsp; 19271 |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.85%), <br> 6.19%, 7/6/2027 (a) (d)<br>| &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1410 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.05%), <br> 5.69%, 5/14/2028 (a) (d)<br>| &nbsp;&nbsp; 4030 | &nbsp;&nbsp; 4105 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 3.45%), <br> 7.77%, 11/16/2028 (a) (d)<br>| &nbsp;&nbsp; 9999 | &nbsp;&nbsp; 10581 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 2.45%), <br> 6.30%, 1/9/2029 (a) (d)<br>| &nbsp;&nbsp; 2916 | &nbsp;&nbsp; 3024 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.45%), <br> 5.91%, 5/14/2035 (a) (d)<br>| &nbsp;&nbsp; 9918 | &nbsp;&nbsp; 10547 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.07%), <br> 5.24%, 1/13/2037 (a) (d)<br>| &nbsp;&nbsp; 5310 | &nbsp;&nbsp; 5340 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.52%, 1/13/2028 | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3093 |
| 3.04%, 7/16/2029 | &nbsp;&nbsp; 1395 | &nbsp;&nbsp; 1352 |
| 2.75%, 1/15/2030 | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3333 |
| 5.42%, 7/9/2031 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5274 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) <br> 4.95%, 9/15/2027 (a)<br>| &nbsp;&nbsp; 1642 | &nbsp;&nbsp; 1670 |
| Svenska Handelsbanken AB (Sweden) 5.50%, <br> 6/15/2028 (a)<br>| &nbsp;&nbsp; 14707 | &nbsp;&nbsp; 15206 |
| TC Ziraat Bankasi A/S (Turkey) 7.25%, <br> 2/4/2030 (a)<br>| &nbsp;&nbsp; 2641 | &nbsp;&nbsp; 2742 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 5.52%, 7/17/2028 | &nbsp;&nbsp; 1694 | &nbsp;&nbsp; 1755 |
| 4.99%, 4/5/2029 | &nbsp;&nbsp; 6990 | &nbsp;&nbsp; 7203 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (d) | &nbsp;&nbsp; 7816 | &nbsp;&nbsp; 7855 |
| (SOFR + 2.45%), 7.16%, 10/30/2029 (d) | &nbsp;&nbsp; 6330 | &nbsp;&nbsp; 6815 |
| (SOFR + 1.85%), 5.12%, 1/26/2034 (d) | &nbsp;&nbsp; 17311 | &nbsp;&nbsp; 17756 |
| (SOFR + 2.36%), 5.87%, 6/8/2034 (d) | &nbsp;&nbsp; 4385 | &nbsp;&nbsp; 4691 |
| (SOFR + 1.92%), 5.71%, 1/24/2035 (d) | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; 3905 |
| (SOFR + 1.40%), 4.96%, 10/23/2036 (d) | &nbsp;&nbsp; 3240 | &nbsp;&nbsp; 3235 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| UniCredit SpA (Italy) | UniCredit SpA (Italy) | UniCredit SpA (Italy) |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.20%), <br> 1.98%, 6/3/2027 (a) (d)<br>| &nbsp;&nbsp; 690 | &nbsp;&nbsp; 686 |
| (USD ICE Swap Rate 5 Year + 4.91%), <br> 7.30%, 4/2/2034 (a) (d)<br>| &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 4613 |
| US Bancorp  | US Bancorp  | US Bancorp  |
| (SOFR + 1.56%), 5.38%, 1/23/2030 (d) | &nbsp;&nbsp; 2740 | &nbsp;&nbsp; 2842 |
| (SOFR + 1.25%), 5.10%, 7/23/2030 (d) | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6209 |
| (SOFR + 1.30%), 5.08%, 5/15/2031 (d) | &nbsp;&nbsp; 6720 | &nbsp;&nbsp; 6952 |
| (SOFR + 1.86%), 5.68%, 1/23/2035 (d) | &nbsp;&nbsp; 1830 | &nbsp;&nbsp; 1943 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| (3-MONTH CME TERM SOFR + 1.57%), <br> 3.58%, 5/22/2028 (d)<br>| &nbsp;&nbsp; 8228 | &nbsp;&nbsp; 8185 |
| (SOFR + 2.10%), 2.39%, 6/2/2028 (d) | &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 1904 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (d) | &nbsp;&nbsp; 8999 | &nbsp;&nbsp; 9310 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.77%), <br> 6.85%, 9/15/2029 (d) (f) (g)<br>| &nbsp;&nbsp; 14430 | &nbsp;&nbsp; 15219 |
| (SOFR + 1.79%), 6.30%, 10/23/2029 (d) | &nbsp;&nbsp; 17050 | &nbsp;&nbsp; 17981 |
| (SOFR + 1.11%), 5.24%, 1/24/2031 (d) | &nbsp;&nbsp; 10875 | &nbsp;&nbsp; 11283 |
| (3-MONTH CME TERM SOFR + 1.26%), <br> 2.57%, 2/11/2031 (d)<br>| &nbsp;&nbsp; 6796 | &nbsp;&nbsp; 6396 |
| (SOFR + 1.50%), 5.15%, 4/23/2031 (d) | &nbsp;&nbsp; 47331 | &nbsp;&nbsp; 48999 |
| (SOFR + 1.99%), 5.56%, 7/25/2034 (d) | &nbsp;&nbsp; 26791 | &nbsp;&nbsp; 28191 |
| (SOFR + 2.06%), 6.49%, 10/23/2034 (d) | &nbsp;&nbsp; 11435 | &nbsp;&nbsp; 12697 |
| (SOFR + 1.38%), 5.21%, 12/3/2035 (d) | &nbsp;&nbsp; 17119 | &nbsp;&nbsp; 17578 |
| (SOFR + 1.74%), 5.61%, 4/23/2036 (d) | &nbsp;&nbsp; 25625 | &nbsp;&nbsp; 26951 |
| (SOFR + 1.34%), 4.89%, 9/15/2036 (d) | &nbsp;&nbsp; 21985 | &nbsp;&nbsp; 22049 |
| (SOFR + 1.10%), 4.96%, 1/23/2037 (d) | &nbsp;&nbsp; 9975 | &nbsp;&nbsp; 10013 |
| (SOFR + 2.53%), 3.07%, 4/30/2041 (d) | &nbsp;&nbsp; 11450 | &nbsp;&nbsp; 8939 |
|  |  | &nbsp;&nbsp; 1885127 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Anheuser-Busch Cos. LLC (Belgium) 4.70%, <br> 2/1/2036<br>| &nbsp;&nbsp; 7757 | &nbsp;&nbsp; 7777 |
| Constellation Brands, Inc. 4.65%, <br> 11/15/2028<br>| &nbsp;&nbsp; 2913 | &nbsp;&nbsp; 2957 |
| PepsiCo, Inc. 3.60%, 8/13/2042 | &nbsp;&nbsp; 8057 | &nbsp;&nbsp; 6700 |
|  |  | &nbsp;&nbsp; 17434 |
| **Biotechnology — 0.4%** | **Biotechnology — 0.4%** | **Biotechnology — 0.4%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 5.05%, 3/15/2034 | &nbsp;&nbsp; 3800 | &nbsp;&nbsp; 3945 |
| 4.55%, 3/15/2035 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9956 |
| 4.75%, 3/15/2036 | &nbsp;&nbsp; 6005 | &nbsp;&nbsp; 6036 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Biotechnology — continued** | **Biotechnology — continued** | **Biotechnology — continued** |
| 4.05%, 11/21/2039 | &nbsp;&nbsp; 24345 | &nbsp;&nbsp; 22037 |
| 4.25%, 11/21/2049 | &nbsp;&nbsp; 8158 | &nbsp;&nbsp; 6864 |
| 5.50%, 3/15/2064 | &nbsp;&nbsp; 3030 | &nbsp;&nbsp; 2981 |
| Amgen, Inc.  | Amgen, Inc.  | Amgen, Inc.  |
| 5.25%, 3/2/2030 | &nbsp;&nbsp; 3893 | &nbsp;&nbsp; 4063 |
| 4.85%, 2/19/2036 | &nbsp;&nbsp; 3937 | &nbsp;&nbsp; 3958 |
| 5.60%, 3/2/2043 | &nbsp;&nbsp; 3883 | &nbsp;&nbsp; 3969 |
| 4.66%, 6/15/2051 | &nbsp;&nbsp; 4015 | &nbsp;&nbsp; 3505 |
| 4.88%, 3/1/2053 | &nbsp;&nbsp; 14977 | &nbsp;&nbsp; 13385 |
| 5.65%, 3/2/2053 | &nbsp;&nbsp; 5370 | &nbsp;&nbsp; 5360 |
| 5.75%, 3/2/2063 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 294 |
| Biogen, Inc. 2.25%, 5/1/2030 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9276 |
| CSL Finance plc (Australia) 5.11%, <br> 4/3/2034 (a)<br>| &nbsp;&nbsp; 9560 | &nbsp;&nbsp; 9899 |
| Gilead Sciences, Inc.  | Gilead Sciences, Inc.  | Gilead Sciences, Inc.  |
| 1.65%, 10/1/2030 | &nbsp;&nbsp; 3883 | &nbsp;&nbsp; 3511 |
| 4.50%, 2/1/2045 | &nbsp;&nbsp; 6310 | &nbsp;&nbsp; 5645 |
|  |  | &nbsp;&nbsp; 114684 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Nordstrom, Inc. 4.38%, 4/1/2030 | &nbsp;&nbsp; 3512 | &nbsp;&nbsp; 3381 |
| Shutterfly Finance LLC  | Shutterfly Finance LLC  | Shutterfly Finance LLC  |
| 8.50% (Cash), 10/1/2027 (a) (b) | &nbsp;&nbsp; 1386 | &nbsp;&nbsp; 1297 |
| 9.75%, 10/1/2027 (a) | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 154 |
| Wayfair LLC 7.25%, 10/31/2029 (a) | &nbsp;&nbsp; 5468 | &nbsp;&nbsp; 5651 |
|  |  | &nbsp;&nbsp; 10483 |
| **Building Products — 0.3%** | **Building Products — 0.3%** | **Building Products — 0.3%** |
| Builders FirstSource, Inc.  | Builders FirstSource, Inc.  | Builders FirstSource, Inc.  |
| 4.25%, 2/1/2032 (a) | &nbsp;&nbsp; 10763 | &nbsp;&nbsp; 10265 |
| 6.38%, 3/1/2034 (a) | &nbsp;&nbsp; 1920 | &nbsp;&nbsp; 1978 |
| EMRLD Borrower LP 6.63%, 12/15/2030 (a) | &nbsp;&nbsp; 10118 | &nbsp;&nbsp; 10472 |
| Griffon Corp. 5.75%, 3/1/2028 | &nbsp;&nbsp; 5514 | &nbsp;&nbsp; 5511 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (a) | &nbsp;&nbsp; 4690 | &nbsp;&nbsp; 4720 |
| Miter Brands Acquisition Holdco, Inc. 6.75%, <br> 4/1/2032 (a)<br>| &nbsp;&nbsp; 4345 | &nbsp;&nbsp; 4381 |
| Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | &nbsp;&nbsp; 5818 | &nbsp;&nbsp; 6047 |
| Smyrna Ready Mix Concrete LLC 8.88%, <br> 11/15/2031 (a)<br>| &nbsp;&nbsp; 6960 | &nbsp;&nbsp; 7394 |
| Standard Building Solutions, Inc.  | Standard Building Solutions, Inc.  | Standard Building Solutions, Inc.  |
| 6.25%, 8/1/2033 (a) | &nbsp;&nbsp; 3855 | &nbsp;&nbsp; 3927 |
| 5.88%, 3/15/2034 (a) | &nbsp;&nbsp; 1057 | &nbsp;&nbsp; 1054 |
| Standard Industries, Inc.  | Standard Industries, Inc.  | Standard Industries, Inc.  |
| 4.75%, 1/15/2028 (a) | &nbsp;&nbsp; 3312 | &nbsp;&nbsp; 3302 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| 4.38%, 7/15/2030 (a) | &nbsp;&nbsp; 7169 | &nbsp;&nbsp; 6916 |
| 3.38%, 1/15/2031 (a) | &nbsp;&nbsp; 3539 | &nbsp;&nbsp; 3267 |
|  |  | &nbsp;&nbsp; 69234 |
| **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
| Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  | Bank of New York Mellon Corp. (The)  |
| (SOFR + 1.60%), 6.32%, 10/25/2029 (d) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2646 |
| (SOFR + 1.85%), 6.47%, 10/25/2034 (d) | &nbsp;&nbsp; 8610 | &nbsp;&nbsp; 9652 |
| Charles Schwab Corp. (The) (SOFR + 1.23%), <br> 4.91%, 11/14/2036 (d)<br>| &nbsp;&nbsp; 16385 | &nbsp;&nbsp; 16390 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 2.52%), 7.15%, 7/13/2027 (d) | &nbsp;&nbsp; 3980 | &nbsp;&nbsp; 4025 |
| (SOFR + 1.32%), 2.55%, 1/7/2028 (d) | &nbsp;&nbsp; 3050 | &nbsp;&nbsp; 3012 |
| (SOFR + 1.59%), 5.71%, 2/8/2028 (d) | &nbsp;&nbsp; 2141 | &nbsp;&nbsp; 2173 |
| (SOFR + 3.18%), 6.72%, 1/18/2029 (d) | &nbsp;&nbsp; 2523 | &nbsp;&nbsp; 2639 |
| 5.41%, 5/10/2029 | &nbsp;&nbsp; 3270 | &nbsp;&nbsp; 3410 |
| (SOFR + 2.51%), 6.82%, 11/20/2029 (d) | &nbsp;&nbsp; 1955 | &nbsp;&nbsp; 2082 |
| (SOFR + 1.10%), 4.47%, 12/10/2031 (d) | &nbsp;&nbsp; 7995 | &nbsp;&nbsp; 8041 |
| (SOFR + 1.14%), 4.73%, 2/6/2032 (d) | &nbsp;&nbsp; 4725 | &nbsp;&nbsp; 4765 |
| (SOFR + 2.26%), 3.74%, 1/7/2033 (d) | &nbsp;&nbsp; 6515 | &nbsp;&nbsp; 6111 |
| (SOFR + 3.65%), 7.08%, 2/10/2034 (d) | &nbsp;&nbsp; 12570 | &nbsp;&nbsp; 13826 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| 3.50%, 11/16/2026 | &nbsp;&nbsp; 9708 | &nbsp;&nbsp; 9688 |
| (SOFR + 0.80%), 1.43%, 3/9/2027 (d) | &nbsp;&nbsp; 4730 | &nbsp;&nbsp; 4727 |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (d) | &nbsp;&nbsp; 8572 | &nbsp;&nbsp; 8455 |
| (SOFR + 1.85%), 3.62%, 3/15/2028 (d) | &nbsp;&nbsp; 7466 | &nbsp;&nbsp; 7432 |
| (3-MONTH CME TERM SOFR + 1.77%), <br> 3.69%, 6/5/2028 (d)<br>| &nbsp;&nbsp; 5902 | &nbsp;&nbsp; 5874 |
| (3-MONTH CME TERM SOFR + 1.42%), <br> 3.81%, 4/23/2029 (d)<br>| &nbsp;&nbsp; 1615 | &nbsp;&nbsp; 1606 |
| Series X, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.81%), <br> 7.50%, 5/10/2029 (d) (f) (g)<br>| &nbsp;&nbsp; 7601 | &nbsp;&nbsp; 8092 |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (d) | &nbsp;&nbsp; 26145 | &nbsp;&nbsp; 27677 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.46%), <br> 6.85%, 2/10/2030 (d) (f) (g)<br>| &nbsp;&nbsp; 11366 | &nbsp;&nbsp; 11902 |
| (SOFR + 1.27%), 5.73%, 4/25/2030 (d) | &nbsp;&nbsp; 3695 | &nbsp;&nbsp; 3861 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (d) | &nbsp;&nbsp; 2050 | &nbsp;&nbsp; 2103 |
| (SOFR + 1.14%), 4.69%, 10/23/2030 (d) | &nbsp;&nbsp; 7010 | &nbsp;&nbsp; 7124 |
| (SOFR + 1.08%), 5.21%, 1/28/2031 (d) | &nbsp;&nbsp; 13385 | &nbsp;&nbsp; 13870 |
| (SOFR + 1.58%), 5.22%, 4/23/2031 (d) | &nbsp;&nbsp; 14210 | &nbsp;&nbsp; 14710 |
| (SOFR + 1.06%), 4.37%, 10/21/2031 (d) | &nbsp;&nbsp; 37535 | &nbsp;&nbsp; 37559 |
| (SOFR + 1.28%), 2.62%, 4/22/2032 (d) | &nbsp;&nbsp; 16408 | &nbsp;&nbsp; 15069 |
| (SOFR + 1.55%), 5.33%, 7/23/2035 (d) | &nbsp;&nbsp; 23360 | &nbsp;&nbsp; 24113 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 65

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (SOFR + 1.42%), 5.02%, 10/23/2035 (d) | &nbsp;&nbsp; 27120 | &nbsp;&nbsp; 27401 |
| (SOFR + 1.33%), 4.94%, 10/21/2036 (d) | &nbsp;&nbsp; 32310 | &nbsp;&nbsp; 32195 |
| (SOFR + 1.19%), 5.07%, 1/21/2037 (d) | &nbsp;&nbsp; 20054 | &nbsp;&nbsp; 20195 |
| (3-MONTH CME TERM SOFR + 1.63%), <br> 4.02%, 10/31/2038 (d)<br>| &nbsp;&nbsp; 1262 | &nbsp;&nbsp; 1140 |
| (SOFR + 1.51%), 3.21%, 4/22/2042 (d) | &nbsp;&nbsp; 2194 | &nbsp;&nbsp; 1694 |
| (SOFR + 1.63%), 3.44%, 2/24/2043 (d) | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 835 |
| Lehman Brothers Holdings, Inc.  | Lehman Brothers Holdings, Inc.  | Lehman Brothers Holdings, Inc.  |
| 5.75%, 3/2/2015 (h) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1 |
| 8.00%, 8/1/2015 (h) | &nbsp;&nbsp; 295 | &nbsp;&nbsp; — |
| Lehman Brothers Holdings, Inc., Escrow <br> 3.60%, 3/13/2009 (h)<br>| &nbsp;&nbsp; 235 | &nbsp;&nbsp; — |
| Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) | Macquarie Group Ltd. (Australia) |
| (3-MONTH CME TERM SOFR + 2.01%), <br> 5.03%, 1/15/2030 (a) (d)<br>| &nbsp;&nbsp; 777 | &nbsp;&nbsp; 797 |
| (SOFR + 1.44%), 2.69%, <br> 6/23/2032 (a) (d)<br>| &nbsp;&nbsp; 389 | &nbsp;&nbsp; 358 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| 3.13%, 7/27/2026 | &nbsp;&nbsp; 752 | &nbsp;&nbsp; 750 |
| (3-MONTH CME TERM SOFR + 1.40%), <br> 3.77%, 1/24/2029 (d)<br>| &nbsp;&nbsp; 1348 | &nbsp;&nbsp; 1343 |
| (SOFR + 1.73%), 5.12%, 2/1/2029 (d) | &nbsp;&nbsp; 6014 | &nbsp;&nbsp; 6139 |
| (SOFR + 1.63%), 5.45%, 7/20/2029 (d) | &nbsp;&nbsp; 6097 | &nbsp;&nbsp; 6287 |
| (SOFR + 1.45%), 5.17%, 1/16/2030 (d) | &nbsp;&nbsp; 13950 | &nbsp;&nbsp; 14340 |
| (3-MONTH CME TERM SOFR + 1.89%), <br> 4.43%, 1/23/2030 (d)<br>| &nbsp;&nbsp; 3186 | &nbsp;&nbsp; 3216 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (d) | &nbsp;&nbsp; 23575 | &nbsp;&nbsp; 24257 |
| (SOFR + 1.10%), 4.65%, 10/18/2030 (d) | &nbsp;&nbsp; 26420 | &nbsp;&nbsp; 26851 |
| (SOFR + 1.11%), 5.23%, 1/15/2031 (d) | &nbsp;&nbsp; 7505 | &nbsp;&nbsp; 7772 |
| (SOFR + 1.14%), 2.70%, 1/22/2031 (d) | &nbsp;&nbsp; 15193 | &nbsp;&nbsp; 14376 |
| (SOFR + 1.51%), 5.19%, 4/17/2031 (d) | &nbsp;&nbsp; 27916 | &nbsp;&nbsp; 28919 |
| (SOFR + 0.95%), 4.49%, 1/16/2032 (d) | &nbsp;&nbsp; 14745 | &nbsp;&nbsp; 14831 |
| (SOFR + 1.03%), 1.79%, 2/13/2032 (d) | &nbsp;&nbsp; 4918 | &nbsp;&nbsp; 4354 |
| (SOFR + 1.02%), 1.93%, 4/28/2032 (d) | &nbsp;&nbsp; 3922 | &nbsp;&nbsp; 3481 |
| (SOFR + 1.29%), 2.94%, 1/21/2033 (d) | &nbsp;&nbsp; 2273 | &nbsp;&nbsp; 2094 |
| (SOFR + 1.88%), 5.42%, 7/21/2034 (d) | &nbsp;&nbsp; 4890 | &nbsp;&nbsp; 5107 |
| (SOFR + 1.58%), 5.83%, 4/19/2035 (d) | &nbsp;&nbsp; 4110 | &nbsp;&nbsp; 4392 |
| (SOFR + 1.56%), 5.32%, 7/19/2035 (d) | &nbsp;&nbsp; 8520 | &nbsp;&nbsp; 8822 |
| (SOFR + 1.36%), 2.48%, 9/16/2036 (d) | &nbsp;&nbsp; 3160 | &nbsp;&nbsp; 2798 |
| (SOFR + 1.18%), 5.07%, 1/30/2037 (d) | &nbsp;&nbsp; 22462 | &nbsp;&nbsp; 22653 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.43%), <br> 5.95%, 1/19/2038 (d)<br>| &nbsp;&nbsp; 14630 | &nbsp;&nbsp; 15416 |
| (3-MONTH CME TERM SOFR + 1.69%), <br> 4.46%, 4/22/2039 (d)<br>| &nbsp;&nbsp; 5267 | &nbsp;&nbsp; 4984 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Capital Markets — continued** | **Capital Markets — continued** | **Capital Markets — continued** |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.17%), <br> 5.31%, 1/18/2041 (d)<br>| &nbsp;&nbsp; 3790 | &nbsp;&nbsp; 3771 |
| (SOFR + 1.49%), 3.22%, 4/22/2042 (d) | &nbsp;&nbsp; 5340 | &nbsp;&nbsp; 4224 |
| S&P Global, Inc.  | S&P Global, Inc.  | S&P Global, Inc.  |
| 2.90%, 3/1/2032 | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 6046 |
| 3.25%, 12/1/2049 | &nbsp;&nbsp; 5340 | &nbsp;&nbsp; 3794 |
| State Street Corp. Series I, (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year <br> + 2.61%), 6.70%, 3/15/2029 (d) (f) (g)<br>| &nbsp;&nbsp; 2625 | &nbsp;&nbsp; 2748 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| 4.28%, 1/9/2028 (a) | &nbsp;&nbsp; 9976 | &nbsp;&nbsp; 10001 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.75%), <br> 4.75%, 5/12/2028 (a) (d)<br>| &nbsp;&nbsp; 11213 | &nbsp;&nbsp; 11303 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.75%), <br> 9.25%, 11/13/2028 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 2230 | &nbsp;&nbsp; 2431 |
| (3-MONTH SOFR + 1.41%), 3.87%, <br> 1/12/2029 (a) (d)<br>| &nbsp;&nbsp; 831 | &nbsp;&nbsp; 828 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 1 Year + 1.52%), <br> 5.43%, 2/8/2030 (a) (d)<br>| &nbsp;&nbsp; 1107 | &nbsp;&nbsp; 1147 |
| (3-MONTH SOFR + 1.47%), 3.13%, <br> 8/13/2030 (a) (d)<br>| &nbsp;&nbsp; 27883 | &nbsp;&nbsp; 26947 |
| (USD SOFR ICE Swap Rate 1 Year + 1.34%), <br> 5.62%, 9/13/2030 (a) (d)<br>| &nbsp;&nbsp; 2683 | &nbsp;&nbsp; 2809 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.76%), <br> 9.25%, 11/13/2033 (a) (d) (e) (f) (g)<br>| &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2631 |
| (SOFR + 1.34%), 5.01%, <br> 3/23/2037 (a) (d)<br>| &nbsp;&nbsp; 7900 | &nbsp;&nbsp; 7874 |
|  |  | &nbsp;&nbsp; 676986 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| Avient Corp.  | Avient Corp.  | Avient Corp.  |
| 7.13%, 8/1/2030 (a) | &nbsp;&nbsp; 4618 | &nbsp;&nbsp; 4759 |
| 6.25%, 11/1/2031 (a) | &nbsp;&nbsp; 285 | &nbsp;&nbsp; 294 |
| Axalta Coating Systems Dutch Holding B BV <br> 7.25%, 2/15/2031 (a)<br>| &nbsp;&nbsp; 1570 | &nbsp;&nbsp; 1651 |
| Axalta Coating Systems LLC 4.75%, <br> 6/15/2027 (a)<br>| &nbsp;&nbsp; 3121 | &nbsp;&nbsp; 3119 |
| Braskem Netherlands Finance BV (Brazil) <br> 4.50%, 1/31/2030 (a)<br>| &nbsp;&nbsp; 8200 | &nbsp;&nbsp; 3454 |
| Celanese US Holdings LLC  | Celanese US Holdings LLC  | Celanese US Holdings LLC  |
| 7.00%, 2/15/2031 | &nbsp;&nbsp; 5626 | &nbsp;&nbsp; 5795 |
| 7.38%, 7/15/2032 (i) | &nbsp;&nbsp; 1950 | &nbsp;&nbsp; 2056 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| 7.38%, 2/15/2034 | &nbsp;&nbsp; 10919 | &nbsp;&nbsp; 11217 |
| CF Industries, Inc. 4.95%, 6/1/2043 | &nbsp;&nbsp; 2063 | &nbsp;&nbsp; 1895 |
| Chemours Co. (The)  | Chemours Co. (The)  | Chemours Co. (The)  |
| 5.75%, 11/15/2028 (a) | &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 3017 |
| 7.88%, 3/15/2034 (a) (c) | &nbsp;&nbsp; 1043 | &nbsp;&nbsp; 1042 |
| EIDP, Inc. 4.80%, 5/15/2033 | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; 3725 |
| Element Solutions, Inc. 3.88%, 9/1/2028 (a) | &nbsp;&nbsp; 2779 | &nbsp;&nbsp; 2732 |
| INEOS Finance plc (Luxembourg) 6.75%, <br> 5/15/2028 (a)<br>| &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 926 |
| INEOS Quattro Finance 2 plc (United Kingdom) <br> 9.63%, 3/15/2029 (a)<br>| &nbsp;&nbsp; 1181 | &nbsp;&nbsp; 1013 |
| NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) |
| 8.50%, 11/15/2028 (a) | &nbsp;&nbsp; 2405 | &nbsp;&nbsp; 2518 |
| 4.25%, 5/15/2029 (a) | &nbsp;&nbsp; 1043 | &nbsp;&nbsp; 1023 |
| 9.00%, 2/15/2030 (a) | &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4887 |
| OCP SA (Morocco) 7.50%, 5/2/2054 (a) | &nbsp;&nbsp; 4366 | &nbsp;&nbsp; 4898 |
| Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  |
| 5.25%, 12/15/2026 | &nbsp;&nbsp; 1961 | &nbsp;&nbsp; 1959 |
| 4.50%, 10/15/2029 | &nbsp;&nbsp; 8003 | &nbsp;&nbsp; 7916 |
| Solstice Advanced Materials, Inc. 5.63%, <br> 9/30/2033 (a)<br>| &nbsp;&nbsp; 6507 | &nbsp;&nbsp; 6577 |
| WR Grace Holdings LLC  | WR Grace Holdings LLC  | WR Grace Holdings LLC  |
| 6.63%, 8/15/2032 (a) | &nbsp;&nbsp; 3210 | &nbsp;&nbsp; 3247 |
| 7.00%, 8/1/2033 (a) | &nbsp;&nbsp; 594 | &nbsp;&nbsp; 605 |
|  |  | &nbsp;&nbsp; 80325 |
| **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** | **Commercial Services & Supplies — 0.2%** |
| ACCO Brands Corp. 4.25%, 3/15/2029 (a) | &nbsp;&nbsp; 6668 | &nbsp;&nbsp; 6134 |
| ADT Security Corp. (The)  | ADT Security Corp. (The)  | ADT Security Corp. (The)  |
| 4.13%, 8/1/2029 (a) | &nbsp;&nbsp; 4891 | &nbsp;&nbsp; 4772 |
| 4.88%, 7/15/2032 (a) | &nbsp;&nbsp; 7112 | &nbsp;&nbsp; 6899 |
| Allied Universal Holdco LLC 4.63%, <br> 6/1/2028 (a)<br>| &nbsp;&nbsp; 2807 | &nbsp;&nbsp; 2786 |
| Clarivate Science Holdings Corp. 3.88%, <br> 7/1/2028 (a)<br>| &nbsp;&nbsp; 2482 | &nbsp;&nbsp; 2321 |
| Ford Foundation (The) Series 2020, 2.82%, <br> 6/1/2070<br>| &nbsp;&nbsp; 2915 | &nbsp;&nbsp; 1738 |
| GFL Environmental, Inc.  | GFL Environmental, Inc.  | GFL Environmental, Inc.  |
| 4.00%, 8/1/2028 (a) | &nbsp;&nbsp; 5495 | &nbsp;&nbsp; 5410 |
| 4.75%, 6/15/2029 (a) | &nbsp;&nbsp; 4997 | &nbsp;&nbsp; 4965 |
| 6.75%, 1/15/2031 (a) | &nbsp;&nbsp; 8914 | &nbsp;&nbsp; 9349 |
| ILFC E-Capital Trust I 6.35%, <br> 12/21/2065 (a) (j)<br>| &nbsp;&nbsp; 5178 | &nbsp;&nbsp; 4498 |
| Madison IAQ LLC 4.13%, 6/30/2028 (a) | &nbsp;&nbsp; 2126 | &nbsp;&nbsp; 2098 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| Williams Scotsman, Inc.  | Williams Scotsman, Inc.  | Williams Scotsman, Inc.  |
| 4.63%, 8/15/2028 (a) | &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 2198 |
| 7.38%, 10/1/2031 (a) | &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2303 |
| Wrangler Holdco Corp. (Canada) 6.63%, <br> 4/1/2032 (a)<br>| &nbsp;&nbsp; 2275 | &nbsp;&nbsp; 2370 |
|  |  | &nbsp;&nbsp; 57841 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| AECOM 6.00%, 8/1/2033 (a) | &nbsp;&nbsp; 2096 | &nbsp;&nbsp; 2142 |
| Bioceanico Sovereign Certificate Ltd. <br> (Paraguay) Zero Coupon, 6/5/2034 (a)<br>| &nbsp;&nbsp; 1296 | &nbsp;&nbsp; 1070 |
| Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | &nbsp;&nbsp; 2438 | &nbsp;&nbsp; 2400 |
| Global Infrastructure Solutions, Inc. 5.63%, <br> 6/1/2029 (a)<br>| &nbsp;&nbsp; 7860 | &nbsp;&nbsp; 7858 |
| MasTec, Inc. 6.63%, 8/15/2029 (a) | &nbsp;&nbsp; 1457 | &nbsp;&nbsp; 1472 |
| Quanta Services, Inc.  | Quanta Services, Inc.  | Quanta Services, Inc.  |
| 4.50%, 1/15/2031 | &nbsp;&nbsp; 4780 | &nbsp;&nbsp; 4836 |
| 5.25%, 8/9/2034 | &nbsp;&nbsp; 7380 | &nbsp;&nbsp; 7647 |
|  |  | &nbsp;&nbsp; 27425 |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| Knife River Corp. 7.75%, 5/1/2031 (a) | &nbsp;&nbsp; 5384 | &nbsp;&nbsp; 5613 |
| **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** | **Consumer Finance — 0.8%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 3.00%, 10/29/2028 | &nbsp;&nbsp; 10510 | &nbsp;&nbsp; 10224 |
| 4.63%, 9/10/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10140 |
| 3.30%, 1/30/2032 | &nbsp;&nbsp; 5938 | &nbsp;&nbsp; 5549 |
| 4.75%, 1/15/2033 | &nbsp;&nbsp; 1352 | &nbsp;&nbsp; 1355 |
| 5.00%, 11/15/2035 | &nbsp;&nbsp; 1729 | &nbsp;&nbsp; 1726 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.72%), <br> 6.95%, 3/10/2055 (d)<br>| &nbsp;&nbsp; 2238 | &nbsp;&nbsp; 2365 |
| Ally Financial, Inc. 6.70%, 2/14/2033 | &nbsp;&nbsp; 1195 | &nbsp;&nbsp; 1246 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 1.00%), 5.10%, 2/16/2028 (d) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2526 |
| (SOFR + 1.44%), 5.02%, 4/25/2031 (d) | &nbsp;&nbsp; 15218 | &nbsp;&nbsp; 15724 |
| (SOFR + 1.22%), 4.92%, 7/20/2033 (d) | &nbsp;&nbsp; 5300 | &nbsp;&nbsp; 5429 |
| (SOFR + 1.79%), 5.67%, 4/25/2036 (d) | &nbsp;&nbsp; 4570 | &nbsp;&nbsp; 4840 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 6.38%, 5/4/2028 (a) | &nbsp;&nbsp; 3660 | &nbsp;&nbsp; 3813 |
| 5.75%, 3/1/2029 (a) | &nbsp;&nbsp; 11663 | &nbsp;&nbsp; 12133 |
| 5.75%, 11/15/2029 (a) | &nbsp;&nbsp; 34030 | &nbsp;&nbsp; 35531 |
| 5.15%, 1/15/2030 (a) | &nbsp;&nbsp; 19980 | &nbsp;&nbsp; 20454 |
| 5.38%, 5/30/2030 (a) | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 894 |
| 4.90%, 10/10/2030 (a) | &nbsp;&nbsp; 14910 | &nbsp;&nbsp; 15126 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 67

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| 4.95%, 10/15/2032 (a) | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 2075 |
| Capital One Financial Corp. (SOFR + 0.86%), <br> 1.88%, 11/2/2027 (d)<br>| &nbsp;&nbsp; 2093 | &nbsp;&nbsp; 2060 |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| 5.11%, 5/3/2029 | &nbsp;&nbsp; 870 | &nbsp;&nbsp; 878 |
| 5.30%, 9/6/2029 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1015 |
| 7.20%, 6/10/2030 | &nbsp;&nbsp; 920 | &nbsp;&nbsp; 993 |
| 4.00%, 11/13/2030 | &nbsp;&nbsp; 8551 | &nbsp;&nbsp; 8195 |
| 5.75%, 4/6/2033 | &nbsp;&nbsp; 28366 | &nbsp;&nbsp; 28906 |
| General Motors Financial Co., Inc. 5.95%, <br> 4/4/2034<br>| &nbsp;&nbsp; 3935 | &nbsp;&nbsp; 4175 |
| ILFC E-Capital Trust II 6.60%, <br> 12/21/2065 (a) (j)<br>| &nbsp;&nbsp; 1015 | &nbsp;&nbsp; 897 |
| OneMain Finance Corp.  | OneMain Finance Corp.  | OneMain Finance Corp.  |
| 3.88%, 9/15/2028 | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1650 |
| 6.63%, 5/15/2029 | &nbsp;&nbsp; 7445 | &nbsp;&nbsp; 7600 |
| 5.38%, 11/15/2029 | &nbsp;&nbsp; 7094 | &nbsp;&nbsp; 7014 |
|  |  | &nbsp;&nbsp; 214533 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Albertsons Cos., Inc.  | Albertsons Cos., Inc.  | Albertsons Cos., Inc.  |
| 3.50%, 3/15/2029 (a) | &nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2266 |
| 4.88%, 2/15/2030 (a) | &nbsp;&nbsp; 1116 | &nbsp;&nbsp; 1107 |
| 5.50%, 3/31/2031 (a) | &nbsp;&nbsp; 2029 | &nbsp;&nbsp; 2043 |
| 5.63%, 3/31/2032 (a) | &nbsp;&nbsp; 3674 | &nbsp;&nbsp; 3688 |
| 5.75%, 3/31/2034 (a) | &nbsp;&nbsp; 1625 | &nbsp;&nbsp; 1617 |
| Performance Food Group, Inc.  | Performance Food Group, Inc.  | Performance Food Group, Inc.  |
| 6.13%, 9/15/2032 (a) | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; 1086 |
| 5.63%, 3/1/2034 (a) | &nbsp;&nbsp; 1218 | &nbsp;&nbsp; 1222 |
| Sysco Corp. 5.10%, 9/23/2030 | &nbsp;&nbsp; 3885 | &nbsp;&nbsp; 4033 |
|  |  | &nbsp;&nbsp; 17062 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Amcor Flexibles North America, Inc. 5.10%, <br> 3/17/2030<br>| &nbsp;&nbsp; 6660 | &nbsp;&nbsp; 6893 |
| Ardagh Group SA  | Ardagh Group SA  | Ardagh Group SA  |
| 9.50%, 12/1/2030 (a) | &nbsp;&nbsp; 3592 | &nbsp;&nbsp; 3890 |
| 12.00% (Blend (Cash 5.50% + PIK <br> 6.50%)), 12/1/2030 (a) (b) (j)<br>| &nbsp;&nbsp; 9786 | &nbsp;&nbsp; 9263 |
| Ball Corp.  | Ball Corp.  | Ball Corp.  |
| 6.00%, 6/15/2029 | &nbsp;&nbsp; 5521 | &nbsp;&nbsp; 5692 |
| 5.50%, 9/15/2033 | &nbsp;&nbsp; 2765 | &nbsp;&nbsp; 2845 |
| Berry Global, Inc. 5.80%, 6/15/2031 | &nbsp;&nbsp; 25745 | &nbsp;&nbsp; 27416 |
| Clydesdale Acquisition Holdings, Inc. 6.75%, <br> 4/15/2032 (a)<br>| &nbsp;&nbsp; 2470 | &nbsp;&nbsp; 2489 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| Graphic Packaging International LLC  | Graphic Packaging International LLC  | Graphic Packaging International LLC  |
| 4.75%, 7/15/2027 (a) | &nbsp;&nbsp; 2157 | &nbsp;&nbsp; 2154 |
| 6.38%, 7/15/2032 (a) | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 2198 |
| Mauser Packaging Solutions Holding Co. <br> 7.88%, 4/15/2030 (a)<br>| &nbsp;&nbsp; 4473 | &nbsp;&nbsp; 4579 |
| Owens-Brockway Glass Container, Inc. 6.63%, <br> 5/13/2027 (a)<br>| &nbsp;&nbsp; 3634 | &nbsp;&nbsp; 3637 |
| Packaging Corp. of America 3.05%, <br> 10/1/2051<br>| &nbsp;&nbsp; 2277 | &nbsp;&nbsp; 1503 |
| Sonoco Products Co. 3.13%, 5/1/2030 | &nbsp;&nbsp; 10589 | &nbsp;&nbsp; 10121 |
| TriMas Corp. 4.13%, 4/15/2029 (a) | &nbsp;&nbsp; 3262 | &nbsp;&nbsp; 3149 |
|  |  | &nbsp;&nbsp; 85829 |
| **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
| American Builders & Contractors Supply Co., Inc.  | American Builders & Contractors Supply Co., Inc.  | American Builders & Contractors Supply Co., Inc.  |
| 4.00%, 1/15/2028 (a) | &nbsp;&nbsp; 4143 | &nbsp;&nbsp; 4083 |
| 3.88%, 11/15/2029 (a) | &nbsp;&nbsp; 1790 | &nbsp;&nbsp; 1728 |
| RB Global Holdings, Inc. (Canada) 7.75%, <br> 3/15/2031 (a)<br>| &nbsp;&nbsp; 3051 | &nbsp;&nbsp; 3172 |
| Resideo Funding, Inc. 6.50%, 7/15/2032 (a) | &nbsp;&nbsp; 4015 | &nbsp;&nbsp; 4099 |
|  |  | &nbsp;&nbsp; 13082 |
| **Diversified — 0.0% ^** | **Diversified — 0.0% ^** | **Diversified — 0.0% ^** |
| Ygrene Frn 8.50%, 7/25/2045 ‡ (a) | &nbsp;&nbsp; 10993 | &nbsp;&nbsp; 11048 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| Service Corp. International  | Service Corp. International  | Service Corp. International  |
| 5.13%, 6/1/2029 | &nbsp;&nbsp; 5735 | &nbsp;&nbsp; 5752 |
| 5.75%, 10/15/2032 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; 923 |
| Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | &nbsp;&nbsp; 2284 | &nbsp;&nbsp; 2383 |
|  |  | &nbsp;&nbsp; 9058 |
| **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** | **Diversified REITs — 0.0% ^** |
| Simon Property Group LP 3.25%, 9/13/2049 | &nbsp;&nbsp; 5086 | &nbsp;&nbsp; 3576 |
| WP Carey, Inc.  | WP Carey, Inc.  | WP Carey, Inc.  |
| 4.25%, 10/1/2026 | &nbsp;&nbsp; 2092 | &nbsp;&nbsp; 2093 |
| 2.25%, 4/1/2033 | &nbsp;&nbsp; 2796 | &nbsp;&nbsp; 2387 |
|  |  | &nbsp;&nbsp; 8056 |
| **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** | **Diversified Telecommunication Services — 1.0%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 1.65%, 2/1/2028 | &nbsp;&nbsp; 8737 | &nbsp;&nbsp; 8378 |
| 4.90%, 11/1/2035 | &nbsp;&nbsp; 20400 | &nbsp;&nbsp; 20440 |
| 5.13%, 4/30/2036 | &nbsp;&nbsp; 8290 | &nbsp;&nbsp; 8412 |
| 3.50%, 6/1/2041 | &nbsp;&nbsp; 5594 | &nbsp;&nbsp; 4489 |
| 3.50%, 9/15/2053 | &nbsp;&nbsp; 13080 | &nbsp;&nbsp; 8923 |
| 5.70%, 11/1/2054 | &nbsp;&nbsp; 16780 | &nbsp;&nbsp; 16280 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| 3.55%, 9/15/2055 | &nbsp;&nbsp; 28665 | &nbsp;&nbsp; 19407 |
| 6.05%, 8/15/2056 | &nbsp;&nbsp; 8370 | &nbsp;&nbsp; 8519 |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 4.75%, 3/1/2030 (a) | &nbsp;&nbsp; 31486 | &nbsp;&nbsp; 30440 |
| 4.50%, 8/15/2030 (a) | &nbsp;&nbsp; 16536 | &nbsp;&nbsp; 15773 |
| 4.25%, 2/1/2031 (a) | &nbsp;&nbsp; 15310 | &nbsp;&nbsp; 14270 |
| 4.75%, 2/1/2032 (a) | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 1916 |
| 4.50%, 5/1/2032 | &nbsp;&nbsp; 2525 | &nbsp;&nbsp; 2311 |
| Cipher Compute LLC 7.13%, 11/15/2030 (a) | &nbsp;&nbsp; 4017 | &nbsp;&nbsp; 4187 |
| Comcast Corp.  | Comcast Corp.  | Comcast Corp.  |
| 1.95%, 1/15/2031 | &nbsp;&nbsp; 3951 | &nbsp;&nbsp; 3572 |
| 5.30%, 6/1/2034 | &nbsp;&nbsp; 3540 | &nbsp;&nbsp; 3699 |
| 3.90%, 3/1/2038 | &nbsp;&nbsp; 12124 | &nbsp;&nbsp; 10782 |
| 3.25%, 11/1/2039 | &nbsp;&nbsp; 10222 | &nbsp;&nbsp; 8160 |
| 3.97%, 11/1/2047 | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 834 |
| 4.00%, 3/1/2048 | &nbsp;&nbsp; 4990 | &nbsp;&nbsp; 3846 |
| 4.00%, 11/1/2049 | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 100 |
| 3.45%, 2/1/2050 | &nbsp;&nbsp; 4085 | &nbsp;&nbsp; 2810 |
| 2.89%, 11/1/2051 | &nbsp;&nbsp; 1968 | &nbsp;&nbsp; 1188 |
| 5.35%, 5/15/2053 | &nbsp;&nbsp; 15813 | &nbsp;&nbsp; 14565 |
| 2.94%, 11/1/2056 | &nbsp;&nbsp; 22568 | &nbsp;&nbsp; 13161 |
| 2.99%, 11/1/2063 | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 642 |
| Fibercop SpA (Italy) | Fibercop SpA (Italy) | Fibercop SpA (Italy) |
| Series 2033, 6.38%, 11/15/2033 (a) | &nbsp;&nbsp; 881 | &nbsp;&nbsp; 894 |
| 6.00%, 9/30/2034 (a) | &nbsp;&nbsp; 2780 | &nbsp;&nbsp; 2725 |
| Flash Compute LLC 7.25%, 12/31/2030 (a) | &nbsp;&nbsp; 1472 | &nbsp;&nbsp; 1507 |
| Level 3 Financing, Inc.  | Level 3 Financing, Inc.  | Level 3 Financing, Inc.  |
| 6.88%, 6/30/2033 (a) | &nbsp;&nbsp; 1425 | &nbsp;&nbsp; 1476 |
| 7.00%, 3/31/2034 (a) | &nbsp;&nbsp; 2879 | &nbsp;&nbsp; 2993 |
| Sprint Capital Corp. 6.88%, 11/15/2028 | &nbsp;&nbsp; 4475 | &nbsp;&nbsp; 4801 |
| Virgin Media Secured Finance plc (United <br> Kingdom) 5.50%, 5/15/2029 (a)<br>| &nbsp;&nbsp; 2423 | &nbsp;&nbsp; 2352 |
| WULF Compute LLC 7.75%, 10/15/2030 (a) | &nbsp;&nbsp; 6807 | &nbsp;&nbsp; 7209 |
|  |  | &nbsp;&nbsp; 251061 |
| **Electric Utilities — 2.8%** | **Electric Utilities — 2.8%** | **Electric Utilities — 2.8%** |
| AEP Transmission Co. LLC  | AEP Transmission Co. LLC  | AEP Transmission Co. LLC  |
| 3.15%, 9/15/2049 | &nbsp;&nbsp; 471 | &nbsp;&nbsp; 323 |
| Series M, 3.65%, 4/1/2050 | &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 1461 |
| Series N, 2.75%, 8/15/2051 | &nbsp;&nbsp; 2427 | &nbsp;&nbsp; 1503 |
| Alabama Power Co.  | Alabama Power Co.  | Alabama Power Co.  |
| 6.13%, 5/15/2038 | &nbsp;&nbsp; 865 | &nbsp;&nbsp; 962 |
| 5.50%, 3/15/2041 | &nbsp;&nbsp; 1214 | &nbsp;&nbsp; 1256 |
| Series A, 4.30%, 7/15/2048 | &nbsp;&nbsp; 340 | &nbsp;&nbsp; 285 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| Alliant Energy Finance LLC 5.40%, <br> 6/6/2027 (a)<br>| &nbsp;&nbsp; 1850 | &nbsp;&nbsp; 1874 |
| Arizona Public Service Co.  | Arizona Public Service Co.  | Arizona Public Service Co.  |
| 4.70%, 1/15/2044 | &nbsp;&nbsp; 146 | &nbsp;&nbsp; 129 |
| 4.25%, 3/1/2049 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 790 |
| Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  | Baltimore Gas and Electric Co.  |
| 5.45%, 6/1/2035 | &nbsp;&nbsp; 7576 | &nbsp;&nbsp; 7951 |
| 4.25%, 9/15/2048 | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1147 |
| 3.20%, 9/15/2049 | &nbsp;&nbsp; 1432 | &nbsp;&nbsp; 992 |
| 2.90%, 6/15/2050 | &nbsp;&nbsp; 816 | &nbsp;&nbsp; 532 |
| CenterPoint Energy Houston Electric LLC Series <br> AD, 2.90%, 7/1/2050<br>| &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 1272 |
| Comision Ejecutiva Hidroelectrica del Rio <br> Lempa (El Salvador) 8.65%, <br> 1/24/2033 (a)<br>| &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 1335 |
| Comision Federal de Electricidad (Mexico) <br> 6.50%, 1/28/2051 (a)<br>| &nbsp;&nbsp; 2436 | &nbsp;&nbsp; 2465 |
| Commonwealth Edison Co. 4.00%, 3/1/2048 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 237 |
| Connecticut Light and Power Co. (The) 4.00%, <br> 4/1/2048<br>| &nbsp;&nbsp; 1637 | &nbsp;&nbsp; 1329 |
| Consumers 2023 Securitization Funding LLC <br> Series A2, 5.21%, 9/1/2030<br>| &nbsp;&nbsp; 3826 | &nbsp;&nbsp; 3961 |
| DTE Electric Co.  | DTE Electric Co.  | DTE Electric Co.  |
| 5.20%, 3/1/2034 | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3553 |
| 3.95%, 6/15/2042 | &nbsp;&nbsp; 370 | &nbsp;&nbsp; 311 |
| Series A, 4.00%, 4/1/2043 | &nbsp;&nbsp; 4728 | &nbsp;&nbsp; 4013 |
| Series B, 3.65%, 3/1/2052 | &nbsp;&nbsp; 636 | &nbsp;&nbsp; 479 |
| DTE Electric Securitization Funding II LLC <br> Series A-2, 6.09%, 9/1/2037<br>| &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 4093 |
| Duke Energy Carolinas LLC 3.70%, <br> 12/1/2047<br>| &nbsp;&nbsp; 971 | &nbsp;&nbsp; 747 |
| Duke Energy Corp. 5.80%, 6/15/2054 | &nbsp;&nbsp; 3300 | &nbsp;&nbsp; 3272 |
| Duke Energy Florida LLC  | Duke Energy Florida LLC  | Duke Energy Florida LLC  |
| 1.75%, 6/15/2030 | &nbsp;&nbsp; 4223 | &nbsp;&nbsp; 3847 |
| 5.90%, 3/1/2033 | &nbsp;&nbsp; 400 | &nbsp;&nbsp; 434 |
| 6.20%, 11/15/2053 | &nbsp;&nbsp; 1985 | &nbsp;&nbsp; 2155 |
| Duke Energy Indiana LLC  | Duke Energy Indiana LLC  | Duke Energy Indiana LLC  |
| Series YYY, 3.25%, 10/1/2049 | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 1525 |
| 5.40%, 4/1/2053 | &nbsp;&nbsp; 5189 | &nbsp;&nbsp; 5022 |
| Duke Energy Ohio, Inc.  | Duke Energy Ohio, Inc.  | Duke Energy Ohio, Inc.  |
| 5.25%, 4/1/2033 | &nbsp;&nbsp; 9542 | &nbsp;&nbsp; 9995 |
| 4.30%, 2/1/2049 | &nbsp;&nbsp; 1427 | &nbsp;&nbsp; 1191 |
| Duke Energy Progress LLC  | Duke Energy Progress LLC  | Duke Energy Progress LLC  |
| 4.10%, 5/15/2042 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 257 |
| 3.70%, 10/15/2046 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 153 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 69

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.55%, 3/15/2055 | &nbsp;&nbsp; 888 | &nbsp;&nbsp; 886 |
| Edison International (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 3.86%), 8.13%, 6/15/2053 (d)<br>| &nbsp;&nbsp; 4805 | &nbsp;&nbsp; 4995 |
| Electricite de France SA (France) 6.90%, <br> 5/23/2053 (a)<br>| &nbsp;&nbsp; 2693 | &nbsp;&nbsp; 3018 |
| Emera US Finance LP (Canada) 2.64%, <br> 6/15/2031<br>| &nbsp;&nbsp; 18635 | &nbsp;&nbsp; 17098 |
| Emera, Inc. (Canada) Series 16-A, (3-MONTH <br> SOFR + 5.44%), 6.75%, 6/15/2076 (d)<br>| &nbsp;&nbsp; 1891 | &nbsp;&nbsp; 1900 |
| Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| 5.13%, 6/26/2029 (a) | &nbsp;&nbsp; 6590 | &nbsp;&nbsp; 6789 |
| 2.50%, 7/12/2031 (a) (i) | &nbsp;&nbsp; 4904 | &nbsp;&nbsp; 4468 |
| 5.50%, 6/26/2034 (a) | &nbsp;&nbsp; 9365 | &nbsp;&nbsp; 9770 |
| 5.00%, 9/30/2035 (a) | &nbsp;&nbsp; 10200 | &nbsp;&nbsp; 10189 |
| 5.75%, 9/30/2055 (a) | &nbsp;&nbsp; 6445 | &nbsp;&nbsp; 6318 |
| Entergy Corp.  | Entergy Corp.  | Entergy Corp.  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.67%), <br> 7.13%, 12/1/2054 (d)<br>| &nbsp;&nbsp; 17928 | &nbsp;&nbsp; 18756 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.18%), <br> 5.88%, 6/15/2056 (d)<br>| &nbsp;&nbsp; 372 | &nbsp;&nbsp; 374 |
| Entergy Louisiana LLC  | Entergy Louisiana LLC  | Entergy Louisiana LLC  |
| 3.12%, 9/1/2027 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 723 |
| 1.60%, 12/15/2030 | &nbsp;&nbsp; 7252 | &nbsp;&nbsp; 6466 |
| 4.20%, 4/1/2050 | &nbsp;&nbsp; 1360 | &nbsp;&nbsp; 1100 |
| 2.90%, 3/15/2051 | &nbsp;&nbsp; 3920 | &nbsp;&nbsp; 2508 |
| 5.70%, 3/15/2054 | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 6321 |
| Entergy Mississippi LLC  | Entergy Mississippi LLC  | Entergy Mississippi LLC  |
| 5.00%, 9/1/2033 | &nbsp;&nbsp; 3252 | &nbsp;&nbsp; 3349 |
| 3.85%, 6/1/2049 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 380 |
| 3.50%, 6/1/2051 | &nbsp;&nbsp; 1534 | &nbsp;&nbsp; 1097 |
| 5.85%, 6/1/2054 | &nbsp;&nbsp; 2885 | &nbsp;&nbsp; 2911 |
| Entergy Texas Restoration Funding LLC Series <br> A-2, 3.70%, 12/15/2035<br>| &nbsp;&nbsp; 2825 | &nbsp;&nbsp; 2735 |
| Entergy Texas, Inc.  | Entergy Texas, Inc.  | Entergy Texas, Inc.  |
| 1.75%, 3/15/2031 | &nbsp;&nbsp; 17722 | &nbsp;&nbsp; 15837 |
| 3.55%, 9/30/2049 | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 548 |
| 5.55%, 9/15/2054 | &nbsp;&nbsp; 4283 | &nbsp;&nbsp; 4176 |
| Evergy Metro, Inc. 4.20%, 6/15/2047 | &nbsp;&nbsp; 714 | &nbsp;&nbsp; 590 |
| Evergy Missouri West Storm Funding I LLC <br> Series A-1, 5.10%, 12/1/2038<br>| &nbsp;&nbsp; 1906 | &nbsp;&nbsp; 1985 |
| Exelon Corp. 4.95%, 6/15/2035 | &nbsp;&nbsp; 120 | &nbsp;&nbsp; 120 |
| FirstEnergy Corp. Series B, 3.90%, <br> 7/15/2027 (i)<br>| &nbsp;&nbsp; 7920 | &nbsp;&nbsp; 7953 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| FirstEnergy Transmission LLC 5.45%, <br> 7/15/2044 (a)<br>| &nbsp;&nbsp; 777 | &nbsp;&nbsp; 764 |
| Florida Power & Light Co.  | Florida Power & Light Co.  | Florida Power & Light Co.  |
| 5.40%, 9/1/2035 | &nbsp;&nbsp; 583 | &nbsp;&nbsp; 613 |
| 3.70%, 12/1/2047 | &nbsp;&nbsp; 4466 | &nbsp;&nbsp; 3474 |
| 3.95%, 3/1/2048 | &nbsp;&nbsp; 646 | &nbsp;&nbsp; 523 |
| Georgia Power Co. 5.25%, 3/15/2034 | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3551 |
| Interstate Power and Light Co. 4.10%, <br> 9/26/2028<br>| &nbsp;&nbsp; 777 | &nbsp;&nbsp; 780 |
| ITC Holdings Corp.  | ITC Holdings Corp.  | ITC Holdings Corp.  |
| 4.95%, 9/22/2027 (a) | &nbsp;&nbsp; 5867 | &nbsp;&nbsp; 5940 |
| 2.95%, 5/14/2030 (a) | &nbsp;&nbsp; 3883 | &nbsp;&nbsp; 3695 |
| 5.40%, 6/1/2033 (a) | &nbsp;&nbsp; 5973 | &nbsp;&nbsp; 6197 |
| 5.65%, 5/9/2034 (a) | &nbsp;&nbsp; 9145 | &nbsp;&nbsp; 9638 |
| Jersey Central Power & Light Co. 6.15%, <br> 6/1/2037<br>| &nbsp;&nbsp; 777 | &nbsp;&nbsp; 853 |
| Massachusetts Electric Co. 5.90%, <br> 11/15/2039 (a)<br>| &nbsp;&nbsp; 960 | &nbsp;&nbsp; 1017 |
| MidAmerican Energy Co. 3.65%, 8/1/2048 | &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 1489 |
| Mid-Atlantic Interstate Transmission LLC <br> 4.10%, 5/15/2028 (a)<br>| &nbsp;&nbsp; 7631 | &nbsp;&nbsp; 7656 |
| Monongahela Power Co. 5.85%, <br> 2/15/2034 (a)<br>| &nbsp;&nbsp; 9250 | &nbsp;&nbsp; 9960 |
| Nevada Power Co.  | Nevada Power Co.  | Nevada Power Co.  |
| 5.38%, 9/15/2040 | &nbsp;&nbsp; 608 | &nbsp;&nbsp; 616 |
| 6.00%, 3/15/2054 | &nbsp;&nbsp; 1510 | &nbsp;&nbsp; 1562 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 5.25%, 2/28/2053 | &nbsp;&nbsp; 1379 | &nbsp;&nbsp; 1287 |
| 5.55%, 3/15/2054 | &nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2571 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.46%), <br> 6.75%, 6/15/2054 (d)<br>| &nbsp;&nbsp; 3930 | &nbsp;&nbsp; 4181 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.05%), <br> 6.38%, 8/15/2055 (d)<br>| &nbsp;&nbsp; 11405 | &nbsp;&nbsp; 11846 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.98%), <br> 6.50%, 8/15/2055 (d)<br>| &nbsp;&nbsp; 3545 | &nbsp;&nbsp; 3758 |
| Niagara Mohawk Power Corp. 4.28%, <br> 12/15/2028 (a)<br>| &nbsp;&nbsp; 631 | &nbsp;&nbsp; 634 |
| Northern States Power Co.  | Northern States Power Co.  | Northern States Power Co.  |
| 6.20%, 7/1/2037 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 187 |
| 4.50%, 6/1/2052 | &nbsp;&nbsp; 2602 | &nbsp;&nbsp; 2244 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 2.45%, 12/2/2027 (a) | &nbsp;&nbsp; 2549 | &nbsp;&nbsp; 2470 |
| 3.38%, 2/15/2029 (a) | &nbsp;&nbsp; 4641 | &nbsp;&nbsp; 4473 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 5.25%, 6/15/2029 (a) | &nbsp;&nbsp; 11513 | &nbsp;&nbsp; 11553 |
| 4.73%, 10/15/2030 (a) | &nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2675 |
| 3.63%, 2/15/2031 (a) | &nbsp;&nbsp; 699 | &nbsp;&nbsp; 660 |
| 3.88%, 2/15/2032 (a) | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 134 |
| 6.00%, 2/1/2033 (a) | &nbsp;&nbsp; 2049 | &nbsp;&nbsp; 2099 |
| 5.75%, 1/15/2034 (a) | &nbsp;&nbsp; 6799 | &nbsp;&nbsp; 6892 |
| 5.41%, 10/15/2035 (a) | &nbsp;&nbsp; 8627 | &nbsp;&nbsp; 8719 |
| 6.00%, 1/15/2036 (a) | &nbsp;&nbsp; 2002 | &nbsp;&nbsp; 2038 |
| OGE Energy Corp. 5.45%, 5/15/2029 | &nbsp;&nbsp; 3085 | &nbsp;&nbsp; 3214 |
| Ohio Power Co. Series R, 2.90%, 10/1/2051 | &nbsp;&nbsp; 6567 | &nbsp;&nbsp; 4126 |
| Oncor Electric Delivery Co. LLC  | Oncor Electric Delivery Co. LLC  | Oncor Electric Delivery Co. LLC  |
| 3.10%, 9/15/2049 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 655 |
| 5.35%, 10/1/2052 | &nbsp;&nbsp; 534 | &nbsp;&nbsp; 511 |
| Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  | Pacific Gas and Electric Co.  |
| 2.95%, 3/1/2026 | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 1000 |
| 5.00%, 6/4/2028 | &nbsp;&nbsp; 5433 | &nbsp;&nbsp; 5535 |
| 4.65%, 8/1/2028 | &nbsp;&nbsp; 11889 | &nbsp;&nbsp; 12029 |
| 6.10%, 1/15/2029 | &nbsp;&nbsp; 1282 | &nbsp;&nbsp; 1346 |
| 4.55%, 7/1/2030 | &nbsp;&nbsp; 19196 | &nbsp;&nbsp; 19287 |
| 5.05%, 10/15/2032 | &nbsp;&nbsp; 31035 | &nbsp;&nbsp; 31629 |
| 6.40%, 6/15/2033 | &nbsp;&nbsp; 11604 | &nbsp;&nbsp; 12643 |
| 5.70%, 3/1/2035 | &nbsp;&nbsp; 16035 | &nbsp;&nbsp; 16719 |
| 4.20%, 6/1/2041 | &nbsp;&nbsp; 1622 | &nbsp;&nbsp; 1368 |
| 4.60%, 6/15/2043 | &nbsp;&nbsp; 1894 | &nbsp;&nbsp; 1620 |
| 6.75%, 1/15/2053 | &nbsp;&nbsp; 3032 | &nbsp;&nbsp; 3276 |
| 5.90%, 10/1/2054 | &nbsp;&nbsp; 1020 | &nbsp;&nbsp; 993 |
| 6.00%, 5/1/2056 | &nbsp;&nbsp; 2320 | &nbsp;&nbsp; 2291 |
| Palomino Funding Trust I 7.23%, <br> 5/17/2028 (a)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2114 |
| PECO Energy Co. 2.80%, 6/15/2050 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 464 |
| Pepco Holdings LLC 7.45%, 8/15/2032 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 1125 |
| PG&E Corp.  | PG&E Corp.  | PG&E Corp.  |
| 5.00%, 7/1/2028 | &nbsp;&nbsp; 3733 | &nbsp;&nbsp; 3723 |
| 5.25%, 7/1/2030 | &nbsp;&nbsp; 2296 | &nbsp;&nbsp; 2298 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.88%), <br> 7.38%, 3/15/2055 (d)<br>| &nbsp;&nbsp; 22320 | &nbsp;&nbsp; 23090 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.23%), <br> 6.85%, 9/15/2056 (d)<br>| &nbsp;&nbsp; 9464 | &nbsp;&nbsp; 9449 |
| PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  | PG&E Recovery Funding LLC  |
| Series A-2, 5.23%, 6/1/2042 | &nbsp;&nbsp; 3830 | &nbsp;&nbsp; 3946 |
| Series A-3, 5.54%, 7/15/2047 | &nbsp;&nbsp; 3951 | &nbsp;&nbsp; 4053 |
| Series A-3, 5.53%, 6/1/2049 | &nbsp;&nbsp; 4550 | &nbsp;&nbsp; 4705 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  | PG&E Wildfire Recovery Funding LLC  |
| Series A-2, 4.26%, 6/1/2036 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 1050 |
| Series A-4, 5.21%, 12/1/2047 | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 772 |
| Series A-5, 5.10%, 6/1/2052 | &nbsp;&nbsp; 2850 | &nbsp;&nbsp; 2730 |
| Potomac Electric Power Co. 6.50%, <br> 11/15/2037<br>| &nbsp;&nbsp; 350 | &nbsp;&nbsp; 397 |
| PPL Electric Utilities Corp. 5.25%, 5/15/2053 | &nbsp;&nbsp; 1384 | &nbsp;&nbsp; 1333 |
| Public Service Co. of Colorado  | Public Service Co. of Colorado  | Public Service Co. of Colorado  |
| 4.05%, 9/15/2049 | &nbsp;&nbsp; 2573 | &nbsp;&nbsp; 2048 |
| 2.70%, 1/15/2051 | &nbsp;&nbsp; 3097 | &nbsp;&nbsp; 1898 |
| Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  | Public Service Co. of Oklahoma  |
| 5.25%, 1/15/2033 | &nbsp;&nbsp; 1292 | &nbsp;&nbsp; 1338 |
| Series G, 6.63%, 11/15/2037 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 1214 |
| Public Service Electric and Gas Co. 5.80%, <br> 5/1/2037<br>| &nbsp;&nbsp; 826 | &nbsp;&nbsp; 896 |
| SCE Recovery Funding LLC  | SCE Recovery Funding LLC  | SCE Recovery Funding LLC  |
| Series A-1, 4.70%, 6/15/2040 | &nbsp;&nbsp; 931 | &nbsp;&nbsp; 939 |
| Series A-2, 5.11%, 12/15/2047 | &nbsp;&nbsp; 311 | &nbsp;&nbsp; 306 |
| Sigeco Securitization I LLC  | Sigeco Securitization I LLC  | Sigeco Securitization I LLC  |
| Series A1, 5.03%, 11/15/2036 | &nbsp;&nbsp; 641 | &nbsp;&nbsp; 660 |
| Series A2, 5.17%, 5/15/2041 | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 303 |
| Southern California Edison Co.  | Southern California Edison Co.  | Southern California Edison Co.  |
| 5.25%, 3/15/2030 | &nbsp;&nbsp; 4400 | &nbsp;&nbsp; 4547 |
| 5.45%, 6/1/2031 | &nbsp;&nbsp; 3540 | &nbsp;&nbsp; 3708 |
| 5.20%, 6/1/2034 | &nbsp;&nbsp; 2399 | &nbsp;&nbsp; 2439 |
| 5.45%, 3/1/2035 | &nbsp;&nbsp; 14810 | &nbsp;&nbsp; 15238 |
| Series 06-E, 5.55%, 1/15/2037 | &nbsp;&nbsp; 437 | &nbsp;&nbsp; 446 |
| Series 08-A, 5.95%, 2/1/2038 | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 289 |
| Series C, 3.60%, 2/1/2045 | &nbsp;&nbsp; 1233 | &nbsp;&nbsp; 916 |
| Series C, 4.13%, 3/1/2048 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 760 |
| Series 20A, 2.95%, 2/1/2051 | &nbsp;&nbsp; 8553 | &nbsp;&nbsp; 5364 |
| 5.70%, 3/1/2053 | &nbsp;&nbsp; 4987 | &nbsp;&nbsp; 4749 |
| 5.88%, 12/1/2053 | &nbsp;&nbsp; 6850 | &nbsp;&nbsp; 6730 |
| 5.75%, 4/15/2054 | &nbsp;&nbsp; 2060 | &nbsp;&nbsp; 1983 |
| Southern Co. (The) 5.70%, 3/15/2034 | &nbsp;&nbsp; 1995 | &nbsp;&nbsp; 2122 |
| Southwestern Electric Power Co.  | Southwestern Electric Power Co.  | Southwestern Electric Power Co.  |
| 5.30%, 4/1/2033 | &nbsp;&nbsp; 2214 | &nbsp;&nbsp; 2296 |
| Series J, 3.90%, 4/1/2045 | &nbsp;&nbsp; 1206 | &nbsp;&nbsp; 950 |
| Trinidad Generation UnLtd (Trinidad And <br> Tobago) 7.75%, 6/16/2033 (a)<br>| &nbsp;&nbsp; 3473 | &nbsp;&nbsp; 3654 |
| Tucson Electric Power Co. 5.50%, 4/15/2053 | &nbsp;&nbsp; 1230 | &nbsp;&nbsp; 1196 |
| Union Electric Co.  | Union Electric Co.  | Union Electric Co.  |
| 5.20%, 4/1/2034 | &nbsp;&nbsp; 2310 | &nbsp;&nbsp; 2411 |
| 4.00%, 4/1/2048 | &nbsp;&nbsp; 1991 | &nbsp;&nbsp; 1605 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 71

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 3.90%, 4/1/2052 | &nbsp;&nbsp; 1262 | &nbsp;&nbsp; 982 |
| 5.25%, 1/15/2054 | &nbsp;&nbsp; 3765 | &nbsp;&nbsp; 3588 |
| Virginia Electric and Power Co.  | Virginia Electric and Power Co.  | Virginia Electric and Power Co.  |
| 6.35%, 11/30/2037 | &nbsp;&nbsp; 229 | &nbsp;&nbsp; 254 |
| 8.88%, 11/15/2038 | &nbsp;&nbsp; 651 | &nbsp;&nbsp; 871 |
| Virginia Power Fuel Securitization LLC Series <br> A-2, 4.88%, 5/1/2031<br>| &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1118 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 5.05%, 12/30/2026 (a) | &nbsp;&nbsp; 15150 | &nbsp;&nbsp; 15314 |
| 5.63%, 2/15/2027 (a) | &nbsp;&nbsp; 4561 | &nbsp;&nbsp; 4559 |
| 5.00%, 7/31/2027 (a) | &nbsp;&nbsp; 6294 | &nbsp;&nbsp; 6285 |
| 4.30%, 10/15/2028 (a) | &nbsp;&nbsp; 30163 | &nbsp;&nbsp; 30194 |
| 4.38%, 5/1/2029 (a) | &nbsp;&nbsp; 3403 | &nbsp;&nbsp; 3367 |
| 4.30%, 7/15/2029 (a) | &nbsp;&nbsp; 4854 | &nbsp;&nbsp; 4856 |
| 4.60%, 10/15/2030 (a) | &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 1159 |
| 4.70%, 1/31/2031 (a) | &nbsp;&nbsp; 8570 | &nbsp;&nbsp; 8619 |
| 7.75%, 10/15/2031 (a) | &nbsp;&nbsp; 4605 | &nbsp;&nbsp; 4866 |
| 6.00%, 4/15/2034 (a) | &nbsp;&nbsp; 28434 | &nbsp;&nbsp; 30143 |
| 5.35%, 1/31/2036 (a) | &nbsp;&nbsp; 6030 | &nbsp;&nbsp; 6072 |
| Xcel Energy, Inc. 3.40%, 6/1/2030 | &nbsp;&nbsp; 2185 | &nbsp;&nbsp; 2121 |
|  |  | &nbsp;&nbsp; 715824 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Eaton Corp. 4.15%, 11/2/2042 | &nbsp;&nbsp; 2427 | &nbsp;&nbsp; 2151 |
| EnerSys 6.63%, 1/15/2032 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2063 |
| Sensata Technologies BV 5.88%, <br> 9/1/2030 (a)<br>| &nbsp;&nbsp; 2180 | &nbsp;&nbsp; 2205 |
|  |  | &nbsp;&nbsp; 6419 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Coherent Corp. 5.00%, 12/15/2029 (a) | &nbsp;&nbsp; 6307 | &nbsp;&nbsp; 6310 |
| Corning, Inc. 5.35%, 11/15/2048 | &nbsp;&nbsp; 4854 | &nbsp;&nbsp; 4824 |
| Sensata Technologies, Inc.  | Sensata Technologies, Inc.  | Sensata Technologies, Inc.  |
| 3.75%, 2/15/2031 (a) | &nbsp;&nbsp; 3549 | &nbsp;&nbsp; 3346 |
| 6.63%, 7/15/2032 (a) | &nbsp;&nbsp; 6825 | &nbsp;&nbsp; 7144 |
|  |  | &nbsp;&nbsp; 21624 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Archrock Partners LP 6.63%, 9/1/2032 (a) | &nbsp;&nbsp; 5645 | &nbsp;&nbsp; 5874 |
| Archrock Services LP 6.00%, 2/1/2034 (a) | &nbsp;&nbsp; 565 | &nbsp;&nbsp; 572 |
| Baker Hughes Holdings LLC  | Baker Hughes Holdings LLC  | Baker Hughes Holdings LLC  |
| 5.13%, 9/15/2040 | &nbsp;&nbsp; 877 | &nbsp;&nbsp; 872 |
| 4.08%, 12/15/2047 | &nbsp;&nbsp; 1864 | &nbsp;&nbsp; 1515 |
| Diamond Foreign Asset Co. 8.50%, <br> 10/1/2030 (a)<br>| &nbsp;&nbsp; 3570 | &nbsp;&nbsp; 3795 |
| Halliburton Co. 4.75%, 8/1/2043 | &nbsp;&nbsp; 263 | &nbsp;&nbsp; 239 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** | **Energy Equipment & Services — continued** |
| Kodiak Gas Services LLC 6.50%, <br> 10/1/2033 (a)<br>| &nbsp;&nbsp; 4126 | &nbsp;&nbsp; 4255 |
| Noble Finance II LLC 8.00%, 4/15/2030 (a) | &nbsp;&nbsp; 3220 | &nbsp;&nbsp; 3351 |
| Schlumberger Holdings Corp. 3.90%, <br> 5/17/2028 (a)<br>| &nbsp;&nbsp; 754 | &nbsp;&nbsp; 754 |
| Valaris Ltd. 8.38%, 4/30/2030 (a) | &nbsp;&nbsp; 3470 | &nbsp;&nbsp; 3639 |
|  |  | &nbsp;&nbsp; 24866 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Cinemark USA, Inc. 5.25%, 7/15/2028 (a) | &nbsp;&nbsp; 3166 | &nbsp;&nbsp; 3167 |
| Discovery Global Holdings, Inc.  | Discovery Global Holdings, Inc.  | Discovery Global Holdings, Inc.  |
| 4.28%, 3/15/2032 | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 1874 |
| 5.05%, 3/15/2042 | &nbsp;&nbsp; 1140 | &nbsp;&nbsp; 801 |
| Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  |
| 6.50%, 5/15/2027 (a) | &nbsp;&nbsp; 3646 | &nbsp;&nbsp; 3663 |
| 4.75%, 10/15/2027 (a) | &nbsp;&nbsp; 4143 | &nbsp;&nbsp; 4140 |
| Netflix, Inc. 5.38%, 11/15/2029 (a) | &nbsp;&nbsp; 8086 | &nbsp;&nbsp; 8436 |
| Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  | Take-Two Interactive Software, Inc.  |
| 3.70%, 4/14/2027 | &nbsp;&nbsp; 831 | &nbsp;&nbsp; 829 |
| 5.40%, 6/12/2029 | &nbsp;&nbsp; 3301 | &nbsp;&nbsp; 3422 |
| 5.60%, 6/12/2034 | &nbsp;&nbsp; 13544 | &nbsp;&nbsp; 14113 |
|  |  | &nbsp;&nbsp; 40445 |
| **Financial Services — 1.3%** | **Financial Services — 1.3%** | **Financial Services — 1.3%** |
| BG Beta I Ltd. (Cayman Islands) 0.00%, <br> 7/16/2054 ‡ (j)<br>| &nbsp;&nbsp; 23760 | &nbsp;&nbsp; 23974 |
| Block, Inc.  | Block, Inc.  | Block, Inc.  |
| 5.63%, 8/15/2030 (a) | &nbsp;&nbsp; 881 | &nbsp;&nbsp; 893 |
| 6.50%, 5/15/2032 | &nbsp;&nbsp; 12484 | &nbsp;&nbsp; 12843 |
| 6.00%, 8/15/2033 (a) | &nbsp;&nbsp; 706 | &nbsp;&nbsp; 717 |
| CFIN 2022-RTL1 Issuer LLC  | CFIN 2022-RTL1 Issuer LLC  | CFIN 2022-RTL1 Issuer LLC  |
| Class A, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp; 15884 | &nbsp;&nbsp; 15865 |
| Class B-1, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp; 7752 | &nbsp;&nbsp; 7742 |
| CFIN LLC Class B-2, 0.00%, 8/17/2027 ‡ | &nbsp;&nbsp; 21270 | &nbsp;&nbsp; 21243 |
| Commercial Credit, Inc. Series QIB, 8.75%, <br> 8/30/2030 (a)<br>| &nbsp;&nbsp; 23000 | &nbsp;&nbsp; 22677 |
| Corebridge Financial, Inc. (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year <br> + 3.85%), 6.88%, 12/15/2052 (d)<br>| &nbsp;&nbsp; 4800 | &nbsp;&nbsp; 4904 |
| Equify Financial LLC Series QIB, 9.13%, <br> 12/15/2030 (a)<br>| &nbsp;&nbsp; 37000 | &nbsp;&nbsp; 37151 |
| Fidelity National Information Services, Inc. <br> 4.50%, 8/15/2046<br>| &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 1640 |
| Gemini Series 2026-1A, 10.50%, <br> 2/20/2029 ‡<br>| &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 22000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 4.88%, 11/15/2030 | &nbsp;&nbsp; 23870 | &nbsp;&nbsp; 23842 |
| 5.55%, 11/15/2035 | &nbsp;&nbsp; 5820 | &nbsp;&nbsp; 5789 |
| Goodleap LLC Class B, 0.00%, 7/15/2042 ‡ | &nbsp;&nbsp; 30088 | &nbsp;&nbsp; 31517 |
| National Rural Utilities Cooperative Finance <br> Corp. 5.00%, 2/7/2031<br>| &nbsp;&nbsp; 1210 | &nbsp;&nbsp; 1257 |
| Nationwide Building Society (United Kingdom) <br> (SOFR + 1.29%), 2.97%, <br> 2/16/2028 (a) (d)<br>| &nbsp;&nbsp; 2120 | &nbsp;&nbsp; 2099 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (a) | &nbsp;&nbsp; 3996 | &nbsp;&nbsp; 4291 |
| NGF Holdings LLC 9.63%, 12/23/2029 | &nbsp;&nbsp; 45500 | &nbsp;&nbsp; 45700 |
| NTT Finance Corp. (Japan) 5.14%, <br> 7/2/2031 (a)<br>| &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3636 |
| Rocket Cos., Inc.  | Rocket Cos., Inc.  | Rocket Cos., Inc.  |
| 6.13%, 8/1/2030 (a) | &nbsp;&nbsp; 3932 | &nbsp;&nbsp; 4034 |
| 6.38%, 8/1/2033 (a) | &nbsp;&nbsp; 2308 | &nbsp;&nbsp; 2385 |
| Rocket Mortgage LLC  | Rocket Mortgage LLC  | Rocket Mortgage LLC  |
| 2.88%, 10/15/2026 (a) | &nbsp;&nbsp; 3127 | &nbsp;&nbsp; 3089 |
| 3.63%, 3/1/2029 (a) | &nbsp;&nbsp; 3051 | &nbsp;&nbsp; 2940 |
| 3.88%, 3/1/2031 (a) | &nbsp;&nbsp; 2695 | &nbsp;&nbsp; 2533 |
| 4.00%, 10/15/2033 (a) | &nbsp;&nbsp; 645 | &nbsp;&nbsp; 594 |
| Shell International Finance BV 3.63%, <br> 8/21/2042<br>| &nbsp;&nbsp; 6407 | &nbsp;&nbsp; 5236 |
| Shift4 Payments LLC 6.75%, 8/15/2032 (a) | &nbsp;&nbsp; 7123 | &nbsp;&nbsp; 6972 |
| Siemens Financieringsmaatschappij NV <br> (Germany) 3.30%, 9/15/2046 (a)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 1509 |
| STReAM 2008 BV (Netherlands) 0.00%, <br> 2/15/2030 ‡<br>| &nbsp;&nbsp; 11362 | &nbsp;&nbsp; 11646 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| &nbsp;&nbsp; 8795 | &nbsp;&nbsp; 8795 |
|  |  | &nbsp;&nbsp; 339513 |
| **Food Products — 0.7%** | **Food Products — 0.7%** | **Food Products — 0.7%** |
| Bunge Ltd. Finance Corp. 3.20%, 4/21/2031 | &nbsp;&nbsp; 6574 | &nbsp;&nbsp; 6251 |
| Darling Ingredients, Inc. 5.25%, <br> 4/15/2027 (a)<br>| &nbsp;&nbsp; 5111 | &nbsp;&nbsp; 5109 |
| Grupo Nutresa SA (Colombia) 9.00%, <br> 5/12/2035 (a)<br>| &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 4928 |
| JBS NV  | JBS NV  | JBS NV  |
| 3.75%, 12/1/2031 | &nbsp;&nbsp; 2040 | &nbsp;&nbsp; 1946 |
| 3.63%, 1/15/2032 | &nbsp;&nbsp; 12930 | &nbsp;&nbsp; 12237 |
| 3.00%, 5/15/2032 | &nbsp;&nbsp; 5910 | &nbsp;&nbsp; 5381 |
| 5.50%, 1/15/2036 | &nbsp;&nbsp; 26040 | &nbsp;&nbsp; 26722 |
| 6.38%, 4/15/2066 | &nbsp;&nbsp; 2540 | &nbsp;&nbsp; 2585 |
| Lamb Weston Holdings, Inc.  | Lamb Weston Holdings, Inc.  | Lamb Weston Holdings, Inc.  |
| 4.13%, 1/31/2030 (a) | &nbsp;&nbsp; 3101 | &nbsp;&nbsp; 3006 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| 4.38%, 1/31/2032 (a) | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; 1018 |
| Mars, Inc.  | Mars, Inc.  | Mars, Inc.  |
| 4.80%, 3/1/2030 (a) | &nbsp;&nbsp; 48750 | &nbsp;&nbsp; 50115 |
| 5.00%, 3/1/2032 (a) | &nbsp;&nbsp; 24690 | &nbsp;&nbsp; 25575 |
| 5.20%, 3/1/2035 (a) | &nbsp;&nbsp; 33640 | &nbsp;&nbsp; 34833 |
| 5.65%, 5/1/2045 (a) | &nbsp;&nbsp; 4058 | &nbsp;&nbsp; 4153 |
| Post Holdings, Inc.  | Post Holdings, Inc.  | Post Holdings, Inc.  |
| 4.63%, 4/15/2030 (a) | &nbsp;&nbsp; 3119 | &nbsp;&nbsp; 3053 |
| 6.25%, 2/15/2032 (a) | &nbsp;&nbsp; 2377 | &nbsp;&nbsp; 2445 |
|  |  | &nbsp;&nbsp; 189357 |
| **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** | **Gas Utilities — 0.1%** |
| Atmos Energy Corp.  | Atmos Energy Corp.  | Atmos Energy Corp.  |
| 5.50%, 6/15/2041 | &nbsp;&nbsp; 1078 | &nbsp;&nbsp; 1115 |
| 2.85%, 2/15/2052 | &nbsp;&nbsp; 928 | &nbsp;&nbsp; 598 |
| 5.75%, 10/15/2052 | &nbsp;&nbsp; 2083 | &nbsp;&nbsp; 2138 |
| Brooklyn Union Gas Co. (The)  | Brooklyn Union Gas Co. (The)  | Brooklyn Union Gas Co. (The)  |
| 3.87%, 3/4/2029 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 994 |
| 4.27%, 3/15/2048 (a) | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 794 |
| Piedmont Natural Gas Co., Inc.  | Piedmont Natural Gas Co., Inc.  | Piedmont Natural Gas Co., Inc.  |
| 3.50%, 6/1/2029 | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 767 |
| 3.35%, 6/1/2050 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 1951 |
| Southern California Gas Co. Series XX, 2.55%, <br> 2/1/2030<br>| &nbsp;&nbsp; 695 | &nbsp;&nbsp; 660 |
| Superior Plus LP (Canada) 4.50%, <br> 3/15/2029 (a)<br>| &nbsp;&nbsp; 3859 | &nbsp;&nbsp; 3749 |
|  |  | &nbsp;&nbsp; 12766 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| 5.75%, 7/15/2027 (a) | &nbsp;&nbsp; 3593 | &nbsp;&nbsp; 3588 |
| 5.38%, 3/1/2029 (a) | &nbsp;&nbsp; 2047 | &nbsp;&nbsp; 1960 |
| 8.00%, 2/15/2031 (a) | &nbsp;&nbsp; 2975 | &nbsp;&nbsp; 2949 |
| Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  | Burlington Northern Santa Fe LLC  |
| 6.15%, 5/1/2037 | &nbsp;&nbsp; 1629 | &nbsp;&nbsp; 1827 |
| 4.38%, 9/1/2042 | &nbsp;&nbsp; 2437 | &nbsp;&nbsp; 2194 |
| 3.55%, 2/15/2050 | &nbsp;&nbsp; 1873 | &nbsp;&nbsp; 1399 |
| 5.20%, 4/15/2054 | &nbsp;&nbsp; 12708 | &nbsp;&nbsp; 12150 |
| 5.50%, 3/15/2055 | &nbsp;&nbsp; 16045 | &nbsp;&nbsp; 16025 |
| Canadian Pacific Railway Co. (Canada) 3.10%, <br> 12/2/2051<br>| &nbsp;&nbsp; 1752 | &nbsp;&nbsp; 1196 |
| Genesee & Wyoming, Inc. 6.25%, <br> 4/15/2032 (a)<br>| &nbsp;&nbsp; 500 | &nbsp;&nbsp; 515 |
| Hertz Corp. (The) 4.63%, 12/1/2026 (a) | &nbsp;&nbsp; 2697 | &nbsp;&nbsp; 2457 |
| Norfolk Southern Corp. 4.05%, 8/15/2052 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 765 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 73

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| Penske Truck Leasing Co. LP 5.25%, <br> 7/1/2029 (a)<br>| &nbsp;&nbsp; 4600 | &nbsp;&nbsp; 4748 |
| SMBC Aviation Capital Finance DAC (Ireland) <br> 5.30%, 4/3/2029 (a)<br>| &nbsp;&nbsp; 6840 | &nbsp;&nbsp; 7061 |
| Uber Technologies, Inc.  | Uber Technologies, Inc.  | Uber Technologies, Inc.  |
| 4.80%, 9/15/2034 | &nbsp;&nbsp; 21125 | &nbsp;&nbsp; 21186 |
| 4.80%, 9/15/2035 | &nbsp;&nbsp; 15220 | &nbsp;&nbsp; 15151 |
| 5.35%, 9/15/2054 | &nbsp;&nbsp; 1440 | &nbsp;&nbsp; 1373 |
| XPO, Inc. 7.13%, 6/1/2031 (a) | &nbsp;&nbsp; 6935 | &nbsp;&nbsp; 7206 |
|  |  | &nbsp;&nbsp; 103750 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Abbott Laboratories 4.65%, 3/15/2036 (c) | &nbsp;&nbsp; 25200 | &nbsp;&nbsp; 25208 |
| Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | &nbsp;&nbsp; 4178 | &nbsp;&nbsp; 4140 |
| Bausch + Lomb Corp. 8.38%, 10/1/2028 (a) | &nbsp;&nbsp; 1051 | &nbsp;&nbsp; 1089 |
| Hologic, Inc.  | Hologic, Inc.  | Hologic, Inc.  |
| 4.63%, 2/1/2028 (a) | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1169 |
| 3.25%, 2/15/2029 (a) | &nbsp;&nbsp; 2313 | &nbsp;&nbsp; 2301 |
| Medline Borrower LP  | Medline Borrower LP  | Medline Borrower LP  |
| 3.88%, 4/1/2029 (a) | &nbsp;&nbsp; 8718 | &nbsp;&nbsp; 8574 |
| 6.25%, 4/1/2029 (a) | &nbsp;&nbsp; 2024 | &nbsp;&nbsp; 2089 |
| 5.25%, 10/1/2029 (a) | &nbsp;&nbsp; 8453 | &nbsp;&nbsp; 8452 |
| Zimmer Biomet Holdings, Inc. 5.50%, <br> 2/19/2035<br>| &nbsp;&nbsp; 11450 | &nbsp;&nbsp; 11983 |
|  |  | &nbsp;&nbsp; 65005 |
| **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** | **Health Care Providers & Services — 0.8%** |
| Accendra Health, Inc. 6.63%, 4/1/2030 (a) | &nbsp;&nbsp; 4466 | &nbsp;&nbsp; 2149 |
| AdaptHealth LLC 4.63%, 8/1/2029 (a) | &nbsp;&nbsp; 2171 | &nbsp;&nbsp; 2083 |
| Aetna, Inc. 4.50%, 5/15/2042 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 189 |
| Cencora, Inc.  | Cencora, Inc.  | Cencora, Inc.  |
| 4.60%, 2/13/2033 | &nbsp;&nbsp; 9135 | &nbsp;&nbsp; 9202 |
| 5.13%, 2/15/2034 | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 1568 |
| 4.90%, 2/13/2036 | &nbsp;&nbsp; 4789 | &nbsp;&nbsp; 4823 |
| Cigna Group (The) 5.13%, 5/15/2031 | &nbsp;&nbsp; 3480 | &nbsp;&nbsp; 3622 |
| DaVita, Inc.  | DaVita, Inc.  | DaVita, Inc.  |
| 4.63%, 6/1/2030 (a) | &nbsp;&nbsp; 2323 | &nbsp;&nbsp; 2274 |
| 3.75%, 2/15/2031 (a) | &nbsp;&nbsp; 662 | &nbsp;&nbsp; 619 |
| Encompass Health Corp.  | Encompass Health Corp.  | Encompass Health Corp.  |
| 4.50%, 2/1/2028 | &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 1059 |
| 4.75%, 2/1/2030 | &nbsp;&nbsp; 3349 | &nbsp;&nbsp; 3331 |
| 4.63%, 4/1/2031 | &nbsp;&nbsp; 1556 | &nbsp;&nbsp; 1528 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 4.50%, 2/15/2027 | &nbsp;&nbsp; 19711 | &nbsp;&nbsp; 19744 |
| 5.63%, 9/1/2028 | &nbsp;&nbsp; 4916 | &nbsp;&nbsp; 5071 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 3.50%, 9/1/2030 | &nbsp;&nbsp; 1095 | &nbsp;&nbsp; 1061 |
| 2.38%, 7/15/2031 | &nbsp;&nbsp; 4819 | &nbsp;&nbsp; 4352 |
| 4.60%, 11/15/2032 | &nbsp;&nbsp; 11936 | &nbsp;&nbsp; 11955 |
| 5.60%, 4/1/2034 | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5250 |
| 5.25%, 6/15/2049 | &nbsp;&nbsp; 9435 | &nbsp;&nbsp; 8650 |
| 3.50%, 7/15/2051 | &nbsp;&nbsp; 1273 | &nbsp;&nbsp; 879 |
| 5.90%, 6/1/2053 | &nbsp;&nbsp; 3930 | &nbsp;&nbsp; 3870 |
| 6.00%, 4/1/2054 | &nbsp;&nbsp; 15000 | &nbsp;&nbsp; 15012 |
| 5.95%, 9/15/2054 | &nbsp;&nbsp; 13461 | &nbsp;&nbsp; 13398 |
| Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  | Quest Diagnostics, Inc.  |
| 4.63%, 12/15/2029 | &nbsp;&nbsp; 6580 | &nbsp;&nbsp; 6728 |
| 2.95%, 6/30/2030 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 926 |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |
| 5.13%, 11/1/2027 | &nbsp;&nbsp; 1502 | &nbsp;&nbsp; 1503 |
| 4.63%, 6/15/2028 | &nbsp;&nbsp; 6081 | &nbsp;&nbsp; 6073 |
| 4.25%, 6/1/2029 | &nbsp;&nbsp; 4810 | &nbsp;&nbsp; 4735 |
| 6.13%, 6/15/2030 | &nbsp;&nbsp; 12958 | &nbsp;&nbsp; 13216 |
| 6.75%, 5/15/2031 | &nbsp;&nbsp; 5480 | &nbsp;&nbsp; 5690 |
| Triad Holdings III LLC 0.00%, 4/1/2052 ‡ | &nbsp;&nbsp; 26585 | &nbsp;&nbsp; 26851 |
| UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  | UnitedHealth Group, Inc.  |
| 3.95%, 10/15/2042 | &nbsp;&nbsp; 598 | &nbsp;&nbsp; 501 |
| 3.75%, 10/15/2047 | &nbsp;&nbsp; 1088 | &nbsp;&nbsp; 836 |
| 3.25%, 5/15/2051 | &nbsp;&nbsp; 1898 | &nbsp;&nbsp; 1300 |
| 5.88%, 2/15/2053 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 90 |
| 5.05%, 4/15/2053 | &nbsp;&nbsp; 5042 | &nbsp;&nbsp; 4583 |
| 3.88%, 8/15/2059 | &nbsp;&nbsp; 782 | &nbsp;&nbsp; 568 |
|  |  | &nbsp;&nbsp; 195289 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  | Alexandria Real Estate Equities, Inc.  |
| 3.38%, 8/15/2031 | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 2721 |
| 1.88%, 2/1/2033 | &nbsp;&nbsp; 2801 | &nbsp;&nbsp; 2331 |
| 5.15%, 4/15/2053 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 961 |
| Healthpeak OP LLC 3.00%, 1/15/2030 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 465 |
| Sabra Health Care LP 3.20%, 12/1/2031 | &nbsp;&nbsp; 2194 | &nbsp;&nbsp; 2029 |
| Ventas Realty LP  | Ventas Realty LP  | Ventas Realty LP  |
| 3.85%, 4/1/2027 | &nbsp;&nbsp; 600 | &nbsp;&nbsp; 599 |
| 5.63%, 7/1/2034 | &nbsp;&nbsp; 3311 | &nbsp;&nbsp; 3491 |
|  |  | &nbsp;&nbsp; 12597 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** | **Health Care Technology — 0.1%** |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| 5.00%, 5/15/2027 (a) | &nbsp;&nbsp; 7617 | &nbsp;&nbsp; 7600 |
| 6.25%, 6/1/2032 (a) | &nbsp;&nbsp; 9803 | &nbsp;&nbsp; 10084 |
|  |  | &nbsp;&nbsp; 17684 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| RHP Hotel Properties LP  | RHP Hotel Properties LP  | RHP Hotel Properties LP  |
| 4.75%, 10/15/2027 | &nbsp;&nbsp; 7423 | &nbsp;&nbsp; 7421 |
| 7.25%, 7/15/2028 (a) | &nbsp;&nbsp; 1106 | &nbsp;&nbsp; 1136 |
| 6.50%, 4/1/2032 (a) | &nbsp;&nbsp; 4212 | &nbsp;&nbsp; 4359 |
| 6.50%, 6/15/2033 (a) | &nbsp;&nbsp; 2012 | &nbsp;&nbsp; 2090 |
| 5.75%, 3/15/2034 (a) (c) | &nbsp;&nbsp; 736 | &nbsp;&nbsp; 741 |
|  |  | &nbsp;&nbsp; 15747 |
| **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** | **Hotels, Restaurants & Leisure — 0.6%** |
| Acushnet Co. 5.63%, 12/1/2033 (a) | &nbsp;&nbsp; 969 | &nbsp;&nbsp; 986 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp; 4500 | &nbsp;&nbsp; 4468 |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |
| 7.00%, 2/15/2030 (a) | &nbsp;&nbsp; 7230 | &nbsp;&nbsp; 7412 |
| 6.50%, 2/15/2032 (a) | &nbsp;&nbsp; 9992 | &nbsp;&nbsp; 10154 |
| Carnival Corp.  | Carnival Corp.  | Carnival Corp.  |
| 5.88%, 6/15/2031 (a) | &nbsp;&nbsp; 2600 | &nbsp;&nbsp; 2717 |
| 5.75%, 8/1/2032 (a) | &nbsp;&nbsp; 4208 | &nbsp;&nbsp; 4367 |
| 6.13%, 2/15/2033 (a) | &nbsp;&nbsp; 16746 | &nbsp;&nbsp; 17336 |
| Churchill Downs, Inc. 6.75%, 5/1/2031 (a) | &nbsp;&nbsp; 2425 | &nbsp;&nbsp; 2498 |
| Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  |
| 3.75%, 5/1/2029 (a) | &nbsp;&nbsp; 3659 | &nbsp;&nbsp; 3563 |
| 4.88%, 1/15/2030 | &nbsp;&nbsp; 2212 | &nbsp;&nbsp; 2214 |
| 4.00%, 5/1/2031 (a) | &nbsp;&nbsp; 417 | &nbsp;&nbsp; 400 |
| 3.63%, 2/15/2032 (a) | &nbsp;&nbsp; 1808 | &nbsp;&nbsp; 1685 |
| 5.88%, 3/15/2033 (a) | &nbsp;&nbsp; 9821 | &nbsp;&nbsp; 10108 |
| 5.75%, 9/15/2033 (a) | &nbsp;&nbsp; 4100 | &nbsp;&nbsp; 4197 |
| 5.50%, 3/31/2034 (a) | &nbsp;&nbsp; 1088 | &nbsp;&nbsp; 1100 |
| McDonald's Corp. 5.15%, 9/9/2052 | &nbsp;&nbsp; 7371 | &nbsp;&nbsp; 6948 |
| MGM Resorts International  | MGM Resorts International  | MGM Resorts International  |
| 4.63%, 9/1/2026 | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; 2014 |
| 4.75%, 10/15/2028 | &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3502 |
| 6.13%, 9/15/2029 | &nbsp;&nbsp; 2350 | &nbsp;&nbsp; 2415 |
| 6.50%, 4/15/2032 | &nbsp;&nbsp; 1905 | &nbsp;&nbsp; 1955 |
| NCL Corp. Ltd. 5.88%, 1/15/2031 (a) | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1920 |
| Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  |
| 5.63%, 9/30/2031 (a) | &nbsp;&nbsp; 9205 | &nbsp;&nbsp; 9488 |
| 6.25%, 3/15/2032 (a) | &nbsp;&nbsp; 6965 | &nbsp;&nbsp; 7263 |
| 6.00%, 2/1/2033 (a) | &nbsp;&nbsp; 3504 | &nbsp;&nbsp; 3630 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  |
| 6.50%, 10/1/2028 | &nbsp;&nbsp; 4805 | &nbsp;&nbsp; 4809 |
| 5.25%, 7/15/2029 | &nbsp;&nbsp; 1871 | &nbsp;&nbsp; 1800 |
| 7.25%, 5/15/2031 (a) | &nbsp;&nbsp; 2410 | &nbsp;&nbsp; 2365 |
| 6.63%, 5/1/2032 (a) | &nbsp;&nbsp; 3101 | &nbsp;&nbsp; 3153 |
| Station Casinos LLC 4.50%, 2/15/2028 (a) | &nbsp;&nbsp; 3463 | &nbsp;&nbsp; 3449 |
| Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | &nbsp;&nbsp; 6300 | &nbsp;&nbsp; 6525 |
| Viking Cruises Ltd. 5.88%, 10/15/2033 (a) | &nbsp;&nbsp; 10891 | &nbsp;&nbsp; 11111 |
| Wynn Las Vegas LLC 5.25%, 5/15/2027 (a) | &nbsp;&nbsp; 2801 | &nbsp;&nbsp; 2809 |
| Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  |
| 5.13%, 10/1/2029 (a) | &nbsp;&nbsp; 13421 | &nbsp;&nbsp; 13498 |
| 6.25%, 3/15/2033 (a) | &nbsp;&nbsp; 1979 | &nbsp;&nbsp; 2021 |
|  |  | &nbsp;&nbsp; 163880 |
| **Household Durables — 0.1%** | **Household Durables — 0.1%** | **Household Durables — 0.1%** |
| Installed Building Products, Inc. 5.63%, <br> 2/1/2034 (a)<br>| &nbsp;&nbsp; 724 | &nbsp;&nbsp; 734 |
| Newell Brands, Inc.  | Newell Brands, Inc.  | Newell Brands, Inc.  |
| 8.50%, 6/1/2028 (a) | &nbsp;&nbsp; 1667 | &nbsp;&nbsp; 1755 |
| 6.63%, 9/15/2029 | &nbsp;&nbsp; 5039 | &nbsp;&nbsp; 5117 |
| 6.38%, 5/15/2030 | &nbsp;&nbsp; 1170 | &nbsp;&nbsp; 1174 |
| 6.63%, 5/15/2032 | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 778 |
| 7.37%, 4/1/2036 (i) | &nbsp;&nbsp; 4374 | &nbsp;&nbsp; 4414 |
| Somnigroup International, Inc. 4.00%, <br> 4/15/2029 (a)<br>| &nbsp;&nbsp; 9283 | &nbsp;&nbsp; 9021 |
| TopBuild Corp. 5.63%, 1/31/2034 (a) | &nbsp;&nbsp; 2341 | &nbsp;&nbsp; 2361 |
|  |  | &nbsp;&nbsp; 25354 |
| **Household Products — 0.0% ^** | **Household Products — 0.0% ^** | **Household Products — 0.0% ^** |
| Central Garden & Pet Co.  | Central Garden & Pet Co.  | Central Garden & Pet Co.  |
| 5.13%, 2/1/2028 | &nbsp;&nbsp; 520 | &nbsp;&nbsp; 519 |
| 4.13%, 10/15/2030 | &nbsp;&nbsp; 2864 | &nbsp;&nbsp; 2764 |
| 4.13%, 4/30/2031 (a) | &nbsp;&nbsp; 874 | &nbsp;&nbsp; 834 |
| Energizer Holdings, Inc. 4.75%, <br> 6/15/2028 (a)<br>| &nbsp;&nbsp; 5560 | &nbsp;&nbsp; 5507 |
|  |  | &nbsp;&nbsp; 9624 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Calpine LLC 5.13%, 3/15/2028 (a) | &nbsp;&nbsp; 20650 | &nbsp;&nbsp; 20642 |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 4.63%, 2/1/2029 (a) | &nbsp;&nbsp; 14080 | &nbsp;&nbsp; 14083 |
| 5.00%, 2/1/2031 (a) | &nbsp;&nbsp; 1223 | &nbsp;&nbsp; 1242 |
| 6.25%, 10/1/2039 | &nbsp;&nbsp; 195 | &nbsp;&nbsp; 214 |
| 5.75%, 10/1/2041 | &nbsp;&nbsp; 6850 | &nbsp;&nbsp; 7122 |
| 5.60%, 6/15/2042 | &nbsp;&nbsp; 3352 | &nbsp;&nbsp; 3404 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 75

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** | **Independent Power and Renewable Electricity Producers — continued** |
| FIEMEX Energia - Banco Actinver SA Institucion <br> de Banca Multiple (Mexico) 7.25%, <br> 1/31/2041 (a)<br>| &nbsp;&nbsp; 5614 | &nbsp;&nbsp; 5849 |
| Saavi Energia SARL (Mexico) 8.88%, <br> 2/10/2035 (a)<br>| &nbsp;&nbsp; 6259 | &nbsp;&nbsp; 6876 |
|  |  | &nbsp;&nbsp; 59432 |
| **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** | **Industrial Conglomerates — 0.0% ^** |
| Honeywell International, Inc. 5.25%, <br> 3/1/2054<br>| &nbsp;&nbsp; 4740 | &nbsp;&nbsp; 4561 |
| **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** | **Industrial REITs — 0.0% ^** |
| Prologis LP  | Prologis LP  | Prologis LP  |
| 1.75%, 7/1/2030 | &nbsp;&nbsp; 2427 | &nbsp;&nbsp; 2207 |
| 3.00%, 4/15/2050 | &nbsp;&nbsp; 4989 | &nbsp;&nbsp; 3360 |
| 2.13%, 10/15/2050 | &nbsp;&nbsp; 1457 | &nbsp;&nbsp; 800 |
|  |  | &nbsp;&nbsp; 6367 |
| **Insurance — 0.3%** | **Insurance — 0.3%** | **Insurance — 0.3%** |
| Allianz SE (Germany) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + <br> 2.77%), 5.60%, 9/3/2054 (a) (d)<br>| &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 12270 |
| Aon Corp. 5.35%, 2/28/2033 | &nbsp;&nbsp; 864 | &nbsp;&nbsp; 904 |
| Asurion LLC and Asurion Co-Issuer, Inc. <br> 8.00%, 12/31/2032 (a)<br>| &nbsp;&nbsp; 2271 | &nbsp;&nbsp; 2385 |
| Berkshire Hathaway Finance Corp.  | Berkshire Hathaway Finance Corp.  | Berkshire Hathaway Finance Corp.  |
| 2.50%, 1/15/2051 | &nbsp;&nbsp; 2190 | &nbsp;&nbsp; 1321 |
| 3.85%, 3/15/2052 | &nbsp;&nbsp; 4281 | &nbsp;&nbsp; 3327 |
| CNO Global Funding  | CNO Global Funding  | CNO Global Funding  |
| 5.88%, 6/4/2027 (a) | &nbsp;&nbsp; 6500 | &nbsp;&nbsp; 6627 |
| 4.95%, 9/9/2029 (a) | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1736 |
| Corebridge Global Funding 4.90%, <br> 8/21/2032 (a)<br>| &nbsp;&nbsp; 4775 | &nbsp;&nbsp; 4810 |
| Guardian Life Global Funding  | Guardian Life Global Funding  | Guardian Life Global Funding  |
| 5.74%, 10/2/2028 (a) | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2091 |
| 4.18%, 9/26/2029 (a) | &nbsp;&nbsp; 2620 | &nbsp;&nbsp; 2633 |
| MetLife, Inc.  | MetLife, Inc.  | MetLife, Inc.  |
| 6.50%, 12/15/2032 | &nbsp;&nbsp; 680 | &nbsp;&nbsp; 764 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.82%), <br> 5.85%, 3/15/2056 (d)<br>| &nbsp;&nbsp; 3457 | &nbsp;&nbsp; 3433 |
| Metropolitan Life Global Funding I  | Metropolitan Life Global Funding I  | Metropolitan Life Global Funding I  |
| 3.05%, 6/17/2029 (a) | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1457 |
| 5.15%, 3/28/2033 (a) | &nbsp;&nbsp; 8975 | &nbsp;&nbsp; 9332 |
| New York Life Global Funding 3.00%, <br> 1/10/2028 (a)<br>| &nbsp;&nbsp; 2749 | &nbsp;&nbsp; 2713 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| New York Life Insurance Co. 6.75%, <br> 11/15/2039 (a)<br>| &nbsp;&nbsp; 295 | &nbsp;&nbsp; 340 |
| Northwestern Mutual Global Funding 5.16%, <br> 5/28/2031 (a)<br>| &nbsp;&nbsp; 4140 | &nbsp;&nbsp; 4319 |
| Pine Street Trust III 6.22%, 5/15/2054 (a) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1629 |
| Principal Financial Group, Inc. 4.11%, <br> 2/15/2028 (a)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2000 |
| Principal Life Global Funding II 5.10%, <br> 1/25/2029 (a)<br>| &nbsp;&nbsp; 2650 | &nbsp;&nbsp; 2717 |
| Protective Life Global Funding 1.30%, <br> 9/20/2026 (a)<br>| &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1479 |
| Teachers Insurance & Annuity Association of <br> America 4.27%, 5/15/2047 (a)<br>| &nbsp;&nbsp; 777 | &nbsp;&nbsp; 651 |
|  |  | &nbsp;&nbsp; 68938 |
| **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** | **Interactive Media & Services — 0.4%** |
| Alphabet, Inc.  | Alphabet, Inc.  | Alphabet, Inc.  |
| 4.80%, 2/15/2036 | &nbsp;&nbsp; 23900 | &nbsp;&nbsp; 24293 |
| 5.65%, 2/15/2056 | &nbsp;&nbsp; 6755 | &nbsp;&nbsp; 6912 |
| Meta Platforms, Inc.  | Meta Platforms, Inc.  | Meta Platforms, Inc.  |
| 4.88%, 11/15/2035 | &nbsp;&nbsp; 6836 | &nbsp;&nbsp; 6904 |
| 5.50%, 11/15/2045 | &nbsp;&nbsp; 16255 | &nbsp;&nbsp; 16059 |
| 5.60%, 5/15/2053 | &nbsp;&nbsp; 13747 | &nbsp;&nbsp; 13384 |
| 5.40%, 8/15/2054 | &nbsp;&nbsp; 9370 | &nbsp;&nbsp; 8847 |
| 5.63%, 11/15/2055 | &nbsp;&nbsp; 26269 | &nbsp;&nbsp; 25713 |
| Snap, Inc. 6.88%, 3/1/2033 (a) | &nbsp;&nbsp; 943 | &nbsp;&nbsp; 939 |
|  |  | &nbsp;&nbsp; 103051 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| CGI, Inc. (Canada) 1.45%, 9/14/2026 | &nbsp;&nbsp; 3626 | &nbsp;&nbsp; 3576 |
| CoreWeave, Inc. 9.25%, 6/1/2030 (a) | &nbsp;&nbsp; 1995 | &nbsp;&nbsp; 1954 |
|  |  | &nbsp;&nbsp; 5530 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Amer Sports Co. (Finland) 6.75%, <br> 2/16/2031 (a)<br>| &nbsp;&nbsp; 3469 | &nbsp;&nbsp; 3622 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Chart Industries, Inc. 7.50%, 1/1/2030 (a) | &nbsp;&nbsp; 8624 | &nbsp;&nbsp; 8959 |
| Esab Corp. 6.25%, 4/15/2029 (a) | &nbsp;&nbsp; 2335 | &nbsp;&nbsp; 2394 |
| Parker-Hannifin Corp. 6.25%, 5/15/2038 | &nbsp;&nbsp; 428 | &nbsp;&nbsp; 484 |
| Terex Corp.  | Terex Corp.  | Terex Corp.  |
| 5.00%, 5/15/2029 (a) | &nbsp;&nbsp; 1085 | &nbsp;&nbsp; 1083 |
| 6.25%, 10/15/2032 (a) | &nbsp;&nbsp; 3242 | &nbsp;&nbsp; 3339 |
| Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | &nbsp;&nbsp; 3520 | &nbsp;&nbsp; 3621 |
|  |  | &nbsp;&nbsp; 19880 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** |
| MV24 Capital BV (Brazil) 6.75%, <br> 6/1/2034 (a)<br>| &nbsp;&nbsp; 1853 | &nbsp;&nbsp; 1886 |
| Yinson Bergenia Production BV (Brazil) <br> 8.50%, 1/31/2045 (a)<br>| &nbsp;&nbsp; 5942 | &nbsp;&nbsp; 6322 |
|  |  | &nbsp;&nbsp; 8208 |
| **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
| Charter Communications Operating LLC  | Charter Communications Operating LLC  | Charter Communications Operating LLC  |
| 2.25%, 1/15/2029 | &nbsp;&nbsp; 2277 | &nbsp;&nbsp; 2150 |
| 6.55%, 6/1/2034 | &nbsp;&nbsp; 18400 | &nbsp;&nbsp; 19569 |
| 5.85%, 12/1/2035 | &nbsp;&nbsp; 27805 | &nbsp;&nbsp; 27983 |
| 3.50%, 6/1/2041 | &nbsp;&nbsp; 1854 | &nbsp;&nbsp; 1336 |
| 3.50%, 3/1/2042 | &nbsp;&nbsp; 5772 | &nbsp;&nbsp; 4076 |
| 5.13%, 7/1/2049 | &nbsp;&nbsp; 1479 | &nbsp;&nbsp; 1174 |
| 3.90%, 6/1/2052 | &nbsp;&nbsp; 1651 | &nbsp;&nbsp; 1086 |
| Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  |
| 7.13%, 2/15/2031 (a) | &nbsp;&nbsp; 6422 | &nbsp;&nbsp; 6788 |
| 7.50%, 3/15/2033 (a) | &nbsp;&nbsp; 3073 | &nbsp;&nbsp; 3317 |
| CSC Holdings LLC  | CSC Holdings LLC  | CSC Holdings LLC  |
| 5.38%, 2/1/2028 (a) | &nbsp;&nbsp; 2039 | &nbsp;&nbsp; 1467 |
| 4.50%, 11/15/2031 (a) | &nbsp;&nbsp; 2571 | &nbsp;&nbsp; 1543 |
| DISH DBS Corp.  | DISH DBS Corp.  | DISH DBS Corp.  |
| 5.25%, 12/1/2026 (a) | &nbsp;&nbsp; 6014 | &nbsp;&nbsp; 5842 |
| 5.75%, 12/1/2028 (a) | &nbsp;&nbsp; 1782 | &nbsp;&nbsp; 1725 |
| DISH Network Corp. 11.75%, 11/15/2027 (a) | &nbsp;&nbsp; 4607 | &nbsp;&nbsp; 4769 |
| EchoStar Corp. 10.75%, 11/30/2029 | &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1452 |
| Gray Media, Inc.  | Gray Media, Inc.  | Gray Media, Inc.  |
| 10.50%, 7/15/2029 (a) | &nbsp;&nbsp; 1728 | &nbsp;&nbsp; 1853 |
| 4.75%, 10/15/2030 (a) | &nbsp;&nbsp; 2049 | &nbsp;&nbsp; 1663 |
| 5.38%, 11/15/2031 (a) | &nbsp;&nbsp; 2179 | &nbsp;&nbsp; 1715 |
| 7.25%, 8/15/2033 (a) | &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 3087 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |
| 9.13%, 5/1/2029 (a) | &nbsp;&nbsp; 3659 | &nbsp;&nbsp; 3251 |
| 10.88%, 5/1/2030 (a) | &nbsp;&nbsp; 1522 | &nbsp;&nbsp; 1129 |
| 7.75%, 8/15/2030 (a) | &nbsp;&nbsp; 3886 | &nbsp;&nbsp; 3090 |
| Lamar Media Corp.  | Lamar Media Corp.  | Lamar Media Corp.  |
| 4.88%, 1/15/2029 | &nbsp;&nbsp; 990 | &nbsp;&nbsp; 989 |
| 4.00%, 2/15/2030 | &nbsp;&nbsp; 5968 | &nbsp;&nbsp; 5780 |
| 5.38%, 11/1/2033 (a) | &nbsp;&nbsp; 2075 | &nbsp;&nbsp; 2080 |
| Nexstar Media, Inc.  | Nexstar Media, Inc.  | Nexstar Media, Inc.  |
| 5.63%, 7/15/2027 (a) | &nbsp;&nbsp; 7946 | &nbsp;&nbsp; 7947 |
| 4.75%, 11/1/2028 (a) | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 1551 |
| Outfront Media Capital LLC 7.38%, <br> 2/15/2031 (a)<br>| &nbsp;&nbsp; 3255 | &nbsp;&nbsp; 3422 |
| Scripps Escrow II, Inc. 3.88%, 1/15/2029 (a) | &nbsp;&nbsp; 3118 | &nbsp;&nbsp; 2941 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Media — continued** | **Media — continued** | **Media — continued** |
| Sinclair Television Group, Inc. 4.38%, <br> 12/31/2032 (a)<br>| &nbsp;&nbsp; 3440 | &nbsp;&nbsp; 2758 |
| Sirius XM Radio LLC  | Sirius XM Radio LLC  | Sirius XM Radio LLC  |
| 4.00%, 7/15/2028 (a) | &nbsp;&nbsp; 12073 | &nbsp;&nbsp; 11786 |
| 5.50%, 7/1/2029 (a) | &nbsp;&nbsp; 15049 | &nbsp;&nbsp; 15064 |
| 4.13%, 7/1/2030 (a) | &nbsp;&nbsp; 3002 | &nbsp;&nbsp; 2830 |
| 5.88%, 4/15/2032 (a) | &nbsp;&nbsp; 2444 | &nbsp;&nbsp; 2438 |
| Stagwell Global LLC 5.63%, 8/15/2029 (a) | &nbsp;&nbsp; 6165 | &nbsp;&nbsp; 5683 |
| TEGNA, Inc.  | TEGNA, Inc.  | TEGNA, Inc.  |
| 4.63%, 3/15/2028 | &nbsp;&nbsp; 4371 | &nbsp;&nbsp; 4359 |
| 5.00%, 9/15/2029 | &nbsp;&nbsp; 5704 | &nbsp;&nbsp; 5699 |
| Time Warner Cable LLC 5.50%, 9/1/2041 | &nbsp;&nbsp; 7750 | &nbsp;&nbsp; 6932 |
|  |  | &nbsp;&nbsp; 182324 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Alumina Pty. Ltd.  | Alumina Pty. Ltd.  | Alumina Pty. Ltd.  |
| 6.13%, 3/15/2030 (a) | &nbsp;&nbsp; 1423 | &nbsp;&nbsp; 1475 |
| 6.38%, 9/15/2032 (a) | &nbsp;&nbsp; 2069 | &nbsp;&nbsp; 2148 |
| Anglo American Capital plc (South Africa) <br> 2.63%, 9/10/2030 (a)<br>| &nbsp;&nbsp; 14390 | &nbsp;&nbsp; 13397 |
| BHP Billiton Finance USA Ltd. (Australia) <br> 4.90%, 2/28/2033<br>| &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 1998 |
| Big River Steel LLC 6.63%, 1/31/2029 (a) | &nbsp;&nbsp; 2778 | &nbsp;&nbsp; 2793 |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| 4.63%, 3/1/2029 (a) | &nbsp;&nbsp; 2799 | &nbsp;&nbsp; 2739 |
| 6.88%, 11/1/2029 (a) | &nbsp;&nbsp; 1490 | &nbsp;&nbsp; 1535 |
| 6.75%, 4/15/2030 (a) | &nbsp;&nbsp; 3140 | &nbsp;&nbsp; 3187 |
| 7.50%, 9/15/2031 (a) | &nbsp;&nbsp; 1090 | &nbsp;&nbsp; 1138 |
| 7.63%, 1/15/2034 (a) | &nbsp;&nbsp; 885 | &nbsp;&nbsp; 908 |
| Commercial Metals Co. 5.75%, <br> 11/15/2033 (a)<br>| &nbsp;&nbsp; 3881 | &nbsp;&nbsp; 3960 |
| Corp. Nacional del Cobre de Chile (Chile) <br> 6.44%, 1/26/2036 (a)<br>| &nbsp;&nbsp; 2062 | &nbsp;&nbsp; 2252 |
| Freeport-McMoRan, Inc. 4.63%, 8/1/2030 | &nbsp;&nbsp; 8251 | &nbsp;&nbsp; 8347 |
| Glencore Finance Canada Ltd. (Australia) <br> 6.90%, 11/15/2037 (a)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 113 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| 3.88%, 10/27/2027 (a) | &nbsp;&nbsp; 3883 | &nbsp;&nbsp; 3875 |
| 5.19%, 4/1/2030 (a) | &nbsp;&nbsp; 3770 | &nbsp;&nbsp; 3901 |
| 2.50%, 9/1/2030 (a) | &nbsp;&nbsp; 850 | &nbsp;&nbsp; 788 |
| 2.85%, 4/27/2031 (a) | &nbsp;&nbsp; 8941 | &nbsp;&nbsp; 8344 |
| 2.63%, 9/23/2031 (a) | &nbsp;&nbsp; 8632 | &nbsp;&nbsp; 7873 |
| 5.63%, 4/4/2034 (a) | &nbsp;&nbsp; 28840 | &nbsp;&nbsp; 30501 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 77

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| Novelis Corp. 6.38%, 8/15/2033 (a) | &nbsp;&nbsp; 1033 | &nbsp;&nbsp; 1044 |
| United States Steel Corp. 6.88%, 3/1/2029 | &nbsp;&nbsp; 2578 | &nbsp;&nbsp; 2573 |
|  |  | &nbsp;&nbsp; 104889 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** |
| Arbor Realty SR, Inc. Series QIB, 9.00%, <br> 10/15/2027 (a)<br>| &nbsp;&nbsp; 17715 | &nbsp;&nbsp; 17703 |
| Arbor Realty Trust, Inc.  | Arbor Realty Trust, Inc.  | Arbor Realty Trust, Inc.  |
| 5.00%, 4/30/2026 | &nbsp;&nbsp; 4854 | &nbsp;&nbsp; 4847 |
| Series QIB, 4.50%, 9/1/2026 (a) | &nbsp;&nbsp; 18930 | &nbsp;&nbsp; 18669 |
| Series QIB, 4.50%, 3/15/2027 (a) | &nbsp;&nbsp; 29123 | &nbsp;&nbsp; 27911 |
| Great Ajax Operating Partnership LP Series <br> QIB, 9.88%, 9/1/2027 (a) (i)<br>| &nbsp;&nbsp; 28328 | &nbsp;&nbsp; 27661 |
| ReadyCap Holdings LLC  | ReadyCap Holdings LLC  | ReadyCap Holdings LLC  |
| Series QIB, 4.50%, 10/20/2026 (a) | &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 24516 |
| Series QIB, 9.38%, 3/1/2028 (a) | &nbsp;&nbsp; 37000 | &nbsp;&nbsp; 36698 |
| Starwood Property Trust, Inc. 7.25%, <br> 4/1/2029 (a)<br>| &nbsp;&nbsp; 5310 | &nbsp;&nbsp; 5564 |
|  |  | &nbsp;&nbsp; 163569 |
| **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** | **Multi-Utilities — 0.5%** |
| Ameren Corp. 3.50%, 1/15/2031 | &nbsp;&nbsp; 2321 | &nbsp;&nbsp; 2252 |
| Ameren Illinois Co.  | Ameren Illinois Co.  | Ameren Illinois Co.  |
| 4.95%, 6/1/2033 | &nbsp;&nbsp; 6416 | &nbsp;&nbsp; 6623 |
| 3.25%, 3/15/2050 | &nbsp;&nbsp; 3835 | &nbsp;&nbsp; 2674 |
| 5.55%, 7/1/2054 | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3591 |
| Berkshire Hathaway Energy Co.  | Berkshire Hathaway Energy Co.  | Berkshire Hathaway Energy Co.  |
| 6.13%, 4/1/2036 | &nbsp;&nbsp; 1310 | &nbsp;&nbsp; 1437 |
| 2.85%, 5/15/2051 | &nbsp;&nbsp; 7514 | &nbsp;&nbsp; 4744 |
| 4.60%, 5/1/2053 | &nbsp;&nbsp; 1160 | &nbsp;&nbsp; 984 |
| Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  | Consolidated Edison Co. of New York, Inc.  |
| Series 06-E, 5.70%, 12/1/2036 | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 416 |
| Series 2017, 3.88%, 6/15/2047 | &nbsp;&nbsp; 1238 | &nbsp;&nbsp; 978 |
| Series E, 4.65%, 12/1/2048 | &nbsp;&nbsp; 1651 | &nbsp;&nbsp; 1451 |
| 4.50%, 5/15/2058 | &nbsp;&nbsp; 785 | &nbsp;&nbsp; 653 |
| Consumers Energy Co.  | Consumers Energy Co.  | Consumers Energy Co.  |
| 4.63%, 5/15/2033 | &nbsp;&nbsp; 4626 | &nbsp;&nbsp; 4689 |
| 4.35%, 4/15/2049 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 416 |
| 4.35%, 8/31/2064 | &nbsp;&nbsp; 477 | &nbsp;&nbsp; 382 |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| Series F, 5.25%, 8/1/2033 | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 790 |
| 7.00%, 6/15/2038 | &nbsp;&nbsp; 389 | &nbsp;&nbsp; 443 |
| Series C, 4.90%, 8/1/2041 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 42 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| Series B, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.51%), <br> 7.00%, 6/1/2054 (d)<br>| &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2985 |
| Series A, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.39%), <br> 6.88%, 2/1/2055 (d)<br>| &nbsp;&nbsp; 4220 | &nbsp;&nbsp; 4419 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.21%), <br> 6.63%, 5/15/2055 (d)<br>| &nbsp;&nbsp; 13230 | &nbsp;&nbsp; 13733 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.26%), <br> 6.00%, 2/15/2056 (d)<br>| &nbsp;&nbsp; 14298 | &nbsp;&nbsp; 14509 |
| DTE Energy Co. 5.10%, 3/1/2029 | &nbsp;&nbsp; 2800 | &nbsp;&nbsp; 2881 |
| National Grid plc (United Kingdom) 5.42%, <br> 1/11/2034<br>| &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1881 |
| NiSource, Inc.  | NiSource, Inc.  | NiSource, Inc.  |
| 5.20%, 7/1/2029 | &nbsp;&nbsp; 4050 | &nbsp;&nbsp; 4194 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.45%), <br> 6.95%, 11/30/2054 (d)<br>| &nbsp;&nbsp; 5497 | &nbsp;&nbsp; 5743 |
| Puget Sound Energy, Inc.  | Puget Sound Energy, Inc.  | Puget Sound Energy, Inc.  |
| 5.76%, 7/15/2040 | &nbsp;&nbsp; 874 | &nbsp;&nbsp; 902 |
| 2.89%, 9/15/2051 | &nbsp;&nbsp; 1282 | &nbsp;&nbsp; 839 |
| 5.69%, 6/15/2054 | &nbsp;&nbsp; 14682 | &nbsp;&nbsp; 14837 |
| San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  | San Diego Gas & Electric Co.  |
| Series XXX, 3.00%, 3/15/2032 | &nbsp;&nbsp; 4854 | &nbsp;&nbsp; 4510 |
| 6.00%, 6/1/2039 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 525 |
| 4.50%, 8/15/2040 | &nbsp;&nbsp; 242 | &nbsp;&nbsp; 224 |
| Series UUU, 3.32%, 4/15/2050 | &nbsp;&nbsp; 4641 | &nbsp;&nbsp; 3248 |
| 5.35%, 4/1/2053 | &nbsp;&nbsp; 1059 | &nbsp;&nbsp; 1007 |
| Sempra  | Sempra  | Sempra  |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.79%), <br> 6.88%, 10/1/2054 (d)<br>| &nbsp;&nbsp; 149 | &nbsp;&nbsp; 154 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.63%), <br> 6.38%, 4/1/2056 (d)<br>| &nbsp;&nbsp; 2745 | &nbsp;&nbsp; 2811 |
| Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  | Southern Co. Gas Capital Corp.  |
| 5.75%, 9/15/2033 | &nbsp;&nbsp; 14250 | &nbsp;&nbsp; 15215 |
| Series 21A, 3.15%, 9/30/2051 | &nbsp;&nbsp; 9888 | &nbsp;&nbsp; 6562 |
|  |  | &nbsp;&nbsp; 133744 |
| **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** | **Office REITs — 0.0% ^** |
| COPT Defense Properties LP 2.25%, <br> 3/15/2026<br>| &nbsp;&nbsp; 1505 | &nbsp;&nbsp; 1504 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** | **Oil, Gas & Consumable Fuels — 3.8%** |
| Aker BP ASA (Norway) 5.80%, 10/1/2054 (a) | &nbsp;&nbsp; 2560 | &nbsp;&nbsp; 2404 |
| Antero Midstream Partners LP  | Antero Midstream Partners LP  | Antero Midstream Partners LP  |
| 5.75%, 1/15/2028 (a) | &nbsp;&nbsp; 3690 | &nbsp;&nbsp; 3689 |
| 5.38%, 6/15/2029 (a) | &nbsp;&nbsp; 6866 | &nbsp;&nbsp; 6867 |
| 5.75%, 10/15/2033 (a) | &nbsp;&nbsp; 1844 | &nbsp;&nbsp; 1872 |
| Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  |
| 6.63%, 10/15/2032 (a) | &nbsp;&nbsp; 1385 | &nbsp;&nbsp; 1439 |
| 6.63%, 7/15/2033 (a) | &nbsp;&nbsp; 1415 | &nbsp;&nbsp; 1468 |
| Blue Racer Midstream LLC  | Blue Racer Midstream LLC  | Blue Racer Midstream LLC  |
| 6.63%, 7/15/2026 (a) | &nbsp;&nbsp; 3170 | &nbsp;&nbsp; 3176 |
| 7.00%, 7/15/2029 (a) | &nbsp;&nbsp; 1596 | &nbsp;&nbsp; 1663 |
| 7.25%, 7/15/2032 (a) | &nbsp;&nbsp; 1116 | &nbsp;&nbsp; 1180 |
| BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  | BP Capital Markets America, Inc.  |
| 4.81%, 2/13/2033 | &nbsp;&nbsp; 4476 | &nbsp;&nbsp; 4588 |
| 4.89%, 9/11/2033 | &nbsp;&nbsp; 3466 | &nbsp;&nbsp; 3563 |
| 3.00%, 2/24/2050 | &nbsp;&nbsp; 5102 | &nbsp;&nbsp; 3412 |
| 2.77%, 11/10/2050 | &nbsp;&nbsp; 3971 | &nbsp;&nbsp; 2520 |
| 2.94%, 6/4/2051 | &nbsp;&nbsp; 5194 | &nbsp;&nbsp; 3394 |
| 3.00%, 3/17/2052 | &nbsp;&nbsp; 2952 | &nbsp;&nbsp; 1937 |
| Buckeye Partners LP  | Buckeye Partners LP  | Buckeye Partners LP  |
| 3.95%, 12/1/2026 | &nbsp;&nbsp; 500 | &nbsp;&nbsp; 496 |
| 4.13%, 12/1/2027 | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; 2143 |
| Cheniere Energy Partners LP  | Cheniere Energy Partners LP  | Cheniere Energy Partners LP  |
| 4.50%, 10/1/2029 | &nbsp;&nbsp; 20222 | &nbsp;&nbsp; 20342 |
| 4.00%, 3/1/2031 | &nbsp;&nbsp; 8788 | &nbsp;&nbsp; 8614 |
| 5.75%, 8/15/2034 | &nbsp;&nbsp; 29095 | &nbsp;&nbsp; 30745 |
| Cheniere Energy, Inc. 4.63%, 10/15/2028 | &nbsp;&nbsp; 11386 | &nbsp;&nbsp; 11382 |
| Chord Energy Corp.  | Chord Energy Corp.  | Chord Energy Corp.  |
| 6.00%, 10/1/2030 (a) | &nbsp;&nbsp; 2492 | &nbsp;&nbsp; 2546 |
| 6.75%, 3/15/2033 (a) | &nbsp;&nbsp; 3090 | &nbsp;&nbsp; 3209 |
| CNX Resources Corp. 5.88%, 3/1/2034 (a) | &nbsp;&nbsp; 2585 | &nbsp;&nbsp; 2590 |
| Columbia Pipelines Holding Co. LLC 5.10%, <br> 10/1/2031 (a)<br>| &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 3806 |
| Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  | Columbia Pipelines Operating Co. LLC  |
| 6.04%, 11/15/2033 (a) | &nbsp;&nbsp; 17257 | &nbsp;&nbsp; 18697 |
| 6.50%, 8/15/2043 (a) | &nbsp;&nbsp; 2890 | &nbsp;&nbsp; 3123 |
| 5.96%, 2/15/2055 (a) | &nbsp;&nbsp; 830 | &nbsp;&nbsp; 843 |
| Comstock Resources, Inc. 6.75%, <br> 3/1/2029 (a)<br>| &nbsp;&nbsp; 5683 | &nbsp;&nbsp; 5661 |
| ConocoPhillips Co. 5.55%, 3/15/2054 | &nbsp;&nbsp; 17910 | &nbsp;&nbsp; 17667 |
| Coterra Energy, Inc.  | Coterra Energy, Inc.  | Coterra Energy, Inc.  |
| 3.90%, 5/15/2027 | &nbsp;&nbsp; 2825 | &nbsp;&nbsp; 2822 |
| 5.40%, 2/15/2035 | &nbsp;&nbsp; 10510 | &nbsp;&nbsp; 10838 |
| 5.90%, 2/15/2055 | &nbsp;&nbsp; 11397 | &nbsp;&nbsp; 11336 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Crescent Energy Finance LLC  | Crescent Energy Finance LLC  | Crescent Energy Finance LLC  |
| 9.25%, 2/15/2028 (a) | &nbsp;&nbsp; 6039 | &nbsp;&nbsp; 6215 |
| 7.88%, 4/15/2032 (a) | &nbsp;&nbsp; 4240 | &nbsp;&nbsp; 4319 |
| 7.38%, 1/15/2033 (a) | &nbsp;&nbsp; 1000 | &nbsp;&nbsp; 993 |
| 8.38%, 1/15/2034 (a) | &nbsp;&nbsp; 1787 | &nbsp;&nbsp; 1847 |
| Diversified Gas & Oil Corp.  | Diversified Gas & Oil Corp.  | Diversified Gas & Oil Corp.  |
| 9.75%, 4/9/2029 (k) | &nbsp;&nbsp; 54000 | &nbsp;&nbsp; 52382 |
| Series FEB, 9.75%, 4/9/2029 (k) | &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 11944 |
| DT Midstream, Inc.  | DT Midstream, Inc.  | DT Midstream, Inc.  |
| 4.13%, 6/15/2029 (a) | &nbsp;&nbsp; 2061 | &nbsp;&nbsp; 2047 |
| 4.38%, 6/15/2031 (a) | &nbsp;&nbsp; 2602 | &nbsp;&nbsp; 2565 |
| Eastern Energy Gas Holdings LLC 5.65%, <br> 10/15/2054<br>| &nbsp;&nbsp; 11180 | &nbsp;&nbsp; 11044 |
| Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) |
| 8.88%, 1/13/2033 | &nbsp;&nbsp; 2100 | &nbsp;&nbsp; 2230 |
| 8.38%, 1/19/2036 | &nbsp;&nbsp; 1912 | &nbsp;&nbsp; 1965 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| Series NC5, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.79%), <br> 8.25%, 1/15/2084 (d)<br>| &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 9156 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 4.43%), <br> 8.50%, 1/15/2084 (d)<br>| &nbsp;&nbsp; 9057 | &nbsp;&nbsp; 10453 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.25%, 7/1/2029 | &nbsp;&nbsp; 6650 | &nbsp;&nbsp; 6895 |
| 5.00%, 5/15/2050 | &nbsp;&nbsp; 4854 | &nbsp;&nbsp; 4149 |
| 6.30%, 1/15/2056 | &nbsp;&nbsp; 15510 | &nbsp;&nbsp; 15695 |
| (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.68%), <br> 6.50%, 2/15/2056 (d)<br>| &nbsp;&nbsp; 17040 | &nbsp;&nbsp; 17218 |
| Eni SpA (Italy) 5.95%, 5/15/2054 (a) | &nbsp;&nbsp; 18688 | &nbsp;&nbsp; 19172 |
| Eni USA, Inc. (Italy) 7.30%, 11/15/2027 | &nbsp;&nbsp; 486 | &nbsp;&nbsp; 512 |
| Enterprise Products Operating LLC  | Enterprise Products Operating LLC  | Enterprise Products Operating LLC  |
| Series H, 6.65%, 10/15/2034 | &nbsp;&nbsp; 4610 | &nbsp;&nbsp; 5248 |
| Series J, 5.75%, 3/1/2035 | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 827 |
| 5.20%, 1/15/2036 | &nbsp;&nbsp; 4680 | &nbsp;&nbsp; 4825 |
| Series E, (3-MONTH CME TERM SOFR + <br> 3.29%), 5.25%, 8/16/2077 (d)<br>| &nbsp;&nbsp; 1457 | &nbsp;&nbsp; 1458 |
| EQT Corp. 4.75%, 1/15/2031 | &nbsp;&nbsp; 32267 | &nbsp;&nbsp; 32724 |
| Expand Energy Corp.  | Expand Energy Corp.  | Expand Energy Corp.  |
| 5.38%, 2/1/2029 | &nbsp;&nbsp; 2501 | &nbsp;&nbsp; 2498 |
| 6.75%, 4/15/2029 (a) | &nbsp;&nbsp; 10284 | &nbsp;&nbsp; 10314 |
| 5.38%, 3/15/2030 | &nbsp;&nbsp; 2938 | &nbsp;&nbsp; 2983 |
| 4.75%, 2/1/2032 | &nbsp;&nbsp; 37496 | &nbsp;&nbsp; 37434 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 79

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| FS Luxembourg SARL (Brazil) | FS Luxembourg SARL (Brazil) | FS Luxembourg SARL (Brazil) |
| 8.88%, 2/12/2031 (a) | &nbsp;&nbsp; 2997 | &nbsp;&nbsp; 3102 |
| 8.63%, 6/25/2033 (a) | &nbsp;&nbsp; 3420 | &nbsp;&nbsp; 3386 |
| Genesis Energy LP 7.75%, 2/1/2028 | &nbsp;&nbsp; 4881 | &nbsp;&nbsp; 4889 |
| Gray Oak Pipeline LLC 3.45%, <br> 10/15/2027 (a)<br>| &nbsp;&nbsp; 1423 | &nbsp;&nbsp; 1408 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (a)<br>| &nbsp;&nbsp; 2054 | &nbsp;&nbsp; 2127 |
| Harvest Midstream I LP 7.50%, <br> 5/15/2032 (a)<br>| &nbsp;&nbsp; 3850 | &nbsp;&nbsp; 3996 |
| Hess Corp.  | Hess Corp.  | Hess Corp.  |
| 4.30%, 4/1/2027 | &nbsp;&nbsp; 11740 | &nbsp;&nbsp; 11787 |
| 5.60%, 2/15/2041 | &nbsp;&nbsp; 9900 | &nbsp;&nbsp; 10415 |
| Hess Midstream Operations LP  | Hess Midstream Operations LP  | Hess Midstream Operations LP  |
| 5.88%, 3/1/2028 (a) | &nbsp;&nbsp; 1461 | &nbsp;&nbsp; 1485 |
| 5.13%, 6/15/2028 (a) | &nbsp;&nbsp; 2630 | &nbsp;&nbsp; 2632 |
| 5.50%, 10/15/2030 (a) | &nbsp;&nbsp; 2715 | &nbsp;&nbsp; 2735 |
| Hilcorp Energy I LP 5.75%, 2/1/2029 (a) | &nbsp;&nbsp; 10385 | &nbsp;&nbsp; 10410 |
| Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  |
| 7.38%, 7/15/2032 (a) | &nbsp;&nbsp; 3130 | &nbsp;&nbsp; 3303 |
| 6.63%, 1/15/2034 (a) | &nbsp;&nbsp; 2215 | &nbsp;&nbsp; 2289 |
| Kinder Morgan, Inc.  | Kinder Morgan, Inc.  | Kinder Morgan, Inc.  |
| 5.15%, 6/1/2030 | &nbsp;&nbsp; 5160 | &nbsp;&nbsp; 5370 |
| 5.05%, 2/15/2046 | &nbsp;&nbsp; 3350 | &nbsp;&nbsp; 3085 |
| 3.25%, 8/1/2050 | &nbsp;&nbsp; 5524 | &nbsp;&nbsp; 3722 |
| Kinetik Holdings LP  | Kinetik Holdings LP  | Kinetik Holdings LP  |
| 6.63%, 12/15/2028 (a) | &nbsp;&nbsp; 7264 | &nbsp;&nbsp; 7489 |
| 5.88%, 6/15/2030 (a) | &nbsp;&nbsp; 21836 | &nbsp;&nbsp; 22082 |
| Matador Resources Co.  | Matador Resources Co.  | Matador Resources Co.  |
| 6.88%, 4/15/2028 (a) | &nbsp;&nbsp; 245 | &nbsp;&nbsp; 250 |
| 6.50%, 4/15/2032 (a) | &nbsp;&nbsp; 4045 | &nbsp;&nbsp; 4131 |
| 6.25%, 4/15/2033 (a) | &nbsp;&nbsp; 2672 | &nbsp;&nbsp; 2719 |
| 6.00%, 4/15/2034 (a) | &nbsp;&nbsp; 1062 | &nbsp;&nbsp; 1061 |
| MPLX LP  | MPLX LP  | MPLX LP  |
| 4.80%, 2/15/2031 | &nbsp;&nbsp; 23010 | &nbsp;&nbsp; 23490 |
| 5.20%, 3/1/2047 | &nbsp;&nbsp; 314 | &nbsp;&nbsp; 286 |
| 4.95%, 3/14/2052 | &nbsp;&nbsp; 1219 | &nbsp;&nbsp; 1047 |
| NGL Energy Operating LLC 8.13%, <br> 2/15/2029 (a)<br>| &nbsp;&nbsp; 1995 | &nbsp;&nbsp; 2068 |
| NGPL PipeCo LLC 3.25%, 7/15/2031 (a) | &nbsp;&nbsp; 3030 | &nbsp;&nbsp; 2842 |
| Northriver Midstream Finance LP (Canada) <br> 6.75%, 7/15/2032 (a)<br>| &nbsp;&nbsp; 250 | &nbsp;&nbsp; 257 |
| NuStar Logistics LP  | NuStar Logistics LP  | NuStar Logistics LP  |
| 5.63%, 4/28/2027 | &nbsp;&nbsp; 3876 | &nbsp;&nbsp; 3913 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 6.38%, 10/1/2030 | &nbsp;&nbsp; 732 | &nbsp;&nbsp; 771 |
| ONEOK Partners LP 6.65%, 10/1/2036 | &nbsp;&nbsp; 1423 | &nbsp;&nbsp; 1582 |
| ONEOK, Inc.  | ONEOK, Inc.  | ONEOK, Inc.  |
| 6.50%, 9/1/2030 (a) | &nbsp;&nbsp; 10152 | &nbsp;&nbsp; 10958 |
| 4.75%, 10/15/2031 | &nbsp;&nbsp; 7170 | &nbsp;&nbsp; 7273 |
| 5.60%, 4/1/2044 | &nbsp;&nbsp; 9205 | &nbsp;&nbsp; 8838 |
| Ovintiv, Inc. 6.25%, 7/15/2033 | &nbsp;&nbsp; 5620 | &nbsp;&nbsp; 6065 |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| 5.88%, 7/1/2029 (a) | &nbsp;&nbsp; 6820 | &nbsp;&nbsp; 6843 |
| 9.88%, 7/15/2031 (a) | &nbsp;&nbsp; 1222 | &nbsp;&nbsp; 1307 |
| 7.00%, 1/15/2032 (a) | &nbsp;&nbsp; 2220 | &nbsp;&nbsp; 2330 |
| 6.25%, 2/1/2033 (a) | &nbsp;&nbsp; 1885 | &nbsp;&nbsp; 1952 |
| Peru LNG Srl (Peru) 5.38%, 3/22/2030 (a) | &nbsp;&nbsp; 2175 | &nbsp;&nbsp; 2114 |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |
| 6.84%, 1/23/2030 | &nbsp;&nbsp; 4300 | &nbsp;&nbsp; 4408 |
| 5.95%, 1/28/2031 | &nbsp;&nbsp; 3398 | &nbsp;&nbsp; 3327 |
| 6.70%, 2/16/2032 | &nbsp;&nbsp; 9785 | &nbsp;&nbsp; 9813 |
| 10.00%, 2/7/2033 | &nbsp;&nbsp; 7907 | &nbsp;&nbsp; 9263 |
| 7.69%, 1/23/2050 | &nbsp;&nbsp; 23785 | &nbsp;&nbsp; 21602 |
| Pioneer Natural Resources Co. 1.90%, <br> 8/15/2030<br>| &nbsp;&nbsp; 23833 | &nbsp;&nbsp; 21857 |
| Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  |
| 4.95%, 7/15/2029 (a) | &nbsp;&nbsp; 3545 | &nbsp;&nbsp; 3545 |
| 4.80%, 5/15/2030 (a) | &nbsp;&nbsp; 2250 | &nbsp;&nbsp; 2215 |
| Sabine Pass Liquefaction LLC 4.50%, <br> 5/15/2030<br>| &nbsp;&nbsp; 14148 | &nbsp;&nbsp; 14306 |
| Shell Finance US, Inc. 4.00%, 5/10/2046 | &nbsp;&nbsp; 2913 | &nbsp;&nbsp; 2409 |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| 6.75%, 9/15/2026 | &nbsp;&nbsp; 4864 | &nbsp;&nbsp; 4868 |
| 6.63%, 1/15/2027 | &nbsp;&nbsp; 1316 | &nbsp;&nbsp; 1317 |
| 8.38%, 7/1/2028 (a) | &nbsp;&nbsp; 4541 | &nbsp;&nbsp; 4693 |
| 6.75%, 8/1/2029 (a) | &nbsp;&nbsp; 1922 | &nbsp;&nbsp; 1965 |
| 8.63%, 11/1/2030 (a) | &nbsp;&nbsp; 4430 | &nbsp;&nbsp; 4688 |
| 8.75%, 7/1/2031 (a) | &nbsp;&nbsp; 7965 | &nbsp;&nbsp; 8362 |
| 7.00%, 8/1/2032 (a) | &nbsp;&nbsp; 2176 | &nbsp;&nbsp; 2216 |
| Sonangol Finance Ltd. (Angola) 10.00%, <br> 1/29/2031 (a)<br>| &nbsp;&nbsp; 4030 | &nbsp;&nbsp; 3998 |
| South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) | South Bow USA Infrastructure Holdings LLC (Canada) |
| 4.91%, 9/1/2027 | &nbsp;&nbsp; 8250 | &nbsp;&nbsp; 8339 |
| 5.03%, 10/1/2029 | &nbsp;&nbsp; 4925 | &nbsp;&nbsp; 5036 |
| Sunoco LP  | Sunoco LP  | Sunoco LP  |
| 6.00%, 4/15/2027 | &nbsp;&nbsp; 1491 | &nbsp;&nbsp; 1492 |
| 7.00%, 5/1/2029 (a) | &nbsp;&nbsp; 1392 | &nbsp;&nbsp; 1444 |
| 4.50%, 5/15/2029 | &nbsp;&nbsp; 4227 | &nbsp;&nbsp; 4165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 5.63%, 3/15/2031 (a) | &nbsp;&nbsp; 8650 | &nbsp;&nbsp; 8724 |
| 7.25%, 5/1/2032 (a) | &nbsp;&nbsp; 4085 | &nbsp;&nbsp; 4316 |
| Tallgrass Energy Partners LP 5.50%, <br> 1/15/2028 (a)<br>| &nbsp;&nbsp; 5540 | &nbsp;&nbsp; 5535 |
| TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) | TotalEnergies Capital International SA (France) |
| 3.46%, 7/12/2049 | &nbsp;&nbsp; 4998 | &nbsp;&nbsp; 3668 |
| 3.13%, 5/29/2050 | &nbsp;&nbsp; 6549 | &nbsp;&nbsp; 4486 |
| TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) | TotalEnergies Capital SA (France) |
| 5.49%, 4/5/2054 | &nbsp;&nbsp; 5910 | &nbsp;&nbsp; 5842 |
| 5.28%, 9/10/2054 | &nbsp;&nbsp; 6340 | &nbsp;&nbsp; 6090 |
| 5.64%, 4/5/2064 | &nbsp;&nbsp; 7610 | &nbsp;&nbsp; 7539 |
| TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) | TransCanada PipeLines Ltd. (Canada) |
| 4.63%, 3/1/2034 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 10937 |
| 5.85%, 3/15/2036 | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 853 |
| Transcanada Trust (Canada) (3-MONTH CME <br> TERM SOFR + 4.42%), 5.50%, <br> 9/15/2079 (d)<br>| &nbsp;&nbsp; 16507 | &nbsp;&nbsp; 16686 |
| Uzbekneftegaz JSC (Uzbekistan) 4.75%, <br> 11/16/2028 (a)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2448 |
| Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  |
| 3.88%, 8/15/2029 (a) | &nbsp;&nbsp; 3416 | &nbsp;&nbsp; 3273 |
| 3.88%, 11/1/2033 (a) | &nbsp;&nbsp; 8383 | &nbsp;&nbsp; 7461 |
| Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
| 8.13%, 6/1/2028 (a) | &nbsp;&nbsp; 6507 | &nbsp;&nbsp; 6677 |
| 9.50%, 2/1/2029 (a) | &nbsp;&nbsp; 4225 | &nbsp;&nbsp; 4532 |
| 7.00%, 1/15/2030 (a) | &nbsp;&nbsp; 2435 | &nbsp;&nbsp; 2470 |
| 8.38%, 6/1/2031 (a) | &nbsp;&nbsp; 5119 | &nbsp;&nbsp; 5242 |
| 9.88%, 2/1/2032 (a) | &nbsp;&nbsp; 3320 | &nbsp;&nbsp; 3517 |
| Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  |
| 6.13%, 12/15/2030 (a) | &nbsp;&nbsp; 1624 | &nbsp;&nbsp; 1687 |
| 6.50%, 1/15/2034 (a) | &nbsp;&nbsp; 8986 | &nbsp;&nbsp; 9457 |
| 6.50%, 6/15/2034 (a) | &nbsp;&nbsp; 1144 | &nbsp;&nbsp; 1201 |
| 6.75%, 1/15/2036 (a) | &nbsp;&nbsp; 1915 | &nbsp;&nbsp; 2040 |
| Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  | Williams Cos., Inc. (The)  |
| 4.80%, 11/15/2029 | &nbsp;&nbsp; 3410 | &nbsp;&nbsp; 3495 |
| 4.65%, 8/15/2032 | &nbsp;&nbsp; 6850 | &nbsp;&nbsp; 6934 |
| 5.80%, 11/15/2054 | &nbsp;&nbsp; 11000 | &nbsp;&nbsp; 10941 |
|  |  | &nbsp;&nbsp; 968332 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| American Airlines, Inc.  | American Airlines, Inc.  | American Airlines, Inc.  |
| 5.50%, 4/20/2026 (a) | &nbsp;&nbsp; 703 | &nbsp;&nbsp; 704 |
| 7.25%, 2/15/2028 (a) | &nbsp;&nbsp; 880 | &nbsp;&nbsp; 897 |
| 5.75%, 4/20/2029 (a) | &nbsp;&nbsp; 12916 | &nbsp;&nbsp; 13063 |
| JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | &nbsp;&nbsp; 4545 | &nbsp;&nbsp; 4619 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Passenger Airlines — continued** | **Passenger Airlines — continued** | **Passenger Airlines — continued** |
| United Airlines Holdings, Inc. 4.88%, <br> 3/1/2029<br>| &nbsp;&nbsp; 1445 | &nbsp;&nbsp; 1455 |
| United Airlines Pass-Through Trust Series <br> 2016-2, Class A, 3.10%, 10/7/2028<br>| &nbsp;&nbsp; 3599 | &nbsp;&nbsp; 3472 |
| United Airlines, Inc. 4.63%, 4/15/2029 (a) | &nbsp;&nbsp; 4915 | &nbsp;&nbsp; 4911 |
|  |  | &nbsp;&nbsp; 29121 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Edgewell Personal Care Co. 5.50%, <br> 6/1/2028 (a)<br>| &nbsp;&nbsp; 5672 | &nbsp;&nbsp; 5667 |
| Haleon US Capital LLC 3.38%, 3/24/2027 | &nbsp;&nbsp; 2616 | &nbsp;&nbsp; 2603 |
| Perrigo Finance Unlimited Co. 6.13%, <br> 9/30/2032<br>| &nbsp;&nbsp; 3658 | &nbsp;&nbsp; 3579 |
|  |  | &nbsp;&nbsp; 11849 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | &nbsp;&nbsp; 4009 | &nbsp;&nbsp; 4146 |
| Bausch Health Cos., Inc. (Canada) 4.88%, <br> 6/1/2028 (a)<br>| &nbsp;&nbsp; 660 | &nbsp;&nbsp; 614 |
| Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  | Bristol-Myers Squibb Co.  |
| 4.13%, 6/15/2039 | &nbsp;&nbsp; 5823 | &nbsp;&nbsp; 5353 |
| 2.35%, 11/13/2040 | &nbsp;&nbsp; 3883 | &nbsp;&nbsp; 2807 |
| 5.55%, 2/22/2054 | &nbsp;&nbsp; 11293 | &nbsp;&nbsp; 11203 |
| 3.90%, 3/15/2062 | &nbsp;&nbsp; 3680 | &nbsp;&nbsp; 2717 |
| Eli Lilly & Co. 4.95%, 2/27/2063 | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2182 |
| Merck & Co., Inc.  | Merck & Co., Inc.  | Merck & Co., Inc.  |
| 4.00%, 3/7/2049 | &nbsp;&nbsp; 2110 | &nbsp;&nbsp; 1718 |
| 5.55%, 12/4/2055 | &nbsp;&nbsp; 18200 | &nbsp;&nbsp; 18251 |
| 2.90%, 12/10/2061 | &nbsp;&nbsp; 2340 | &nbsp;&nbsp; 1388 |
| Organon & Co.  | Organon & Co.  | Organon & Co.  |
| 4.13%, 4/30/2028 (a) | &nbsp;&nbsp; 4616 | &nbsp;&nbsp; 4531 |
| 5.13%, 4/30/2031 (a) | &nbsp;&nbsp; 4095 | &nbsp;&nbsp; 3639 |
| Pfizer Investment Enterprises Pte. Ltd. 5.30%, <br> 5/19/2053<br>| &nbsp;&nbsp; 5170 | &nbsp;&nbsp; 4950 |
| Pfizer, Inc.  | Pfizer, Inc.  | Pfizer, Inc.  |
| 4.88%, 11/15/2035 | &nbsp;&nbsp; 6700 | &nbsp;&nbsp; 6826 |
| 4.10%, 9/15/2038 | &nbsp;&nbsp; 2913 | &nbsp;&nbsp; 2704 |
| 3.90%, 3/15/2039 | &nbsp;&nbsp; 2874 | &nbsp;&nbsp; 2589 |
| Takeda Pharmaceutical Co. Ltd. (Japan) <br> 3.18%, 7/9/2050<br>| &nbsp;&nbsp; 5254 | &nbsp;&nbsp; 3604 |
| Wyeth LLC 5.95%, 4/1/2037 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 1168 |
| Zoetis, Inc.  | Zoetis, Inc.  | Zoetis, Inc.  |
| 2.00%, 5/15/2030 | &nbsp;&nbsp; 1942 | &nbsp;&nbsp; 1794 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 81

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| 5.60%, 11/16/2032 | &nbsp;&nbsp; 1870 | &nbsp;&nbsp; 2005 |
| 5.00%, 8/17/2035 | &nbsp;&nbsp; 6230 | &nbsp;&nbsp; 6355 |
|  |  | &nbsp;&nbsp; 90544 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| Science Applications International Corp. <br> 5.88%, 11/1/2033 (a)<br>| &nbsp;&nbsp; 1916 | &nbsp;&nbsp; 1904 |
| **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
| Ontario Teachers' Cadillac Fairview Properties <br> Trust (Canada) 3.88%, 3/20/2027 (a)<br>| &nbsp;&nbsp; 603 | &nbsp;&nbsp; 603 |
| Triad Properties Corp. 0.00%, 4/1/2052 ‡ | &nbsp;&nbsp; 32209 | &nbsp;&nbsp; 33336 |
|  |  | &nbsp;&nbsp; 33939 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| Camden Property Trust 3.15%, 7/1/2029 | &nbsp;&nbsp; 2869 | &nbsp;&nbsp; 2793 |
| ERP Operating LP 2.85%, 11/1/2026 | &nbsp;&nbsp; 2913 | &nbsp;&nbsp; 2895 |
| Essex Portfolio LP 5.50%, 4/1/2034 | &nbsp;&nbsp; 6395 | &nbsp;&nbsp; 6670 |
| Mid-America Apartments LP 4.20%, <br> 6/15/2028<br>| &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 1267 |
| UDR, Inc.  | UDR, Inc.  | UDR, Inc.  |
| 2.10%, 8/1/2032 | &nbsp;&nbsp; 923 | &nbsp;&nbsp; 803 |
| 5.13%, 9/1/2034 | &nbsp;&nbsp; 4430 | &nbsp;&nbsp; 4525 |
|  |  | &nbsp;&nbsp; 18953 |
| **Retail REITs — 0.1%** | **Retail REITs — 0.1%** | **Retail REITs — 0.1%** |
| NNN REIT, Inc.  | NNN REIT, Inc.  | NNN REIT, Inc.  |
| 3.60%, 12/15/2026 | &nbsp;&nbsp; 921 | &nbsp;&nbsp; 918 |
| 4.30%, 10/15/2028 | &nbsp;&nbsp; 777 | &nbsp;&nbsp; 782 |
| 5.50%, 6/15/2034 | &nbsp;&nbsp; 1200 | &nbsp;&nbsp; 1255 |
| 3.50%, 4/15/2051 | &nbsp;&nbsp; 4170 | &nbsp;&nbsp; 3006 |
| Realty Income Corp.  | Realty Income Corp.  | Realty Income Corp.  |
| 2.70%, 2/15/2032 | &nbsp;&nbsp; 4675 | &nbsp;&nbsp; 4281 |
| 1.80%, 3/15/2033 | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 900 |
| Regency Centers LP 3.70%, 6/15/2030 | &nbsp;&nbsp; 3743 | &nbsp;&nbsp; 3694 |
|  |  | &nbsp;&nbsp; 14836 |
| **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |
| Amkor Technology, Inc. 5.88%, <br> 10/1/2033 (a)<br>| &nbsp;&nbsp; 3734 | &nbsp;&nbsp; 3810 |
| ams-OSRAM AG (Austria) 12.25%, <br> 3/30/2029 (a)<br>| &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 2024 |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 4.90%, 7/15/2032 | &nbsp;&nbsp; 10510 | &nbsp;&nbsp; 10825 |
| 3.47%, 4/15/2034 | &nbsp;&nbsp; 674 | &nbsp;&nbsp; 624 |
| 3.14%, 11/15/2035 (a) | &nbsp;&nbsp; 31220 | &nbsp;&nbsp; 27297 |
| 4.80%, 2/15/2036 | &nbsp;&nbsp; 18573 | &nbsp;&nbsp; 18619 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| 5.70%, 1/15/2056 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1160 |
| Entegris, Inc.  | Entegris, Inc.  | Entegris, Inc.  |
| 4.38%, 4/15/2028 (a) | &nbsp;&nbsp; 2547 | &nbsp;&nbsp; 2525 |
| 5.95%, 6/15/2030 (a) | &nbsp;&nbsp; 7202 | &nbsp;&nbsp; 7344 |
| Foundry JV Holdco LLC  | Foundry JV Holdco LLC  | Foundry JV Holdco LLC  |
| 5.50%, 1/25/2031 (a) | &nbsp;&nbsp; 4720 | &nbsp;&nbsp; 4926 |
| 6.25%, 1/25/2035 (a) | &nbsp;&nbsp; 14665 | &nbsp;&nbsp; 15790 |
| Kioxia Holdings Corp. (Japan) 6.25%, <br> 7/24/2030 (a)<br>| &nbsp;&nbsp; 7154 | &nbsp;&nbsp; 7428 |
| KLA Corp. 3.30%, 3/1/2050 | &nbsp;&nbsp; 761 | &nbsp;&nbsp; 541 |
| Marvell Technology, Inc.  | Marvell Technology, Inc.  | Marvell Technology, Inc.  |
| 4.75%, 7/15/2030 | &nbsp;&nbsp; 1805 | &nbsp;&nbsp; 1840 |
| 2.95%, 4/15/2031 | &nbsp;&nbsp; 6485 | &nbsp;&nbsp; 6061 |
| 5.45%, 7/15/2035 | &nbsp;&nbsp; 7768 | &nbsp;&nbsp; 8087 |
| Micron Technology, Inc. 6.05%, 11/1/2035 | &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 15208 |
| ON Semiconductor Corp. 3.88%, <br> 9/1/2028 (a)<br>| &nbsp;&nbsp; 2750 | &nbsp;&nbsp; 2692 |
| Qnity Electronics, Inc.  | Qnity Electronics, Inc.  | Qnity Electronics, Inc.  |
| 5.75%, 8/15/2032 (a) | &nbsp;&nbsp; 7503 | &nbsp;&nbsp; 7677 |
| 6.25%, 8/15/2033 (a) | &nbsp;&nbsp; 495 | &nbsp;&nbsp; 514 |
| TSMC Arizona Corp. (Taiwan) 2.50%, <br> 10/25/2031<br>| &nbsp;&nbsp; 6873 | &nbsp;&nbsp; 6368 |
|  |  | &nbsp;&nbsp; 151360 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| Elastic NV 4.13%, 7/15/2029 (a) | &nbsp;&nbsp; 4440 | &nbsp;&nbsp; 4195 |
| Fair Isaac Corp. 6.00%, 5/15/2033 (a) | &nbsp;&nbsp; 2346 | &nbsp;&nbsp; 2371 |
| NCR Voyix Corp.  | NCR Voyix Corp.  | NCR Voyix Corp.  |
| 5.00%, 10/1/2028 (a) | &nbsp;&nbsp; 5992 | &nbsp;&nbsp; 5888 |
| 5.13%, 4/15/2029 (a) | &nbsp;&nbsp; 1105 | &nbsp;&nbsp; 1084 |
| Oracle Corp.  | Oracle Corp.  | Oracle Corp.  |
| 3.90%, 5/15/2035 | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1316 |
| 5.70%, 2/4/2036 | &nbsp;&nbsp; 19346 | &nbsp;&nbsp; 19357 |
| 3.85%, 7/15/2036 | &nbsp;&nbsp; 1705 | &nbsp;&nbsp; 1454 |
| 3.65%, 3/25/2041 | &nbsp;&nbsp; 3350 | &nbsp;&nbsp; 2488 |
| 4.13%, 5/15/2045 | &nbsp;&nbsp; 5145 | &nbsp;&nbsp; 3716 |
| 6.55%, 2/4/2046 | &nbsp;&nbsp; 10209 | &nbsp;&nbsp; 9948 |
| 4.00%, 7/15/2046 | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 963 |
| 3.95%, 3/25/2051 | &nbsp;&nbsp; 4013 | &nbsp;&nbsp; 2656 |
| 5.38%, 9/27/2054 | &nbsp;&nbsp; 428 | &nbsp;&nbsp; 347 |
| 4.38%, 5/15/2055 | &nbsp;&nbsp; 7026 | &nbsp;&nbsp; 4856 |
| 6.00%, 8/3/2055 | &nbsp;&nbsp; 31588 | &nbsp;&nbsp; 27826 |
| 6.70%, 2/4/2056 | &nbsp;&nbsp; 20025 | &nbsp;&nbsp; 19420 |
| 6.85%, 2/4/2066 | &nbsp;&nbsp; 19935 | &nbsp;&nbsp; 19098 |
| RingCentral, Inc. 8.50%, 8/15/2030 (a) | &nbsp;&nbsp; 4715 | &nbsp;&nbsp; 4951 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Roper Technologies, Inc.  | Roper Technologies, Inc.  | Roper Technologies, Inc.  |
| 4.45%, 9/15/2030 | &nbsp;&nbsp; 3630 | &nbsp;&nbsp; 3652 |
| 1.75%, 2/15/2031 | &nbsp;&nbsp; 1165 | &nbsp;&nbsp; 1023 |
| 4.75%, 2/15/2032 | &nbsp;&nbsp; 2620 | &nbsp;&nbsp; 2643 |
| 4.90%, 10/15/2034 | &nbsp;&nbsp; 10280 | &nbsp;&nbsp; 10218 |
| SS&C Technologies, Inc.  | SS&C Technologies, Inc.  | SS&C Technologies, Inc.  |
| 5.50%, 9/30/2027 (a) | &nbsp;&nbsp; 3359 | &nbsp;&nbsp; 3354 |
| 6.50%, 6/1/2032 (a) | &nbsp;&nbsp; 2530 | &nbsp;&nbsp; 2579 |
| Synopsys, Inc.  | Synopsys, Inc.  | Synopsys, Inc.  |
| 5.00%, 4/1/2032 | &nbsp;&nbsp; 9252 | &nbsp;&nbsp; 9539 |
| 5.70%, 4/1/2055 | &nbsp;&nbsp; 6004 | &nbsp;&nbsp; 6001 |
|  |  | &nbsp;&nbsp; 170943 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| Extra Space Storage LP 2.20%, 10/15/2030 | &nbsp;&nbsp; 1427 | &nbsp;&nbsp; 1304 |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 4.88%, 9/15/2027 (a) | &nbsp;&nbsp; 6969 | &nbsp;&nbsp; 6967 |
| 5.25%, 3/15/2028 (a) | &nbsp;&nbsp; 1007 | &nbsp;&nbsp; 1006 |
| 4.88%, 9/15/2029 (a) | &nbsp;&nbsp; 1612 | &nbsp;&nbsp; 1597 |
| 5.25%, 7/15/2030 (a) | &nbsp;&nbsp; 2825 | &nbsp;&nbsp; 2811 |
| 6.25%, 1/15/2033 (a) | &nbsp;&nbsp; 2285 | &nbsp;&nbsp; 2335 |
| Millrose Properties, Inc.  | Millrose Properties, Inc.  | Millrose Properties, Inc.  |
| 6.38%, 8/1/2030 (a) | &nbsp;&nbsp; 2156 | &nbsp;&nbsp; 2212 |
| 6.25%, 9/15/2032 (a) | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 1058 |
| Public Storage Operating Co. 5.10%, <br> 8/1/2033<br>| &nbsp;&nbsp; 4280 | &nbsp;&nbsp; 4468 |
| SBA Communications Corp. 3.13%, 2/1/2029 | &nbsp;&nbsp; 5906 | &nbsp;&nbsp; 5678 |
|  |  | &nbsp;&nbsp; 29436 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  |
| 4.50%, 3/1/2028 | &nbsp;&nbsp; 3812 | &nbsp;&nbsp; 3790 |
| 4.75%, 3/1/2030 | &nbsp;&nbsp; 1424 | &nbsp;&nbsp; 1402 |
| Bath & Body Works, Inc.  | Bath & Body Works, Inc.  | Bath & Body Works, Inc.  |
| 7.50%, 6/15/2029 | &nbsp;&nbsp; 6888 | &nbsp;&nbsp; 7017 |
| 6.88%, 11/1/2035 | &nbsp;&nbsp; 1753 | &nbsp;&nbsp; 1786 |
| 6.75%, 7/1/2036 | &nbsp;&nbsp; 2170 | &nbsp;&nbsp; 2178 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ (h) | &nbsp;&nbsp; 354 | &nbsp;&nbsp; —<br> (l)<br>|
| Gap, Inc. (The) 3.63%, 10/1/2029 (a) | &nbsp;&nbsp; 5942 | &nbsp;&nbsp; 5652 |
| Home Depot, Inc. (The)  | Home Depot, Inc. (The)  | Home Depot, Inc. (The)  |
| 4.95%, 6/25/2034 | &nbsp;&nbsp; 11760 | &nbsp;&nbsp; 12155 |
| 3.63%, 4/15/2052 | &nbsp;&nbsp; 2585 | &nbsp;&nbsp; 1922 |
| Lithia Motors, Inc.  | Lithia Motors, Inc.  | Lithia Motors, Inc.  |
| 4.63%, 12/15/2027 (a) | &nbsp;&nbsp; 434 | &nbsp;&nbsp; 433 |
| 3.88%, 6/1/2029 (a) | &nbsp;&nbsp; 3470 | &nbsp;&nbsp; 3354 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| 5.50%, 10/1/2030 (a) | &nbsp;&nbsp; 793 | &nbsp;&nbsp; 798 |
| 4.38%, 1/15/2031 (a) | &nbsp;&nbsp; 1832 | &nbsp;&nbsp; 1762 |
| Penske Automotive Group, Inc. 3.75%, <br> 6/15/2029<br>| &nbsp;&nbsp; 5058 | &nbsp;&nbsp; 4892 |
| PetSmart LLC 7.50%, 9/15/2032 (a) | &nbsp;&nbsp; 4313 | &nbsp;&nbsp; 4364 |
| Sonic Automotive, Inc. 4.63%, <br> 11/15/2029 (a)<br>| &nbsp;&nbsp; 3417 | &nbsp;&nbsp; 3360 |
|  |  | &nbsp;&nbsp; 54865 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Apple, Inc.  | Apple, Inc.  | Apple, Inc.  |
| 3.75%, 11/13/2047 | &nbsp;&nbsp; 971 | &nbsp;&nbsp; 780 |
| 2.70%, 8/5/2051 | &nbsp;&nbsp; 11155 | &nbsp;&nbsp; 7095 |
| Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  |
| 4.09%, 6/1/2029 (a) | &nbsp;&nbsp; 3589 | &nbsp;&nbsp; 3520 |
| 3.13%, 7/15/2029 (a) | &nbsp;&nbsp; 2141 | &nbsp;&nbsp; 1908 |
| 4.13%, 1/15/2031 (a) | &nbsp;&nbsp; 3545 | &nbsp;&nbsp; 3398 |
| 8.50%, 7/15/2031 (a) | &nbsp;&nbsp; 2716 | &nbsp;&nbsp; 2857 |
| 9.63%, 12/1/2032 (a) | &nbsp;&nbsp; 800 | &nbsp;&nbsp; 897 |
| Xerox Holdings Corp. 8.88%, 11/30/2029 (a) | &nbsp;&nbsp; 3235 | &nbsp;&nbsp; 923 |
|  |  | &nbsp;&nbsp; 21378 |
| **Tobacco — 0.6%** | **Tobacco — 0.6%** | **Tobacco — 0.6%** |
| Altria Group, Inc.  | Altria Group, Inc.  | Altria Group, Inc.  |
| 4.50%, 8/6/2030 | &nbsp;&nbsp; 5590 | &nbsp;&nbsp; 5687 |
| 2.45%, 2/4/2032 | &nbsp;&nbsp; 3883 | &nbsp;&nbsp; 3485 |
| 5.63%, 2/6/2035 | &nbsp;&nbsp; 7990 | &nbsp;&nbsp; 8400 |
| 3.40%, 2/4/2041 | &nbsp;&nbsp; 9538 | &nbsp;&nbsp; 7480 |
| BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) | BAT Capital Corp. (United Kingdom) |
| 3.56%, 8/15/2027 | &nbsp;&nbsp; 1875 | &nbsp;&nbsp; 1865 |
| 2.26%, 3/25/2028 | &nbsp;&nbsp; 267 | &nbsp;&nbsp; 258 |
| 4.39%, 8/15/2037 | &nbsp;&nbsp; 24553 | &nbsp;&nbsp; 22932 |
| 5.65%, 3/16/2052 | &nbsp;&nbsp; 6410 | &nbsp;&nbsp; 6154 |
| Imperial Brands Finance plc (United Kingdom) <br> 5.88%, 7/1/2034 (a)<br>| &nbsp;&nbsp; 27669 | &nbsp;&nbsp; 29285 |
| Japan Tobacco, Inc. (Japan) | Japan Tobacco, Inc. (Japan) | Japan Tobacco, Inc. (Japan) |
| 5.25%, 6/15/2030 (a) | &nbsp;&nbsp; 17171 | &nbsp;&nbsp; 17931 |
| 5.85%, 6/15/2035 (a) | &nbsp;&nbsp; 5490 | &nbsp;&nbsp; 5941 |
| Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
| 5.38%, 2/15/2033 | &nbsp;&nbsp; 9368 | &nbsp;&nbsp; 9892 |
| 5.63%, 9/7/2033 | &nbsp;&nbsp; 13190 | &nbsp;&nbsp; 14141 |
| 5.25%, 2/13/2034 | &nbsp;&nbsp; 13569 | &nbsp;&nbsp; 14213 |
| 4.38%, 11/15/2041 | &nbsp;&nbsp; 11926 | &nbsp;&nbsp; 10774 |
|  |  | &nbsp;&nbsp; 158438 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 83

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** | **Trading Companies & Distributors — 0.2%** |
| Herc Holdings, Inc. 7.00%, 6/15/2030 (a) | &nbsp;&nbsp; 6418 | &nbsp;&nbsp; 6726 |
| Imola Merger Corp. 4.75%, 5/15/2029 (a) | &nbsp;&nbsp; 5829 | &nbsp;&nbsp; 5730 |
| QXO Building Products, Inc. 6.75%, <br> 4/30/2032 (a)<br>| &nbsp;&nbsp; 3192 | &nbsp;&nbsp; 3306 |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  | United Rentals North America, Inc.  |
| 4.88%, 1/15/2028 | &nbsp;&nbsp; 3244 | &nbsp;&nbsp; 3242 |
| 5.25%, 1/15/2030 | &nbsp;&nbsp; 4495 | &nbsp;&nbsp; 4545 |
| 4.00%, 7/15/2030 | &nbsp;&nbsp; 6480 | &nbsp;&nbsp; 6305 |
| 5.38%, 11/15/2033 (a) | &nbsp;&nbsp; 5237 | &nbsp;&nbsp; 5280 |
| 6.13%, 3/15/2034 (a) | &nbsp;&nbsp; 4355 | &nbsp;&nbsp; 4562 |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |
| 7.25%, 6/15/2028 (a) | &nbsp;&nbsp; 3142 | &nbsp;&nbsp; 3165 |
| 6.38%, 3/15/2029 (a) | &nbsp;&nbsp; 4467 | &nbsp;&nbsp; 4592 |
| 5.25%, 4/15/2031 (a) | &nbsp;&nbsp; 847 | &nbsp;&nbsp; 845 |
| 6.63%, 3/15/2032 (a) | &nbsp;&nbsp; 2400 | &nbsp;&nbsp; 2497 |
| 6.38%, 3/15/2033 (a) | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; 1100 |
|  |  | &nbsp;&nbsp; 51895 |
| **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** | **Water Utilities — 0.0% ^** |
| American Water Capital Corp.  | American Water Capital Corp.  | American Water Capital Corp.  |
| 3.45%, 6/1/2029 | &nbsp;&nbsp; 602 | &nbsp;&nbsp; 594 |
| 5.15%, 3/1/2034 | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3535 |
|  |  | &nbsp;&nbsp; 4129 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Digicel International Finance Ltd. (Jamaica) <br> 8.63%, 8/1/2032 (a)<br>| &nbsp;&nbsp; 7286 | &nbsp;&nbsp; 7583 |
| T-Mobile USA, Inc.  | T-Mobile USA, Inc.  | T-Mobile USA, Inc.  |
| 2.63%, 2/15/2029 | &nbsp;&nbsp; 11295 | &nbsp;&nbsp; 10870 |
| 3.38%, 4/15/2029 | &nbsp;&nbsp; 14785 | &nbsp;&nbsp; 14517 |
| 5.05%, 7/15/2033 | &nbsp;&nbsp; 2300 | &nbsp;&nbsp; 2372 |
| 6.70%, 12/15/2033 | &nbsp;&nbsp; 2918 | &nbsp;&nbsp; 3302 |
| 3.40%, 10/15/2052 | &nbsp;&nbsp; 8020 | &nbsp;&nbsp; 5469 |
| 5.50%, 1/15/2055 | &nbsp;&nbsp; 1890 | &nbsp;&nbsp; 1803 |
|  |  | &nbsp;&nbsp; 45916 |
| Total Corporate Bonds <br>(Cost $8,390,034)<br>|  | &nbsp;&nbsp; 8407807 |
| **Mortgage-Backed Securities — 21.7%** | **Mortgage-Backed Securities — 21.7%** | **Mortgage-Backed Securities — 21.7%** |
| FHLMC  |  |  |
| Pool # 1G1861, ARM, 6.91%, 3/1/2036 (j) | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| Pool # 1J1380, ARM, 7.37%, 3/1/2036 (j) | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Pool # 1J1393, ARM, 6.26%, <br> 10/1/2036 (j)<br>| &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| Pool # 1Q0476, ARM, 6.55%, <br> 10/1/2037 (j)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| FHLMC Gold Pools, 20 Year  |  |  |
| Pool # C91025, 7.00%, 1/1/2027 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Pool # G30591, 6.00%, 2/1/2028 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| Pool # D98914, 4.00%, 1/1/2032 | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 845 |
| Pool # G31099, 4.00%, 1/1/2038 | &nbsp;&nbsp; 4782 | &nbsp;&nbsp; 4775 |
| FHLMC Gold Pools, 30 Year  |  |  |
| Pool # C00496, 7.50%, 2/1/2027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # G00747, 8.00%, 8/1/2027 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Pool # D86005, 7.00%, 2/1/2028 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Pool # G02210, 7.00%, 12/1/2028 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Pool # C21930, 6.00%, 2/1/2029 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| Pool # C00785, 6.50%, 6/1/2029 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 |
| Pool # A27201, 6.50%, 3/1/2032 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Pool # A13067, 4.00%, 9/1/2033 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| Pool # G60154, 5.00%, 2/1/2034 | &nbsp;&nbsp; 3579 | &nbsp;&nbsp; 3658 |
| Pool # G60214, 5.00%, 7/1/2035 | &nbsp;&nbsp; 3596 | &nbsp;&nbsp; 3683 |
| Pool # C02641, 7.00%, 10/1/2036 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| Pool # C02660, 6.50%, 11/1/2036 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 21 |
| Pool # G06172, 5.50%, 12/1/2038 | &nbsp;&nbsp; 493 | &nbsp;&nbsp; 514 |
| Pool # G06576, 5.00%, 9/1/2040 | &nbsp;&nbsp; 1888 | &nbsp;&nbsp; 1946 |
| Pool # A96733, 4.50%, 2/1/2041 | &nbsp;&nbsp; 4198 | &nbsp;&nbsp; 4257 |
| Pool # G06493, 4.50%, 5/1/2041 | &nbsp;&nbsp; 193 | &nbsp;&nbsp; 196 |
| Pool # G61864, 5.50%, 6/1/2041 | &nbsp;&nbsp; 1688 | &nbsp;&nbsp; 1766 |
| Pool # Q05956, 4.50%, 2/1/2042 | &nbsp;&nbsp; 696 | &nbsp;&nbsp; 704 |
| Pool # Q11285, 3.50%, 9/1/2042 | &nbsp;&nbsp; 1610 | &nbsp;&nbsp; 1577 |
| Pool # Q12174, 3.50%, 10/1/2042 | &nbsp;&nbsp; 1806 | &nbsp;&nbsp; 1765 |
| Pool # G07239, 3.00%, 12/1/2042 | &nbsp;&nbsp; 1860 | &nbsp;&nbsp; 1756 |
| Pool # Q13796, 3.50%, 12/1/2042 | &nbsp;&nbsp; 2697 | &nbsp;&nbsp; 2640 |
| Pool # Q15767, 3.00%, 2/1/2043 | &nbsp;&nbsp; 1549 | &nbsp;&nbsp; 1466 |
| Pool # Q33869, 4.00%, 6/1/2045 | &nbsp;&nbsp; 1597 | &nbsp;&nbsp; 1572 |
| Pool # G61462, 4.00%, 7/1/2045 | &nbsp;&nbsp; 7007 | &nbsp;&nbsp; 6986 |
| Pool # Q37784, 3.50%, 12/1/2045 | &nbsp;&nbsp; 1403 | &nbsp;&nbsp; 1353 |
| Pool # Q39092, 4.00%, 2/1/2046 | &nbsp;&nbsp; 1921 | &nbsp;&nbsp; 1905 |
| Pool # Q39412, 3.50%, 3/1/2046 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 610 |
| Pool # Q40797, 3.50%, 5/1/2046 | &nbsp;&nbsp; 2765 | &nbsp;&nbsp; 2660 |
| Pool # Q40922, 3.50%, 6/1/2046 | &nbsp;&nbsp; 748 | &nbsp;&nbsp; 720 |
| Pool # Q41602, 3.50%, 7/1/2046 | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 333 |
| Pool # Q42079, 3.50%, 7/1/2046 | &nbsp;&nbsp; 306 | &nbsp;&nbsp; 296 |
| Pool # Q42657, 3.50%, 8/1/2046 | &nbsp;&nbsp; 3972 | &nbsp;&nbsp; 3819 |
| Pool # Q42656, 4.00%, 8/1/2046 | &nbsp;&nbsp; 418 | &nbsp;&nbsp; 412 |
| Pool # Q43241, 3.50%, 9/1/2046 | &nbsp;&nbsp; 3375 | &nbsp;&nbsp; 3244 |
| Pool # Q43237, 4.00%, 9/1/2046 | &nbsp;&nbsp; 810 | &nbsp;&nbsp; 800 |
| Pool # G61565, 4.50%, 4/1/2048 | &nbsp;&nbsp; 10444 | &nbsp;&nbsp; 10535 |
| Pool # Z40179, 4.00%, 7/1/2048 | &nbsp;&nbsp; 4163 | &nbsp;&nbsp; 4111 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| FHLMC Gold Pools, Other  |  |  |
| Pool # G20027, 10.00%, 10/1/2030 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # B90491, 7.50%, 1/1/2032 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 37 |
| Pool # U89009, 3.50%, 9/1/2032 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 164 |
| Pool # WN1179, 3.85%, 9/1/2032 | &nbsp;&nbsp; 16891 | &nbsp;&nbsp; 16735 |
| Pool # U80074, 3.50%, 10/1/2032 | &nbsp;&nbsp; 503 | &nbsp;&nbsp; 498 |
| Pool # WA3237, 3.55%, 11/1/2032 | &nbsp;&nbsp; 14250 | &nbsp;&nbsp; 13851 |
| Pool # WN1167, 4.17%, 10/1/2034 | &nbsp;&nbsp; 19415 | &nbsp;&nbsp; 19405 |
| Pool # G20028, 7.50%, 12/1/2036 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 38 |
| Pool # U90690, 3.50%, 6/1/2042 | &nbsp;&nbsp; 720 | &nbsp;&nbsp; 694 |
| Pool # U90975, 4.00%, 6/1/2042 | &nbsp;&nbsp; 163 | &nbsp;&nbsp; 162 |
| Pool # U90230, 4.50%, 9/1/2042 | &nbsp;&nbsp; 431 | &nbsp;&nbsp; 437 |
| Pool # U90281, 4.00%, 10/1/2042 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 443 |
| Pool # U92021, 5.00%, 9/1/2043 | &nbsp;&nbsp; 759 | &nbsp;&nbsp; 766 |
| Pool # U99076, 4.50%, 12/1/2043 | &nbsp;&nbsp; 1685 | &nbsp;&nbsp; 1720 |
| Pool # U99084, 4.50%, 2/1/2044 | &nbsp;&nbsp; 1314 | &nbsp;&nbsp; 1331 |
| Pool # U92996, 3.50%, 6/1/2045 | &nbsp;&nbsp; 174 | &nbsp;&nbsp; 168 |
| Pool # U93026, 3.50%, 7/1/2045 | &nbsp;&nbsp; 421 | &nbsp;&nbsp; 405 |
| Pool # U99134, 4.00%, 1/1/2046 | &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 1892 |
| Pool # U93155, 3.50%, 5/1/2046 | &nbsp;&nbsp; 391 | &nbsp;&nbsp; 376 |
| Pool # U93158, 3.50%, 6/1/2046 | &nbsp;&nbsp; 293 | &nbsp;&nbsp; 282 |
| Pool # U93167, 3.50%, 7/1/2046 | &nbsp;&nbsp; 395 | &nbsp;&nbsp; 378 |
| Pool # U93172, 3.50%, 7/1/2046 | &nbsp;&nbsp; 460 | &nbsp;&nbsp; 443 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # RA2008, 4.00%, 1/1/2050 | &nbsp;&nbsp; 6055 | &nbsp;&nbsp; 5961 |
| Pool # SD8089, 2.50%, 7/1/2050 | &nbsp;&nbsp; 32133 | &nbsp;&nbsp; 28143 |
| Pool # RA3605, 2.50%, 10/1/2050 | &nbsp;&nbsp; 57627 | &nbsp;&nbsp; 50578 |
| Pool # RA5276, 2.50%, 5/1/2051 | &nbsp;&nbsp; 10763 | &nbsp;&nbsp; 9455 |
| Pool # RA5801, 2.50%, 9/1/2051 | &nbsp;&nbsp; 7422 | &nbsp;&nbsp; 6558 |
| Pool # QC9443, 2.50%, 10/1/2051 | &nbsp;&nbsp; 16710 | &nbsp;&nbsp; 14737 |
| Pool # RA6135, 2.50%, 10/1/2051 | &nbsp;&nbsp; 13643 | &nbsp;&nbsp; 12033 |
| Pool # RA6350, 3.00%, 11/1/2051 | &nbsp;&nbsp; 6828 | &nbsp;&nbsp; 6230 |
| Pool # SD2968, 2.00%, 12/1/2051 | &nbsp;&nbsp; 12610 | &nbsp;&nbsp; 10604 |
| Pool # RA6459, 2.50%, 12/1/2051 | &nbsp;&nbsp; 11317 | &nbsp;&nbsp; 9815 |
| Pool # QD4350, 3.00%, 1/1/2052 | &nbsp;&nbsp; 19031 | &nbsp;&nbsp; 17365 |
| Pool # SD8190, 3.00%, 1/1/2052 | &nbsp;&nbsp; 9695 | &nbsp;&nbsp; 8798 |
| Pool # SD3952, 2.50%, 3/1/2052 | &nbsp;&nbsp; 20743 | &nbsp;&nbsp; 18294 |
| Pool # RA6988, 3.00%, 3/1/2052 | &nbsp;&nbsp; 21683 | &nbsp;&nbsp; 19737 |
| Pool # SD2301, 3.50%, 3/1/2052 | &nbsp;&nbsp; 18959 | &nbsp;&nbsp; 17999 |
| Pool # SD7145, 2.50%, 4/1/2052 | &nbsp;&nbsp; 26834 | &nbsp;&nbsp; 23719 |
| Pool # SD7554, 2.50%, 4/1/2052 | &nbsp;&nbsp; 14601 | &nbsp;&nbsp; 12916 |
| Pool # SL1568, 2.50%, 5/1/2052 | &nbsp;&nbsp; 29576 | &nbsp;&nbsp; 26008 |
| Pool # SD3015, 3.00%, 5/1/2052 | &nbsp;&nbsp; 30065 | &nbsp;&nbsp; 27249 |
| Pool # RA7468, 4.00%, 6/1/2052 | &nbsp;&nbsp; 44663 | &nbsp;&nbsp; 43844 |
| Pool # SD1293, 4.50%, 7/1/2052 | &nbsp;&nbsp; 17880 | &nbsp;&nbsp; 17775 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # SD1303, 4.50%, 7/1/2052 | &nbsp;&nbsp; 9737 | &nbsp;&nbsp; 9682 |
| Pool # QE8091, 4.00%, 8/1/2052 | &nbsp;&nbsp; 27034 | &nbsp;&nbsp; 26398 |
| Pool # QE6769, 4.50%, 8/1/2052 | &nbsp;&nbsp; 3709 | &nbsp;&nbsp; 3709 |
| Pool # QE7915, 4.50%, 8/1/2052 | &nbsp;&nbsp; 12782 | &nbsp;&nbsp; 12687 |
| Pool # SD1794, 4.50%, 8/1/2052 | &nbsp;&nbsp; 15423 | &nbsp;&nbsp; 15337 |
| Pool # QF1849, 4.50%, 10/1/2052 | &nbsp;&nbsp; 11385 | &nbsp;&nbsp; 11301 |
| Pool # QF3378, 5.00%, 11/1/2052 | &nbsp;&nbsp; 11589 | &nbsp;&nbsp; 11779 |
| Pool # QF3433, 5.00%, 11/1/2052 | &nbsp;&nbsp; 15130 | &nbsp;&nbsp; 15408 |
| Pool # QF5369, 5.00%, 12/1/2052 | &nbsp;&nbsp; 15543 | &nbsp;&nbsp; 15838 |
| Pool # RA8766, 5.00%, 3/1/2053 | &nbsp;&nbsp; 31125 | &nbsp;&nbsp; 31523 |
| Pool # SL0784, 4.50%, 8/1/2053 | &nbsp;&nbsp; 25440 | &nbsp;&nbsp; 25448 |
| Pool # SL2912, 4.50%, 9/1/2053 | &nbsp;&nbsp; 1997 | &nbsp;&nbsp; 1986 |
| Pool # SL1956, 4.50%, 6/1/2054 | &nbsp;&nbsp; 37670 | &nbsp;&nbsp; 37519 |
| Pool # RJ1781, 6.00%, 6/1/2054 | &nbsp;&nbsp; 9336 | &nbsp;&nbsp; 9735 |
| Pool # RJ2912, 5.50%, 11/1/2054 | &nbsp;&nbsp; 28579 | &nbsp;&nbsp; 29350 |
| Pool # RJ2914, 5.50%, 11/1/2054 | &nbsp;&nbsp; 48936 | &nbsp;&nbsp; 50023 |
| Pool # SL1998, 4.00%, 1/1/2055 | &nbsp;&nbsp; 47128 | &nbsp;&nbsp; 46025 |
| FNMA  |  |  |
| Pool # 766610, ARM, 5.91%, 1/1/2034 (j) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Pool # 823660, ARM, 6.59%, 5/1/2035 (j) | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| Pool # 910181, ARM, 6.14%, 3/1/2037 (j) | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Pool # 888304, ARM, 6.04%, 4/1/2037 (j) | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Pool # 888750, ARM, 6.41%, 4/1/2037 (j) | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| Pool # 948208, ARM, 5.59%, 7/1/2037 (j) | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| FNMA UMBS, 15 Year Pool # CA4723, 3.50%, <br> 11/1/2034<br>| &nbsp;&nbsp; 3030 | &nbsp;&nbsp; 3006 |
| FNMA UMBS, 20 Year  |  |  |
| Pool # MA0602, 3.50%, 12/1/2030 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 43 |
| Pool # BM3254, 4.00%, 1/1/2038 | &nbsp;&nbsp; 3662 | &nbsp;&nbsp; 3648 |
| Pool # BM3566, 4.00%, 2/1/2038 | &nbsp;&nbsp; 3827 | &nbsp;&nbsp; 3828 |
| Pool # CA1234, 4.00%, 2/1/2038 | &nbsp;&nbsp; 1484 | &nbsp;&nbsp; 1476 |
| Pool # CA1238, 4.00%, 2/1/2038 | &nbsp;&nbsp; 1417 | &nbsp;&nbsp; 1411 |
| Pool # FS0795, 3.00%, 1/1/2042 | &nbsp;&nbsp; 9312 | &nbsp;&nbsp; 8797 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # 250854, 7.50%, 3/1/2027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # 251569, 7.00%, 3/1/2028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # 252570, 6.50%, 7/1/2029 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| Pool # 517679, 6.50%, 7/1/2029 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 15 |
| Pool # 323866, 6.50%, 8/1/2029 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| Pool # 995656, 7.00%, 6/1/2033 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 40 |
| Pool # AL6168, 5.00%, 9/1/2033 | &nbsp;&nbsp; 1866 | &nbsp;&nbsp; 1893 |
| Pool # 725229, 6.00%, 3/1/2034 | &nbsp;&nbsp; 292 | &nbsp;&nbsp; 305 |
| Pool # AA0918, 5.50%, 9/1/2034 | &nbsp;&nbsp; 61 | &nbsp;&nbsp; 63 |
| Pool # 735503, 6.00%, 4/1/2035 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 32 |
| Pool # 745948, 6.50%, 10/1/2036 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 85

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # AL0379, 8.00%, 12/1/2036 | &nbsp;&nbsp; 201 | &nbsp;&nbsp; 210 |
| Pool # 995149, 6.50%, 10/1/2038 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 17 |
| Pool # 995504, 7.50%, 11/1/2038 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 27 |
| Pool # AC3237, 5.00%, 10/1/2039 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 216 |
| Pool # AC4467, 4.50%, 12/1/2039 | &nbsp;&nbsp; 360 | &nbsp;&nbsp; 365 |
| Pool # AE1526, 4.50%, 9/1/2040 | &nbsp;&nbsp; 607 | &nbsp;&nbsp; 615 |
| Pool # AE3095, 4.50%, 9/1/2040 | &nbsp;&nbsp; 390 | &nbsp;&nbsp; 395 |
| Pool # AE0681, 4.50%, 12/1/2040 | &nbsp;&nbsp; 1577 | &nbsp;&nbsp; 1598 |
| Pool # AL0038, 5.00%, 2/1/2041 | &nbsp;&nbsp; 1737 | &nbsp;&nbsp; 1789 |
| Pool # AX5292, 5.00%, 1/1/2042 | &nbsp;&nbsp; 7531 | &nbsp;&nbsp; 7755 |
| Pool # BM1065, 5.50%, 2/1/2042 | &nbsp;&nbsp; 2745 | &nbsp;&nbsp; 2868 |
| Pool # AL2059, 4.00%, 6/1/2042 | &nbsp;&nbsp; 5649 | &nbsp;&nbsp; 5632 |
| Pool # AB7575, 3.00%, 1/1/2043 | &nbsp;&nbsp; 1362 | &nbsp;&nbsp; 1284 |
| Pool # AR6380, 3.00%, 2/1/2043 | &nbsp;&nbsp; 1833 | &nbsp;&nbsp; 1729 |
| Pool # 890564, 3.00%, 6/1/2043 | &nbsp;&nbsp; 2354 | &nbsp;&nbsp; 2219 |
| Pool # AT5907, 4.00%, 6/1/2043 | &nbsp;&nbsp; 3243 | &nbsp;&nbsp; 3229 |
| Pool # AS0214, 3.50%, 8/1/2043 | &nbsp;&nbsp; 3928 | &nbsp;&nbsp; 3817 |
| Pool # AL6848, 5.00%, 6/1/2044 | &nbsp;&nbsp; 688 | &nbsp;&nbsp; 709 |
| Pool # BA2343, 4.00%, 9/1/2045 | &nbsp;&nbsp; 1882 | &nbsp;&nbsp; 1862 |
| Pool # BE5080, 3.50%, 4/1/2046 | &nbsp;&nbsp; 4050 | &nbsp;&nbsp; 3876 |
| Pool # BA1210, 3.50%, 5/1/2046 | &nbsp;&nbsp; 528 | &nbsp;&nbsp; 506 |
| Pool # BA7485, 3.50%, 6/1/2046 | &nbsp;&nbsp; 497 | &nbsp;&nbsp; 477 |
| Pool # BC2969, 3.50%, 6/1/2046 | &nbsp;&nbsp; 396 | &nbsp;&nbsp; 380 |
| Pool # BD1371, 3.50%, 6/1/2046 | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 158 |
| Pool # BA7492, 4.00%, 6/1/2046 | &nbsp;&nbsp; 553 | &nbsp;&nbsp; 547 |
| Pool # BC9368, 4.00%, 6/1/2046 | &nbsp;&nbsp; 2272 | &nbsp;&nbsp; 2239 |
| Pool # BD1372, 4.00%, 6/1/2046 | &nbsp;&nbsp; 750 | &nbsp;&nbsp; 740 |
| Pool # BD2956, 3.50%, 7/1/2046 | &nbsp;&nbsp; 3992 | &nbsp;&nbsp; 3833 |
| Pool # BD5456, 3.50%, 8/1/2046 | &nbsp;&nbsp; 1371 | &nbsp;&nbsp; 1316 |
| Pool # BM1169, 4.00%, 9/1/2046 | &nbsp;&nbsp; 6229 | &nbsp;&nbsp; 6194 |
| Pool # BE0280, 3.50%, 10/1/2046 | &nbsp;&nbsp; 1356 | &nbsp;&nbsp; 1304 |
| Pool # AS8335, 4.50%, 11/1/2046 | &nbsp;&nbsp; 3402 | &nbsp;&nbsp; 3436 |
| Pool # FS0976, 2.50%, 3/1/2047 | &nbsp;&nbsp; 5223 | &nbsp;&nbsp; 4614 |
| Pool # BM1906, 4.00%, 5/1/2047 | &nbsp;&nbsp; 3657 | &nbsp;&nbsp; 3622 |
| Pool # AS9811, 5.00%, 6/1/2047 | &nbsp;&nbsp; 1108 | &nbsp;&nbsp; 1135 |
| Pool # BH7565, 4.00%, 8/1/2047 | &nbsp;&nbsp; 7734 | &nbsp;&nbsp; 7626 |
| Pool # BM3500, 4.00%, 9/1/2047 | &nbsp;&nbsp; 3071 | &nbsp;&nbsp; 3081 |
| Pool # CA0346, 4.50%, 9/1/2047 | &nbsp;&nbsp; 4349 | &nbsp;&nbsp; 4386 |
| Pool # BH6687, 4.00%, 11/1/2047 | &nbsp;&nbsp; 940 | &nbsp;&nbsp; 927 |
| Pool # BM3044, 4.00%, 11/1/2047 | &nbsp;&nbsp; 2788 | &nbsp;&nbsp; 2749 |
| Pool # BE8347, 4.00%, 12/1/2047 | &nbsp;&nbsp; 484 | &nbsp;&nbsp; 478 |
| Pool # BJ5254, 4.00%, 12/1/2047 | &nbsp;&nbsp; 2120 | &nbsp;&nbsp; 2091 |
| Pool # BM3499, 4.00%, 12/1/2047 | &nbsp;&nbsp; 26943 | &nbsp;&nbsp; 26567 |
| Pool # BH6689, 4.00%, 1/1/2048 | &nbsp;&nbsp; 766 | &nbsp;&nbsp; 756 |
| Pool # BJ7311, 4.00%, 1/1/2048 | &nbsp;&nbsp; 12243 | &nbsp;&nbsp; 12075 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BJ8238, 4.00%, 1/1/2048 | &nbsp;&nbsp; 4282 | &nbsp;&nbsp; 4222 |
| Pool # BJ8265, 4.00%, 1/1/2048 | &nbsp;&nbsp; 2210 | &nbsp;&nbsp; 2178 |
| Pool # BK1008, 4.00%, 1/1/2048 | &nbsp;&nbsp; 914 | &nbsp;&nbsp; 901 |
| Pool # BJ4617, 4.00%, 2/1/2048 | &nbsp;&nbsp; 2617 | &nbsp;&nbsp; 2589 |
| Pool # BJ5772, 4.00%, 2/1/2048 | &nbsp;&nbsp; 2973 | &nbsp;&nbsp; 2916 |
| Pool # BK1581, 4.00%, 2/1/2048 | &nbsp;&nbsp; 494 | &nbsp;&nbsp; 487 |
| Pool # FM0035, 3.50%, 3/1/2048 | &nbsp;&nbsp; 4719 | &nbsp;&nbsp; 4524 |
| Pool # BJ5803, 4.00%, 3/1/2048 | &nbsp;&nbsp; 2227 | &nbsp;&nbsp; 2184 |
| Pool # BK1963, 4.00%, 3/1/2048 | &nbsp;&nbsp; 1925 | &nbsp;&nbsp; 1905 |
| Pool # BM3665, 4.00%, 3/1/2048 | &nbsp;&nbsp; 10892 | &nbsp;&nbsp; 10758 |
| Pool # BJ5789, 4.50%, 3/1/2048 | &nbsp;&nbsp; 852 | &nbsp;&nbsp; 849 |
| Pool # BE2789, 4.00%, 4/1/2048 | &nbsp;&nbsp; 802 | &nbsp;&nbsp; 787 |
| Pool # CA1710, 4.50%, 5/1/2048 | &nbsp;&nbsp; 2093 | &nbsp;&nbsp; 2104 |
| Pool # BK5943, 5.00%, 6/1/2048 | &nbsp;&nbsp; 585 | &nbsp;&nbsp; 604 |
| Pool # BK4130, 4.50%, 7/1/2048 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 44 |
| Pool # BK6562, 4.50%, 7/1/2048 | &nbsp;&nbsp; 976 | &nbsp;&nbsp; 977 |
| Pool # BK6589, 4.50%, 7/1/2048 | &nbsp;&nbsp; 874 | &nbsp;&nbsp; 874 |
| Pool # BN0133, 4.00%, 8/1/2048 | &nbsp;&nbsp; 1124 | &nbsp;&nbsp; 1108 |
| Pool # BK9292, 5.00%, 8/1/2048 | &nbsp;&nbsp; 2098 | &nbsp;&nbsp; 2167 |
| Pool # CA4662, 3.50%, 9/1/2048 | &nbsp;&nbsp; 4395 | &nbsp;&nbsp; 4180 |
| Pool # BN1312, 4.00%, 9/1/2048 | &nbsp;&nbsp; 5089 | &nbsp;&nbsp; 5017 |
| Pool # 890863, 5.00%, 9/1/2048 | &nbsp;&nbsp; 10506 | &nbsp;&nbsp; 11087 |
| Pool # BN0234, 5.00%, 9/1/2048 | &nbsp;&nbsp; 1048 | &nbsp;&nbsp; 1082 |
| Pool # MA3496, 4.50%, 10/1/2048 | &nbsp;&nbsp; 1359 | &nbsp;&nbsp; 1365 |
| Pool # BN0861, 5.00%, 10/1/2048 | &nbsp;&nbsp; 757 | &nbsp;&nbsp; 773 |
| Pool # BK9556, 4.00%, 12/1/2048 | &nbsp;&nbsp; 2140 | &nbsp;&nbsp; 2109 |
| Pool # BK1176, 5.00%, 1/1/2049 | &nbsp;&nbsp; 1290 | &nbsp;&nbsp; 1317 |
| Pool # BK8748, 4.50%, 5/1/2049 | &nbsp;&nbsp; 3549 | &nbsp;&nbsp; 3545 |
| Pool # BO2428, 3.50%, 7/1/2049 | &nbsp;&nbsp; 2359 | &nbsp;&nbsp; 2247 |
| Pool # BO0592, 4.00%, 7/1/2049 | &nbsp;&nbsp; 515 | &nbsp;&nbsp; 507 |
| Pool # CA5702, 2.50%, 5/1/2050 | &nbsp;&nbsp; 19784 | &nbsp;&nbsp; 17460 |
| Pool # BP6439, 2.50%, 7/1/2050 | &nbsp;&nbsp; 36941 | &nbsp;&nbsp; 32084 |
| Pool # CA6361, 2.50%, 7/1/2050 | &nbsp;&nbsp; 19066 | &nbsp;&nbsp; 16877 |
| Pool # CA6708, 2.50%, 8/1/2050 | &nbsp;&nbsp; 11459 | &nbsp;&nbsp; 10164 |
| Pool # CA6989, 2.50%, 9/1/2050 | &nbsp;&nbsp; 22550 | &nbsp;&nbsp; 19948 |
| Pool # CA7528, 2.50%, 10/1/2050 | &nbsp;&nbsp; 83147 | &nbsp;&nbsp; 72316 |
| Pool # FM5179, 2.00%, 12/1/2050 | &nbsp;&nbsp; 20904 | &nbsp;&nbsp; 17580 |
| Pool # FM5173, 2.50%, 12/1/2050 | &nbsp;&nbsp; 20511 | &nbsp;&nbsp; 18105 |
| Pool # CA8862, 2.50%, 1/1/2051 | &nbsp;&nbsp; 19527 | &nbsp;&nbsp; 17266 |
| Pool # FM5778, 2.50%, 2/1/2051 | &nbsp;&nbsp; 21452 | &nbsp;&nbsp; 18946 |
| Pool # BR6358, 2.00%, 3/1/2051 | &nbsp;&nbsp; 8023 | &nbsp;&nbsp; 6714 |
| Pool # BR4928, 2.00%, 4/1/2051 | &nbsp;&nbsp; 74541 | &nbsp;&nbsp; 62230 |
| Pool # CB0189, 3.00%, 4/1/2051 | &nbsp;&nbsp; 4896 | &nbsp;&nbsp; 4485 |
| Pool # CB0458, 2.50%, 5/1/2051 | &nbsp;&nbsp; 28221 | &nbsp;&nbsp; 24698 |
| Pool # CB0674, 2.50%, 5/1/2051 | &nbsp;&nbsp; 18546 | &nbsp;&nbsp; 16290 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # FM7957, 2.50%, 7/1/2051 | &nbsp;&nbsp; 10366 | &nbsp;&nbsp; 9144 |
| Pool # FS3615, 2.50%, 7/1/2051 | &nbsp;&nbsp; 7770 | &nbsp;&nbsp; 6829 |
| Pool # FM8336, 2.50%, 8/1/2051 | &nbsp;&nbsp; 16568 | &nbsp;&nbsp; 14646 |
| Pool # BT7165, 3.00%, 8/1/2051 | &nbsp;&nbsp; 5182 | &nbsp;&nbsp; 4728 |
| Pool # BT7188, 3.00%, 8/1/2051 | &nbsp;&nbsp; 6902 | &nbsp;&nbsp; 6293 |
| Pool # CB1411, 3.00%, 8/1/2051 | &nbsp;&nbsp; 20288 | &nbsp;&nbsp; 18512 |
| Pool # BT4392, 2.50%, 9/1/2051 | &nbsp;&nbsp; 18148 | &nbsp;&nbsp; 15819 |
| Pool # CB1814, 2.50%, 9/1/2051 | &nbsp;&nbsp; 15243 | &nbsp;&nbsp; 13314 |
| Pool # CB1789, 2.50%, 10/1/2051 | &nbsp;&nbsp; 30202 | &nbsp;&nbsp; 26588 |
| Pool # CB1901, 2.50%, 10/1/2051 | &nbsp;&nbsp; 16814 | &nbsp;&nbsp; 14961 |
| Pool # FA2073, 2.50%, 10/1/2051 | &nbsp;&nbsp; 3849 | &nbsp;&nbsp; 3381 |
| Pool # FM9195, 2.50%, 10/1/2051 | &nbsp;&nbsp; 9610 | &nbsp;&nbsp; 8476 |
| Pool # FM9198, 2.50%, 11/1/2051 | &nbsp;&nbsp; 10416 | &nbsp;&nbsp; 9213 |
| Pool # CB2093, 3.00%, 11/1/2051 | &nbsp;&nbsp; 42617 | &nbsp;&nbsp; 38886 |
| Pool # CB2376, 2.50%, 12/1/2051 | &nbsp;&nbsp; 16051 | &nbsp;&nbsp; 14147 |
| Pool # CB2410, 2.50%, 12/1/2051 | &nbsp;&nbsp; 7627 | &nbsp;&nbsp; 6658 |
| Pool # CB2411, 2.50%, 12/1/2051 | &nbsp;&nbsp; 14437 | &nbsp;&nbsp; 12601 |
| Pool # FS2559, 3.00%, 12/1/2051 | &nbsp;&nbsp; 6287 | &nbsp;&nbsp; 5737 |
| Pool # FS4108, 4.00%, 12/1/2051 | &nbsp;&nbsp; 7842 | &nbsp;&nbsp; 7668 |
| Pool # CB2637, 2.50%, 1/1/2052 | &nbsp;&nbsp; 23917 | &nbsp;&nbsp; 21109 |
| Pool # FS8807, 3.00%, 1/1/2052 | &nbsp;&nbsp; 17179 | &nbsp;&nbsp; 15717 |
| Pool # FS7409, 2.00%, 2/1/2052 | &nbsp;&nbsp; 39489 | &nbsp;&nbsp; 33349 |
| Pool # BU1322, 2.50%, 2/1/2052 | &nbsp;&nbsp; 10568 | &nbsp;&nbsp; 9328 |
| Pool # BV2784, 2.50%, 2/1/2052 | &nbsp;&nbsp; 14672 | &nbsp;&nbsp; 12788 |
| Pool # CB2750, 2.50%, 2/1/2052 | &nbsp;&nbsp; 19975 | &nbsp;&nbsp; 17459 |
| Pool # CB2869, 2.50%, 2/1/2052 | &nbsp;&nbsp; 29522 | &nbsp;&nbsp; 25922 |
| Pool # FS5670, 2.50%, 2/1/2052 | &nbsp;&nbsp; 11535 | &nbsp;&nbsp; 10134 |
| Pool # FS5986, 2.50%, 2/1/2052 | &nbsp;&nbsp; 8162 | &nbsp;&nbsp; 7198 |
| Pool # MA4548, 2.50%, 2/1/2052 | &nbsp;&nbsp; 80866 | &nbsp;&nbsp; 70530 |
| Pool # CB3031, 2.50%, 3/1/2052 | &nbsp;&nbsp; 35544 | &nbsp;&nbsp; 31001 |
| Pool # FS4533, 2.50%, 3/1/2052 | &nbsp;&nbsp; 6492 | &nbsp;&nbsp; 5705 |
| Pool # FS7150, 2.50%, 3/1/2052 | &nbsp;&nbsp; 47668 | &nbsp;&nbsp; 41871 |
| Pool # FS0957, 3.00%, 3/1/2052 | &nbsp;&nbsp; 22267 | &nbsp;&nbsp; 20183 |
| Pool # FS1954, 3.00%, 3/1/2052 | &nbsp;&nbsp; 21842 | &nbsp;&nbsp; 20183 |
| Pool # FS7410, 2.00%, 4/1/2052 | &nbsp;&nbsp; 47008 | &nbsp;&nbsp; 39451 |
| Pool # BV5360, 2.50%, 4/1/2052 | &nbsp;&nbsp; 30597 | &nbsp;&nbsp; 26667 |
| Pool # FS5499, 2.50%, 4/1/2052 | &nbsp;&nbsp; 18062 | &nbsp;&nbsp; 15930 |
| Pool # FS1538, 3.00%, 4/1/2052 | &nbsp;&nbsp; 58154 | &nbsp;&nbsp; 53133 |
| Pool # CB3369, 3.50%, 4/1/2052 | &nbsp;&nbsp; 17954 | &nbsp;&nbsp; 16942 |
| Pool # FS2707, 3.50%, 4/1/2052 | &nbsp;&nbsp; 15049 | &nbsp;&nbsp; 14292 |
| Pool # CB3378, 4.00%, 4/1/2052 | &nbsp;&nbsp; 10329 | &nbsp;&nbsp; 10081 |
| Pool # FS1255, 4.00%, 4/1/2052 | &nbsp;&nbsp; 6903 | &nbsp;&nbsp; 6832 |
| Pool # CB3608, 3.50%, 5/1/2052 | &nbsp;&nbsp; 76299 | &nbsp;&nbsp; 72113 |
| Pool # CB3677, 4.00%, 5/1/2052 | &nbsp;&nbsp; 22839 | &nbsp;&nbsp; 22293 |
| Pool # FS4195, 3.00%, 6/1/2052 | &nbsp;&nbsp; 37092 | &nbsp;&nbsp; 33844 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # FS3577, 3.00%, 7/1/2052 | &nbsp;&nbsp; 22367 | &nbsp;&nbsp; 20456 |
| Pool # CB4128, 4.50%, 7/1/2052 | &nbsp;&nbsp; 1876 | &nbsp;&nbsp; 1874 |
| Pool # FS2588, 4.50%, 8/1/2052 | &nbsp;&nbsp; 39916 | &nbsp;&nbsp; 39694 |
| Pool # FS3536, 4.50%, 8/1/2052 | &nbsp;&nbsp; 17032 | &nbsp;&nbsp; 16991 |
| Pool # FA0839, 2.50%, 9/1/2052 | &nbsp;&nbsp; 15337 | &nbsp;&nbsp; 13408 |
| Pool # FS3829, 4.50%, 9/1/2052 | &nbsp;&nbsp; 5175 | &nbsp;&nbsp; 5146 |
| Pool # CB4624, 5.00%, 9/1/2052 | &nbsp;&nbsp; 19335 | &nbsp;&nbsp; 19546 |
| Pool # CB4628, 5.00%, 9/1/2052 | &nbsp;&nbsp; 31026 | &nbsp;&nbsp; 31416 |
| Pool # FS2982, 5.00%, 9/1/2052 | &nbsp;&nbsp; 14660 | &nbsp;&nbsp; 14826 |
| Pool # BX0098, 5.00%, 10/1/2052 | &nbsp;&nbsp; 11154 | &nbsp;&nbsp; 11337 |
| Pool # FS3457, 4.50%, 11/1/2052 | &nbsp;&nbsp; 23026 | &nbsp;&nbsp; 22929 |
| Pool # BW1328, 5.00%, 11/1/2052 | &nbsp;&nbsp; 39669 | &nbsp;&nbsp; 40049 |
| Pool # FS3428, 4.00%, 12/1/2052 | &nbsp;&nbsp; 21234 | &nbsp;&nbsp; 20816 |
| Pool # CB5907, 5.50%, 3/1/2053 | &nbsp;&nbsp; 15227 | &nbsp;&nbsp; 15592 |
| Pool # FS5296, 4.50%, 5/1/2053 | &nbsp;&nbsp; 10729 | &nbsp;&nbsp; 10649 |
| Pool # CB6314, 5.00%, 5/1/2053 | &nbsp;&nbsp; 13994 | &nbsp;&nbsp; 14148 |
| Pool # BY4714, 5.00%, 6/1/2053 | &nbsp;&nbsp; 46945 | &nbsp;&nbsp; 47318 |
| Pool # BY4776, 5.00%, 7/1/2053 | &nbsp;&nbsp; 40252 | &nbsp;&nbsp; 40471 |
| Pool # BY7130, 6.00%, 9/1/2053 | &nbsp;&nbsp; 17439 | &nbsp;&nbsp; 18133 |
| Pool # BY9849, 6.00%, 10/1/2053 | &nbsp;&nbsp; 10498 | &nbsp;&nbsp; 10916 |
| Pool # FA1854, 4.50%, 9/1/2054 | &nbsp;&nbsp; 7508 | &nbsp;&nbsp; 7476 |
| Pool # FA0229, 4.00%, 12/1/2054 | &nbsp;&nbsp; 55159 | &nbsp;&nbsp; 53731 |
| Pool # CC0876, 6.00%, 8/1/2055 | &nbsp;&nbsp; 43044 | &nbsp;&nbsp; 44643 |
| FNMA, 30 Year Pool # CA2171, 4.00%, <br> 8/1/2048<br>| &nbsp;&nbsp; 8601 | &nbsp;&nbsp; 8367 |
| FNMA, Other  |  |  |
| Pool # AN1222, 2.78%, 4/1/2026 | &nbsp;&nbsp; 6795 | &nbsp;&nbsp; 6771 |
| Pool # AN1503, 2.62%, 5/1/2026 | &nbsp;&nbsp; 4727 | &nbsp;&nbsp; 4705 |
| Pool # AN1221, 2.81%, 5/1/2026 | &nbsp;&nbsp; 3883 | &nbsp;&nbsp; 3866 |
| Pool # AN1497, 2.61%, 6/1/2026 | &nbsp;&nbsp; 9826 | &nbsp;&nbsp; 9772 |
| Pool # AN2689, 2.20%, 10/1/2026 | &nbsp;&nbsp; 5394 | &nbsp;&nbsp; 5329 |
| Pool # AL6937, 3.53%, 12/1/2026 (j) | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 |
| Pool # AN4917, 3.13%, 3/1/2027 | &nbsp;&nbsp; 12200 | &nbsp;&nbsp; 12115 |
| Pool # BL3525, 2.60%, 9/1/2027 | &nbsp;&nbsp; 10157 | &nbsp;&nbsp; 9969 |
| Pool # BL0497, 3.84%, 10/1/2027 | &nbsp;&nbsp; 4347 | &nbsp;&nbsp; 4349 |
| Pool # AN1449, 2.97%, 4/1/2028 | &nbsp;&nbsp; 5688 | &nbsp;&nbsp; 5610 |
| Pool # AN2005, 2.73%, 7/1/2028 | &nbsp;&nbsp; 9202 | &nbsp;&nbsp; 9003 |
| Pool # 387807, 3.55%, 8/1/2028 | &nbsp;&nbsp; 6842 | &nbsp;&nbsp; 6827 |
| Pool # AN3685, 2.69%, 12/1/2028 | &nbsp;&nbsp; 14598 | &nbsp;&nbsp; 14238 |
| Pool # AN4004, 3.27%, 12/1/2028 | &nbsp;&nbsp; 7854 | &nbsp;&nbsp; 7778 |
| Pool # BL1040, 3.81%, 12/1/2028 | &nbsp;&nbsp; 15532 | &nbsp;&nbsp; 15576 |
| Pool # BL0907, 3.88%, 12/1/2028 | &nbsp;&nbsp; 281 | &nbsp;&nbsp; 281 |
| Pool # AN4154, 3.17%, 1/1/2029 | &nbsp;&nbsp; 16343 | &nbsp;&nbsp; 16082 |
| Pool # AN4349, 3.35%, 1/1/2029 | &nbsp;&nbsp; 7932 | &nbsp;&nbsp; 7795 |
| Pool # AN1872, 2.90%, 5/1/2029 | &nbsp;&nbsp; 3215 | &nbsp;&nbsp; 3138 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 87

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BL3509, 2.66%, 8/1/2029 | &nbsp;&nbsp; 21159 | &nbsp;&nbsp; 20462 |
| Pool # BL3491, 2.84%, 8/1/2029 | &nbsp;&nbsp; 15435 | &nbsp;&nbsp; 15007 |
| Pool # BS6621, 3.50%, 9/1/2029 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 9921 |
| Pool # BS5424, 3.42%, 5/1/2030 | &nbsp;&nbsp; 12439 | &nbsp;&nbsp; 12267 |
| Pool # BS5172, 2.59%, 9/1/2030 | &nbsp;&nbsp; 9031 | &nbsp;&nbsp; 8597 |
| Pool # AN9293, 3.71%, 9/1/2030 | &nbsp;&nbsp; 24332 | &nbsp;&nbsp; 24222 |
| Pool # BS5171, 2.51%, 10/1/2030 | &nbsp;&nbsp; 24458 | &nbsp;&nbsp; 23162 |
| Pool # AN2308, 2.87%, 8/1/2031 | &nbsp;&nbsp; 7108 | &nbsp;&nbsp; 6805 |
| Pool # AN2625, 2.50%, 10/1/2031 | &nbsp;&nbsp; 10548 | &nbsp;&nbsp; 9873 |
| Pool # BS3695, 1.67%, 11/1/2031 | &nbsp;&nbsp; 24318 | &nbsp;&nbsp; 21571 |
| Pool # BL3368, 2.84%, 11/1/2031 | &nbsp;&nbsp; 4344 | &nbsp;&nbsp; 4107 |
| Pool # BZ2211, 3.90%, 11/1/2031 | &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 19982 |
| Pool # BM6857, 1.83%, 12/1/2031 (j) | &nbsp;&nbsp; 34569 | &nbsp;&nbsp; 31001 |
| Pool # BS4644, 1.99%, 1/1/2032 | &nbsp;&nbsp; 11267 | &nbsp;&nbsp; 10259 |
| Pool # BS4654, 2.39%, 3/1/2032 | &nbsp;&nbsp; 7264 | &nbsp;&nbsp; 6725 |
| Pool # BL6367, 1.82%, 4/1/2032 | &nbsp;&nbsp; 33033 | &nbsp;&nbsp; 29463 |
| Pool # BL6302, 2.07%, 5/1/2032 | &nbsp;&nbsp; 14715 | &nbsp;&nbsp; 13135 |
| Pool # BS5332, 3.09%, 5/1/2032 | &nbsp;&nbsp; 6067 | &nbsp;&nbsp; 5783 |
| Pool # BS5452, 3.09%, 5/1/2032 | &nbsp;&nbsp; 23025 | &nbsp;&nbsp; 21862 |
| Pool # BS5500, 3.13%, 5/1/2032 | &nbsp;&nbsp; 11164 | &nbsp;&nbsp; 10665 |
| Pool # BS5440, 3.26%, 5/1/2032 | &nbsp;&nbsp; 14265 | &nbsp;&nbsp; 13725 |
| Pool # AO7654, 3.50%, 5/1/2032 | &nbsp;&nbsp; 614 | &nbsp;&nbsp; 604 |
| Pool # AO5230, 3.50%, 6/1/2032 | &nbsp;&nbsp; 304 | &nbsp;&nbsp; 300 |
| Pool # AO7057, 3.50%, 6/1/2032 | &nbsp;&nbsp; 307 | &nbsp;&nbsp; 302 |
| Pool # AO7746, 3.50%, 6/1/2032 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 73 |
| Pool # AO8038, 3.50%, 7/1/2032 | &nbsp;&nbsp; 620 | &nbsp;&nbsp; 609 |
| Pool # AP0645, 3.50%, 7/1/2032 | &nbsp;&nbsp; 711 | &nbsp;&nbsp; 704 |
| Pool # AP0682, 3.50%, 7/1/2032 | &nbsp;&nbsp; 753 | &nbsp;&nbsp; 741 |
| Pool # AP1314, 3.50%, 8/1/2032 | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 933 |
| Pool # BM6466, 1.33%, 10/1/2032 (j) | &nbsp;&nbsp; 61679 | &nbsp;&nbsp; 52653 |
| Pool # AQ1534, 3.50%, 10/1/2032 | &nbsp;&nbsp; 225 | &nbsp;&nbsp; 223 |
| Pool # BS8959, 4.73%, 10/1/2032 | &nbsp;&nbsp; 17812 | &nbsp;&nbsp; 18456 |
| Pool # BL8708, 1.40%, 11/1/2032 | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 6792 |
| Pool # BM6491, 1.46%, 11/1/2032 (j) | &nbsp;&nbsp; 65466 | &nbsp;&nbsp; 56330 |
| Pool # BM6492, 1.51%, 11/1/2032 (j) | &nbsp;&nbsp; 29098 | &nbsp;&nbsp; 25108 |
| Pool # AQ1607, 3.50%, 11/1/2032 | &nbsp;&nbsp; 190 | &nbsp;&nbsp; 188 |
| Pool # BS7320, 4.88%, 12/1/2032 | &nbsp;&nbsp; 7766 | &nbsp;&nbsp; 8137 |
| Pool # 650236, 5.00%, 12/1/2032 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| Pool # BM6552, 1.57%, 1/1/2033 (j) | &nbsp;&nbsp; 61457 | &nbsp;&nbsp; 53092 |
| Pool # BS7496, 4.33%, 1/1/2033 | &nbsp;&nbsp; 24245 | &nbsp;&nbsp; 24647 |
| Pool # BS7843, 3.90%, 2/1/2033 | &nbsp;&nbsp; 18570 | &nbsp;&nbsp; 18414 |
| Pool # AR7961, 3.50%, 3/1/2033 | &nbsp;&nbsp; 228 | &nbsp;&nbsp; 225 |
| Pool # BS1636, 2.25%, 4/1/2033 | &nbsp;&nbsp; 42227 | &nbsp;&nbsp; 38050 |
| Pool # BS7740, 4.11%, 4/1/2033 | &nbsp;&nbsp; 31064 | &nbsp;&nbsp; 31099 |
| Pool # BS8141, 4.48%, 4/1/2033 | &nbsp;&nbsp; 14803 | &nbsp;&nbsp; 15184 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BS8546, 4.37%, 5/1/2033 | &nbsp;&nbsp; 16163 | &nbsp;&nbsp; 16465 |
| Pool # BS9007, 4.32%, 7/1/2033 | &nbsp;&nbsp; 16791 | &nbsp;&nbsp; 17059 |
| Pool # BS9089, 4.51%, 7/1/2033 | &nbsp;&nbsp; 14561 | &nbsp;&nbsp; 14985 |
| Pool # BL3453, 3.16%, 8/1/2033 | &nbsp;&nbsp; 14260 | &nbsp;&nbsp; 13390 |
| Pool # BS9146, 4.35%, 8/1/2033 | &nbsp;&nbsp; 31048 | &nbsp;&nbsp; 31687 |
| Pool # BS3020, 1.96%, 9/1/2033 | &nbsp;&nbsp; 8251 | &nbsp;&nbsp; 7086 |
| Pool # BS9471, 4.45%, 10/1/2033 | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10268 |
| Pool # BS9182, 4.52%, 10/1/2033 | &nbsp;&nbsp; 13955 | &nbsp;&nbsp; 14393 |
| Pool # BS4824, 2.50%, 2/1/2034 | &nbsp;&nbsp; 24628 | &nbsp;&nbsp; 21891 |
| Pool # BZ0430, 4.32%, 2/1/2034 | &nbsp;&nbsp; 23000 | &nbsp;&nbsp; 23335 |
| Pool # BZ0420, 4.60%, 2/1/2034 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 51491 |
| Pool # BZ0401, 4.52%, 3/1/2034 | &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 10754 |
| Pool # BS5184, 2.67%, 4/1/2034 | &nbsp;&nbsp; 19415 | &nbsp;&nbsp; 17457 |
| Pool # BS5271, 2.98%, 4/1/2034 | &nbsp;&nbsp; 1398 | &nbsp;&nbsp; 1304 |
| Pool # BS6427, 3.75%, 9/1/2034 | &nbsp;&nbsp; 12918 | &nbsp;&nbsp; 12506 |
| Pool # 886320, 6.50%, 7/1/2036 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| Pool # BS2829, 2.14%, 8/1/2036 | &nbsp;&nbsp; 11738 | &nbsp;&nbsp; 9889 |
| Pool # AO6757, 4.00%, 6/1/2042 | &nbsp;&nbsp; 1080 | &nbsp;&nbsp; 1068 |
| Pool # MA1125, 4.00%, 7/1/2042 | &nbsp;&nbsp; 722 | &nbsp;&nbsp; 716 |
| Pool # MA1213, 3.50%, 10/1/2042 | &nbsp;&nbsp; 3413 | &nbsp;&nbsp; 3286 |
| Pool # MA1283, 3.50%, 12/1/2042 | &nbsp;&nbsp; 531 | &nbsp;&nbsp; 512 |
| Pool # MA1328, 3.50%, 1/1/2043 | &nbsp;&nbsp; 1800 | &nbsp;&nbsp; 1733 |
| Pool # MA1404, 3.50%, 4/1/2043 | &nbsp;&nbsp; 973 | &nbsp;&nbsp; 936 |
| Pool # MA1462, 3.50%, 6/1/2043 | &nbsp;&nbsp; 483 | &nbsp;&nbsp; 469 |
| Pool # MA1463, 3.50%, 6/1/2043 | &nbsp;&nbsp; 1363 | &nbsp;&nbsp; 1313 |
| Pool # MA1510, 4.00%, 7/1/2043 | &nbsp;&nbsp; 1047 | &nbsp;&nbsp; 1042 |
| Pool # MA1546, 3.50%, 8/1/2043 | &nbsp;&nbsp; 2185 | &nbsp;&nbsp; 2104 |
| Pool # AU8840, 4.50%, 11/1/2043 | &nbsp;&nbsp; 538 | &nbsp;&nbsp; 544 |
| Pool # AV2613, 4.50%, 11/1/2043 | &nbsp;&nbsp; 1435 | &nbsp;&nbsp; 1452 |
| Pool # MA1711, 4.50%, 12/1/2043 | &nbsp;&nbsp; 1016 | &nbsp;&nbsp; 1028 |
| Pool # AL6167, 3.50%, 1/1/2044 | &nbsp;&nbsp; 7588 | &nbsp;&nbsp; 7306 |
| Pool # MA2346, 3.50%, 6/1/2045 | &nbsp;&nbsp; 224 | &nbsp;&nbsp; 216 |
| Pool # MA2462, 4.00%, 11/1/2045 | &nbsp;&nbsp; 1709 | &nbsp;&nbsp; 1692 |
| Pool # MA2482, 4.00%, 12/1/2045 | &nbsp;&nbsp; 1869 | &nbsp;&nbsp; 1850 |
| Pool # MA2519, 4.00%, 1/1/2046 | &nbsp;&nbsp; 1962 | &nbsp;&nbsp; 1942 |
| Pool # BC0784, 3.50%, 4/1/2046 | &nbsp;&nbsp; 145 | &nbsp;&nbsp; 140 |
| Pool # MA2593, 4.00%, 4/1/2046 | &nbsp;&nbsp; 4558 | &nbsp;&nbsp; 4511 |
| Pool # MA2631, 4.00%, 5/1/2046 | &nbsp;&nbsp; 4899 | &nbsp;&nbsp; 4861 |
| Pool # MA2658, 3.50%, 6/1/2046 | &nbsp;&nbsp; 1706 | &nbsp;&nbsp; 1642 |
| Pool # MA2690, 3.50%, 7/1/2046 | &nbsp;&nbsp; 3310 | &nbsp;&nbsp; 3187 |
| Pool # BF0533, 2.50%, 11/1/2050 | &nbsp;&nbsp; 15549 | &nbsp;&nbsp; 13793 |
| Pool # BF0090, 3.50%, 5/1/2056 | &nbsp;&nbsp; 16830 | &nbsp;&nbsp; 15817 |
| Pool # BF0131, 3.50%, 8/1/2056 | &nbsp;&nbsp; 23362 | &nbsp;&nbsp; 21971 |
| Pool # BM6734, 4.00%, 8/1/2059 | &nbsp;&nbsp; 9366 | &nbsp;&nbsp; 9085 |
| Pool # BF0440, 3.00%, 1/1/2060 | &nbsp;&nbsp; 25461 | &nbsp;&nbsp; 22868 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BM7075, 3.00%, 3/1/2061 | &nbsp;&nbsp; 9675 | &nbsp;&nbsp; 8587 |
| Pool # BF0584, 4.50%, 12/1/2061 | &nbsp;&nbsp; 6192 | &nbsp;&nbsp; 6148 |
| Pool # BF0617, 2.50%, 3/1/2062 | &nbsp;&nbsp; 31784 | &nbsp;&nbsp; 26852 |
| Pool # BF0674, 2.50%, 4/1/2062 | &nbsp;&nbsp; 29368 | &nbsp;&nbsp; 24811 |
| Pool # BF0759, 2.50%, 5/1/2062 | &nbsp;&nbsp; 44122 | &nbsp;&nbsp; 37275 |
| Pool # BF0673, 2.50%, 6/1/2062 | &nbsp;&nbsp; 15559 | &nbsp;&nbsp; 13144 |
| Pool # BF0654, 3.00%, 6/1/2062 | &nbsp;&nbsp; 19114 | &nbsp;&nbsp; 16894 |
| Pool # BF0655, 3.50%, 6/1/2062 | &nbsp;&nbsp; 14764 | &nbsp;&nbsp; 13682 |
| Pool # BF0677, 4.00%, 9/1/2062 | &nbsp;&nbsp; 39301 | &nbsp;&nbsp; 37740 |
| Pool # BF0694, 2.50%, 12/1/2062 | &nbsp;&nbsp; 23740 | &nbsp;&nbsp; 20574 |
| Pool # BF0700, 2.50%, 12/1/2062 | &nbsp;&nbsp; 20381 | &nbsp;&nbsp; 17218 |
| Pool # BF0732, 2.50%, 6/1/2063 | &nbsp;&nbsp; 12875 | &nbsp;&nbsp; 10973 |
| Pool # BF0733, 3.00%, 6/1/2063 | &nbsp;&nbsp; 49253 | &nbsp;&nbsp; 43532 |
| Pool # BF0736, 4.00%, 6/1/2063 | &nbsp;&nbsp; 51384 | &nbsp;&nbsp; 49343 |
| Pool # BF0770, 4.50%, 9/1/2063 | &nbsp;&nbsp; 18021 | &nbsp;&nbsp; 17826 |
| Pool # BF0809, 4.00%, 4/1/2064 | &nbsp;&nbsp; 13387 | &nbsp;&nbsp; 12972 |
| Pool # BF0810, 4.50%, 4/1/2064 | &nbsp;&nbsp; 20900 | &nbsp;&nbsp; 20751 |
| Pool # BF0812, 4.50%, 4/1/2064 | &nbsp;&nbsp; 17516 | &nbsp;&nbsp; 17326 |
| FNMA/FHLMC UMBS, Single Family, 30 Year <br> TBA, 4.50%, 3/25/2056 (c)<br>| &nbsp;&nbsp; 59355 | &nbsp;&nbsp; 58693 |
| GNMA I, 30 Year  |  |  |
| Pool # 780481, 7.00%, 12/15/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # 460982, 7.00%, 11/15/2027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # 460759, 6.50%, 2/15/2028 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Pool # 781118, 6.50%, 10/15/2029 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 6 |
| Pool # 783867, 6.00%, 8/15/2036 | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; 1125 |
| Pool # AS4934, 4.50%, 5/15/2046 | &nbsp;&nbsp; 351 | &nbsp;&nbsp; 352 |
| Pool # AT7538, 4.00%, 7/15/2046 | &nbsp;&nbsp; 2914 | &nbsp;&nbsp; 2839 |
| Pool # AT7652, 4.00%, 8/15/2046 | &nbsp;&nbsp; 1814 | &nbsp;&nbsp; 1766 |
| Pool # BM1819, 5.00%, 4/15/2049 | &nbsp;&nbsp; 2120 | &nbsp;&nbsp; 2193 |
| GNMA II  |  |  |
| Pool # CK2783, ARM, 5.21%, <br> 2/20/2072 (j)<br>| &nbsp;&nbsp; 34388 | &nbsp;&nbsp; 36003 |
| Pool # CL4592, ARM, 5.08%, <br> 3/20/2072 (j)<br>| &nbsp;&nbsp; 18107 | &nbsp;&nbsp; 18879 |
| Pool # CK2802, ARM, 5.17%, <br> 3/20/2072 (j)<br>| &nbsp;&nbsp; 18744 | &nbsp;&nbsp; 19614 |
| Pool # CK2795, ARM, 5.20%, <br> 3/20/2072 (j)<br>| &nbsp;&nbsp; 43438 | &nbsp;&nbsp; 45497 |
| Pool # CM9946, ARM, 5.20%, <br> 3/20/2072 (j)<br>| &nbsp;&nbsp; 11508 | &nbsp;&nbsp; 12053 |
| Pool # CM9934, ARM, 5.23%, <br> 3/20/2072 (j)<br>| &nbsp;&nbsp; 12690 | &nbsp;&nbsp; 13284 |
| Pool # CK2792, ARM, 5.26%, <br> 3/20/2072 (j)<br>| &nbsp;&nbsp; 28963 | &nbsp;&nbsp; 30442 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # CL8122, ARM, 5.26%, <br> 3/20/2072 (j)<br>| &nbsp;&nbsp; 31552 | &nbsp;&nbsp; 33174 |
| Pool # CK2804, ARM, 5.16%, <br> 4/20/2072 (j)<br>| &nbsp;&nbsp; 31696 | &nbsp;&nbsp; 33174 |
| Pool # BL8377, ARM, 5.25%, <br> 4/20/2072 (j)<br>| &nbsp;&nbsp; 19365 | &nbsp;&nbsp; 20389 |
| GNMA II, 30 Year  |  |  |
| Pool # 2270, 8.00%, 8/20/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # 2285, 8.00%, 9/20/2026 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # 2379, 8.00%, 2/20/2027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # 2397, 8.00%, 3/20/2027 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # 2445, 8.00%, 6/20/2027 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Pool # 2457, 7.50%, 7/20/2027 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Pool # 2538, 8.00%, 1/20/2028 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Pool # 2714, 6.50%, 2/20/2029 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Pool # 4901, 8.00%, 9/20/2031 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; 95 |
| Pool # 5020, 7.50%, 5/20/2032 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| Pool # 738210, 7.00%, 6/20/2032 | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 84 |
| Pool # 738062, 6.00%, 11/20/2032 | &nbsp;&nbsp; 115 | &nbsp;&nbsp; 117 |
| Pool # 738059, 6.00%, 10/20/2033 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 83 |
| Pool # 738049, 6.00%, 3/20/2035 | &nbsp;&nbsp; 87 | &nbsp;&nbsp; 91 |
| Pool # 737987, 6.00%, 4/20/2036 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 8 |
| Pool # 737975, 6.00%, 9/20/2036 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Pool # 5034, 7.00%, 8/20/2038 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| Pool # 4245, 6.00%, 9/20/2038 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 36 |
| Pool # 4930, 7.00%, 10/20/2038 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 102 |
| Pool # 4964, 7.00%, 12/20/2038 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| Pool # 4872, 7.00%, 1/20/2039 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 87 |
| Pool # 5072, 6.50%, 10/20/2039 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 36 |
| Pool # 5218, 6.50%, 10/20/2039 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 83 |
| Pool # AS8103, 3.50%, 6/20/2046 | &nbsp;&nbsp; 1035 | &nbsp;&nbsp; 980 |
| Pool # AS8104, 3.75%, 6/20/2046 | &nbsp;&nbsp; 942 | &nbsp;&nbsp; 902 |
| Pool # AS8105, 4.00%, 6/20/2046 | &nbsp;&nbsp; 764 | &nbsp;&nbsp; 738 |
| Pool # AS8106, 3.50%, 7/20/2046 | &nbsp;&nbsp; 1402 | &nbsp;&nbsp; 1327 |
| Pool # AS8107, 3.75%, 7/20/2046 | &nbsp;&nbsp; 1706 | &nbsp;&nbsp; 1636 |
| Pool # AY0571, 4.50%, 11/20/2047 | &nbsp;&nbsp; 2894 | &nbsp;&nbsp; 2870 |
| Pool # BB8791, 4.00%, 12/20/2047 | &nbsp;&nbsp; 2983 | &nbsp;&nbsp; 2871 |
| Pool # BD6195, 4.00%, 1/20/2048 | &nbsp;&nbsp; 3006 | &nbsp;&nbsp; 2893 |
| Pool # BE9507, 4.50%, 3/20/2048 | &nbsp;&nbsp; 1588 | &nbsp;&nbsp; 1588 |
| Pool # BG2382, 4.50%, 3/20/2048 | &nbsp;&nbsp; 1189 | &nbsp;&nbsp; 1183 |
| Pool # BA7568, 4.50%, 4/20/2048 | &nbsp;&nbsp; 3898 | &nbsp;&nbsp; 3883 |
| Pool # BD0512, 5.00%, 4/20/2048 | &nbsp;&nbsp; 1237 | &nbsp;&nbsp; 1246 |
| Pool # BD0532, 5.00%, 6/20/2048 | &nbsp;&nbsp; 2621 | &nbsp;&nbsp; 2639 |
| Pool # BG3833, 4.50%, 7/20/2048 | &nbsp;&nbsp; 5808 | &nbsp;&nbsp; 5785 |
| Pool # BD0549, 5.00%, 8/20/2048 | &nbsp;&nbsp; 1849 | &nbsp;&nbsp; 1843 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 89

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # BH9109, 4.50%, 10/20/2048 | &nbsp;&nbsp; 3380 | &nbsp;&nbsp; 3351 |
| Pool # BJ7085, 5.00%, 12/20/2048 | &nbsp;&nbsp; 2229 | &nbsp;&nbsp; 2295 |
| Pool # BK7188, 4.50%, 2/20/2049 | &nbsp;&nbsp; 1698 | &nbsp;&nbsp; 1699 |
| Pool # BK7189, 5.00%, 2/20/2049 | &nbsp;&nbsp; 2033 | &nbsp;&nbsp; 2078 |
| Pool # BN2622, 4.00%, 6/20/2049 | &nbsp;&nbsp; 5631 | &nbsp;&nbsp; 5510 |
| Pool # BM9677, 4.50%, 6/20/2049 | &nbsp;&nbsp; 3259 | &nbsp;&nbsp; 3281 |
| Pool # BM9683, 5.00%, 6/20/2049 | &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3488 |
| Pool # BJ1310, 4.50%, 7/20/2049 | &nbsp;&nbsp; 3954 | &nbsp;&nbsp; 4027 |
| Pool # BO2717, 4.50%, 7/20/2049 | &nbsp;&nbsp; 4914 | &nbsp;&nbsp; 5056 |
| Pool # BO3146, 4.50%, 7/20/2049 | &nbsp;&nbsp; 2442 | &nbsp;&nbsp; 2457 |
| Pool # BO3147, 4.50%, 7/20/2049 | &nbsp;&nbsp; 2228 | &nbsp;&nbsp; 2218 |
| Pool # BO3157, 4.50%, 7/20/2049 | &nbsp;&nbsp; 2386 | &nbsp;&nbsp; 2406 |
| Pool # BO3158, 4.50%, 7/20/2049 | &nbsp;&nbsp; 1465 | &nbsp;&nbsp; 1473 |
| Pool # BO3159, 4.50%, 7/20/2049 | &nbsp;&nbsp; 635 | &nbsp;&nbsp; 628 |
| Pool # BM9690, 5.00%, 7/20/2049 | &nbsp;&nbsp; 844 | &nbsp;&nbsp; 867 |
| Pool # BM9701, 4.50%, 8/20/2049 | &nbsp;&nbsp; 7301 | &nbsp;&nbsp; 7221 |
| Pool # MA7534, 2.50%, 8/20/2051 | &nbsp;&nbsp; 26405 | &nbsp;&nbsp; 23316 |
| Pool # CH2866, 3.50%, 10/20/2051 | &nbsp;&nbsp; 13526 | &nbsp;&nbsp; 12922 |
| Pool # CH2907, 3.50%, 10/20/2051 | &nbsp;&nbsp; 8531 | &nbsp;&nbsp; 8150 |
| Pool # CH2908, 3.50%, 10/20/2051 | &nbsp;&nbsp; 3031 | &nbsp;&nbsp; 2872 |
| Pool # CH2964, 3.50%, 10/20/2051 | &nbsp;&nbsp; 7540 | &nbsp;&nbsp; 7240 |
| Pool # CJ3728, 3.50%, 11/20/2051 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 910 |
| Pool # 786362, 3.00%, 2/20/2052 | &nbsp;&nbsp; 9630 | &nbsp;&nbsp; 8713 |
| Pool # MA7883, 3.50%, 2/20/2052 | &nbsp;&nbsp; 6999 | &nbsp;&nbsp; 6630 |
| Pool # MA7936, 2.50%, 3/20/2052 | &nbsp;&nbsp; 76292 | &nbsp;&nbsp; 67368 |
| Pool # CL5064, 3.50%, 3/20/2052 | &nbsp;&nbsp; 12154 | &nbsp;&nbsp; 11415 |
| Pool # CM2176, 3.50%, 3/20/2052 | &nbsp;&nbsp; 4951 | &nbsp;&nbsp; 4740 |
| Pool # CL5137, 4.00%, 4/20/2052 | &nbsp;&nbsp; 7913 | &nbsp;&nbsp; 7654 |
| Pool # MA8097, 2.50%, 6/20/2052 | &nbsp;&nbsp; 6285 | &nbsp;&nbsp; 5550 |
| Pool # MA8148, 3.00%, 7/20/2052 | &nbsp;&nbsp; 65118 | &nbsp;&nbsp; 59836 |
| Pool # MA8196, 2.00%, 8/20/2052 | &nbsp;&nbsp; 17797 | &nbsp;&nbsp; 15100 |
| Pool # MA8200, 4.00%, 8/20/2052 | &nbsp;&nbsp; 21704 | &nbsp;&nbsp; 21062 |
| Pool # MA8796, 3.00%, 4/20/2053 | &nbsp;&nbsp; 15454 | &nbsp;&nbsp; 14293 |
| Pool # 786842, 4.00%, 4/20/2053 | &nbsp;&nbsp; 34781 | &nbsp;&nbsp; 33120 |
| Pool # CS4391, 5.50%, 7/20/2053 | &nbsp;&nbsp; 17500 | &nbsp;&nbsp; 17868 |
| Pool # MA9100, 2.50%, 8/20/2053 | &nbsp;&nbsp; 22857 | &nbsp;&nbsp; 20231 |
| Pool # MA9419, 3.50%, 1/20/2054 | &nbsp;&nbsp; 21184 | &nbsp;&nbsp; 20377 |
| Pool # DL3306, 6.50%, 8/20/2055 | &nbsp;&nbsp; 30715 | &nbsp;&nbsp; 32261 |
| GNMA II, Single Family, 30 Year  |  |  |
| TBA, 5.00%, 3/15/2056 (c) | &nbsp;&nbsp; 260500 | &nbsp;&nbsp; 261384 |
| TBA, 5.50%, 3/15/2056 (c) | &nbsp;&nbsp; 45000 | &nbsp;&nbsp; 45574 |
| Total Mortgage-Backed Securities <br>(Cost $5,531,426)<br>|  | &nbsp;&nbsp; 5611867 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — 12.2%** | **Asset-Backed Securities — 12.2%** | **Asset-Backed Securities — 12.2%** |
| ACC Trust |  |  |
| Series 2022-1, Class C, 3.24%, <br> 10/20/2025 (a)<br>| &nbsp;&nbsp; 7708 | &nbsp;&nbsp; 971 |
| Series 2021-1, Class D, 5.25%, <br> 3/22/2027 (a)<br>| &nbsp;&nbsp; 2629 | &nbsp;&nbsp; 302 |
| Accelerated Assets LLC Series 2018-1, Class C, <br> 6.65%, 12/2/2033 (a)<br>| &nbsp;&nbsp; 359 | &nbsp;&nbsp; 342 |
| Accelerated LLC |  |  |
| Series 2021-1H, Class D, 3.58%, <br> 10/20/2040 (a)<br>| &nbsp;&nbsp; 1978 | &nbsp;&nbsp; 1838 |
| Series 2024-1A, Class D, 7.85%, <br> 8/22/2044 (a)<br>| &nbsp;&nbsp; 8107 | &nbsp;&nbsp; 8194 |
| Air Canada Pass-Through Trust (Canada) |  |  |
| Series 2015-1, Class A, 3.60%, <br> 3/15/2027 (a)<br>| &nbsp;&nbsp; 2125 | &nbsp;&nbsp; 2104 |
| Series 2015-2, Class AA, 3.75%, <br> 12/15/2027 (a)<br>| &nbsp;&nbsp; 579 | &nbsp;&nbsp; 572 |
| Series 2017-1, Class AA, 3.30%, <br> 1/15/2030 (a)<br>| &nbsp;&nbsp; 5630 | &nbsp;&nbsp; 5452 |
| Series 2017-1, Class A, 3.55%, <br> 1/15/2030 (a)<br>| &nbsp;&nbsp; 719 | &nbsp;&nbsp; 692 |
| American Airlines Pass-Through Trust |  |  |
| Series 2015-2, Class A, 4.00%, 9/22/2027 | &nbsp;&nbsp; 1602 | &nbsp;&nbsp; 1577 |
| Series 2016-2, Class AA, 3.20%, <br> 6/15/2028<br>| &nbsp;&nbsp; 568 | &nbsp;&nbsp; 557 |
| Series 2016-3, Class AA, 3.00%, <br> 10/15/2028<br>| &nbsp;&nbsp; 754 | &nbsp;&nbsp; 736 |
| American Credit Acceptance Receivables Trust <br> Series 2023-4, Class C, 6.99%, <br> 9/12/2030 (a)<br>| &nbsp;&nbsp; 5534 | &nbsp;&nbsp; 5574 |
| AMSR Trust |  |  |
| Series 2023-SFR2G, Class G1, 4.50%, <br> 8/19/2028 ‡<br>| &nbsp;&nbsp; 15078 | &nbsp;&nbsp; 13192 |
| Series 2021-SFR2, Class F1, 3.28%, <br> 8/17/2038 (a)<br>| &nbsp;&nbsp; 12620 | &nbsp;&nbsp; 12483 |
| Series 2021-SFR3, Class E2, 2.43%, <br> 10/17/2038 (a)<br>| &nbsp;&nbsp; 5936 | &nbsp;&nbsp; 5833 |
| Series 2021-SFR4, Class F1, 3.16%, <br> 12/17/2038 (a)<br>| &nbsp;&nbsp; 34734 | &nbsp;&nbsp; 33894 |
| Series 2022-SFR1, Class F, 6.02%, <br> 3/17/2039 (a)<br>| &nbsp;&nbsp; 12377 | &nbsp;&nbsp; 12330 |
| Series 2022-SFR3, Class F, 4.00%, <br> 10/17/2039 (a)<br>| &nbsp;&nbsp; 27165 | &nbsp;&nbsp; 26290 |
| Series 2023-SFR1, Class F, 4.00%, <br> 4/17/2040 (a)<br>| &nbsp;&nbsp; 22105 | &nbsp;&nbsp; 21154 |
| Series 2024-SFR1, Class D, 4.29%, <br> 7/17/2041 (a) (i)<br>| &nbsp;&nbsp; 20175 | &nbsp;&nbsp; 19770 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-SFR2, Class F1, 4.15%, <br> 11/17/2041 (a)<br>| &nbsp;&nbsp; 6534 | &nbsp;&nbsp; 6127 |
| Aqua Finance Trust |  |  |
| Series 2019-A, Class B, 3.47%, <br> 7/16/2040 (a)<br>| &nbsp;&nbsp; 7107 | &nbsp;&nbsp; 6986 |
| Series 2020-AA, Class C, 3.97%, <br> 7/17/2046 (a)<br>| &nbsp;&nbsp; 2699 | &nbsp;&nbsp; 2630 |
| Series 2020-AA, Class D, 7.15%, <br> 7/17/2046 (a)<br>| &nbsp;&nbsp; 3167 | &nbsp;&nbsp; 3237 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2023-6A, Class D, 7.37%, <br> 12/20/2029 (a)<br>| &nbsp;&nbsp; 3250 | &nbsp;&nbsp; 3352 |
| Series 2023-8A, Class D, 7.52%, <br> 2/20/2030 (a)<br>| &nbsp;&nbsp; 6750 | &nbsp;&nbsp; 7013 |
| BankBoston Home Equity Loan Trust Series <br> 1998-1, Class A6, 6.35%, 7/25/2028<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Bastion Funding I LLC |  |  |
| Series 2023-1A, Class A2, 7.12%, <br> 4/25/2038 ‡ (a)<br>| &nbsp;&nbsp; 13485 | &nbsp;&nbsp; 13607 |
| Series 2023-1A, Class C, 11.74%, <br> 4/25/2038 ‡ (a)<br>| &nbsp;&nbsp; 540 | &nbsp;&nbsp; 540 |
| Bastion Funding LLC Series 2023-1A, Class B, <br> 8.06%, 4/25/2038 ‡ (a)<br>| &nbsp;&nbsp; 8513 | &nbsp;&nbsp; 8642 |
| Bayview Opportunity Master Fund Trust Series <br> 2024-SN1, Class E, 8.00%, <br> 10/15/2029 (a)<br>| &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 8204 |
| Bear Stearns Asset-Backed Securities Trust <br> Series 2003-SD2, Class 2A, 5.99%, <br> 6/25/2043 (j)<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 86 |
| BG Beta Ltd. (Cayman Islands) |  |  |
| 6.28%, 7/16/2054 ‡ | &nbsp;&nbsp; 23765 | &nbsp;&nbsp; 24471 |
| 7.12%, 7/16/2054 ‡ | &nbsp;&nbsp; 30059 | &nbsp;&nbsp; 30750 |
| Bridge Trust Series 2024-SFR1, Class E2, <br> 5.50%, 8/17/2040 (a)<br>| &nbsp;&nbsp; 5900 | &nbsp;&nbsp; 5744 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-1, Class D, 6.03%, <br> 11/15/2029<br>| &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10197 |
| Series 2024-2, Class D, 6.30%, 2/15/2030 | &nbsp;&nbsp; 6000 | &nbsp;&nbsp; 6168 |
| Series 2024-1, Class E, 8.43%, <br> 10/15/2030 (a)<br>| &nbsp;&nbsp; 26250 | &nbsp;&nbsp; 27384 |
| Series 2024-2, Class E, 8.21%, <br> 1/15/2031 (a)<br>| &nbsp;&nbsp; 13900 | &nbsp;&nbsp; 14502 |
| Series 2024-3, Class E, 7.70%, <br> 4/15/2031 (a)<br>| &nbsp;&nbsp; 32500 | &nbsp;&nbsp; 33680 |
| Series 2025-4, Class D, 5.41%, 8/15/2031 | &nbsp;&nbsp; 19555 | &nbsp;&nbsp; 19998 |
| Series 2024-4, Class E, 7.47%, <br> 8/15/2031 (a)<br>| &nbsp;&nbsp; 17950 | &nbsp;&nbsp; 18568 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-1, Class E, 7.46%, <br> 2/17/2032 (a)<br>| &nbsp;&nbsp; 26790 | &nbsp;&nbsp; 27669 |
| British Airways Pass-Through Trust (United <br> Kingdom)<br>|  |  |
| Series 2019-1, Class A, 3.35%, <br> 6/15/2029 (a)<br>| &nbsp;&nbsp; 594 | &nbsp;&nbsp; 580 |
| Series 2018-1, Class AA, 3.80%, <br> 9/20/2031 (a)<br>| &nbsp;&nbsp; 365 | &nbsp;&nbsp; 360 |
| Series 2018-1, Class A, 4.13%, <br> 9/20/2031 (a)<br>| &nbsp;&nbsp; 1098 | &nbsp;&nbsp; 1073 |
| Series 2019-1, Class AA, 3.30%, <br> 12/15/2032 (a)<br>| &nbsp;&nbsp; 394 | &nbsp;&nbsp; 376 |
| Business Jet Securities LLC |  |  |
| Series 2022-1A, Class C, 6.41%, <br> 6/15/2037 ‡ (a)<br>| &nbsp;&nbsp; 5784 | &nbsp;&nbsp; 5787 |
| Series 2024-2A, Class C, 7.97%, <br> 9/15/2039 ‡ (a)<br>| &nbsp;&nbsp; 10299 | &nbsp;&nbsp; 10394 |
| BXG Receivables Note Trust Series 2023-A, <br> Class C, 7.38%, 11/15/2038 (a)<br>| &nbsp;&nbsp; 10964 | &nbsp;&nbsp; 11244 |
| Camden 8.50%, 9/15/2031 ‡ | &nbsp;&nbsp; 19747 | &nbsp;&nbsp; 19512 |
| CarNow Auto Receivables Trust Series <br> 2022-1A, Class E, 8.29%, 8/15/2028 (a)<br>| &nbsp;&nbsp; 11649 | &nbsp;&nbsp; 330 |
| Cars Net Lease Mortgage Notes Series <br> 2020-1A, Class A3, 3.10%, <br> 12/15/2050 (a)<br>| &nbsp;&nbsp; 5485 | &nbsp;&nbsp; 5312 |
| CARS-DB4 LP |  |  |
| Series 2020-1A, Class A6, 3.81%, <br> 2/15/2050 (a)<br>| &nbsp;&nbsp; 4502 | &nbsp;&nbsp; 4304 |
| Series 2020-1A, Class B2, 4.52%, <br> 2/15/2050 (a)<br>| &nbsp;&nbsp; 8698 | &nbsp;&nbsp; 8591 |
| Series 2020-1A, Class B3, 4.95%, <br> 2/15/2050 (a)<br>| &nbsp;&nbsp; 9698 | &nbsp;&nbsp; 9185 |
| Carvana Auto Receivables Trust |  |  |
| Series 2022-N1, Class E, 6.01%, <br> 12/11/2028 (a)<br>| &nbsp;&nbsp; 6812 | &nbsp;&nbsp; 6556 |
| Series 2023-N4, Class D, 7.22%, <br> 2/11/2030 (a)<br>| &nbsp;&nbsp; 7860 | &nbsp;&nbsp; 8222 |
| Series 2024-N3, Class D, 5.38%, <br> 12/10/2030 (a)<br>| &nbsp;&nbsp; 19000 | &nbsp;&nbsp; 19210 |
| Cascade MH Asset Trust |  |  |
| Series 2019-MH1, Class B, 5.00%, <br> 11/25/2044 (a) (j)<br>| &nbsp;&nbsp; 16503 | &nbsp;&nbsp; 15689 |
| Series 2021-MH1, Class B1, 4.57%, <br> 2/25/2046 (a)<br>| &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2193 |
| Series 2021-MH1, Class B2, 5.57%, <br> 2/25/2046 (a)<br>| &nbsp;&nbsp; 2550 | &nbsp;&nbsp; 2269 |
| Series 2022-MH1, Class M, 4.25%, <br> 8/25/2054 (a) (i)<br>| &nbsp;&nbsp; 13172 | &nbsp;&nbsp; 10690 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 91

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Centex Home Equity Loan Trust Series 2001-B, <br> Class A6, 6.36%, 7/25/2032<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 |
| CFIN Issuer LLC |  |  |
| Series 2022-RTL1, Class AA, 4.75%, <br> 2/16/2026 ‡ (a) (i)<br>| &nbsp;&nbsp; 1837 | &nbsp;&nbsp; 1829 |
| Series 2022-RTL1, Class AB, 6.50%, <br> 2/16/2026 ‡ (a) (i)<br>| &nbsp;&nbsp; 1906 | &nbsp;&nbsp; 1896 |
| Citibank Credit Card Issuance Trust Series <br> 2007-A3, Class A3, 6.15%, 6/15/2039<br>| &nbsp;&nbsp; 1372 | &nbsp;&nbsp; 1562 |
| COOF Securitization Trust Ltd. Series 2014-1, <br> Class A, 3.18%, 6/25/2040 (a) (j)<br>| &nbsp;&nbsp; 827 | &nbsp;&nbsp; 54 |
| CoreVest American Finance Trust Series <br> 2020-2, Class B, 4.24%, 5/15/2052 (a) (j)<br>| &nbsp;&nbsp; 3452 | &nbsp;&nbsp; 3436 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2022-3A, Class D, 9.00%, <br> 4/18/2033 (a)<br>| &nbsp;&nbsp; 9708 | &nbsp;&nbsp; 9796 |
| Series 2023-1A, Class C, 7.71%, <br> 7/15/2033 (a)<br>| &nbsp;&nbsp; 33457 | &nbsp;&nbsp; 34017 |
| Series 2023-3A, Class A, 6.39%, <br> 8/15/2033 (a)<br>| &nbsp;&nbsp; 3986 | &nbsp;&nbsp; 4001 |
| Series 2023-2A, Class C, 7.15%, <br> 9/15/2033 (a)<br>| &nbsp;&nbsp; 21842 | &nbsp;&nbsp; 22211 |
| Series 2023-3A, Class C, 7.62%, <br> 12/15/2033 (a)<br>| &nbsp;&nbsp; 26700 | &nbsp;&nbsp; 27476 |
| Series 2023-5A, Class B, 6.71%, <br> 2/15/2034 (a)<br>| &nbsp;&nbsp; 17250 | &nbsp;&nbsp; 17562 |
| 7.68%, 4/17/2034 | &nbsp;&nbsp; 38893 | &nbsp;&nbsp; 39546 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (a)<br>| &nbsp;&nbsp; 42168 | &nbsp;&nbsp; 43891 |
| Credit One 6.47%, 2/25/2029 ‡ (a) | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 30540 |
| CWABS, Inc. Asset-Backed Certificates |  |  |
| Series 2004-1, Class M1, 4.54%, <br> 3/25/2034 (j)<br>| &nbsp;&nbsp; 17 | &nbsp;&nbsp; 18 |
| Series 2004-1, Class 3A, 4.35%, <br> 4/25/2034 (j)<br>| &nbsp;&nbsp; 288 | &nbsp;&nbsp; 281 |
| CWABS, Inc. Asset-Backed Certificates Trust <br> Series 2004-6, Class M1, 4.69%, <br> 10/25/2034 (j)<br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; 52 |
| Delta Air Lines Pass-Through Trust |  |  |
| Series 2015-1, Class AA, 3.63%, <br> 7/30/2027<br>| &nbsp;&nbsp; 2241 | &nbsp;&nbsp; 2225 |
| Series 2020-1, Class AA, 2.00%, <br> 6/10/2028<br>| &nbsp;&nbsp; 3526 | &nbsp;&nbsp; 3380 |
| Diversified ABS Holdings LLC Series 2024-2A, <br> Class B, 11.50%, 9/30/2044 ‡ (a)<br>| &nbsp;&nbsp; 3556 | &nbsp;&nbsp; 3582 |
| Diversified ABS LLC Series 2025-1A, Class B, <br> 10.40%, 2/28/2045 (a)<br>| &nbsp;&nbsp; 28327 | &nbsp;&nbsp; 28654 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Diversified ABS Phase LLC |  |  |
| Series VI, Class A, 7.50%, 11/28/2039 ‡ | &nbsp;&nbsp; 11149 | &nbsp;&nbsp; 11180 |
| Series 2024-1A, Class A2, 7.67%, <br> 5/30/2044 (a)<br>| &nbsp;&nbsp; 20351 | &nbsp;&nbsp; 20575 |
| DLLAA LLC Series 2023-1A, Class A3, 5.64%, <br> 2/22/2028 (a)<br>| &nbsp;&nbsp; 7628 | &nbsp;&nbsp; 7707 |
| DP Lion Holdco LLC |  |  |
| Series 2023-1A, Class A, 8.24%, <br> 11/30/2043<br>| &nbsp;&nbsp; 4471 | &nbsp;&nbsp; 4596 |
| Series 2023-1A, Class B, 12.73%, <br> 11/30/2043<br>| &nbsp;&nbsp; 5295 | &nbsp;&nbsp; 5436 |
| Drive Auto Receivables Trust Series 2024-2, <br> Class D, 4.94%, 5/17/2032<br>| &nbsp;&nbsp; 14500 | &nbsp;&nbsp; 14659 |
| DT Auto Owner Trust |  |  |
| Series 2023-2A, Class E, 11.06%, <br> 4/15/2030 (a)<br>| &nbsp;&nbsp; 11500 | &nbsp;&nbsp; 12156 |
| Series 2023-3A, Class E, 10.21%, <br> 5/15/2030 (a)<br>| &nbsp;&nbsp; 12880 | &nbsp;&nbsp; 13688 |
| E3 (Cayman Islands) Series 2019-1, Class A, <br> 3.10%, 9/20/2055 (a)<br>| &nbsp;&nbsp; 3624 | &nbsp;&nbsp; 3239 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2019-A, Class C, 3.45%, <br> 1/25/2034 (a)<br>| &nbsp;&nbsp; 422 | &nbsp;&nbsp; 422 |
| Series 2021-A, Class D, 3.32%, <br> 8/27/2035 (a)<br>| &nbsp;&nbsp; 827 | &nbsp;&nbsp; 793 |
| Energy Assets 8.11%, 6/26/2044 ‡ | &nbsp;&nbsp; 8476 | &nbsp;&nbsp; 8726 |
| EQV ABS Issuer LLC 10.76%, 12/15/2040 ‡ | &nbsp;&nbsp; 14859 | &nbsp;&nbsp; 14933 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2021-4A, Class E, 4.02%, <br> 1/17/2028 (a)<br>| &nbsp;&nbsp; 9500 | &nbsp;&nbsp; 9462 |
| Series 2022-2A, Class E, 6.34%, <br> 10/15/2029 (a)<br>| &nbsp;&nbsp; 33750 | &nbsp;&nbsp; 33055 |
| Series 2022-3A, Class E, 9.09%, <br> 1/15/2030 (a)<br>| &nbsp;&nbsp; 34500 | &nbsp;&nbsp; 35038 |
| Series 2023-5A, Class D, 7.13%, <br> 2/15/2030<br>| &nbsp;&nbsp; 20049 | &nbsp;&nbsp; 20683 |
| Series 2022-4A, Class E, 8.23%, <br> 3/15/2030 (a)<br>| &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 12255 |
| Series 2023-2A, Class E, 9.75%, <br> 11/15/2030 (a)<br>| &nbsp;&nbsp; 6137 | &nbsp;&nbsp; 6671 |
| Series 2023-3A, Class E, 9.98%, <br> 1/15/2031 (a)<br>| &nbsp;&nbsp; 10500 | &nbsp;&nbsp; 11362 |
| Series 2023-4A, Class E, 9.57%, <br> 2/18/2031 (a)<br>| &nbsp;&nbsp; 11565 | &nbsp;&nbsp; 12473 |
| Series 2025-5A, Class E, 7.15%, <br> 6/15/2033 (a)<br>| &nbsp;&nbsp; 6368 | &nbsp;&nbsp; 6581 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| FirstKey Homes Trust |  |  |
| Series 2022-SFR3, Class F1, PO, <br> 7/17/2038 ‡ (a)<br>| &nbsp;&nbsp; 31898 | &nbsp;&nbsp; 31227 |
| Series 2022-SFR3, Class F2, PO, <br> 7/17/2038 ‡ (a)<br>| &nbsp;&nbsp; 6469 | &nbsp;&nbsp; 6330 |
| Series 2021-SFR1, Class E2, 2.49%, <br> 8/17/2038 (a)<br>| &nbsp;&nbsp; 9708 | &nbsp;&nbsp; 9581 |
| Series 2021-SFR1, Class F1, 3.24%, <br> 8/17/2038 (a)<br>| &nbsp;&nbsp; 19967 | &nbsp;&nbsp; 19758 |
| Series 2021-SFR1, Class F2, 3.45%, <br> 8/17/2038 (a)<br>| &nbsp;&nbsp; 16851 | &nbsp;&nbsp; 16682 |
| Series 2021-SFR1, Class F3, 3.69%, <br> 8/17/2038 (a)<br>| &nbsp;&nbsp; 14566 | &nbsp;&nbsp; 14421 |
| Series 2021-SFR2, Class F2, 3.16%, <br> 9/17/2038 (a)<br>| &nbsp;&nbsp; 10577 | &nbsp;&nbsp; 10419 |
| Series 2021-SFR3, Class F2, 3.83%, <br> 12/17/2038 (a)<br>| &nbsp;&nbsp; 9294 | &nbsp;&nbsp; 9123 |
| Series 2022-SFR1, Class F1, PO, <br> 5/19/2039 ‡ (a)<br>| &nbsp;&nbsp; 28086 | &nbsp;&nbsp; 26296 |
| Series 2022-SFR1, Class F2, PO, <br> 5/19/2039 ‡ (a)<br>| &nbsp;&nbsp; 11500 | &nbsp;&nbsp; 10748 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-GT1, Class B, 4.36%, <br> 7/25/2026 (a) (j)<br>| &nbsp;&nbsp; 7766 | &nbsp;&nbsp; 7623 |
| Series 2021-GT2, Class B, 4.44%, <br> 10/25/2026 (a) (j)<br>| &nbsp;&nbsp; 21942 | &nbsp;&nbsp; 21545 |
| Series 2024-SAT1, Class A, 6.50%, <br> 3/26/2027 (a) (j)<br>| &nbsp;&nbsp; 40000 | &nbsp;&nbsp; 40734 |
| Series 2022-GT1, Class A, 6.19%, <br> 4/25/2027 (a)<br>| &nbsp;&nbsp; 9707 | &nbsp;&nbsp; 9780 |
| Series 2022-GT1, Class B, 7.17%, <br> 4/25/2027 (a)<br>| &nbsp;&nbsp; 22424 | &nbsp;&nbsp; 22633 |
| Series 2020-GT1, Class A, 4.45%, <br> 1/25/2028 (a) (j)<br>| &nbsp;&nbsp; 14562 | &nbsp;&nbsp; 14518 |
| Fortiva Retail Credit Master Note Business <br> Trust<br>|  |  |
| Series 2025-TWO, Class B, 6.90%, <br> 5/15/2031 ‡ (a)<br>| &nbsp;&nbsp; 6875 | &nbsp;&nbsp; 6892 |
| Series 2025-TWO, Class C, 12.52%, <br> 5/15/2031 ‡ (a)<br>| &nbsp;&nbsp; 7700 | &nbsp;&nbsp; 7739 |
| FRTKL Series 2021-SFR1, Class F, 3.17%, <br> 9/17/2038 (a)<br>| &nbsp;&nbsp; 4272 | &nbsp;&nbsp; 4195 |
| FTF 8.00%, 8/15/2026 ‡ | &nbsp;&nbsp; 5054 | &nbsp;&nbsp; 3664 |
| FW Energy Asset Issuer LLC 7.15%, <br> 6/26/2044 ‡<br>| &nbsp;&nbsp; 27672 | &nbsp;&nbsp; 28455 |
| GE Capital Mortgage Services, Inc. Trust Series <br> 1999-HE1, Class A6, 6.70%, <br> 4/25/2029 (j)<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 54 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| GGAM Master Trust International Ltd. (Cayman <br> Islands) Series 2025-1A, Class Y, 9.70%, <br> 9/30/2060 ‡ (a)<br>| &nbsp;&nbsp; 32597 | &nbsp;&nbsp; 33668 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2022-1A, Class D, 3.97%, <br> 1/18/2028 (a)<br>| &nbsp;&nbsp; 7990 | &nbsp;&nbsp; 7986 |
| Series 2023-2A, Class C, 5.69%, <br> 3/15/2029 (a)<br>| &nbsp;&nbsp; 7987 | &nbsp;&nbsp; 8018 |
| Series 2022-1A, Class E, 5.64%, <br> 5/15/2029 (a)<br>| &nbsp;&nbsp; 14000 | &nbsp;&nbsp; 14058 |
| Series 2023-4A, Class D, 7.18%, <br> 8/15/2029 (a)<br>| &nbsp;&nbsp; 18943 | &nbsp;&nbsp; 19586 |
| Series 2023-3A, Class E, 9.27%, <br> 8/15/2030 (a)<br>| &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 5229 |
| Series 2024-4A, Class E, 7.51%, <br> 8/15/2031 (a)<br>| &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3663 |
| Series 2025-3A, Class E, 6.52%, <br> 8/16/2032 (a)<br>| &nbsp;&nbsp; 3400 | &nbsp;&nbsp; 3449 |
| GLS Auto Select Receivables Trust Series <br> 2023-1A, Class B, 6.09%, 3/15/2029 (a)<br>| &nbsp;&nbsp; 5825 | &nbsp;&nbsp; 5947 |
| Goodgreen (Cayman Islands) |  |  |
| Series 2018-1A, Class A, 3.93%, <br> 10/15/2053 (a) (j)<br>| &nbsp;&nbsp; 3089 | &nbsp;&nbsp; 2941 |
| Series 2023-1A, Class A, 5.90%, <br> 1/17/2061 (a)<br>| &nbsp;&nbsp; 17522 | &nbsp;&nbsp; 17809 |
| Goodgreen Ltd. Series 2024-1A, Class A, <br> 6.29%, 7/15/2056 ‡ (a)<br>| &nbsp;&nbsp; 20238 | &nbsp;&nbsp; 20555 |
| Goodgreen Trust |  |  |
| Series 2017-1A, Class A, 3.74%, <br> 10/15/2052 (a)<br>| &nbsp;&nbsp; 543 | &nbsp;&nbsp; 513 |
| Series 2016-1A, Class B, 5.24%, <br> 10/15/2052 (a)<br>| &nbsp;&nbsp; 412 | &nbsp;&nbsp; 382 |
| Series 2017-2A, Class A, 3.26%, <br> 10/15/2053 (a)<br>| &nbsp;&nbsp; 3501 | &nbsp;&nbsp; 3237 |
| GoodLeap Home Improvement Solutions Trust <br> Series 2025-3A, Class A, 5.00%, <br> 10/20/2049 (a)<br>| &nbsp;&nbsp; 18505 | &nbsp;&nbsp; 18654 |
| Granite Park Equipment Leasing LLC Series <br> 2023-1A, Class E, 7.00%, 6/20/2035 (a)<br>| &nbsp;&nbsp; 9428 | &nbsp;&nbsp; 9487 |
| Grene Energy Senio11.00, 1/25/2027‡ | &nbsp;&nbsp; 5078 | &nbsp;&nbsp; 4120 |
| HERO Funding (Cayman Islands) |  |  |
| Series 2017-3A, Class A1, 3.19%, <br> 9/20/2048 (a)<br>| &nbsp;&nbsp; 1491 | &nbsp;&nbsp; 1382 |
| Series 2017-3A, Class A2, 3.95%, <br> 9/20/2048 (a)<br>| &nbsp;&nbsp; 1228 | &nbsp;&nbsp; 1165 |
| HERO Funding III (Cayman Islands) Series <br> 2017-1A, Class A, 3.50%, 9/21/2043 (a)<br>| &nbsp;&nbsp; 1531 | &nbsp;&nbsp; 1389 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 93

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| HERO Funding Trust |  |  |
| Series 2015-3A, Class A, 4.28%, <br> 9/20/2041 (a)<br>| &nbsp;&nbsp; 809 | &nbsp;&nbsp; 803 |
| Series 2016-3A, Class A1, 3.08%, <br> 9/20/2042 (a)<br>| &nbsp;&nbsp; 368 | &nbsp;&nbsp; 349 |
| Series 2017-1A, Class A2, 4.46%, <br> 9/20/2047 (a)<br>| &nbsp;&nbsp; 1361 | &nbsp;&nbsp; 1317 |
| Series 2017-2A, Class A2, 4.07%, <br> 9/20/2048 (a)<br>| &nbsp;&nbsp; 1389 | &nbsp;&nbsp; 1334 |
| Hertz Vehicle Financing LLC Series 2023-3A, <br> Class A, 5.94%, 2/25/2028 (a)<br>| &nbsp;&nbsp; 12360 | &nbsp;&nbsp; 12531 |
| Hilton Grand Vacations Trust |  |  |
| Series 2022-1D, Class D, 6.79%, <br> 6/20/2034 (a)<br>| &nbsp;&nbsp; 1305 | &nbsp;&nbsp; 1307 |
| Series 2022-2A, Class D, 8.73%, <br> 1/25/2037 (a)<br>| &nbsp;&nbsp; 1795 | &nbsp;&nbsp; 1853 |
| Series 2020-AA, Class C, 6.42%, <br> 2/25/2039 (a)<br>| &nbsp;&nbsp; 1330 | &nbsp;&nbsp; 1340 |
| HINNT LLC |  |  |
| Series 2022-A, Class D, 6.50%, <br> 5/15/2041 (a)<br>| &nbsp;&nbsp; 4902 | &nbsp;&nbsp; 4897 |
| Series 2022-A, Class E, 8.00%, <br> 5/15/2041 (a)<br>| &nbsp;&nbsp; 781 | &nbsp;&nbsp; 777 |
| Series 2024-A, Class D, 7.00%, <br> 3/15/2043 (a)<br>| &nbsp;&nbsp; 2390 | &nbsp;&nbsp; 2410 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class F, 3.80%, <br> 12/17/2026 (a)<br>| &nbsp;&nbsp; 7196 | &nbsp;&nbsp; 7088 |
| Series 2019-2, Class E, 3.32%, <br> 10/19/2039 (a)<br>| &nbsp;&nbsp; 8957 | &nbsp;&nbsp; 8727 |
| Series 2021-3, Class E2, 3.35%, <br> 1/17/2041 (a)<br>| &nbsp;&nbsp; 12858 | &nbsp;&nbsp; 12038 |
| HPA (Australia) 3.95%, 4/15/2026 ‡ | &nbsp;&nbsp; 5646 | &nbsp;&nbsp; 5612 |
| Identity Digital Capital LLC 6.79%, <br> 3/20/2065 ‡<br>| &nbsp;&nbsp; 23800 | &nbsp;&nbsp; 24183 |
| Ista Jet Seri 6.97%, 4/5/2032 ‡ (a) | &nbsp;&nbsp; 39968 | &nbsp;&nbsp; 39968 |
| Jonah 7.80%, 11/10/2037 ‡ (a) | &nbsp;&nbsp; 15384 | &nbsp;&nbsp; 15628 |
| Jonah Energy ABS LLC |  |  |
| Series 2022-1, Class A1, 7.20%, <br> 12/10/2037 ‡ (a)<br>| &nbsp;&nbsp; 8534 | &nbsp;&nbsp; 8703 |
| Series 2022-1, Class C, 12.66%, <br> 8/10/2039 ‡ (a)<br>| &nbsp;&nbsp; 39000 | &nbsp;&nbsp; 39612 |
| Series 2025-1A, Class A2, 7.36%, <br> 12/10/2040 (a)<br>| &nbsp;&nbsp; 33705 | &nbsp;&nbsp; 34534 |
| Series 2025-1A, Class B, 11.25%, <br> 12/10/2040 (a)<br>| &nbsp;&nbsp; 15255 | &nbsp;&nbsp; 15227 |
| Series 2025-2A, Class A2, 6.62%, <br> 1/10/2041 ‡ (a)<br>| &nbsp;&nbsp; 13787 | &nbsp;&nbsp; 13856 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| KGS-Alpha SBA COOF Trust |  |  |
| Series 2012-4, Class A, IO, 1.02%, <br> 9/25/2037 ‡ (a) (j)<br>| &nbsp;&nbsp; 1152 | &nbsp;&nbsp; 19 |
| Series 2012-2, Class A, IO, 1.16%, <br> 8/25/2038 (a) (j)<br>| &nbsp;&nbsp; 1064 | &nbsp;&nbsp; 17 |
| Series 2013-2, Class A, IO, 1.59%, <br> 3/25/2039 (a) (j)<br>| &nbsp;&nbsp; 914 | &nbsp;&nbsp; 24 |
| Koda Gnb ABS LLC Series 2023-1A, Class A2, <br> 7.85%, 4/28/2040 ‡ (a)<br>| &nbsp;&nbsp; 16967 | &nbsp;&nbsp; 17247 |
| Lendbuzz Securitization Trust Series 2024-1A, <br> Class A2, 6.19%, 8/15/2029 (a)<br>| &nbsp;&nbsp; 2304 | &nbsp;&nbsp; 2317 |
| Lendingpoint Asset Securitization Trust |  |  |
| Series 2021-B, Class C, 3.21%, <br> 2/15/2029 (a)<br>| &nbsp;&nbsp; 164 | &nbsp;&nbsp; 163 |
| Series 2022-B, Class C, 8.45%, <br> 10/15/2029 (a)<br>| &nbsp;&nbsp; 9627 | &nbsp;&nbsp; 2839 |
| LendingPoint Asset Securitization Trust |  |  |
| Series 2020-REV1, Class C, 7.70%, <br> 10/15/2028 (a)<br>| &nbsp;&nbsp; 1145 | &nbsp;&nbsp; 1146 |
| Series 2020-REV1, Class D, 10.00%, <br> 10/15/2028 ‡ (a)<br>| &nbsp;&nbsp; 7000 | &nbsp;&nbsp; 1028 |
| Lendmark Funding Trust |  |  |
| Series 2021-1A, Class D, 5.05%, <br> 11/20/2031 (a)<br>| &nbsp;&nbsp; 18000 | &nbsp;&nbsp; 17272 |
| Series 2021-2A, Class D, 4.46%, <br> 4/20/2032 (a)<br>| &nbsp;&nbsp; 14200 | &nbsp;&nbsp; 13328 |
| Series 2024-2A, Class E, 8.47%, <br> 2/21/2034 (a)<br>| &nbsp;&nbsp; 11827 | &nbsp;&nbsp; 12144 |
| Series 2025-1A, Class E, 8.91%, <br> 9/20/2034 (a)<br>| &nbsp;&nbsp; 9420 | &nbsp;&nbsp; 9815 |
| LP LMS Asset Securitization Trust Series <br> 2021-2A, Class C, 3.85%, 1/15/2029 (a)<br>| &nbsp;&nbsp; 1670 | &nbsp;&nbsp; 1665 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class E, 5.40%, <br> 3/20/2036 (a)<br>| &nbsp;&nbsp; 13100 | &nbsp;&nbsp; 12823 |
| Series 2024-AA, Class E, 9.02%, <br> 9/22/2036 (a)<br>| &nbsp;&nbsp; 10516 | &nbsp;&nbsp; 10859 |
| Series 2021-BA, Class E, 4.68%, <br> 11/20/2036 (a)<br>| &nbsp;&nbsp; 8500 | &nbsp;&nbsp; 8078 |
| Series 2025-AA, Class E, 8.64%, <br> 5/20/2038 (a)<br>| &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10396 |
| Series 2025-BA, Class E, 7.51%, <br> 11/22/2038 (a)<br>| &nbsp;&nbsp; 9845 | &nbsp;&nbsp; 10041 |
| Marlette Funding Trust Series 2023-2A, <br> Class C, 6.96%, 6/15/2033 (a)<br>| &nbsp;&nbsp; 2017 | &nbsp;&nbsp; 2024 |
| Mercury Financial Credit Card Master Trust |  |  |
| Series 2024-2A, Class A, 6.56%, <br> 7/20/2029 (a)<br>| &nbsp;&nbsp; 29950 | &nbsp;&nbsp; 30036 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2025-1A, Class C, 8.29%, <br> 12/22/2031 (a)<br>| &nbsp;&nbsp; 25000 | &nbsp;&nbsp; 25096 |
| Series 2026-1A, Class C, 8.45%, <br> 2/20/2032 (a)<br>| &nbsp;&nbsp; 18700 | &nbsp;&nbsp; 18773 |
| Series 2026-1A, Class D, 11.85%, <br> 2/20/2032 (a)<br>| &nbsp;&nbsp; 14900 | &nbsp;&nbsp; 14953 |
| Midcon Energy Asset Issuer LLC |  |  |
| 5.31%, 2/27/2051 ‡ (j) | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 8000 |
| 6.53%, 2/27/2051 ‡ | &nbsp;&nbsp; 10000 | &nbsp;&nbsp; 10000 |
| Mid-State Capital Corp. Trust |  |  |
| Series 2005-1, Class A, 5.75%, 1/15/2040 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| Series 2005-1, Class M1, 6.11%, <br> 1/15/2040<br>| &nbsp;&nbsp; 161 | &nbsp;&nbsp; 161 |
| Series 2006-1, Class A, 5.79%, <br> 10/15/2040 (a)<br>| &nbsp;&nbsp; 401 | &nbsp;&nbsp; 404 |
| Series 2006-1, Class M1, 6.08%, <br> 10/15/2040 (a)<br>| &nbsp;&nbsp; 487 | &nbsp;&nbsp; 491 |
| Series 2006-1, Class M2, 6.74%, <br> 10/15/2040 (a)<br>| &nbsp;&nbsp; 200 | &nbsp;&nbsp; 204 |
| Mission Lane Credit Card Master Trust Series <br> 2025-B, Class A, 5.06%, 9/15/2031 (a)<br>| &nbsp;&nbsp; 10830 | &nbsp;&nbsp; 10905 |
| MNR ABS Issuer I LLC |  |  |
| 8.95%, 12/15/2038 ‡ | &nbsp;&nbsp; 5967 | &nbsp;&nbsp; 6165 |
| 12.44%, 12/15/2038 ‡ | &nbsp;&nbsp; 13728 | &nbsp;&nbsp; 13902 |
| Mpire Series 2025-M, 11.16%, 9/19/2030 ‡ <br> (a)<br>| &nbsp;&nbsp; 6964 | &nbsp;&nbsp; 6984 |
| Mpire Frn Series 2025-MF, 8.29%, <br> 9/13/2030 ‡ (a)<br>| &nbsp;&nbsp; 16489 | &nbsp;&nbsp; 16536 |
| MVW LLC |  |  |
| Series 2022-1A, Class D, 7.35%, <br> 11/21/2039 (a)<br>| &nbsp;&nbsp; 3018 | &nbsp;&nbsp; 3044 |
| Series 2023-1A, Class D, 8.83%, <br> 10/20/2040 (a)<br>| &nbsp;&nbsp; 3785 | &nbsp;&nbsp; 3947 |
| Series 2023-2A, Class D, 9.33%, <br> 11/20/2040 (a)<br>| &nbsp;&nbsp; 3317 | &nbsp;&nbsp; 3442 |
| Series 2022-2A, Class D, 9.00%, <br> 10/21/2041 (a)<br>| &nbsp;&nbsp; 5518 | &nbsp;&nbsp; 5623 |
| New Century Home Equity Loan Trust Series <br> 2003-5, Class AI6, 4.84%, 11/25/2033 (i)<br>| &nbsp;&nbsp; 149 | &nbsp;&nbsp; 149 |
| Nexgen, Inc. 0.00%, 11/16/2033 ‡ (j) | &nbsp;&nbsp; 9117 | &nbsp;&nbsp; 9106 |
| NRZ Excess Spread-Collateralized Notes Series <br> 2021-GNT1, Class A, 3.47%, <br> 11/25/2026 (a)<br>| &nbsp;&nbsp; 5152 | &nbsp;&nbsp; 5080 |
| Octane Receivables Trust |  |  |
| Series 2023-3A, Class D, 7.58%, <br> 9/20/2029 (a)<br>| &nbsp;&nbsp; 4640 | &nbsp;&nbsp; 4831 |
| Series 2022-1A, Class E, 7.33%, <br> 12/20/2029 (a)<br>| &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2021 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2024-1A, Class C, 5.82%, <br> 5/20/2030 (a)<br>| &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3571 |
| Oneslt 8.00%, 12/15/2030 ‡ | &nbsp;&nbsp; 18894 | &nbsp;&nbsp; 18894 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class B, 1.96%, <br> 5/8/2031 (a)<br>| &nbsp;&nbsp; 955 | &nbsp;&nbsp; 940 |
| Series 2021-B, Class C, 3.65%, <br> 5/8/2031 (a)<br>| &nbsp;&nbsp; 1434 | &nbsp;&nbsp; 1422 |
| Series 2025-D, Class C, 5.80%, <br> 2/8/2033 (a)<br>| &nbsp;&nbsp; 10910 | &nbsp;&nbsp; 10997 |
| P2 Series 2021 A1, 3.00%, 12/20/2031 ‡ <br> (a)<br>| &nbsp;&nbsp; 29145 | &nbsp;&nbsp; 29145 |
| Pagaya AI Technology in Housing Trust Series <br> 2023-1, Class E1, 3.60%, 10/25/2040 (a)<br>| &nbsp;&nbsp; 26822 | &nbsp;&nbsp; 25078 |
| Piper ABS Issuer LLC 9.81%, 1/15/2046 ‡ | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 24000 |
| Post Road Equipment Finance LLC Series <br> 2024-1A, Class E, 8.50%, 12/15/2031 (a)<br>| &nbsp;&nbsp; 3250 | &nbsp;&nbsp; 3347 |
| Progress Residential Series 2021-SFR3, <br> Class E2, 2.69%, 5/17/2026 (a)<br>| &nbsp;&nbsp; 9348 | &nbsp;&nbsp; 9297 |
| Progress Residential Trust |  |  |
| Series 2022-SFR2, Class E2, 4.80%, <br> 4/17/2027 (a)<br>| &nbsp;&nbsp; 21356 | &nbsp;&nbsp; 21041 |
| Series 2021-SFR8, Class E1, 2.38%, <br> 10/17/2038 (a)<br>| &nbsp;&nbsp; 23973 | &nbsp;&nbsp; 23636 |
| Series 2022-SFR3, Class E2, 5.60%, <br> 4/17/2039 (a)<br>| &nbsp;&nbsp; 19522 | &nbsp;&nbsp; 19527 |
| Series 2022-SFR3, Class F, 6.60%, <br> 4/17/2039 (a)<br>| &nbsp;&nbsp; 11918 | &nbsp;&nbsp; 11955 |
| Series 2022-SFR1, Class E1, 3.93%, <br> 2/17/2041 (a)<br>| &nbsp;&nbsp; 12578 | &nbsp;&nbsp; 12291 |
| Series 2022-SFR1, Class F, 4.88%, <br> 2/17/2041 (a)<br>| &nbsp;&nbsp; 14250 | &nbsp;&nbsp; 14169 |
| Series 2024-SFR4, Class E1, 3.33%, <br> 7/17/2041 (a)<br>| &nbsp;&nbsp; 13000 | &nbsp;&nbsp; 12230 |
| Purewest ABS Issuer LLC |  |  |
| Series 2025-1, Class A2, 6.53%, <br> 4/5/2040 ‡ (a)<br>| &nbsp;&nbsp; 9902 | &nbsp;&nbsp; 10154 |
| Series 2025-1, Class B, 10.28%, <br> 4/5/2040 ‡ (a)<br>| &nbsp;&nbsp; 32487 | &nbsp;&nbsp; 32529 |
| Raisa Funding LLC 11.71%, 6/15/2038 ‡ | &nbsp;&nbsp; 7322 | &nbsp;&nbsp; 7540 |
| Rcfii Baml Frn 12.35%, 12/17/2026 ‡ (a) | &nbsp;&nbsp; 12439 | &nbsp;&nbsp; 12393 |
| RCKT Mortgage Trust Series 2026-CES2, <br> Class A1A, 4.76%, 2/1/2056 (a) (i)<br>| &nbsp;&nbsp; 39650 | &nbsp;&nbsp; 39686 |
| Renew |  |  |
| 12.50, 12/20/2049‡ | &nbsp;&nbsp; 428760 | &nbsp;&nbsp; 15678 |
| Series 2017-1A, Class A, 3.67%, <br> 9/20/2052 (a)<br>| &nbsp;&nbsp; 707 | &nbsp;&nbsp; 673 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 95

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2017-1A, Class B, 5.75%, <br> 9/20/2052 (a)<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 71 |
| Series 2017-2A, Class A, 3.22%, <br> 9/22/2053 (a)<br>| &nbsp;&nbsp; 7737 | &nbsp;&nbsp; 7174 |
| Series 2023-1A, Class A, 5.90%, <br> 11/20/2058 (a)<br>| &nbsp;&nbsp; 8987 | &nbsp;&nbsp; 9419 |
| Retium-rcaf 12.35%, 12/17/2026 ‡ (a) | &nbsp;&nbsp; 8620 | &nbsp;&nbsp; 8588 |
| Revolution ABS LLC |  |  |
| Series 2026-1, 6.18%, 3/28/2046 ‡ | &nbsp;&nbsp; 18120 | &nbsp;&nbsp; 18120 |
| Series 2026-1, 9.76%, 3/28/2046 ‡ | &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5000 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2024-4, Class C, 4.95%, 4/15/2030 | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 7606 |
| Series 2023-2, Class C, 5.47%, <br> 12/16/2030<br>| &nbsp;&nbsp; 24560 | &nbsp;&nbsp; 24930 |
| Series 2022-5, Class D, 5.67%, <br> 12/16/2030<br>| &nbsp;&nbsp; 35600 | &nbsp;&nbsp; 35908 |
| Series 2022-6, Class D, 5.69%, 2/18/2031 | &nbsp;&nbsp; 27300 | &nbsp;&nbsp; 27610 |
| Series 2024-2, Class D, 6.28%, 8/15/2031 | &nbsp;&nbsp; 7941 | &nbsp;&nbsp; 8244 |
| SCF Equipment Leasing LLC |  |  |
| Series 2023-1A, Class A3, 6.17%, <br> 5/20/2032 (a)<br>| &nbsp;&nbsp; 6782 | &nbsp;&nbsp; 6832 |
| Series 2023-1A, Class E, 7.00%, <br> 7/21/2036 (a)<br>| &nbsp;&nbsp; 19500 | &nbsp;&nbsp; 20089 |
| Securitized Asset-Backed Receivables LLC Trust <br> Series 2006-CB1, Class AF2, 2.80%, <br> 1/25/2036 (i)<br>| &nbsp;&nbsp; 119 | &nbsp;&nbsp; 104 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2022-1A, Class D, 6.00%, <br> 10/20/2038 (a)<br>| &nbsp;&nbsp; 2446 | &nbsp;&nbsp; 2447 |
| Series 2022-3A, Class D, 10.52%, <br> 7/20/2039 (a)<br>| &nbsp;&nbsp; 2086 | &nbsp;&nbsp; 2168 |
| Series 2023-1A, Class D, 9.80%, <br> 1/20/2040 (a)<br>| &nbsp;&nbsp; 1516 | &nbsp;&nbsp; 1602 |
| Series 2023-2A, Class D, 9.72%, <br> 4/20/2040 (a)<br>| &nbsp;&nbsp; 1791 | &nbsp;&nbsp; 1890 |
| Series 2022-2A, Class D, 9.22%, <br> 6/20/2040 (a)<br>| &nbsp;&nbsp; 1186 | &nbsp;&nbsp; 1217 |
| Series 2023-3A, Class D, 9.44%, <br> 9/20/2040 (a)<br>| &nbsp;&nbsp; 1476 | &nbsp;&nbsp; 1560 |
| Series 2024-3A, Class D, 6.93%, <br> 8/20/2041 (a)<br>| &nbsp;&nbsp; 2189 | &nbsp;&nbsp; 2238 |
| Series 2024-1A, Class D, 8.02%, <br> 1/20/2043 (a)<br>| &nbsp;&nbsp; 791 | &nbsp;&nbsp; 813 |
| Soundview Home Loan Trust Series <br> 2007-OPT1, Class 2A1, 3.87%, <br> 6/25/2037 (j)<br>| &nbsp;&nbsp; 631 | &nbsp;&nbsp; 428 |
| SRT Issuer I LLC 0.00%, 7/7/2031 ‡ (j) | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 42946 |
| SRT Issuer LLC 0.00%, 12/7/2031 ‡ (j) | &nbsp;&nbsp; 43000 | &nbsp;&nbsp; 43019 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Stream Innovations Issuer Trust Series <br> 2025-1A, Class D, 8.40%, 9/15/2045 (a)<br>| &nbsp;&nbsp; 2602 | &nbsp;&nbsp; 2667 |
| Towd Point Mortgage Trust Series 2026-CES1, <br> Class A1, 4.96%, 1/25/2066 (a) (i)<br>| &nbsp;&nbsp; 36749 | &nbsp;&nbsp; 36943 |
| Tricolor Auto Securitization Trust Series <br> 2022-1A, Class E, 7.79%, 8/16/2027 ‡ (a)<br>| &nbsp;&nbsp; 1044 | &nbsp;&nbsp; 887 |
| Tricon American Homes Trust Series <br> 2019-SFR1, Class F, 3.75%, <br> 3/17/2038 (a)<br>| &nbsp;&nbsp; 6796 | &nbsp;&nbsp; 6779 |
| Ucielo 2025-assi 10.51%, 8/9/2033 ‡ | &nbsp;&nbsp; 212 | &nbsp;&nbsp; 213 |
| Ucielo 2025-assic |  |  |
| 8.01%, 8/9/2033 ‡ | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 100 |
| 10.51%, 8/9/2033 ‡ | &nbsp;&nbsp; 275 | &nbsp;&nbsp; 275 |
| United Airlines Pass-Through Trust |  |  |
| Series 2014-1, Class A, 4.00%, 4/11/2026 | &nbsp;&nbsp; 1559 | &nbsp;&nbsp; 1558 |
| Series 2014-2, Class A, 3.75%, 9/3/2026 | &nbsp;&nbsp; 663 | &nbsp;&nbsp; 661 |
| Series 2016-1, Class AA, 3.10%, 7/7/2028 | &nbsp;&nbsp; 729 | &nbsp;&nbsp; 713 |
| Series 2016-2, Class AA, 2.88%, <br> 10/7/2028<br>| &nbsp;&nbsp; 1053 | &nbsp;&nbsp; 1024 |
| Series 2018-1, Class AA, 3.50%, 3/1/2030 | &nbsp;&nbsp; 7454 | &nbsp;&nbsp; 7348 |
| Series 2018-1, Class A, 3.70%, 3/1/2030 | &nbsp;&nbsp; 772 | &nbsp;&nbsp; 743 |
| Series 2019-1, Class AA, 4.15%, <br> 8/25/2031<br>| &nbsp;&nbsp; 997 | &nbsp;&nbsp; 992 |
| Series 2019-1, Class A, 4.55%, 8/25/2031 | &nbsp;&nbsp; 1190 | &nbsp;&nbsp; 1167 |
| Series 2019-2, Class AA, 2.70%, 5/1/2032 | &nbsp;&nbsp; 1322 | &nbsp;&nbsp; 1239 |
| Series 2024-1, Class AA, 5.45%, <br> 2/15/2037<br>| &nbsp;&nbsp; 6420 | &nbsp;&nbsp; 6714 |
| UOG ABS Issuer LLC Series 2023-1, Class A1, <br> 8.35%, 6/5/2040 ‡ (a)<br>| &nbsp;&nbsp; 13327 | &nbsp;&nbsp; 13870 |
| UPG HI Issuer Trust Series 2025-2, Class A, <br> 5.00%, 9/25/2047 (a)<br>| &nbsp;&nbsp; 11892 | &nbsp;&nbsp; 11980 |
| Upstart Frn Series 2025-TE, 6.80%, <br> 3/29/2029 ‡ (a)<br>| &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 23970 |
| US Auto Funding Series 2021-1A, Class D, <br> 4.36%, 3/15/2027 (a)<br>| &nbsp;&nbsp; 10500 | &nbsp;&nbsp; — |
| US Auto Funding Trust Series 2022-1A, <br> Class D, 9.14%, 7/15/2027 ‡ (a)<br>| &nbsp;&nbsp; 16000 | &nbsp;&nbsp; — |
| Verdant Receivables LLC Series 2023-1A, <br> Class A2, 6.24%, 1/13/2031 (a)<br>| &nbsp;&nbsp; 7034 | &nbsp;&nbsp; 7151 |
| VistaJet Pass Through Trust Series 2021-1C, <br> 9.50%, 8/15/2031 ‡ (a)<br>| &nbsp;&nbsp; 24929 | &nbsp;&nbsp; 25224 |
| vMobo, Inc. 9.46%, 7/18/2027 ‡ | &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 53490 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, <br> 6.24%, 3/27/2051 (a) (i)<br>| &nbsp;&nbsp; 385 | &nbsp;&nbsp; 385 |
| Westgate Resorts LLC |  |  |
| Series 2023-1A, Class C, 7.49%, <br> 12/20/2037 (a)<br>| &nbsp;&nbsp; 1847 | &nbsp;&nbsp; 1885 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-1A, Class D, 9.26%, <br> 1/20/2038 (a)<br>| &nbsp;&nbsp; 4408 | &nbsp;&nbsp; 4503 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2023-3A, Class D, 6.47%, <br> 3/15/2029 (a)<br>| &nbsp;&nbsp; 18976 | &nbsp;&nbsp; 19450 |
| Series 2023-4A, Class D, 7.19%, <br> 7/16/2029 (a)<br>| &nbsp;&nbsp; 15900 | &nbsp;&nbsp; 16505 |
| Wolf Energy Asset Issuer LLC |  |  |
| 5.70%, 7/25/2050 ‡ | &nbsp;&nbsp; 7287 | &nbsp;&nbsp; 7287 |
| 6.61%, 7/25/2050 ‡ | &nbsp;&nbsp; 4188 | &nbsp;&nbsp; 4188 |
| Ygrene 13.75%, 5/1/2028 ‡ | &nbsp;&nbsp; 12649 | &nbsp;&nbsp; 11930 |
| Total Asset-Backed Securities <br>(Cost $3,148,138)<br>|  | &nbsp;&nbsp; 3141907 |
| **U.S. Treasury Obligations — 11.4%** | **U.S. Treasury Obligations — 11.4%** | **U.S. Treasury Obligations — 11.4%** |
| U.S. Treasury Bonds |  |  |
| 1.13%, 5/15/2040 | &nbsp;&nbsp; 96228 | &nbsp;&nbsp; 63165 |
| 1.13%, 8/15/2040 | &nbsp;&nbsp; 109111 | &nbsp;&nbsp; 70918 |
| 1.38%, 11/15/2040 | &nbsp;&nbsp; 61230 | &nbsp;&nbsp; 41113 |
| 2.25%, 5/15/2041 | &nbsp;&nbsp; 46603 | &nbsp;&nbsp; 35403 |
| 2.00%, 11/15/2041 | &nbsp;&nbsp; 45879 | &nbsp;&nbsp; 33104 |
| 3.13%, 11/15/2041 | &nbsp;&nbsp; 40953 | &nbsp;&nbsp; 34904 |
| 4.00%, 11/15/2042 | &nbsp;&nbsp; 136621 | &nbsp;&nbsp; 128872 |
| 3.63%, 8/15/2043 | &nbsp;&nbsp; 11821 | &nbsp;&nbsp; 10530 |
| 4.38%, 8/15/2043 | &nbsp;&nbsp; 25275 | &nbsp;&nbsp; 24861 |
| 3.75%, 11/15/2043 | &nbsp;&nbsp; 63896 | &nbsp;&nbsp; 57754 |
| 4.75%, 11/15/2043 | &nbsp;&nbsp; 110957 | &nbsp;&nbsp; 114208 |
| 3.38%, 5/15/2044 | &nbsp;&nbsp; 47111 | &nbsp;&nbsp; 40199 |
| 2.50%, 2/15/2045 | &nbsp;&nbsp; 66979 | &nbsp;&nbsp; 49161 |
| 4.88%, 8/15/2045 | &nbsp;&nbsp; 86410 | &nbsp;&nbsp; 89880 |
| 3.00%, 2/15/2047 | &nbsp;&nbsp; 141111 | &nbsp;&nbsp; 110160 |
| 3.00%, 8/15/2048 | &nbsp;&nbsp; 93566 | &nbsp;&nbsp; 71870 |
| 3.38%, 11/15/2048 | &nbsp;&nbsp; 101186 | &nbsp;&nbsp; 82965 |
| 1.88%, 2/15/2051 | &nbsp;&nbsp; 30232 | &nbsp;&nbsp; 17643 |
| 2.38%, 5/15/2051 | &nbsp;&nbsp; 174542 | &nbsp;&nbsp; 114584 |
| 2.25%, 2/15/2052 | &nbsp;&nbsp; 28956 | &nbsp;&nbsp; 18318 |
| 4.50%, 11/15/2054 | &nbsp;&nbsp; 204598 | &nbsp;&nbsp; 199882 |
| U.S. Treasury Notes |  |  |
| 1.13%, 10/31/2026 (m) | &nbsp;&nbsp; 165946 | &nbsp;&nbsp; 163213 |
| 0.50%, 8/31/2027 | &nbsp;&nbsp; 183364 | &nbsp;&nbsp; 175592 |
| 3.63%, 8/31/2029 | &nbsp;&nbsp; 345545 | &nbsp;&nbsp; 347705 |
| 4.13%, 11/30/2029 | &nbsp;&nbsp; 58850 | &nbsp;&nbsp; 60236 |
| 3.63%, 8/31/2030 | &nbsp;&nbsp; 245935 | &nbsp;&nbsp; 247213 |
| 4.25%, 11/15/2034 | &nbsp;&nbsp; 214794 | &nbsp;&nbsp; 220676 |
| 4.63%, 2/15/2035 | &nbsp;&nbsp; 46970 | &nbsp;&nbsp; 49550 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| U.S. Treasury STRIPS Bonds |  |  |
| 4.71%, 5/15/2031 (n) | &nbsp;&nbsp; 141586 | &nbsp;&nbsp; 117450 |
| 5.27%, 11/15/2033 (n) | &nbsp;&nbsp; 30160 | &nbsp;&nbsp; 22448 |
| 5.25%, 5/15/2040 (n) | &nbsp;&nbsp; 63558 | &nbsp;&nbsp; 33455 |
| 3.32%, 8/15/2040 (n) | &nbsp;&nbsp; 37081 | &nbsp;&nbsp; 19222 |
| 3.24%, 8/15/2041 (n) | &nbsp;&nbsp; 129383 | &nbsp;&nbsp; 63616 |
| 4.22%, 2/15/2042 (n) | &nbsp;&nbsp; 10407 | &nbsp;&nbsp; 4961 |
| 3.84%, 5/15/2042 (n) | &nbsp;&nbsp; 18492 | &nbsp;&nbsp; 8674 |
| 3.99%, 11/15/2042 (n) | &nbsp;&nbsp; 7625 | &nbsp;&nbsp; 3473 |
| 2.48%, 11/15/2043 (n) | &nbsp;&nbsp; 24977 | &nbsp;&nbsp; 10739 |
| Total U.S. Treasury Obligations <br>(Cost $3,141,098)<br>|  | &nbsp;&nbsp; 2957717 |
| **Commercial Mortgage-Backed Securities — 10.6%** | **Commercial Mortgage-Backed Securities — 10.6%** | **Commercial Mortgage-Backed Securities — 10.6%** |
| 20 Times Square Trust Series 2018-20TS, <br> Class F, 3.10%, 5/15/2035 (a) (j)<br>| &nbsp;&nbsp; 23414 | &nbsp;&nbsp; 21073 |
| Acrc 5.25%, 11/15/2026 ‡ (a) | &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 23491 |
| Areit Frn 8.20%, 10/17/2026 ‡ (a) | &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 29763 |
| BAMLL Re-REMIC Trust |  |  |
| Series 2025-FRR5, Class DK73, 1.01%, <br> 2/27/2051 ‡ (a) (j)<br>| &nbsp;&nbsp; 7518 | &nbsp;&nbsp; 6727 |
| Series 2025-FRR5, Class CK73, 1.02%, <br> 2/27/2051 ‡ (a) (j)<br>| &nbsp;&nbsp; 7519 | &nbsp;&nbsp; 6863 |
| Series 2025-FRR5, Class CK86, PO, <br> 11/27/2051 (a)<br>| &nbsp;&nbsp; 8773 | &nbsp;&nbsp; 7446 |
| Series 2025-FRR5, Class DK86, PO, <br> 11/27/2051 (a)<br>| &nbsp;&nbsp; 7496 | &nbsp;&nbsp; 6161 |
| Series 2025-FRR5, Class C736, 1.74%, <br> 9/27/2052 ‡ (a) (j)<br>| &nbsp;&nbsp; 10609 | &nbsp;&nbsp; 10393 |
| Series 2025-FRR5, Class D736, 1.74%, <br> 9/27/2052 ‡ (a) (j)<br>| &nbsp;&nbsp; 10608 | &nbsp;&nbsp; 10296 |
| BANK Series 2019-BN19, Class A3, 3.18%, <br> 8/15/2061<br>| &nbsp;&nbsp; 9707 | &nbsp;&nbsp; 9318 |
| BBCCRE Trust Series 2015-GTP, Class A, <br> 3.97%, 8/10/2033 (a)<br>| &nbsp;&nbsp; 9126 | &nbsp;&nbsp; 8638 |
| BOFAS Re-REMIC Trust Series 2026-FRR7, <br> Class BGX1, 3.59%, 10/27/2037 (a) (j)<br>| &nbsp;&nbsp; 8920 | &nbsp;&nbsp; 8572 |
| BWAY Mortgage Trust Series 2013-1515, <br> Class F, 3.93%, 3/10/2033 (a) (j)<br>| &nbsp;&nbsp; 4854 | &nbsp;&nbsp; 4151 |
| Cascade Funding Mortgage Trust |  |  |
| Series 2021-FRR1, Class BK54, 0.00%, <br> 2/28/2026 (a)<br>| &nbsp;&nbsp; 21308 | &nbsp;&nbsp; 21280 |
| Series 2021-FRR1, Class CK54, 0.00%, <br> 2/28/2026<br>| &nbsp;&nbsp; 6795 | &nbsp;&nbsp; 6749 |
| Series 2021-FRR1, Class BK98, 0.00%, <br> 8/29/2029 (a)<br>| &nbsp;&nbsp; 17231 | &nbsp;&nbsp; 13781 |
| Series 2021-FRR1, Class AK99, 0.00%, <br> 9/29/2029 (a)<br>| &nbsp;&nbsp; 11736 | &nbsp;&nbsp; 9557 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 97

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2021-FRR1, Class BK99, 0.00%, <br> 9/29/2029 (a)<br>| &nbsp;&nbsp; 14852 | &nbsp;&nbsp; 11375 |
| Series 2021-FRR1, Class BK58, 2.38%, <br> 9/29/2029 (a) (j)<br>| &nbsp;&nbsp; 10863 | &nbsp;&nbsp; 10560 |
| CFCRE Commercial Mortgage Trust Series <br> 2011-C2, Class D, 5.08%, 12/15/2047 (a) <br> (j)<br>| &nbsp;&nbsp; 899 | &nbsp;&nbsp; 888 |
| Commercial Mortgage Trust Series <br> 2018-HOME, Class A, 3.82%, <br> 4/10/2033 (a) (j)<br>| &nbsp;&nbsp; 23201 | &nbsp;&nbsp; 22893 |
| Credit Suisse Commercial Mortgage Trust <br> Series 2007-C2, Class AX, IO, 0.01%, <br> 1/15/2049 (a) (j)<br>| &nbsp;&nbsp; 8808 | &nbsp;&nbsp; 2 |
| CSMC OA LLC Series 2014-USA, Class D, <br> 4.37%, 9/15/2037 (a)<br>| &nbsp;&nbsp; 14756 | &nbsp;&nbsp; 12723 |
| CSTL Commercial Mortgage Trust Series <br> 2025-GATE2, Class E, 6.35%, <br> 11/10/2042 (a) (j)<br>| &nbsp;&nbsp; 28800 | &nbsp;&nbsp; 29191 |
| DLIC Re-REMIC Trust Series 2025-FRR1, <br> Class BGX1, 3.59%, 10/27/2037 ‡ (a) (j)<br>| &nbsp;&nbsp; 9390 | &nbsp;&nbsp; 9039 |
| FHLMC Series 2025-MN11, Class M2, 6.32%, <br> 7/25/2045 (a) (j)<br>| &nbsp;&nbsp; 15955 | &nbsp;&nbsp; 15947 |
| FHLMC MSCR Trust |  |  |
| Series 2023-MN7, Class M2, 9.37%, <br> 9/25/2043 (a) (j)<br>| &nbsp;&nbsp; 11110 | &nbsp;&nbsp; 11911 |
| Series 2025-MN12, Class M2, 6.42%, <br> 11/25/2045 (a) (j)<br>| &nbsp;&nbsp; 18100 | &nbsp;&nbsp; 18102 |
| Series 2021-MN1, Class M2, 7.42%, <br> 1/25/2051 (a) (j)<br>| &nbsp;&nbsp; 54613 | &nbsp;&nbsp; 56670 |
| Series 2021-MN3, Class M1, 5.97%, <br> 11/25/2051 (a) (j)<br>| &nbsp;&nbsp; 1745 | &nbsp;&nbsp; 1746 |
| Series 2021-MN3, Class M2, 7.67%, <br> 11/25/2051 (a) (j)<br>| &nbsp;&nbsp; 9418 | &nbsp;&nbsp; 9747 |
| FHLMC, Multi-Family Structured Credit Risk <br> Series 2022-MN4, Class M2, 10.17%, <br> 5/25/2052 (a) (j)<br>| &nbsp;&nbsp; 6067 | &nbsp;&nbsp; 6676 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series KS06, Class A2, 2.72%, 7/25/2026 | &nbsp;&nbsp; 8049 | &nbsp;&nbsp; 8017 |
| Series K065, Class A2, 3.24%, 4/25/2027 | &nbsp;&nbsp; 6439 | &nbsp;&nbsp; 6399 |
| Series KJ26, Class A2, 2.61%, 7/25/2027 | &nbsp;&nbsp; 5749 | &nbsp;&nbsp; 5693 |
| Series K070, Class A2, 3.30%, <br> 11/25/2027 (j)<br>| &nbsp;&nbsp; 5868 | &nbsp;&nbsp; 5828 |
| Series W5FX, Class AFX, 3.34%, <br> 4/25/2028 (j)<br>| &nbsp;&nbsp; 9620 | &nbsp;&nbsp; 9530 |
| Series KL05, Class X1P, IO, 0.89%, <br> 6/25/2029 (j)<br>| &nbsp;&nbsp; 170657 | &nbsp;&nbsp; 4591 |
| Series KS11, Class AFX2, 2.65%, <br> 6/25/2029<br>| &nbsp;&nbsp; 48537 | &nbsp;&nbsp; 46742 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series K753, Class A2, 4.40%, <br> 10/25/2030<br>| &nbsp;&nbsp; 23410 | &nbsp;&nbsp; 23977 |
| Series K152, Class A2, 3.08%, 1/25/2031 | &nbsp;&nbsp; 8584 | &nbsp;&nbsp; 8318 |
| Series K128, Class X3, IO, 2.78%, <br> 4/25/2031 (j)<br>| &nbsp;&nbsp; 12474 | &nbsp;&nbsp; 1472 |
| Series K142, Class AM, 2.40%, 3/25/2032 | &nbsp;&nbsp; 21356 | &nbsp;&nbsp; 19553 |
| Series K145, Class A2, 2.58%, 5/25/2032 | &nbsp;&nbsp; 18119 | &nbsp;&nbsp; 16773 |
| Series K146, Class A2, 2.92%, 6/25/2032 | &nbsp;&nbsp; 13105 | &nbsp;&nbsp; 12363 |
| Series K146, Class AM, 2.92%, 7/25/2032 | &nbsp;&nbsp; 12620 | &nbsp;&nbsp; 11855 |
| Series K-152, Class A2, 3.78%, <br> 11/25/2032 (j)<br>| &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 33610 |
| Series K-160, Class A2, 4.50%, <br> 8/25/2033 (j)<br>| &nbsp;&nbsp; 34000 | &nbsp;&nbsp; 34898 |
| Series KX04, Class XFX, IO, 1.33%, <br> 1/25/2034 (j)<br>| &nbsp;&nbsp; 112890 | &nbsp;&nbsp; 3931 |
| Series K-1515, Class A2, 1.94%, <br> 2/25/2035<br>| &nbsp;&nbsp; 34947 | &nbsp;&nbsp; 29258 |
| Series K-1520, Class X3, IO, 3.09%, <br> 4/25/2039 (j)<br>| &nbsp;&nbsp; 4320 | &nbsp;&nbsp; 991 |
| Series Q014, Class X, IO, 2.77%, <br> 10/25/2055 (j)<br>| &nbsp;&nbsp; 19851 | &nbsp;&nbsp; 2863 |
| FNMA ACES |  |  |
| Series 2016-M6, Class A2, 2.49%, <br> 5/25/2026<br>| &nbsp;&nbsp; 3655 | &nbsp;&nbsp; 3639 |
| Series 2016-M7, Class A2, 2.50%, <br> 9/25/2026<br>| &nbsp;&nbsp; 3092 | &nbsp;&nbsp; 3074 |
| Series 2017-M1, Class A2, 2.42%, <br> 10/25/2026 (j)<br>| &nbsp;&nbsp; 6413 | &nbsp;&nbsp; 6349 |
| Series 2017-M3, Class A2, 2.47%, <br> 12/25/2026 (j)<br>| &nbsp;&nbsp; 9385 | &nbsp;&nbsp; 9285 |
| Series 2015-M10, Class A2, 3.09%, <br> 4/25/2027 (j)<br>| &nbsp;&nbsp; 3679 | &nbsp;&nbsp; 3653 |
| Series 2017-M8, Class A2, 3.06%, <br> 5/25/2027 (j)<br>| &nbsp;&nbsp; 6299 | &nbsp;&nbsp; 6246 |
| Series 2018-M2, Class A2, 2.93%, <br> 1/25/2028 (j)<br>| &nbsp;&nbsp; 22288 | &nbsp;&nbsp; 21947 |
| Series 2018-M7, Class A2, 3.03%, <br> 3/25/2028 (j)<br>| &nbsp;&nbsp; 24640 | &nbsp;&nbsp; 24370 |
| Series 2018-M4, Class A2, 3.07%, <br> 3/25/2028 (j)<br>| &nbsp;&nbsp; 6635 | &nbsp;&nbsp; 6562 |
| Series 2018-M10, Class A2, 3.36%, <br> 7/25/2028 (j)<br>| &nbsp;&nbsp; 9417 | &nbsp;&nbsp; 9358 |
| Series 2018-M14, Class A2, 3.58%, <br> 8/25/2028 (j)<br>| &nbsp;&nbsp; 31946 | &nbsp;&nbsp; 31886 |
| Series 2020-M38, Class X2, IO, 1.98%, <br> 11/25/2028 (j)<br>| &nbsp;&nbsp; 28842 | &nbsp;&nbsp; 1025 |
| Series 2017-M5, Class A2, 3.02%, <br> 4/25/2029 (j)<br>| &nbsp;&nbsp; 12984 | &nbsp;&nbsp; 12767 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2019-M7, Class A2, 3.14%, <br> 4/25/2029<br>| &nbsp;&nbsp; 15069 | &nbsp;&nbsp; 14832 |
| Series 2019-M12, Class A2, 2.89%, <br> 6/25/2029 (j)<br>| &nbsp;&nbsp; 25788 | &nbsp;&nbsp; 25185 |
| Series 2018-M3, Class A2, 3.07%, <br> 2/25/2030 (j)<br>| &nbsp;&nbsp; 4174 | &nbsp;&nbsp; 4085 |
| Series 2020-M50, Class A2, 1.20%, <br> 10/25/2030<br>| &nbsp;&nbsp; 4605 | &nbsp;&nbsp; 4457 |
| Series 2020-M50, Class X1, IO, 1.82%, <br> 10/25/2030 (j)<br>| &nbsp;&nbsp; 75379 | &nbsp;&nbsp; 2444 |
| Series 2022-M2S, Class A2, 3.76%, <br> 8/25/2032 (j)<br>| &nbsp;&nbsp; 13552 | &nbsp;&nbsp; 13408 |
| Series 2023-M8, Class A2, 4.48%, <br> 3/25/2033 (j)<br>| &nbsp;&nbsp; 32285 | &nbsp;&nbsp; 33150 |
| Series 2023-M1S, Class A2, 4.50%, <br> 4/25/2033 (j)<br>| &nbsp;&nbsp; 6868 | &nbsp;&nbsp; 7063 |
| Series 2024-M2, Class A2, 3.75%, <br> 8/25/2033<br>| &nbsp;&nbsp; 56000 | &nbsp;&nbsp; 54759 |
| FREMF Series 20K-1517, Class C, PO, <br> 8/25/2035 (a)<br>| &nbsp;&nbsp; 37986 | &nbsp;&nbsp; 19541 |
| FREMF Mortgage Trust |  |  |
| Series 2018-KHG1, Class C, 3.90%, <br> 12/25/2027 (a) (j)<br>| &nbsp;&nbsp; 32247 | &nbsp;&nbsp; 30930 |
| Series 2018-KW06, Class C, 0.00%, <br> 6/25/2028 (a)<br>| &nbsp;&nbsp; 12112 | &nbsp;&nbsp; 10233 |
| Series 2018-KW06, Class X2A, IO, 0.10%, <br> 6/25/2028 (a)<br>| &nbsp;&nbsp; 97552 | &nbsp;&nbsp; 163 |
| Series 2018-KW06, Class X2B, IO, 0.10%, <br> 6/25/2028 (a)<br>| &nbsp;&nbsp; 16149 | &nbsp;&nbsp; 30 |
| Series 2018-K82, Class X2A, IO, 0.10%, <br> 9/25/2028 (a)<br>| &nbsp;&nbsp; 562434 | &nbsp;&nbsp; 1113 |
| Series 2021-KHG3, Class CFX, 2.40%, <br> 9/25/2028 (a) (j)<br>| &nbsp;&nbsp; 26000 | &nbsp;&nbsp; 23832 |
| Series 2021-KHG3, Class CFL, 9.08%, <br> 9/25/2028 (a) (j)<br>| &nbsp;&nbsp; 18064 | &nbsp;&nbsp; 18155 |
| Series 2018-K82, Class D, PO, <br> 10/25/2028 (a)<br>| &nbsp;&nbsp; 55000 | &nbsp;&nbsp; 45479 |
| Series 2018-K82, Class X2B, IO, 0.10%, <br> 10/25/2028 (a)<br>| &nbsp;&nbsp; 144000 | &nbsp;&nbsp; 332 |
| Series 2018-K84, Class D, PO, <br> 11/25/2028 (a)<br>| &nbsp;&nbsp; 63510 | &nbsp;&nbsp; 51321 |
| Series 2019-KBF3, Class C, 8.54%, <br> 1/25/2029 (a) (j)<br>| &nbsp;&nbsp; 8377 | &nbsp;&nbsp; 8104 |
| Series 2019-KL05, Class BHG, 4.37%, <br> 2/25/2029 (a) (j)<br>| &nbsp;&nbsp; 3500 | &nbsp;&nbsp; 3307 |
| Series 2019-KL05, Class CHG, 4.37%, <br> 2/25/2029 (a)<br>| &nbsp;&nbsp; 11274 | &nbsp;&nbsp; 10329 |
| Series 2019-K92, Class X2A, IO, 0.10%, <br> 4/25/2029 (a)<br>| &nbsp;&nbsp; 809888 | &nbsp;&nbsp; 1930 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2019-KG01, Class X2A, IO, 0.10%, <br> 4/25/2029 (a)<br>| &nbsp;&nbsp; 196075 | &nbsp;&nbsp; 333 |
| Series 2019-KG01, Class C, PO, <br> 5/25/2029 (a)<br>| &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 19557 |
| Series 2019-KG01, Class X2B, IO, 0.10%, <br> 5/25/2029 (a)<br>| &nbsp;&nbsp; 32370 | &nbsp;&nbsp; 84 |
| Series 2019-KS11, Class C, 4.82%, <br> 6/25/2029 (a) (j)<br>| &nbsp;&nbsp; 21859 | &nbsp;&nbsp; 19904 |
| Series 2019-K92, Class X2B, IO, 0.10%, <br> 7/25/2029 (a)<br>| &nbsp;&nbsp; 180000 | &nbsp;&nbsp; 496 |
| Series 2019-KS12, Class B, 6.59%, <br> 8/25/2029 (a) (j)<br>| &nbsp;&nbsp; 9349 | &nbsp;&nbsp; 9350 |
| Series 2019-KC07, Class C, 3.64%, <br> 10/25/2029 (a) (j)<br>| &nbsp;&nbsp; 27300 | &nbsp;&nbsp; 23361 |
| Series 2020-K107, Class D, 3.51%, <br> 2/25/2030 (a) (j)<br>| &nbsp;&nbsp; 41999 | &nbsp;&nbsp; 35140 |
| Series 2023-K752, Class D, PO, <br> 8/25/2030 (a)<br>| &nbsp;&nbsp; 26400 | &nbsp;&nbsp; 18755 |
| Series 2023-K752, Class X2B, IO, 0.10%, <br> 8/25/2030 (a)<br>| &nbsp;&nbsp; 90300 | &nbsp;&nbsp; 323 |
| Series 2020-KSG1, Class C, PO, <br> 9/25/2030 (a)<br>| &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 13700 |
| Series 2020-KSG1, Class X2A, IO, 0.10%, <br> 9/25/2030 (a)<br>| &nbsp;&nbsp; 223475 | &nbsp;&nbsp; 770 |
| Series 2020-KSG1, Class X2B, IO, 0.10%, <br> 9/25/2030 (a)<br>| &nbsp;&nbsp; 19200 | &nbsp;&nbsp; 72 |
| Series 2018-KW07, Class C, PO, <br> 10/25/2031 (a)<br>| &nbsp;&nbsp; 12620 | &nbsp;&nbsp; 10282 |
| Series 2018-KW07, Class X2A, IO, 0.10%, <br> 10/25/2031 (a)<br>| &nbsp;&nbsp; 96764 | &nbsp;&nbsp; 184 |
| Series 2018-KW07, Class X2B, IO, 0.10%, <br> 10/25/2031 (a)<br>| &nbsp;&nbsp; 16457 | &nbsp;&nbsp; 35 |
| Series 2019-KW10, Class C, PO, <br> 10/25/2032 (a)<br>| &nbsp;&nbsp; 24000 | &nbsp;&nbsp; 18153 |
| Series 2019-KW10, Class X2A, IO, 0.10%, <br> 10/25/2032 (a)<br>| &nbsp;&nbsp; 266593 | &nbsp;&nbsp; 720 |
| Series 2019-KW10, Class X2B, IO, 0.10%, <br> 10/25/2032 (a)<br>| &nbsp;&nbsp; 32000 | &nbsp;&nbsp; 92 |
| Series 2019-KW10, Class B, 3.63%, <br> 10/25/2032 (a) (j)<br>| &nbsp;&nbsp; 8902 | &nbsp;&nbsp; 8387 |
| Series 2018-K155, Class X2A, IO, 0.10%, <br> 4/25/2033 (a)<br>| &nbsp;&nbsp; 428934 | &nbsp;&nbsp; 1932 |
| Series 2018-K155, Class C, PO, <br> 5/25/2033 (a)<br>| &nbsp;&nbsp; 36871 | &nbsp;&nbsp; 21354 |
| Series 2018-K155, Class X2B, IO, 0.10%, <br> 5/25/2033 (a)<br>| &nbsp;&nbsp; 49744 | &nbsp;&nbsp; 275 |
| Series 2018-K157, Class C, PO, <br> 9/25/2033 (a)<br>| &nbsp;&nbsp; 50000 | &nbsp;&nbsp; 28224 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 99

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2018-K159, Class C, PO, <br> 11/25/2033 (a)<br>| &nbsp;&nbsp; 32953 | &nbsp;&nbsp; 19328 |
| Series 2018-K159, Class X2B, IO, 0.10%, <br> 11/25/2033 (a)<br>| &nbsp;&nbsp; 22000 | &nbsp;&nbsp; 127 |
| Series 19K-1510, Class C, 0.00%, <br> 1/25/2034 (a)<br>| &nbsp;&nbsp; 51057 | &nbsp;&nbsp; 27993 |
| Series 19K-1511, Class C, PO, <br> 4/25/2034 (a)<br>| &nbsp;&nbsp; 30000 | &nbsp;&nbsp; 16176 |
| Series 19K-1514, Class C, 0.00%, <br> 10/25/2034 (a)<br>| &nbsp;&nbsp; 22975 | &nbsp;&nbsp; 12241 |
| Series 21K-1519, Class C, PO, <br> 12/25/2035 (a)<br>| &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 26100 |
| Series 21K-1519, Class X2B, IO, 0.10%, <br> 12/25/2035 (a)<br>| &nbsp;&nbsp; 52000 | &nbsp;&nbsp; 363 |
| Series 2016-K55, Class B, 4.15%, <br> 4/25/2049 (a) (j)<br>| &nbsp;&nbsp; 9707 | &nbsp;&nbsp; 9678 |
| Series 2016-K56, Class B, 3.93%, <br> 6/25/2049 (a) (j)<br>| &nbsp;&nbsp; 3445 | &nbsp;&nbsp; 3431 |
| Series 2017-K68, Class D, PO, <br> 10/25/2049 (a)<br>| &nbsp;&nbsp; 53000 | &nbsp;&nbsp; 47050 |
| Series 2017-K69, Class D, PO, <br> 10/25/2049 (a)<br>| &nbsp;&nbsp; 61000 | &nbsp;&nbsp; 53306 |
| Series 2017-K69, Class X2B, IO, 0.10%, <br> 10/25/2049 (a)<br>| &nbsp;&nbsp; 228310 | &nbsp;&nbsp; 317 |
| Series 2017-K68, Class B, 3.84%, <br> 10/25/2049 (a) (j)<br>| &nbsp;&nbsp; 9147 | &nbsp;&nbsp; 9060 |
| Series 2016-K59, Class B, 3.56%, <br> 11/25/2049 (a) (j)<br>| &nbsp;&nbsp; 4576 | &nbsp;&nbsp; 4544 |
| Series 2017-K61, Class C, 3.70%, <br> 12/25/2049 (a) (j)<br>| &nbsp;&nbsp; 5189 | &nbsp;&nbsp; 5123 |
| Series 2017-K63, Class B, 3.88%, <br> 2/25/2050 (a) (j)<br>| &nbsp;&nbsp; 11547 | &nbsp;&nbsp; 11464 |
| Series 2017-K63, Class C, 3.88%, <br> 2/25/2050 (a) (j)<br>| &nbsp;&nbsp; 4854 | &nbsp;&nbsp; 4805 |
| Series 2018-K74, Class B, 4.09%, <br> 2/25/2051 (a) (j)<br>| &nbsp;&nbsp; 9707 | &nbsp;&nbsp; 9624 |
| Series 2018-K81, Class D, PO, <br> 9/25/2051 (a)<br>| &nbsp;&nbsp; 56700 | &nbsp;&nbsp; 46081 |
| Series 2018-K83, Class D, PO, <br> 11/25/2051 (a)<br>| &nbsp;&nbsp; 33400 | &nbsp;&nbsp; 27028 |
| Series 2019-K92, Class D, PO, <br> 5/25/2052 (a)<br>| &nbsp;&nbsp; 76852 | &nbsp;&nbsp; 60736 |
| Series 2020-K116, Class D, PO, <br> 9/25/2052 (a)<br>| &nbsp;&nbsp; 87436 | &nbsp;&nbsp; 60028 |
| Series 2020-K116, Class X2A, IO, 0.10%, <br> 9/25/2052 (a)<br>| &nbsp;&nbsp; 901152 | &nbsp;&nbsp; 2903 |
| Series 2020-K116, Class X2B, IO, 0.10%, <br> 9/25/2052 (a)<br>| &nbsp;&nbsp; 223000 | &nbsp;&nbsp; 783 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2019-K98, Class B, 3.74%, <br> 10/25/2052 (a) (j)<br>| &nbsp;&nbsp; 10678 | &nbsp;&nbsp; 10481 |
| Series 2020-K740, Class D, PO, <br> 11/25/2052 (a)<br>| &nbsp;&nbsp; 38200 | &nbsp;&nbsp; 33773 |
| Series 2020-K740, Class X2A, IO, 0.10%, <br> 11/25/2052 (a)<br>| &nbsp;&nbsp; 396157 | &nbsp;&nbsp; 472 |
| Series 2020-K740, Class X2B, IO, 0.10%, <br> 11/25/2052 (a)<br>| &nbsp;&nbsp; 93600 | &nbsp;&nbsp; 124 |
| Series 2020-K105, Class D, PO, <br> 3/25/2053 (a)<br>| &nbsp;&nbsp; 63425 | &nbsp;&nbsp; 44921 |
| Series 2020-K105, Class X2A, IO, 0.10%, <br> 3/25/2053 (a)<br>| &nbsp;&nbsp; 663313 | &nbsp;&nbsp; 1966 |
| Series 2020-K105, Class X2B, IO, 0.10%, <br> 3/25/2053 (a)<br>| &nbsp;&nbsp; 153315 | &nbsp;&nbsp; 508 |
| Series 2020-K109, Class D, PO, <br> 5/25/2053 (a)<br>| &nbsp;&nbsp; 37171 | &nbsp;&nbsp; 25710 |
| Series 2020-K113, Class D, PO, <br> 5/25/2053 (a)<br>| &nbsp;&nbsp; 58000 | &nbsp;&nbsp; 41333 |
| Series 2020-K109, Class X2A, IO, 0.10%, <br> 5/25/2053 (a)<br>| &nbsp;&nbsp; 367632 | &nbsp;&nbsp; 1186 |
| Series 2020-K109, Class X2B, IO, 0.10%, <br> 5/25/2053 (a)<br>| &nbsp;&nbsp; 90000 | &nbsp;&nbsp; 308 |
| Series 2020-K115, Class D, PO, <br> 9/25/2053 (a)<br>| &nbsp;&nbsp; 46661 | &nbsp;&nbsp; 34818 |
| Series 2020-K115, Class X2A, IO, 0.10%, <br> 9/25/2053 (a)<br>| &nbsp;&nbsp; 497085 | &nbsp;&nbsp; 1715 |
| Series 2020-K115, Class X2B, IO, 0.10%, <br> 9/25/2053 (a)<br>| &nbsp;&nbsp; 113645 | &nbsp;&nbsp; 413 |
| Series 2020-K118, Class D, PO, <br> 10/25/2053 (a)<br>| &nbsp;&nbsp; 44300 | &nbsp;&nbsp; 31958 |
| Series 2020-K118, Class X2A, IO, 0.10%, <br> 10/25/2053 (a)<br>| &nbsp;&nbsp; 480251 | &nbsp;&nbsp; 1696 |
| Series 2020-K118, Class X2B, IO, 0.10%, <br> 10/25/2053 (a)<br>| &nbsp;&nbsp; 98937 | &nbsp;&nbsp; 368 |
| Series 2020-K739, Class D, PO, <br> 11/25/2053 (a)<br>| &nbsp;&nbsp; 40021 | &nbsp;&nbsp; 34369 |
| Series 2020-K739, Class X2A, IO, 0.10%, <br> 11/25/2053 (a)<br>| &nbsp;&nbsp; 384897 | &nbsp;&nbsp; 386 |
| Series 2020-K739, Class X2B, IO, 0.10%, <br> 11/25/2053 (a)<br>| &nbsp;&nbsp; 99553 | &nbsp;&nbsp; 122 |
| Series 2020-K122, Class D, PO, <br> 1/25/2054 (a)<br>| &nbsp;&nbsp; 82131 | &nbsp;&nbsp; 55661 |
| Series 2021-K126, Class D, PO, <br> 1/25/2054 (a)<br>| &nbsp;&nbsp; 42427 | &nbsp;&nbsp; 29338 |
| Series 2020-K122, Class X2B, IO, 0.10%, <br> 1/25/2054 (a)<br>| &nbsp;&nbsp; 200000 | &nbsp;&nbsp; 754 |
| Series 2021-K126, Class X2A, IO, 0.10%, <br> 1/25/2054 (a)<br>| &nbsp;&nbsp; 434495 | &nbsp;&nbsp; 1631 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2021-K126, Class X2B, IO, 0.10%, <br> 1/25/2054 (a)<br>| &nbsp;&nbsp; 111000 | &nbsp;&nbsp; 449 |
| Series 2023-K752, Class X2A, IO, 0.10%, <br> 9/25/2060 (a)<br>| &nbsp;&nbsp; 435430 | &nbsp;&nbsp; 1458 |
| FREMF Trust Series 2018-KW04, Class C, PO, <br> 12/25/2032 (a)<br>| &nbsp;&nbsp; 23362 | &nbsp;&nbsp; 16510 |
| GAM Re-REMIC Trust |  |  |
| Series 2021-FRR1, Class 1D, PO, <br> 11/29/2050 ‡ (a)<br>| &nbsp;&nbsp; 2134 | &nbsp;&nbsp; 1958 |
| Series 2022-FRR3, Class CK89, PO, <br> 1/27/2052 ‡ (a)<br>| &nbsp;&nbsp; 8540 | &nbsp;&nbsp; 7028 |
| GAM Re-REMIC TRUST |  |  |
| Series 2021-FRR2, Class CK78, PO, <br> 9/27/2051 ‡ (a)<br>| &nbsp;&nbsp; 14300 | &nbsp;&nbsp; 11469 |
| Series 2021-FRR2, Class BK78, 2.35%, <br> 9/27/2051 (a) (j)<br>| &nbsp;&nbsp; 5734 | &nbsp;&nbsp; 5140 |
| GS Mortgage Securities Trust Series <br> 2019-GC38, Class A4, 3.97%, 2/10/2052<br>| &nbsp;&nbsp; 30190 | &nbsp;&nbsp; 30021 |
| HCFT 7.25%, 1/13/2027 ‡ | &nbsp;&nbsp; 28011 | &nbsp;&nbsp; 27823 |
| MHC Commercial Mortgage Trust Series <br> 2021-MHC, Class F, 6.38%, 4/15/2038 (a) <br> (j)<br>| &nbsp;&nbsp; 18949 | &nbsp;&nbsp; 18949 |
| MRCD MARK Mortgage Trust Series <br> 2019-PARK, Class F, 2.72%, <br> 12/15/2036 (a)<br>| &nbsp;&nbsp; 40772 | &nbsp;&nbsp; 27470 |
| Multi-Family Connecticut Avenue Securities <br> Trust<br>|  |  |
| Series 2019-01, Class M10, 7.03%, <br> 10/25/2049 (a) (j)<br>| &nbsp;&nbsp; 28203 | &nbsp;&nbsp; 28634 |
| Series 2020-01, Class M10, 7.53%, <br> 3/25/2050 (a) (j)<br>| &nbsp;&nbsp; 41640 | &nbsp;&nbsp; 42257 |
| Series 2023-01, Class M10, 10.17%, <br> 11/25/2053 (a) (j)<br>| &nbsp;&nbsp; 55430 | &nbsp;&nbsp; 63676 |
| Series 2025-01, Class M1, 6.07%, <br> 5/25/2055 (a) (j)<br>| &nbsp;&nbsp; 15990 | &nbsp;&nbsp; 16246 |
| NW Re-REMIC TRUST Series 2021-FRR1, <br> Class BK88, 2.60%, 12/18/2051 ‡ (a) (j)<br>| &nbsp;&nbsp; 8882 | &nbsp;&nbsp; 7780 |
| P4 SFR Series 2019-STL B, 9.25%, <br> 10/11/2026 ‡<br>| &nbsp;&nbsp; 14228 | &nbsp;&nbsp; 14141 |
| PRM7 Trust Series 2025-PRM7, Class E, <br> 6.62%, 11/10/2042 (a) (j)<br>| &nbsp;&nbsp; 13390 | &nbsp;&nbsp; 13535 |
| RFM Re-REMIC Trust Series 2022-FRR1, <br> Class BK55, PO, 3/28/2049 ‡ (a)<br>| &nbsp;&nbsp; 10552 | &nbsp;&nbsp; 10447 |
| RFT TRUST |  |  |
| Series 2024-2, Class A1, 7.11%, <br> 9/27/2028 (a) (i)<br>| &nbsp;&nbsp; 20433 | &nbsp;&nbsp; 20439 |
| Series 2024-2, Class A2, 8.81%, <br> 9/27/2028 (a) (i)<br>| &nbsp;&nbsp; 33413 | &nbsp;&nbsp; 33383 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| ROCK Trust Series 2024-CNTR, Class A, <br> 5.39%, 11/13/2041 (a)<br>| &nbsp;&nbsp; 15550 | &nbsp;&nbsp; 16094 |
| SBALR Commercial Mortgage Trust |  |  |
| Series 2020-RR1, Class XA, IO, 1.25%, <br> 2/13/2053 (a) (j)<br>| &nbsp;&nbsp; 51584 | &nbsp;&nbsp; 1868 |
| Series 2020-RR1, Class A3, 2.83%, <br> 2/13/2053 (a)<br>| &nbsp;&nbsp; 31153 | &nbsp;&nbsp; 27101 |
| SMRT Series 2022-MINI, Class E, 6.36%, <br> 1/15/2039 (a) (j)<br>| &nbsp;&nbsp; 3000 | &nbsp;&nbsp; 2996 |
| WFRBS Commercial Mortgage Trust Series <br> 2013-C11, Class D, 4.22%, 3/15/2045 (a) <br> (j)<br>| &nbsp;&nbsp; 5887 | &nbsp;&nbsp; 5298 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class D, 6.83%, 7/15/2040 (a) <br> (j)<br>| &nbsp;&nbsp; 6095 | &nbsp;&nbsp; 6398 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $2,703,796)<br>|  | &nbsp;&nbsp; 2735085 |
| **Collateralized Mortgage Obligations — 4.0%** | **Collateralized Mortgage Obligations — 4.0%** | **Collateralized Mortgage Obligations — 4.0%** |
| ABL |  |  |
| Series 2024-RTL1, Class A1, 6.08%, <br> 9/25/2029 (a) (i)<br>| &nbsp;&nbsp; 9350 | &nbsp;&nbsp; 9393 |
| Series 2025-RTL1, Class A1, 6.04%, <br> 6/25/2030 (a) (i)<br>| &nbsp;&nbsp; 39010 | &nbsp;&nbsp; 39580 |
| Series 2025-RTL1, Class A2, 8.02%, <br> 6/25/2030 (a) (i)<br>| &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 12245 |
| Alternative Loan Trust |  |  |
| Series 2005-J6, Class 2A1, 5.50%, <br> 7/25/2025<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 2003-J3, Class 2A1, 6.25%, <br> 12/25/2033<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 |
| Series 2004-22CB, Class 1A1, 6.00%, <br> 10/25/2034<br>| &nbsp;&nbsp; 154 | &nbsp;&nbsp; 158 |
| Series 2005-23CB, Class A2, 5.50%, <br> 7/25/2035<br>| &nbsp;&nbsp; 107 | &nbsp;&nbsp; 87 |
| Series 2005-54CB, Class 1A11, 5.50%, <br> 11/25/2035<br>| &nbsp;&nbsp; 427 | &nbsp;&nbsp; 328 |
| Series 2005-86CB, Class A11, 5.50%, <br> 2/25/2036<br>| &nbsp;&nbsp; 273 | &nbsp;&nbsp; 152 |
| Series 2006-26CB, Class A9, 6.50%, <br> 9/25/2036<br>| &nbsp;&nbsp; 112 | &nbsp;&nbsp; 54 |
| American General Mortgage Loan Trust Series <br> 2006-1, Class A5, 5.75%, 12/25/2035 (a) <br> (j)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Anchor Mortgage Trust |  |  |
| 8.23%, 3/25/2031 ‡ (j) | &nbsp;&nbsp; 12500 | &nbsp;&nbsp; 12581 |
| 10.14%, 3/25/2031 ‡ (j) | &nbsp;&nbsp; 7500 | &nbsp;&nbsp; 7638 |
| Series 2025-RTL1, Class M1, 7.96%, <br> 5/25/2040 (a) (j)<br>| &nbsp;&nbsp; 7600 | &nbsp;&nbsp; 7679 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 101

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Banc of America Alternative Loan Trust Series <br> 2004-6, Class 4A1, 5.00%, 7/25/2019<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 |
| Banc of America Funding Trust |  |  |
| Series 2005-5, Class 3A5, 5.50%, <br> 8/25/2035<br>| &nbsp;&nbsp; 429 | &nbsp;&nbsp; 428 |
| Series 2005-7, Class 30, PO, 11/25/2035 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
| Banc of America Mortgage Trust Series <br> 2004-F, Class 1A1, 5.81%, 7/25/2034 (j)<br>| &nbsp;&nbsp; 33 | &nbsp;&nbsp; 32 |
| Bear Stearns ARM Trust Series 2003-7, Class <br> 3A, 6.83%, 10/25/2033 (j)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Center Street Lending Resi-Investor ABS <br> Mortgage Trust Series 2024-RTL1, Class A2, <br> 8.34%, 10/25/2029 ‡ (a) (i)<br>| &nbsp;&nbsp; 8691 | &nbsp;&nbsp; 8808 |
| Chase Mortgage Finance Trust Series <br> 2007-A2, Class 2A1, 6.15%, <br> 6/25/2035 (j)<br>| &nbsp;&nbsp; 173 | &nbsp;&nbsp; 174 |
| CHL Mortgage Pass-Through Trust |  |  |
| Series 2004-3, Class A25, 5.75%, <br> 4/25/2034<br>| &nbsp;&nbsp; 49 | &nbsp;&nbsp; 50 |
| Series 2004-5, Class 2A9, 5.25%, <br> 5/25/2034<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 54 |
| Series 2005-22, Class 2A1, 4.79%, <br> 11/25/2035 (j)<br>| &nbsp;&nbsp; 120 | &nbsp;&nbsp; 100 |
| Citigroup Mortgage Loan Trust |  |  |
| Series 2004-UST1, Class A3, 6.41%, <br> 8/25/2034 (j)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 22 |
| Series 2004-HYB4, Class AA, 4.12%, <br> 12/25/2034 (j)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 13 |
| Credit Suisse First Boston Mortgage Securities <br> Corp. (Switzerland) Series 2005-7, Class <br> 5A1, 4.75%, 8/25/2020<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| CSFB Mortgage-Backed Pass-Through <br> Certificates<br>|  |  |
| Series 2005-10, Class 6A13, 5.50%, <br> 11/25/2035<br>| &nbsp;&nbsp; 166 | &nbsp;&nbsp; 58 |
| Series 2005-10, Class 10A4, 6.00%, <br> 11/25/2035<br>| &nbsp;&nbsp; 194 | &nbsp;&nbsp; 42 |
| CVS Pass-Through Trust |  |  |
| Series 2009, 8.35%, 7/10/2031 (a) | &nbsp;&nbsp; 165 | &nbsp;&nbsp; 179 |
| 5.77%, 1/10/2033 (a) | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 228 |
| Deutsche Alt-A Securities, Inc. Mortgage Loan <br> Trust Series 2005-3, Class 4A, PO, <br> 6/25/2035<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 2 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2017-2, Class HB, 3.00%, <br> 8/25/2056 (i)<br>| &nbsp;&nbsp; 12000 | &nbsp;&nbsp; 9971 |
| Series 2017-4, Class MT, 3.50%, <br> 6/25/2057<br>| &nbsp;&nbsp; 7520 | &nbsp;&nbsp; 7025 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2018-4, Class HZ, 3.00%, <br> 3/25/2058<br>| &nbsp;&nbsp; 12956 | &nbsp;&nbsp; 9550 |
| Series 2019-3, Class MT, 3.50%, <br> 10/25/2058<br>| &nbsp;&nbsp; 32123 | &nbsp;&nbsp; 29793 |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| &nbsp;&nbsp; 11679 | &nbsp;&nbsp; 11179 |
| Series 2019-4, Class MB, 3.00%, <br> 2/25/2059<br>| &nbsp;&nbsp; 41681 | &nbsp;&nbsp; 32978 |
| Series 2020-1, Class MB, 2.50%, <br> 8/25/2059<br>| &nbsp;&nbsp; 31961 | &nbsp;&nbsp; 24126 |
| Series 2021-1, Class BXS, 13.27%, <br> 9/25/2060 (a) (j)<br>| &nbsp;&nbsp; 10069 | &nbsp;&nbsp; 8183 |
| Series 2021-2, Class BXS, 13.59%, <br> 11/25/2060 (a) (j)<br>| &nbsp;&nbsp; 4719 | &nbsp;&nbsp; 3759 |
| Series 2022-1, Class MTU, 3.25%, <br> 11/25/2061<br>| &nbsp;&nbsp; 24919 | &nbsp;&nbsp; 22182 |
| Series 2023-1, Class MT, 3.00%, <br> 10/25/2062<br>| &nbsp;&nbsp; 21275 | &nbsp;&nbsp; 18391 |
| Series 2024-2, Class MT, 3.50%, <br> 5/25/2064<br>| &nbsp;&nbsp; 36388 | &nbsp;&nbsp; 33132 |
| FHLMC, REMIC |  |  |
| Series 4030, Class IL, IO, 3.50%, <br> 4/15/2027<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; — |
| Series 4060, Class TB, 2.50%, 6/15/2027 | &nbsp;&nbsp; 883 | &nbsp;&nbsp; 876 |
| Series 2022, Class PE, 6.50%, 1/15/2028 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Series 2036, Class PG, 6.50%, 1/15/2028 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 |
| Series 2089, Class PJ, IO, 7.00%, <br> 10/15/2028<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; — |
| Series 2091, Class PG, 6.00%, <br> 11/15/2028<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| Series 2116, Class ZA, 6.00%, 1/15/2029 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 |
| Series 2148, Class ZA, 6.00%, 4/15/2029 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 |
| Series 2995, Class FT, 4.02%, <br> 5/15/2029 (j)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Series 2530, Class SK, IF, IO, 4.33%, <br> 6/15/2029 (j)<br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; 3 |
| Series 2201, Class C, 8.00%, 11/15/2029 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Series 3648, Class CY, 4.50%, 3/15/2030 | &nbsp;&nbsp; 86 | &nbsp;&nbsp; 87 |
| Series 2293, Class ZA, 6.00%, 3/15/2031 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| Series 2310, Class Z, 6.00%, 4/15/2031 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Series 2313, Class LA, 6.50%, 5/15/2031 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Series 2325, Class JO, PO, 6/15/2031 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 15 |
| Series 2330, Class PE, 6.50%, 6/15/2031 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 35 |
| Series 2410, Class QB, 6.25%, 2/15/2032 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 79 |
| Series 2534, Class SI, IF, 11.25%, <br> 2/15/2032 (j)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 10 |
| Series 2427, Class GE, 6.00%, 3/15/2032 | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 187 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2430, Class WF, 6.50%, 3/15/2032 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 129 |
| Series 2594, Class IV, IO, 7.00%, <br> 3/15/2032<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 2 |
| Series 2643, Class SA, IF, 20.98%, <br> 3/15/2032 (j)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 3 |
| Series 2466, Class DH, 6.50%, 6/15/2032 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 14 |
| Series 4146, Class KI, IO, 3.00%, <br> 12/15/2032<br>| &nbsp;&nbsp; 1449 | &nbsp;&nbsp; 100 |
| Series 2543, Class YX, 6.00%, <br> 12/15/2032<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; 81 |
| Series 2557, Class HL, 5.30%, 1/15/2033 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 42 |
| Series 2586, IO, 6.50%, 3/15/2033 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 5 |
| Series 2610, Class UI, IO, 6.50%, <br> 5/15/2033<br>| &nbsp;&nbsp; 62 | &nbsp;&nbsp; 7 |
| Series 2764, Class S, IF, 4.32%, <br> 7/15/2033 (j)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Series 2656, Class AC, 6.00%, 8/15/2033 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 31 |
| Series 2733, Class SB, IF, 4.61%, <br> 10/15/2033 (j)<br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; 83 |
| Series 3005, Class PV, IF, 6.80%, <br> 10/15/2033 (j)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 2699, Class W, 5.50%, 11/15/2033 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 75 |
| Series 3611, PO, 7/15/2034 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18 |
| Series 2845, Class QH, 5.00%, 8/15/2034 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| Series 2912, Class EH, 5.50%, 1/15/2035 | &nbsp;&nbsp; 299 | &nbsp;&nbsp; 311 |
| Series 3059, Class B, 5.00%, 2/15/2035 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 2980, Class QB, 6.50%, 5/15/2035 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| Series 3031, Class BN, IF, 6.87%, <br> 8/15/2035 (j)<br>| &nbsp;&nbsp; 147 | &nbsp;&nbsp; 157 |
| Series 3117, Class EO, PO, 2/15/2036 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 34 |
| Series 3134, PO, 3/15/2036 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 10 |
| Series 3152, Class MO, PO, 3/15/2036 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 65 |
| Series 3184, Class YO, PO, 3/15/2036 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 154 |
| Series 3138, PO, 4/15/2036 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 13 |
| Series 3187, Class Z, 5.00%, 7/15/2036 | &nbsp;&nbsp; 345 | &nbsp;&nbsp; 355 |
| Series 3542, Class TN, IF, 6.00%, <br> 7/15/2036 (j)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Series 3201, Class IN, IF, IO, 2.48%, <br> 8/15/2036 (j)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; 5 |
| Series 3202, Class HI, IF, IO, 2.88%, <br> 8/15/2036 (j)<br>| &nbsp;&nbsp; 256 | &nbsp;&nbsp; 25 |
| Series 3855, Class AM, 6.50%, <br> 11/15/2036<br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; 33 |
| Series 3274, Class B, 6.00%, 2/15/2037 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 46 |
| Series 3292, Class DO, PO, 3/15/2037 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 17 |
| Series 3305, Class IW, IF, IO, 2.68%, <br> 4/15/2037 (j)<br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 6 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 3306, Class TC, IF, 5.98%, <br> 4/15/2037 (j)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| Series 3306, Class TB, IF, 6.52%, <br> 4/15/2037 (j)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Series 3331, PO, 6/15/2037 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 16 |
| Series 3605, Class NC, 5.50%, 6/15/2037 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 231 |
| Series 3383, Class OP, PO, 11/15/2037 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 26 |
| Series 3409, Class DB, 6.00%, 1/15/2038 | &nbsp;&nbsp; 134 | &nbsp;&nbsp; 143 |
| Series 3546, Class A, 6.07%, <br> 2/15/2039 (j)<br>| &nbsp;&nbsp; 26 | &nbsp;&nbsp; 26 |
| Series 3531, Class SM, IF, IO, 2.33%, <br> 5/15/2039 (j)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 1 |
| Series 3572, Class JS, IF, IO, 3.03%, <br> 9/15/2039 (j)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 1 |
| Series 3592, Class BZ, 5.00%, <br> 10/15/2039<br>| &nbsp;&nbsp; 843 | &nbsp;&nbsp; 866 |
| Series 3609, Class SA, IF, IO, 2.57%, <br> 12/15/2039 (j)<br>| &nbsp;&nbsp; 131 | &nbsp;&nbsp; 9 |
| Series 3610, Class CA, 4.50%, <br> 12/15/2039<br>| &nbsp;&nbsp; 69 | &nbsp;&nbsp; 71 |
| Series 3653, Class HJ, 5.00%, 4/15/2040 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 36 |
| Series 3677, Class PB, 4.50%, 5/15/2040 | &nbsp;&nbsp; 474 | &nbsp;&nbsp; 480 |
| Series 3852, Class TP, IF, 5.50%, <br> 5/15/2041 (j)<br>| &nbsp;&nbsp; 69 | &nbsp;&nbsp; 69 |
| Series 4796, Class CZ, 4.00%, 5/15/2048 | &nbsp;&nbsp; 9169 | &nbsp;&nbsp; 8885 |
| Series 4830, Class WZ, 4.00%, 9/15/2048 | &nbsp;&nbsp; 9295 | &nbsp;&nbsp; 9001 |
| Series 4995, Class QE, 1.25%, 7/25/2050 | &nbsp;&nbsp; 29710 | &nbsp;&nbsp; 23743 |
| Series 5354, PO, 10/25/2053 | &nbsp;&nbsp; 3065 | &nbsp;&nbsp; 2318 |
| FHLMC, STRIPS |  |  |
| Series 186, PO, 8/1/2027 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 |
| Series 262, Class 35, 3.50%, 7/15/2042 | &nbsp;&nbsp; 1295 | &nbsp;&nbsp; 1238 |
| Series 279, Class 35, 3.50%, 9/15/2042 | &nbsp;&nbsp; 339 | &nbsp;&nbsp; 324 |
| Series 323, Class 300, 3.00%, 1/15/2044 | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 1202 |
| Series 334, Class 300, 3.00%, 8/15/2044 | &nbsp;&nbsp; 1258 | &nbsp;&nbsp; 1172 |
| Series 406, PO, 10/25/2053 | &nbsp;&nbsp; 11498 | &nbsp;&nbsp; 10272 |
| FHLMC, Structured Pass-Through Certificates, <br> Whole Loan Series T-76, Class 2A, 2.12%, <br> 10/25/2037 (j)<br>| &nbsp;&nbsp; 162 | &nbsp;&nbsp; 150 |
| First Horizon Alternative Mortgage Securities <br> Trust Series 2004-AA3, Class A1, 4.78%, <br> 9/25/2034 (j)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 23 |
| First Horizon Mortgage Pass-Through Trust <br> Series 2004-AR6, Class 2A1, 4.33%, <br> 12/25/2034 (j)<br>| &nbsp;&nbsp; 34 | &nbsp;&nbsp; 34 |
| FNMA Trust, Whole Loan |  |  |
| Series 2003-W3, Class 2A5, 5.36%, <br> 6/25/2042<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 103

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2003-W6, Class 1A41, 5.40%, <br> 10/25/2042<br>| &nbsp;&nbsp; 56 | &nbsp;&nbsp; 58 |
| Series 2004-W2, Class 1A, 6.00%, <br> 2/25/2044<br>| &nbsp;&nbsp; 55 | &nbsp;&nbsp; 56 |
| Series 2004-W9, Class 1A3, 6.05%, <br> 2/25/2044<br>| &nbsp;&nbsp; 122 | &nbsp;&nbsp; 127 |
| Series 2004-W2, Class 2A2, 7.00%, <br> 2/25/2044<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| Series 2004-W8, Class 3A, 7.50%, <br> 6/25/2044<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 26 |
| Series 2005-W4, Class 1A1, 6.00%, <br> 8/25/2045<br>| &nbsp;&nbsp; 50 | &nbsp;&nbsp; 52 |
| FNMA, Grantor Trust Series 2017-T1, Class A, <br> 2.90%, 6/25/2027<br>| &nbsp;&nbsp; 95492 | &nbsp;&nbsp; 94214 |
| FNMA, Grantor Trust, Whole Loan |  |  |
| Series 2001-T12, IO, 0.50%, <br> 8/25/2041 (j)<br>| &nbsp;&nbsp; 4641 | &nbsp;&nbsp; 16 |
| Series 2002-T4, IO, 0.40%, <br> 12/25/2041 (j)<br>| &nbsp;&nbsp; 11767 | &nbsp;&nbsp; 226 |
| Series 2002-T4, Class A2, 7.00%, <br> 12/25/2041<br>| &nbsp;&nbsp; 139 | &nbsp;&nbsp; 145 |
| Series 2002-T4, Class A4, 9.50%, <br> 12/25/2041<br>| &nbsp;&nbsp; 242 | &nbsp;&nbsp; 265 |
| Series 2002-T19, Class A1, 6.50%, <br> 7/25/2042<br>| &nbsp;&nbsp; 210 | &nbsp;&nbsp; 222 |
| Series 2002-T16, Class A2, 7.00%, <br> 7/25/2042<br>| &nbsp;&nbsp; 262 | &nbsp;&nbsp; 279 |
| Series 2004-T2, Class 1A3, 7.00%, <br> 11/25/2043<br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; 72 |
| Series 2004-T2, Class 1A4, 7.50%, <br> 11/25/2043<br>| &nbsp;&nbsp; 73 | &nbsp;&nbsp; 74 |
| Series 2004-T1, Class 1A1, 6.00%, <br> 1/25/2044<br>| &nbsp;&nbsp; 91 | &nbsp;&nbsp; 96 |
| Series 2004-T3, Class 14, IO, 0.62%, <br> 2/25/2044 (j)<br>| &nbsp;&nbsp; 1661 | &nbsp;&nbsp; 8 |
| FNMA, REMIC |  |  |
| Series 1997-11, Class E, 7.00%, <br> 3/18/2027<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 1997-27, Class J, 7.50%, <br> 4/18/2027<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 2012-46, Class KI, IO, 3.50%, <br> 5/25/2027<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; 1 |
| Series 1997-42, Class EG, 8.00%, <br> 7/18/2027<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| Series 1997-63, Class ZA, 6.50%, <br> 9/18/2027<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 2013-13, Class IK, IO, 2.50%, <br> 3/25/2028<br>| &nbsp;&nbsp; 581 | &nbsp;&nbsp; 10 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 1999-47, Class JZ, 8.00%, <br> 9/18/2029<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
| Series 2000-8, Class Z, 7.50%, 2/20/2030 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 22 |
| Series 2001-36, Class ST, IF, IO, 4.72%, <br> 11/25/2030 (j)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 2 |
| Series 2001-14, Class Z, 6.00%, <br> 5/25/2031<br>| &nbsp;&nbsp; 13 | &nbsp;&nbsp; 13 |
| Series 2001-16, Class Z, 6.00%, <br> 5/25/2031<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| Series 2001-72, Class SB, IF, IO, 3.72%, <br> 12/25/2031 (j)<br>| &nbsp;&nbsp; 79 | &nbsp;&nbsp; 5 |
| Series 2001-81, Class HE, 6.50%, <br> 1/25/2032<br>| &nbsp;&nbsp; 145 | &nbsp;&nbsp; 152 |
| Series 2002-19, Class SC, IF, 7.57%, <br> 3/17/2032 (j)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 2002-56, Class PE, 6.00%, <br> 9/25/2032<br>| &nbsp;&nbsp; 194 | &nbsp;&nbsp; 203 |
| Series 2002-86, Class PG, 6.00%, <br> 12/25/2032<br>| &nbsp;&nbsp; 138 | &nbsp;&nbsp; 144 |
| Series 2012-148, Class IE, IO, 3.00%, <br> 1/25/2033<br>| &nbsp;&nbsp; 1483 | &nbsp;&nbsp; 97 |
| Series 2003-25, Class KP, 5.00%, <br> 4/25/2033<br>| &nbsp;&nbsp; 368 | &nbsp;&nbsp; 370 |
| Series 2003-22, Class Z, 6.00%, <br> 4/25/2033<br>| &nbsp;&nbsp; 103 | &nbsp;&nbsp; 107 |
| Series 2003-47, Class PE, 5.75%, <br> 6/25/2033<br>| &nbsp;&nbsp; 117 | &nbsp;&nbsp; 122 |
| Series 2003-64, Class SX, IF, 4.26%, <br> 7/25/2033 (j)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 7 |
| Series 2003-91, Class SD, IF, 6.20%, <br> 9/25/2033 (j)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; 2 |
| Series 2003-130, Class HZ, 6.00%, <br> 1/25/2034<br>| &nbsp;&nbsp; 3497 | &nbsp;&nbsp; 3700 |
| Series 2004-72, Class F, 4.28%, <br> 9/25/2034 (j)<br>| &nbsp;&nbsp; 14 | &nbsp;&nbsp; 14 |
| Series 2005-19, Class PB, 5.50%, <br> 3/25/2035<br>| &nbsp;&nbsp; 643 | &nbsp;&nbsp; 669 |
| Series 2005-42, Class PS, IF, 7.55%, <br> 5/25/2035 (j)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 |
| Series 2005-51, Class MO, PO, 6/25/2035 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 11 |
| Series 2005-53, Class CS, IF, IO, 2.92%, <br> 6/25/2035 (j)<br>| &nbsp;&nbsp; 85 | &nbsp;&nbsp; 4 |
| Series 2005-65, Class KO, PO, 8/25/2035 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; 18 |
| Series 2005-72, Class WS, IF, IO, 2.97%, <br> 8/25/2035 (j)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 2 |
| Series 2005-84, Class XM, 5.75%, <br> 10/25/2035<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2005-90, Class ES, IF, 7.42%, <br> 10/25/2035 (j)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 11 |
| Series 2005-106, Class US, IF, 10.70%, <br> 11/25/2035 (j)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 6 |
| Series 2006-9, Class KZ, 6.00%, <br> 3/25/2036<br>| &nbsp;&nbsp; 85 | &nbsp;&nbsp; 90 |
| Series 2006-22, Class AO, PO, 4/25/2036 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 38 |
| Series 2006-27, Class OB, PO, 4/25/2036 | &nbsp;&nbsp; 356 | &nbsp;&nbsp; 303 |
| Series 2006-27, Class OH, PO, 4/25/2036 | &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7 |
| Series 2006-20, Class IB, IF, IO, 2.81%, <br> 4/25/2036 (j)<br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; 8 |
| Series 2011-19, Class ZY, 6.50%, <br> 7/25/2036<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 77 |
| Series 2006-77, Class PC, 6.50%, <br> 8/25/2036<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; 37 |
| Series 2006-110, PO, 11/25/2036 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 36 |
| Series 2006-128, PO, 1/25/2037 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 41 |
| Series 2007-10, Class Z, 6.00%, <br> 2/25/2037<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 16 |
| Series 2007-22, Class SC, IF, IO, 2.30%, <br> 3/25/2037 (j)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; — |
| Series 2007-54, Class IB, IF, IO, 2.63%, <br> 6/25/2037 (j)<br>| &nbsp;&nbsp; 1393 | &nbsp;&nbsp; 163 |
| Series 2007-109, Class YI, IF, IO, 2.67%, <br> 12/25/2037 (j)<br>| &nbsp;&nbsp; 679 | &nbsp;&nbsp; 83 |
| Series 2008-91, Class SI, IF, IO, 2.22%, <br> 3/25/2038 (j)<br>| &nbsp;&nbsp; 139 | &nbsp;&nbsp; 5 |
| Series 2010-70, Class SA, IF, IO, 6.00%, <br> 4/25/2038 (j)<br>| &nbsp;&nbsp; 295 | &nbsp;&nbsp; 39 |
| Series 2008-62, Class SM, IF, IO, 2.42%, <br> 7/25/2038 (j)<br>| &nbsp;&nbsp; 281 | &nbsp;&nbsp; 20 |
| Series 2009-29, Class LA, 1.06%, <br> 5/25/2039 (j)<br>| &nbsp;&nbsp; 142 | &nbsp;&nbsp; 131 |
| Series 2009-52, Class PI, IO, 5.00%, <br> 7/25/2039<br>| &nbsp;&nbsp; 85 | &nbsp;&nbsp; 12 |
| Series 2009-112, Class ST, IF, IO, 2.47%, <br> 1/25/2040 (j)<br>| &nbsp;&nbsp; 151 | &nbsp;&nbsp; 16 |
| Series 2009-112, Class SW, IF, IO, 2.47%, <br> 1/25/2040 (j)<br>| &nbsp;&nbsp; 100 | &nbsp;&nbsp; 10 |
| Series 2010-10, Class NT, 5.00%, <br> 2/25/2040<br>| &nbsp;&nbsp; 371 | &nbsp;&nbsp; 385 |
| Series 2010-49, Class SC, IF, 5.10%, <br> 3/25/2040 (j)<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 55 |
| Series 2010-35, Class SB, IF, IO, 2.64%, <br> 4/25/2040 (j)<br>| &nbsp;&nbsp; 143 | &nbsp;&nbsp; 10 |
| Series 2010-129, Class PZ, 4.50%, <br> 11/25/2040<br>| &nbsp;&nbsp; 1232 | &nbsp;&nbsp; 1225 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2011-126, Class KB, 4.00%, <br> 12/25/2041<br>| &nbsp;&nbsp; 4480 | &nbsp;&nbsp; 4495 |
| Series 2016-33, Class JA, 3.00%, <br> 7/25/2045<br>| &nbsp;&nbsp; 5374 | &nbsp;&nbsp; 5190 |
| Series 2016-38, Class NA, 3.00%, <br> 1/25/2046<br>| &nbsp;&nbsp; 4395 | &nbsp;&nbsp; 4206 |
| Series 2007-71, Class GZ, 6.00%, <br> 7/25/2047<br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; 56 |
| Series 2019-20, Class H, 3.50%, <br> 5/25/2049<br>| &nbsp;&nbsp; 5122 | &nbsp;&nbsp; 4790 |
| Series 2025-18, Class MA, 0.50%, <br> 9/25/2054<br>| &nbsp;&nbsp; 71734 | &nbsp;&nbsp; 61589 |
| FNMA, REMIC Trust, Whole Loan |  |  |
| Series 2002-W7, Class 1, IO, 0.85%, <br> 6/25/2029 (j)<br>| &nbsp;&nbsp; 1741 | &nbsp;&nbsp; 32 |
| Series 2001-W3, Class A, 7.00%, <br> 9/25/2041 (j)<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; 75 |
| Series 2002-W10, IO, 0.90%, <br> 8/25/2042 (j)<br>| &nbsp;&nbsp; 980 | &nbsp;&nbsp; 41 |
| Series 2003-W4, Class 2A, 5.02%, <br> 10/25/2042 (j)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 39 |
| Series 2004-W11, Class 11, IO, 0.34%, <br> 5/25/2044 (j)<br>| &nbsp;&nbsp; 5828 | &nbsp;&nbsp; 178 |
| FNMA, STRIPS |  |  |
| Series 313, Class 1, PO, 6/25/2031 | &nbsp;&nbsp; 149 | &nbsp;&nbsp; 139 |
| Series 380, Class S36, IF, IO, 4.12%, <br> 7/25/2037 (j)<br>| &nbsp;&nbsp; 53 | &nbsp;&nbsp; 7 |
| Series 383, Class 68, IO, 6.50%, <br> 9/25/2037<br>| &nbsp;&nbsp; 32 | &nbsp;&nbsp; 6 |
| Series 383, Class 86, IO, 7.00%, <br> 9/25/2037 (j)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 3 |
| Series 383, Class 69, IO, 6.50%, <br> 10/25/2037 (j)<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 7 |
| GMACM Mortgage Loan Trust |  |  |
| Series 2003-J10, Class A1, 4.75%, <br> 1/25/2019<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; 6 |
| Series 2005-AR3, Class 3A4, 4.37%, <br> 6/19/2035 (j)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 17 |
| GNMA |  |  |
| Series 2014-60, Class W, 4.06%, <br> 2/20/2029 (j)<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 58 |
| Series 2003-18, Class PG, 5.50%, <br> 3/20/2033<br>| &nbsp;&nbsp; 157 | &nbsp;&nbsp; 156 |
| Series 2003-52, Class SB, IF, 4.95%, <br> 6/16/2033 (j)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 18 |
| Series 2003-101, Class SK, IF, IO, 2.79%, <br> 10/17/2033 (j)<br>| &nbsp;&nbsp; 237 | &nbsp;&nbsp; 1 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 105

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2004-2, Class SA, IF, 6.65%, <br> 1/16/2034 (j)<br>| &nbsp;&nbsp; 80 | &nbsp;&nbsp; 80 |
| Series 2004-19, Class KE, 5.00%, <br> 3/16/2034<br>| &nbsp;&nbsp; 669 | &nbsp;&nbsp; 668 |
| Series 2004-86, Class SP, IF, IO, 2.32%, <br> 9/20/2034 (j)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; — |
| Series 2004-90, Class SI, IF, IO, 2.32%, <br> 10/20/2034 (j)<br>| &nbsp;&nbsp; 124 | &nbsp;&nbsp; 5 |
| Series 2010-31, Class SK, IF, IO, 2.32%, <br> 11/20/2034 (j)<br>| &nbsp;&nbsp; 84 | &nbsp;&nbsp; — |
| Series 2004-105, Class SN, IF, IO, 2.32%, <br> 12/20/2034 (j)<br>| &nbsp;&nbsp; 278 | &nbsp;&nbsp; 1 |
| Series 2005-56, Class IC, IO, 5.50%, <br> 7/20/2035<br>| &nbsp;&nbsp; 20 | &nbsp;&nbsp; 2 |
| Series 2006-26, Class S, IF, IO, 2.72%, <br> 6/20/2036 (j)<br>| &nbsp;&nbsp; 226 | &nbsp;&nbsp; 2 |
| Series 2006-33, Class PK, 6.00%, <br> 7/20/2036<br>| &nbsp;&nbsp; 69 | &nbsp;&nbsp; 70 |
| Series 2009-81, Class A, 5.75%, <br> 9/20/2036<br>| &nbsp;&nbsp; 35 | &nbsp;&nbsp; 35 |
| Series 2007-7, Class EI, IF, IO, 2.42%, <br> 2/20/2037 (j)<br>| &nbsp;&nbsp; 331 | &nbsp;&nbsp; 22 |
| Series 2007-9, Class CI, IF, IO, 2.42%, <br> 3/20/2037 (j)<br>| &nbsp;&nbsp; 217 | &nbsp;&nbsp; 14 |
| Series 2007-17, Class JO, PO, 4/16/2037 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 20 |
| Series 2007-16, Class KU, IF, IO, 2.87%, <br> 4/20/2037 (j)<br>| &nbsp;&nbsp; 210 | &nbsp;&nbsp; 4 |
| Series 2007-22, Class PK, 5.50%, <br> 4/20/2037<br>| &nbsp;&nbsp; 345 | &nbsp;&nbsp; 351 |
| Series 2007-26, Class SC, IF, IO, 2.42%, <br> 5/20/2037 (j)<br>| &nbsp;&nbsp; 71 | &nbsp;&nbsp; 1 |
| Series 2007-24, Class SA, IF, IO, 2.73%, <br> 5/20/2037 (j)<br>| &nbsp;&nbsp; 318 | &nbsp;&nbsp; 16 |
| Series 2009-16, Class SJ, IF, IO, 3.02%, <br> 5/20/2037 (j)<br>| &nbsp;&nbsp; 341 | &nbsp;&nbsp; 14 |
| Series 2008-34, Class OC, PO, 6/20/2037 | &nbsp;&nbsp; 70 | &nbsp;&nbsp; 54 |
| Series 2009-106, Class XL, IF, IO, 2.97%, <br> 6/20/2037 (j)<br>| &nbsp;&nbsp; 98 | &nbsp;&nbsp; 4 |
| Series 2009-79, Class OK, PO, 11/16/2037 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 42 |
| Series 2007-67, Class SI, IF, IO, 2.73%, <br> 11/20/2037 (j)<br>| &nbsp;&nbsp; 68 | &nbsp;&nbsp; — |
| Series 2008-40, Class SA, IF, IO, 2.63%, <br> 5/16/2038 (j)<br>| &nbsp;&nbsp; 189 | &nbsp;&nbsp; 9 |
| Series 2008-40, Class PS, IF, IO, 2.73%, <br> 5/16/2038 (j)<br>| &nbsp;&nbsp; 87 | &nbsp;&nbsp; 5 |
| Series 2008-50, Class SA, IF, IO, 2.45%, <br> 6/20/2038 (j)<br>| &nbsp;&nbsp; 521 | &nbsp;&nbsp; 31 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2008-49, Class PH, 5.25%, <br> 6/20/2038<br>| &nbsp;&nbsp; 369 | &nbsp;&nbsp; 368 |
| Series 2008-55, Class PL, 5.50%, <br> 6/20/2038<br>| &nbsp;&nbsp; 345 | &nbsp;&nbsp; 344 |
| Series 2009-12, Class IE, IO, 5.50%, <br> 3/20/2039<br>| &nbsp;&nbsp; 141 | &nbsp;&nbsp; 1 |
| Series 2009-75, Class IY, IO, 5.50%, <br> 6/20/2039<br>| &nbsp;&nbsp; 58 | &nbsp;&nbsp; 1 |
| Series 2009-72, Class SM, IF, IO, 2.48%, <br> 8/16/2039 (j)<br>| &nbsp;&nbsp; 116 | &nbsp;&nbsp; 9 |
| Series 2010-157, Class OP, PO, <br> 12/20/2040<br>| &nbsp;&nbsp; 114 | &nbsp;&nbsp; 100 |
| Series 2015-157, Class GA, 3.00%, <br> 1/20/2045<br>| &nbsp;&nbsp; 176 | &nbsp;&nbsp; 171 |
| Series 2025-6, Class GA, 3.50%, <br> 1/20/2048<br>| &nbsp;&nbsp; 52444 | &nbsp;&nbsp; 51308 |
| Series 2022-83, Class GZ, 3.00%, <br> 5/20/2052<br>| &nbsp;&nbsp; 16159 | &nbsp;&nbsp; 13637 |
| Series 2012-H11, Class FA, 4.50%, <br> 2/20/2062 (j)<br>| &nbsp;&nbsp; 560 | &nbsp;&nbsp; 562 |
| Series 2012-H18, Class FA, 4.35%, <br> 8/20/2062 (j)<br>| &nbsp;&nbsp; 54 | &nbsp;&nbsp; 54 |
| Series 2013-H04, Class BA, 1.65%, <br> 2/20/2063<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; 5 |
| Series 2013-H20, Class FB, 4.80%, <br> 8/20/2063 (j)<br>| &nbsp;&nbsp; 141 | &nbsp;&nbsp; 143 |
| Series 2013-H23, Class FA, 5.10%, <br> 9/20/2063 (j)<br>| &nbsp;&nbsp; 181 | &nbsp;&nbsp; 182 |
| Series 2015-H02, Class HA, 2.50%, <br> 1/20/2065<br>| &nbsp;&nbsp; 67 | &nbsp;&nbsp; 64 |
| Series 2015-H04, Class FL, 4.42%, <br> 2/20/2065 (j)<br>| &nbsp;&nbsp; 828 | &nbsp;&nbsp; 828 |
| Series 2015-H23, Class FB, 4.32%, <br> 9/20/2065 (j)<br>| &nbsp;&nbsp; 983 | &nbsp;&nbsp; 983 |
| Series 2015-H32, Class FH, 4.46%, <br> 12/20/2065 (j)<br>| &nbsp;&nbsp; 97 | &nbsp;&nbsp; 98 |
| Series 2016-H16, Class FD, 5.16%, <br> 6/20/2066 (j)<br>| &nbsp;&nbsp; 1417 | &nbsp;&nbsp; 1434 |
| Series 2016-H17, Class FC, 4.63%, <br> 8/20/2066 (j)<br>| &nbsp;&nbsp; 1156 | &nbsp;&nbsp; 1161 |
| Series 2017-H08, Class XI, IO, 2.22%, <br> 3/20/2067 (j)<br>| &nbsp;&nbsp; 4505 | &nbsp;&nbsp; 188 |
| Series 2017-H11, Class XI, IO, 2.25%, <br> 5/20/2067 (j)<br>| &nbsp;&nbsp; 14541 | &nbsp;&nbsp; 514 |
| Series 2017-H14, Class XI, IO, 1.87%, <br> 6/20/2067 (j)<br>| &nbsp;&nbsp; 6416 | &nbsp;&nbsp; 167 |
| Series 2017-H14, Class AI, IO, 2.29%, <br> 6/20/2067 (j)<br>| &nbsp;&nbsp; 5841 | &nbsp;&nbsp; 249 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2017-H23, Class FA, 4.28%, <br> 10/20/2067 (j)<br>| &nbsp;&nbsp; 5429 | &nbsp;&nbsp; 5429 |
| Series 2019-H09, Class FA, 4.30%, <br> 5/20/2069 (j)<br>| &nbsp;&nbsp; 4402 | &nbsp;&nbsp; 4403 |
| Series 2021-H10, Class AF, 5.16%, <br> 6/20/2071 (j)<br>| &nbsp;&nbsp; 22367 | &nbsp;&nbsp; 22980 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-RPL3, Class A1, 4.10%, <br> 7/25/2065 (a) (i)<br>| &nbsp;&nbsp; 19336 | &nbsp;&nbsp; 19053 |
| GSR Mortgage Loan Trust |  |  |
| Series 2003-7F, Class 1A4, 5.25%, <br> 6/25/2033<br>| &nbsp;&nbsp; 27 | &nbsp;&nbsp; 27 |
| Series 2004-6F, Class 2A4, 5.50%, <br> 5/25/2034<br>| &nbsp;&nbsp; 28 | &nbsp;&nbsp; 28 |
| Series 2004-6F, Class 3A4, 6.50%, <br> 5/25/2034<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 40 |
| Series 2004-8F, Class 2A3, 6.00%, <br> 9/25/2034<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 13 |
| Series 2005-5F, Class 8A1, 4.29%, <br> 6/25/2035 (j)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 6 |
| Series 2005-5F, Class 8A3, 4.29%, <br> 6/25/2035 (j)<br>| &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Home RE Ltd. (Bermuda) Series 2022-1, <br> Class M1C, 9.17%, 10/25/2034 (a) (j)<br>| &nbsp;&nbsp; 12694 | &nbsp;&nbsp; 13036 |
| ICAP Trust Series 2025-RTL1, Class A1, <br> 6.47%, 7/25/2030 (a) (i)<br>| &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20362 |
| Impac CMB Trust |  |  |
| Series 2004-10, Class 3A1, 4.49%, <br> 3/25/2035 (j)<br>| &nbsp;&nbsp; 59 | &nbsp;&nbsp; 58 |
| Series 2004-10, Class 3A2, 4.59%, <br> 3/25/2035 (j)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 38 |
| Impac Secured Assets CMN Owner Trust Series <br> 2003-2, Class A1, 5.50%, 8/25/2033<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; 3 |
| JPMorgan Mortgage Trust |  |  |
| Series 2004-S2, Class 5A1, 5.50%, <br> 12/25/2019<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Series 2006-A2, Class 5A3, 6.31%, <br> 11/25/2033 (j)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 16 |
| Series 2006-A2, Class 4A1, 6.45%, <br> 8/25/2034 (j)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 42 |
| Series 2004-S1, Class 3A1, 5.50%, <br> 9/25/2034<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Series 2004-S2, Class 4A5, 6.00%, <br> 11/25/2034<br>| &nbsp;&nbsp; 151 | &nbsp;&nbsp; 139 |
| Series 2007-A1, Class 5A2, 5.82%, <br> 7/25/2035 (j)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 9 |
| LHOME Mortgage Trust Series 2023-RTL4, <br> Class A1, 7.63%, 11/25/2028 (a) (i)<br>| &nbsp;&nbsp; 21368 | &nbsp;&nbsp; 21384 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| LOANDEPOT GMSR Master Trust Series <br> 2025-GT2, Class A, 6.81%, 7/16/2030 (a) <br> (j)<br>| &nbsp;&nbsp; 20000 | &nbsp;&nbsp; 20154 |
| MASTR Adjustable Rate Mortgages Trust Series <br> 2004-13, Class 2A1, 6.25%, <br> 4/21/2034 (j)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| MASTR Alternative Loan Trust |  |  |
| Series 2004-8, Class 6A1, 5.50%, <br> 9/25/2019<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 2004-6, Class 7A1, 6.00%, <br> 7/25/2034<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; 143 |
| Series 2004-6, Class 6A1, 6.50%, <br> 7/25/2034<br>| &nbsp;&nbsp; 192 | &nbsp;&nbsp; 195 |
| Series 2004-7, Class 30, PO, 8/25/2034 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 9 |
| Series 2004-7, Class 3A1, 6.50%, <br> 8/25/2034<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| MASTR Asset Securitization Trust |  |  |
| Series 2004-6, Class 15, PO, 7/25/2019 ‡ | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 2004-6, Class 3A1, 5.25%, <br> 7/25/2019 ‡<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Series 2004-P7, Class A6, 5.50%, <br> 12/27/2033 (a)<br>| &nbsp;&nbsp; 22 | &nbsp;&nbsp; 19 |
| MASTR Resecuritization Trust Series 2005-PO, <br> Class 3, PO, 5/28/2035 (a)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 5 |
| Merrill Lynch Mortgage Investors Trust |  |  |
| Series 2004-C, Class A2, 4.63%, <br> 7/25/2029 (j)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 15 |
| Series 2004-D, Class A3, 5.83%, <br> 9/25/2029 (j)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 8 |
| MFA Trust Series 2024-NPL1, Class A1, <br> 6.33%, 9/25/2054 (a) (i)<br>| &nbsp;&nbsp; 10513 | &nbsp;&nbsp; 10531 |
| Morgan Stanley Mortgage Loan Trust |  |  |
| Series 2004-3, Class 4A, 5.65%, <br> 4/25/2034 (j)<br>| &nbsp;&nbsp; 74 | &nbsp;&nbsp; 74 |
| Series 2004-7AR, Class 2A6, 5.27%, <br> 9/25/2034 (j)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| NACC Reperforming Loan REMIC Trust Series <br> 2004-R2, Class A1, 6.50%, <br> 10/25/2034 (a) (j)<br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; 46 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (a) (i)<br>| &nbsp;&nbsp; 12965 | &nbsp;&nbsp; 12997 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (a) (i)<br>| &nbsp;&nbsp; 15200 | &nbsp;&nbsp; 15381 |
| NRM FHT1 Excess Owner LLC Series <br> 2025-FHT1, Class A, 6.55%, <br> 3/25/2032 (a) (i)<br>| &nbsp;&nbsp; 52074 | &nbsp;&nbsp; 53048 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 107

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (a) (i)<br>| &nbsp;&nbsp; 21868 | &nbsp;&nbsp; 21873 |
| PHH Mortgage Trust Series 2008-CIM2, Class <br> 5A1, 6.00%, 7/25/2038<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 38 |
| Prime Mortgage Trust Series 2004-CL1, Class <br> 1A1, 6.00%, 2/25/2034<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; 21 |
| PRPM LLC Series 2024-RCF1, Class A1, <br> 4.00%, 1/25/2054 (a) (i)<br>| &nbsp;&nbsp; 2695 | &nbsp;&nbsp; 2678 |
| Radnor RE Ltd. (Bermuda) Series 2022-1, <br> Class M1B, 10.42%, 9/25/2032 (a) (j)<br>| &nbsp;&nbsp; 8047 | &nbsp;&nbsp; 8337 |
| RALI Trust Series 2005-QS5, Class A4, 5.75%, <br> 4/25/2035<br>| &nbsp;&nbsp; 488 | &nbsp;&nbsp; 451 |
| Residential Asset Securitization Trust |  |  |
| Series 2003-A8, Class A1, 3.75%, <br> 10/25/2018<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 8 |
| Series 2006-A6, Class 2A13, 6.00%, <br> 7/25/2036<br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; 40 |
| SACO I, Inc. Series 1997-2, Class 1A5, 7.00%, <br> 8/25/2036 ‡ (a)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 7 |
| Seasoned Credit Risk Transfer Trust |  |  |
| Series 2025-1, Class MTU, 3.25%, <br> 11/25/2064<br>| &nbsp;&nbsp; 23496 | &nbsp;&nbsp; 20764 |
| Series 2025-2, Class MTU, 3.25%, <br> 6/25/2065<br>| &nbsp;&nbsp; 33676 | &nbsp;&nbsp; 29341 |
| Seasoned Loans Structured Transaction Trust <br> Series 2024-2, Class VF, 4.92%, <br> 10/25/2034 (a) (j)<br>| &nbsp;&nbsp; 31730 | &nbsp;&nbsp; 32234 |
| Sequoia Mortgage Trust Series 2004-8, <br> Class A2, 4.76%, 9/20/2034 (j)<br>| &nbsp;&nbsp; 84 | &nbsp;&nbsp; 80 |
| Structured Adjustable Rate Mortgage Loan <br> Trust Series 2004-14, Class 1A, 5.22%, <br> 10/25/2034 (j)<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; 14 |
| Structured Asset Securities Corp. Mortgage <br> Pass-Through Certificates<br>|  |  |
| Series 2003-26A, Class 3A5, 5.18%, <br> 9/25/2033 (j)<br>| &nbsp;&nbsp; 175 | &nbsp;&nbsp; 170 |
| Series 2003-37A, Class 2A, 5.43%, <br> 12/25/2033 (j)<br>| &nbsp;&nbsp; 25 | &nbsp;&nbsp; 25 |
| Series 2003-37A, Class 1A, 5.50%, <br> 12/25/2033 (j)<br>| &nbsp;&nbsp; 331 | &nbsp;&nbsp; 330 |
| Towd Point Mortgage Trust |  |  |
| Series 2017-FRE2, Class M6, 4.00%, <br> 11/25/2047 (a) (i)<br>| &nbsp;&nbsp; 996 | &nbsp;&nbsp; 988 |
| Series 2021-R1, Class A1, 2.92%, <br> 11/30/2060 (a) (j)<br>| &nbsp;&nbsp; 32619 | &nbsp;&nbsp; 30051 |
| Series 2021-R1, Class A2C, 3.31%, <br> 11/30/2060 (a)<br>| &nbsp;&nbsp; 29122 | &nbsp;&nbsp; 24617 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Vendee Mortgage Trust |  |  |
| Series 1996-2, Class 1Z, 6.75%, <br> 6/15/2026<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Series 1998-1, Class 2E, 7.00%, <br> 3/15/2028<br>| &nbsp;&nbsp; 96 | &nbsp;&nbsp; 97 |
| Series 1999-1, Class 2Z, 6.50%, <br> 1/15/2029<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; 18 |
| WaMu Mortgage Pass-Through Certificates <br> Trust<br>|  |  |
| Series 2003-AR8, Class A, 5.19%, <br> 8/25/2033 (j)<br>| &nbsp;&nbsp; 41 | &nbsp;&nbsp; 40 |
| Series 2003-AR9, Class 1A6, 5.39%, <br> 9/25/2033 (j)<br>| &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 |
| Series 2004-AR3, Class A1, 5.33%, <br> 6/25/2034 (j)<br>| &nbsp;&nbsp; 12 | &nbsp;&nbsp; 12 |
| Series 2004-AR3, Class A2, 5.33%, <br> 6/25/2034 (j)<br>| &nbsp;&nbsp; 111 | &nbsp;&nbsp; 107 |
| Series 2004-S2, Class 2A4, 5.50%, <br> 6/25/2034<br>| &nbsp;&nbsp; 90 | &nbsp;&nbsp; 89 |
| Series 2004-AR11, Class A, 5.97%, <br> 10/25/2034 (j)<br>| &nbsp;&nbsp; 82 | &nbsp;&nbsp; 76 |
| Series 2005-AR2, Class 2A21, 4.45%, <br> 1/25/2045 (j)<br>| &nbsp;&nbsp; 10 | &nbsp;&nbsp; 10 |
| Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Trust Series 2005-4, <br> Class CB7, 5.50%, 6/25/2035<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; 176 |
| Washington Mutual MSC Mortgage <br> Pass-Through Certificates Trust Series <br> 2004-RA1, Class 2A, 7.00%, 3/25/2034<br>| &nbsp;&nbsp; 64 | &nbsp;&nbsp; 67 |
| Wells Fargo Mortgage-Backed Securities Trust |  |  |
| Series 2004-K, Class 1A2, 6.49%, <br> 7/25/2034 (j)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; 20 |
| Series 2004-U, Class A1, 6.69%, <br> 10/25/2034 (j)<br>| &nbsp;&nbsp; 46 | &nbsp;&nbsp; 46 |
| Total Collateralized Mortgage Obligations <br>(Cost $1,038,752)<br>|  | &nbsp;&nbsp; 1026311 |
| **Foreign Government Securities — 1.3%** | **Foreign Government Securities — 1.3%** | **Foreign Government Securities — 1.3%** |
| Arab Republic of Egypt |  |  |
| 7.60%, 3/1/2029 (k) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1468 |
| 8.63%, 2/4/2030 (a) | &nbsp;&nbsp; 1613 | &nbsp;&nbsp; 1746 |
| 5.88%, 2/16/2031 (k) | &nbsp;&nbsp; 1600 | &nbsp;&nbsp; 1554 |
| 7.63%, 5/29/2032 (k) | &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 5024 |
| 9.45%, 2/4/2033 (a) | &nbsp;&nbsp; 1938 | &nbsp;&nbsp; 2174 |
| 7.30%, 9/30/2033 (k) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2509 |
| 8.50%, 1/31/2047 (k) | &nbsp;&nbsp; 5800 | &nbsp;&nbsp; 5539 |
| 8.70%, 3/1/2049 (k) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2429 |
| 8.88%, 5/29/2050 (k) | &nbsp;&nbsp; 3600 | &nbsp;&nbsp; 3519 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

108 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| Argentine Republic |  |  |
| 4.12%, 7/9/2035 (i) | &nbsp;&nbsp; 29440 | &nbsp;&nbsp; 22143 |
| 3.50%, 7/9/2041 (i) | &nbsp;&nbsp; 8900 | &nbsp;&nbsp; 6217 |
| Benin Government Bond 7.96%, <br> 2/13/2038 (a)<br>| &nbsp;&nbsp; 4189 | &nbsp;&nbsp; 4392 |
| Commonwealth of the Bahamas 8.25%, <br> 6/24/2036 (a)<br>| &nbsp;&nbsp; 4943 | &nbsp;&nbsp; 5532 |
| Dominican Republic Government Bond |  |  |
| 6.00%, 2/22/2033 (a) | &nbsp;&nbsp; 4043 | &nbsp;&nbsp; 4124 |
| 6.00%, 2/22/2033 (k) | &nbsp;&nbsp; 5243 | &nbsp;&nbsp; 5348 |
| 5.88%, 1/30/2060 (a) | &nbsp;&nbsp; 3545 | &nbsp;&nbsp; 3198 |
| Federal Republic of Nigeria |  |  |
| 6.50%, 11/28/2027 (k) | &nbsp;&nbsp; 4150 | &nbsp;&nbsp; 4213 |
| 6.13%, 9/28/2028 (a) | &nbsp;&nbsp; 4080 | &nbsp;&nbsp; 4113 |
| 9.13%, 1/13/2046 (a) | &nbsp;&nbsp; 6870 | &nbsp;&nbsp; 7475 |
| Federative Republic of Brazil 7.13%, <br> 5/13/2054<br>| &nbsp;&nbsp; 5000 | &nbsp;&nbsp; 5092 |
| Hashemite Kingdom of Jordan |  |  |
| 5.85%, 7/7/2030 (k) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2514 |
| 5.75%, 11/12/2032 (a) | &nbsp;&nbsp; 11892 | &nbsp;&nbsp; 11690 |
| 7.38%, 10/10/2047 (k) | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 3952 |
| Islamic Republic of Pakistan |  |  |
| 7.38%, 4/8/2031 (a) | &nbsp;&nbsp; 9000 | &nbsp;&nbsp; 8887 |
| 8.88%, 4/8/2051 (a) | &nbsp;&nbsp; 8000 | &nbsp;&nbsp; 7900 |
| Istanbul Metropolitan Municipality 10.50%, <br> 12/6/2028 (a)<br>| &nbsp;&nbsp; 5450 | &nbsp;&nbsp; 5997 |
| Republic of Angola 8.00%, 11/26/2029 (a) | &nbsp;&nbsp; 2500 | &nbsp;&nbsp; 2487 |
| Republic of Colombia |  |  |
| 6.13%, 1/21/2031 | &nbsp;&nbsp; 2669 | &nbsp;&nbsp; 2662 |
| 7.50%, 2/2/2034 | &nbsp;&nbsp; 1491 | &nbsp;&nbsp; 1548 |
| 7.75%, 11/7/2036 | &nbsp;&nbsp; 2090 | &nbsp;&nbsp; 2176 |
| 8.75%, 11/14/2053 | &nbsp;&nbsp; 10824 | &nbsp;&nbsp; 11888 |
| Republic of Costa Rica 7.30%, <br> 11/13/2054 (a)<br>| &nbsp;&nbsp; 2925 | &nbsp;&nbsp; 3341 |
| Republic of Cote d'Ivoire |  |  |
| 6.13%, 6/15/2033 (k) | &nbsp;&nbsp; 8166 | &nbsp;&nbsp; 8088 |
| 8.08%, 4/1/2036 (a) | &nbsp;&nbsp; 6350 | &nbsp;&nbsp; 6846 |
| 8.25%, 1/30/2037 (a) | &nbsp;&nbsp; 1468 | &nbsp;&nbsp; 1603 |
| 6.75%, 2/25/2041 (a) | &nbsp;&nbsp; 7483 | &nbsp;&nbsp; 7139 |
| Republic of Ecuador |  |  |
| 8.75%, 1/29/2034 (a) | &nbsp;&nbsp; 2088 | &nbsp;&nbsp; 2107 |
| 6.90%, 7/31/2035 (a) (i) | &nbsp;&nbsp; 15557 | &nbsp;&nbsp; 14115 |
| 9.25%, 1/29/2039 (a) | &nbsp;&nbsp; 12171 | &nbsp;&nbsp; 12378 |
| 5.00%, 7/31/2040 (a) (i) | &nbsp;&nbsp; 6311 | &nbsp;&nbsp; 5150 |
| Republic of El Salvador 9.65%, <br> 11/21/2054 (a)<br>| &nbsp;&nbsp; 10925 | &nbsp;&nbsp; 12415 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Republic of Guatemala 6.25%, 8/15/2036 (a) | &nbsp;&nbsp; 8246 | &nbsp;&nbsp; 8738 |
| Republic of Honduras 8.63%, <br> 11/27/2034 (a)<br>| &nbsp;&nbsp; 4900 | &nbsp;&nbsp; 5692 |
| Republic of Iraq 5.80%, 1/15/2028 (k) | &nbsp;&nbsp; 950 | &nbsp;&nbsp; 945 |
| Republic of Kenya |  |  |
| 7.88%, 10/9/2033 (a) | &nbsp;&nbsp; 4080 | &nbsp;&nbsp; 4065 |
| 9.50%, 3/5/2036 (a) | &nbsp;&nbsp; 7034 | &nbsp;&nbsp; 7391 |
| 8.80%, 10/9/2038 (a) | &nbsp;&nbsp; 5750 | &nbsp;&nbsp; 5690 |
| Republic of Montenegro 7.25%, <br> 3/12/2031 (a)<br>| &nbsp;&nbsp; 2200 | &nbsp;&nbsp; 2356 |
| Republic of Panama 5.66%, 2/23/2038 | &nbsp;&nbsp; 2716 | &nbsp;&nbsp; 2728 |
| Republic of Paraguay |  |  |
| 5.00%, 4/15/2026 (k) | &nbsp;&nbsp; 129 | &nbsp;&nbsp; 129 |
| 6.10%, 8/11/2044 (k) | &nbsp;&nbsp; 1400 | &nbsp;&nbsp; 1456 |
| 5.60%, 3/13/2048 (k) | &nbsp;&nbsp; 4589 | &nbsp;&nbsp; 4459 |
| 5.40%, 3/30/2050 (k) | &nbsp;&nbsp; 14281 | &nbsp;&nbsp; 13481 |
| Republic of South Africa |  |  |
| 7.10%, 11/19/2036 (a) | &nbsp;&nbsp; 7049 | &nbsp;&nbsp; 7579 |
| 7.30%, 4/20/2052 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 2019 |
| 7.95%, 11/19/2054 (a) | &nbsp;&nbsp; 6371 | &nbsp;&nbsp; 6881 |
| 7.25%, 12/11/2055 (a) | &nbsp;&nbsp; 4998 | &nbsp;&nbsp; 4998 |
| Republic of Turkiye (The) 7.63%, 5/15/2034 | &nbsp;&nbsp; 4000 | &nbsp;&nbsp; 4284 |
| Romania Government Bond 6.00%, <br> 9/24/2044 (a)<br>| &nbsp;&nbsp; EUR8,293 | &nbsp;&nbsp; 9785 |
| Suriname Government International Bond |  |  |
| 7.70%, 11/6/2030 (a) | &nbsp;&nbsp; 6190 | &nbsp;&nbsp; 6374 |
| 8.50%, 11/6/2035 (a) | &nbsp;&nbsp; 8515 | &nbsp;&nbsp; 9094 |
| Total Foreign Government Securities <br>(Cost $325,510)<br>|  | &nbsp;&nbsp; 340836 |
| **Loan Assignments — 0.9% (o)** | **Loan Assignments — 0.9% (o)** | **Loan Assignments — 0.9% (o)** |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Adient US LLC, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 5.67%, 1/31/2031 (d)<br>| &nbsp;&nbsp; 6364 | &nbsp;&nbsp; 6352 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Primo Brands Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 5.92%, 3/31/2028 (d)<br>| &nbsp;&nbsp; 7562 | &nbsp;&nbsp; 7554 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| EMRLD Borrower LP, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 5.92%, 5/31/2030 (d)<br>| &nbsp;&nbsp; 8781 | &nbsp;&nbsp; 8740 |
| MIWD Holdco II LLC, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 6.42%, 3/28/2031 (d)<br>| &nbsp;&nbsp; 3251 | &nbsp;&nbsp; 3224 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 109

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| Quikrete Holdings, Inc., 1st Lien Term Loan B |  |  |
| (1-MONTH CME TERM SOFR + 2.25%), <br> 5.92%, 3/19/2029 (d)<br>| &nbsp;&nbsp; 5096 | &nbsp;&nbsp; 5093 |
| (1-MONTH CME TERM SOFR + 2.25%), <br> 5.92%, 2/10/2032 (d)<br>| &nbsp;&nbsp; 3573 | &nbsp;&nbsp; 3570 |
|  |  | &nbsp;&nbsp; 20627 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| Axalta Coating Systems US Holdings, Inc., 1st <br> Lien Term Loan B-7 (3-MONTH CME TERM <br> SOFR + 1.75%), 5.42%, 12/20/2029 (d)<br>| &nbsp;&nbsp; 4049 | &nbsp;&nbsp; 4048 |
| INEOS US Finance LLC, 1st Lien Term Loan B <br> (Luxembourg) (1-MONTH CME TERM SOFR + <br> 3.25%), 6.92%, 2/18/2030 (d)<br>| &nbsp;&nbsp; 5085 | &nbsp;&nbsp; 4258 |
|  |  | &nbsp;&nbsp; 8306 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Madison IAQ LLC, 1st Lien Term Loan <br> (6-MONTH CME TERM SOFR + 2.50%), <br> 6.13%, 6/21/2028 (d)<br>| &nbsp;&nbsp; 3477 | &nbsp;&nbsp; 3478 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Moran Foods LLC, 1st Lien Super Senior <br> Delayed Draw Term Loan (3-MONTH CME <br> TERM SOFR + 11.50% (PIK) + 0.10% <br> (CAS)), 15.23%, 12/31/2028 ‡ (b) (d)<br>| &nbsp;&nbsp; 38 | &nbsp;&nbsp; 34 |
| Moran Foods LLC, 1st Lien Term Loan |  |  |
| (3-MONTH CME TERM SOFR + 7.25% (PIK) <br> + 0.10% (CAS)), 11.02%, <br> 12/31/2028 ‡ (b) (d)<br>| &nbsp;&nbsp; 1093 | &nbsp;&nbsp; — |
| (3-MONTH CME TERM SOFR + 7.25% (PIK) <br> + 0.10% (CAS)), 11.02%, <br> 12/31/2028 ‡ (b) (d)<br>| &nbsp;&nbsp; 1604 | &nbsp;&nbsp; 288 |
| Moran Foods LLC, Term Loan A (3-MONTH CME <br> TERM SOFR + 2.50% (PIK)), 6.17%, <br> 12/31/2028 ‡ (b) (d)<br>| &nbsp;&nbsp; 308 | &nbsp;&nbsp; 274 |
| Moran Foods LLC, Term Loan B (3-MONTH CME <br> TERM SOFR + 8.50% (PIK)), 12.17%, <br> 12/31/2028 ‡ (b) (d)<br>| &nbsp;&nbsp; 286 | &nbsp;&nbsp; 258 |
|  |  | &nbsp;&nbsp; 854 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Graham Packaging Co., Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.25%), 5.92%, 1/26/2033 (d)<br>| &nbsp;&nbsp; 991 | &nbsp;&nbsp; 988 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| Wand NewCo 3, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), <br> 6.17%, 1/30/2031 (d)<br>| &nbsp;&nbsp; 3475 | &nbsp;&nbsp; 3453 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| Iridium Satellite LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), <br> 5.92%, 9/20/2030 (d)<br>| &nbsp;&nbsp; 4397 | &nbsp;&nbsp; 4226 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Vertiv Group Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.42%, 8/12/2032 (d)<br>| &nbsp;&nbsp; 9279 | &nbsp;&nbsp; 9279 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| NCR Atleos LLC, 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 3.00%), <br> 6.70%, 4/16/2029 (d)<br>| &nbsp;&nbsp; 1483 | &nbsp;&nbsp; 1479 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| First Student Bidco, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.17%, 8/15/2030 (d)<br>| &nbsp;&nbsp; 3302 | &nbsp;&nbsp; 3296 |
| First Student Bidco, Inc., 1st Lien Term Loan C <br> (3-MONTH CME TERM SOFR + 2.50%), <br> 6.17%, 8/15/2030 (d)<br>| &nbsp;&nbsp; 604 | &nbsp;&nbsp; 603 |
| Genesee & Wyoming, Inc., 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + 1.75%), <br> 5.42%, 4/10/2031 (d)<br>| &nbsp;&nbsp; 6320 | &nbsp;&nbsp; 6309 |
|  |  | &nbsp;&nbsp; 10208 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Medline Borrower LP, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.42%, 10/23/2028 (d)<br>| &nbsp;&nbsp; 421 | &nbsp;&nbsp; 422 |
| **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** |
| Star Parent, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 4.00%), <br> 7.67%, 9/27/2030 (d)<br>| &nbsp;&nbsp; 3281 | &nbsp;&nbsp; 3172 |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Station Casinos LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 5.67%, 3/14/2031 (d)<br>| &nbsp;&nbsp; 1169 | &nbsp;&nbsp; 1169 |
| **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** | **Independent Power and Renewable Electricity Producers — 0.0% ^** |
| Talen Energy Supply LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), <br> 5.67%, 11/25/2032 (d)<br>| &nbsp;&nbsp; 1177 | &nbsp;&nbsp; 1179 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Asurion LLC, 1st Lien Term Loan B-11 <br> (1-MONTH CME TERM SOFR + 4.25%), <br> 8.02%, 8/21/2028 (d)<br>| &nbsp;&nbsp; 3496 | &nbsp;&nbsp; 3493 |
| Asurion LLC, 1st Lien Term Loan B-13 <br> (1-MONTH CME TERM SOFR + 4.25%), <br> 7.92%, 9/19/2030 (d)<br>| &nbsp;&nbsp; 1050 | &nbsp;&nbsp; 1046 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

110 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| HUB International Ltd., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), <br> 5.92%, 6/20/2030 (d)<br>| &nbsp;&nbsp; 4347 | &nbsp;&nbsp; 4295 |
| USI, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.25%), 5.92%, <br> 9/27/2030 (d)<br>| &nbsp;&nbsp; 5209 | &nbsp;&nbsp; 5177 |
|  |  | &nbsp;&nbsp; 14011 |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Ahead DB Holdings LLC, 1st Lien Term Loan <br> B-3 (3-MONTH CME TERM SOFR + 2.50%), <br> 6.17%, 2/3/2031 (d)<br>| &nbsp;&nbsp; 3886 | &nbsp;&nbsp; 3775 |
| MH Sub I LLC, 1st Lien Term Loan B |  |  |
| (1-MONTH CME TERM SOFR + 4.25%), <br> 7.92%, 5/3/2028 (d)<br>| &nbsp;&nbsp; 3592 | &nbsp;&nbsp; 2907 |
| (1-MONTH CME TERM SOFR + 4.25%), <br> 7.92%, 12/31/2031 (d)<br>| &nbsp;&nbsp; 2431 | &nbsp;&nbsp; 1647 |
|  |  | &nbsp;&nbsp; 8329 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Callaway Golf Co., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 6.42%, 3/18/2030 (d)<br>| &nbsp;&nbsp; 301 | &nbsp;&nbsp; 302 |
| FGI Operating Co. LLC, 1st Lien Term Loan, <br> 0.00%, 12/31/2026 ‡ (h) (j)<br>| &nbsp;&nbsp; 122 | &nbsp;&nbsp; 1 |
|  |  | &nbsp;&nbsp; 303 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| SPX FLOW, Inc., 1st Lien Term Loan B (PRIME + <br> 1.75%), 8.50%, 4/5/2029 (d)<br>| &nbsp;&nbsp; 3082 | &nbsp;&nbsp; 3080 |
| Terex Corp., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%), 5.42%, <br> 10/8/2031 (d)<br>| &nbsp;&nbsp; 2605 | &nbsp;&nbsp; 2606 |
|  |  | &nbsp;&nbsp; 5686 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Charter Communications Operating LLC, 1st <br> Lien Term Loan B-4 (3-MONTH CME TERM <br> SOFR + 2.00%), 5.66%, 12/9/2030 (d)<br>| &nbsp;&nbsp; 13353 | &nbsp;&nbsp; 13328 |
| Clear Channel Outdoor Holdings, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 4.00%), 7.79%, 8/23/2028 (d)<br>| &nbsp;&nbsp; 1096 | &nbsp;&nbsp; 1099 |
|  |  | &nbsp;&nbsp; 14427 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Buckeye Partners LP, 1st Lien Term Loan B-7 <br> (1-MONTH CME TERM SOFR + 1.75%), <br> 5.42%, 11/22/2032 (d)<br>| &nbsp;&nbsp; 8512 | &nbsp;&nbsp; 8530 |
| NorthRiver Midstream Finance LP, 1st Lien <br> Term Loan B (Canada) (3-MONTH CME TERM <br> SOFR + 2.25%), 5.91%, 8/16/2030 (d)<br>| &nbsp;&nbsp; 4412 | &nbsp;&nbsp; 4411 |
|  |  | &nbsp;&nbsp; 12941 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| AAdvantage Loyalty IP Ltd., 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + 2.25%), <br> 5.92%, 4/20/2028 (d)<br>| &nbsp;&nbsp; 7807 | &nbsp;&nbsp; 7790 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Conair Holdings LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), <br> 7.54%, 5/17/2028 (d)<br>| &nbsp;&nbsp; 3666 | &nbsp;&nbsp; 1980 |
| Knowlton Development Corp., Inc., 1st Lien <br> Term Loan B (Canada) (1-MONTH CME TERM <br> SOFR + 3.50%), 7.17%, 8/15/2028 (d)<br>| &nbsp;&nbsp; 3508 | &nbsp;&nbsp; 3468 |
|  |  | &nbsp;&nbsp; 5448 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| 1261229 BC Ltd., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 6.25%), <br> 9.92%, 10/8/2030 (d)<br>| &nbsp;&nbsp; 2343 | &nbsp;&nbsp; 2279 |
| Elanco Animal Health, Inc., 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 1.75%), <br> 5.42%, 10/29/2032 (d)<br>| &nbsp;&nbsp; 1515 | &nbsp;&nbsp; 1515 |
|  |  | &nbsp;&nbsp; 3794 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| WEC US Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), <br> 5.67%, 1/27/2031 (d)<br>| &nbsp;&nbsp; 12673 | &nbsp;&nbsp; 12631 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Altar Bidco, Inc., 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 3.10%), <br> 6.61%, 2/1/2029 (d)<br>| &nbsp;&nbsp; 10178 | &nbsp;&nbsp; 10104 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| AthenaHealth Group, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.75%), <br> 6.42%, 2/15/2029 (d)<br>| &nbsp;&nbsp; 4183 | &nbsp;&nbsp; 4068 |
| BCPE Pequod Buyer, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.75%), <br> 6.42%, 11/25/2031 (d)<br>| &nbsp;&nbsp; 8050 | &nbsp;&nbsp; 7773 |
| Central Parent LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.25%), <br> 6.92%, 7/6/2029 (d)<br>| &nbsp;&nbsp; 2990 | &nbsp;&nbsp; 1869 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 111

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Genesys Cloud Services, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.17%, 1/30/2032 (d)<br>| &nbsp;&nbsp; 9880 | &nbsp;&nbsp; 9065 |
| Icon Parent I, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.75%), <br> 6.44%, 11/13/2031 (d)<br>| &nbsp;&nbsp; 6542 | &nbsp;&nbsp; 6181 |
| UKG, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 2.50%), 6.17%, <br> 2/10/2031 (d)<br>| &nbsp;&nbsp; 9241 | &nbsp;&nbsp; 8728 |
|  |  | &nbsp;&nbsp; 37684 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| AWS Claire's LLC, 1st Lien Term Loan B (PIK), <br> 10.00%, 9/18/2030 ‡ (b)<br>| &nbsp;&nbsp; 133 | &nbsp;&nbsp; 132 |
| Petco Health & Wellness Co., Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 4.25%), 8.04%, 2/3/2031 (d)<br>| &nbsp;&nbsp; 2588 | &nbsp;&nbsp; 2481 |
| White Cap Supply Holdings LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + <br> 3.25%), 6.92%, 10/19/2029 (d)<br>| &nbsp;&nbsp; 5638 | &nbsp;&nbsp; 5567 |
|  |  | &nbsp;&nbsp; 8180 |
| **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** | **Textiles, Apparel & Luxury Goods — 0.0% ^** |
| Varsity Brands, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), <br> 6.67%, 8/26/2031 (d) (p)<br>| &nbsp;&nbsp; 4728 | &nbsp;&nbsp; 4713 |
| Total Loan Assignments <br>(Cost $239,394)<br>|  | &nbsp;&nbsp; 228787 |
| **Municipal Bonds — 0.1% (q)** | **Municipal Bonds — 0.1% (q)** | **Municipal Bonds — 0.1% (q)** |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| Texas Natural Gas Securitization Finance Corp., <br> Customer Rate Relief Bonds Series <br> 2023A-2, Rev., 5.17%, 4/1/2041<br>| &nbsp;&nbsp; 855 | &nbsp;&nbsp; 891 |
| **Virginia — 0.1%** | **Virginia — 0.1%** | **Virginia — 0.1%** |
| FHLMC Multifamily ML Certificates, Zero <br> Coupon, 5/25/2033 (a)<br>| &nbsp;&nbsp; 23057 | &nbsp;&nbsp; 14028 |
| Total Municipal Bonds <br>(Cost $14,386)<br>|  | &nbsp;&nbsp; 14919 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| Incora Intermediate LLC ‡ \* | &nbsp;&nbsp; 113 | &nbsp;&nbsp; 1260 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Moran Foods Backstop Equity ‡ \* | &nbsp;&nbsp; 7629209 | &nbsp;&nbsp; 8 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Broadline Retail — continued** | **Broadline Retail — continued** | **Broadline Retail — continued** |
| MYT Holding LLC ‡ \* | &nbsp;&nbsp; 935 | &nbsp;&nbsp; 234 |
| NMG Parent LLC, Escrow ‡ \* | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 4 |
|  |  | &nbsp;&nbsp; 246 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Ardagh Holdings SA (Luxembourg) ‡ \* (a) | &nbsp;&nbsp; 68 | &nbsp;&nbsp; 572 |
| **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** | **Financial Services — 0.0% ^** |
| ACC Claims Holdings LLC ‡ | &nbsp;&nbsp; 1551 | &nbsp;&nbsp; 3 |
| Keenova Therapeutics plc, Class B ‡ | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 141 |
| Par Health Inc., Class B ‡ | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1458 |
|  |  | &nbsp;&nbsp; 1602 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| New Evhc Physical Equity \* | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 60 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| Clear Channel Outdoor Holdings, Inc. \* | &nbsp;&nbsp; 502 | &nbsp;&nbsp; 1206 |
| iHeartMedia, Inc., Class A \* | &nbsp;&nbsp; 127 | &nbsp;&nbsp; 413 |
|  |  | &nbsp;&nbsp; 1619 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| Gulfport Energy Corp. \* | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 4572 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| Neiman Marcus Group, Inc. ‡ \* | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1 |
| Total Common Stocks <br>(Cost $8,788)<br>|  | &nbsp;&nbsp; 9932 |
| **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| MYT Holding LLC Series A, 10.00%, 6/6/2029 <br> ‡ <br>(Cost $1,987)<br>| &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 2640 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| SES SA (Luxembourg) ‡ \* <br>(Cost $—)<br>| &nbsp;&nbsp; 70 | &nbsp;&nbsp; 1055 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

112 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** | **Short-Term Investments — 6.0%** |
| **Investment Companies — 6.0%** | **Investment Companies — 6.0%** | **Investment Companies — 6.0%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (r) (s) <br>(Cost $1,549,979)<br>| &nbsp;&nbsp; 1549657 | &nbsp;&nbsp; 1550277 |
| **Total Investments — 100.8%** <br>**(Cost $26,093,288)**<br>|  | &nbsp;&nbsp; **26029140** |
| **Liabilities in Excess of Other Assets —** <br> **(0.8)%**<br>|  | &nbsp;&nbsp; **(204665)**<br>|
| **NET ASSETS — 100.0%** |  | &nbsp;&nbsp; **25824475** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| CAS | Credit Adjustment Spread |
| CME | Chicago Mercantile Exchange |
| CSMC | Credit Suisse Mortgage Trust |
| EUR | Euro |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| FRN | Floating Rate Note |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> February 28, 2026. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| PIK | Payment In Kind |
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|

---

---

| | |
|:---|:---|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Security has the ability to pay in kind ("PIK") or pay <br> income in cash. When applicable, separate rates of <br> such payments are disclosed.<br>|
| (c) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (d) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|
| (e) | Contingent Capital security ("CoCo"). CoCos are hybrid <br> debt securities that may be convertible into equity or <br> may be written down if a pre-specified trigger event <br> occurs. The total value of aggregate CoCo holdings at <br> February 28, 2026 is $30,008 or 0.12% of the <br> Fund's net assets as of February 28, 2026.<br>|
| (f) | Security is an interest bearing note with preferred <br> security characteristics.<br>|
| (g) | Security is perpetual and thus, does not have a <br> predetermined maturity date. The coupon rate for this <br> security is fixed for a period of time and may be <br> structured to adjust thereafter. The date shown, if <br> applicable, reflects the next call date. The coupon rate <br> shown is the rate in effect as of February 28, 2026.<br>|
| (h) | Defaulted security. |
| (i) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of February 28, 2026. <br>|
| (j) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 113

------

JPMorgan Core Plus Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The rate shown is the effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) All or a portion of this security is unsettled as of February 28, 2026. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) 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;(s) The rate shown is the current yield as of February 28, 2026.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 7418 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 844029 | &nbsp;&nbsp;&nbsp;&nbsp; 3639 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 2919 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 340748 | &nbsp;&nbsp;&nbsp;&nbsp; 3461 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 2658 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 314807 | &nbsp;&nbsp;&nbsp;&nbsp; 2197 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 7235 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 879505 | &nbsp;&nbsp;&nbsp;&nbsp; 7893 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 4772 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 998466 | &nbsp;&nbsp;&nbsp;&nbsp; 1002 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 11969 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1318086 | &nbsp;&nbsp;&nbsp;&nbsp; 3354 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21546 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (22)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (2606)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (365)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 21509 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**Forward foreign currency exchange contracts outstanding as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| USD | &nbsp;&nbsp;&nbsp; 10086 | EUR | &nbsp;&nbsp;&nbsp; 8533 | BNP Paribas | 3/31/2026 | &nbsp;&nbsp;&nbsp; (13)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (13)<br>|
| Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | Net unrealized depreciation | &nbsp;&nbsp;&nbsp; (13)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

114 J.P. Morgan Income Funds February 28, 2026

------

JPMorgan Floating Rate Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Loan Assignments — 87.6% (a)** | **Loan Assignments — 87.6% (a)** | **Loan Assignments — 87.6% (a)** |
| **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** | **Aerospace & Defense — 2.6%** |
| Bleriot US Bidco, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 10/31/2030 (b)<br>| 788 | 787 |
| Goat Holdco LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.50%), 6.17%, <br> 1/27/2032 (b)<br>| 635 | 633 |
| Karman Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 4/1/2032 (b)<br>| 960 | 961 |
| TransDigm, Inc., 1st Lien Term Loan J (1-MONTH <br> CME TERM SOFR + 2.50%), 6.17%, <br> 2/28/2031 (b)<br>| 1143 | 1143 |
| TransDigm, Inc., 1st Lien Term Loan K (1-MONTH <br> CME TERM SOFR + 2.25%), 5.92%, <br> 3/22/2030 (b)<br>| 428 | 427 |
| Vertex Aerospace Services Corp., 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 12/6/2030 (b)<br>| 567 | 567 |
|  |  | 4518 |
| **Automobile Components — 2.2%** | **Automobile Components — 2.2%** | **Automobile Components — 2.2%** |
| Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH <br> CME TERM SOFR + 2.00%), 5.67%, <br> 1/31/2031 (b)<br>| 931 | 929 |
| American Axle & Manufacturing, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + 3.00%), <br> 6.66%, 12/13/2029 (b)<br>| 1000 | 997 |
| Clarios Global LP, 1st Lien Term Loan B |  |  |
| (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 5/6/2030 (b)<br>| 490 | 488 |
| (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 1/28/2032 (b)<br>| 589 | 587 |
| DexKo Global, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 3.75%), 7.68%, <br> 10/4/2028 (b)<br>| 809 | 805 |
|  |  | 3806 |
| **Beverages — 0.8%** | **Beverages — 0.8%** | **Beverages — 0.8%** |
| Primo Brands Corp., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 2.25%), 5.92%, <br> 3/31/2028 (b)<br>| 1396 | 1394 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** | **Broadline Retail — 0.5%** |
| Shutterfly Finance LLC, 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 6.00%), 9.67%, <br> 10/1/2027 (b)<br>| 218 | 218 |
| Shutterfly Finance LLC, 2nd Lien Term Loan <br> (1-MONTH CME TERM SOFR + 5.00% (PIK) + <br> 3.82% (Cash)), 12.49%, 10/1/2027 (b) (c)<br>| 762 | 703 |
|  |  | 921 |
| **Building Products — 3.7%** | **Building Products — 3.7%** | **Building Products — 3.7%** |
| AZZ, Inc., 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 1.75%), 5.42%, 5/14/2029 (b)<br>| 582 | 582 |
| Chariot Buyer LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.75%), 6.42%, 9/8/2032 (b)<br>| 1101 | 1097 |
| EMRLD Borrower LP, 1st Lien Term Loan B |  |  |
| (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 5/31/2030 (b)<br>| 1032 | 1027 |
| (6-MONTH CME TERM SOFR + 2.25%), 6.12%, <br> 8/4/2031 (b)<br>| 678 | 675 |
| Griffon Corp., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.00%), 5.67%, 1/24/2029 (b)<br>| 414 | 415 |
| MIWD Holdco II LLC, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 3/28/2031 (b)<br>| 907 | 899 |
| Quikrete Holdings, Inc., 1st Lien Term Loan B |  |  |
| (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 3/19/2029 (b)<br>| 1203 | 1203 |
| (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 2/10/2032 (b)<br>| 378 | 378 |
|  |  | 6276 |
| **Capital Markets — 1.2%** | **Capital Markets — 1.2%** | **Capital Markets — 1.2%** |
| Acuren Holding, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 7/30/2031 (b)<br>| 1129 | 1129 |
| CPI Holdco B LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.00%), 5.67%, <br> 5/19/2031 (b)<br>| 994 | 982 |
|  |  | 2111 |
| **Chemicals — 1.0%** | **Chemicals — 1.0%** | **Chemicals — 1.0%** |
| Ecovyst Catalyst Technologies LLC, 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + 2.00%), <br> 5.67%, 6/12/2031 (b)<br>| 576 | 575 |
| INEOS US Finance LLC, 1st Lien Term Loan B <br> (Luxembourg) (1-MONTH CME TERM SOFR + <br> 3.25%), 6.92%, 2/18/2030 (b)<br>| 1443 | 1209 |
|  |  | 1784 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 115

------

JPMorgan Floating Rate Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Commercial Services & Supplies — 5.3%** | **Commercial Services & Supplies — 5.3%** | **Commercial Services & Supplies — 5.3%** |
| Allied Universal Holdco LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.25%), 6.92%, <br> 8/20/2032 (b)<br>| 481 | 481 |
| APi Group DE, Inc., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%), 5.42%, 1/3/2029 (b)<br>| 905 | 907 |
| BIFM CA Buyer, Inc., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 3.25%), 6.92%, <br> 5/31/2028 (b)<br>| 570 | 571 |
| Garda World Security Corp., 1st Lien Term Loan B <br> (Canada) (3-MONTH CME TERM SOFR + 2.75%), <br> 6.42%, 2/1/2029 (b)<br>| 1036 | 1032 |
| Guardian US Holdco LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.25%), 6.92%, <br> 1/31/2030 (b)<br>| 975 | 951 |
| Harsco Corp., Term Loan B-3 (1-MONTH CME TERM <br> SOFR + 2.25%), 6.04%, 6/9/2028 (b)<br>| 1402 | 1398 |
| Madison IAQ LLC, 1st Lien Term Loan (6-MONTH CME <br> TERM SOFR + 2.50%), 6.13%, 6/21/2028 (b)<br>| 1302 | 1303 |
| Prime Security Services Borrower LLC, 1st Lien Term <br> Loan B-1 (1-MONTH CME TERM SOFR + 2.00%), <br> 5.67%, 10/15/2030 (b)<br>| 1280 | 1277 |
| Raven Acquisition Holdings LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 3.00%), 6.67%, <br> 11/19/2031 (b)<br>| 1210 | 1151 |
|  |  | 9071 |
| **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** | **Construction & Engineering — 1.1%** |
| Blackfin Pipeline LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.00%), 6.69%, <br> 9/29/2032 (b)<br>| 1122 | 1127 |
| Zekelman Industries, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.91%, <br> 1/24/2031 (b)<br>| 735 | 736 |
|  |  | 1863 |
| **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** | **Consumer Staples Distribution & Retail — 2.0%** |
| Moran Foods LLC, 1st Lien Super Senior Delayed <br> Draw Term Loan (3-MONTH CME TERM SOFR + <br> 11.50% (PIK) + 0.10% (CAS)), 15.23%, <br> 12/31/2028 ‡ (b) (c)<br>| 822 | 739 |
| Moran Foods LLC, 1st Lien Term Loan |  |  |
| (3-MONTH CME TERM SOFR + 7.25% (PIK) + <br> 0.10% (CAS)), 11.02%, 12/31/2028 ‡ (b) (c)<br>| 2644 |  |
| (3-MONTH CME TERM SOFR + 7.25% (PIK) + <br> 0.10% (CAS)), 11.02%, 12/31/2028 ‡ (b) (c)<br>| 5400 | 1150 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| Moran Foods LLC, Term Loan A (3-MONTH CME TERM <br> SOFR + 2.50% (PIK)), 6.17%, 12/31/2028 ‡ (b) <br> (c)<br>| 913 | 811 |
| Moran Foods LLC, Term Loan B (3-MONTH CME TERM <br> SOFR + 8.50% (PIK)), 12.17%, 12/31/2028 ‡ <br> (b) (c)<br>| 849 | 765 |
|  |  | 3465 |
| **Containers & Packaging — 2.9%** | **Containers & Packaging — 2.9%** | **Containers & Packaging — 2.9%** |
| Clydesdale Acquisition Holdings, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + 3.25%), <br> 6.92%, 4/1/2032 (b)<br>| 1178 | 1165 |
| Graham Packaging Co., Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 1/26/2033 (b) (d)<br>| 1018 | 1015 |
| LABL, Inc., 1st Lien Term Loan B |  |  |
| (3-MONTH CME TERM SOFR + 6.75%), 10.41%, <br> 11/3/2026 (b) (d)<br>| 76 | 75 |
| 0.00%, 10/30/2028(e) (f) | 1495 | 687 |
| Mauser Packaging Solutions Holding Co., 1st Lien <br> Term Loan B (3-MONTH CME TERM SOFR + <br> 3.50%), 7.16%, 4/15/2030 (b)<br>| 1329 | 1307 |
| Trident TPI Holdings, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.75%), 7.42%, <br> 9/15/2028 (b)<br>| 805 | 776 |
|  |  | 5025 |
| **Diversified Consumer Services — 2.5%** | **Diversified Consumer Services — 2.5%** | **Diversified Consumer Services — 2.5%** |
| Belron Finance 2019 LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), 5.66%, <br> 10/16/2031 (b)<br>| 705 | 705 |
| Mister Car Wash Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 3/27/2031 (b)<br>| 738 | 725 |
| Pre-Paid Legal Services, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 3.25%), 6.92%, <br> 12/7/2028 (b) (d)<br>| 966 | 820 |
| St. George's University Scholastic Services LLC, 1st <br> Lien Term Loan B (Canada) (1-MONTH CME TERM <br> SOFR + 2.75%), 6.42%, 2/12/2029 (b)<br>| 934 | 889 |
| Wand NewCo 3, Inc., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.50%), 6.17%, <br> 1/30/2031 (b)<br>| 1217 | 1210 |
|  |  | 4349 |
| **Diversified Telecommunication Services — 2.0%** | **Diversified Telecommunication Services — 2.0%** | **Diversified Telecommunication Services — 2.0%** |
| Altafiber Virginia LLC, 1st Lien Term Loan B-4 <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 11/23/2028 (b)<br>| 1084 | 1082 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

116 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| Altice Financing SA, 1st Lien Term Loan B <br> (Luxembourg) (3-MONTH CME TERM SOFR + <br> 5.00%), 8.67%, 10/29/2027 (b)<br>| 642 | 472 |
| Altice France SA, 1st Lien Term Loan B-14 (France) <br> (3-MONTH CME TERM SOFR + 6.88%), 10.55%, <br> 5/30/2031 (b)<br>| 473 | 474 |
| Iridium Satellite LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 9/20/2030 (b)<br>| 590 | 566 |
| Level 3 Financing, Inc., 1st Lien Term Loan B-4 <br> (1-MONTH CME TERM SOFR + 3.25%), 6.92%, <br> 3/29/2032 (b) (d)<br>| 850 | 851 |
|  |  | 3445 |
| **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** | **Electric Utilities — 2.1%** |
| Constellation Renewables LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 12/15/2027 (b)<br>| 1294 | 1294 |
| NRG Energy, Inc., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%; 3-MONTH CME TERM <br> SOFR + 1.75% + 1.75%), 5.52%, 4/16/2031 (b)<br>| 1149 | 1151 |
| Vistra Operations Co. LLC, 1st Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 12/20/2030 (b)<br>| 1134 | 1136 |
|  |  | 3581 |
| **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** | **Electrical Equipment — 1.4%** |
| BCP VI Summit Holdings LP, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.00%), 6.67%, <br> 1/30/2032 (b)<br>| 1020 | 1023 |
| Vertiv Group Corp., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%), 5.42%, <br> 8/12/2032 (b)<br>| 1378 | 1378 |
|  |  | 2401 |
| **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** | **Electronic Equipment, Instruments & Components — 2.4%** |
| Coherent Corp., 1st Lien Term Loan B-2 (1-MONTH <br> CME TERM SOFR + 1.75%), 5.42%, 7/2/2029 (b)<br>| 671 | 670 |
| LSF12 Crown US Commercial Bidco LLC, 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 3.00%), 6.67%, 12/2/2031 (b)<br>| 1013 | 1012 |
| Mirion Technologies, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 6/4/2032 (b)<br>| 642 | 644 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** | **Electronic Equipment, Instruments & Components — continued** |
| Resilience Parent LLC, 1st Lien Term Loan B <br> (12-MONTH CME TERM SOFR + 2.50%), 6.13%, <br> 1/21/2033 (b) (d)<br>| 618 | 617 |
| Sanmina Corp., 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 2.00%), 5.67%, 10/27/2032 (b)<br>| 1207 | 1210 |
|  |  | 4153 |
| **Entertainment — 1.2%** | **Entertainment — 1.2%** | **Entertainment — 1.2%** |
| Crown Finance US, Inc., 1st Lien Term Loan B (United <br> Kingdom) (1-MONTH CME TERM SOFR + 4.50%), <br> 8.17%, 12/2/2031 (b) (d)<br>| 1007 | 977 |
| TKO Worldwide Holdings LLC, 1st Lien Term Loan B-4 <br> (3-MONTH CME TERM SOFR + 2.00%), 5.66%, <br> 11/21/2031 (b)<br>| 1076 | 1076 |
|  |  | 2053 |
| **Financial Services — 2.3%** | **Financial Services — 2.3%** | **Financial Services — 2.3%** |
| NCR Atleos LLC, 1st Lien Term Loan B (12-MONTH <br> CME TERM SOFR + 3.00%), 6.70%, <br> 4/16/2029 (b)<br>| 713 | 711 |
| Neon Maple US Debt Mergersub, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + 2.50%), <br> 6.17%, 11/17/2031 (b)<br>| 760 | 739 |
| Orion Advisor Solutions, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 9/24/2030 (b)<br>| 1125 | 1080 |
| Shift4 Payments LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), 5.65%, <br> 7/6/2032 (b)<br>| 588 | 588 |
| Trans Union LLC, 1st Lien Term Loan B-9 (1-MONTH <br> CME TERM SOFR + 1.75%), 5.42%, <br> 6/24/2031 (b)<br>| 824 | 816 |
|  |  | 3934 |
| **Ground Transportation — 2.2%** | **Ground Transportation — 2.2%** | **Ground Transportation — 2.2%** |
| First Student Bidco, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/15/2030 (b)<br>| 1150 | 1148 |
| First Student Bidco, Inc., 1st Lien Term Loan C <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/15/2030 (b)<br>| 210 | 210 |
| Genesee & Wyoming, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 4/10/2031 (b)<br>| 1310 | 1307 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 117

------

JPMorgan Floating Rate Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Ground Transportation — continued** | **Ground Transportation — continued** | **Ground Transportation — continued** |
| Hertz Corp. (The), 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 3.50%), 7.29%, <br> 6/30/2028 (b)<br>| 1217 | 936 |
| Hertz Corp. (The), 1st Lien Term Loan C (1-MONTH <br> CME TERM SOFR + 3.50%), 7.29%, <br> 6/30/2028 (b)<br>| 240 | 184 |
|  |  | 3785 |
| **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** | **Health Care Equipment & Supplies — 2.3%** |
| Bausch + Lomb Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.42%, <br> 1/15/2031 (b)<br>| 1224 | 1224 |
| Insulet Corp., 1st Lien Term Loan (1-MONTH CME <br> TERM SOFR + 2.00%), 5.67%, 8/4/2031 (b)<br>| 1474 | 1485 |
| Medline Borrower LP, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 10/23/2028 (b)<br>| 581 | 581 |
| Resonetics LLC, 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.75%), 6.42%, 6/18/2031 (b)<br>| 680 | 676 |
|  |  | 3966 |
| **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** | **Health Care Providers & Services — 3.9%** |
| AHP Health Partners, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 9/20/2032 (b)<br>| 1001 | 1001 |
| Global Medical Response, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.50%), 7.17%, <br> 10/1/2032 (b)<br>| 675 | 674 |
| MED ParentCo LP, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 3.00%), 6.67%, <br> 4/15/2031 (b)<br>| 774 | 773 |
| Option Care Health, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 9/22/2032 (b)<br>| 1361 | 1362 |
| Radiology Partners, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 4.50%), 8.17%, <br> 6/30/2032 (b)<br>| 898 | 887 |
| Star Parent, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 4.00%), 7.67%, <br> 9/27/2030 (b)<br>| 698 | 675 |
| Surgery Center Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 12/19/2030 (b)<br>| 1002 | 1003 |
| US Renal Care, Inc., 1st Lien Term Loan C (1-MONTH <br> CME TERM SOFR + 5.00%), 8.79%, <br> 6/28/2028 (b)<br>| 318 | 300 |
|  |  | 6675 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** | **Hotels, Restaurants & Leisure — 1.6%** |
| Caesars Entertainment, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 2/6/2030 (b)<br>| 607 | 602 |
| Caesars Entertainment, Inc., 1st Lien Term Loan B-1 <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 2/6/2031 (b)<br>| 827 | 819 |
| Station Casinos LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.00%), 5.67%, <br> 3/14/2031 (b)<br>| 819 | 819 |
| Whatabrands LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.50%), 6.17%, 8/3/2028 (b)<br>| 499 | 497 |
|  |  | 2737 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Talen Energy Supply LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 11/25/2032 (b)<br>| 532 | 533 |
| **Insurance — 3.9%** | **Insurance — 3.9%** | **Insurance — 3.9%** |
| Alliant Holdings Intermediate LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + 2.50%), <br> 6.17%, 9/19/2031 (b)<br>| 1204 | 1175 |
| Asurion LLC, 1st Lien Term Loan B (12-MONTH CME <br> TERM SOFR + 3.75%), 7.26%, 2/14/2033<br>| 1279 | 1278 |
| Asurion LLC, 1st Lien Term Loan B-13 (1-MONTH <br> CME TERM SOFR + 4.25%), 7.92%, <br> 9/19/2030 (b)<br>| 435 | 434 |
| HUB International Ltd., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 6/20/2030 (b)<br>| 1328 | 1311 |
| Sedgwick Claims Management Services, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.17%, 7/31/2031 (b)<br>| 1306 | 1262 |
| USI, Inc., 1st Lien Term Loan B |  |  |
| (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 11/21/2029 (b)<br>| 672 | 669 |
| (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 9/27/2030 (b)<br>| 490 | 487 |
|  |  | 6616 |
| **IT Services — 3.0%** | **IT Services — 3.0%** | **IT Services — 3.0%** |
| Ahead DB Holdings LLC, 1st Lien Term Loan B-3 <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 2/3/2031 (b)<br>| 1258 | 1222 |
| Arches Buyer, Inc., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 3.25%), 7.02%, <br> 12/6/2027 (b)<br>| 820 | 816 |
| Indy US Holdco LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.25%), 5.92%, <br> 10/31/2030 (b)<br>| 980 | 946 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

118 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **IT Services — continued** | **IT Services — continued** | **IT Services — continued** |
| MH Sub I LLC, 1st Lien Term Loan B |  |  |
| (1-MONTH CME TERM SOFR + 4.25%), 7.92%, <br> 5/3/2028 (b)<br>| 503 | 406 |
| (1-MONTH CME TERM SOFR + 4.25%), 7.92%, <br> 12/31/2031 (b)<br>| 345 | 234 |
| Modena Buyer LLC, 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 4.25%), 7.92%, 7/1/2031 (b)<br>| 741 | 651 |
| Virtusa Corp., 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 3.25%), 6.92%, 2/15/2029 (b)<br>| 853 | 781 |
|  |  | 5056 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Callaway Golf Co., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.75%), 6.42%, <br> 3/18/2030 (b)<br>| 79 | 79 |
| FGI Operating Co. LLC, 1st Lien Term Loan, 0.00%, <br> 12/31/2026 ‡ (e) (f)<br>| 3333 | 34 |
|  |  | 113 |
| **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** | **Life Sciences Tools & Services — 0.4%** |
| PAREXEL International Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 12/12/2031 (b)<br>| 654 | 646 |
| **Machinery — 2.8%** | **Machinery — 2.8%** | **Machinery — 2.8%** |
| Gates Global LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%), 5.42%, <br> 11/16/2029 (b)<br>| 198 | 198 |
| LSF12 Helix Parent LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.50%), 7.17%, <br> 2/10/2033 (b) (d)<br>| 812 | 811 |
| Madison Safety & Flow LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 9/26/2031 (b)<br>| 857 | 856 |
| SPX FLOW, Inc., 1st Lien Term Loan B (PRIME + <br> 1.75%), 8.50%, 4/5/2029 (b)<br>| 1139 | 1138 |
| Terex Corp., 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 1.75%), 5.42%, 10/8/2031 (b)<br>| 840 | 840 |
| TK Elevator Midco GmbH, 1st Lien Term Loan B <br> (Germany) (6-MONTH CME TERM SOFR + 2.75%), <br> 6.38%, 4/30/2030 (b)<br>| 933 | 933 |
|  |  | 4776 |
| **Media — 3.5%** | **Media — 3.5%** | **Media — 3.5%** |
| Charter Communications Operating LLC, 1st Lien <br> Term Loan B-5 (3-MONTH CME TERM SOFR + <br> 2.25%), 5.91%, 12/15/2031 (b)<br>| 986 | 985 |
| Clear Channel Outdoor Holdings, Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + 4.00%), <br> 7.79%, 8/23/2028 (b)<br>| 1476 | 1481 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Media — continued** | **Media — continued** | **Media — continued** |
| DIRECTV Financing LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 5.00%), 8.93%, <br> 8/2/2027 (b)<br>| 35 | 35 |
| EW Scripps Co. (The), 1st Lien Term Loan B-3 <br> (1-MONTH CME TERM SOFR + 3.35%), 7.13%, <br> 11/30/2029 (b)<br>| 872 | 844 |
| Gray Television, Inc., 1st Lien Term Loan D <br> (1-MONTH CME TERM SOFR + 3.00%), 6.79%, <br> 12/1/2028 (b)<br>| 490 | 488 |
| iHeartCommunications, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 5.78%), 9.56%, <br> 5/1/2029 (b)<br>| 1812 | 1564 |
| Neptune Bidco US, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 5.00%), 8.76%, <br> 1/28/2033 (b)<br>| 540 | 508 |
|  |  | 5905 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Novelis, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 1.75%), 5.42%, 3/11/2032 (b)<br>| 459 | 458 |
| **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** | **Oil, Gas & Consumable Fuels — 3.9%** |
| Buckeye Partners LP, 1st Lien Term Loan B-7 <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 11/22/2032 (b)<br>| 240 | 240 |
| Colossus Acquireco LLC, 1st Lien Term Loan B (1-Day <br> CME TERM SOFR + 1.75%), 5.41%, <br> 7/30/2032 (b)<br>| 923 | 920 |
| CPPIB OVM Member US LLC, 1st Lien Term Loan B-1 <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 8/20/2031 (b)<br>| 1394 | 1392 |
| NGL Energy Operating LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.50%), 7.17%, <br> 2/3/2031 (b) (d)<br>| 1194 | 1194 |
| NorthRiver Midstream Finance LP, 1st Lien Term <br> Loan B (Canada) (3-MONTH CME TERM SOFR + <br> 2.25%), 5.91%, 8/16/2030 (b)<br>| 1060 | 1060 |
| Prairie Acquiror LP, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 3.25%), 6.92%, 8/1/2029 (b)<br>| 1219 | 1220 |
| Whitewater Whistler Holdings LLC, 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + 1.75%), <br> 5.44%, 2/15/2030 (b)<br>| 628 | 626 |
|  |  | 6652 |
| **Passenger Airlines — 1.8%** | **Passenger Airlines — 1.8%** | **Passenger Airlines — 1.8%** |
| AAdvantage Loyalty IP Ltd., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 4/20/2028 (b)<br>| 1523 | 1520 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 119

------

JPMorgan Floating Rate Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Passenger Airlines — continued** | **Passenger Airlines — continued** | **Passenger Airlines — continued** |
| Jetblue Airways Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 4.75%), 8.44%, <br> 8/27/2029 (b)<br>| 1181 | 1137 |
| Vista Management Holding, Inc., 1st Lien Term Loan <br> B (3-MONTH CME TERM SOFR + 3.75%), 7.41%, <br> 4/1/2031 (b)<br>| 461 | 461 |
|  |  | 3118 |
| **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** |
| Conair Holdings LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.54%, <br> 5/17/2028 (b)<br>| 1285 | 694 |
| Knowlton Development Corp., Inc., 1st Lien Term <br> Loan B (Canada) (1-MONTH CME TERM SOFR + <br> 3.50%), 7.17%, 8/15/2028 (b)<br>| 869 | 860 |
|  |  | 1554 |
| **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** | **Pharmaceuticals — 1.8%** |
| 1261229 BC Ltd., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 6.25%), 9.92%, <br> 10/8/2030 (b)<br>| 920 | 895 |
| Elanco Animal Health, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 10/29/2032 (b)<br>| 277 | 276 |
| Endo Finance Holdings LP, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.42%, <br> 4/23/2031 (b)<br>| 1234 | 1235 |
| Jazz Financing Lux SARL, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 5/5/2028 (b)<br>| 681 | 683 |
|  |  | 3089 |
| **Professional Services — 4.6%** | **Professional Services — 4.6%** | **Professional Services — 4.6%** |
| Creative Artists Agency LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 10/1/2031 (b)<br>| 1348 | 1343 |
| First Advantage Holdings LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 10/31/2031 (b) (d)<br>| 677 | 647 |
| Grant Thornton Advisors LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 6/2/2031 (b)<br>| 1286 | 1191 |
| KBR, Inc., 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 2.00%), 5.67%, 1/17/2031 (b)<br>| 1019 | 1020 |
| SS&C Technologies, Inc., 1st Lien Term Loan B-8 <br> (1-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 5/9/2031 (b)<br>| 820 | 812 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Professional Services — continued** | **Professional Services — continued** | **Professional Services — continued** |
| VT Topco, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 3.00%), 6.66%, 8/9/2030 (b) (d)<br>| 1146 | 1077 |
| WEC US Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 1/27/2031 (b)<br>| 1801 | 1795 |
|  |  | 7885 |
| **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** | **Semiconductors & Semiconductor Equipment — 0.9%** |
| Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH <br> CME TERM SOFR + 3.10%), 6.61%, 2/1/2029 (b) <br> (d)<br>| 897 | 890 |
| Altar Bidco, Inc., 2nd Lien Term Loan (12-MONTH <br> CME TERM SOFR + 5.60%), 9.11%, 2/1/2030 (b)<br>| 646 | 606 |
|  |  | 1496 |
| **Software — 8.3%** | **Software — 8.3%** | **Software — 8.3%** |
| AthenaHealth Group, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 2/15/2029 (b)<br>| 1355 | 1317 |
| BCPE Pequod Buyer, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 11/25/2031 (b)<br>| 1249 | 1206 |
| Boxer Parent Co., Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), 6.67%, <br> 7/30/2031 (b)<br>| 1025 | 941 |
| Central Parent LLC, 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 3.25%), 6.92%, 7/6/2029 (b)<br>| 1028 | 643 |
| Cloud Software Group, Inc., 1st Lien Term Loan B-2 <br> (3-MONTH CME TERM SOFR + 3.25%), 6.92%, <br> 3/21/2031 (b)<br>| 648 | 600 |
| Dayforce Bidco LLC, 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 3.00%), 6.66%, 2/4/2033 (b)<br>| 995 | 915 |
| DCert Buyer, Inc., 1st Lien Term Loan (1-MONTH CME <br> TERM SOFR + 7.00%), 10.67%, 2/16/2029 (b)<br>| 345 | 277 |
| Genesys Cloud Services, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 1/30/2032 (b)<br>| 1634 | 1499 |
| Icon Parent I, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 2.75%), 6.44%, <br> 11/13/2031 (b) (d)<br>| 1294 | 1222 |
| Project Boost Purchaser LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 7/16/2031 (b)<br>| 848 | 806 |
| Proofpoint, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 3.00%), 6.67%, <br> 8/31/2028 (b)<br>| 1138 | 1088 |
| RealPage, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 3.00%), 6.93%, 4/24/2028 (b)<br>| 773 | 713 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

120 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Rocket Software, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.42%, <br> 11/28/2028 (b)<br>| 616 | 572 |
| Skopima Consilio Parent LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.42%, <br> 5/12/2028 (b) (d)<br>| 675 | 532 |
| Thoughtworks, Inc., 1st Lien Term Loan (1-MONTH <br> CME TERM SOFR + 2.50%), 6.29%, <br> 3/24/2028 (b)<br>| 408 | 385 |
| UKG, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.50%), 6.17%, 2/10/2031 (b) <br> (d)<br>| 1476 | 1394 |
|  |  | 14110 |
| **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** | **Specialty Retail — 2.4%** |
| AWS Claire's LLC, 1st Lien Term Loan B (PIK), <br> 10.00%, 9/18/2030 ‡ (c)<br>| 109 | 109 |
| Petco Health & Wellness Co., Inc., 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 4.25%), 8.04%, <br> 2/3/2031 (b)<br>| 512 | 492 |
| PetSmart LLC, 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 4.00%), 7.68%, 8/18/2032 (b)<br>| 1161 | 1153 |
| Serta Simmons Bedding LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 7.50%), 11.29%, <br> 6/29/2028 (b)<br>| 629 | 588 |
| Staples, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 5.75%), 9.41%, 8/23/2029 (b)<br>| 1187 | 1059 |
| White Cap Supply Holdings LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.25%), 6.92%, <br> 10/19/2029 (b) (d)<br>| 642 | 634 |
|  |  | 4035 |
| **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** | **Textiles, Apparel & Luxury Goods — 0.6%** |
| Varsity Brands, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 3.00%), 6.67%, <br> 8/26/2031 (b)<br>| 1084 | 1081 |
| **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** | **Trading Companies & Distributors — 0.6%** |
| QXO Building Products, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 4/30/2032 (b)<br>| 1000 | 999 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| Connect Finco SARL, 1st Lien Term Loan B (United <br> Kingdom) (1-MONTH CME TERM SOFR + 4.50%), <br> 8.17%, 9/13/2029 (b)<br>| 547 | 546 |
| Total Loan Assignments <br>(Cost $164,067)<br>|  | 149981 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — 7.9%** | **Corporate Bonds — 7.9%** | **Corporate Bonds — 7.9%** |
| **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
| Chemours Co. (The) 5.75%, 11/15/2028 (g) | 750 | 754 |
| INEOS Quattro Finance 2 plc (United Kingdom) <br> 9.63%, 3/15/2029 (g)<br>| 250 | 215 |
| Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029 | 1000 | 989 |
|  |  | 1958 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| Ford Motor Credit Co. LLC 4.13%, 8/17/2027 | 500 | 498 |
| **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** | **Diversified Telecommunication Services — 0.6%** |
| CCO Holdings LLC 4.50%, 8/15/2030 (g) | 1150 | 1097 |
| **Financial Services — 0.4%** | **Financial Services — 0.4%** | **Financial Services — 0.4%** |
| Rocket Cos., Inc. 6.50%, 8/1/2029 (g) | 575 | 591 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| Avis Budget Car Rental LLC 4.75%, 4/1/2028 (g) | 1250 | 1221 |
| **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** | **Health Care Providers & Services — 0.3%** |
| Tenet Healthcare Corp. 4.63%, 6/15/2028 | 500 | 499 |
| **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** | **Hotels, Restaurants & Leisure — 1.0%** |
| Vail Resorts, Inc. 5.63%, 7/15/2030 (g) | 560 | 570 |
| Wynn Resorts Finance LLC 5.13%, 10/1/2029 (g) | 1100 | 1106 |
|  |  | 1676 |
| **Household Durables — 0.4%** | **Household Durables — 0.4%** | **Household Durables — 0.4%** |
| Newell Brands, Inc. 8.50%, 6/1/2028 (g) | 560 | 590 |
| **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
| DISH DBS Corp. 5.25%, 12/1/2026 (g) | 750 | 728 |
| Sirius XM Radio LLC 4.00%, 7/15/2028 (g) | 600 | 586 |
| Stagwell Global LLC 5.63%, 8/15/2029 (g) | 500 | 461 |
|  |  | 1775 |
| **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** | **Oil, Gas & Consumable Fuels — 1.9%** |
| Harvest Midstream I LP 7.50%, 9/1/2028 (g) | 550 | 556 |
| Hess Midstream Operations LP 5.88%, <br> 3/1/2028 (g)<br>| 103 | 105 |
| Kinetik Holdings LP 6.63%, 12/15/2028 (g) | 1000 | 1031 |
| NuStar Logistics LP 5.63%, 4/28/2027 | 1000 | 1009 |
| SM Energy Co. 8.38%, 7/1/2028 (g) | 500 | 517 |
|  |  | 3218 |
| **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** | **Semiconductors & Semiconductor Equipment — 0.2%** |
| Synaptics, Inc. 4.00%, 6/15/2029 (g) | 350 | 338 |
| Total Corporate Bonds <br>(Cost $13,190)<br>|  | 13461 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 121

------

JPMorgan Floating Rate Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Exchange-Traded Funds — 0.7%** | **Exchange-Traded Funds — 0.7%** | **Exchange-Traded Funds — 0.7%** |
| **Fixed Income — 0.7%** | **Fixed Income — 0.7%** | **Fixed Income — 0.7%** |
| Invesco Senior Loan ETF <br>(Cost $1,277)<br>| 61 | 1233 |
| **Common Stocks — 0.6%** | **Common Stocks — 0.6%** | **Common Stocks — 0.6%** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Moran Foods Backstop Equity ‡ \* | 22629369 | 22 |
| NMG Parent LLC, Escrow ‡ \* | 15 | 8 |
|  |  | 30 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Keenova Therapeutics plc, Class B ‡ | 2 | 22 |
| Par Health Inc., Class B ‡ | 3 | 221 |
|  |  | 243 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| SSB Equipment Co., Inc. ‡ \* | 31 |  |
| **Media — 0.3%** | **Media — 0.3%** | **Media — 0.3%** |
| Clear Channel Outdoor Holdings, Inc. \* | 164 | 394 |
| iHeartMedia, Inc., Class A \* | 32 | 104 |
|  |  | 498 |
| **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** | **Specialty Retail — 0.2%** |
| Neiman Marcus Group, Inc. ‡ \* | 1 |  |
| Serta Simmons Bedding LLC \* | 31 | 281 |
|  |  | 281 |
| Total Common Stocks <br>(Cost $2,187)<br>|  | 1052 |
| **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** | **Short-Term Investments — 2.3%** |
| **Investment Companies — 2.3%** | **Investment Companies — 2.3%** | **Investment Companies — 2.3%** |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 3.52% (h) (i) <br>(Cost $3,999)<br>| 3999 | 3999 |
| **Total Investments — 99.1%** <br>**(Cost $184,720)**<br>|  | **169726** |
| **Other Assets in Excess of Liabilities — 0.9%** |  | **1463** |
| **NET ASSETS — 100.0%** |  | **171189** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CAS | Credit Adjustment Spread |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| PIK | Payment In Kind |
| SOFR | Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Loan assignments are presented by obligor. Each <br> series or loan tranche underlying each obligor may <br> have varying terms.<br>|
| (b) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|
| (c) | Security has the ability to pay in kind ("PIK") or pay <br> income in cash. When applicable, separate rates of <br> such payments are disclosed.<br>|
| (d) | All or a portion of this security is unsettled as of <br> February 28, 2026. Unless otherwise indicated, the <br> coupon rate is undetermined. The coupon rate shown <br> may not be accrued for the entire position.<br>|
| (e) | Defaulted security. |
| (f) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (g) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (h) | 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>|
| (i) | The rate shown is the current yield as of February 28, <br> 2026.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

122 J.P. Morgan Income Funds February 28, 2026

------

JPMorgan Government Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 37.8%** | **U.S. Treasury Obligations — 37.8%** | **U.S. Treasury Obligations — 37.8%** |
| U.S. Treasury Bonds |  |  |
| 5.25%, 11/15/2028 (a) | 20000 | 20962 |
| 1.88%, 2/15/2041 | 14500 | 10468 |
| 2.00%, 11/15/2041 | 27000 | 19482 |
| 3.88%, 2/15/2043 | 15000 | 13897 |
| 3.88%, 5/15/2043 | 10000 | 9243 |
| 3.75%, 11/15/2043 | 75300 | 68061 |
| 3.00%, 5/15/2045 | 31000 | 24689 |
| 4.88%, 8/15/2045 | 45380 | 47202 |
| 4.63%, 11/15/2045 | 5960 | 5999 |
| 2.75%, 11/15/2047 | 35000 | 25877 |
| 2.00%, 2/15/2050 | 35000 | 21405 |
| 1.38%, 8/15/2050 | 19491 | 10033 |
| U.S. Treasury Notes |  |  |
| 3.63%, 5/15/2026 | 10000 | 9998 |
| 2.25%, 2/15/2027 | 35000 | 34577 |
| 2.25%, 8/15/2027 | 40000 | 39323 |
| 3.38%, 12/31/2027 | 840 | 840 |
| 1.25%, 4/30/2028 | 11120 | 10628 |
| 3.50%, 4/30/2028 | 5000 | 5011 |
| 4.00%, 6/30/2028 | 25000 | 25346 |
| 4.88%, 10/31/2028 | 25000 | 25936 |
| 3.13%, 11/15/2028 | 25000 | 24831 |
| 3.50%, 4/30/2030 | 30000 | 30026 |
| 3.75%, 5/31/2030 | 17330 | 17511 |
| 3.88%, 7/31/2030 | 30435 | 30913 |
| 3.63%, 8/31/2030 | 8308 | 8351 |
| 3.63%, 12/31/2030 | 7450 | 7484 |
| 4.25%, 2/28/2031 | 25000 | 25812 |
| 1.88%, 2/15/2032 | 20000 | 18123 |
| 3.88%, 12/31/2032 | 12750 | 12875 |
| 4.00%, 1/31/2033 | 10800 | 10986 |
| 3.88%, 8/15/2034 | 5135 | 5143 |
| 4.25%, 5/15/2035 | 24075 | 24693 |
| 4.25%, 8/15/2035 | 11900 | 12196 |
| 4.00%, 11/15/2035 | 12040 | 12083 |
| 4.13%, 2/15/2036 | 4720 | 4783 |
| U.S. Treasury STRIPS Bonds |  |  |
| 4.39%, 8/15/2035 (b) | 58400 | 39914 |
| 4.49%, 5/15/2036 (b) | 6800 | 4471 |
| Total U.S. Treasury Obligations <br>(Cost $757,617)<br>|  | 719172 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — 25.7%** | **Collateralized Mortgage Obligations — 25.7%** | **Collateralized Mortgage Obligations — 25.7%** |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2019-3, Class M55D, 4.00%, <br> 10/25/2058<br>| 1200 | 1149 |
| Series 2020-1, Class M55G, 3.00%, 8/25/2059 | 10512 | 9632 |
| Series 2024-2, Class MT, 3.50%, 5/25/2064 | 4044 | 3682 |
| FHLMC, REMIC |  |  |
| Series 3188, Class GE, 6.00%, 7/15/2026 | 4 | 4 |
| Series 3926, Class MW, 4.50%, 9/15/2026 | 18 | 18 |
| Series 1999, Class PU, 7.00%, 10/15/2027 |  |  |
| Series 2031, Class PG, 7.00%, 2/15/2028 | 10 | 10 |
| Series 2035, Class PC, 6.95%, 3/15/2028 | 26 | 26 |
| Series 2064, Class PD, 6.50%, 6/15/2028 | 19 | 19 |
| Series 2095, Class PE, 6.00%, 11/15/2028 | 18 | 18 |
| Series 4314, Class DY, 3.50%, 3/15/2029 | 488 | 487 |
| Series 4336, Class YB, 3.00%, 5/15/2029 | 62 | 62 |
| Series 2152, Class BD, 6.50%, 5/15/2029 | 4 | 4 |
| Series 2162, Class TH, 6.00%, 6/15/2029 | 40 | 41 |
| Series 2367, Class ME, 6.50%, 10/15/2031 | 73 | 76 |
| Series 2647, Class A, 3.25%, 4/15/2032 | 21 | 20 |
| Series 2480, Class EJ, 6.00%, 8/15/2032 | 96 | 100 |
| Series 4156, Class SB, IF, 0.91%, 1/15/2033 (c) | 548 | 504 |
| Series 4170, Class TS, IF, 0.34%, 2/15/2033 (c) | 3349 | 3076 |
| Series 4186, Class JE, 2.00%, 3/15/2033 | 3105 | 2972 |
| Series 4188, Class JG, 2.00%, 4/15/2033 | 2077 | 1988 |
| Series 4206, Class DA, 2.00%, 5/15/2033 | 1432 | 1368 |
| Series 2611, Class QZ, 5.00%, 5/15/2033 | 501 | 511 |
| Series 4429, Class HB, 3.00%, 1/15/2035 | 6293 | 6040 |
| Series 2915, Class MU, 5.00%, 1/15/2035 | 566 | 580 |
| Series 5000, Class CB, 1.25%, 1/25/2035 | 2731 | 2541 |
| Series 4448, Class DY, 3.00%, 3/15/2035 | 5542 | 5364 |
| Series 4458, Class BW, 3.00%, 4/15/2035 | 5994 | 5808 |
| Series 3085, Class VS, IF, 13.63%, <br> 12/15/2035 (c)<br>| 101 | 125 |
| Series 3181, Class OP, PO, 7/15/2036 | 394 | 349 |
| Series 4867, Class WF, 4.31%, 4/15/2037 (c) | 2475 | 2447 |
| Series 3413, Class B, 5.50%, 4/15/2037 | 194 | 203 |
| Series 3325, Class JL, 5.50%, 6/15/2037 | 974 | 1025 |
| Series 3341, Class PE, 6.00%, 7/15/2037 | 595 | 631 |
| Series 4365, Class HZ, 3.00%, 1/15/2040 | 2461 | 2346 |
| Series 3699, Class QH, 5.50%, 7/15/2040 | 309 | 321 |
| Series 3772, Class PE, 4.50%, 12/15/2040 | 2293 | 2327 |
| Series 4047, Class PB, 3.50%, 1/15/2041 | 149 | 149 |
| Series 3927, Class PC, 4.50%, 9/15/2041 | 3079 | 3128 |
| Series 4002, Class CY, 3.50%, 2/15/2042 | 4819 | 4489 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 123

------

JPMorgan Government Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 4039, Class SA, IF, IO, 2.73%, <br> 5/15/2042 (c)<br>| 2093 | 270 |
| Series 4061, Class LB, 3.50%, 6/15/2042 | 3570 | 3107 |
| Series 4062, Class GY, 4.00%, 6/15/2042 | 6109 | 6084 |
| Series 4091, Class BQ, 2.00%, 8/15/2042 | 4553 | 4201 |
| Series 4091, Class PB, 2.00%, 8/15/2042 | 3672 | 3244 |
| Series 4122, Class PY, 3.00%, 10/15/2042 | 3000 | 2813 |
| Series 4394, Class PL, 3.50%, 10/15/2044 | 5000 | 4765 |
| Series 4594, Class GN, 2.50%, 2/15/2045 | 1236 | 1178 |
| Series 4606, Class KP, 2.50%, 7/15/2046 | 7903 | 7170 |
| Series 4748, Class HE, 3.00%, 1/15/2048 | 6438 | 5966 |
| Series 4974, Class PH, 1.50%, 6/25/2048 | 959 | 798 |
| Series 4933, Class PA, 2.50%, 10/25/2049 | 5132 | 4600 |
| Series 4925, Class PA, 3.00%, 10/25/2049 | 6872 | 6397 |
| Series 5072, Class QC, 1.00%, 10/25/2050 | 6436 | 5329 |
| Series 5190, Class PH, 2.50%, 2/25/2052 | 4832 | 4545 |
| Series 5258, Class KZ, 4.00%, 9/25/2052 | 20262 | 18769 |
| FHLMC, STRIPS |  |  |
| Series 264, Class 30, 3.00%, 7/15/2042 | 2442 | 2281 |
| Series 267, Class 30, 3.00%, 8/15/2042 | 1447 | 1347 |
| Series 358, Class 300, 3.00%, 10/15/2047 | 8125 | 7496 |
| Series 406, PO, 10/25/2053 | 5749 | 5136 |
| FHLMC, Structured Pass-Through Certificates, Whole <br> Loan<br>|  |  |
| Series T-54, Class 2A, 6.50%, 2/25/2043 | 835 | 848 |
| Series T-56, Class A, PO, 5/25/2043 | 586 | 571 |
| Series T-51, Class 1A, 6.50%, 9/25/2043 (c) | 793 | 838 |
| FNMA, Grantor Trust Series 2017-T1, Class A, <br> 2.90%, 6/25/2027<br>| 28667 | 28284 |
| FNMA, Grantor Trust, Whole Loan Series 2004-T1, <br> Class 1A2, 6.50%, 1/25/2044<br>| 83 | 86 |
| FNMA, REMIC |  |  |
| Series 1998-58, Class PC, 6.50%, 10/25/2028 | 50 | 51 |
| Series 2000-8, Class Z, 7.50%, 2/20/2030 | 29 | 30 |
| Series 2002-92, Class FB, 4.43%, <br> 4/25/2030 (c)<br>| 72 | 72 |
| Series 2001-33, Class ID, IO, 6.00%, 7/25/2031 | 53 | 5 |
| Series 2003-67, Class SA, IF, 20.92%, <br> 10/25/2031 (c)<br>| 5 | 6 |
| Series 2011-145, Class PB, 3.50%, 1/25/2032 | 4340 | 4288 |
| Series 2012-100, Class AY, 3.00%, 9/25/2032 | 3798 | 3714 |
| Series 2013-50, Class YO, PO, 1/25/2033 | 1606 | 1417 |
| Series 2003-21, Class PZ, 4.50%, 3/25/2033 | 422 | 418 |
| Series 2013-106, Class PY, 3.00%, 10/25/2033 | 2449 | 2391 |
| Series 2013-130, Class GY, 3.50%, 1/25/2034 | 3699 | 3635 |
| Series 2014-2, Class QB, 3.00%, 2/25/2034 | 2578 | 2514 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2004-54, Class FL, 4.18%, <br> 7/25/2034 (c)<br>| 117 | 117 |
| Series 2015-11, Class AQ, 3.00%, 3/25/2035 | 4006 | 3863 |
| Series 2005-22, Class EH, 5.00%, 4/25/2035 | 914 | 940 |
| Series 2015-28, Class GB, 3.50%, 5/25/2035 | 4000 | 3944 |
| Series 2015-41, Class AY, 3.00%, 6/25/2035 | 4653 | 4443 |
| Series 2015-51, Class LY, 3.00%, 7/25/2035 | 2310 | 2237 |
| Series 2005-58, Class EP, 5.50%, 7/25/2035 | 53 | 55 |
| Series 2015-59, Class EB, 3.00%, 8/25/2035 | 3702 | 3580 |
| Series 2005-83, Class LA, 5.50%, 10/25/2035 | 96 | 99 |
| Series 2015-65, Class LD, 3.50%, 1/25/2036 | 7057 | 6888 |
| Series 2005-116, Class PC, 6.00%, 1/25/2036 | 331 | 343 |
| Series 2006-51, Class FP, 4.13%, <br> 3/25/2036 (c)<br>| 329 | 329 |
| Series 2016-28, Class DW, 3.50%, 5/25/2036 | 4491 | 4333 |
| Series 2006-81, Class FA, 4.13%, <br> 9/25/2036 (c)<br>| 11 | 11 |
| Series 2006-110, PO, 11/25/2036 | 125 | 110 |
| Series 2007-76, Class PE, 6.00%, 8/25/2037 | 414 | 440 |
| Series 2010-47, Class MB, 5.00%, 9/25/2039 | 935 | 961 |
| Series 2010-4, Class SL, IF, 3.08%, <br> 2/25/2040 (c)<br>| 46 | 40 |
| Series 2010-11, Class CB, 4.50%, 2/25/2040 | 44 | 43 |
| Series 2012-115, Class ME, 1.75%, 3/25/2042 | 1115 | 1066 |
| Series 2012-60, Class EP, 3.00%, 4/25/2042 | 432 | 419 |
| Series 2012-50, Class HY, 4.00%, 5/25/2042 | 5566 | 5421 |
| Series 2012-138, Class YS, IF, 0.15%, <br> 12/25/2042 (c)<br>| 3323 | 2511 |
| Series 2012-141, Class PB, 2.50%, 12/25/2042 | 3305 | 2858 |
| Series 2012-139, Class JA, 3.50%, 12/25/2042 | 2076 | 2017 |
| Series 2013-128, Class AO, PO, 12/25/2043 | 3305 | 2618 |
| Series 2024-6, Class AL, 2.00%, 3/25/2044 | 11863 | 9532 |
| Series 2015-48, Class DE, 3.00%, 10/25/2044 | 10806 | 10440 |
| Series 2016-45, Class PC, 3.00%, 9/25/2045 | 3949 | 3761 |
| Series 2016-38, Class NA, 3.00%, 1/25/2046 | 4464 | 4273 |
| Series 2019-71, Class CA, 2.50%, 7/25/2046 | 8236 | 7858 |
| Series 2019-38, Class PC, 3.00%, 2/25/2048 | 4108 | 3950 |
| Series 2019-65, Class PA, 2.50%, 5/25/2048 | 4447 | 4184 |
| Series 2019-34, Class WA, 3.50%, 8/25/2048 | 4009 | 3912 |
| Series 2019-42, Class KA, 3.00%, 7/25/2049 | 7416 | 6923 |
| Series 2019-81, Class JA, 2.50%, 9/25/2049 | 8476 | 7619 |
| Series 2019-77, Class ZL, 3.00%, 1/25/2050 | 17387 | 15520 |
| Series 2020-12, Class JC, 2.00%, 3/25/2050 | 15121 | 13087 |
| Series 2024-41, Class HV, 2.00%, 7/25/2050 | 4896 | 3824 |
| Series 2023-41, PO, 9/25/2053 | 3934 | 3338 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

124 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2025-18, Class MA, 0.50%, 9/25/2054 | 14227 | 12215 |
| Series 2025-31, Class MA, 0.50%, 9/25/2054 | 1379 | 1176 |
| FNMA, REMIC Trust, Whole Loan |  |  |
| Series 1999-W4, Class A9, 6.25%, 2/25/2029 | 11 | 12 |
| Series 2002-W7, Class A4, 6.00%, 6/25/2029 | 300 | 303 |
| Series 2003-W1, Class 1A1, 4.68%, <br> 12/25/2042 (c)<br>| 201 | 203 |
| Series 2003-W1, Class 2A, 5.04%, <br> 12/25/2042 (c)<br>| 117 | 118 |
| Series 2005-W1, Class 1A2, 6.50%, <br> 10/25/2044<br>| 673 | 705 |
| Series 2009-W1, Class A, 6.00%, 12/25/2049 | 118 | 124 |
| GNMA |  |  |
| Series 2004-27, Class PD, 5.50%, 4/20/2034 | 358 | 357 |
| Series 2008-15, Class NB, 4.50%, 2/20/2038 | 147 | 146 |
| Series 2008-40, Class SA, IF, IO, 2.63%, <br> 5/16/2038 (c)<br>| 645 | 32 |
| Series 2009-42, Class TX, 4.50%, 6/20/2039 | 2421 | 2456 |
| Series 2009-69, Class WM, 5.50%, 8/20/2039 | 599 | 630 |
| Series 2011-29, Class Z, 5.00%, 5/20/2040 | 9826 | 10029 |
| Series 2012-126, Class BE, 2.00%, 10/20/2042 | 4000 | 3359 |
| Series 2023-1, Class E, 3.50%, 11/20/2047 | 4308 | 4252 |
| Series 2020-61, Class HC, 1.50%, 1/20/2048 | 10465 | 8692 |
| Series 2019-123, Class MA, 3.00%, <br> 10/20/2049<br>| 8922 | 8219 |
| Series 2020-133, Class KB, 1.00%, 8/20/2050 | 7119 | 5904 |
| Series 2024-197, Class BN, 3.00%, 5/20/2051 | 10340 | 9794 |
| Series 2025-79, Class NM, 3.50%, 12/20/2051 | 8011 | 7278 |
| Series 2022-94, Class AO, PO, 5/20/2052 | 6810 | 4862 |
| Series 2022-120, Class LN, 4.00%, 7/20/2052 | 7000 | 6221 |
| Series 2024-151, Class CM, 4.50%, 5/20/2054 | 8000 | 7945 |
| Series 2024-164, Class AO, PO, 10/20/2054 | 4478 | 3611 |
| Series 2024-159, Class PA, 4.50%, 10/20/2054 | 15177 | 15119 |
| Series 2025-100, Class JS, IF, 5.88%, <br> 6/20/2055 (c)<br>| 6547 | 6546 |
| Seasoned Credit Risk Transfer Trust Series 2025-1, <br> Class MAU, 3.25%, 11/25/2064<br>| 13001 | 12193 |
| Total Collateralized Mortgage Obligations <br>(Cost $501,144)<br>|  | 488712 |
| **Mortgage-Backed Securities — 24.6%** | **Mortgage-Backed Securities — 24.6%** | **Mortgage-Backed Securities — 24.6%** |
| FHLMC Gold Pools, 30 Year  |  |  |
| Pool # G00981, 8.50%, 7/1/2028 |  |  |
| Pool # C00742, 6.50%, 4/1/2029 | 13 | 13 |
| Pool # C00785, 6.50%, 6/1/2029 | 5 | 5 |
| Pool # C47318, 7.00%, 9/1/2029 | 72 | 76 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # C01292, 6.00%, 2/1/2032 | 8 | 8 |
| Pool # A16155, 5.50%, 11/1/2033 | 38 | 39 |
| Pool # C03589, 4.50%, 10/1/2040 | 247 | 250 |
| Pool # Q54902, 4.00%, 3/1/2048 | 1719 | 1697 |
| FHLMC Gold Pools, Other Pool # WA1640, 3.20%, <br> 4/1/2034<br>| 10203 | 9592 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # SD7535, 2.50%, 2/1/2051 | 3981 | 3522 |
| Pool # RA7683, 5.00%, 7/1/2052 | 5909 | 5983 |
| Pool # RA7937, 5.00%, 9/1/2052 | 11629 | 11775 |
| Pool # SD8300, 5.50%, 2/1/2053 | 5799 | 5916 |
| Pool # SD8324, 5.50%, 5/1/2053 | 13709 | 13979 |
| Pool # SD4977, 5.00%, 11/1/2053 | 10941 | 11037 |
| Pool # QI4073, 5.50%, 4/1/2054 | 4729 | 4819 |
| Pool # SD5658, 5.50%, 6/1/2054 | 7708 | 7902 |
| Pool # RJ2920, 6.00%, 11/1/2054 | 8421 | 8796 |
| Pool # QZ6964, 5.50%, 11/1/2055 | 7497 | 7630 |
| Pool # QZ7689, 5.50%, 11/1/2055 | 5907 | 6011 |
| Pool # TA6124, 5.50%, 2/1/2056 | 3600 | 3673 |
| FNMA Pool # 620061, ARM, 5.06%, <br> 11/1/2027 (c)<br>| 2 | 2 |
| FNMA UMBS, 15 Year  |  |  |
| Pool # FM4449, 3.00%, 12/1/2034 | 3256 | 3211 |
| Pool # CA7114, 2.50%, 9/1/2035 | 10419 | 9967 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # 250575, 6.50%, 6/1/2026 |  |  |
| Pool # 483802, 5.50%, 2/1/2029 | 28 | 29 |
| Pool # 545639, 6.50%, 4/1/2032 | 37 | 39 |
| Pool # 702435, 5.50%, 5/1/2033 | 298 | 307 |
| Pool # 709441, 5.50%, 7/1/2033 | 91 | 93 |
| Pool # 730711, 5.50%, 8/1/2033 | 139 | 141 |
| Pool # 743127, 5.50%, 10/1/2033 | 133 | 135 |
| Pool # 747628, 5.00%, 11/1/2033 | 182 | 184 |
| Pool # 753662, 5.50%, 12/1/2033 | 152 | 155 |
| Pool # 755615, 5.50%, 1/1/2034 | 191 | 195 |
| Pool # 811755, 7.00%, 3/1/2035 | 488 | 512 |
| Pool # 845834, 5.50%, 10/1/2035 | 118 | 122 |
| Pool # 888201, 5.50%, 2/1/2036 | 49 | 51 |
| Pool # 831409, 5.50%, 4/1/2036 | 239 | 248 |
| Pool # 867420, 5.50%, 5/1/2036 | 137 | 143 |
| Pool # 745802, 6.00%, 7/1/2036 | 241 | 255 |
| Pool # 969708, 4.50%, 3/1/2038 | 31 | 31 |
| Pool # AT8192, 4.00%, 6/1/2043 | 1061 | 1055 |
| Pool # BD9077, 3.50%, 5/1/2048 | 105 | 101 |
| Pool # CA2489, 4.50%, 10/1/2048 | 779 | 778 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 125

------

JPMorgan Government Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # CA4431, 3.50%, 10/1/2049 | 2842 | 2703 |
| Pool # CA6361, 2.50%, 7/1/2050 | 4627 | 4096 |
| Pool # CB4630, 5.50%, 9/1/2052 | 17877 | 18454 |
| Pool # BW1328, 5.00%, 11/1/2052 | 3967 | 4005 |
| Pool # CB5131, 5.00%, 11/1/2052 | 11902 | 12036 |
| Pool # FS3421, 5.00%, 12/1/2052 | 5330 | 5377 |
| Pool # BU4029, 5.00%, 6/1/2053 | 11740 | 11840 |
| Pool # CB6842, 5.50%, 8/1/2053 | 11908 | 12136 |
| Pool # FA1254, 5.50%, 3/1/2055 | 10626 | 10947 |
| Pool # MA5879, 5.50%, 11/1/2055 | 64518 | 65587 |
| Pool # DG1564, 5.50%, 2/1/2056 | 3711 | 3787 |
| Pool # DG1570, 5.50%, 2/1/2056 | 1718 | 1756 |
| Pool # DG1572, 5.50%, 2/1/2056 | 7035 | 7152 |
| Pool # DG2007, 5.50%, 2/1/2056 | 4400 | 4481 |
| Pool # DG2008, 5.50%, 2/1/2056 | 5000 | 5092 |
| Pool # DG1586, 6.00%, 2/1/2056 | 3569 | 3679 |
| Pool # DG1589, 6.00%, 2/1/2056 | 3381 | 3487 |
| Pool # DG1591, 6.00%, 2/1/2056 | 3659 | 3776 |
| Pool # DG1594, 6.50%, 2/1/2056 | 1512 | 1579 |
| Pool # DG1595, 6.50%, 2/1/2056 | 3336 | 3486 |
| Pool # DG1596, 6.50%, 2/1/2056 | 729 | 762 |
| FNMA, Other  |  |  |
| Pool # AN8493, 3.30%, 2/1/2030 | 4386 | 4278 |
| Pool # BM5425, 3.15%, 3/1/2030 (c) | 1956 | 1914 |
| Pool # BL9023, 1.22%, 11/1/2030 | 19509 | 17510 |
| Pool # BL4576, 2.70%, 10/1/2031 | 15000 | 14093 |
| Pool # AN8412, 3.39%, 2/1/2033 | 4092 | 3962 |
| Pool # AN8464, 3.33%, 3/1/2033 | 5866 | 5660 |
| Pool # BS3202, 1.94%, 9/1/2033 | 4545 | 3982 |
| Pool # BL2944, 3.19%, 7/1/2034 | 1700 | 1594 |
| Pool # BL3288, 2.52%, 9/1/2034 | 11686 | 10480 |
| Pool # BL4331, 2.41%, 10/1/2034 | 14744 | 13127 |
| Pool # BS2718, 1.95%, 8/1/2036 | 9519 | 7964 |
| Pool # BL4215, 2.56%, 9/1/2036 | 6602 | 5776 |
| Pool # BL7125, 2.04%, 6/1/2037 | 7896 | 6459 |
| Pool # BF0617, 2.50%, 3/1/2062 | 4594 | 3881 |
| FNMA/FHLMC UMBS, Single Family, 30 Year  |  |  |
| TBA, 2.00%, 3/25/2056 (d) | 11860 | 9823 |
| TBA, 5.50%, 3/25/2056 (d) | 19160 | 19467 |
| TBA, 6.00%, 3/25/2056 (d) | 18980 | 19468 |
| GNMA I, 30 Year  |  |  |
| Pool # 472679, 7.00%, 6/15/2028 |  |  |
| Pool # 784010, 4.00%, 3/15/2045 | 315 | 315 |
| Pool # 626938, 4.00%, 4/15/2045 | 161 | 161 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| GNMA II, 30 Year  |  |  |
| Pool # 2324, 8.00%, 11/20/2026 |  |  |
| Pool # 2344, 8.00%, 12/20/2026 |  |  |
| Pool # 2512, 8.00%, 11/20/2027 | 4 | 4 |
| Pool # MA7589, 2.50%, 9/20/2051 | 4247 | 3750 |
| Pool # CH2211, 3.50%, 9/20/2051 | 9701 | 8993 |
| Total Mortgage-Backed Securities <br>(Cost $482,189)<br>|  | 469356 |
| **Commercial Mortgage-Backed Securities — 6.9%** | **Commercial Mortgage-Backed Securities — 6.9%** | **Commercial Mortgage-Backed Securities — 6.9%** |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K067, Class A2, 3.19%, 7/25/2027 | 6558 | 6509 |
| Series W5FX, Class AFX, 3.34%, 4/25/2028 (c) | 3436 | 3404 |
| Series K088, Class A2, 3.69%, 1/25/2029 | 8700 | 8699 |
| Series K158, Class A1, 3.90%, 7/25/2030 | 89 | 89 |
| Series K-1511, Class A1, 3.28%, 10/25/2030 | 7027 | 6953 |
| Series K-1511, Class A3, 3.54%, 3/25/2034 | 10000 | 9611 |
| Series K-1512, Class A3, 3.06%, 4/25/2034 | 10000 | 9261 |
| Series Q007, Class APT2, 6.44%, <br> 10/25/2047 (c)<br>| 1125 | 1123 |
| Series Q013, Class APT2, 1.17%, 5/25/2050 (c) | 8339 | 8118 |
| FNMA ACES |  |  |
| Series 2017-M3, Class A2, 2.47%, <br> 12/25/2026 (c)<br>| 3412 | 3376 |
| Series 2017-M4, Class A2, 2.57%, <br> 12/25/2026 (c)<br>| 3430 | 3393 |
| Series 2017-M7, Class A2, 2.96%, <br> 2/25/2027 (c)<br>| 3235 | 3207 |
| Series 2018-M4, Class A2, 3.07%, <br> 3/25/2028 (c)<br>| 9087 | 8987 |
| Series 2018-M8, Class A2, 3.31%, <br> 6/25/2028 (c)<br>| 7816 | 7762 |
| Series 2019-M5, Class A2, 3.27%, 2/25/2029 | 7696 | 7610 |
| Series 2022-M2S, Class A2, 3.76%, <br> 8/25/2032 (c)<br>| 4753 | 4702 |
| Series 2019-M31, Class A2, 2.85%, 4/25/2034 | 5500 | 4976 |
| Series 2020-M8, Class AL, 2.01%, 3/25/2035 | 17833 | 15159 |
| Series 2020-M24, Class A3, 1.75%, 1/25/2037 | 15000 | 12540 |
| Series 2019-M14, Class AL2, 3.07%, <br> 4/25/2048<br>| 5666 | 5351 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $140,746)<br>|  | 130830 |
| **U.S. Government Agency Securities — 2.7%** | **U.S. Government Agency Securities — 2.7%** | **U.S. Government Agency Securities — 2.7%** |
| FFCB Funding Corp. <br>5.75%, 5/11/2026<br>| 10000 | 10036 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

126 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Government Agency Securities — continued** | **U.S. Government Agency Securities — continued** | **U.S. Government Agency Securities — continued** |
| Resolution Funding Corp. STRIPS |  |  |
| DN, 29.30%, 4/15/2028 (b) | 15000 | 13907 |
| DN, 7.34%, 1/15/2030 (b) | 15700 | 13659 |
| DN, 5.98%, 4/15/2030 (b) | 15900 | 13699 |
| Total U.S. Government Agency Securities <br>(Cost $49,457)<br>|  | 51301 |
|  | **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| U.S. Treasury 30 Year Bond |  |  |
| 4/24/2026 at USD 128.00, American Style |  |  |
| Notional Amount: USD 617,500 |  |  |
| Counterparty: Exchange-Traded \* (Cost $482) | 6175 | 820 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** | **Short-Term Investments — 5.4%** |
| **Investment Companies — 5.4%** | **Investment Companies — 5.4%** | **Investment Companies — 5.4%** |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 3.52% (e) (f) <br>(Cost $102,552)<br>| 102552 | 102552 |
| **Total Investments — 103.1%** <br>**(Cost $2,034,187)**<br>|  | **1962743** |
| **Liabilities in Excess of Other Assets — (3.1)%** |  | **(59897)**<br>|
| **NET ASSETS — 100.0%** |  | **1902846** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| DN | Discount Notes |
| FFCB | Federal Farm Credit Bank |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |

---

---

| | |
|:---|:---|
| GNMA | Government National Mortgage Association |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> February 28, 2026. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| REMIC | Real Estate Mortgage Investment Conduit |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | All or a portion of this security is deposited with the <br> broker as initial margin for futures contracts.<br>|
| (b) | The rate shown is the effective yield as of February <br> 28, 2026. <br>|
| (c) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (d) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (e) | 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>|
| (f) | The rate shown is the current yield as of February 28, <br> 2026.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 127

------

JPMorgan Government Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 630 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 71682 | &nbsp;&nbsp;&nbsp;&nbsp; 309 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 469 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 98131 | &nbsp;&nbsp;&nbsp;&nbsp; 99 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 842 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 92725 | &nbsp;&nbsp;&nbsp;&nbsp; 236 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 644 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (635)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (74126)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (401)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (137)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (16226)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (85)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (46)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (5592)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (79)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (565)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 79 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 6175 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 617,500<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 131.00<br>| 4/24/2026 | &nbsp;&nbsp; (482)<br>|
| Total Written Options Contracts (Premiums Received $(289)) | Total Written Options Contracts (Premiums Received $(289)) | Total Written Options Contracts (Premiums Received $(289)) | Total Written Options Contracts (Premiums Received $(289)) | Total Written Options Contracts (Premiums Received $(289)) | Total Written Options Contracts (Premiums Received $(289)) | &nbsp;&nbsp; (482)<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;

128 J.P. Morgan Income Funds February 28, 2026

------

JPMorgan High Yield Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 80.8%** | **Corporate Bonds — 80.8%** | **Corporate Bonds — 80.8%** |
| **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** | **Aerospace & Defense — 1.2%** |
| ATI, Inc.  | ATI, Inc.  | ATI, Inc.  |
| 5.88%, 12/1/2027 | 7269 | 7272 |
| 4.88%, 10/1/2029 | 3202 | 3198 |
| 7.25%, 8/15/2030 | 4319 | 4524 |
| 5.13%, 10/1/2031 | 3000 | 3014 |
| Axon Enterprise, Inc. 6.13%, 3/15/2030 (a) | 1213 | 1250 |
| Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
| 8.75%, 11/15/2030 (a) | 7145 | 7655 |
| 7.25%, 7/1/2031 (a) | 5102 | 5428 |
| 7.00%, 6/1/2032 (a) | 3920 | 4129 |
| 6.75%, 6/15/2033 (a) | 3199 | 3371 |
| BWX Technologies, Inc.  | BWX Technologies, Inc.  | BWX Technologies, Inc.  |
| 4.13%, 6/30/2028 (a) | 8764 | 8680 |
| 4.13%, 4/15/2029 (a) | 8384 | 8207 |
| Goat Holdco LLC 6.75%, 2/1/2032 (a) | 2700 | 2790 |
| ICITII 6.00%, 1/31/2033 ‡ (a) | 5582 | 2500 |
| TransDigm, Inc.  | TransDigm, Inc.  | TransDigm, Inc.  |
| 6.38%, 3/1/2029 (a) | 11986 | 12312 |
| 6.63%, 3/1/2032 (a) | 6905 | 7153 |
| 6.25%, 1/31/2034 (a) | 2338 | 2419 |
|  |  | 83902 |
| **Automobile Components — 3.8%** | **Automobile Components — 3.8%** | **Automobile Components — 3.8%** |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |
| 7.00%, 4/15/2028 (a) | 8626 | 8795 |
| 8.25%, 4/15/2031 (a) | 12898 | 13493 |
| 7.50%, 2/15/2033 (a) | 5538 | 5812 |
| Allison Transmission, Inc.  | Allison Transmission, Inc.  | Allison Transmission, Inc.  |
| 4.75%, 10/1/2027 (a) | 9690 | 9679 |
| 5.88%, 6/1/2029 (a) | 21988 | 22217 |
| 3.75%, 1/30/2031 (a) | 720 | 685 |
| 5.88%, 12/1/2033 (a) | 2245 | 2293 |
| American Axle & Manufacturing, Inc. 6.88%, <br> 7/1/2028<br>| 4461 | 4465 |
| Clarios Global LP  | Clarios Global LP  | Clarios Global LP  |
| 6.75%, 5/15/2028 (a) | 12243 | 12523 |
| 6.75%, 2/15/2030 (a) | 5447 | 5705 |
| 6.75%, 9/15/2032 (a) | 10851 | 11264 |
| Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  |
| 13.50% (Cash), 3/31/2027 (a) (b) | 57666 | 58952 |
| 5.63% (Cash), 5/15/2027 (a) (b) | 32736 | 33170 |
| 9.25%, 3/1/2031 (a) (c) | 30149 | 30234 |
| Dornoch Debt Merger Sub, Inc. 6.63%, <br> 10/15/2029 (a)<br>| 15832 | 14302 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| Forvia SE (France) 6.75%, 9/15/2033 (a) | 2146 | 2210 |
| Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  |
| 5.00%, 7/15/2029 | 4039 | 3959 |
| 6.63%, 7/15/2030 | 2832 | 2894 |
| 5.25%, 4/30/2031 | 3334 | 3197 |
| 5.25%, 7/15/2031 | 4657 | 4443 |
| IHO Verwaltungs GmbH (Germany) | IHO Verwaltungs GmbH (Germany) | IHO Verwaltungs GmbH (Germany) |
| 7.75% (Cash), 11/15/2030 (a) (b) | 4548 | 4780 |
| 8.00% (Cash), 11/15/2032 (a) (b) | 1642 | 1752 |
|  |  | 256824 |
| **Automobiles — 0.1%** | **Automobiles — 0.1%** | **Automobiles — 0.1%** |
| PM General Purchaser LLC 9.50%, 10/1/2028 (a) | 6975 | 6526 |
| **Banks — 0.1%** | **Banks — 0.1%** | **Banks — 0.1%** |
| Citigroup, Inc. Series T, (3-MONTH CME TERM SOFR <br> + 4.78%), 6.25%, 8/15/2026 (d) (e) (f)<br>| 9565 | 9609 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Primo Water Holdings, Inc. 6.25%, 4/1/2029 (a) | 7468 | 7467 |
| **Biotechnology — 0.2%** | **Biotechnology — 0.2%** | **Biotechnology — 0.2%** |
| Emergent BioSolutions, Inc. 3.88%, <br> 8/15/2028 (a)<br>| 3375 | 2951 |
| Grifols SA (Spain) 4.75%, 10/15/2028 (a) | 7780 | 7682 |
|  |  | 10633 |
| **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** | **Broadline Retail — 0.6%** |
| Shutterfly Finance LLC  | Shutterfly Finance LLC  | Shutterfly Finance LLC  |
| 8.50% (Cash), 10/1/2027 (a) (b) | 14847 | 13887 |
| 9.75%, 10/1/2027 (a) | 3589 | 3571 |
| Wayfair LLC  | Wayfair LLC  | Wayfair LLC  |
| 7.25%, 10/31/2029 (a) | 5131 | 5303 |
| 7.75%, 9/15/2030 (a) | 9192 | 9666 |
| 6.75%, 11/15/2032 (a) | 5945 | 6059 |
|  |  | 38486 |
| **Building Products — 3.0%** | **Building Products — 3.0%** | **Building Products — 3.0%** |
| Advanced Drainage Systems, Inc. 5.38%, <br> 3/1/2034 (a)<br>| 1880 | 1894 |
| Builders FirstSource, Inc.  | Builders FirstSource, Inc.  | Builders FirstSource, Inc.  |
| 5.00%, 3/1/2030 (a) | 2423 | 2405 |
| 4.25%, 2/1/2032 (a) | 9414 | 8978 |
| 6.38%, 6/15/2032 (a) | 6517 | 6696 |
| 6.38%, 3/1/2034 (a) | 4200 | 4326 |
| 6.75%, 5/15/2035 (a) | 3261 | 3403 |
| EMRLD Borrower LP  | EMRLD Borrower LP  | EMRLD Borrower LP  |
| 6.63%, 12/15/2030 (a) | 33005 | 34160 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 129

------

JPMorgan High Yield Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| 6.75%, 7/15/2031 (a) | 4407 | 4595 |
| Griffon Corp. 5.75%, 3/1/2028 | 15190 | 15182 |
| JELD-WEN, Inc.  | JELD-WEN, Inc.  | JELD-WEN, Inc.  |
| 4.88%, 12/15/2027 (a) | 16921 | 13849 |
| 7.00%, 9/1/2032 (a) | 4693 | 2534 |
| JH North America Holdings, Inc.  | JH North America Holdings, Inc.  | JH North America Holdings, Inc.  |
| 5.88%, 1/31/2031 (a) | 2934 | 2997 |
| 6.13%, 7/31/2032 (a) | 4401 | 4517 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (a) | 10205 | 10271 |
| Miter Brands Acquisition Holdco, Inc. 6.75%, <br> 4/1/2032 (a)<br>| 7543 | 7606 |
| MIWD Holdco II LLC 5.50%, 2/1/2030 (a) | 4607 | 4317 |
| Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | 16751 | 17409 |
| Smyrna Ready Mix Concrete LLC 8.88%, <br> 11/15/2031 (a)<br>| 12546 | 13329 |
| Standard Building Solutions, Inc.  | Standard Building Solutions, Inc.  | Standard Building Solutions, Inc.  |
| 6.50%, 8/15/2032 (a) | 8208 | 8449 |
| 6.25%, 8/1/2033 (a) | 8985 | 9153 |
| 5.88%, 3/15/2034 (a) | 3700 | 3691 |
| Standard Industries, Inc.  | Standard Industries, Inc.  | Standard Industries, Inc.  |
| 4.75%, 1/15/2028 (a) | 20815 | 20750 |
| 3.38%, 1/15/2031 (a) | 3188 | 2943 |
|  |  | 203454 |
| **Capital Markets — 0.0% ^** | **Capital Markets — 0.0% ^** | **Capital Markets — 0.0% ^** |
| Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | 1567 | 1495 |
| **Chemicals — 3.2%** | **Chemicals — 3.2%** | **Chemicals — 3.2%** |
| Avient Corp. 7.13%, 8/1/2030 (a) | 3409 | 3513 |
| Axalta Coating Systems Dutch Holding B BV <br> 7.25%, 2/15/2031 (a)<br>| 8056 | 8469 |
| Axalta Coating Systems LLC  | Axalta Coating Systems LLC  | Axalta Coating Systems LLC  |
| 4.75%, 6/15/2027 (a) | 9007 | 9002 |
| 3.38%, 2/15/2029 (a) | 8402 | 8104 |
| Celanese US Holdings LLC  | Celanese US Holdings LLC  | Celanese US Holdings LLC  |
| 7.00%, 2/15/2031 | 3597 | 3705 |
| 7.38%, 2/15/2034 | 16843 | 17303 |
| Chemours Co. (The)  | Chemours Co. (The)  | Chemours Co. (The)  |
| 5.75%, 11/15/2028 (a) | 22275 | 22405 |
| 4.63%, 11/15/2029 (a) | 646 | 612 |
| 8.00%, 1/15/2033 (a) | 3660 | 3722 |
| 7.88%, 3/15/2034 (a) (c) | 5819 | 5812 |
| CVR Partners LP 6.13%, 6/15/2028 (a) | 2169 | 2163 |
| Element Solutions, Inc. 3.88%, 9/1/2028 (a) | 7630 | 7500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| INEOS Finance plc (Luxembourg) | INEOS Finance plc (Luxembourg) | INEOS Finance plc (Luxembourg) |
| 6.75%, 5/15/2028 (a) | 1683 | 1559 |
| 7.50%, 4/15/2029 (a) | 5340 | 4768 |
| INEOS Quattro Finance 2 plc (United Kingdom) <br> 9.63%, 3/15/2029 (a)<br>| 4702 | 4032 |
| NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) |
| 5.25%, 6/1/2027 (a) | 18174 | 18271 |
| 8.50%, 11/15/2028 (a) | 7247 | 7587 |
| 4.25%, 5/15/2029 (a) | 5827 | 5718 |
| 9.00%, 2/15/2030 (a) | 7127 | 7571 |
| 7.00%, 12/1/2031 (a) | 2935 | 3130 |
| Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  |
| 5.25%, 12/15/2026 | 9126 | 9117 |
| 4.50%, 10/15/2029 | 12307 | 12173 |
| 4.00%, 4/1/2031 | 11034 | 10432 |
| 4.38%, 2/1/2032 | 7629 | 7250 |
| Solstice Advanced Materials, Inc. 5.63%, <br> 9/30/2033 (a)<br>| 9964 | 10072 |
| Trinseo Luxco Finance SPV SARL 7.63% (Blend <br> (Cash 5.13% + PIK 2.50%)), 5/3/2029 (a) (b)<br>| 6242 | 244 |
| WR Grace Holdings LLC  | WR Grace Holdings LLC  | WR Grace Holdings LLC  |
| 5.63%, 8/15/2029 (a) | 13268 | 12710 |
| 6.63%, 8/15/2032 (a) | 5110 | 5169 |
| 7.00%, 8/1/2033 (a) | 2074 | 2112 |
|  |  | 214225 |
| **Commercial Services & Supplies — 3.6%** | **Commercial Services & Supplies — 3.6%** | **Commercial Services & Supplies — 3.6%** |
| ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 13540 | 12456 |
| ADT Security Corp. (The)  | ADT Security Corp. (The)  | ADT Security Corp. (The)  |
| 4.13%, 8/1/2029 (a) | 7299 | 7121 |
| 4.88%, 7/15/2032 (a) | 10847 | 10522 |
| Allied Universal Holdco LLC 4.63%, 6/1/2028 (a) | 9660 | 9572 |
| APi Group DE, Inc.  | APi Group DE, Inc.  | APi Group DE, Inc.  |
| 4.13%, 7/15/2029 (a) | 5124 | 4964 |
| 4.75%, 10/15/2029 (a) | 4918 | 4844 |
| Aramark Services, Inc. 5.00%, 2/1/2028 (a) | 23069 | 23075 |
| Brink's Co. (The)  | Brink's Co. (The)  | Brink's Co. (The)  |
| 4.63%, 10/15/2027 (a) | 14553 | 14536 |
| 6.50%, 6/15/2029 (a) | 2569 | 2645 |
| Clarivate Science Holdings Corp.  | Clarivate Science Holdings Corp.  | Clarivate Science Holdings Corp.  |
| 3.88%, 7/1/2028 (a) | 5135 | 4803 |
| 4.88%, 7/1/2029 (a) | 5562 | 4563 |
| Clean Harbors, Inc.  | Clean Harbors, Inc.  | Clean Harbors, Inc.  |
| 6.38%, 2/1/2031 (a) | 1655 | 1699 |
| 5.75%, 10/15/2033 (a) | 5500 | 5630 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

130 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** | **Commercial Services & Supplies — continued** |
| CoreCivic, Inc. 8.25%, 4/15/2029 | 11987 | 12465 |
| Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) |
| 6.00%, 6/1/2029 (a) | 8025 | 7843 |
| 6.50%, 1/15/2031 (a) | 4508 | 4631 |
| 8.25%, 8/1/2032 (a) | 6803 | 6954 |
| 8.38%, 11/15/2032 (a) | 3328 | 3408 |
| GEO Group, Inc. (The)  | GEO Group, Inc. (The)  | GEO Group, Inc. (The)  |
| 8.63%, 4/15/2029 | 8011 | 8335 |
| 10.25%, 4/15/2031 | 1611 | 1730 |
| GFL Environmental, Inc.  | GFL Environmental, Inc.  | GFL Environmental, Inc.  |
| 4.00%, 8/1/2028 (a) | 8070 | 7945 |
| 4.75%, 6/15/2029 (a) | 12820 | 12737 |
| 4.38%, 8/15/2029 (a) | 5168 | 5076 |
| 6.75%, 1/15/2031 (a) | 12464 | 13073 |
| Madison IAQ LLC 5.88%, 6/30/2029 (a) | 22167 | 22114 |
| Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  |
| 5.75%, 4/15/2026 (a) | 383 | 384 |
| 3.38%, 8/31/2027 (a) | 5674 | 5584 |
| Raven Acquisition Holdings LLC 6.88%, <br> 11/15/2031 (a)<br>| 5475 | 5270 |
| Williams Scotsman, Inc.  | Williams Scotsman, Inc.  | Williams Scotsman, Inc.  |
| 6.63%, 6/15/2029 (a) | 3003 | 3102 |
| 6.63%, 4/15/2030 (a) | 1545 | 1601 |
| 7.38%, 10/1/2031 (a) | 5405 | 5659 |
| Wrangler Holdco Corp. (Canada) 6.63%, <br> 4/1/2032 (a)<br>| 7306 | 7611 |
|  |  | 241952 |
| **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** | **Construction & Engineering — 0.5%** |
| AECOM 6.00%, 8/1/2033 (a) | 7842 | 8013 |
| Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 9186 | 9045 |
| Global Infrastructure Solutions, Inc.  | Global Infrastructure Solutions, Inc.  | Global Infrastructure Solutions, Inc.  |
| 5.63%, 6/1/2029 (a) | 7648 | 7646 |
| 7.50%, 4/15/2032 (a) | 7813 | 8249 |
| Weekley Homes LLC 4.88%, 9/15/2028 (a) | 703 | 694 |
|  |  | 33647 |
| **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
| Knife River Corp. 7.75%, 5/1/2031 (a) | 10555 | 11004 |
| **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** | **Consumer Finance — 1.5%** |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| (SOFR + 2.95%), 6.65%, 3/6/2026 (f) | 2800 | 2801 |
| 6.95%, 6/10/2026 | 4083 | 4104 |
| 4.54%, 8/1/2026 | 18205 | 18201 |
| 4.27%, 1/9/2027 | 12840 | 12838 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| 4.13%, 8/17/2027 | 18815 | 18744 |
| 3.82%, 11/2/2027 | 8227 | 8160 |
| 6.80%, 5/12/2028 | 2000 | 2092 |
| 6.80%, 11/7/2028 | 2000 | 2108 |
| 7.20%, 6/10/2030 | 2281 | 2463 |
| 5.73%, 9/5/2030 | 4002 | 4116 |
| 4.00%, 11/13/2030 | 11277 | 10807 |
| 7.12%, 11/7/2033 | 2673 | 2921 |
| OneMain Finance Corp.  | OneMain Finance Corp.  | OneMain Finance Corp.  |
| 3.50%, 1/15/2027 | 6059 | 5988 |
| 6.63%, 1/15/2028 | 2905 | 2965 |
| 3.88%, 9/15/2028 | 1038 | 1004 |
| 4.00%, 9/15/2030 | 2057 | 1899 |
|  |  | 101211 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Albertsons Cos., Inc.  | Albertsons Cos., Inc.  | Albertsons Cos., Inc.  |
| 3.50%, 3/15/2029 (a) | 15058 | 14519 |
| 4.88%, 2/15/2030 (a) | 5170 | 5127 |
| 5.50%, 3/31/2031 (a) | 1952 | 1965 |
| 5.63%, 3/31/2032 (a) | 9242 | 9278 |
| New Albertsons LP  | New Albertsons LP  | New Albertsons LP  |
| 7.75%, 6/15/2026 | 2278 | 2289 |
| 6.63%, 6/1/2028 | 1250 | 1331 |
| 7.45%, 8/1/2029 | 3130 | 3289 |
| Performance Food Group, Inc.  | Performance Food Group, Inc.  | Performance Food Group, Inc.  |
| 4.25%, 8/1/2029 (a) | 11865 | 11641 |
| 6.13%, 9/15/2032 (a) | 2777 | 2851 |
| 5.63%, 3/1/2034 (a) | 4322 | 4336 |
| US Foods, Inc.  | US Foods, Inc.  | US Foods, Inc.  |
| 6.88%, 9/15/2028 (a) | 3411 | 3517 |
| 4.75%, 2/15/2029 (a) | 1245 | 1240 |
| 4.63%, 6/1/2030 (a) | 4960 | 4911 |
|  |  | 66294 |
| **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** | **Containers & Packaging — 1.1%** |
| Ardagh Group SA  | Ardagh Group SA  | Ardagh Group SA  |
| 9.50%, 12/1/2030 (a) | 10869 | 11770 |
| 12.00% (Blend (Cash 5.50% + PIK 6.50%)), <br> 12/1/2030 (a) (b) (g)<br>| 10415 | 9858 |
| Clydesdale Acquisition Holdings, Inc. 6.75%, <br> 4/15/2032 (a)<br>| 13105 | 13204 |
| Labl 6.75%, 12/31/2026 ‡ | 766 | 761 |
| LABL, Inc. 8.63%, 10/1/2031 (a) | 388 | 156 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 131

------

JPMorgan High Yield Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  |
| 7.88%, 4/15/2030 (a) | 19058 | 19511 |
| 9.25%, 4/15/2030 (a) | 12100 | 11922 |
| Owens-Brockway Glass Container, Inc. 6.63%, <br> 5/13/2027 (a)<br>| 3880 | 3883 |
| TriMas Corp. 4.13%, 4/15/2029 (a) | 6045 | 5835 |
|  |  | 76900 |
| **Distributors — 0.6%** | **Distributors — 0.6%** | **Distributors — 0.6%** |
| American Builders & Contractors Supply Co., Inc. <br> 4.00%, 1/15/2028 (a)<br>| 1225 | 1207 |
| Gates Corp. 6.88%, 7/1/2029 (a) | 2026 | 2102 |
| Incora Intermediate LLC (SOFR + 8.00%), 0.00%, <br> 1/31/2030 ‡ (a) (f)<br>| 26120 | 26120 |
| RB Global Holdings, Inc. (Canada) | RB Global Holdings, Inc. (Canada) | RB Global Holdings, Inc. (Canada) |
| 6.75%, 3/15/2028 (a) | 4301 | 4371 |
| 7.75%, 3/15/2031 (a) | 1729 | 1798 |
| Resideo Funding, Inc. 6.50%, 7/15/2032 (a) | 6787 | 6929 |
|  |  | 42527 |
| **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** | **Diversified Consumer Services — 0.2%** |
| Service Corp. International  | Service Corp. International  | Service Corp. International  |
| 7.50%, 4/1/2027 | 3726 | 3838 |
| 5.75%, 10/15/2032 | 3900 | 3976 |
| Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | 6104 | 6369 |
|  |  | 14183 |
| **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** | **Diversified REITs — 0.3%** |
| VICI Properties LP  | VICI Properties LP  | VICI Properties LP  |
| 4.25%, 12/1/2026 (a) | 16880 | 16854 |
| 4.63%, 12/1/2029 (a) | 2030 | 2028 |
|  |  | 18882 |
| **Diversified Telecommunication Services — 6.1%** | **Diversified Telecommunication Services — 6.1%** | **Diversified Telecommunication Services — 6.1%** |
| Altice Financing SA (Luxembourg) 5.75%, <br> 8/15/2029 (a)<br>| 7883 | 5460 |
| Altice France SA (France) | Altice France SA (France) | Altice France SA (France) |
| 6.88%, 10/15/2030 (a) | 175 | 170 |
| 6.50%, 4/15/2032 (a) | 10050 | 9625 |
| 6.88%, 7/15/2032 (a) | 16096 | 15452 |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 5.13%, 5/1/2027 (a) | 8972 | 8970 |
| 5.00%, 2/1/2028 (a) | 43336 | 43243 |
| 6.38%, 9/1/2029 (a) | 6000 | 6080 |
| 4.75%, 3/1/2030 (a) | 83068 | 80307 |
| 4.50%, 8/15/2030 (a) | 48610 | 46365 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| 4.25%, 2/1/2031 (a) | 45651 | 42551 |
| 7.38%, 3/1/2031 (a) | 7469 | 7706 |
| 4.50%, 5/1/2032 | 8108 | 7420 |
| 7.00%, 2/1/2033 (a) | 6209 | 6348 |
| Cipher Compute LLC 7.13%, 11/15/2030 (a) | 4511 | 4702 |
| Connect Holding II LLC 10.50%, 4/3/2031 (a) | 11010 | 10647 |
| Embarq LLC 8.00%, 6/1/2036 | 11178 | 4276 |
| Fibercop SpA (Italy) | Fibercop SpA (Italy) | Fibercop SpA (Italy) |
| Series 2033, 6.38%, 11/15/2033 (a) | 2024 | 2054 |
| 6.00%, 9/30/2034 (a) | 1484 | 1455 |
| Flash Compute LLC 7.25%, 12/31/2030 (a) | 5155 | 5277 |
| Frontier Communications Holdings LLC  | Frontier Communications Holdings LLC  | Frontier Communications Holdings LLC  |
| 5.00%, 5/1/2028 (a) | 20038 | 20049 |
| 6.75%, 5/1/2029 (a) | 2191 | 2199 |
| 5.88%, 11/1/2029 | 1700 | 1718 |
| 6.00%, 1/15/2030 (a) | 1741 | 1760 |
| 8.75%, 5/15/2030 (a) | 6506 | 6707 |
| GCI LLC 4.75%, 10/15/2028 (a) | 19110 | 18777 |
| Level 3 Financing, Inc.  | Level 3 Financing, Inc.  | Level 3 Financing, Inc.  |
| 6.88%, 6/30/2033 (a) | 11659 | 12075 |
| 7.00%, 3/31/2034 (a) | 12332 | 12820 |
| Lumen Technologies, Inc. 5.38%, 6/15/2029 (a) | 6750 | 6480 |
| Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) | Telecom Italia Capital SA (Italy) |
| 6.38%, 11/15/2033 | 345 | 366 |
| 6.00%, 9/30/2034 | 96 | 100 |
| Virgin Media Secured Finance plc (United <br> Kingdom) 4.50%, 8/15/2030 (a)<br>| 11062 | 10084 |
| WULF Compute LLC 7.75%, 10/15/2030 (a) | 14112 | 14945 |
|  |  | 416188 |
| **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 5.75%, 1/15/2028 | 7198 | 7197 |
| 3.38%, 2/15/2029 (a) | 5684 | 5478 |
| 5.25%, 6/15/2029 (a) | 6160 | 6181 |
| 3.63%, 2/15/2031 (a) | 811 | 766 |
| 3.88%, 2/15/2032 (a) | 1364 | 1277 |
| 6.00%, 2/1/2033 (a) | 8423 | 8627 |
| 7.00%, 3/15/2033 (a) | 2783 | 3097 |
| 5.75%, 1/15/2034 (a) | 6458 | 6547 |
| 6.00%, 1/15/2036 (a) | 6458 | 6573 |
| PG&E Corp. 5.00%, 7/1/2028 | 5972 | 5956 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 5.63%, 2/15/2027 (a) | 3083 | 3082 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

132 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 4.38%, 5/1/2029 (a) | 2540 | 2513 |
| 7.75%, 10/15/2031 (a) | 17649 | 18651 |
| 6.88%, 4/15/2032 (a) | 4681 | 4924 |
| VoltaGrid LLC 7.38%, 11/1/2030 (a) | 7577 | 7912 |
|  |  | 88781 |
| **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** | **Electrical Equipment — 0.2%** |
| Sensata Technologies BV  | Sensata Technologies BV  | Sensata Technologies BV  |
| 4.00%, 4/15/2029 (a) | 11077 | 10842 |
| 5.88%, 9/1/2030 (a) | 4200 | 4249 |
|  |  | 15091 |
| **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** | **Electronic Equipment, Instruments & Components — 0.5%** |
| Coherent Corp. 5.00%, 12/15/2029 (a) | 26711 | 26725 |
| Insight Enterprises, Inc. 6.63%, 5/15/2032 (a) | 2082 | 2087 |
| Sensata Technologies, Inc.  | Sensata Technologies, Inc.  | Sensata Technologies, Inc.  |
| 3.75%, 2/15/2031 (a) | 279 | 263 |
| 6.63%, 7/15/2032 (a) | 2088 | 2186 |
|  |  | 31261 |
| **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** | **Energy Equipment & Services — 0.9%** |
| Archrock Partners LP  | Archrock Partners LP  | Archrock Partners LP  |
| 6.25%, 4/1/2028 (a) | 3150 | 3152 |
| 6.63%, 9/1/2032 (a) | 4277 | 4451 |
| Archrock Services LP 6.00%, 2/1/2034 (a) | 1972 | 1997 |
| Diamond Foreign Asset Co. 8.50%, <br> 10/1/2030 (a)<br>| 9442 | 10037 |
| Kodiak Gas Services LLC  | Kodiak Gas Services LLC  | Kodiak Gas Services LLC  |
| 7.25%, 2/15/2029 (a) | 6071 | 6295 |
| 6.50%, 10/1/2033 (a) | 2767 | 2853 |
| Noble Finance II LLC 8.00%, 4/15/2030 (a) | 4210 | 4382 |
| Transocean International Ltd.  | Transocean International Ltd.  | Transocean International Ltd.  |
| 8.25%, 5/15/2029 (a) | 13702 | 14268 |
| 8.75%, 2/15/2030 (a) | 2451 | 2564 |
| Transocean Titan Financing Ltd. 8.38%, <br> 2/1/2028 (a)<br>| 1120 | 1145 |
| Valaris Ltd. 8.38%, 4/30/2030 (a) | 2203 | 2310 |
| WBI Operating LLC 6.25%, 10/15/2030 (a) | 7208 | 7347 |
|  |  | 60801 |
| **Entertainment — 1.1%** | **Entertainment — 1.1%** | **Entertainment — 1.1%** |
| Cinemark USA, Inc.  | Cinemark USA, Inc.  | Cinemark USA, Inc.  |
| 5.25%, 7/15/2028 (a) | 3985 | 3986 |
| 7.00%, 8/1/2032 (a) | 3928 | 4091 |
| Discovery Global Holdings, Inc.  | Discovery Global Holdings, Inc.  | Discovery Global Holdings, Inc.  |
| 4.28%, 3/15/2032 | 10532 | 9676 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Entertainment — continued** | **Entertainment — continued** | **Entertainment — continued** |
| 5.05%, 3/15/2042 | 6365 | 4471 |
| Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  |
| 6.50%, 5/15/2027 (a) | 26817 | 26944 |
| 4.75%, 10/15/2027 (a) | 25861 | 25845 |
| 3.75%, 1/15/2028 (a) | 1161 | 1143 |
|  |  | 76156 |
| **Financial Services — 1.3%** | **Financial Services — 1.3%** | **Financial Services — 1.3%** |
| Block, Inc.  | Block, Inc.  | Block, Inc.  |
| 2.75%, 6/1/2026 | 3811 | 3795 |
| 5.63%, 8/15/2030 (a) | 2884 | 2922 |
| 6.50%, 5/15/2032 | 16441 | 16914 |
| 6.00%, 8/15/2033 (a) | 4350 | 4420 |
| ION Platform Finance US, Inc. 7.88%, <br> 9/30/2032 (a)<br>| 7226 | 5794 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (a) | 10795 | 11593 |
| Rocket Cos., Inc.  | Rocket Cos., Inc.  | Rocket Cos., Inc.  |
| 6.50%, 8/1/2029 (a) | 947 | 973 |
| 6.13%, 8/1/2030 (a) | 9286 | 9527 |
| 7.13%, 2/1/2032 (a) | 8960 | 9371 |
| 6.38%, 8/1/2033 (a) | 4951 | 5117 |
| Rocket Mortgage LLC  | Rocket Mortgage LLC  | Rocket Mortgage LLC  |
| 2.88%, 10/15/2026 (a) | 5350 | 5284 |
| 3.63%, 3/1/2029 (a) | 6544 | 6305 |
| 4.00%, 10/15/2033 (a) | 1739 | 1600 |
| Shift4 Payments LLC 6.75%, 8/15/2032 (a) | 6228 | 6096 |
|  |  | 89711 |
| **Food Products — 0.4%** | **Food Products — 0.4%** | **Food Products — 0.4%** |
| Lamb Weston Holdings, Inc.  | Lamb Weston Holdings, Inc.  | Lamb Weston Holdings, Inc.  |
| 4.13%, 1/31/2030 (a) | 9540 | 9247 |
| 4.38%, 1/31/2032 (a) | 75 | 72 |
| Post Holdings, Inc.  | Post Holdings, Inc.  | Post Holdings, Inc.  |
| 4.63%, 4/15/2030 (a) | 8528 | 8348 |
| 6.25%, 2/15/2032 (a) | 7568 | 7785 |
|  |  | 25452 |
| **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
| AmeriGas Partners LP  | AmeriGas Partners LP  | AmeriGas Partners LP  |
| 5.75%, 5/20/2027 | 3013 | 3038 |
| 9.38%, 6/1/2028 (a) | 3829 | 3957 |
| 9.50%, 6/1/2030 (a) | 3992 | 4273 |
| Superior Plus LP (Canada) 4.50%, 3/15/2029 (a) | 4512 | 4384 |
|  |  | 15652 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 133

------

JPMorgan High Yield Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| 5.75%, 7/15/2027 (a) | 6554 | 6547 |
| 4.75%, 4/1/2028 (a) | 6960 | 6801 |
| 5.38%, 3/1/2029 (a) | 12550 | 12015 |
| 8.25%, 1/15/2030 (a) | 12101 | 12207 |
| 8.00%, 2/15/2031 (a) | 328 | 325 |
| 8.38%, 6/15/2032 (a) | 6699 | 6588 |
| Hertz Corp. (The)  | Hertz Corp. (The)  | Hertz Corp. (The)  |
| 4.63%, 12/1/2026 (a) | 5172 | 4711 |
| 12.63%, 7/15/2029 (a) | 11303 | 10422 |
| 5.00%, 12/1/2029 (a) | 17573 | 9125 |
| Hertz Corp. (The), Escrow  | Hertz Corp. (The), Escrow  | Hertz Corp. (The), Escrow  |
| 5.50%, 10/15/2024 ‡ (a) (h) | 6563 | 1 |
| 7.13%, 8/1/2026 ‡ (h) (i) | 22954 | 2 |
| 6.00%, 1/15/2028 ‡ (h) | 20858 | 2 |
| NESCO Holdings II, Inc. 5.50%, 4/15/2029 (a) | 2416 | 2404 |
| XPO, Inc.  | XPO, Inc.  | XPO, Inc.  |
| 6.25%, 6/1/2028 (a) | 5232 | 5316 |
| 7.13%, 2/1/2032 (a) | 3663 | 3839 |
|  |  | 80305 |
| **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** | **Health Care Equipment & Supplies — 1.3%** |
| Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | 27821 | 27567 |
| Bausch + Lomb Corp. 8.38%, 10/1/2028 (a) | 2820 | 2922 |
| Hologic, Inc.  | Hologic, Inc.  | Hologic, Inc.  |
| 4.63%, 2/1/2028 (a) | 470 | 470 |
| 3.25%, 2/15/2029 (a) | 7452 | 7413 |
| Medline Borrower LP  | Medline Borrower LP  | Medline Borrower LP  |
| 3.88%, 4/1/2029 (a) | 16710 | 16435 |
| 6.25%, 4/1/2029 (a) | 9413 | 9714 |
| 5.25%, 10/1/2029 (a) | 24583 | 24581 |
|  |  | 89102 |
| **Health Care Providers & Services — 3.8%** | **Health Care Providers & Services — 3.8%** | **Health Care Providers & Services — 3.8%** |
| Acadia Healthcare Co., Inc.  | Acadia Healthcare Co., Inc.  | Acadia Healthcare Co., Inc.  |
| 5.50%, 7/1/2028 (a) | 10525 | 10475 |
| 7.38%, 3/15/2033 (a) | 1657 | 1711 |
| Accendra Health, Inc.  | Accendra Health, Inc.  | Accendra Health, Inc.  |
| 4.50%, 3/31/2029 (a) | 9484 | 6013 |
| 6.63%, 4/1/2030 (a) | 7518 | 3617 |
| AHP Health Partners, Inc. 5.75%, 7/15/2029 (a) | 6904 | 6751 |
| Community Health Systems, Inc.  | Community Health Systems, Inc.  | Community Health Systems, Inc.  |
| 6.00%, 1/15/2029 (a) | 5331 | 5311 |
| 6.13%, 4/1/2030 (a) | 3972 | 3512 |
| 5.25%, 5/15/2030 (a) | 16075 | 15445 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 4.75%, 2/15/2031 (a) | 21011 | 19277 |
| 10.88%, 1/15/2032 (a) | 8535 | 9250 |
| Concentra Health Services, Inc. 6.88%, <br> 7/15/2032 (a)<br>| 2566 | 2679 |
| DaVita, Inc.  | DaVita, Inc.  | DaVita, Inc.  |
| 4.63%, 6/1/2030 (a) | 11340 | 11101 |
| 3.75%, 2/15/2031 (a) | 19091 | 17840 |
| 6.88%, 9/1/2032 (a) | 4210 | 4375 |
| Encompass Health Corp.  | Encompass Health Corp.  | Encompass Health Corp.  |
| 4.50%, 2/1/2028 | 19829 | 19737 |
| 4.75%, 2/1/2030 | 1317 | 1310 |
| 4.63%, 4/1/2031 | 3872 | 3801 |
| Global Medical Response, Inc. 7.38%, <br> 10/1/2032 (a)<br>| 4612 | 4828 |
| Molina Healthcare, Inc. 6.50%, 2/15/2031 (a) | 5001 | 5017 |
| Radiology Partners, Inc.  | Radiology Partners, Inc.  | Radiology Partners, Inc.  |
| 9.78% (PIK), 2/15/2030 (a) (b) | 7921 | 7346 |
| 8.50%, 7/15/2032 (a) | 14122 | 14541 |
| Sotera Health Holdings LLC 7.38%, 6/1/2031 (a) | 5299 | 5576 |
| Surgery Center Holdings, Inc. 7.25%, <br> 4/15/2032 (a)<br>| 12873 | 12857 |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |
| 5.13%, 11/1/2027 | 32551 | 32570 |
| 4.25%, 6/1/2029 | 2073 | 2041 |
| 6.13%, 6/15/2030 | 11753 | 11987 |
| 6.75%, 5/15/2031 | 19863 | 20623 |
|  |  | 259591 |
| **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** | **Health Care REITs — 0.1%** |
| MPT Operating Partnership LP 8.50%, <br> 2/15/2032 (a)<br>| 3926 | 4202 |
| **Health Care Technology — 0.8%** | **Health Care Technology — 0.8%** | **Health Care Technology — 0.8%** |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| 5.00%, 10/15/2026 (a) | 25369 | 25342 |
| 5.00%, 5/15/2027 (a) | 13039 | 13010 |
| 6.25%, 6/1/2032 (a) | 15605 | 16053 |
|  |  | 54405 |
| **Hotel & Resort REITs — 0.9%** | **Hotel & Resort REITs — 0.9%** | **Hotel & Resort REITs — 0.9%** |
| RHP Hotel Properties LP  | RHP Hotel Properties LP  | RHP Hotel Properties LP  |
| 4.75%, 10/15/2027 | 20910 | 20905 |
| 7.25%, 7/15/2028 (a) | 3039 | 3121 |
| 4.50%, 2/15/2029 (a) | 17904 | 17658 |
| 6.50%, 4/1/2032 (a) | 13509 | 13979 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

134 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Hotel & Resort REITs — continued** | **Hotel & Resort REITs — continued** | **Hotel & Resort REITs — continued** |
| 6.50%, 6/15/2033 (a) | 1507 | 1565 |
| 5.75%, 3/15/2034 (a) (c) | 2590 | 2609 |
|  |  | 59837 |
| **Hotels, Restaurants & Leisure — 5.3%** | **Hotels, Restaurants & Leisure — 5.3%** | **Hotels, Restaurants & Leisure — 5.3%** |
| 1011778 BC ULC (Canada) | 1011778 BC ULC (Canada) | 1011778 BC ULC (Canada) |
| 3.88%, 1/15/2028 (a) | 873 | 862 |
| 3.50%, 2/15/2029 (a) | 945 | 912 |
| 6.13%, 6/15/2029 (a) | 550 | 566 |
| 4.00%, 10/15/2030 (a) | 10076 | 9676 |
| Acushnet Co. 5.63%, 12/1/2033 (a) | 1485 | 1511 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 12862 | 12770 |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |
| 4.63%, 10/15/2029 (a) | 5386 | 5269 |
| 7.00%, 2/15/2030 (a) | 11537 | 11828 |
| 6.50%, 2/15/2032 (a) | 16341 | 16606 |
| Carnival Corp.  | Carnival Corp.  | Carnival Corp.  |
| 4.00%, 8/1/2028 (a) | 3055 | 3034 |
| 7.00%, 8/15/2029 (a) | 6416 | 6715 |
| 5.88%, 6/15/2031 (a) | 590 | 617 |
| 5.75%, 8/1/2032 (a) | 15857 | 16456 |
| 6.13%, 2/15/2033 (a) | 18691 | 19350 |
| Churchill Downs, Inc.  | Churchill Downs, Inc.  | Churchill Downs, Inc.  |
| 4.75%, 1/15/2028 (a) | 4537 | 4522 |
| 5.75%, 4/1/2030 (a) | 2813 | 2836 |
| Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  |
| 5.88%, 4/1/2029 (a) | 2722 | 2787 |
| 3.75%, 5/1/2029 (a) | 1512 | 1472 |
| 4.88%, 1/15/2030 | 5695 | 5699 |
| 6.13%, 4/1/2032 (a) | 6609 | 6833 |
| 5.88%, 3/15/2033 (a) | 8764 | 9020 |
| 5.75%, 9/15/2033 (a) | 9697 | 9926 |
| 5.50%, 3/31/2034 (a) | 2062 | 2084 |
| Hilton Worldwide Finance LLC 4.88%, 4/1/2027 | 8206 | 8208 |
| Marriott Ownership Resorts, Inc. 4.50%, <br> 6/15/2029 (a)<br>| 4566 | 4407 |
| MGM Resorts International  | MGM Resorts International  | MGM Resorts International  |
| 4.63%, 9/1/2026 | 15175 | 15164 |
| 5.50%, 4/15/2027 | 6520 | 6579 |
| 6.13%, 9/15/2029 | 6163 | 6334 |
| 6.50%, 4/15/2032 | 8328 | 8548 |
| NCL Corp. Ltd. 5.88%, 1/15/2031 (a) | 5799 | 5860 |
| Rivers Enterprise Borrower LLC 6.25%, <br> 10/15/2030 (a)<br>| 3099 | 3166 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  |
| 5.63%, 9/30/2031 (a) | 5711 | 5887 |
| 6.25%, 3/15/2032 (a) | 14347 | 14962 |
| 6.00%, 2/1/2033 (a) | 9003 | 9327 |
| Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  |
| 5.25%, 7/15/2029 | 7301 | 7022 |
| 7.25%, 5/15/2031 (a) | 7442 | 7304 |
| 8.63%, 1/15/2032 (a) | 6249 | 6327 |
| 6.63%, 5/1/2032 (a) | 22051 | 22419 |
| Station Casinos LLC  | Station Casinos LLC  | Station Casinos LLC  |
| 4.50%, 2/15/2028 (a) | 21753 | 21665 |
| 4.63%, 12/1/2031 (a) | 4510 | 4352 |
| 6.63%, 3/15/2032 (a) | 656 | 672 |
| Vail Resorts, Inc.  | Vail Resorts, Inc.  | Vail Resorts, Inc.  |
| 5.63%, 7/15/2030 (a) | 3829 | 3897 |
| 6.50%, 5/15/2032 (a) | 11948 | 12374 |
| Viking Cruises Ltd. 5.88%, 10/15/2033 (a) | 10059 | 10262 |
| Wynn Las Vegas LLC 5.25%, 5/15/2027 (a) | 660 | 662 |
| Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  |
| 5.13%, 10/1/2029 (a) | 14648 | 14732 |
| 7.13%, 2/15/2031 (a) | 2806 | 3030 |
| 6.25%, 3/15/2033 (a) | 4590 | 4687 |
| Yum! Brands, Inc. 4.63%, 1/31/2032 | 2229 | 2192 |
|  |  | 361390 |
| **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
| CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (a) | 8169 | 6705 |
| Installed Building Products, Inc. 5.63%, <br> 2/1/2034 (a)<br>| 2531 | 2565 |
| Newell Brands, Inc.  | Newell Brands, Inc.  | Newell Brands, Inc.  |
| 6.38%, 9/15/2027 | 2655 | 2694 |
| 8.50%, 6/1/2028 (a) | 5297 | 5576 |
| 6.63%, 9/15/2029 | 6414 | 6514 |
| 6.38%, 5/15/2030 | 6894 | 6915 |
| 6.63%, 5/15/2032 | 1696 | 1696 |
| 7.37%, 4/1/2036 (j) | 2837 | 2863 |
| Somnigroup International, Inc.  | Somnigroup International, Inc.  | Somnigroup International, Inc.  |
| 4.00%, 4/15/2029 (a) | 14792 | 14375 |
| 3.88%, 10/15/2031 (a) | 8215 | 7711 |
| TopBuild Corp. 5.63%, 1/31/2034 (a) | 4399 | 4437 |
|  |  | 62051 |
| **Household Products — 0.8%** | **Household Products — 0.8%** | **Household Products — 0.8%** |
| Central Garden & Pet Co.  | Central Garden & Pet Co.  | Central Garden & Pet Co.  |
| 5.13%, 2/1/2028 | 3062 | 3059 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 135

------

JPMorgan High Yield Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Household Products — continued** | **Household Products — continued** | **Household Products — continued** |
| 4.13%, 10/15/2030 | 14929 | 14407 |
| 4.13%, 4/30/2031 (a) | 1046 | 998 |
| Energizer Holdings, Inc.  | Energizer Holdings, Inc.  | Energizer Holdings, Inc.  |
| 4.75%, 6/15/2028 (a) | 18011 | 17838 |
| 4.38%, 3/31/2029 (a) | 14791 | 14368 |
| 6.00%, 9/15/2033 (a) | 641 | 626 |
| Spectrum Brands, Inc. 3.88%, 3/15/2031 (a) | 667 | 583 |
|  |  | 51879 |
| **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** | **Independent Power and Renewable Electricity Producers — 0.3%** |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 4.63%, 2/1/2029 (a) | 2564 | 2565 |
| 5.00%, 2/1/2031 (a) | 880 | 893 |
| Talen Energy Supply LLC 6.25%, 2/1/2034 (a) | 19603 | 19948 |
|  |  | 23406 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Asurion LLC and Asurion Co-Issuer, Inc. 8.00%, <br> 12/31/2032 (a)<br>| 7960 | 8360 |
| **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** | **Interactive Media & Services — 0.1%** |
| Snap, Inc. 6.88%, 3/1/2033 (a) | 3504 | 3490 |
| **IT Services — 0.7%** | **IT Services — 0.7%** | **IT Services — 0.7%** |
| Ahead DB Holdings LLC 6.63%, 5/1/2028 (a) | 16760 | 16211 |
| Arches Buyer, Inc.  | Arches Buyer, Inc.  | Arches Buyer, Inc.  |
| 4.25%, 6/1/2028 (a) | 5478 | 5306 |
| 6.13%, 12/1/2028 (a) | 1914 | 1806 |
| Conduent Business Services LLC 6.00%, <br> 11/1/2029 (a)<br>| 9530 | 6553 |
| CoreWeave, Inc.  | CoreWeave, Inc.  | CoreWeave, Inc.  |
| 9.25%, 6/1/2030 (a) | 8785 | 8605 |
| 9.00%, 2/1/2031 (a) | 11093 | 10703 |
|  |  | 49184 |
| **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
| Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a) | 8435 | 8806 |
| **Machinery — 0.9%** | **Machinery — 0.9%** | **Machinery — 0.9%** |
| ATS Corp. (Canada) 4.13%, 12/15/2028 (a) | 3399 | 3321 |
| Chart Industries, Inc.  | Chart Industries, Inc.  | Chart Industries, Inc.  |
| 7.50%, 1/1/2030 (a) | 12043 | 12511 |
| 9.50%, 1/1/2031 (a) | 1085 | 1141 |
| Enpro, Inc. 6.13%, 6/1/2033 (a) | 3223 | 3326 |
| Esab Corp. 6.25%, 4/15/2029 (a) | 5354 | 5488 |
| Lsf12 Helix Parent LLC 7.13%, 2/1/2033 (a) | 3460 | 3474 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — continued** | **Machinery — continued** | **Machinery — continued** |
| Terex Corp.  | Terex Corp.  | Terex Corp.  |
| 5.00%, 5/15/2029 (a) | 12488 | 12467 |
| 6.25%, 10/15/2032 (a) | 7625 | 7853 |
| Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | 5560 | 5720 |
| Wabash National Corp. 4.50%, 10/15/2028 (a) | 6142 | 5658 |
|  |  | 60959 |
| **Media — 8.8%** | **Media — 8.8%** | **Media — 8.8%** |
| Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  |
| 7.75%, 4/15/2028 (a) | 17199 | 17335 |
| 7.50%, 6/1/2029 (a) | 16853 | 16973 |
| 7.13%, 2/15/2031 (a) | 17689 | 18697 |
| 7.50%, 3/15/2033 (a) | 11973 | 12925 |
| CSC Holdings LLC  | CSC Holdings LLC  | CSC Holdings LLC  |
| 5.38%, 2/1/2028 (a) | 2346 | 1687 |
| 11.25%, 5/15/2028 (a) | 840 | 666 |
| 11.75%, 1/31/2029 (a) | 1229 | 876 |
| 6.50%, 2/1/2029 (a) | 29697 | 18761 |
| 5.75%, 1/15/2030 (a) | 20873 | 8065 |
| 4.13%, 12/1/2030 (a) | 505 | 308 |
| 4.63%, 12/1/2030 (a) | 2430 | 899 |
| 3.38%, 2/15/2031 (a) | 210 | 125 |
| 4.50%, 11/15/2031 (a) | 23166 | 13903 |
| Directv Financing LLC 5.88%, 8/15/2027 (a) | 9202 | 9213 |
| Discovery Communications LLC 5.00%, <br> 9/20/2037<br>| 2233 | 1775 |
| DISH DBS Corp.  | DISH DBS Corp.  | DISH DBS Corp.  |
| 7.75%, 7/1/2026 | 31583 | 31192 |
| 5.25%, 12/1/2026 (a) | 37841 | 36756 |
| 7.38%, 7/1/2028 | 2455 | 2369 |
| 5.75%, 12/1/2028 (a) | 6717 | 6501 |
| DISH Network Corp. 11.75%, 11/15/2027 (a) | 35363 | 36610 |
| EchoStar Corp.  | EchoStar Corp.  | EchoStar Corp.  |
| 10.75%, 11/30/2029 | 9185 | 10029 |
| 6.75% (Cash), 11/30/2030 (b) | 15800 | 16002 |
| Gray Media, Inc.  | Gray Media, Inc.  | Gray Media, Inc.  |
| 10.50%, 7/15/2029 (a) | 16734 | 17940 |
| 4.75%, 10/15/2030 (a) | 16853 | 13680 |
| 5.38%, 11/15/2031 (a) | 8317 | 6548 |
| 7.25%, 8/15/2033 (a) | 16994 | 17548 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |
| 9.13%, 5/1/2029 (a) | 24921 | 22142 |
| 10.88%, 5/1/2030 (a) | 25829 | 19160 |
| 7.75%, 8/15/2030 (a) | 1047 | 832 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

136 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| McGraw-Hill Education, Inc. 5.75%, 8/1/2028 (a) | 5950 | 5941 |
| Midcontinent Communications 8.00%, <br> 8/15/2032 (a)<br>| 10130 | 9542 |
| Neptune Bidco US, Inc.  | Neptune Bidco US, Inc.  | Neptune Bidco US, Inc.  |
| 9.29%, 4/15/2029 (a) | 3962 | 3970 |
| 9.50%, 2/15/2033 (a) | 5461 | 5345 |
| News Corp. 5.13%, 2/15/2032 (a) | 2350 | 2338 |
| Nexstar Media, Inc.  | Nexstar Media, Inc.  | Nexstar Media, Inc.  |
| 5.63%, 7/15/2027 (a) | 24992 | 24994 |
| 4.75%, 11/1/2028 (a) | 19908 | 19810 |
| Outfront Media Capital LLC  | Outfront Media Capital LLC  | Outfront Media Capital LLC  |
| 4.25%, 1/15/2029 (a) | 2170 | 2129 |
| 4.63%, 3/15/2030 (a) | 2005 | 1967 |
| 7.38%, 2/15/2031 (a) | 10104 | 10622 |
| Sinclair Television Group, Inc. 8.13%, <br> 2/15/2033 (a)<br>| 10424 | 10854 |
| Sirius XM Radio LLC  | Sirius XM Radio LLC  | Sirius XM Radio LLC  |
| 5.00%, 8/1/2027 (a) | 14395 | 14387 |
| 4.00%, 7/15/2028 (a) | 35321 | 34482 |
| 5.50%, 7/1/2029 (a) | 26503 | 26530 |
| 4.13%, 7/1/2030 (a) | 1297 | 1223 |
| 5.88%, 4/15/2032 (a) | 8580 | 8560 |
| Stagwell Global LLC 5.63%, 8/15/2029 (a) | 14468 | 13336 |
| TEGNA, Inc. 5.00%, 9/15/2029 | 14332 | 14318 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.00%, 8/15/2028 (a) | 11316 | 11624 |
| 7.38%, 6/30/2030 (a) | 8711 | 8711 |
| 8.50%, 7/31/2031 (a) | 261 | 267 |
| 9.38%, 8/1/2032 (a) | 8196 | 8673 |
| VZ Secured Financing BV (Netherlands) 5.00%, <br> 1/15/2032 (a)<br>| 317 | 282 |
|  |  | 599422 |
| **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** | **Metals & Mining — 1.2%** |
| Alcoa Nederland Holding BV 7.13%, <br> 3/15/2031 (a)<br>| 4576 | 4838 |
| Alumina Pty. Ltd.  | Alumina Pty. Ltd.  | Alumina Pty. Ltd.  |
| 6.13%, 3/15/2030 (a) | 4936 | 5116 |
| 6.38%, 9/15/2032 (a) | 3281 | 3406 |
| Big River Steel LLC 6.63%, 1/31/2029 (a) | 10979 | 11038 |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| 4.63%, 3/1/2029 (a) | 7432 | 7274 |
| 6.88%, 11/1/2029 (a) | 6487 | 6682 |
| 6.75%, 4/15/2030 (a) | 5494 | 5575 |
| 7.50%, 9/15/2031 (a) | 4573 | 4773 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| 7.63%, 1/15/2034 (a) | 9050 | 9288 |
| Commercial Metals Co. 5.75%, 11/15/2033 (a) | 5408 | 5518 |
| Compass Minerals International, Inc. 8.00%, <br> 7/1/2030 (a)<br>| 3334 | 3518 |
| Novelis Corp.  | Novelis Corp.  | Novelis Corp.  |
| 4.75%, 1/30/2030 (a) | 5187 | 5012 |
| 6.88%, 1/30/2030 (a) | 1522 | 1571 |
| 3.88%, 8/15/2031 (a) | 1794 | 1639 |
| 6.38%, 8/15/2033 (a) | 3373 | 3410 |
| United States Steel Corp. 6.88%, 3/1/2029 | 449 | 448 |
|  |  | 79106 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0% ^** |
| Starwood Property Trust, Inc. 7.25%, <br> 4/1/2029 (a)<br>| 2396 | 2511 |
| **Oil, Gas & Consumable Fuels — 9.5%** | **Oil, Gas & Consumable Fuels — 9.5%** | **Oil, Gas & Consumable Fuels — 9.5%** |
| Aethon United BR LP 7.50%, 10/1/2029 (a) | 2073 | 2181 |
| Antero Midstream Partners LP  | Antero Midstream Partners LP  | Antero Midstream Partners LP  |
| 5.75%, 1/15/2028 (a) | 13598 | 13593 |
| 5.38%, 6/15/2029 (a) | 1215 | 1215 |
| 5.75%, 10/15/2033 (a) | 9282 | 9423 |
| Antero Resources Corp. 5.38%, 3/1/2030 (a) | 2042 | 2074 |
| Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  |
| 5.88%, 6/30/2029 (a) | 935 | 938 |
| 6.63%, 10/15/2032 (a) | 5460 | 5672 |
| 6.63%, 7/15/2033 (a) | 5207 | 5403 |
| Blue Racer Midstream LLC  | Blue Racer Midstream LLC  | Blue Racer Midstream LLC  |
| 6.63%, 7/15/2026 (a) | 3776 | 3783 |
| 7.00%, 7/15/2029 (a) | 3933 | 4098 |
| 7.25%, 7/15/2032 (a) | 2394 | 2532 |
| Buckeye Partners LP  | Buckeye Partners LP  | Buckeye Partners LP  |
| 3.95%, 12/1/2026 | 7001 | 6950 |
| 4.13%, 12/1/2027 | 3138 | 3119 |
| 4.50%, 3/1/2028 (a) | 8136 | 8118 |
| 6.75%, 2/1/2030 (a) | 8082 | 8437 |
| Chord Energy Corp.  | Chord Energy Corp.  | Chord Energy Corp.  |
| 6.00%, 10/1/2030 (a) | 13666 | 13960 |
| 6.75%, 3/15/2033 (a) | 4755 | 4939 |
| CNX Midstream Partners LP 4.75%, <br> 4/15/2030 (a)<br>| 1780 | 1736 |
| CNX Resources Corp.  | CNX Resources Corp.  | CNX Resources Corp.  |
| 6.00%, 1/15/2029 (a) | 4683 | 4756 |
| 7.38%, 1/15/2031 (a) | 3300 | 3423 |
| 5.88%, 3/1/2034 (a) | 3695 | 3702 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 137

------

JPMorgan High Yield Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Comstock Resources, Inc.  | Comstock Resources, Inc.  | Comstock Resources, Inc.  |
| 6.75%, 3/1/2029 (a) | 21201 | 21119 |
| 5.88%, 1/15/2030 (a) | 7799 | 7516 |
| Crescent Energy Finance LLC  | Crescent Energy Finance LLC  | Crescent Energy Finance LLC  |
| 9.25%, 2/15/2028 (a) | 12648 | 13016 |
| 7.63%, 4/1/2032 (a) | 11536 | 11668 |
| 7.88%, 4/15/2032 (a) | 12704 | 12942 |
| 7.38%, 1/15/2033 (a) | 9301 | 9240 |
| 8.38%, 1/15/2034 (a) | 6078 | 6283 |
| DT Midstream, Inc.  | DT Midstream, Inc.  | DT Midstream, Inc.  |
| 4.13%, 6/15/2029 (a) | 7517 | 7464 |
| 4.38%, 6/15/2031 (a) | 3221 | 3175 |
| Energy Transfer LP 7.38%, 2/1/2031 (a) | 2720 | 2823 |
| EQT Corp.  | EQT Corp.  | EQT Corp.  |
| 4.50%, 1/15/2029 | 6959 | 7019 |
| 7.50%, 6/1/2030 | 2878 | 3197 |
| 4.75%, 1/15/2031 | 7863 | 7974 |
| Expand Energy Corp.  | Expand Energy Corp.  | Expand Energy Corp.  |
| 5.38%, 2/1/2029 | 2594 | 2591 |
| 6.75%, 4/15/2029 (a) | 29429 | 29515 |
| 5.38%, 3/15/2030 | 6866 | 6970 |
| 4.75%, 2/1/2032 | 6998 | 6986 |
| Genesis Energy LP  | Genesis Energy LP  | Genesis Energy LP  |
| 7.75%, 2/1/2028 | 4106 | 4112 |
| 8.25%, 1/15/2029 | 1686 | 1760 |
| 8.88%, 4/15/2030 | 4082 | 4283 |
| 7.88%, 5/15/2032 | 3026 | 3168 |
| 6.75%, 3/15/2034 (c) | 3809 | 3853 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (a)<br>| 9910 | 10262 |
| Harvest Midstream I LP 7.50%, 5/15/2032 (a) | 4511 | 4682 |
| Hess Midstream Operations LP  | Hess Midstream Operations LP  | Hess Midstream Operations LP  |
| 5.88%, 3/1/2028 (a) | 1955 | 1987 |
| 5.13%, 6/15/2028 (a) | 3790 | 3793 |
| 6.50%, 6/1/2029 (a) | 4561 | 4720 |
| 4.25%, 2/15/2030 (a) | 5477 | 5369 |
| Hilcorp Energy I LP  | Hilcorp Energy I LP  | Hilcorp Energy I LP  |
| 6.25%, 11/1/2028 (a) | 233 | 235 |
| 5.75%, 2/1/2029 (a) | 1643 | 1647 |
| 6.00%, 4/15/2030 (a) | 3597 | 3543 |
| 6.25%, 4/15/2032 (a) | 2457 | 2391 |
| Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  |
| 7.38%, 7/15/2032 (a) | 10987 | 11595 |
| 6.63%, 1/15/2034 (a) | 5627 | 5815 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Kinetik Holdings LP  | Kinetik Holdings LP  | Kinetik Holdings LP  |
| 6.63%, 12/15/2028 (a) | 3980 | 4103 |
| 5.88%, 6/15/2030 (a) | 3962 | 4007 |
| Matador Resources Co.  | Matador Resources Co.  | Matador Resources Co.  |
| 6.50%, 4/15/2032 (a) | 4204 | 4293 |
| 6.25%, 4/15/2033 (a) | 6852 | 6974 |
| 6.00%, 4/15/2034 (a) | 3733 | 3729 |
| NGL Energy Operating LLC  | NGL Energy Operating LLC  | NGL Energy Operating LLC  |
| 8.13%, 2/15/2029 (a) | 6968 | 7221 |
| 8.38%, 2/15/2032 (a) | 5035 | 5281 |
| Northriver Midstream Finance LP (Canada) <br> 6.75%, 7/15/2032 (a)<br>| 3221 | 3312 |
| NuStar Logistics LP  | NuStar Logistics LP  | NuStar Logistics LP  |
| 6.00%, 6/1/2026 | 3140 | 3141 |
| 5.63%, 4/28/2027 | 7938 | 8014 |
| 6.38%, 10/1/2030 | 209 | 220 |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| 8.00%, 4/15/2027 (a) | 3257 | 3277 |
| 5.88%, 7/1/2029 (a) | 1285 | 1289 |
| 9.88%, 7/15/2031 (a) | 15607 | 16699 |
| 7.00%, 1/15/2032 (a) | 6968 | 7313 |
| 6.25%, 2/1/2033 (a) | 4840 | 5012 |
| Prairie Acquiror LP 9.00%, 8/1/2029 (a) | 4715 | 4920 |
| Range Resources Corp. 4.75%, 2/15/2030 (a) | 5440 | 5386 |
| Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  | Rockies Express Pipeline LLC  |
| 4.95%, 7/15/2029 (a) | 3400 | 3400 |
| 4.80%, 5/15/2030 (a) | 605 | 595 |
| 6.75%, 3/15/2033 (a) | 3367 | 3547 |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| 6.75%, 9/15/2026 | 7457 | 7464 |
| 6.63%, 1/15/2027 | 12328 | 12337 |
| 8.38%, 7/1/2028 (a) | 7735 | 7995 |
| 6.50%, 7/15/2028 | 1977 | 1988 |
| 6.75%, 8/1/2029 (a) | 176 | 180 |
| 8.63%, 11/1/2030 (a) | 7509 | 7947 |
| 8.75%, 7/1/2031 (a) | 14331 | 15046 |
| 7.00%, 8/1/2032 (a) | 3730 | 3798 |
| 9.63%, 6/15/2033 (a) | 3215 | 3555 |
| Sunoco LP  | Sunoco LP  | Sunoco LP  |
| 5.88%, 3/15/2028 | 318 | 318 |
| 7.00%, 5/1/2029 (a) | 2840 | 2945 |
| 4.50%, 5/15/2029 | 1910 | 1882 |
| 4.50%, 4/30/2030 | 11008 | 10774 |
| 5.63%, 3/15/2031 (a) | 10415 | 10505 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

138 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 5.38%, 7/15/2031 (a) (c) | 3432 | 3440 |
| Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  |
| 5.50%, 1/15/2028 (a) | 8863 | 8854 |
| 7.38%, 2/15/2029 (a) | 4030 | 4178 |
| 6.00%, 12/31/2030 (a) | 9569 | 9697 |
| 6.00%, 9/1/2031 (a) | 11452 | 11574 |
| 6.75%, 3/15/2034 (a) | 11205 | 11515 |
| Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
| 8.13%, 6/1/2028 (a) | 6326 | 6491 |
| 9.50%, 2/1/2029 (a) | 7410 | 7948 |
| 8.38%, 6/1/2031 (a) | 680 | 696 |
| 9.88%, 2/1/2032 (a) | 13338 | 14131 |
| Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  |
| 6.13%, 12/15/2030 (a) | 5690 | 5911 |
| 6.50%, 1/15/2034 (a) | 19219 | 20226 |
| 6.50%, 6/15/2034 (a) | 4008 | 4208 |
| 7.75%, 5/1/2035 (a) | 1770 | 2008 |
| 6.75%, 1/15/2036 (a) | 6281 | 6691 |
|  |  | 648800 |
| **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** | **Passenger Airlines — 0.8%** |
| American Airlines, Inc.  | American Airlines, Inc.  | American Airlines, Inc.  |
| 5.50%, 4/20/2026 (a) | 2618 | 2622 |
| 5.75%, 4/20/2029 (a) | 23210 | 23473 |
| JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | 12696 | 12902 |
| United Airlines Holdings, Inc.  | United Airlines Holdings, Inc.  | United Airlines Holdings, Inc.  |
| 4.88%, 3/1/2029 | 5035 | 5071 |
| 5.38%, 3/1/2031 | 3176 | 3238 |
| United Airlines, Inc. 4.63%, 4/15/2029 (a) | 1190 | 1189 |
| VistaJet Malta Finance plc (Switzerland) 9.50%, <br> 6/1/2028 (a)<br>| 5001 | 5158 |
|  |  | 53653 |
| **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** | **Personal Care Products — 0.4%** |
| Coty, Inc. 4.75%, 1/15/2029 (a) | 6131 | 6030 |
| Edgewell Personal Care Co.  | Edgewell Personal Care Co.  | Edgewell Personal Care Co.  |
| 5.50%, 6/1/2028 (a) | 10240 | 10231 |
| 4.13%, 4/1/2029 (a) | 5809 | 5605 |
| Perrigo Finance Unlimited Co. 6.13%, 9/30/2032 | 3494 | 3419 |
| Prestige Brands, Inc. 5.13%, 1/15/2028 (a) | 3577 | 3574 |
|  |  | 28859 |
| **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** | **Pharmaceuticals — 1.3%** |
| 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | 19824 | 20501 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pharmaceuticals — continued** | **Pharmaceuticals — continued** | **Pharmaceuticals — continued** |
| Bausch Health Americas, Inc. 8.50%, <br> 1/31/2027 (a)<br>| 1925 | 1908 |
| Bausch Health Cos., Inc. (Canada) | Bausch Health Cos., Inc. (Canada) | Bausch Health Cos., Inc. (Canada) |
| 4.88%, 6/1/2028 (a) | 5327 | 4957 |
| 5.00%, 2/15/2029 (a) | 10680 | 8063 |
| 6.25%, 2/15/2029 (a) | 5676 | 4484 |
| 5.25%, 1/30/2030 (a) | 8364 | 5855 |
| 5.25%, 2/15/2031 (a) | 8395 | 5478 |
| Elanco Animal Health, Inc. 6.65%, 8/28/2028 (j) | 2996 | 3115 |
| Endo Finance Holdings LP 8.50%, 4/15/2031 (a) | 2236 | 2376 |
| Organon & Co.  | Organon & Co.  | Organon & Co.  |
| 4.13%, 4/30/2028 (a) | 13538 | 13290 |
| 5.13%, 4/30/2031 (a) | 14447 | 12838 |
| 6.75%, 5/15/2034 (a) | 2047 | 1985 |
| 7.88%, 5/15/2034 (a) | 1400 | 1305 |
|  |  | 86155 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| Science Applications International Corp. 5.88%, <br> 11/1/2033 (a)<br>| 3366 | 3345 |
| TriNet Group, Inc. 7.13%, 8/15/2031 (a) | 5700 | 5530 |
|  |  | 8875 |
| **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** | **Real Estate Management & Development — 0.3%** |
| Anywhere Real Estate Group LLC  | Anywhere Real Estate Group LLC  | Anywhere Real Estate Group LLC  |
| 5.75%, 1/15/2029 (a) | 4030 | 3973 |
| 5.25%, 4/15/2030 (a) | 12803 | 12110 |
| 9.75%, 4/15/2030 (a) | 5884 | 6340 |
| Kennedy-Wilson, Inc. 5.00%, 3/1/2031 | 90 | 87 |
|  |  | 22510 |
| **Semiconductors & Semiconductor Equipment — 1.6%** | **Semiconductors & Semiconductor Equipment — 1.6%** | **Semiconductors & Semiconductor Equipment — 1.6%** |
| Amkor Technology, Inc. 5.88%, 10/1/2033 (a) | 4691 | 4787 |
| ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a) | 11085 | 11809 |
| Entegris, Inc.  | Entegris, Inc.  | Entegris, Inc.  |
| 4.38%, 4/15/2028 (a) | 4379 | 4342 |
| 4.75%, 4/15/2029 (a) | 11766 | 11776 |
| 3.63%, 5/1/2029 (a) | 6183 | 5934 |
| 5.95%, 6/15/2030 (a) | 22776 | 23225 |
| Kioxia Holdings Corp. (Japan) 6.25%, <br> 7/24/2030 (a)<br>| 13266 | 13774 |
| ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 18578 | 18186 |
| Qnity Electronics, Inc.  | Qnity Electronics, Inc.  | Qnity Electronics, Inc.  |
| 5.75%, 8/15/2032 (a) | 3794 | 3882 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 139

------

JPMorgan High Yield Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| 6.25%, 8/15/2033 (a) | 2788 | 2895 |
| Synaptics, Inc. 4.00%, 6/15/2029 (a) | 4690 | 4525 |
|  |  | 105135 |
| **Software — 1.3%** | **Software — 1.3%** | **Software — 1.3%** |
| AthenaHealth Group, Inc. 6.50%, 2/15/2030 (a) | 16954 | 15941 |
| Fair Isaac Corp. 6.00%, 5/15/2033 (a) | 4737 | 4788 |
| NCR Voyix Corp.  | NCR Voyix Corp.  | NCR Voyix Corp.  |
| 5.00%, 10/1/2028 (a) | 6984 | 6863 |
| 5.13%, 4/15/2029 (a) | 6033 | 5919 |
| RingCentral, Inc. 8.50%, 8/15/2030 (a) | 13151 | 13809 |
| SS&C Technologies, Inc.  | SS&C Technologies, Inc.  | SS&C Technologies, Inc.  |
| 5.50%, 9/30/2027 (a) | 33361 | 33311 |
| 6.50%, 6/1/2032 (a) | 8450 | 8613 |
|  |  | 89244 |
| **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** | **Specialized REITs — 0.7%** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 4.88%, 9/15/2027 (a) | 3515 | 3514 |
| 5.00%, 7/15/2028 (a) | 4538 | 4529 |
| 4.88%, 9/15/2029 (a) | 6647 | 6587 |
| 5.25%, 7/15/2030 (a) | 15543 | 15465 |
| 6.25%, 1/15/2033 (a) | 872 | 891 |
| Millrose Properties, Inc.  | Millrose Properties, Inc.  | Millrose Properties, Inc.  |
| 6.38%, 8/1/2030 (a) | 7046 | 7228 |
| 6.25%, 9/15/2032 (a) | 3389 | 3432 |
| SBA Communications Corp. 3.13%, 2/1/2029 | 3739 | 3595 |
|  |  | 45241 |
| **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** | **Specialty Retail — 1.5%** |
| Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  |
| 4.50%, 3/1/2028 | 4812 | 4784 |
| 4.63%, 11/15/2029 (a) | 7374 | 7259 |
| 4.75%, 3/1/2030 | 1790 | 1762 |
| Bath & Body Works, Inc.  | Bath & Body Works, Inc.  | Bath & Body Works, Inc.  |
| 6.63%, 10/1/2030 (a) | 4928 | 5047 |
| 6.88%, 11/1/2035 | 336 | 342 |
| 6.75%, 7/1/2036 | 2580 | 2589 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ (h) | 2524 |  |
| Gap, Inc. (The) 3.63%, 10/1/2029 (a) | 5311 | 5052 |
| Group 1 Automotive, Inc. 6.38%, 1/15/2030 (a) | 2874 | 2946 |
| Lithia Motors, Inc.  | Lithia Motors, Inc.  | Lithia Motors, Inc.  |
| 4.63%, 12/15/2027 (a) | 2635 | 2629 |
| 3.88%, 6/1/2029 (a) | 7614 | 7360 |
| 5.50%, 10/1/2030 (a) | 2568 | 2584 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Petco Health & Wellness Co., Inc. 8.25%, <br> 2/1/2031 (a)<br>| 2401 | 2345 |
| PetSmart LLC 7.50%, 9/15/2032 (a) | 11967 | 12109 |
| Saks Global Enterprises LLC 11.00%, <br> 12/15/2029 (a) (h)<br>| 6021 | 26 |
| Sonic Automotive, Inc.  | Sonic Automotive, Inc.  | Sonic Automotive, Inc.  |
| 4.63%, 11/15/2029 (a) | 9903 | 9738 |
| 4.88%, 11/15/2031 (a) | 5087 | 4915 |
| Staples, Inc.  | Staples, Inc.  | Staples, Inc.  |
| 10.75%, 9/1/2029 (a) | 22985 | 21090 |
| 12.75%, 1/15/2030 (a) | 13193 | 9274 |
|  |  | 101851 |
| **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** | **Technology Hardware, Storage & Peripherals — 0.3%** |
| Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (a) | 6830 | 7204 |
| Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  |
| 8.25%, 12/15/2029 (a) | 6514 | 6873 |
| 8.50%, 7/15/2031 (a) | 2478 | 2607 |
| 5.75%, 12/1/2034 (a) | 1755 | 1796 |
| Xerox Corp. 10.25%, 10/15/2030 (a) | 3482 | 2507 |
| Xerox Holdings Corp.  | Xerox Holdings Corp.  | Xerox Holdings Corp.  |
| 5.50%, 8/15/2028 (a) | 877 | 333 |
| 8.88%, 11/30/2029 (a) | 4989 | 1423 |
|  |  | 22743 |
| **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** | **Trading Companies & Distributors — 2.2%** |
| EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  |
| 9.00%, 5/15/2028 (a) | 13502 | 14142 |
| 8.63%, 5/15/2032 (a) | 5742 | 6142 |
| 8.00%, 3/15/2033 (a) | 3298 | 3505 |
| Herc Holdings, Inc.  | Herc Holdings, Inc.  | Herc Holdings, Inc.  |
| 6.63%, 6/15/2029 (a) | 5375 | 5550 |
| 7.00%, 6/15/2030 (a) | 4005 | 4197 |
| Imola Merger Corp. 4.75%, 5/15/2029 (a) | 25307 | 24878 |
| QXO Building Products, Inc. 6.75%, <br> 4/30/2032 (a)<br>| 9652 | 9997 |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  | United Rentals North America, Inc.  |
| 4.88%, 1/15/2028 | 20426 | 20414 |
| 5.25%, 1/15/2030 | 8495 | 8589 |
| 5.38%, 11/15/2033 (a) | 3680 | 3710 |
| 6.13%, 3/15/2034 (a) | 14447 | 15134 |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |
| 7.25%, 6/15/2028 (a) | 13632 | 13731 |
| 6.38%, 3/15/2029 (a) | 10553 | 10849 |
| 5.25%, 4/15/2031 (a) | 2979 | 2974 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

140 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| 6.63%, 3/15/2032 (a) | 5015 | 5217 |
| 6.38%, 3/15/2033 (a) | 2941 | 3066 |
|  |  | 152095 |
| **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
| Altice France Lux 3 (Luxembourg) 10.00%, <br> 1/15/2033 (a)<br>| 2826 | 2656 |
| Connect Finco SARL (United Kingdom) 9.00%, <br> 9/15/2029 (a)<br>| 7490 | 7948 |
| Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | 680 | 618 |
| T-Mobile USA, Inc. 6.70%, 12/15/2033 | 4403 | 4983 |
|  |  | 16205 |
| Total Corporate Bonds <br>(Cost $5,471,930)<br>|  | 5497686 |
| **Loan Assignments — 8.1% (k)** | **Loan Assignments — 8.1% (k)** | **Loan Assignments — 8.1% (k)** |
| **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** | **Aerospace & Defense — 0.2%** |
| TransDigm, Inc., 1st Lien Term Loan J (1-MONTH <br> CME TERM SOFR + 2.50%), 6.17%, <br> 2/28/2031 (f)<br>| 2302 | 2301 |
| TransDigm, Inc., 1st Lien Term Loan M (1-MONTH <br> CME TERM SOFR + 2.50%), 6.17%, <br> 8/19/2032 (f)<br>| 10623 | 10617 |
|  |  | 12918 |
| **Automobile Components — 0.2%** | **Automobile Components — 0.2%** | **Automobile Components — 0.2%** |
| Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH <br> CME TERM SOFR + 2.00%), 5.67%, <br> 1/31/2031 (f)<br>| 2051 | 2047 |
| DexKo Global, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.75%), 7.68%, <br> 10/4/2028 (f)<br>| 10596 | 10536 |
|  |  | 12583 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Primo Brands Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 3/31/2028 (f)<br>| 7009 | 7002 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Shutterfly Finance LLC, 2nd Lien Term Loan <br> (1-MONTH CME TERM SOFR + 5.00% (PIK) + <br> 3.82% (Cash)), 12.49%, 10/1/2027 (b) (f)<br>| 5401 | 4984 |
| **Building Products — 0.4%** | **Building Products — 0.4%** | **Building Products — 0.4%** |
| Chariot Buyer LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 9/8/2032 (f) (l)<br>| 6325 | 6299 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| EMRLD Borrower LP, 1st Lien Term Loan B <br> (6-MONTH CME TERM SOFR + 2.25%), 6.12%, <br> 8/4/2031 (f)<br>| 9815 | 9769 |
| MIWD Holdco II LLC, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 3/28/2031 (f)<br>| 4014 | 3981 |
| Quikrete Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 2/10/2032 (f)<br>| 10325 | 10314 |
|  |  | 30363 |
| **Chemicals — 0.3%** | **Chemicals — 0.3%** | **Chemicals — 0.3%** |
| INEOS US Finance LLC, 1st Lien Term Loan B <br> (Luxembourg) (1-MONTH CME TERM SOFR + <br> 3.25%), 6.92%, 2/18/2030 (f)<br>| 15312 | 12824 |
| Venator Materials LLC, 1st Lien PIK Term Loan <br> (PRIME + 2.00% (PIK) + 4.32% (Cash)), <br> 13.07%, 10/12/2028 (b) (f)<br>| 5421 | 434 |
| Venator Materials LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 7.00% (PIK)), <br> 10.67%, 3/16/2026 (b) (f)<br>| 3383 | 2706 |
| Venator Materials LLC, 1st Lien Term Loan B <br> (PRIME + 1.00% (PIK) + 1.00% (Cash)), <br> 8.75%, 7/16/2026 (b) (f)<br>| 3376 | 2701 |
|  |  | 18665 |
| **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** | **Commercial Services & Supplies — 0.3%** |
| Allied Universal Holdco LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.25%), 6.92%, <br> 8/20/2032 (f)<br>| 2258 | 2257 |
| Garda World Security Corp., 1st Lien Term Loan B <br> (Canada) (3-MONTH CME TERM SOFR + 2.75%), <br> 6.42%, 2/1/2029 (f)<br>| 782 | 780 |
| Madison IAQ LLC, 1st Lien Term Loan (6-MONTH <br> CME TERM SOFR + 2.50%), 6.13%, <br> 6/21/2028 (f)<br>| 11617 | 11619 |
| Raven Acquisition Holdings LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + 3.00%), <br> 6.67%, 11/19/2031 (f)<br>| 5090 | 4842 |
|  |  | 19498 |
| **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** | **Consumer Staples Distribution & Retail — 1.0%** |
| Moran Foods LLC, 1st Lien Super Senior Delayed <br> Draw Term Loan (3-MONTH CME TERM SOFR + <br> 11.50% (PIK) + 0.10% (CAS)), 15.23%, <br> 12/31/2028 ‡ (b) (f)<br>| 28628 | 25756 |
| Moran Foods LLC, 1st Lien Term Loan |  |  |
| (3-MONTH CME TERM SOFR + 7.25% (PIK) + <br> 0.10% (CAS)), 11.02%, 12/31/2028 ‡ (b) <br> (f)<br>| 26510 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 141

------

JPMorgan High Yield Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** | **Consumer Staples Distribution & Retail — continued** |
| (3-MONTH CME TERM SOFR + 7.25% (PIK) + <br> 0.10% (CAS)), 11.02%, 12/31/2028 ‡ (b) <br> (f)<br>| 86871 | 18161 |
| Moran Foods LLC, Term Loan A (3-MONTH CME <br> TERM SOFR + 2.50% (PIK)), 6.17%, <br> 12/31/2028 ‡ (b) (f)<br>| 12199 | 10837 |
| Moran Foods LLC, Term Loan B (3-MONTH CME <br> TERM SOFR + 8.50% (PIK)), 12.17%, <br> 12/31/2028 ‡ (b) (f)<br>| 11342 | 10216 |
|  |  | 64970 |
| **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** | **Containers & Packaging — 0.5%** |
| Clydesdale Acquisition Holdings, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 3.25%), 6.92%, 4/1/2032 (f)<br>| 6002 | 5936 |
| Graham Packaging Co., Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 1/26/2033 (f)<br>| 3463 | 3454 |
| LABL, Inc., 1st Lien Term Loan B, 0.00%, <br> 10/30/2028 (g) (h)<br>| 14869 | 6835 |
| Mauser Packaging Solutions Holding Co., 1st Lien <br> Term Loan B (3-MONTH CME TERM SOFR + <br> 3.50%), 7.16%, 4/15/2030 (f) (l)<br>| 15020 | 14764 |
|  |  | 30989 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Belron Finance 2019 LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), 5.66%, <br> 10/16/2031 (f)<br>| 3662 | 3661 |
| Wand NewCo 3, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 1/30/2031 (f)<br>| 3314 | 3293 |
|  |  | 6954 |
| **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** | **Diversified Telecommunication Services — 0.1%** |
| Altice France SA, 1st Lien Term Loan B-14 <br> (France) (3-MONTH CME TERM SOFR + 6.88%), <br> 10.55%, 5/30/2031 (f)<br>| 5181 | 5186 |
| **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** | **Electronic Equipment, Instruments & Components — 0.3%** |
| LSF12 Crown US Commercial Bidco LLC, 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 3.00%), 6.67%, 12/2/2031 (f)<br>| 10019 | 10008 |
| Sanmina Corp., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.00%), 5.67%, <br> 10/27/2032 (f)<br>| 7418 | 7437 |
|  |  | 17445 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Crown Finance US, Inc., 1st Lien Term Loan B <br> (United Kingdom) (1-MONTH CME TERM SOFR + <br> 4.50%), 8.17%, 12/2/2031 (f)<br>| 11614 | 11268 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| NCR Atleos LLC, 1st Lien Term Loan B (12-MONTH <br> CME TERM SOFR + 3.00%), 6.70%, <br> 4/16/2029 (f)<br>| 853 | 851 |
| Neon Maple US Debt Mergersub, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 2.50%), 6.17%, 11/17/2031 (f)<br>| 10109 | 9834 |
| Shift4 Payments LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), 5.65%, <br> 7/6/2032 (f)<br>| 6983 | 6974 |
|  |  | 17659 |
| **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** | **Ground Transportation — 0.4%** |
| First Student Bidco, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/15/2030 (f)<br>| 13318 | 13293 |
| First Student Bidco, Inc., 1st Lien Term Loan C <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/15/2030 (f)<br>| 2437 | 2432 |
| Hertz Corp. (The), 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 3.50%), 7.29%, <br> 6/30/2028 (f)<br>| 10806 | 8305 |
| Hertz Corp. (The), 1st Lien Term Loan C (1-MONTH <br> CME TERM SOFR + 3.50%), 7.29%, <br> 6/30/2028 (f)<br>| 2132 | 1639 |
|  |  | 25669 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Bausch + Lomb Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.42%, <br> 1/15/2031 (f)<br>| 14027 | 14020 |
| Medline Borrower LP, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 10/23/2028 (f)<br>| 2173 | 2175 |
|  |  | 16195 |
| **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** | **Health Care Providers & Services — 0.2%** |
| Star Parent, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 4.00%), 7.67%, <br> 9/27/2030 (f)<br>| 3291 | 3182 |
| US Renal Care, Inc., 1st Lien Term Loan C <br> (1-MONTH CME TERM SOFR + 5.00%), 8.79%, <br> 6/28/2028 (f)<br>| 9502 | 8971 |
|  |  | 12153 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

142 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** | **Hotels, Restaurants & Leisure — 0.0% ^** |
| Station Casinos LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 3/14/2031 (f)<br>| 2835 | 2834 |
| **Insurance — 0.2%** | **Insurance — 0.2%** | **Insurance — 0.2%** |
| Asurion LLC, 1st Lien Term Loan B-13 (1-MONTH <br> CME TERM SOFR + 4.25%), 7.92%, <br> 9/19/2030 (f)<br>| 5373 | 5355 |
| HUB International Ltd., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 6/20/2030 (f)<br>| 9238 | 9127 |
|  |  | 14482 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Ahead DB Holdings LLC, 1st Lien Term Loan B-3 <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 2/3/2031 (f)<br>| 10113 | 9826 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Callaway Golf Co., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 2.75%), 6.42%, <br> 3/18/2030 (f)<br>| 303 | 304 |
| FGI Operating Co. LLC, 1st Lien Term Loan, 0.00%, <br> 12/31/2026 ‡ (g) (h)<br>| 3181 | 32 |
|  |  | 336 |
| **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** | **Life Sciences Tools & Services — 0.1%** |
| PAREXEL International Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 12/12/2031 (f) (l)<br>| 7334 | 7242 |
| **Machinery — 0.2%** | **Machinery — 0.2%** | **Machinery — 0.2%** |
| LSF12 Helix Parent LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.50%), 7.17%, <br> 2/10/2033 (f) (l)<br>| 3440 | 3436 |
| SPX FLOW, Inc., 1st Lien Term Loan B (PRIME + <br> 1.75%), 8.50%, 4/5/2029 (f)<br>| 7618 | 7615 |
|  |  | 11051 |
| **Media — 0.5%** | **Media — 0.5%** | **Media — 0.5%** |
| Charter Communications Operating LLC, 1st Lien <br> Term Loan B-4 (3-MONTH CME TERM SOFR + <br> 2.00%), 5.66%, 12/9/2030 (f)<br>| 12740 | 12716 |
| Clear Channel Outdoor Holdings, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 4.00%), 7.79%, 8/23/2028 (f)<br>| 4805 | 4818 |
| DIRECTV Financing LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 5.00%), 8.93%, <br> 8/2/2027 (f)<br>| 661 | 661 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Media — continued** | **Media — continued** | **Media — continued** |
| EW Scripps Co. (The), 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 5.75%), 9.53%, <br> 6/30/2028 (f)<br>| 1851 | 1865 |
| iHeartCommunications, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 5.78%), 9.56%, <br> 5/1/2029 (f)<br>| 18685 | 16131 |
|  |  | 36191 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Colossus Acquireco LLC, 1st Lien Term Loan B <br> (1-Day CME TERM SOFR + 1.75%), 5.41%, <br> 7/30/2032 (f)<br>| 4625 | 4609 |
| **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** | **Passenger Airlines — 0.2%** |
| AAdvantage Loyalty IP Ltd., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 4/20/2028 (f)<br>| 6100 | 6087 |
| Vista Management Holding, Inc., 1st Lien Term <br> Loan B (3-MONTH CME TERM SOFR + 3.75%), <br> 7.41%, 4/1/2031 (f)<br>| 6735 | 6739 |
|  |  | 12826 |
| **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
| Conair Holdings LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.54%, <br> 5/17/2028 (f) (l)<br>| 14168 | 7651 |
| **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** | **Pharmaceuticals — 0.2%** |
| 1261229 BC Ltd., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 6.25%), 9.92%, <br> 10/8/2030 (f) (l)<br>| 17556 | 17078 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| First Advantage Holdings LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 2.75%), <br> 6.42%, 10/31/2031 (f)<br>| 6829 | 6525 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH <br> CME TERM SOFR + 3.10%), 6.61%, <br> 2/1/2029 (f)<br>| 6857 | 6807 |
| **Software — 0.7%** | **Software — 0.7%** | **Software — 0.7%** |
| AthenaHealth Group, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 2/15/2029 (f)<br>| 7126 | 6930 |
| BCPE Pequod Buyer, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 11/25/2031 (f)<br>| 9290 | 8971 |
| Dayforce Bidco LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), 6.66%, <br> 2/4/2033 (f)<br>| 10069 | 9256 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 143

------

JPMorgan High Yield Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Genesys Cloud Services, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 1/30/2032 (f)<br>| 4573 | 4195 |
| Icon Parent I, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 2.75%), 6.44%, <br> 11/13/2031 (f) (l)<br>| 12882 | 12171 |
| Rocket Software, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.42%, <br> 11/28/2028 (f)<br>| 6973 | 6471 |
| UKG, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.50%), 6.17%, 2/10/2031 (f)<br>| 2815 | 2658 |
|  |  | 50652 |
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| AWS Claire's LLC, 1st Lien Term Loan B (PIK), <br> 10.00%, 9/18/2030 ‡ (b)<br>| 1159 | 1159 |
| Petco Health & Wellness Co., Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + 4.25%), <br> 8.04%, 2/3/2031 (f)<br>| 9031 | 8658 |
| PetSmart LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 4.00%), 7.68%, <br> 8/18/2032 (f) (l)<br>| 11682 | 11604 |
| Serta Simmons Bedding LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 7.50%), 11.29%, <br> 6/29/2028 (f)<br>| 6230 | 5823 |
| White Cap Supply Holdings LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 3.25%), <br> 6.92%, 10/19/2029 (f)<br>| 1242 | 1227 |
|  |  | 28471 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| Xerox Corp., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 4%; 6-MONTH CME TERM SOFR + <br> 4% + 4.00%), 7.70%, 11/19/2029 (f) (l)<br>| 3310 | 2118 |
| **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** | **Textiles, Apparel & Luxury Goods — 0.2%** |
| Varsity Brands, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), 6.67%, <br> 8/26/2031 (f) (l)<br>| 16905 | 16853 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| QXO Building Products, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 4/30/2032 (f)<br>| 1491 | 1490 |
| Total Loan Assignments <br>(Cost $583,390)<br>|  | 551543 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Exchange-Traded Funds — 1.6%** | **Exchange-Traded Funds — 1.6%** | **Exchange-Traded Funds — 1.6%** |
| **Fixed Income — 1.6%** | **Fixed Income — 1.6%** | **Fixed Income — 1.6%** |
| iShares Broad USD High Yield Corporate Bond ETF | 2409 | 90091 |
| iShares iBoxx USD High Yield Corporate Bond ETF | 200 | 16144 |
| Total Exchange-Traded Funds <br>(Cost $104,193)<br>|  | 106235 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 1.4%** | **U.S. Treasury Obligations — 1.4%** | **U.S. Treasury Obligations — 1.4%** |
| U.S. Treasury Notes |  |  |
| 4.00%, 4/30/2032 | 47315 | 48223 |
| 4.25%, 5/15/2035 | 47350 | 48565 |
| Total U.S. Treasury Obligations <br>(Cost $93,244)<br>|  | 96788 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Common Stocks — 1.0%** | **Common Stocks — 1.0%** | **Common Stocks — 1.0%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| Incora Intermediate LLC ‡ \* | 254 | 2843 |
| Incora Top Holdco LLC ‡ \* | 10 | 262 |
|  |  | 3105 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Moran Foods Backstop Equity ‡ \* | 95914057 | 96 |
| MYT Holding LLC ‡ \* | 5623 | 1406 |
| NMG Parent LLC, Escrow ‡ \* | 83 | 41 |
|  |  | 1543 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| Venator Materials plc ‡ \* | 11 | 125 |
| **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** | **Containers & Packaging — 0.2%** |
| Ardagh Holdings SA (Luxembourg) ‡ \* (a) | 1234 | 10299 |
| **Financial Services — 0.3%** | **Financial Services — 0.3%** | **Financial Services — 0.3%** |
| ACC Claims Holdings LLC ‡ | 7077 | 14 |
| Keenova, Class A ‡ | 138 | 1227 |
| Keenova Therapeutics plc, Class B ‡ | 80 | 12634 |
| Par Health, Class A ‡ | 138 | 7339 |
| Par Health Inc., Class B ‡ | 80 | 712 |
|  |  | 21926 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| New Evhc Physical Equity \* | 107 | 1645 |
| **Machinery — 0.0% ^** | **Machinery — 0.0% ^** | **Machinery — 0.0% ^** |
| SSB Equipment Co., Inc. ‡ \* | 395 |  |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

144 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| Audacy, Inc. \* | 64 | 357 |
| Clear Channel Outdoor Holdings, Inc. \* | 2312 | 5548 |
| iHeartMedia, Inc., Class A \* | 273 | 893 |
| National CineMedia, Inc. | 549 | 1956 |
|  |  | 8754 |
| **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** | **Oil, Gas & Consumable Fuels — 0.1%** |
| Gulfport Energy Corp. \* | 22 | 4656 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| Endo GUC Trust ‡ \* | 751 | 431 |
| **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** | **Specialized REITs — 0.2%** |
| VICI Properties, Inc., Class A | 393 | 11867 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Neiman Marcus Group, Inc. ‡ \* | 6 | 2 |
| Serta Simmons Bedding LLC \* | 394 | 3571 |
|  |  | 3573 |
| Total Common Stocks <br>(Cost $83,139)<br>|  | 67924 |
| **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** | **Preferred Stocks — 0.2%** |
| **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** | **Broadline Retail — 0.2%** |
| MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ <br>(Cost $12,938)<br>| 13477 | 17184 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **Convertible Bonds — 0.2%** | **Convertible Bonds — 0.2%** | **Convertible Bonds — 0.2%** |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| EchoStar Corp. 3.88% (Cash), 11/30/2030 (b) <br>(Cost $3,883)<br>| 3719 | 13138 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.2%** | **Rights — 0.2%** | **Rights — 0.2%** |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| Altice France SA (France) ‡ \* | 12 | 189 |
| **Media — 0.2%** | **Media — 0.2%** | **Media — 0.2%** |
| SES SA (Luxembourg) ‡ \* | 749 | 11288 |
| Total Rights <br>(Cost $—)<br>|  | 11477 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **WARRANTS** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| Audacy, Inc. |  |  |
| expiring 12/31/2049, price 1.00 USD ‡ \* | 77 | 1 |
| expiring 9/30/2028, price 1.00 USD ‡ \* | 13 |  |
| Total Warrants <br>(Cost $209)<br>|  | 1 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 6.1%** | **Short-Term Investments — 6.1%** | **Short-Term Investments — 6.1%** |
| **Investment Companies — 6.1%** | **Investment Companies — 6.1%** | **Investment Companies — 6.1%** |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 3.52% (m) (n) <br>(Cost $415,033)<br>| 415033 | 415033 |
| **Total Investments — 99.6%** <br>**(Cost $6,767,959)**<br>|  | **6777009** |
| **Other Assets in Excess of Liabilities — 0.4%** |  | **25601** |
| **NET ASSETS — 100.0%** |  | **6802610** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CAS | Credit Adjustment Spread |
| CME | Chicago Mercantile Exchange |
| ETF | Exchange Traded Fund |
| PIK | Payment In Kind |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Security has the ability to pay in kind ("PIK") or pay <br> income in cash. When applicable, separate rates of <br> such payments are disclosed.<br>|
| (c) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (d) | Security is an interest bearing note with preferred <br> security characteristics.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 145

------

JPMorgan High Yield Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) All or a portion of this security is unsettled as of February 28, 2026. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) 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;(n) The rate shown is the current yield as of February 28, 2026.

**Centrally Cleared Credit default swap contracts outstanding — sell protection**<sup>(\*\*)</sup> **as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.44-V2 | 5.00 | Quarterly | 6/20/2030 | 3.09 | USD35,000 | &nbsp;&nbsp; 1087 | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 2797 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*\*)  | The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, <br> and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the <br> terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

146 J.P. Morgan Income Funds February 28, 2026

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Mortgage-Backed Securities — 32.2%** | **Mortgage-Backed Securities — 32.2%** | **Mortgage-Backed Securities — 32.2%** |
| FHLMC  |  |  |
| Pool # 8C1031, ARM, 5.25%, 6/1/2055 (a) | 6891 | 7057 |
| Pool # 842039, ARM, 5.25%, 10/1/2055 (a) | 6512 | 6661 |
| Pool # 8C1189, ARM, 4.90%, 11/1/2055 (a) | 3979 | 4056 |
| Pool # 8C1217, ARM, 5.05%, 11/1/2055 (a) | 11730 | 11975 |
| FHLMC Gold Pools, Other  |  |  |
| Pool # WN2492, 4.93%, 6/1/2028 | 7942 | 8041 |
| Pool # WN2326, 4.45%, 12/1/2032 | 2160 | 2201 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # RA9081, 6.50%, 5/1/2053 | 2539 | 2683 |
| Pool # SD4030, 6.50%, 10/1/2053 | 5812 | 6138 |
| Pool # SD4320, 6.00%, 11/1/2053 | 58021 | 60536 |
| Pool # SD4341, 6.50%, 11/1/2053 | 13911 | 14725 |
| Pool # SD5883, 6.50%, 6/1/2054 | 17263 | 18239 |
| Pool # SD5979, 6.00%, 7/1/2054 | 33982 | 35039 |
| Pool # SD6268, 6.50%, 8/1/2054 | 15274 | 16162 |
| Pool # SD6896, 6.00%, 9/1/2054 | 62103 | 64733 |
| Pool # SD6461, 6.50%, 10/1/2054 | 11414 | 12062 |
| Pool # SL2544, 6.50%, 8/1/2055 | 28648 | 30256 |
| Pool # QZ6253, 5.50%, 10/1/2055 | 2995 | 3050 |
| Pool # QZ6256, 5.50%, 10/1/2055 | 4630 | 4713 |
| Pool # QZ6966, 5.50%, 11/1/2055 | 3496 | 3559 |
| Pool # QZ8076, 5.50%, 11/1/2055 | 3426 | 3483 |
| Pool # QZ9117, 5.50%, 11/1/2055 | 2372 | 2415 |
| Pool # RQ0064, 5.50%, 11/1/2055 | 25813 | 26248 |
| Pool # TA1190, 5.50%, 11/1/2055 | 1398 | 1422 |
| Pool # SL3192, 6.00%, 11/1/2055 | 107289 | 111906 |
| Pool # TA0290, 5.50%, 12/1/2055 | 4469 | 4544 |
| Pool # TA0943, 5.50%, 12/1/2055 | 2085 | 2120 |
| Pool # TA1618, 5.50%, 12/1/2055 | 1101 | 1123 |
| Pool # RQ0085, 5.50%, 1/1/2056 | 60810 | 61834 |
| Pool # SL3686, 5.50%, 1/1/2056 | 18581 | 18923 |
| Pool # TA3495, 5.50%, 1/1/2056 | 2293 | 2331 |
| Pool # TA3891, 5.50%, 1/1/2056 | 7554 | 7687 |
| Pool # TA4276, 5.50%, 1/1/2056 | 352 | 358 |
| Pool # TA4348, 5.50%, 1/1/2056 | 3090 | 3157 |
| Pool # TA4349, 5.50%, 1/1/2056 | 3079 | 3144 |
| Pool # TA4352, 5.50%, 1/1/2056 | 6524 | 6659 |
| Pool # TA4353, 5.50%, 1/1/2056 | 6513 | 6646 |
| Pool # TA4363, 5.50%, 1/1/2056 | 2159 | 2204 |
| Pool # TA4375, 5.50%, 1/1/2056 | 8361 | 8529 |
| Pool # TA4376, 5.50%, 1/1/2056 | 8515 | 8685 |
| Pool # TA4377, 5.50%, 1/1/2056 | 713 | 727 |
| Pool # TA4380, 5.50%, 1/1/2056 | 3809 | 3879 |
| Pool # TA5070, 5.50%, 1/1/2056 | 12230 | 12559 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # TA5257, 5.50%, 1/1/2056 | 926 | 945 |
| Pool # TA5975, 5.50%, 1/1/2056 | 479 | 488 |
| Pool # RQ0086, 6.00%, 1/1/2056 | 23257 | 23872 |
| Pool # TA5158, 6.00%, 1/1/2056 | 1311 | 1356 |
| Pool # TA6600, 6.50%, 1/1/2056 | 332 | 350 |
| Pool # TA5189, 7.00%, 1/1/2056 | 722 | 765 |
| Pool # TA5048, 5.50%, 2/1/2056 | 2619 | 2674 |
| Pool # TA5429, 5.50%, 2/1/2056 | 3787 | 3857 |
| Pool # TA5432, 5.50%, 2/1/2056 | 8742 | 8887 |
| Pool # TA5448, 5.50%, 2/1/2056 | 527 | 538 |
| Pool # TA5456, 5.50%, 2/1/2056 | 686 | 699 |
| Pool # TA5458, 5.50%, 2/1/2056 | 644 | 655 |
| Pool # TA5459, 5.50%, 2/1/2056 | 1056 | 1078 |
| Pool # TA5581, 5.50%, 2/1/2056 | 1289 | 1326 |
| Pool # TA5679, 5.50%, 2/1/2056 | 972 | 990 |
| Pool # TA5685, 5.50%, 2/1/2056 | 2292 | 2331 |
| Pool # TA6050, 5.50%, 2/1/2056 | 1507 | 1532 |
| Pool # TA6062, 5.50%, 2/1/2056 | 391 | 402 |
| Pool # TA6124, 5.50%, 2/1/2056 | 2211 | 2256 |
| Pool # TA6592, 5.50%, 2/1/2056 | 976 | 1002 |
| Pool # TA6704, 5.50%, 2/1/2056 | 1011 | 1031 |
| Pool # TA6710, 5.50%, 2/1/2056 | 4004 | 4078 |
| Pool # TA6724, 5.50%, 2/1/2056 | 7318 | 7439 |
| Pool # TA7028, 5.50%, 2/1/2056 | 588 | 599 |
| Pool # TA5161, 6.00%, 2/1/2056 | 1257 | 1301 |
| Pool # TA5178, 6.00%, 2/1/2056 | 466 | 489 |
| Pool # TA5427, 6.00%, 2/1/2056 | 1456 | 1505 |
| Pool # TA5434, 6.00%, 2/1/2056 | 1145 | 1183 |
| Pool # TA5436, 6.00%, 2/1/2056 | 2683 | 2766 |
| Pool # TA5443, 6.00%, 2/1/2056 | 2707 | 2792 |
| Pool # TA6599, 6.00%, 2/1/2056 | 1343 | 1391 |
| Pool # TA6717, 6.00%, 2/1/2056 | 2668 | 2757 |
| Pool # TA6718, 6.00%, 2/1/2056 | 2693 | 2778 |
| Pool # TA6740, 6.00%, 2/1/2056 | 2845 | 2933 |
| Pool # TA6742, 6.00%, 2/1/2056 | 2715 | 2799 |
| Pool # TA5253, 6.50%, 2/1/2056 | 1376 | 1447 |
| Pool # TA5435, 6.50%, 2/1/2056 | 520 | 544 |
| Pool # TA5442, 6.50%, 2/1/2056 | 440 | 461 |
| Pool # TA5444, 6.50%, 2/1/2056 | 1039 | 1085 |
| Pool # TA5447, 6.50%, 2/1/2056 | 790 | 825 |
| Pool # TA5449, 6.50%, 2/1/2056 | 576 | 601 |
| Pool # TA6727, 6.50%, 2/1/2056 | 478 | 501 |
| Pool # TA6729, 6.50%, 2/1/2056 | 378 | 396 |
| Pool # TA6730, 6.50%, 2/1/2056 | 1023 | 1069 |
| Pool # TA6746, 6.50%, 2/1/2056 | 566 | 592 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 147

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # TA7120, 6.50%, 2/1/2056 | 309 | 321 |
| Pool # RQ0103, 5.50%, 3/1/2056 | 45077 | 45831 |
| Pool # TA7127, 5.50%, 3/1/2056 | 2006 | 2046 |
| Pool # TA7129, 5.50%, 3/1/2056 | 1345 | 1373 |
| Pool # TA7684, 5.50%, 3/1/2056 | 3427 | 3497 |
| Pool # TA7685, 5.50%, 3/1/2056 | 311 | 318 |
| Pool # TA7688, 5.50%, 3/1/2056 | 597 | 609 |
| Pool # TA7713, 5.50%, 3/1/2056 | 766 | 783 |
| Pool # TA8148, 5.50%, 3/1/2056 | 3826 | 3889 |
| Pool # TA8151, 5.50%, 3/1/2056 | 1895 | 1932 |
| Pool # TA7663, 6.00%, 3/1/2056 | 777 | 804 |
| Pool # TA7664, 6.00%, 3/1/2056 | 334 | 344 |
| Pool # TA6726, 6.50%, 3/1/2056 | 561 | 589 |
| Pool # TA7116, 6.50%, 3/1/2056 | 339 | 354 |
| Pool # TA7117, 6.50%, 3/1/2056 | 301 | 316 |
| Pool # TA7125, 6.50%, 3/1/2056 | 315 | 331 |
| FNMA  |  |  |
| Pool # BM7862, ARM, 5.09%, 10/1/2055 (a) | 3860 | 3938 |
| Pool # BM7859, ARM, 4.88%, 11/1/2055 (a) | 14717 | 14967 |
| Pool # BM7874, ARM, 5.00%, 11/1/2055 (a) | 22071 | 22577 |
| Pool # DF4134, ARM, 5.33%, 11/1/2055 (a) | 6887 | 7042 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # CB5497, 6.50%, 1/1/2053 | 7755 | 8158 |
| Pool # FS5780, 5.50%, 8/1/2053 | 6050 | 6150 |
| Pool # CB7136, 6.50%, 9/1/2053 | 17354 | 18340 |
| Pool # FS6942, 6.50%, 12/1/2053 | 8243 | 8598 |
| Pool # CB8004, 6.00%, 2/1/2054 | 11050 | 11516 |
| Pool # CB8495, 6.00%, 5/1/2054 | 36276 | 37816 |
| Pool # FS8911, 6.50%, 8/1/2054 | 20932 | 22202 |
| Pool # CB9153, 6.00%, 9/1/2054 | 45571 | 47669 |
| Pool # DC4812, 5.50%, 11/1/2054 | 883 | 898 |
| Pool # DC7023, 6.00%, 12/1/2054 | 7436 | 7631 |
| Pool # FA1925, 6.00%, 12/1/2054 | 35191 | 36331 |
| Pool # FA0444, 5.50%, 1/1/2055 | 867 | 881 |
| Pool # FA0541, 6.00%, 2/1/2055 | 44644 | 46577 |
| Pool # FA3119, 6.00%, 2/1/2055 | 6986 | 7186 |
| Pool # FA0970, 6.00%, 3/1/2055 | 5922 | 6086 |
| Pool # DD8503, 6.00%, 5/1/2055 | 12734 | 13069 |
| Pool # BV1723, 6.00%, 6/1/2055 | 27743 | 28474 |
| Pool # FA2805, 6.50%, 9/1/2055 | 17374 | 18349 |
| Pool # DE9119, 5.50%, 10/1/2055 | 1906 | 1938 |
| Pool # DF1922, 5.50%, 10/1/2055 | 1338 | 1361 |
| Pool # FA2900, 6.00%, 10/1/2055 | 96860 | 101028 |
| Pool # DF2187, 4.00%, 11/1/2055 | 811 | 789 |
| Pool # FA3423, 6.00%, 11/1/2055 | 36263 | 37823 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # DF3947, 5.50%, 12/1/2055 | 1369 | 1392 |
| Pool # DF5185, 5.50%, 12/1/2055 | 905 | 921 |
| Pool # DF6528, 5.50%, 12/1/2055 | 1867 | 1900 |
| Pool # DF6535, 5.50%, 12/1/2055 | 2601 | 2649 |
| Pool # DF6613, 5.50%, 12/1/2055 | 2427 | 2476 |
| Pool # DF6615, 5.50%, 12/1/2055 | 3617 | 3684 |
| Pool # DF8733, 5.50%, 12/1/2055 | 1511 | 1536 |
| Pool # DG0277, 5.50%, 12/1/2055 | 785 | 798 |
| Pool # DF8756, 6.00%, 12/1/2055 | 790 | 817 |
| Pool # DF0526, 5.50%, 1/1/2056 | 1495 | 1521 |
| Pool # DF1408, 5.50%, 1/1/2056 | 1498 | 1526 |
| Pool # DF1409, 5.50%, 1/1/2056 | 1299 | 1320 |
| Pool # DF8198, 5.50%, 1/1/2056 | 676 | 689 |
| Pool # DF8915, 5.50%, 1/1/2056 | 620 | 630 |
| Pool # DF9545, 5.50%, 1/1/2056 | 1921 | 1957 |
| Pool # DF9558, 5.50%, 1/1/2056 | 658 | 671 |
| Pool # DG2633, 5.50%, 1/1/2056 | 1772 | 1819 |
| Pool # MA5945, 5.50%, 1/1/2056 | 88930 | 90424 |
| Pool # DF9392, 6.00%, 1/1/2056 | 4645 | 4790 |
| Pool # DF9394, 6.00%, 1/1/2056 | 6195 | 6388 |
| Pool # DF9396, 6.00%, 1/1/2056 | 6062 | 6249 |
| Pool # DF9400, 6.00%, 1/1/2056 | 5502 | 5665 |
| Pool # DF9401, 6.00%, 1/1/2056 | 6824 | 7038 |
| Pool # DF9403, 6.00%, 1/1/2056 | 2032 | 2102 |
| Pool # DF9774, 6.00%, 1/1/2056 | 2858 | 2968 |
| Pool # DF9784, 6.00%, 1/1/2056 | 743 | 763 |
| Pool # DF9799, 6.00%, 1/1/2056 | 492 | 513 |
| Pool # DG0834, 6.00%, 1/1/2056 | 2573 | 2663 |
| Pool # DF9405, 6.50%, 1/1/2056 | 1474 | 1543 |
| Pool # DF9406, 6.50%, 1/1/2056 | 509 | 532 |
| Pool # DF9407, 6.50%, 1/1/2056 | 494 | 515 |
| Pool # DF9410, 6.50%, 1/1/2056 | 1054 | 1103 |
| Pool # DF9411, 6.50%, 1/1/2056 | 924 | 969 |
| Pool # DF9412, 6.50%, 1/1/2056 | 1008 | 1056 |
| Pool # DF9759, 6.50%, 1/1/2056 | 1078 | 1143 |
| Pool # DF9789, 6.50%, 1/1/2056 | 1170 | 1225 |
| Pool # MA5947, 6.50%, 1/1/2056 | 12840 | 13338 |
| Pool # DF6909, 7.00%, 1/1/2056 | 503 | 533 |
| Pool # DF4315, 5.50%, 2/1/2056 | 814 | 827 |
| Pool # DF6150, 5.50%, 2/1/2056 | 2396 | 2439 |
| Pool # DF6154, 5.50%, 2/1/2056 | 2004 | 2045 |
| Pool # DF9556, 5.50%, 2/1/2056 | 3670 | 3738 |
| Pool # DG1432, 5.50%, 2/1/2056 | 1479 | 1507 |
| Pool # DG1463, 5.50%, 2/1/2056 | 3234 | 3301 |
| Pool # DG1477, 5.50%, 2/1/2056 | 1229 | 1257 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

148 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # DG1567, 5.50%, 2/1/2056 | 3406 | 3469 |
| Pool # DG1571, 5.50%, 2/1/2056 | 2371 | 2422 |
| Pool # DG1572, 5.50%, 2/1/2056 | 6270 | 6374 |
| Pool # DG2007, 5.50%, 2/1/2056 | 2529 | 2575 |
| Pool # DG2008, 5.50%, 2/1/2056 | 3047 | 3103 |
| Pool # DG2562, 5.50%, 2/1/2056 | 3359 | 3429 |
| Pool # DG2571, 5.50%, 2/1/2056 | 932 | 953 |
| Pool # DG2878, 5.50%, 2/1/2056 | 427 | 436 |
| Pool # DF6156, 6.00%, 2/1/2056 | 891 | 918 |
| Pool # DF9402, 6.00%, 2/1/2056 | 2416 | 2500 |
| Pool # DG0817, 6.00%, 2/1/2056 | 2440 | 2521 |
| Pool # DG1435, 6.00%, 2/1/2056 | 2077 | 2143 |
| Pool # DG1582, 6.00%, 2/1/2056 | 1967 | 2029 |
| Pool # DG1583, 6.00%, 2/1/2056 | 4405 | 4543 |
| Pool # DG1585, 6.00%, 2/1/2056 | 2719 | 2804 |
| Pool # DG1590, 6.00%, 2/1/2056 | 1657 | 1711 |
| Pool # DG2582, 6.00%, 2/1/2056 | 3821 | 3934 |
| Pool # DG2870, 6.00%, 2/1/2056 | 1368 | 1424 |
| Pool # DG0818, 6.50%, 2/1/2056 | 2066 | 2159 |
| Pool # DG1597, 6.50%, 2/1/2056 | 646 | 675 |
| Pool # DG1598, 6.50%, 2/1/2056 | 467 | 491 |
| Pool # DG2059, 6.50%, 2/1/2056 | 807 | 847 |
| Pool # DG3689, 6.50%, 2/1/2056 | 655 | 686 |
| Pool # DG3041, 5.50%, 3/1/2056 | 2615 | 2678 |
| Pool # DG3660, 5.50%, 3/1/2056 | 593 | 609 |
| Pool # DG3663, 5.50%, 3/1/2056 | 1005 | 1026 |
| Pool # DG3668, 5.50%, 3/1/2056 | 1146 | 1174 |
| Pool # DG3669, 5.50%, 3/1/2056 | 669 | 686 |
| Pool # DG3743, 5.50%, 3/1/2056 | 515 | 529 |
| Pool # DG3747, 5.50%, 3/1/2056 | 1062 | 1087 |
| Pool # DG4449, 5.50%, 3/1/2056 | 2458 | 2507 |
| Pool # DG4457, 5.50%, 3/1/2056 | 559 | 572 |
| Pool # DG4498, 5.50%, 3/1/2056 | 1286 | 1311 |
| Pool # MA5998, 5.50%, 3/1/2056 | 4816 | 4897 |
| Pool # DG3673, 6.00%, 3/1/2056 | 1046 | 1082 |
| Pool # DG3682, 6.50%, 3/1/2056 | 526 | 552 |
| Pool # DG3683, 6.50%, 3/1/2056 | 494 | 517 |
| Pool # DG3684, 6.50%, 3/1/2056 | 493 | 514 |
| Pool # DG3686, 6.50%, 3/1/2056 | 730 | 762 |
| Pool # DG3688, 6.50%, 3/1/2056 | 997 | 1041 |
| Pool # DG3693, 6.50%, 3/1/2056 | 474 | 498 |
| FNMA, Other  |  |  |
| Pool # BS7094, 4.78%, 11/1/2029 | 23000 | 23585 |
| Pool # BS3390, 1.69%, 10/1/2031 | 10869 | 9756 |
| Pool # BS3377, 1.72%, 10/1/2031 | 2190 | 1953 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BS4294, 1.97%, 1/1/2034 | 2400 | 2076 |
| Pool # BZ1211, 4.99%, 6/1/2034 | 4700 | 4963 |
| Pool # BZ3537, 4.97%, 4/1/2035 | 11327 | 11902 |
| GNMA II Pool # MB0697, ARM, 5.50%, <br> 10/20/2055 (a)<br>| 10950 | 11229 |
| GNMA II, 30 Year  |  |  |
| Pool # DA9696, 6.50%, 4/20/2045 | 141 | 146 |
| Pool # BF2605, 5.50%, 5/20/2048 | 256 | 267 |
| Pool # BJ9839, 4.38%, 4/20/2049 | 72 | 72 |
| Pool # MA8152, 5.00%, 7/20/2052 |  |  |
| Pool # MA8432, 7.00%, 11/20/2052 | 36 | 38 |
| Pool # MA8882, 7.00%, 5/20/2053 | 88 | 92 |
| Pool # DA0555, 6.50%, 2/20/2054 | 2123 | 2230 |
| Pool # 787307, 6.50%, 3/20/2054 | 2745 | 2883 |
| Pool # DB1810, 6.50%, 3/20/2054 | 1643 | 1726 |
| Pool # DB1811, 6.50%, 3/20/2054 | 707 | 742 |
| Pool # DB1521, 6.00%, 4/20/2054 | 964 | 996 |
| Pool # DB1161, 6.50%, 4/20/2054 | 1353 | 1421 |
| Pool # DA9805, 6.50%, 5/20/2054 | 289 | 303 |
| Pool # DB7176, 6.50%, 5/20/2054 | 426 | 450 |
| Pool # DB7182, 6.00%, 6/20/2054 | 760 | 782 |
| Pool # DB9010, 6.00%, 6/20/2054 | 892 | 917 |
| Pool # DC6423, 6.00%, 6/20/2054 | 1760 | 1818 |
| Pool # DC6424, 6.00%, 6/20/2054 | 1232 | 1271 |
| Pool # DC6462, 6.00%, 6/20/2054 | 1502 | 1552 |
| Pool # DC6464, 6.00%, 6/20/2054 | 7207 | 7432 |
| Pool # DC7762, 6.00%, 6/20/2054 | 8432 | 8696 |
| Pool # CP4226, 6.50%, 6/20/2054 | 935 | 986 |
| Pool # CZ1406, 6.50%, 6/20/2054 | 406 | 429 |
| Pool # DA1016, 6.50%, 6/20/2054 | 440 | 466 |
| Pool # DB7470, 6.50%, 6/20/2054 | 2241 | 2354 |
| Pool # DC6270, 6.50%, 6/20/2054 | 854 | 901 |
| Pool # DB7520, 6.00%, 7/20/2054 | 2600 | 2682 |
| Pool # DC6650, 6.00%, 7/20/2054 | 7425 | 7658 |
| Pool # DC8318, 6.00%, 7/20/2054 | 298 | 307 |
| Pool # DC8319, 6.00%, 7/20/2054 | 560 | 577 |
| Pool # DA1123, 6.50%, 7/20/2054 | 1389 | 1459 |
| Pool # DB7614, 6.50%, 7/20/2054 | 403 | 423 |
| Pool # DC4815, 6.50%, 7/20/2054 | 1602 | 1683 |
| Pool # DC4824, 6.50%, 7/20/2054 | 2484 | 2609 |
| Pool # DC7719, 6.50%, 7/20/2054 | 137 | 144 |
| Pool # DD0258, 6.50%, 7/20/2054 | 432 | 456 |
| Pool # DD1474, 6.50%, 7/20/2054 | 5128 | 5386 |
| Pool # 787515, 6.00%, 8/20/2054 | 52189 | 53690 |
| Pool # DE1862, 6.00%, 8/20/2054 | 4105 | 4234 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 149

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # 787524, 6.50%, 8/20/2054 | 23212 | 24523 |
| Pool # 787526, 6.50%, 8/20/2054 | 25883 | 27227 |
| Pool # 787527, 6.50%, 8/20/2054 | 22932 | 24182 |
| Pool # 787528, 6.50%, 8/20/2054 | 28891 | 30373 |
| Pool # DA1146, 6.50%, 8/20/2054 | 374 | 393 |
| Pool # DA2943, 6.50%, 8/20/2054 | 1172 | 1232 |
| Pool # DC5089, 6.50%, 8/20/2054 | 1085 | 1141 |
| Pool # DC8297, 6.50%, 8/20/2054 | 1319 | 1388 |
| Pool # DD0605, 6.50%, 8/20/2054 | 421 | 443 |
| Pool # DD8028, 6.50%, 8/20/2054 | 471 | 497 |
| Pool # DD8029, 6.50%, 8/20/2054 | 462 | 483 |
| Pool # DD8031, 6.50%, 8/20/2054 | 235 | 247 |
| Pool # DD8032, 6.50%, 8/20/2054 | 654 | 689 |
| Pool # DD8033, 6.50%, 8/20/2054 | 200 | 211 |
| Pool # DE0930, 6.50%, 8/20/2054 | 304 | 320 |
| Pool # DE0931, 6.50%, 8/20/2054 | 242 | 256 |
| Pool # DE0933, 6.50%, 8/20/2054 | 332 | 350 |
| Pool # DE1872, 6.50%, 8/20/2054 | 3732 | 3920 |
| Pool # 787553, 6.00%, 9/20/2054 | 43813 | 45208 |
| Pool # DE0971, 6.00%, 9/20/2054 | 661 | 682 |
| Pool # DE4370, 6.00%, 9/20/2054 | 2597 | 2678 |
| Pool # DE4373, 6.00%, 9/20/2054 | 1845 | 1902 |
| Pool # 787554, 6.50%, 9/20/2054 | 36185 | 38041 |
| Pool # DE6368, 6.50%, 9/20/2054 | 2738 | 2871 |
| Pool # 787593, 5.50%, 10/20/2054 | 5512 | 5634 |
| Pool # 787595, 6.00%, 10/20/2054 | 7681 | 7935 |
| Pool # 787596, 6.00%, 10/20/2054 | 18950 | 19625 |
| Pool # DF5278, 6.00%, 10/20/2054 | 653 | 674 |
| Pool # 787890, 6.00%, 11/20/2054 | 39628 | 40847 |
| Pool # DG0986, 6.00%, 11/20/2054 | 150 | 156 |
| Pool # DG1019, 6.00%, 11/20/2054 | 734 | 762 |
| Pool # DG1038, 6.00%, 11/20/2054 | 112 | 116 |
| Pool # DE0928, 6.00%, 12/20/2054 | 405 | 421 |
| Pool # DF4458, 6.00%, 12/20/2054 | 583 | 606 |
| Pool # DF4461, 6.00%, 12/20/2054 | 665 | 686 |
| Pool # DF4477, 6.00%, 12/20/2054 | 1418 | 1474 |
| Pool # DF8291, 6.00%, 12/20/2054 | 8849 | 9126 |
| Pool # DG1004, 6.00%, 12/20/2054 | 642 | 667 |
| Pool # DG1015, 6.00%, 12/20/2054 | 674 | 697 |
| Pool # DG1018, 6.00%, 12/20/2054 | 673 | 699 |
| Pool # DG1027, 6.00%, 12/20/2054 | 1317 | 1368 |
| Pool # DG8794, 6.00%, 12/20/2054 | 334 | 347 |
| Pool # DG8812, 6.00%, 12/20/2054 | 374 | 388 |
| Pool # DG8826, 6.00%, 12/20/2054 | 432 | 449 |
| Pool # DG8827, 6.00%, 1/20/2055 | 1784 | 1854 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # DG8828, 6.00%, 1/20/2055 | 576 | 592 |
| Pool # DG8829, 6.00%, 1/20/2055 | 763 | 793 |
| Pool # DG8840, 6.00%, 1/20/2055 | 544 | 565 |
| Pool # DG8841, 6.00%, 1/20/2055 | 1613 | 1676 |
| Pool # DG8842, 6.00%, 1/20/2055 | 452 | 465 |
| Pool # DG8843, 6.00%, 1/20/2055 | 617 | 641 |
| Pool # DG8871, 6.00%, 1/20/2055 | 371 | 385 |
| Pool # 787892, 5.50%, 2/20/2055 | 28174 | 28879 |
| Pool # 787885, 6.00%, 3/20/2055 | 75845 | 78221 |
| Pool # 787935, 5.50%, 4/20/2055 | 15408 | 15776 |
| Pool # 787936, 5.50%, 4/20/2055 | 49065 | 50411 |
| Pool # DI0238, 6.00%, 4/20/2055 | 3807 | 3904 |
| Pool # 787943, 6.50%, 5/20/2055 | 36930 | 39085 |
| Pool # 788063, 6.00%, 7/20/2055 | 16050 | 16552 |
| Pool # MB0558, 6.50%, 8/20/2055 | 7782 | 8094 |
| Pool # MB0624, 6.00%, 9/20/2055 | 62406 | 63791 |
| Pool # DN0795, 5.50%, 10/20/2055 | 11075 | 11336 |
| Pool # 788204, 6.00%, 10/20/2055 | 18901 | 19477 |
| Pool # DN5956, 6.00%, 10/20/2055 | 4234 | 4384 |
| Pool # DN5961, 6.00%, 10/20/2055 | 4344 | 4489 |
| Pool # DN5965, 6.00%, 10/20/2055 | 24692 | 25480 |
| Pool # DN5970, 6.00%, 10/20/2055 | 36246 | 37311 |
| Pool # DN5975, 6.00%, 10/20/2055 | 3677 | 3779 |
| Pool # 788245, 6.50%, 10/20/2055 | 36606 | 38462 |
| Pool # 788316, 5.50%, 12/20/2055 | 34363 | 35079 |
| Pool # MB0814, 5.50%, 12/20/2055 | 368224 | 374036 |
| Pool # 788314, 6.00%, 12/20/2055 | 14866 | 15329 |
| Pool # 788315, 6.50%, 12/20/2055 | 15990 | 16783 |
| Pool # MB0816, 6.50%, 12/20/2055 | 34180 | 35674 |
| Pool # MB0872, 5.50%, 1/20/2056 | 49900 | 50709 |
| Pool # 788375, 6.50%, 1/20/2056 | 12258 | 12864 |
| GNMA II, Other Pool # CX7724, 7.00%, <br> 9/20/2063<br>| 92 | 95 |
| GNMA II, Single Family, 30 Year  |  |  |
| TBA, 5.50%, 3/15/2056 (b) | 1833970 | 1857374 |
| TBA, 6.00%, 3/15/2056 (b) | 363200 | 370486 |
| Total Mortgage-Backed Securities <br>(Cost $5,243,943)<br>|  | 5272200 |
| **Commercial Mortgage-Backed Securities — 22.1%** | **Commercial Mortgage-Backed Securities — 22.1%** | **Commercial Mortgage-Backed Securities — 22.1%** |
| 20 Times Square Trust Series 2018-20TS, Class F, <br> 3.10%, 5/15/2035 (a) (c)<br>| 600 | 540 |
| Acrc 5.25%, 11/15/2026 ‡ (c) | 21000 | 20555 |
| Areit Frn 8.20%, 10/17/2026 ‡ (c) | 29000 | 28771 |
| BAML RCAP Frn 8.00%, 10/25/2027 ‡ | 10639 | 10639 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

150 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| BANK |  |  |
| Series 2019-BN16, Class D, 3.00%, <br> 2/15/2052 (c)<br>| 8795 | 6986 |
| Series 2019-BN16, Class F, 3.67%, <br> 2/15/2052 (a) (c)<br>| 3000 | 1130 |
| Series 2019-BN17, Class D, 3.00%, <br> 4/15/2052 (c)<br>| 2800 | 2371 |
| Series 2019-BN17, Class E, 3.00%, <br> 4/15/2052 (c)<br>| 2500 | 2035 |
| Series 2019-BN21, Class E, 2.50%, <br> 10/17/2052 (c)<br>| 8600 | 6007 |
| Series 2019-BN21, Class F, 2.68%, <br> 10/17/2052 (c)<br>| 2841 | 1662 |
| Series 2019-BN23, Class XA, IO, 0.68%, <br> 12/15/2052 (a)<br>| 38056 | 819 |
| Series 2020-BN29, Class D, 2.50%, <br> 11/15/2053 (c)<br>| 5000 | 4001 |
| Series 2020-BN29, Class E, 2.50%, <br> 11/15/2053 (c)<br>| 3500 | 2631 |
| Series 2020-BN30, Class D, 2.50%, <br> 12/15/2053 (a) (c)<br>| 5231 | 4168 |
| Series 2020-BN30, Class E, 2.50%, <br> 12/15/2053 (a) (c)<br>| 4145 | 3086 |
| Series 2017-BNK9, Class D, 2.80%, <br> 11/15/2054 (c)<br>| 2149 | 1428 |
| Series 2017-BNK5, Class D, 3.08%, <br> 6/15/2060 (a) (c)<br>| 1000 | 890 |
| Series 2017-BNK5, Class C, 4.21%, <br> 6/15/2060 (a)<br>| 2050 | 1968 |
| Series 2017-BNK6, Class D, 3.10%, <br> 7/15/2060 (c)<br>| 3195 | 2789 |
| Series 2018-BN14, Class XB, IO, 0.09%, <br> 9/15/2060 (a)<br>| 132263 | 302 |
| Series 2017-BNK7, Class D, 2.71%, <br> 9/15/2060 (c)<br>| 3000 | 2388 |
| Series 2018-BN14, Class F, 3.94%, <br> 9/15/2060 (c)<br>| 1000 | 575 |
| Series 2018-BN10, Class D, 2.60%, <br> 2/15/2061 (c)<br>| 1500 | 1310 |
| Series 2018-BN12, Class D, 3.00%, <br> 5/15/2061 (c)<br>| 1250 | 997 |
| Series 2018-BN13, Class D, 3.00%, <br> 8/15/2061 (c)<br>| 2000 | 1523 |
| Series 2019-BN19, Class C, 4.03%, <br> 8/15/2061 (a)<br>| 2500 | 1873 |
| Series 2018-BN15, Class E, 3.00%, <br> 11/15/2061 (c)<br>| 2000 | 1579 |
| Series 2019-BN18, Class E, 3.00%, <br> 5/15/2062 (c)<br>| 2150 | 1244 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2019-BN20, Class XA, IO, 0.81%, <br> 9/15/2062 (a)<br>| 48278 | 1184 |
| Series 2019-BN20, Class D, 2.50%, <br> 9/15/2062 (c)<br>| 6721 | 3966 |
| Series 2019-BN20, Class E, 2.50%, <br> 9/15/2062 (c)<br>| 8600 | 4559 |
| Series 2019-BN24, Class XA, IO, 0.63%, <br> 11/15/2062 (a)<br>| 97601 | 2096 |
| Series 2019-BN22, Class D, 2.50%, <br> 11/15/2062 (c)<br>| 4250 | 3364 |
| Series 2019-BN24, Class D, 2.50%, <br> 11/15/2062 (c)<br>| 7380 | 5971 |
| Series 2020-BN25, Class E, 2.50%, <br> 1/15/2063 (c)<br>| 4250 | 3146 |
| Series 2020-BN26, Class D, 2.50%, <br> 3/15/2063 (c)<br>| 3250 | 2441 |
| Series 2020-BN26, Class E, 2.50%, <br> 3/15/2063 (c)<br>| 5520 | 3781 |
| Series 2020-BN26, Class AS, 2.69%, <br> 3/15/2063<br>| 7278 | 6667 |
| Series 2021-BN33, Class D, 2.50%, <br> 5/15/2064 (c)<br>| 3700 | 2833 |
| Series 2021-BN33, Class E, 2.50%, <br> 5/15/2064 (c)<br>| 3850 | 2688 |
| Series 2021-BN35, Class XB, IO, 0.60%, <br> 6/15/2064 (a)<br>| 40000 | 1178 |
| Series 2021-BN35, Class E, 2.50%, <br> 6/15/2064 (a) (c)<br>| 5300 | 3749 |
| BANK5 |  |  |
| Series 2023-5YR1, Class A3, 6.26%, <br> 4/15/2056 (a)<br>| 26446 | 27426 |
| Series 2023-5YR3, Class A2, 6.26%, <br> 9/15/2056<br>| 19618 | 20403 |
| Series 2023-5YR4, Class A3, 6.50%, <br> 12/15/2056<br>| 6665 | 7019 |
| Barclays Commercial Mortgage Trust Series <br> 2019-C4, Class D, 3.25%, 8/15/2052 (c)<br>| 8451 | 5509 |
| BBCMS Mortgage Trust |  |  |
| Series 2018-TALL, Class E, 6.29%, <br> 3/15/2037 (a) (c)<br>| 6000 | 5030 |
| Series 2017-C1, Class D, 3.55%, <br> 2/15/2050 (a) (c)<br>| 1000 | 733 |
| Series 2021-C11, Class XB, IO, 0.95%, <br> 9/15/2054 (a)<br>| 30040 | 1444 |
| Series 2021-C11, Class XA, IO, 1.33%, <br> 9/15/2054 (a)<br>| 154566 | 7690 |
| Series 2023-C22, Class A5, 6.80%, <br> 11/15/2056 (a)<br>| 7100 | 8025 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 151

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2023-5C23, Class A3, 6.68%, <br> 12/15/2056 (a)<br>| 15110 | 16023 |
| Benchmark Mortgage Trust |  |  |
| Series 2018-B1, Class D, 2.75%, <br> 1/15/2051 (c)<br>| 2000 | 1212 |
| Series 2018-B1, Class C, 4.20%, <br> 1/15/2051 (a)<br>| 5140 | 4254 |
| Series 2018-B2, Class XA, IO, 0.43%, <br> 2/15/2051 (a)<br>| 31988 | 197 |
| Series 2018-B8, Class D, 3.00%, <br> 1/15/2052 (c)<br>| 3050 | 2304 |
| Series 2019-B9, Class D, 3.00%, <br> 3/15/2052 (c)<br>| 2000 | 1366 |
| Series 2019-B9, Class F, 3.74%, <br> 3/15/2052 (a) (c)<br>| 6000 | 2681 |
| Series 2019-B11, Class D, 3.00%, <br> 5/15/2052 (c)<br>| 1900 | 1059 |
| Series 2020-B16, Class E, 2.50%, <br> 2/15/2053 (c)<br>| 7250 | 5035 |
| Series 2020-B21, Class E, 2.00%, <br> 12/17/2053 (c)<br>| 2500 | 1359 |
| Series 2024-V7, Class A3, 6.23%, <br> 5/15/2056 (a)<br>| 27131 | 28725 |
| Series 2023-V3, Class A3, 6.36%, <br> 7/15/2056 (a)<br>| 278 | 291 |
| Series 2024-V5, Class A3, 5.81%, 1/10/2057 | 4133 | 4310 |
| Series 2024-V9, Class A3, 5.60%, 8/15/2057 | 15500 | 16196 |
| Series 2026-V20, Class XA, IO, 1.22%, <br> 2/15/2059 (a)<br>| 20000 | 1088 |
| Series 2019-B14, Class E, 2.50%, <br> 12/15/2062 (c)<br>| 3000 | 1061 |
| Series 2019-B15, Class E, 2.75%, <br> 12/15/2072 (c)<br>| 9150 | 5352 |
| BHMS Commercial Mortgage Trust Series <br> 2025-ATLS, Class A, 5.51%, 8/15/2042 (a) (c)<br>| 21450 | 21584 |
| BMARK Series 2023-V4, Class A3, 6.84%, <br> 11/15/2056 (a)<br>| 28900 | 30641 |
| BMD2 Re-REMIC Trust |  |  |
| Series 2019-FRR1, Class 3AB, PO, 5/25/2052 ‡ <br> (c)<br>| 10499 | 9337 |
| Series 2019-FRR1, Class 4A, PO, 5/25/2052 ‡ <br> (c)<br>| 5000 | 4346 |
| BMO Mortgage Trust |  |  |
| Series 2022-C1, Class XA, IO, 0.46%, <br> 2/17/2055 (a)<br>| 78390 | 1647 |
| Series 2023-C5, Class A5, 5.77%, 6/15/2056 | 17900 | 18996 |
| Series 2023-5C1, Class A3, 6.53%, <br> 8/15/2056 (a)<br>| 39786 | 41683 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2023-5C2, Class A3, 7.05%, <br> 11/15/2056 (a)<br>| 27530 | 29457 |
| Series 2023-C7, Class A5, 6.16%, 12/15/2056 | 10900 | 11846 |
| Series 2024-5C3, Class A3, 5.74%, 2/15/2057 | 18530 | 19277 |
| Series 2024-5C4, Class A3, 6.53%, <br> 5/15/2057 (a)<br>| 24700 | 26321 |
| Series 2024-C9, Class XA, IO, 0.86%, <br> 7/15/2057 (a)<br>| 80007 | 4928 |
| Series 2024-C9, Class A5, 5.76%, 7/15/2057 | 10710 | 11570 |
| Series 2024-5C6, Class A3, 5.32%, 9/15/2057 | 10200 | 10568 |
| Series 2024-C10, Class XA, IO, 0.61%, <br> 11/15/2057 (a)<br>| 385258 | 18668 |
| Series 2024-5C7, Class XA, IO, 0.93%, <br> 11/15/2057 (a) (c)<br>| 91954 | 2832 |
| Series 2024-5C7, Class A3, 5.57%, <br> 11/15/2057 (a)<br>| 7000 | 7311 |
| Series 2024-5C7, Class AS, 5.89%, <br> 11/15/2057 (a)<br>| 1550 | 1601 |
| Series 2025-5C11, Class XA, IO, 1.11%, <br> 7/15/2058 (a)<br>| 48247 | 2114 |
| Series 2026-C14, Class XA, IO, 1.13%, <br> 2/15/2059 (a)<br>| 48830 | 4019 |
| BX Commercial Mortgage Trust |  |  |
| Series 2024-MF, Class A, 5.10%, <br> 2/15/2039 (a) (c)<br>| 7943 | 7943 |
| Series 2024-MF, Class B, 5.35%, <br> 2/15/2039 (a) (c)<br>| 3223 | 3224 |
| BX Mortgage Trust |  |  |
| Series 2025-BIO3, Class C, 6.96%, <br> 2/10/2042 (a) (c)<br>| 15700 | 16104 |
| Series 2025-BIO3, Class D, 6.96%, <br> 2/10/2042 (a) (c)<br>| 7900 | 8033 |
| Cantor Commercial Real Estate Lending Series <br> 2019-CF2, Class E, 2.50%, 11/15/2052 (c)<br>| 2300 | 1672 |
| Cascade Funding Mortgage Trust |  |  |
| Series 2021-FRR1, Class BK54, 0.00%, <br> 2/28/2026 (c)<br>| 19485 | 19460 |
| Series 2021-FRR1, Class CK54, 0.00%, <br> 2/28/2026<br>| 6700 | 6655 |
| Series 2021-FRR1, Class BK98, 0.00%, <br> 8/29/2029 (c)<br>| 6970 | 5574 |
| Series 2021-FRR1, Class AK99, 0.00%, <br> 9/29/2029 (c)<br>| 8000 | 6514 |
| Series 2021-FRR1, Class BK99, 0.00%, <br> 9/29/2029 (c)<br>| 14000 | 10722 |
| Series 2021-FRR1, Class BK58, 2.38%, <br> 9/29/2029 (a) (c)<br>| 11000 | 10694 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

152 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| CD Mortgage Trust |  |  |
| Series 2016-CD1, Class C, 3.63%, <br> 8/10/2049 (a)<br>| 3000 | 1660 |
| Series 2017-CD3, Class D, 3.25%, <br> 2/10/2050 (c)<br>| 642 | 37 |
| Series 2017-CD3, Class A4, 3.63%, 2/10/2050 | 1725 | 1687 |
| Series 2017-CD4, Class D, 3.30%, <br> 5/10/2050 (c)<br>| 3550 | 3145 |
| Series 2017-CD5, Class D, 3.35%, <br> 8/15/2050 (c)<br>| 266 | 247 |
| Series 2017-CD6, Class C, 4.27%, <br> 11/13/2050 (a)<br>| 914 | 860 |
| Series 2018-CD7, Class D, 3.09%, <br> 8/15/2051 (a) (c)<br>| 1629 | 1378 |
| Series 2018-CD7, Class C, 4.84%, <br> 8/15/2051 (a)<br>| 2700 | 2543 |
| Series 2019-CD8, Class XB, IO, 0.70%, <br> 8/15/2057 (a) (c)<br>| 78512 | 1691 |
| Series 2019-CD8, Class E, 3.00%, <br> 8/15/2057 (c)<br>| 1910 | 1142 |
| CFCRE Commercial Mortgage Trust |  |  |
| Series 2016-C6, Class C, 4.15%, <br> 11/10/2049 (a)<br>| 800 | 727 |
| Series 2016-C6, Class D, 4.15%, <br> 11/10/2049 (a) (c)<br>| 1900 | 1580 |
| CGMS Commercial Mortgage Trust |  |  |
| Series 2017-B1, Class D, 3.00%, <br> 8/15/2050 (c)<br>| 4359 | 3864 |
| Series 2017-B1, Class E, 3.30%, <br> 8/15/2050 (a) (c)<br>| 809 | 588 |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2014-GC25, Class D, 3.55%, <br> 10/10/2047 (c)<br>| 3750 | 2025 |
| Series 2015-GC29, Class D, 3.11%, <br> 4/10/2048 (c)<br>| 8955 | 6022 |
| Series 2015-GC31, Class D, 3.69%, <br> 6/10/2048 (a)<br>| 3800 | 243 |
| Series 2015-P1, Class D, 3.23%, <br> 9/15/2048 (c)<br>| 43 | 42 |
| Series 2016-GC36, Class B, 4.66%, <br> 2/10/2049 (a)<br>| 2500 | 2381 |
| Series 2016-GC36, Class C, 4.66%, <br> 2/10/2049 (a)<br>| 1000 | 878 |
| Series 2016-P3, Class B, 4.27%, <br> 4/15/2049 (a)<br>| 1200 | 1153 |
| Series 2016-C2, Class D, 3.25%, <br> 8/10/2049 (a) (c)<br>| 1500 | 1439 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2016-C3, Class D, 3.00%, <br> 11/15/2049 (c)<br>| 1500 | 1175 |
| Series 2016-P6, Class D, 3.25%, <br> 12/10/2049 (c)<br>| 2000 | 1470 |
| Series 2017-C4, Class D, 3.00%, <br> 10/12/2050 (c)<br>| 5453 | 4837 |
| Series 2019-GC43, Class E, 3.00%, <br> 11/10/2052 (c)<br>| 9287 | 5713 |
| Series 2020-GC46, Class E, 2.60%, <br> 2/15/2053 (c)<br>| 4500 | 2500 |
| Series 2015-GC33, Class D, 3.17%, 9/10/2058 | 9000 | 5624 |
| Series 2015-GC33, Class E, 4.34%, <br> 9/10/2058 (a) (c)<br>| 4330 | 2126 |
| COMM Mortgage Trust |  |  |
| Series 2024-CBM, Class A1, 5.66%, <br> 12/10/2041 (a) (c)<br>| 6923 | 7030 |
| Series 2024-CBM, Class A2, 5.87%, <br> 12/10/2041 (a) (c)<br>| 5484 | 5609 |
| Series 2024-CBM, Class B, 6.51%, <br> 12/10/2041 (a) (c)<br>| 5976 | 6157 |
| Series 2018-COR3, Class B, 4.54%, <br> 5/10/2051 (a)<br>| 2000 | 1743 |
| Commercial Mortgage Trust |  |  |
| Series 2014-CR14, Class C, 3.60%, <br> 2/10/2047 (a)<br>| 1000 | 981 |
| Series 2014-UBS2, Class D, 4.96%, <br> 3/10/2047 (a) (c)<br>| 267 | 118 |
| Series 2014-CR19, Class E, 3.95%, <br> 8/10/2047 (a) (c)<br>| 3290 | 3175 |
| Series 2014-UBS5, Class D, 3.50%, <br> 9/10/2047 (c)<br>| 4760 | 3142 |
| Series 2014-CR20, Class D, 3.22%, <br> 11/10/2047 (c)<br>| 4375 | 3221 |
| Series 2015-LC19, Class D, 2.87%, <br> 2/10/2048 (c)<br>| 3000 | 2813 |
| Series 2015-CR22, Class D, 3.69%, <br> 3/10/2048 (a) (c)<br>| 4174 | 3297 |
| Series 2015-LC21, Class E, 3.25%, <br> 7/10/2048 (c)<br>| 3000 | 1958 |
| Series 2015-LC21, Class D, 4.24%, <br> 7/10/2048 (a)<br>| 4200 | 3958 |
| Series 2015-CR24, Class D, 3.46%, <br> 8/10/2048 (a)<br>| 1458 | 1356 |
| Series 2015-CR25, Class D, 3.47%, <br> 8/10/2048 (a)<br>| 665 | 648 |
| Series 2015-CR27, Class D, 3.60%, <br> 10/10/2048 (a) (c)<br>| 2072 | 1803 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 153

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2015-LC23, Class D, 3.68%, <br> 10/10/2048 (a) (c)<br>| 2000 | 1718 |
| Series 2015-LC23, Class E, 3.68%, <br> 10/10/2048 (a) (c)<br>| 3500 | 2835 |
| Series 2016-CR28, Class E, 4.07%, <br> 2/10/2049 (a) (c)<br>| 3588 | 2843 |
| Series 2016-DC2, Class C, 4.64%, <br> 2/10/2049 (a)<br>| 2500 | 2458 |
| Series 2016-COR1, Class XB, IO, 0.42%, <br> 10/10/2049 (a) (c)<br>| 27554 | 22 |
| Series 2016-COR1, Class C, 4.32%, <br> 10/10/2049 (a)<br>| 1000 | 862 |
| Series 2013-CR11, Class D, 4.47%, <br> 8/10/2050 (a) (c)<br>| 2595 | 2504 |
| Series 2018-COR3, Class D, 2.84%, <br> 5/10/2051 (a) (c)<br>| 3250 | 1341 |
| Series 2019-GC44, Class E, 2.50%, <br> 8/15/2057 (c)<br>| 8493 | 5803 |
| CSAIL Commercial Mortgage Trust |  |  |
| Series 2015-C3, Class D, 3.13%, <br> 8/15/2048 (a)<br>| 1750 | 1315 |
| Series 2015-C3, Class C, 4.13%, <br> 8/15/2048 (a)<br>| 1260 | 1166 |
| Series 2016-C5, Class D, 3.40%, <br> 11/15/2048 (a) (c)<br>| 2750 | 2585 |
| Series 2016-C6, Class D, 4.89%, <br> 1/15/2049 (a) (c)<br>| 2655 | 2262 |
| Series 2017-CX10, Class AS, 3.67%, <br> 11/15/2050 (a)<br>| 7000 | 6775 |
| Series 2018-CX11, Class C, 4.79%, <br> 4/15/2051 (a)<br>| 6734 | 6340 |
| Series 2018-C14, Class C, 4.88%, <br> 11/15/2051 (a)<br>| 3610 | 3273 |
| Series 2018-C14, Class D, 4.88%, <br> 11/15/2051 (a) (c)<br>| 2000 | 1504 |
| Series 2019-C16, Class XA, IO, 1.53%, <br> 6/15/2052 (a)<br>| 69256 | 2773 |
| Series 2019-C17, Class D, 2.50%, <br> 9/15/2052 (c)<br>| 5500 | 3055 |
| Series 2019-C18, Class XB, IO, 0.16%, <br> 12/15/2052 (a)<br>| 61932 | 376 |
| Series 2019-C18, Class XA, IO, 0.99%, <br> 12/15/2052 (a)<br>| 44796 | 1315 |
| Series 2020-C19, Class D, 2.50%, <br> 3/15/2053 (c)<br>| 4450 | 2288 |
| Series 2021-C20, Class E, 2.25%, <br> 3/15/2054 (c)<br>| 5659 | 3817 |
| Series 2015-C2, Class C, 4.23%, <br> 6/15/2057 (a)<br>| 1548 | 1478 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2015-C2, Class D, 4.23%, <br> 6/15/2057 (a)<br>| 4775 | 4193 |
| CSMC OA LLC Series 2014-USA, Class D, 4.37%, <br> 9/15/2037 (c)<br>| 12636 | 10895 |
| DBGS Mortgage Trust Series 2018-C1, Class D, <br> 2.89%, 10/15/2051 (a) (c)<br>| 1000 | 744 |
| DBJPM Mortgage Trust |  |  |
| Series 2016-C3, Class D, 3.48%, <br> 8/10/2049 (a) (c)<br>| 2950 | 1922 |
| Series 2016-C3, Class E, 4.23%, <br> 8/10/2049 (a) (c)<br>| 1250 | 539 |
| Series 2017-C6, Class D, 3.19%, <br> 6/10/2050 (a) (c)<br>| 1800 | 1478 |
| ELM Trust Series 2024-ELM, Class C10, 6.40%, <br> 6/10/2039 (a) (c)<br>| 12915 | 12965 |
| FHLMC |  |  |
| Series 2025-MN11, Class M1, 5.32%, <br> 7/25/2045 (a) (c)<br>| 6094 | 6093 |
| Series 2025-MN11, Class M2, 6.32%, <br> 7/25/2045 (a) (c)<br>| 2000 | 1999 |
| FHLMC MSCR Trust |  |  |
| Series 2021-MN2, Class M2, 7.02%, <br> 7/25/2041 (a) (c)<br>| 11394 | 11394 |
| Series 2021-MN2, Class B1, 9.17%, <br> 7/25/2041 (a) (c)<br>| 2000 | 2000 |
| Series 2023-MN7, Class M1, 7.27%, <br> 9/25/2043 (a) (c)<br>| 3189 | 3200 |
| Series 2023-MN7, Class M2, 9.37%, <br> 9/25/2043 (a) (c)<br>| 10000 | 10721 |
| Series 2023-MN7, Class B1, 12.52%, <br> 9/25/2043 (a) (c)<br>| 11000 | 12739 |
| Series 2024-MN8, Class M1, 6.52%, <br> 5/25/2044 (a) (c)<br>| 4107 | 4133 |
| Series 2024-MN8, Class M2, 7.92%, <br> 5/25/2044 (a) (c)<br>| 12025 | 12520 |
| Series 2024-MN8, Class B1, 11.02%, <br> 5/25/2044 (a) (c)<br>| 8300 | 9682 |
| Series 2024-MN9, Class M1, 6.12%, <br> 10/25/2044 (a) (c)<br>| 2011 | 2028 |
| Series 2024-MN9, Class M2, 6.92%, <br> 10/25/2044 (a) (c)<br>| 8900 | 9036 |
| Series 2024-MN9, Class B1, 9.67%, <br> 10/25/2044 (a) (c)<br>| 2000 | 2119 |
| Series 2025-MN10, Class M1, 5.72%, <br> 2/25/2045 (a) (c)<br>| 11332 | 11231 |
| Series 2025-MN10, Class M2, 6.52%, <br> 2/25/2045 (a) (c)<br>| 6900 | 6935 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

154 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2025-MN10, Class B1, 8.62%, <br> 2/25/2045 (a) (c)<br>| 820 | 830 |
| Series 2025-MN11, Class B1, 8.07%, <br> 7/25/2045 (a) (c)<br>| 6300 | 6297 |
| Series 2021-MN1, Class M1, 5.67%, <br> 1/25/2051 (a) (c)<br>| 234 | 234 |
| Series 2021-MN1, Class M2, 7.42%, <br> 1/25/2051 (a) (c)<br>| 14640 | 15191 |
| Series 2021-MN1, Class B1, 11.42%, <br> 1/25/2051 (a) (c)<br>| 2100 | 2332 |
| Series 2021-MN3, Class M2, 7.67%, <br> 11/25/2051 (a) (c)<br>| 18800 | 19457 |
| Series 2021-MN3, Class B1, 10.52%, <br> 11/25/2051 (a) (c)<br>| 3500 | 3704 |
| FHLMC Multi-Family ML Certificates Series <br> 2021-ML09, Class XUS, IO, 1.49%, <br> 2/25/2040 (a) (c)<br>| 54403 | 5756 |
| FHLMC, Multi-Class Certificates |  |  |
| Series 2020-RR11, Class BX, IO, 2.45%, <br> 12/27/2028 (a)<br>| 14556 | 363 |
| Series 2020-RR05, Class X, IO, 2.01%, <br> 1/27/2029<br>| 38620 | 1888 |
| Series 2020-RR14, Class X, IO, 2.13%, <br> 3/27/2034 (a)<br>| 31381 | 4033 |
| Series 2021-RR16, Class X, IO, 0.96%, <br> 10/27/2034 (a)<br>| 40000 | 2554 |
| Series 2023-RR21, Class X, IO, 3.28%, <br> 4/27/2036 (a)<br>| 186283 | 37411 |
| Series 2021-P011, Class X1, IO, 1.75%, <br> 9/25/2045 (a)<br>| 9409 | 1007 |
| FHLMC, Multi-Family Structured Credit Risk Series <br> 2022-MN4, Class M2, 10.17%, 5/25/2052 (a) <br> (c)<br>| 2000 | 2201 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K734, Class X3, IO, 2.23%, <br> 7/25/2026 (a)<br>| 14525 | 55 |
| Series KC04, Class X1, IO, 1.25%, <br> 12/25/2026 (a)<br>| 20705 | 204 |
| Series K064, Class X3, IO, 2.14%, <br> 5/25/2027 (a)<br>| 18830 | 441 |
| Series KC05, Class X1, IO, 1.20%, <br> 6/25/2027 (a)<br>| 117878 | 985 |
| Series K740, Class X1, IO, 0.72%, <br> 9/25/2027 (a)<br>| 112120 | 1008 |
| Series K742, Class X1, IO, 0.76%, <br> 3/25/2028 (a)<br>| 21471 | 228 |
| Series K742, Class X3, IO, 2.59%, <br> 4/25/2028 (a)<br>| 16000 | 825 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series K743, Class X1, IO, 0.90%, <br> 5/25/2028 (a)<br>| 3902 | 69 |
| Series K075, Class X3, IO, 2.13%, <br> 5/25/2028 (a)<br>| 5471 | 209 |
| Series K080, Class X1, IO, 0.12%, <br> 7/25/2028 (a)<br>| 136773 | 467 |
| Series K084, Class X3, IO, 2.24%, <br> 11/25/2028 (a)<br>| 19450 | 1048 |
| Series K091, Class X1, IO, 0.56%, <br> 3/25/2029 (a)<br>| 8797 | 140 |
| Series K749, Class XAM, IO, 0.22%, <br> 4/25/2029 (a)<br>| 100000 | 799 |
| Series KW09, Class X1, IO, 0.76%, <br> 5/25/2029 (a)<br>| 132459 | 2487 |
| Series K095, Class XAM, IO, 1.23%, <br> 6/25/2029 (a)<br>| 9000 | 353 |
| Series K528, Class X1, IO, 1.01%, <br> 7/25/2029 (a)<br>| 67000 | 1757 |
| Series KG02, Class X1, IO, 1.01%, <br> 8/25/2029 (a)<br>| 23534 | 623 |
| Series K100, Class X1, IO, 0.64%, <br> 9/25/2029 (a)<br>| 227190 | 4516 |
| Series K101, Class X3, IO, 1.89%, <br> 10/25/2029 (a)<br>| 81000 | 5077 |
| Series K090, Class X3, IO, 2.31%, <br> 10/25/2029 (a)<br>| 147080 | 9945 |
| Series K104, Class X1, IO, 1.11%, <br> 1/25/2030 (a)<br>| 6586 | 237 |
| Series K105, Class X1, IO, 1.51%, <br> 1/25/2030 (a)<br>| 63784 | 3193 |
| Series K107, Class X1, IO, 1.58%, <br> 1/25/2030 (a)<br>| 183751 | 9726 |
| Series K537, Class X1, IO, 0.08%, <br> 2/25/2030 (a)<br>| 296437 | 1760 |
| Series K109, Class X1, IO, 1.57%, <br> 4/25/2030 (a)<br>| 38698 | 2069 |
| Series K110, Class X1, IO, 1.64%, <br> 4/25/2030 (a)<br>| 123848 | 6892 |
| Series K117, Class X1, IO, 1.22%, <br> 8/25/2030 (a)<br>| 86400 | 3869 |
| Series K119, Class X1, IO, 0.92%, <br> 9/25/2030 (a)<br>| 34125 | 1194 |
| Series K122, Class X1, IO, 0.87%, <br> 11/25/2030 (a)<br>| 36610 | 1249 |
| Series K124, Class X1, IO, 0.71%, <br> 12/25/2030 (a)<br>| 65094 | 1886 |
| Series K123, Class X1, IO, 0.76%, <br> 12/25/2030 (a)<br>| 12480 | 374 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 155

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series K124, Class XAM, IO, 0.94%, <br> 1/25/2031 (a)<br>| 17689 | 720 |
| Series K128, Class X1, IO, 0.51%, <br> 3/25/2031 (a)<br>| 94906 | 2002 |
| Series K129, Class X3, IO, 3.16%, <br> 5/25/2031 (a)<br>| 26500 | 3725 |
| Series K130, Class X1, IO, 1.03%, <br> 6/25/2031 (a)<br>| 29770 | 1361 |
| Series K131, Class X1, IO, 0.73%, <br> 7/25/2031 (a)<br>| 18833 | 632 |
| Series K131, Class X3, IO, 2.95%, <br> 9/25/2031 (a)<br>| 19369 | 2606 |
| Series KG06, Class X1, IO, 0.53%, <br> 10/25/2031 (a)<br>| 56012 | 1374 |
| Series K136, Class X1, IO, 0.39%, <br> 12/25/2031 (a)<br>| 98534 | 1595 |
| Series K140, Class X1, IO, 0.29%, <br> 1/25/2032 (a)<br>| 169739 | 2737 |
| Series K-150, Class X1, IO, 0.31%, <br> 9/25/2032 (a)<br>| 24925 | 506 |
| Series K-154, Class X1, IO, 0.35%, <br> 1/25/2033 (a)<br>| 10891 | 262 |
| Series K-161, Class X3, IO, 5.48%, <br> 11/25/2033 (a)<br>| 8038 | 2603 |
| Series KX04, Class XFX, IO, 1.33%, <br> 1/25/2034 (a)<br>| 51867 | 1806 |
| Series K-1514, Class X1, IO, 0.58%, <br> 10/25/2034 (a)<br>| 48972 | 1851 |
| Series K-1512, Class X3, IO, 3.15%, <br> 10/25/2034 (a)<br>| 7134 | 1490 |
| Series K-1515, Class X1, IO, 1.51%, <br> 2/25/2035 (a)<br>| 19665 | 1896 |
| Series Q012, Class X, IO, 3.94%, <br> 9/25/2035 (a)<br>| 25590 | 3748 |
| Series K-1518, Class X1, IO, 0.86%, <br> 10/25/2035 (a)<br>| 14500 | 847 |
| Series K-1521, Class X1, IO, 0.98%, <br> 8/25/2036 (a)<br>| 17774 | 1329 |
| Series K-1510, Class X3, IO, 3.40%, <br> 1/25/2037 (a)<br>| 200 | 42 |
| Series K-1513, Class X3, IO, 2.93%, <br> 12/25/2037 (a)<br>| 12475 | 2409 |
| Series K-1515, Class X3, IO, 3.68%, <br> 3/25/2038 (a)<br>| 6000 | 1513 |
| Series K-1516, Class X3, IO, 3.46%, <br> 10/25/2038 (a)<br>| 2500 | 615 |
| Series K-1521, Class X3, IO, 3.35%, <br> 9/25/2039 (a)<br>| 10834 | 2761 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series K067, Class X3, IO, 2.12%, <br> 9/25/2044 (a)<br>| 91000 | 2737 |
| Series K070, Class X3, IO, 2.04%, <br> 12/25/2044 (a)<br>| 42245 | 1431 |
| Series K724, Class X3, IO, 3.95%, <br> 12/25/2044 (a)<br>| 95 |  |
| Series K065, Class X3, IO, 2.19%, <br> 7/25/2045 (a)<br>| 13000 | 343 |
| Series K066, Class X3, IO, 2.16%, <br> 8/25/2045 (a)<br>| 25000 | 727 |
| Series K072, Class X3, IO, 2.14%, <br> 12/25/2045 (a)<br>| 20640 | 772 |
| Series K087, Class X3, IO, 2.27%, <br> 1/25/2046 (a)<br>| 87708 | 5043 |
| Series K089, Class X3, IO, 2.30%, <br> 1/25/2046 (a)<br>| 132506 | 8356 |
| Series K091, Class X3, IO, 2.28%, <br> 4/25/2046 (a)<br>| 81933 | 5788 |
| Series K078, Class X3, IO, 2.21%, <br> 6/25/2046 (a)<br>| 2680 | 121 |
| Series K079, Class X3, IO, 2.25%, <br> 7/25/2046 (a)<br>| 9000 | 412 |
| Series K097, Class X3, IO, 2.02%, <br> 9/25/2046 (a)<br>| 93876 | 5911 |
| Series K081, Class X3, IO, 2.24%, <br> 9/25/2046 (a)<br>| 29425 | 1531 |
| Series K082, Class X3, IO, 2.21%, <br> 10/25/2046 (a)<br>| 49000 | 2656 |
| Series K083, Class X3, IO, 2.29%, <br> 11/25/2046 (a)<br>| 15000 | 859 |
| Series K103, Class X3, IO, 1.85%, <br> 12/25/2046 (a)<br>| 80100 | 4940 |
| Series K102, Class X3, IO, 1.89%, <br> 12/25/2046 (a)<br>| 69791 | 4565 |
| Series K104, Class X3, IO, 1.89%, <br> 2/25/2047 (a)<br>| 45985 | 3067 |
| Series K088, Class X3, IO, 2.35%, <br> 2/25/2047 (a)<br>| 94987 | 6021 |
| Series K735, Class X3, IO, 2.15%, <br> 5/25/2047 (a)<br>| 40000 | 154 |
| Series K093, Class X3, IO, 2.21%, <br> 5/25/2047 (a)<br>| 136528 | 8802 |
| Series K092, Class X3, IO, 2.25%, <br> 5/25/2047 (a)<br>| 103000 | 6681 |
| Series K094, Class X3, IO, 2.12%, <br> 7/25/2047 (a)<br>| 35331 | 2373 |
| Series K095, Class X3, IO, 2.10%, <br> 8/25/2047 (a)<br>| 91253 | 5896 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

156 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series K736, Class X3, IO, 2.00%, <br> 9/25/2047 (a)<br>| 89230 | 628 |
| Series K116, Class X3, IO, 3.02%, <br> 9/25/2047 (a)<br>| 23000 | 2637 |
| Series K099, Class X3, IO, 1.95%, <br> 10/25/2047 (a)<br>| 49100 | 2944 |
| Series K098, Class X3, IO, 2.00%, <br> 10/25/2047 (a)<br>| 145702 | 9065 |
| Series K740, Class X3, IO, 2.48%, <br> 11/25/2047 (a)<br>| 21423 | 772 |
| Series K737, Class X3, IO, 1.78%, <br> 1/25/2048 (a)<br>| 74853 | 958 |
| Series K106, Class X3, IO, 1.91%, <br> 3/25/2048 (a)<br>| 100622 | 6451 |
| Series K105, Class X3, IO, 1.92%, <br> 3/25/2048 (a)<br>| 118746 | 8469 |
| Series K111, Class X3, IO, 3.18%, <br> 4/25/2048 (a)<br>| 52234 | 6265 |
| Series K108, Class X3, IO, 3.49%, <br> 4/25/2048 (a)<br>| 63492 | 7562 |
| Series K738, Class X3, IO, 3.32%, <br> 5/25/2048 (a)<br>| 71537 | 2363 |
| Series K109, Class X3, IO, 3.38%, <br> 5/25/2048 (a)<br>| 13770 | 1687 |
| Series K110, Class X3, IO, 3.37%, <br> 6/25/2048 (a)<br>| 28200 | 3451 |
| Series K112, Class X3, IO, 3.00%, <br> 7/25/2048 (a)<br>| 47630 | 5438 |
| Series K114, Class X3, IO, 2.73%, <br> 8/25/2048 (a)<br>| 10750 | 1071 |
| Series K119, Class X3, IO, 2.73%, <br> 9/25/2048 (a)<br>| 8000 | 873 |
| Series K117, Class X3, IO, 2.87%, <br> 10/25/2048 (a)<br>| 36500 | 4013 |
| Series K120, Class X3, IO, 2.74%, <br> 11/25/2048 (a)<br>| 38372 | 4138 |
| Series K121, Class X3, IO, 2.77%, <br> 11/25/2048 (a)<br>| 52192 | 5904 |
| Series K739, Class X3, IO, 2.80%, <br> 11/25/2048 (a)<br>| 39675 | 1384 |
| Series K122, Class X3, IO, 2.63%, <br> 1/25/2049 (a)<br>| 36631 | 3837 |
| Series K126, Class X3, IO, 2.63%, <br> 1/25/2049 (a)<br>| 39727 | 4431 |
| Series K127, Class X3, IO, 2.65%, <br> 3/25/2049 (a)<br>| 8066 | 897 |
| Series K743, Class X3, IO, 2.95%, <br> 6/25/2049 (a)<br>| 5000 | 296 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series K147, Class X3, IO, 3.80%, <br> 6/25/2050 (a)<br>| 15000 | 2911 |
| Series K096, Class X3, IO, 2.04%, <br> 8/25/2051 (a)<br>| 48669 | 2857 |
| Series K148, Class X3, IO, 4.15%, <br> 8/25/2054 (a)<br>| 18414 | 4020 |
| Series Q014, Class X, IO, 2.77%, <br> 10/25/2055 (a)<br>| 4978 | 718 |
| Series K-152, Class X3, IO, 4.33%, <br> 11/25/2055 (a)<br>| 2625 | 614 |
| Series K759, Class X3, IO, 5.26%, <br> 2/25/2057 (a)<br>| 4589 | 1206 |
| FHLMC, Multi-Family, Structured Pass-Through <br> Certificates Series K-153, Class X1, IO, 0.44%, <br> 12/25/2032 (a)<br>| 21981 | 632 |
| FNMA ACES |  |  |
| Series 2016-M12, Class X2, IO, 0.03%, <br> 9/25/2026 (a)<br>| 56265 |  |
| Series 2019-M28, Class XAV3, IO, 0.91%, <br> 2/25/2027 (a)<br>| 13637 | 26 |
| Series 2017-M8, Class X, IO, 0.09%, <br> 5/25/2027 (a)<br>| 34193 | 28 |
| Series 2020-M10, Class X7, IO, 1.63%, <br> 11/25/2027 (a)<br>| 27241 | 545 |
| Series 2020-M26, Class X3, IO, 1.73%, <br> 1/25/2028 (a)<br>| 20252 | 143 |
| Series 2020-M4, Class 1X2, IO, 0.74%, <br> 2/25/2028 (a)<br>| 13053 | 147 |
| Series 2020-M4, Class 1X3, IO, 1.02%, <br> 2/25/2028 (a)<br>| 71570 | 1089 |
| Series 2020-M33, Class X, IO, 1.89%, <br> 6/25/2028 (a)<br>| 17792 | 211 |
| Series 2019-M30, Class X4, IO, 1.12%, <br> 8/25/2028 (a)<br>| 16510 | 2 |
| Series 2020-M10, Class X6, IO, 1.38%, <br> 8/25/2028 (a)<br>| 17262 | 467 |
| Series 2019-M31, Class X, IO, 1.31%, <br> 9/25/2028 (a)<br>| 24734 | 590 |
| Series 2019-M30, Class X1, IO, 0.23%, <br> 11/25/2028 (a)<br>| 69485 | 291 |
| Series 2020-M10, Class X3, IO, 1.31%, <br> 11/25/2028 (a)<br>| 45018 | 1136 |
| Series 2020-M10, Class X5, IO, 1.43%, <br> 11/25/2028 (a)<br>| 44665 | 1302 |
| Series 2019-M11, Class X1, IO, 1.16%, <br> 6/25/2029 (a)<br>| 12139 | 294 |
| Series 2019-M19, Class X2, IO, 0.61%, <br> 9/25/2029 (a)<br>| 78790 | 1272 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 157

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2019-M32, Class X2, IO, 1.12%, <br> 10/25/2029 (a)<br>| 23039 | 669 |
| Series 2019-M30, Class X2, IO, 0.29%, <br> 12/25/2029 (a)<br>| 89031 | 31 |
| Series 2019-M28, Class XA2, IO, 0.22%, <br> 2/25/2030 (a)<br>| 13205 | 75 |
| Series 2020-M3, Class X1, IO, 0.31%, <br> 2/25/2030 (a)<br>| 14736 | 124 |
| Series 2019-M28, Class XA3, IO, 0.61%, <br> 2/25/2030 (a)<br>| 23583 | 357 |
| Series 2020-M6, Class XD, IO, 1.09%, <br> 2/25/2030 (a)<br>| 5558 | 56 |
| Series 2020-M19, Class X1, IO, 0.42%, <br> 5/25/2030 (a)<br>| 28833 | 373 |
| Series 2020-M7, Class X, IO, 1.01%, <br> 7/25/2030 (a)<br>| 27673 | 738 |
| Series 2020-M10, Class X1, IO, 1.77%, <br> 12/25/2030 (a)<br>| 104405 | 5757 |
| Series 2021-M16, Class X, IO, 0.53%, <br> 1/1/2031 (a)<br>| 103763 | 895 |
| Series 2020-M22, Class X, IO, 0.86%, <br> 3/25/2031 (a)<br>| 69508 | 1649 |
| Series 2020-M30, Class X, IO, 0.90%, <br> 7/25/2031 (a)<br>| 17623 | 586 |
| Series 2020-M39, Class X2, IO, 1.41%, <br> 8/25/2031 (a)<br>| 35931 | 1724 |
| Series 2022-M2, Class X2, IO, 0.20%, <br> 1/25/2032 (a)<br>| 65177 | 554 |
| Series 2020-M21, Class XA, IO, 1.02%, <br> 3/25/2032 (a)<br>| 60917 | 2767 |
| Series 2020-M26, Class X1, IO, 0.50%, <br> 4/25/2032 (a)<br>| 20553 | 353 |
| Series 2020-M37, Class X, IO, 0.98%, <br> 4/25/2032 (a)<br>| 82945 | 2731 |
| Series 2020-M47, Class X1, IO, 0.56%, <br> 10/25/2032 (a)<br>| 51450 | 456 |
| Series 2020-M31, Class X1, IO, 0.83%, <br> 10/25/2032 (a)<br>| 89418 | 1212 |
| Series 2019-M30, Class X5, IO, 0.33%, <br> 5/25/2033 (a)<br>| 96026 | 1032 |
| Series 2019-M31, Class X1, IO, 1.06%, <br> 4/25/2034 (a)<br>| 37895 | 2111 |
| Series 2024-M5, Class 1A2C, 4.45%, <br> 8/25/2034 (a)<br>| 11500 | 11660 |
| Series 2018-M15, Class X, IO, 0.63%, <br> 1/25/2036 (a)<br>| 6041 | 138 |
| Series 2020-M6, Class XL, IO, 1.05%, <br> 11/25/2049 (a)<br>| 30156 | 1570 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| FREMF Series 20K-1517, Class C, PO, <br> 8/25/2035 (c)<br>| 18000 | 9260 |
| FREMF Mortgage Trust |  |  |
| Series 2017-KF38, Class B, 6.29%, <br> 9/25/2024 (a) (c)<br>| 162 | 162 |
| Series 2017-KF41, Class B, 6.29%, <br> 11/25/2024 (a) (c)<br>| 125 | 128 |
| Series 2019-KC06, Class B, 3.83%, <br> 9/25/2026 (a) (c)<br>| 7609 | 7484 |
| Series 2020-KF74, Class B, 5.94%, <br> 1/25/2027 (a) (c)<br>| 742 | 738 |
| Series 2017-KL1E, Class BE, 3.91%, <br> 2/25/2027 (a) (c)<br>| 9625 | 9178 |
| Series 2017-KF33, Class B, 6.34%, <br> 6/25/2027 (a) (c)<br>| 3885 | 3768 |
| Series 2017-KF40, Class B, 6.49%, <br> 11/25/2027 (a) (c)<br>| 124 | 123 |
| Series 2018-KHG1, Class C, 3.90%, <br> 12/25/2027 (a) (c)<br>| 26000 | 24938 |
| Series 2018-KW06, Class C, 0.00%, <br> 6/25/2028 (c)<br>| 12000 | 10139 |
| Series 2018-KW06, Class X2A, IO, 0.10%, <br> 6/25/2028 (c)<br>| 100306 | 168 |
| Series 2018-KW06, Class X2B, IO, 0.10%, <br> 6/25/2028 (c)<br>| 16000 | 30 |
| Series 2018-KW06, Class B, 4.27%, <br> 6/25/2028 (a) (c)<br>| 6326 | 6155 |
| Series 21K-F116, Class CS, 10.08%, <br> 6/25/2028 (a) (c)<br>| 22847 | 22732 |
| Series 2018-KF50, Class B, 5.69%, <br> 7/25/2028 (a) (c)<br>| 145 | 141 |
| Series 2021-KHG3, Class BFX, 2.40%, <br> 9/25/2028 (a) (c)<br>| 11071 | 10247 |
| Series 2018-KF56, Class B, 6.24%, <br> 11/25/2028 (a) (c)<br>| 258 | 244 |
| Series 2019-KW08, Class B, 4.24%, <br> 1/25/2029 (a) (c)<br>| 16320 | 15810 |
| Series 2019-KF57, Class B, 6.04%, <br> 1/25/2029 (a) (c)<br>| 765 | 735 |
| Series 2019-KBF3, Class C, 8.54%, <br> 1/25/2029 (a) (c)<br>| 3290 | 3183 |
| Series 2019-KL05, Class BHG, 4.37%, <br> 2/25/2029 (a) (c)<br>| 3600 | 3402 |
| Series 2019-KL05, Class CHG, 4.37%, <br> 2/25/2029 (c)<br>| 10000 | 9161 |
| Series 2019-K92, Class X2A, IO, 0.10%, <br> 4/25/2029 (c)<br>| 168727 | 402 |
| Series 2019-KG01, Class B, 4.28%, <br> 4/25/2029 (a) (c)<br>| 3000 | 2782 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

158 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2019-KF61, Class B, 5.99%, <br> 4/25/2029 (a) (c)<br>| 1341 | 1287 |
| Series 2019-KW09, Class X2A, IO, 0.10%, <br> 5/25/2029 (c)<br>| 228256 | 506 |
| Series 2019-KW09, Class B, 3.99%, <br> 5/25/2029 (a) (c)<br>| 15670 | 14845 |
| Series 2019-KF63, Class B, 6.14%, <br> 5/25/2029 (a) (c)<br>| 3462 | 3260 |
| Series 2019-KW09, Class C, PO, 6/25/2029 (c) | 22210 | 17323 |
| Series 2019-KW09, Class X2B, IO, 0.10%, <br> 6/25/2029 (c)<br>| 20000 | 54 |
| Series 2019-KS11, Class C, 4.82%, <br> 6/25/2029 (a) (c)<br>| 11000 | 10016 |
| Series 2019-K92, Class X2B, IO, 0.10%, <br> 7/25/2029 (c)<br>| 37520 | 103 |
| Series 2019-KC05, Class B, 4.16%, <br> 7/25/2029 (a) (c)<br>| 16737 | 15478 |
| Series 2019-KF65, Class B, 6.19%, <br> 7/25/2029 (a) (c)<br>| 3777 | 3491 |
| Series 2019-KF66, Class B, 6.19%, <br> 7/25/2029 (a) (c)<br>| 1084 | 1025 |
| Series 2019-KF67, Class B, 6.04%, <br> 8/25/2029 (a) (c)<br>| 1479 | 1410 |
| Series 2019-KF67, Class C, 9.79%, <br> 8/25/2029 (a) (c)<br>| 4438 | 3891 |
| Series 2019-KF70, Class B, 6.09%, <br> 9/25/2029 (a) (c)<br>| 790 | 781 |
| Series 2019-KC07, Class C, 3.64%, <br> 10/25/2029 (a) (c)<br>| 9977 | 8537 |
| Series 2019-KF71, Class B, 6.09%, <br> 10/25/2029 (a) (c)<br>| 2898 | 2725 |
| Series 2019-KF73, Class B, 6.24%, <br> 11/25/2029 (a) (c)<br>| 5191 | 4835 |
| Series 2020-KF75, Class B, 6.04%, <br> 12/25/2029 (a) (c)<br>| 1167 | 1091 |
| Series 2020-KF76, Class B, 6.54%, <br> 1/25/2030 (a) (c)<br>| 782 | 766 |
| Series 2020-K107, Class D, 3.51%, <br> 2/25/2030 (a) (c)<br>| 19000 | 15897 |
| Series 2023-K752, Class D, PO, 8/25/2030 (c) | 13100 | 9306 |
| Series 2023-K752, Class X2B, IO, 0.10%, <br> 8/25/2030 (c)<br>| 44900 | 161 |
| Series 2020-KSG1, Class C, PO, 9/25/2030 (c) | 10900 | 7778 |
| Series 2020-KSG1, Class X2A, IO, 0.10%, <br> 9/25/2030 (c)<br>| 132968 | 458 |
| Series 2020-KSG1, Class X2B, IO, 0.10%, <br> 9/25/2030 (c)<br>| 10900 | 41 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2018-KW07, Class C, PO, <br> 10/25/2031 (c)<br>| 12089 | 9850 |
| Series 2018-KW07, Class X2A, IO, 0.10%, <br> 10/25/2031 (c)<br>| 98975 | 188 |
| Series 2018-KW07, Class X2B, IO, 0.10%, <br> 10/25/2031 (c)<br>| 16500 | 35 |
| Series 2018-KW07, Class B, 4.11%, <br> 10/25/2031 (a) (c)<br>| 1000 | 921 |
| Series 2022-KF132, Class CS, 10.08%, <br> 2/25/2032 (a) (c)<br>| 25806 | 23973 |
| Series 2019-KW10, Class C, PO, <br> 10/25/2032 (c)<br>| 11012 | 8329 |
| Series 2019-KW10, Class X2A, IO, 0.10%, <br> 10/25/2032 (c)<br>| 121766 | 329 |
| Series 2019-KW10, Class X2B, IO, 0.10%, <br> 10/25/2032 (c)<br>| 14882 | 43 |
| Series 2023-KF149, Class CS, 9.83%, <br> 12/25/2032 (a) (c)<br>| 6492 | 6618 |
| Series 2018-K158, Class B, 4.27%, <br> 10/25/2033 (a) (c)<br>| 1750 | 1569 |
| Series 19K-1510, Class X2B, IO, 0.10%, <br> 1/25/2034 (c)<br>| 81410 | 476 |
| Series 19K-1511, Class C, PO, 4/25/2034 (c) | 18000 | 9705 |
| Series 19K-1513, Class X2A, IO, 0.10%, <br> 8/25/2034 (c)<br>| 527351 | 3054 |
| Series 19K-1514, Class C, 0.00%, <br> 10/25/2034 (c)<br>| 13000 | 6926 |
| Series 2018-K156, Class X2A, IO, 0.10%, <br> 7/25/2036 (c)<br>| 146576 | 700 |
| Series 2018-K75, Class D, PO, 4/25/2051 (c) | 30000 | 25138 |
| Series 2018-K75, Class X2A, IO, 0.10%, <br> 4/25/2051 (c)<br>| 456593 | 666 |
| Series 2018-K75, Class X2B, IO, 0.10%, <br> 4/25/2051 (c)<br>| 114000 | 189 |
| Series 2018-K83, Class D, PO, 11/25/2051 (c) | 16800 | 13595 |
| Series 2019-K92, Class D, PO, 5/25/2052 (c) | 16000 | 12645 |
| Series 2020-K740, Class D, PO, <br> 11/25/2052 (c)<br>| 24123 | 21327 |
| Series 2020-K740, Class X2A, IO, 0.10%, <br> 11/25/2052 (c)<br>| 250341 | 298 |
| Series 2020-K740, Class X2B, IO, 0.10%, <br> 11/25/2052 (c)<br>| 59134 | 78 |
| Series 2020-K105, Class D, PO, 3/25/2053 (c) | 33000 | 23372 |
| Series 2020-K105, Class X2A, IO, 0.10%, <br> 3/25/2053 (c)<br>| 350136 | 1038 |
| Series 2020-K105, Class X2B, IO, 0.10%, <br> 3/25/2053 (c)<br>| 81000 | 269 |
| Series 2020-K109, Class D, PO, 5/25/2053 (c) | 25000 | 17292 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 159

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2020-K113, Class D, PO, 5/25/2053 (c) | 26843 | 19130 |
| Series 2020-K109, Class X2A, IO, 0.10%, <br> 5/25/2053 (c)<br>| 275724 | 890 |
| Series 2020-K109, Class X2B, IO, 0.10%, <br> 5/25/2053 (c)<br>| 65781 | 225 |
| Series 2020-K115, Class D, PO, 9/25/2053 (c) | 25000 | 18655 |
| Series 2020-K115, Class X2A, IO, 0.10%, <br> 9/25/2053 (c)<br>| 267066 | 921 |
| Series 2020-K115, Class X2B, IO, 0.10%, <br> 9/25/2053 (c)<br>| 60800 | 221 |
| Series 2020-K118, Class D, PO, <br> 10/25/2053 (c)<br>| 22812 | 16457 |
| Series 2020-K118, Class X2A, IO, 0.10%, <br> 10/25/2053 (c)<br>| 247306 | 873 |
| Series 2020-K118, Class X2B, IO, 0.10%, <br> 10/25/2053 (c)<br>| 50947 | 189 |
| Series 2020-K739, Class D, PO, <br> 11/25/2053 (c)<br>| 12500 | 10735 |
| Series 2020-K739, Class X2A, IO, 0.10%, <br> 11/25/2053 (c)<br>| 119802 | 120 |
| Series 2020-K739, Class X2B, IO, 0.10%, <br> 11/25/2053 (c)<br>| 31000 | 38 |
| Series 2021-K126, Class D, PO, 1/25/2054 (c) | 25000 | 17287 |
| Series 2021-K126, Class X2A, IO, 0.10%, <br> 1/25/2054 (c)<br>| 260314 | 977 |
| Series 2021-K126, Class X2B, IO, 0.10%, <br> 1/25/2054 (c)<br>| 66000 | 267 |
| Series 2023-K752, Class X2A, IO, 0.10%, <br> 9/25/2060 (c)<br>| 216271 | 724 |
| GNMA |  |  |
| Series 2012-89, IO, 0.19%, 12/16/2053 (a) | 5424 |  |
| Series 2025-128, Class AW, 4.75%, <br> 3/16/2054<br>| 13886 | 13966 |
| Series 2025-144, Class A, 4.75%, 7/16/2054 | 20763 | 20928 |
| Series 2025-93, Class AM, 4.75%, <br> 12/16/2054<br>| 10900 | 10934 |
| Series 2014-88, Class AJ, 2.99%, <br> 3/16/2055 (a)<br>| 4535 | 4087 |
| Series 2015-104, IO, 0.07%, 5/16/2055 (a) | 5940 | 7 |
| Series 2025-106, Class A, 5.00%, 7/16/2055 | 10413 | 10578 |
| Series 2024-52, Class A, 4.50%, <br> 3/16/2056 (a)<br>| 4828 | 4836 |
| Series 2025-138, Class A, 4.75%, 5/16/2056 | 28940 | 29053 |
| Series 2025-128, Class AD, 5.00%, <br> 10/16/2056<br>| 2801 | 2846 |
| Series 2026-20, Class AM, 4.50%, 6/16/2057 | 8991 | 8975 |
| Series 2023-127, IO, 0.40%, 7/16/2057 (a) | 392545 | 6884 |
| Series 2026-17, Class AC, 4.50%, 8/16/2057 | 9750 | 9741 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2026-16, Class AC, 4.00%, 12/16/2057 | 32258 | 31944 |
| Series 2023-108, IO, 0.68%, 8/16/2059 (a) | 203150 | 7455 |
| Series 2018-4, IO, 0.57%, 10/16/2059 (a) | 3964 | 137 |
| Series 2026-14, Class A, 4.50%, 1/16/2060 | 11171 | 11139 |
| Series 2019-67, IO, 0.91%, 2/16/2060 (a) | 7949 | 444 |
| Series 2018-106, IO, 0.66%, 4/16/2060 (a) | 6472 | 328 |
| Series 2018-119, IO, 0.68%, 5/16/2060 (a) | 7541 | 423 |
| Series 2019-9, IO, 0.89%, 8/16/2060 (a) | 11977 | 664 |
| Series 2021-47, IO, 0.99%, 3/16/2061 (a) | 17122 | 1145 |
| Series 2021-82, Class TA, IF, IO, 3.64%, <br> 4/16/2061 (a)<br>| 18046 | 414 |
| Series 2021-95, Class TA, IF, IO, 3.37%, <br> 6/1/2061 (a)<br>| 23602 | 922 |
| Series 2019-53, Class IA, IO, 0.75%, <br> 6/16/2061 (a)<br>| 4155 | 207 |
| Series 2021-108, IO, 0.97%, 6/16/2061 (a) | 67646 | 4834 |
| Series 2021-147, IO, 0.99%, 6/16/2061 (a) | 29484 | 2139 |
| Series 2024-195, IO, 0.59%, 7/16/2061 (a) | 222920 | 8844 |
| Series 2021-218, IO, 0.97%, 10/16/2061 (a) | 14744 | 1088 |
| Series 2021-178, Class SA, IF, IO, 3.60%, <br> 10/16/2061 (a)<br>| 31071 | 1607 |
| Series 2020-28, IO, 0.81%, 11/16/2061 (a) | 16417 | 916 |
| Series 2020-56, IO, 0.97%, 11/16/2061 (a) | 43605 | 2873 |
| Series 2020-124, IO, 0.99%, 12/16/2061 (a) | 8378 | 488 |
| Series 2025-38, IO, 0.64%, 1/16/2062 (a) | 150619 | 6242 |
| Series 2019-144, IO, 0.79%, 1/16/2062 (a) | 13745 | 797 |
| Series 2020-40, IO, 0.88%, 1/16/2062 (a) | 38610 | 2283 |
| Series 2020-143, Class IB, IO, 0.88%, <br> 3/16/2062 (a)<br>| 45462 | 2870 |
| Series 2020-94, IO, 0.97%, 3/16/2062 (a) | 17417 | 1190 |
| Series 2020-10, IO, 0.58%, 4/16/2062 (a) | 19855 | 800 |
| Series 2020-23, IO, 0.66%, 4/16/2062 (a) | 62265 | 2877 |
| Series 2020-70, IO, 0.76%, 4/16/2062 (a) | 46808 | 2565 |
| Series 2020-38, IO, 0.82%, 4/16/2062 (a) | 10074 | 595 |
| Series 2020-54, IO, 0.92%, 4/16/2062 (a) | 157488 | 9963 |
| Series 2020-89, Class IA, IO, 1.17%, <br> 4/16/2062 (a)<br>| 38109 | 3107 |
| Series 2020-120, IO, 0.76%, 5/16/2062 (a) | 7655 | 447 |
| Series 2020-91, Class IU, IO, 0.96%, <br> 5/16/2062 (a)<br>| 18414 | 1233 |
| Series 2020-72, IO, 1.00%, 5/16/2062 (a) | 93425 | 6280 |
| Series 2020-106, Class IC, IO, 0.84%, <br> 6/16/2062 (a)<br>| 67628 | 4175 |
| Series 2020-108, IO, 0.85%, 6/16/2062 (a) | 32213 | 1854 |
| Series 2020-147, IO, 0.91%, 6/16/2062 (a) | 201620 | 13261 |
| Series 2020-194, IO, 1.07%, 6/16/2062 (a) | 12352 | 884 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

160 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2020-169, IO, 0.85%, 7/16/2062 (a) | 345751 | 21713 |
| Series 2020-64, IO, 1.20%, 7/16/2062 (a) | 31041 | 2678 |
| Series 2020-161, IO, 1.04%, 8/16/2062 (a) | 30278 | 2259 |
| Series 2020-111, IO, 0.87%, 9/15/2062 (a) | 15696 | 921 |
| Series 2020-158, IO, 0.79%, 9/16/2062 (a) | 51818 | 2995 |
| Series 2021-88, IO, 0.79%, 9/16/2062 (a) | 89212 | 5456 |
| Series 2020-114, IO, 0.80%, 9/16/2062 (a) | 69737 | 3888 |
| Series 2021-3, IO, 0.87%, 9/16/2062 (a) | 73434 | 4677 |
| Series 2020-192, IO, 0.94%, 9/16/2062 (a) | 59089 | 4050 |
| Series 2020-6, IO, 0.70%, 10/16/2062 (a) | 12741 | 729 |
| Series 2021-33, IO, 0.84%, 10/16/2062 (a) | 115322 | 7377 |
| Series 2021-71, IO, 0.86%, 10/16/2062 (a) | 156496 | 10358 |
| Series 2020-128, IO, 0.92%, 10/16/2062 (a) | 54912 | 3669 |
| Series 2021-80, IO, 0.90%, 12/16/2062 (a) | 61146 | 4204 |
| Series 2020-150, IO, 0.97%, 12/16/2062 (a) | 80223 | 5639 |
| Series 2020-195, Class IX, IO, 1.13%, <br> 12/16/2062 (a)<br>| 8793 | 709 |
| Series 2021-11, Class IX, IO, 1.16%, <br> 12/16/2062 (a)<br>| 3303 | 274 |
| Series 2021-40, IO, 0.82%, 2/16/2063 (a) | 46644 | 2859 |
| Series 2021-120, IO, 0.99%, 2/16/2063 (a) | 50619 | 3761 |
| Series 2021-62, Class AT, 4.00%, 2/16/2063 | 40602 | 39267 |
| Series 2020-145, IO, 0.73%, 3/16/2063 (a) | 33617 | 1760 |
| Series 2021-101, IO, 0.68%, 4/16/2063 (a) | 78100 | 3905 |
| Series 2021-144, IO, 0.82%, 4/16/2063 (a) | 28862 | 1759 |
| Series 2021-106, IO, 0.86%, 4/16/2063 (a) | 91798 | 6023 |
| Series 2021-151, IO, 0.91%, 4/16/2063 (a) | 97943 | 6803 |
| Series 2021-168, IO, 0.80%, 5/16/2063 (a) | 73643 | 4495 |
| Series 2021-126, IO, 0.85%, 5/16/2063 (a) | 14405 | 959 |
| Series 2021-22, IO, 0.97%, 5/16/2063 (a) | 49568 | 3458 |
| Series 2021-170, IO, 0.99%, 5/16/2063 (a) | 14005 | 1033 |
| Series 2024-32, IO, 0.70%, 6/16/2063 (a) | 124639 | 6527 |
| Series 2021-133, IO, 0.88%, 7/16/2063 (a) | 84566 | 5606 |
| Series 2021-181, IO, 0.98%, 7/16/2063 (a) | 133626 | 9257 |
| Series 2021-61, IO, 1.04%, 8/16/2063 (a) | 39677 | 2993 |
| Series 2021-195, Class IX, IO, 1.21%, <br> 8/16/2063 (a)<br>| 50449 | 4594 |
| Series 2023-15, Class AB, 4.00%, <br> 8/16/2063 (a)<br>| 8531 | 8341 |
| Series 2023-179, IO, 0.61%, 9/16/2063 (a) | 356800 | 15841 |
| Series 2021-164, IO, 0.95%, 10/16/2063 (a) | 39950 | 2777 |
| Series 2021-112, IO, 0.99%, 10/16/2063 (a) | 16411 | 1253 |
| Series 2021-148, IO, 1.07%, 10/16/2063 (a) | 64297 | 5406 |
| Series 2021-110, IO, 0.88%, 11/16/2063 (a) | 2707 | 183 |
| Series 2021-180, IO, 0.92%, 11/16/2063 (a) | 18767 | 1308 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-78, IO, 1.00%, 11/16/2063 (a) | 258775 | 19176 |
| Series 2021-150, IO, 1.04%, 11/16/2063 (a) | 31255 | 2503 |
| Series 2021-185, IO, 1.16%, 11/16/2063 (a) | 35260 | 3109 |
| Series 2021-167, IO, 0.87%, 12/16/2063 (a) | 62544 | 4469 |
| Series 2022-4, IO, 0.86%, 3/16/2064 (a) | 359447 | 23144 |
| Series 2021-224, IO, 0.79%, 4/16/2064 (a) | 78468 | 5012 |
| Series 2025-206, IO, 0.80%, 4/16/2064 (a) | 188286 | 11491 |
| Series 2022-149, IO, 0.46%, 6/16/2064 (a) | 47507 | 1751 |
| Series 2022-134, IO, 0.51%, 6/16/2064 (a) | 28494 | 1111 |
| Series 2024-161, IO, 0.74%, 6/16/2064 (a) | 136161 | 7814 |
| Series 2022-52, IO, 0.77%, 6/16/2064 (a) | 144884 | 6915 |
| Series 2022-141, IO, 0.78%, 6/16/2064 (a) | 11465 | 720 |
| Series 2022-210, IO, 0.70%, 7/16/2064 (a) | 33680 | 1833 |
| Series 2022-199, IO, 0.76%, 7/16/2064 (a) | 31683 | 1902 |
| Series 2023-15, IO, 0.92%, 8/16/2064 (a) | 31275 | 2105 |
| Series 2022-147, IO, 0.56%, 9/16/2064 (a) | 128783 | 5685 |
| Series 2023-28, IO, 0.86%, 2/16/2065 (a) | 24417 | 1617 |
| Series 2022-166, IO, 0.79%, 4/16/2065 (a) | 78443 | 4841 |
| Series 2025-21, IO, 0.95%, 4/16/2065 (a) | 320509 | 22849 |
| Series 2023-26, IO, 0.97%, 4/16/2065 (a) | 58042 | 3679 |
| Series 2023-126, IO, 0.88%, 7/16/2065 (a) | 62466 | 4164 |
| Series 2023-46, IO, 1.16%, 7/16/2065 (a) | 19615 | 1504 |
| Series 2025-42, IO, 0.54%, 11/16/2065 (a) | 155468 | 7517 |
| Series 2024-56, IO, 1.01%, 11/16/2065 (a) | 10608 | 757 |
| Series 2025-112, IO, 0.57%, 3/16/2066 (a) | 135823 | 6971 |
| Series 2024-121, IO, 1.31%, 7/1/2066 (a) | 9919 | 937 |
| Series 2024-90, IO, 0.80%, 7/16/2066 (a) | 19216 | 1255 |
| Series 2025-212, Class AC, 5.00%, <br> 12/16/2066<br>| 7859 | 8033 |
| Series 2025-153, Class ZT, 5.00%, <br> 8/16/2067 (a)<br>| 13457 | 12461 |
| Series 2025-202, IO, 0.72%, 9/16/2067 (a) | 64873 | 4753 |
| Series 2025-183, IO, 0.73%, 10/16/2067 (a) | 84272 | 5977 |
| Series 2025-212, Class BE, 4.75%, 1/16/2068 | 10982 | 11078 |
| Series 2025-142, IO, 0.71%, 2/16/2068 (a) | 23163 | 1602 |
| Series 2026-16, IO, 0.96%, 2/16/2068 (a) | 37635 | 3159 |
| Series 2025-213, Class PA, 4.50%, 2/16/2068 | 2165 | 2179 |
| Series 2025-217, Class AK, 4.50%, <br> 2/16/2068 (a)<br>| 11313 | 11238 |
| Series 2025-200, Class PA, 4.50%, 4/16/2068 | 10962 | 10993 |
| GNMA, STRIPS Series 3, Class 23, IO, 1.40%, <br> 9/16/2045<br>| 30211 | 1700 |
| GS Mortgage Securities Trust |  |  |
| Series 2013-GC13, Class B, 3.86%, <br> 7/10/2046 (a) (c)<br>| 1500 | 1467 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 161

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2015-GC28, Class D, 4.57%, <br> 2/10/2048 (a) (c)<br>| 843 | 807 |
| Series 2015-GC32, Class D, 3.35%, 7/10/2048 | 73 | 71 |
| Series 2015-GS1, Class C, 4.37%, <br> 11/10/2048 (a)<br>| 5780 | 5086 |
| Series 2017-GS5, Class D, 3.51%, <br> 3/10/2050 (a) (c)<br>| 5547 | 693 |
| Series 2015-GC30, Class D, 3.38%, 5/10/2050 | 4000 | 2480 |
| Series 2019-GC40, Class E, 3.00%, <br> 7/10/2052 (c)<br>| 4950 | 3247 |
| Series 2019-GC42, Class D, 2.80%, <br> 9/10/2052 (c)<br>| 11880 | 8840 |
| Series 2019-GSA1, Class XB, IO, 0.29%, <br> 11/10/2052 (a)<br>| 39035 | 436 |
| Series 2020-GC45, Class XA, IO, 0.61%, <br> 2/13/2053 (a)<br>| 69197 | 1345 |
| Series 2020-GC45, Class D, 2.85%, <br> 2/13/2053 (a) (c)<br>| 3000 | 2269 |
| Series 2020-GC45, Class E, 2.85%, <br> 2/13/2053 (a) (c)<br>| 7000 | 4989 |
| Series 2020-GC47, Class XA, IO, 1.12%, <br> 5/12/2053 (a)<br>| 80169 | 3025 |
| Series 2020-GSA2, Class D, 2.25%, <br> 12/12/2053 (c)<br>| 18158 | 13273 |
| Series 2020-GSA2, Class E, 2.25%, <br> 12/12/2053 (c)<br>| 4000 | 2547 |
| Harvest Commercial Capital Loan Trust Series <br> 2025-1, Class A, 5.97%, 6/25/2057 (a)<br>| 18719 | 19504 |
| HCFT 7.25%, 1/13/2027 ‡ | 7330 | 7281 |
| IRV Trust |  |  |
| Series 2025-200P, Class A, 5.29%, <br> 3/14/2047 (a) (c)<br>| 53700 | 55839 |
| Series 2025-200P, Class B, 5.44%, <br> 3/14/2047 (a) (c)<br>| 27350 | 28078 |
| Series 2025-200P, Class C, 5.73%, <br> 3/14/2047 (a) (c)<br>| 17600 | 18124 |
| Series 2025-200P, Class D, 6.17%, <br> 3/14/2047 (a) (c)<br>| 4000 | 4159 |
| J.P. Morgan Chase Commercial Mortgage Securities <br> Trust Series 2016-JP3, Class B, 3.40%, <br> 8/15/2049 (a)<br>| 2000 | 1891 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| Series 2013-C15, Class E, 3.50%, <br> 11/15/2045 (c)<br>| 3000 | 1598 |
| Series 2015-C30, Class B, 4.15%, <br> 7/15/2048 (a)<br>| 10630 | 10099 |
| Series 2015-C30, Class C, 4.15%, <br> 7/15/2048 (a)<br>| 3750 | 3061 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2015-C31, Class C, 4.65%, <br> 8/15/2048 (a)<br>| 5000 | 3901 |
| Series 2015-C28, Class D, 3.78%, <br> 10/15/2048 (a) (c)<br>| 1000 | 913 |
| Series 2015-C33, Class D2, 4.30%, <br> 12/15/2048 (a) (c)<br>| 1000 | 817 |
| Series 2015-C33, Class C, 4.80%, <br> 12/15/2048 (a)<br>| 3350 | 3216 |
| Series 2016-C1, Class D1, 4.13%, <br> 3/17/2049 (a) (c)<br>| 1500 | 1406 |
| JPMCC Commercial Mortgage Securities Trust |  |  |
| Series 2017-JP5, Class XB, IO, 0.42%, <br> 3/15/2050 (a)<br>| 31917 | 147 |
| Series 2017-JP5, Class C, 3.75%, <br> 3/15/2050 (a)<br>| 2460 | 2150 |
| Series 2017-JP5, Class B, 4.08%, <br> 3/15/2050 (a)<br>| 1000 | 959 |
| Series 2017-JP5, Class D, 4.50%, <br> 3/15/2050 (a) (c)<br>| 4669 | 3813 |
| Series 2017-JP7, Class D, 4.42%, <br> 9/15/2050 (a) (c)<br>| 367 | 261 |
| JPMDB Commercial Mortgage Securities Trust <br> Series 2019-COR6, Class D, 2.50%, <br> 11/13/2052 (c)<br>| 9875 | 4800 |
| JPMorgan Chase Commercial Mortgage Securities <br> Trust<br>|  |  |
| Series 2013-C16, Class D, 4.97%, <br> 12/15/2046 (a) (c)<br>| 1809 | 1763 |
| Series 2015-JP1, Class C, 4.75%, <br> 1/15/2049 (a)<br>| 4647 | 4303 |
| Series 2016-JP3, Class D, 3.43%, <br> 8/15/2049 (a) (c)<br>| 8122 | 5962 |
| Morgan Stanley Bank of America Merrill Lynch <br> Trust<br>|  |  |
| Series 2015-C27, Class E, 3.24%, <br> 12/15/2047 (a) (c)<br>| 2500 | 2045 |
| Series 2015-C27, Class F, 3.24%, <br> 12/15/2047 (a) (c)<br>| 6334 | 4849 |
| Series 2014-C19, Class D, 3.25%, <br> 12/15/2047 (c)<br>| 1443 | 1418 |
| Series 2014-C19, Class E, 3.25%, <br> 12/15/2047 (c)<br>| 6500 | 5411 |
| Series 2015-C21, Class B, 3.85%, <br> 3/15/2048 (a)<br>| 1869 | 1826 |
| Series 2015-C26, Class D, 3.06%, <br> 10/15/2048 (c)<br>| 2786 | 2667 |
| Series 2016-C31, Class D, 3.00%, <br> 11/15/2049 (a) (c)<br>| 11194 | 8953 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

162 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2016-C31, Class B, 3.88%, <br> 11/15/2049 (a)<br>| 1750 | 1696 |
| Series 2016-C31, Class C, 4.24%, <br> 11/15/2049 (a)<br>| 1000 | 931 |
| Series 2015-C23, Class D, 4.20%, <br> 7/15/2050 (a) (c)<br>| 1948 | 1893 |
| Morgan Stanley Capital I Series 2017-HR2, Class C, <br> 4.31%, 12/15/2050 (a)<br>| 1200 | 1153 |
| Morgan Stanley Capital I Trust |  |  |
| Series 2018-MP, Class D, 4.28%, <br> 7/11/2040 (a) (c)<br>| 1000 | 824 |
| Series 2019-L2, Class C, 4.97%, <br> 3/15/2052 (a)<br>| 6755 | 6008 |
| Series 2019-L3, Class D, 2.50%, <br> 11/15/2052 (c)<br>| 4500 | 3495 |
| Series 2020-L4, Class D, 2.50%, <br> 2/15/2053 (c)<br>| 7175 | 5561 |
| Series 2020-HR8, Class XA, IO, 1.78%, <br> 7/15/2053 (a)<br>| 17234 | 1061 |
| Series 2021-L5, Class XB, IO, 0.71%, <br> 5/15/2054 (a)<br>| 60000 | 2053 |
| Series 2021-L5, Class E, 2.50%, <br> 5/15/2054 (c)<br>| 4234 | 3006 |
| Series 2021-L6, Class D, 2.50%, <br> 6/15/2054 (a) (c)<br>| 13685 | 10215 |
| Series 2021-L6, Class E, 2.50%, <br> 6/15/2054 (a) (c)<br>| 5500 | 3475 |
| Series 2021-L7, Class E, 2.50%, <br> 10/15/2054 (c)<br>| 8091 | 5282 |
| MRCD MARK Mortgage Trust |  |  |
| Series 2019-PARK, Class G, 2.72%, <br> 12/15/2036 (c)<br>| 13337 | 7216 |
| Series 2019-PARK, Class J, 4.25%, <br> 12/15/2036 (c)<br>| 20000 | 9811 |
| MSWF Commercial Mortgage Trust Series 2023-2, <br> Class A5, 6.01%, 12/15/2056 (a)<br>| 37272 | 40702 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2019-01, Class M10, 7.03%, <br> 10/25/2049 (a) (c)<br>| 51017 | 51797 |
| Series 2020-01, Class M10, 7.53%, <br> 3/25/2050 (a) (c)<br>| 76204 | 77333 |
| Series 2023-01, Class M7, 7.67%, <br> 11/25/2053 (a) (c)<br>| 3249 | 3340 |
| Series 2023-01, Class M10, 10.17%, <br> 11/25/2053 (a) (c)<br>| 18075 | 20764 |
| Series 2024-01, Class M7, 6.42%, <br> 7/25/2054 (a) (c)<br>| 1700 | 1720 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2024-01, Class M10, 7.52%, <br> 7/25/2054 (a) (c)<br>| 1100 | 1136 |
| Series 2025-01, Class M1, 6.07%, <br> 5/25/2055 (a) (c)<br>| 20387 | 20714 |
| Series 2025-01, Class M2, 6.77%, <br> 5/25/2055 (a) (c)<br>| 12900 | 12923 |
| Series 2025-01, Class B1, 8.87%, <br> 5/25/2055 (a) (c)<br>| 2400 | 2514 |
| NW Re-REMIC TRUST Series 2021-FRR1, <br> Class BK88, 2.60%, 12/18/2051 ‡ (a) (c)<br>| 8000 | 7008 |
| NYC Commercial Mortgage Trust Series 2021-909, <br> Class E, 3.21%, 4/10/2043 (a) (c)<br>| 5000 | 3841 |
| P4 SFR Series 2019-STL B, 9.25%, 10/11/2026 ‡ | 5922 | 5886 |
| PRET LLC Series 2025-NPL5, Class A1, 6.24%, <br> 5/25/2055 (c) (d)<br>| 19027 | 19098 |
| PRM5 Trust Series 2025-PRM5, Class A, 4.62%, <br> 3/10/2033 (a) (c)<br>| 8695 | 8722 |
| RFT TRUST |  |  |
| Series 2024-2, Class A1, 7.11%, <br> 9/27/2028 (c) (d)<br>| 4822 | 4824 |
| Series 2024-2, Class A2, 8.81%, <br> 9/27/2028 (c) (d)<br>| 11676 | 11665 |
| ROCK Trust |  |  |
| Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (c)<br>| 13539 | 14012 |
| Series 2024-CNTR, Class D, 7.11%, <br> 11/13/2041 (c)<br>| 20727 | 21886 |
| Series 2024-CNTR, Class E, 8.82%, <br> 11/13/2041 (c)<br>| 63500 | 67956 |
| SBALR Commercial Mortgage Trust |  |  |
| Series 2020-RR1, Class XA, IO, 1.25%, <br> 2/13/2053 (a) (c)<br>| 70600 | 2556 |
| Series 2020-RR1, Class B, 3.48%, <br> 2/13/2053 (c)<br>| 11440 | 8375 |
| Series 2020-RR1, Class C, 3.98%, <br> 2/13/2053 (a) (c)<br>| 4750 | 2432 |
| Series 2020-RR1, Class D, 4.08%, <br> 2/13/2053 (a) (c)<br>| 9750 | 4365 |
| SDR Commercial Mortgage Trust |  |  |
| Series 2024-DSNY, Class A, 5.05%, <br> 5/15/2039 (a) (c)<br>| 15540 | 15530 |
| Series 2024-DSNY, Class B, 5.40%, <br> 5/15/2039 (a) (c)<br>| 10267 | 10267 |
| SHR Trust Series 2024-LXRY, Class B, 6.11%, <br> 10/15/2041 (a) (c)<br>| 3000 | 3006 |
| SREIT Trust Series 2021-MFP, Class G, 6.75%, <br> 11/15/2038 (a) (c)<br>| 10905 | 10899 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 163

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| TPG Trust Series 2024-WLSC, Class A, 5.79%, <br> 11/15/2029 (a) (c)<br>| 8600 | 8590 |
| UBS Commercial Mortgage Trust |  |  |
| Series 2017-C1, Class C, 4.44%, 6/15/2050 | 5330 | 5023 |
| Series 2017-C3, Class AS, 3.74%, <br> 8/15/2050 (a)<br>| 4000 | 3923 |
| Series 2017-C2, Class C, 4.30%, <br> 8/15/2050 (a)<br>| 7250 | 6938 |
| Series 2017-C5, Class AS, 3.78%, <br> 11/15/2050 (a)<br>| 8471 | 8254 |
| Series 2017-C6, Class C, 4.71%, <br> 12/15/2050 (a)<br>| 1010 | 844 |
| Series 2018-C9, Class B, 4.57%, <br> 3/15/2051 (a)<br>| 5490 | 4204 |
| Series 2018-C10, Class D, 3.00%, <br> 5/15/2051 (c)<br>| 4340 | 3554 |
| Series 2018-C11, Class XB, IO, 0.25%, <br> 6/15/2051 (a)<br>| 100000 | 649 |
| Series 2018-C11, Class AS, 4.49%, <br> 6/15/2051 (a)<br>| 8679 | 8585 |
| Series 2018-C11, Class B, 4.71%, <br> 6/15/2051 (a)<br>| 2500 | 2386 |
| Velocity Commercial Capital Loan Trust |  |  |
| Series 2018-2, Class A, 4.05%, <br> 10/26/2048 (a) (c)<br>| 655 | 644 |
| Series 2018-2, Class M2, 4.51%, <br> 10/26/2048 (a) (c)<br>| 76 | 73 |
| Series 2018-2, Class M3, 4.72%, <br> 10/26/2048 (a) (c)<br>| 140 | 132 |
| Series 2019-1, Class A, 3.76%, 3/25/2049 (a) <br> (c)<br>| 851 | 826 |
| Series 2019-1, Class M1, 3.94%, <br> 3/25/2049 (a) (c)<br>| 1948 | 1855 |
| Series 2019-3, Class A, 3.03%, <br> 10/25/2049 (a) (c)<br>| 1625 | 1592 |
| Series 2021-1, Class M1, 1.79%, <br> 5/25/2051 (a) (c)<br>| 2105 | 1772 |
| Series 2021-1, Class M2, 2.26%, <br> 5/25/2051 (a) (c)<br>| 1653 | 1359 |
| Series 2022-2, Class A, 4.67%, 4/25/2052 (a) <br> (c)<br>| 2254 | 2202 |
| Series 2022-3, Class A, 5.22%, 6/25/2052 (a) <br> (c)<br>| 3764 | 3744 |
| Series 2022-4, Class A, 5.63%, 8/25/2052 (a) <br> (c)<br>| 3659 | 3693 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| Series 2024-1CHI, Class A, 5.48%, <br> 7/15/2035 (a) (c)<br>| 4000 | 4033 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2024-1CHI, Class B, 5.93%, <br> 7/15/2035 (a) (c)<br>| 1500 | 1513 |
| Series 2014-LC18, Class D, 3.96%, <br> 12/15/2047 (a) (c)<br>| 4952 | 4742 |
| Series 2015-C27, Class C, 3.89%, 2/15/2048 | 2110 | 1858 |
| Series 2015-NXS1, Class E, 2.88%, <br> 5/15/2048 (a) (c)<br>| 9230 | 8241 |
| Series 2015-C29, Class D, 4.26%, <br> 6/15/2048 (a)<br>| 1077 | 1044 |
| Series 2017-RB1, Class D, 3.40%, <br> 3/15/2050 (c)<br>| 1500 | 649 |
| Series 2017-C38, Class D, 3.00%, <br> 7/15/2050 (c)<br>| 4500 | 3583 |
| Series 2017-C39, Class A5, 3.42%, 9/15/2050 | 4000 | 3950 |
| Series 2018-C44, Class XB, IO, 0.17%, <br> 5/15/2051 (a)<br>| 70000 | 281 |
| Series 2018-C44, Class D, 3.00%, <br> 5/15/2051 (c)<br>| 1250 | 923 |
| Series 2018-C46, Class D, 3.00%, <br> 8/15/2051 (c)<br>| 2890 | 2470 |
| Series 2019-C52, Class XA, IO, 1.56%, <br> 8/15/2052 (a)<br>| 13600 | 569 |
| Series 2020-C55, Class D, 2.50%, <br> 2/15/2053 (c)<br>| 4500 | 3085 |
| Series 2020-C55, Class E, 2.50%, <br> 2/15/2053 (c)<br>| 6850 | 4163 |
| Series 2021-C59, Class D, 2.50%, <br> 4/15/2054 (c)<br>| 2500 | 1897 |
| Series 2022-C62, Class C, 4.34%, <br> 4/15/2055 (a)<br>| 2500 | 2162 |
| Series 2024-5C1, Class A3, 5.93%, 7/15/2057 | 3500 | 3687 |
| Series 2015-NXS2, Class D, 3.87%, <br> 7/15/2058 (a)<br>| 2226 | 1513 |
| Series 2015-LC22, Class D, 4.72%, <br> 9/15/2058 (a)<br>| 2107 | 1875 |
| Series 2016-C32, Class D, 3.79%, <br> 1/15/2059 (a) (c)<br>| 718 | 704 |
| WFRBS Commercial Mortgage Trust |  |  |
| Series 2014-C21, Class D, 3.50%, <br> 8/15/2047 (c)<br>| 6153 | 5571 |
| Series 2014-C22, Class D, 3.79%, <br> 9/15/2057 (a) (c)<br>| 1440 | 544 |
| WHARF Commercial Mortgage Trust Series <br> 2025-DC, Class A, 5.53%, 7/15/2040 (a) (c)<br>| 6362 | 6602 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $3,683,981)<br>|  | 3620080 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

164 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — 21.9%** | **Corporate Bonds — 21.9%** | **Corporate Bonds — 21.9%** |
| **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** | **Aerospace & Defense — 0.4%** |
| ATI, Inc. 5.88%, 12/1/2027 | 3085 | 3086 |
| Axon Enterprise, Inc.  | Axon Enterprise, Inc.  | Axon Enterprise, Inc.  |
| 6.13%, 3/15/2030 (c) | 1220 | 1257 |
| 6.25%, 3/15/2033 (c) | 2705 | 2804 |
| Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
| 8.75%, 11/15/2030 (c) | 4795 | 5137 |
| 7.25%, 7/1/2031 (c) | 4089 | 4350 |
| 7.00%, 6/1/2032 (c) | 2292 | 2414 |
| 6.75%, 6/15/2033 (c) | 1650 | 1739 |
| BWX Technologies, Inc. 4.13%, 6/30/2028 (c) | 4404 | 4362 |
| Carpenter Technology Corp. 5.63%, 3/1/2034 (c) | 987 | 1006 |
| Goat Holdco LLC 6.75%, 2/1/2032 (c) | 2632 | 2720 |
| ICITII 6.00%, 1/31/2033 ‡ (c) | 1779 | 797 |
| TransDigm, Inc.  | TransDigm, Inc.  | TransDigm, Inc.  |
| 6.38%, 3/1/2029 (c) | 18982 | 19498 |
| 6.63%, 3/1/2032 (c) | 6852 | 7099 |
| 6.25%, 1/31/2034 (c) | 1175 | 1216 |
|  |  | 57485 |
| **Automobile Components — 0.7%** | **Automobile Components — 0.7%** | **Automobile Components — 0.7%** |
| Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  | Adient Global Holdings Ltd.  |
| 7.00%, 4/15/2028 (c) | 1815 | 1851 |
| 8.25%, 4/15/2031 (c) | 3610 | 3777 |
| 7.50%, 2/15/2033 (c) | 3055 | 3206 |
| Allison Transmission, Inc.  | Allison Transmission, Inc.  | Allison Transmission, Inc.  |
| 4.75%, 10/1/2027 (c) | 4093 | 4088 |
| 5.88%, 6/1/2029 (c) | 10651 | 10762 |
| 3.75%, 1/30/2031 (c) | 10702 | 10180 |
| 5.88%, 12/1/2033 (c) | 1120 | 1144 |
| American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  | American Axle & Manufacturing, Inc.  |
| 6.88%, 7/1/2028 | 3441 | 3444 |
| 5.00%, 10/1/2029 | 10300 | 10063 |
| Clarios Global LP  | Clarios Global LP  | Clarios Global LP  |
| 6.75%, 5/15/2028 (c) | 1570 | 1606 |
| 6.75%, 2/15/2030 (c) | 3080 | 3226 |
| 6.75%, 9/15/2032 (c) | 6451 | 6696 |
| Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  | Cooper-Standard Automotive, Inc.  |
| 13.50% (Cash), 3/31/2027 (c) (e) | 4609 | 4712 |
| 5.63% (Cash), 5/15/2027 (c) (e) | 969 | 982 |
| 9.25%, 3/1/2031 (b) (c) | 15569 | 15613 |
| Dana, Inc. 4.25%, 9/1/2030 | 1016 | 975 |
| Dornoch Debt Merger Sub, Inc. 6.63%, <br> 10/15/2029 (c)<br>| 4565 | 4124 |
| Forvia SE (France) 6.75%, 9/15/2033 (c) | 1010 | 1040 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Automobile Components — continued** | **Automobile Components — continued** | **Automobile Components — continued** |
| Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  |
| 5.00%, 7/15/2029 | 10041 | 9842 |
| 6.63%, 7/15/2030 | 1432 | 1463 |
| 5.25%, 4/30/2031 | 2441 | 2341 |
| 5.25%, 7/15/2031 | 2855 | 2724 |
| IHO Verwaltungs GmbH (Germany) | IHO Verwaltungs GmbH (Germany) | IHO Verwaltungs GmbH (Germany) |
| 7.75% (Cash), 11/15/2030 (c) (e) | 5618 | 5905 |
| 8.00% (Cash), 11/15/2032 (c) (e) | 820 | 875 |
| ZF North America Capital, Inc. (Germany) 6.75%, <br> 4/23/2030 (c)<br>| 4961 | 5011 |
|  |  | 115650 |
| **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** | **Automobiles — 0.0% ^** |
| Jaguar Land Rover Automotive plc (United <br> Kingdom) 4.50%, 10/1/2027 (c)<br>| 1000 | 993 |
| **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** |
| Banco Bilbao Vizcaya Argentaria SA (Spain) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 5.10%), 9.38%, <br> 3/19/2029 (f) (g) (h) (i)<br>| 11187 | 12462 |
| Banco del Estado de Chile (Chile) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 <br> Year + 3.23%), 7.95%, 5/2/2029 (f) (g) (h) <br> (i) (j)<br>| 1300 | 1391 |
| Banco Mercantil del Norte SA (Mexico) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 10 Year + 5.47%), 7.50%, <br> 6/27/2029 (f) (g) (h) (i) (j)<br>| 9900 | 10230 |
| Banco Santander SA (Spain) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 5.31%), 9.63%, 11/21/2028 (f) (g) (h) (i)<br>| 10800 | 11995 |
| Bank of America Corp. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + 2.35%), <br> 6.25%, 7/26/2030 (g) (h) (i)<br>| 29605 | 30463 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.90%), 7.75%, <br> 8/16/2029 (c) (f) (g) (h) (i)<br>| 8540 | 9090 |
| (SOFR + 1.59%), 5.50%, 5/20/2030 (c) (i) | 5030 | 5223 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.54%), 7.38%, <br> 9/10/2034 (c) (f) (g) (h) (i)<br>| 3450 | 3624 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| Series T, (3-MONTH CME TERM SOFR + 4.78%), <br> 6.25%, 8/15/2026 (g) (h) (i)<br>| 83 | 83 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 165

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Series EE, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.57%), <br> 6.75%, 2/15/2030 (g) (h) (i)<br>| 7630 | 7805 |
| Series FF, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.73%), <br> 6.95%, 2/15/2030 (g) (h) (i)<br>| 7303 | 7508 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.00%), 6.63%, <br> 2/15/2031 (g) (h) (i)<br>| 3232 | 3341 |
| HSBC Holdings plc (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.65%), <br> 4.60%, 12/17/2030 (f) (g) (h) (i)<br>| 13562 | 12927 |
| Lloyds Banking Group plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.15%), 6.75%, <br> 9/27/2031 (f) (g) (h) (i)<br>| 11751 | 12177 |
| TC Ziraat Bankasi A/S (Turkey) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 5 Year + <br> 4.62%), 8.38%, 11/5/2030 (c) (f) (g) (h) (i)<br>| 7620 | 7753 |
| Toronto-Dominion Bank (The) (Canada) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.08%), 8.13%, <br> 10/31/2082 (f) (i)<br>| 5795 | 6063 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| Series BB, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.45%), <br> 3.90%, 3/15/2026 (g) (h) (i)<br>| 11821 | 11809 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.77%), 6.85%, <br> 9/15/2029 (g) (h) (i)<br>| 17893 | 18871 |
|  |  | 172815 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Primo Water Holdings, Inc. 6.25%, 4/1/2029 (c) | 6365 | 6364 |
| **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** | **Biotechnology — 0.0% ^** |
| Grifols SA (Spain) 4.75%, 10/15/2028 (c) | 6077 | 6000 |
| **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** | **Broadline Retail — 0.1%** |
| Nordstrom, Inc. 4.25%, 8/1/2031 | 2885 | 2688 |
| Shutterfly Finance LLC  | Shutterfly Finance LLC  | Shutterfly Finance LLC  |
| 8.50% (Cash), 10/1/2027 (c) (e) | 8615 | 8058 |
| 9.75%, 10/1/2027 (c) | 961 | 956 |
| Wayfair LLC  | Wayfair LLC  | Wayfair LLC  |
| 7.25%, 10/31/2029 (c) | 1604 | 1658 |
| 7.75%, 9/15/2030 (c) | 4093 | 4304 |
|  |  | 17664 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Building Products — 0.6%** | **Building Products — 0.6%** | **Building Products — 0.6%** |
| Builders FirstSource, Inc.  | Builders FirstSource, Inc.  | Builders FirstSource, Inc.  |
| 4.25%, 2/1/2032 (c) | 4188 | 3994 |
| 6.38%, 6/15/2032 (c) | 3885 | 3992 |
| 6.38%, 3/1/2034 (c) | 2685 | 2766 |
| 6.75%, 5/15/2035 (c) | 1702 | 1776 |
| EMRLD Borrower LP 6.63%, 12/15/2030 (c) | 18006 | 18636 |
| James Hardie International Finance DAC 5.00%, <br> 1/15/2028 (c)<br>| 2000 | 1998 |
| JELD-WEN, Inc. 4.88%, 12/15/2027 (c) | 2803 | 2294 |
| JH North America Holdings, Inc.  | JH North America Holdings, Inc.  | JH North America Holdings, Inc.  |
| 5.88%, 1/31/2031 (c) | 1382 | 1411 |
| 6.13%, 7/31/2032 (c) | 2074 | 2129 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (c) | 6600 | 6642 |
| Miter Brands Acquisition Holdco, Inc. 6.75%, <br> 4/1/2032 (c)<br>| 3745 | 3776 |
| MIWD Holdco II LLC 5.50%, 2/1/2030 (c) | 2130 | 1996 |
| Quikrete Holdings, Inc. 6.38%, 3/1/2032 (c) | 9545 | 9920 |
| Smyrna Ready Mix Concrete LLC 8.88%, <br> 11/15/2031 (c)<br>| 8425 | 8951 |
| Standard Building Solutions, Inc.  | Standard Building Solutions, Inc.  | Standard Building Solutions, Inc.  |
| 6.25%, 8/1/2033 (c) | 4561 | 4646 |
| 5.88%, 3/15/2034 (c) | 1782 | 1778 |
| Standard Industries, Inc.  | Standard Industries, Inc.  | Standard Industries, Inc.  |
| 4.75%, 1/15/2028 (c) | 16089 | 16039 |
| 4.38%, 7/15/2030 (c) | 8074 | 7789 |
|  |  | 100533 |
| **Capital Markets — 0.2%** | **Capital Markets — 0.2%** | **Capital Markets — 0.2%** |
| Coinbase Global, Inc.  | Coinbase Global, Inc.  | Coinbase Global, Inc.  |
| 3.38%, 10/1/2028 (c) | 1440 | 1373 |
| 3.63%, 10/1/2031 (c) | 982 | 858 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| Series W, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.16%), <br> 7.50%, 2/10/2029 (g) (h) (i)<br>| 6225 | 6655 |
| Series X, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.81%), <br> 7.50%, 5/10/2029 (g) (h) (i)<br>| 8361 | 8901 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.75%), 9.25%, <br> 11/13/2028 (c) (f) (g) (h) (i)<br>| 10690 | 11653 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 4.76%), 9.25%, <br> 11/13/2033 (c) (f) (g) (h) (i)<br>| 1858 | 2173 |
|  |  | 31613 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

166 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
| Axalta Coating Systems Dutch Holding B BV <br> 7.25%, 2/15/2031 (c)<br>| 1250 | 1314 |
| Axalta Coating Systems LLC  | Axalta Coating Systems LLC  | Axalta Coating Systems LLC  |
| 4.75%, 6/15/2027 (c) | 12512 | 12506 |
| 3.38%, 2/15/2029 (c) | 7200 | 6945 |
| Braskem Netherlands Finance BV (Brazil) | Braskem Netherlands Finance BV (Brazil) | Braskem Netherlands Finance BV (Brazil) |
| 4.50%, 1/31/2030 (j) | 2950 | 1243 |
| 7.25%, 2/13/2033 (c) | 1302 | 537 |
| Celanese US Holdings LLC  | Celanese US Holdings LLC  | Celanese US Holdings LLC  |
| 7.00%, 2/15/2031 | 1728 | 1780 |
| 7.20%, 11/15/2033 (d) | 3435 | 3690 |
| 7.38%, 2/15/2034 | 12669 | 13015 |
| Chemours Co. (The)  | Chemours Co. (The)  | Chemours Co. (The)  |
| 5.75%, 11/15/2028 (c) | 7871 | 7917 |
| 4.63%, 11/15/2029 (c) | 4922 | 4662 |
| 7.88%, 3/15/2034 (b) (c) | 1753 | 1751 |
| Element Solutions, Inc. 3.88%, 9/1/2028 (c) | 7541 | 7413 |
| INEOS Finance plc (Luxembourg) | INEOS Finance plc (Luxembourg) | INEOS Finance plc (Luxembourg) |
| 6.75%, 5/15/2028 (c) | 1400 | 1296 |
| 7.50%, 4/15/2029 (c) | 8840 | 7893 |
| INEOS Quattro Finance 2 plc (United Kingdom) <br> 9.63%, 3/15/2029 (c)<br>| 2005 | 1719 |
| NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) |
| 5.25%, 6/1/2027 (c) | 16860 | 16950 |
| 8.50%, 11/15/2028 (c) | 2880 | 3015 |
| 4.25%, 5/15/2029 (c) | 3070 | 3012 |
| 9.00%, 2/15/2030 (c) | 2523 | 2680 |
| OCP SA (Morocco) | OCP SA (Morocco) | OCP SA (Morocco) |
| 6.70%, 3/1/2036 (c) | 2130 | 2298 |
| 5.13%, 6/23/2051 (j) | 2500 | 2081 |
| 7.50%, 5/2/2054 (c) | 2160 | 2423 |
| Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  | Scotts Miracle-Gro Co. (The)  |
| 5.25%, 12/15/2026 | 3125 | 3122 |
| 4.50%, 10/15/2029 | 13427 | 13281 |
| 4.00%, 4/1/2031 | 5990 | 5663 |
| 4.38%, 2/1/2032 | 1455 | 1383 |
| Solstice Advanced Materials, Inc. 5.63%, <br> 9/30/2033 (c)<br>| 8142 | 8230 |
| Trinseo Luxco Finance SPV SARL 7.63% (Blend <br> (Cash 5.13% + PIK 2.50%)), 5/3/2029 (c) (e)<br>| 9580 | 374 |
| WR Grace Holdings LLC  | WR Grace Holdings LLC  | WR Grace Holdings LLC  |
| 5.63%, 8/15/2029 (c) | 3651 | 3497 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| 6.63%, 8/15/2032 (c) | 4294 | 4344 |
| 7.00%, 8/1/2033 (c) | 1005 | 1023 |
|  |  | 147057 |
| **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** | **Commercial Services & Supplies — 0.7%** |
| ACCO Brands Corp. 4.25%, 3/15/2029 (c) | 10192 | 9376 |
| ADT Security Corp. (The)  | ADT Security Corp. (The)  | ADT Security Corp. (The)  |
| 4.13%, 8/1/2029 (c) | 3306 | 3225 |
| 4.88%, 7/15/2032 (c) | 5796 | 5623 |
| Allied Universal Holdco LLC 4.63%, 6/1/2028 (c) | 7439 | 7380 |
| Aramark Services, Inc. 5.00%, 2/1/2028 (c) | 7361 | 7363 |
| Brink's Co. (The) 4.63%, 10/15/2027 (c) | 3555 | 3551 |
| Clarivate Science Holdings Corp.  | Clarivate Science Holdings Corp.  | Clarivate Science Holdings Corp.  |
| 3.88%, 7/1/2028 (c) | 6219 | 5817 |
| 4.88%, 7/1/2029 (c) | 6373 | 5228 |
| Clean Harbors, Inc. 5.75%, 10/15/2033 (c) | 2750 | 2815 |
| CoreCivic, Inc. 8.25%, 4/15/2029 | 4965 | 5163 |
| Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) | Garda World Security Corp. (Canada) |
| 6.50%, 1/15/2031 (c) | 2263 | 2325 |
| 8.38%, 11/15/2032 (c) | 1998 | 2046 |
| GFL Environmental, Inc.  | GFL Environmental, Inc.  | GFL Environmental, Inc.  |
| 4.00%, 8/1/2028 (c) | 5378 | 5295 |
| 4.75%, 6/15/2029 (c) | 4050 | 4024 |
| 4.38%, 8/15/2029 (c) | 5 | 5 |
| 6.75%, 1/15/2031 (c) | 9781 | 10259 |
| Madison IAQ LLC  | Madison IAQ LLC  | Madison IAQ LLC  |
| 4.13%, 6/30/2028 (c) | 12021 | 11863 |
| 5.88%, 6/30/2029 (c) | 4409 | 4398 |
| Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  | Prime Security Services Borrower LLC  |
| 5.75%, 4/15/2026 (c) | 410 | 411 |
| 3.38%, 8/31/2027 (c) | 9269 | 9122 |
| Raven Acquisition Holdings LLC 6.88%, <br> 11/15/2031 (c)<br>| 3106 | 2990 |
| Williams Scotsman, Inc. 6.63%, 4/15/2030 (c) | 945 | 979 |
|  |  | 109258 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| AECOM 6.00%, 8/1/2033 (c) | 3482 | 3558 |
| Bioceanico Sovereign Certificate Ltd. (Paraguay) <br> Zero Coupon, 6/5/2034 (j)<br>| 2343 | 1935 |
| Dycom Industries, Inc. 4.50%, 4/15/2029 (c) | 3830 | 3771 |
| Global Infrastructure Solutions, Inc. 5.63%, <br> 6/1/2029 (c)<br>| 1650 | 1650 |
|  |  | 10914 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 167

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| Knife River Corp. 7.75%, 5/1/2031 (c) | 3250 | 3388 |
| **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** | **Consumer Finance — 0.3%** |
| Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  | Ford Motor Credit Co. LLC  |
| 6.95%, 6/10/2026 | 6033 | 6064 |
| 4.54%, 8/1/2026 | 5460 | 5459 |
| 4.13%, 8/17/2027 | 5500 | 5479 |
| 6.80%, 11/7/2028 | 2000 | 2108 |
| 7.20%, 6/10/2030 | 2816 | 3041 |
| 5.73%, 9/5/2030 | 13157 | 13530 |
| 5.75%, 4/6/2033 | 4500 | 4586 |
| OneMain Finance Corp. 3.88%, 9/15/2028 | 7685 | 7436 |
|  |  | 47703 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| Albertsons Cos., Inc.  | Albertsons Cos., Inc.  | Albertsons Cos., Inc.  |
| 3.50%, 3/15/2029 (c) | 7769 | 7491 |
| 4.88%, 2/15/2030 (c) | 3052 | 3027 |
| 5.50%, 3/31/2031 (c) | 952 | 958 |
| 5.63%, 3/31/2032 (c) | 5386 | 5407 |
| New Albertsons LP  | New Albertsons LP  | New Albertsons LP  |
| 6.63%, 6/1/2028 | 5 | 5 |
| 7.45%, 8/1/2029 | 113 | 119 |
| 8.00%, 5/1/2031 | 870 | 951 |
| Performance Food Group, Inc.  | Performance Food Group, Inc.  | Performance Food Group, Inc.  |
| 4.25%, 8/1/2029 (c) | 4231 | 4151 |
| 5.63%, 3/1/2034 (c) | 2070 | 2077 |
| US Foods, Inc.  | US Foods, Inc.  | US Foods, Inc.  |
| 6.88%, 9/15/2028 (c) | 1598 | 1648 |
| 4.75%, 2/15/2029 (c) | 2450 | 2440 |
| 4.63%, 6/1/2030 (c) | 2558 | 2533 |
|  |  | 30807 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Ardagh Group SA  | Ardagh Group SA  | Ardagh Group SA  |
| 9.50%, 12/1/2030 (c) | 6427 | 6960 |
| 12.00% (Blend (Cash 5.50% + PIK 6.50%)), <br> 12/1/2030 (a) (c) (e)<br>| 6380 | 6039 |
| Berry Global, Inc. 4.88%, 7/15/2026 (c) | 5576 | 5577 |
| Clydesdale Acquisition Holdings, Inc. 6.75%, <br> 4/15/2032 (c)<br>| 7967 | 8027 |
| Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  | Mauser Packaging Solutions Holding Co.  |
| 7.88%, 4/15/2030 (c) | 16219 | 16604 |
| 9.25%, 4/15/2030 (c) | 6489 | 6394 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| Owens-Brockway Glass Container, Inc. 6.63%, <br> 5/13/2027 (c)<br>| 4325 | 4328 |
| TriMas Corp. 4.13%, 4/15/2029 (c) | 2612 | 2521 |
|  |  | 56450 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| RB Global Holdings, Inc. (Canada) | RB Global Holdings, Inc. (Canada) | RB Global Holdings, Inc. (Canada) |
| 6.75%, 3/15/2028 (c) | 2625 | 2667 |
| 7.75%, 3/15/2031 (c) | 3630 | 3774 |
|  |  | 6441 |
| **Diversified — 0.0% ^** | **Diversified — 0.0% ^** | **Diversified — 0.0% ^** |
| Ygrene Frn 8.50%, 7/25/2045 ‡ (c) | 6024 | 6054 |
| **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** | **Diversified Consumer Services — 0.1%** |
| Service Corp. International  | Service Corp. International  | Service Corp. International  |
| 7.50%, 4/1/2027 | 535 | 551 |
| 3.38%, 8/15/2030 | 11836 | 11125 |
| Wand NewCo 3, Inc. 7.63%, 1/30/2032 (c) | 3273 | 3415 |
|  |  | 15091 |
| **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** | **Diversified Telecommunication Services — 1.4%** |
| Altice France SA (France) | Altice France SA (France) | Altice France SA (France) |
| 9.50%, 11/1/2029 (c) | 8770 | 8905 |
| 6.88%, 10/15/2030 (c) | 2668 | 2586 |
| 6.50%, 10/15/2031 (c) | 317 | 305 |
| 6.88%, 7/15/2032 (c) | 5564 | 5341 |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 5.38%, 6/1/2029 (c) | 3694 | 3685 |
| 6.38%, 9/1/2029 (c) | 12741 | 12911 |
| 4.75%, 3/1/2030 (c) | 57876 | 55952 |
| 4.50%, 8/15/2030 (c) | 42413 | 40455 |
| 4.25%, 2/1/2031 (c) | 26762 | 24945 |
| 7.38%, 3/1/2031 (c) | 9460 | 9761 |
| 4.50%, 5/1/2032 | 6675 | 6109 |
| Cipher Compute LLC 7.13%, 11/15/2030 (c) | 2070 | 2158 |
| Connect Holding II LLC 10.50%, 4/3/2031 (c) | 5665 | 5478 |
| Fibercop SpA (Italy) | Fibercop SpA (Italy) | Fibercop SpA (Italy) |
| Series 2033, 6.38%, 11/15/2033 (c) | 3705 | 3759 |
| 7.72%, 6/4/2038 (c) | 2137 | 2205 |
| Flash Compute LLC 7.25%, 12/31/2030 (c) | 2452 | 2510 |
| Frontier Communications Holdings LLC 5.00%, <br> 5/1/2028 (c)<br>| 9797 | 9803 |
| GCI LLC 4.75%, 10/15/2028 (c) | 7571 | 7439 |
| Level 3 Financing, Inc.  | Level 3 Financing, Inc.  | Level 3 Financing, Inc.  |
| 6.88%, 6/30/2033 (c) | 8425 | 8726 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

168 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** | **Diversified Telecommunication Services — continued** |
| 7.00%, 3/31/2034 (c) | 4324 | 4495 |
| Telecom Italia Capital SA 7.72%, 6/4/2038 | 1033 | 1180 |
| Virgin Media Secured Finance plc (United <br> Kingdom) 5.50%, 5/15/2029 (c)<br>| 2750 | 2670 |
| WULF Compute LLC 7.75%, 10/15/2030 (c) | 8825 | 9346 |
|  |  | 230724 |
| **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** | **Electric Utilities — 0.8%** |
| Axia Energia (Brazil) 6.50%, 1/11/2035 (c) | 4730 | 4921 |
| Comision Ejecutiva Hidroelectrica del Rio Lempa <br> (El Salvador) 8.65%, 1/24/2033 (c)<br>| 767 | 814 |
| Comision Federal de Electricidad (Mexico) 6.50%, <br> 1/28/2051 (c)<br>| 1541 | 1559 |
| Entergy Corp.  | Entergy Corp.  | Entergy Corp.  |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.67%), 7.13%, <br> 12/1/2054 (i)<br>| 11327 | 11850 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.18%), 5.88%, <br> 6/15/2056 (i)<br>| 7570 | 7607 |
| Eskom Holdings (South Africa) 8.45%, <br> 8/10/2028 (j)<br>| 5400 | 5790 |
| EUSHI Finance, Inc. (US Treasury Yield Curve Rate <br> T Note Constant Maturity 5 Year + 2.51%), <br> 6.25%, 4/1/2056 (i)<br>| 12107 | 12197 |
| Instituto Costarricense de Electricidad (Costa Rica) | Instituto Costarricense de Electricidad (Costa Rica) | Instituto Costarricense de Electricidad (Costa Rica) |
| 6.75%, 10/7/2031 (c) | 8210 | 8664 |
| 6.38%, 5/15/2043 (j) | 690 | 690 |
| NextEra Energy Capital Holdings, Inc. (US Treasury <br> Yield Curve Rate T Note Constant Maturity 5 <br> Year + 2.05%), 6.38%, 8/15/2055 (i)<br>| 4802 | 4988 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 5.75%, 1/15/2028 | 10297 | 10296 |
| 5.25%, 6/15/2029 (c) | 1379 | 1384 |
| 3.63%, 2/15/2031 (c) | 7745 | 7311 |
| 6.00%, 2/1/2033 (c) | 4308 | 4412 |
| 5.75%, 1/15/2034 (c) | 3238 | 3282 |
| 6.00%, 1/15/2036 (c) | 3229 | 3286 |
| Tierra Mojada Luxembourg II SARL (Mexico) <br> 5.75%, 12/1/2040 (c)<br>| 6519 | 6393 |
| Trinidad Generation UnLtd (Trinidad And Tobago) <br> 7.75%, 6/16/2033 (c)<br>| 2090 | 2199 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 5.63%, 2/15/2027 (c) | 4778 | 4776 |
| 5.00%, 7/31/2027 (c) | 14571 | 14550 |
| 4.38%, 5/1/2029 (c) | 2616 | 2588 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| 7.75%, 10/15/2031 (c) | 2435 | 2573 |
| 6.88%, 4/15/2032 (c) | 2946 | 3099 |
| VoltaGrid LLC 7.38%, 11/1/2030 (c) | 2607 | 2722 |
|  |  | 127951 |
| **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** | **Electrical Equipment — 0.1%** |
| Regal Rexnord Corp. 6.40%, 4/15/2033 | 2931 | 3187 |
| Sensata Technologies BV 4.00%, 4/15/2029 (c) | 6493 | 6355 |
|  |  | 9542 |
| **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** | **Electronic Equipment, Instruments & Components — 0.2%** |
| Coherent Corp. 5.00%, 12/15/2029 (c) | 12944 | 12951 |
| Sensata Technologies, Inc.  | Sensata Technologies, Inc.  | Sensata Technologies, Inc.  |
| 4.38%, 2/15/2030 (c) | 6014 | 5899 |
| 3.75%, 2/15/2031 (c) | 1450 | 1367 |
| 6.63%, 7/15/2032 (c) | 6470 | 6773 |
|  |  | 26990 |
| **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** | **Energy Equipment & Services — 0.1%** |
| Archrock Partners LP 6.63%, 9/1/2032 (c) | 2702 | 2812 |
| Archrock Services LP 6.00%, 2/1/2034 (c) | 954 | 966 |
| Diamond Foreign Asset Co. 8.50%, <br> 10/1/2030 (c)<br>| 2300 | 2445 |
| Kodiak Gas Services LLC 6.50%, 10/1/2033 (c) | 1047 | 1080 |
| Transocean International Ltd.  | Transocean International Ltd.  | Transocean International Ltd.  |
| 8.25%, 5/15/2029 (c) | 4160 | 4332 |
| 8.75%, 2/15/2030 (c) | 1088 | 1139 |
| Vallourec SACA (France) 7.50%, 4/15/2032 (c) | 1800 | 1911 |
| Yinson Boronia Production BV (Brazil) 8.95%, <br> 7/31/2042 (c)<br>| 2193 | 2411 |
|  |  | 17096 |
| **Entertainment — 0.2%** | **Entertainment — 0.2%** | **Entertainment — 0.2%** |
| Cinemark USA, Inc. 7.00%, 8/1/2032 (c) | 1387 | 1445 |
| Discovery Global Holdings, Inc. 4.28%, <br> 3/15/2032<br>| 3925 | 3606 |
| Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  | Live Nation Entertainment, Inc.  |
| 6.50%, 5/15/2027 (c) | 13141 | 13203 |
| 4.75%, 10/15/2027 (c) | 16997 | 16986 |
| 3.75%, 1/15/2028 (c) | 2690 | 2648 |
|  |  | 37888 |
| **Financial Services — 1.0%** | **Financial Services — 1.0%** | **Financial Services — 1.0%** |
| BAML RCAP (United Kingdom) 8.00%, <br> 10/26/2029 ‡<br>| 4477 | 4471 |
| Block, Inc.  | Block, Inc.  | Block, Inc.  |
| 5.63%, 8/15/2030 (c) | 3181 | 3223 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 169

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| 6.50%, 5/15/2032 | 15122 | 15557 |
| 6.00%, 8/15/2033 (c) | 1145 | 1164 |
| CFIN 2022-RTL1 Issuer LLC  | CFIN 2022-RTL1 Issuer LLC  | CFIN 2022-RTL1 Issuer LLC  |
| Class A, 0.00%, 8/17/2027 ‡ | 11985 | 11970 |
| Class B-1, 0.00%, 8/17/2027 ‡ | 26803 | 26770 |
| Commercial Credit, Inc. Series QIB, 8.75%, <br> 8/30/2030 (c)<br>| 12000 | 11831 |
| Corebridge Financial, Inc. (US Treasury Yield Curve <br> Rate T Note Constant Maturity 5 Year + 3.18%), <br> 6.88%, 12/1/2030 (f) (g) (h) (i)<br>| 15094 | 15480 |
| Gemini Series 2026-1A, 10.50%, 2/20/2029 ‡ | 11500 | 11500 |
| ION Platform Finance US, Inc. 7.88%, <br> 9/30/2032 (c)<br>| 3530 | 2830 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (c) | 6807 | 7310 |
| NGF Holdings LLC 9.63%, 12/23/2029 | 7500 | 7533 |
| Rocket Cos., Inc.  | Rocket Cos., Inc.  | Rocket Cos., Inc.  |
| 6.13%, 8/1/2030 (c) | 4750 | 4873 |
| 6.38%, 8/1/2033 (c) | 2533 | 2618 |
| Rocket Mortgage LLC  | Rocket Mortgage LLC  | Rocket Mortgage LLC  |
| 2.88%, 10/15/2026 (c) | 1305 | 1289 |
| 3.63%, 3/1/2029 (c) | 8295 | 7992 |
| Shift4 Payments LLC 6.75%, 8/15/2032 (c) | 8161 | 7988 |
| STReAM 2008 BV (Netherlands) 0.00%, <br> 2/15/2030 ‡<br>| 9451 | 9687 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 7328 | 7328 |
|  |  | 161414 |
| **Food Products — 0.2%** | **Food Products — 0.2%** | **Food Products — 0.2%** |
| Grupo Nutresa SA (Colombia) 9.00%, <br> 5/12/2035 (c)<br>| 3900 | 4469 |
| Lamb Weston Holdings, Inc. 4.13%, <br> 1/31/2030 (c)<br>| 3075 | 2981 |
| Post Holdings, Inc.  | Post Holdings, Inc.  | Post Holdings, Inc.  |
| 4.63%, 4/15/2030 (c) | 11210 | 10973 |
| 4.50%, 9/15/2031 (c) | 1660 | 1588 |
| 6.25%, 2/15/2032 (c) | 8384 | 8625 |
|  |  | 28636 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| AmeriGas Partners LP  | AmeriGas Partners LP  | AmeriGas Partners LP  |
| 9.38%, 6/1/2028 (c) | 2493 | 2577 |
| 9.50%, 6/1/2030 (c) | 1965 | 2103 |
|  |  | 4680 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** | **Ground Transportation — 0.3%** |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| 5.75%, 7/15/2027 (c) | 2476 | 2473 |
| 4.75%, 4/1/2028 (c) | 18035 | 17622 |
| 8.00%, 2/15/2031 (c) | 2230 | 2210 |
| 8.38%, 6/15/2032 (c) | 3088 | 3037 |
| First Student Bidco, Inc. 4.00%, 7/31/2029 (c) | 2655 | 2573 |
| Genesee & Wyoming, Inc. 6.25%, 4/15/2032 (c) | 1900 | 1958 |
| Hertz Corp. (The)  | Hertz Corp. (The)  | Hertz Corp. (The)  |
| 4.63%, 12/1/2026 (c) | 763 | 695 |
| 12.63%, 7/15/2029 (c) | 8451 | 7793 |
| 5.00%, 12/1/2029 (c) | 13191 | 6850 |
| Hertz Corp. (The), Escrow  | Hertz Corp. (The), Escrow  | Hertz Corp. (The), Escrow  |
| 6.25%, 10/15/2022 ‡ (k) | 185 |  |
| 5.50%, 10/15/2024 ‡ (c) (k) | 5875 | 1 |
| 7.13%, 8/1/2026 ‡ (j) (k) | 2755 |  |
| 6.00%, 1/15/2028 ‡ (k) | 1450 |  |
| NESCO Holdings II, Inc. 5.50%, 4/15/2029 (c) | 2650 | 2636 |
| Transnet (South Africa) 8.25%, 2/6/2028 (j) | 3000 | 3165 |
| XPO, Inc. 6.25%, 6/1/2028 (c) | 3375 | 3429 |
|  |  | 54442 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Avantor Funding, Inc. 4.63%, 7/15/2028 (c) | 16584 | 16433 |
| Hologic, Inc. 3.25%, 2/15/2029 (c) | 5650 | 5621 |
| Medline Borrower LP  | Medline Borrower LP  | Medline Borrower LP  |
| 3.88%, 4/1/2029 (c) | 13138 | 12921 |
| 6.25%, 4/1/2029 (c) | 4646 | 4795 |
| 5.25%, 10/1/2029 (c) | 10412 | 10411 |
|  |  | 50181 |
| **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** | **Health Care Providers & Services — 0.7%** |
| Accendra Health, Inc. 4.50%, 3/31/2029 (c) | 7764 | 4923 |
| Community Health Systems, Inc.  | Community Health Systems, Inc.  | Community Health Systems, Inc.  |
| 6.00%, 1/15/2029 (c) | 7176 | 7149 |
| 5.25%, 5/15/2030 (c) | 3410 | 3276 |
| 4.75%, 2/15/2031 (c) | 4540 | 4165 |
| 10.88%, 1/15/2032 (c) | 2150 | 2330 |
| DaVita, Inc.  | DaVita, Inc.  | DaVita, Inc.  |
| 4.63%, 6/1/2030 (c) | 2070 | 2026 |
| 3.75%, 2/15/2031 (c) | 9477 | 8856 |
| Encompass Health Corp.  | Encompass Health Corp.  | Encompass Health Corp.  |
| 4.50%, 2/1/2028 | 6149 | 6120 |
| 4.75%, 2/1/2030 | 4214 | 4192 |
| 4.63%, 4/1/2031 | 6147 | 6035 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

170 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| Global Medical Response, Inc. 7.38%, <br> 10/1/2032 (c)<br>| 2212 | 2316 |
| Molina Healthcare, Inc. 6.50%, 2/15/2031 (c) | 2434 | 2442 |
| Radiology Partners, Inc. 8.50%, 7/15/2032 (c) | 7233 | 7448 |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |
| 5.13%, 11/1/2027 | 28349 | 28365 |
| 4.63%, 6/15/2028 | 5745 | 5737 |
| 6.13%, 6/15/2030 | 5019 | 5119 |
| 6.75%, 5/15/2031 | 6311 | 6553 |
|  |  | 107052 |
| **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** | **Health Care Technology — 0.2%** |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| 5.00%, 10/15/2026 (c) | 2703 | 2700 |
| 5.00%, 5/15/2027 (c) | 12598 | 12570 |
| 6.25%, 6/1/2032 (c) | 10241 | 10535 |
|  |  | 25805 |
| **Hotel & Resort REITs — 0.2%** | **Hotel & Resort REITs — 0.2%** | **Hotel & Resort REITs — 0.2%** |
| RHP Hotel Properties LP  | RHP Hotel Properties LP  | RHP Hotel Properties LP  |
| 4.75%, 10/15/2027 | 17636 | 17632 |
| 7.25%, 7/15/2028 (c) | 1970 | 2023 |
| 4.50%, 2/15/2029 (c) | 1370 | 1351 |
| 6.50%, 4/1/2032 (c) | 3650 | 3777 |
| 6.50%, 6/15/2033 (c) | 1172 | 1217 |
| 5.75%, 3/15/2034 (b) (c) | 1240 | 1249 |
|  |  | 27249 |
| **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** | **Hotels, Restaurants & Leisure — 1.1%** |
| 1011778 BC ULC (Canada) | 1011778 BC ULC (Canada) | 1011778 BC ULC (Canada) |
| 3.88%, 1/15/2028 (c) | 1445 | 1427 |
| 4.00%, 10/15/2030 (c) | 4895 | 4701 |
| Acushnet Co. 5.63%, 12/1/2033 (c) | 1548 | 1575 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (c) | 4913 | 4878 |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |
| 4.63%, 10/15/2029 (c) | 3478 | 3403 |
| 7.00%, 2/15/2030 (c) | 7950 | 8151 |
| 6.50%, 2/15/2032 (c) | 10098 | 10262 |
| Carnival Corp.  | Carnival Corp.  | Carnival Corp.  |
| 5.75%, 8/1/2032 (c) | 8862 | 9197 |
| 6.13%, 2/15/2033 (c) | 12348 | 12783 |
| Churchill Downs, Inc.  | Churchill Downs, Inc.  | Churchill Downs, Inc.  |
| 5.75%, 4/1/2030 (c) | 2076 | 2093 |
| 6.75%, 5/1/2031 (c) | 1275 | 1313 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  |
| 3.75%, 5/1/2029 (c) | 6599 | 6425 |
| 5.88%, 3/15/2033 (c) | 8697 | 8951 |
| 5.75%, 9/15/2033 (c) | 7376 | 7550 |
| 5.50%, 3/31/2034 (c) | 3039 | 3071 |
| MGM Resorts International  | MGM Resorts International  | MGM Resorts International  |
| 4.63%, 9/1/2026 | 4489 | 4486 |
| 5.50%, 4/15/2027 | 2800 | 2825 |
| 6.13%, 9/15/2029 | 3654 | 3755 |
| 6.50%, 4/15/2032 | 1970 | 2022 |
| Motion Bondco DAC (United Kingdom) 6.63%, <br> 11/15/2027 (c)<br>| 500 | 472 |
| NCL Corp. Ltd. 5.88%, 1/15/2031 (c) | 2149 | 2172 |
| Rivers Enterprise Borrower LLC 6.25%, <br> 10/15/2030 (c)<br>| 360 | 368 |
| Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  |
| 5.63%, 9/30/2031 (c) | 5349 | 5514 |
| 6.25%, 3/15/2032 (c) | 10377 | 10822 |
| 6.00%, 2/1/2033 (c) | 3651 | 3782 |
| Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  |
| 5.25%, 7/15/2029 | 4935 | 4747 |
| 8.63%, 1/15/2032 (c) | 1647 | 1668 |
| 6.63%, 5/1/2032 (c) | 4954 | 5037 |
| Station Casinos LLC 4.50%, 2/15/2028 (c) | 5745 | 5722 |
| Vail Resorts, Inc. 6.50%, 5/15/2032 (c) | 9372 | 9706 |
| Viking Cruises Ltd. 5.88%, 10/15/2033 (c) | 8599 | 8772 |
| Wynn Las Vegas LLC 5.25%, 5/15/2027 (c) | 695 | 697 |
| Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  |
| 5.13%, 10/1/2029 (c) | 20330 | 20446 |
| 6.25%, 3/15/2033 (c) | 2737 | 2795 |
|  |  | 181588 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| CD&R Smokey Buyer, Inc. 9.50%, 10/15/2029 (c) | 5232 | 4294 |
| Installed Building Products, Inc. 5.63%, <br> 2/1/2034 (c)<br>| 1193 | 1209 |
| Newell Brands, Inc.  | Newell Brands, Inc.  | Newell Brands, Inc.  |
| 8.50%, 6/1/2028 (c) | 2675 | 2816 |
| 6.38%, 5/15/2030 | 5277 | 5293 |
| 6.63%, 5/15/2032 | 3821 | 3821 |
| 7.37%, 4/1/2036 (d) | 3780 | 3815 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 171

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Household Durables — continued** | **Household Durables — continued** | **Household Durables — continued** |
| Somnigroup International, Inc. 4.00%, <br> 4/15/2029 (c)<br>| 14175 | 13776 |
| TopBuild Corp. 5.63%, 1/31/2034 (c) | 2137 | 2155 |
|  |  | 37179 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Central Garden & Pet Co.  | Central Garden & Pet Co.  | Central Garden & Pet Co.  |
| 5.13%, 2/1/2028 | 8885 | 8876 |
| 4.13%, 10/15/2030 | 4585 | 4424 |
| Energizer Holdings, Inc.  | Energizer Holdings, Inc.  | Energizer Holdings, Inc.  |
| 4.75%, 6/15/2028 (c) | 11118 | 11012 |
| 4.38%, 3/31/2029 (c) | 1817 | 1765 |
| Spectrum Brands, Inc. 3.88%, 3/15/2031 (c) | 783 | 684 |
|  |  | 26761 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Constellation Energy Generation LLC 4.63%, <br> 2/1/2029 (c)<br>| 1105 | 1105 |
| FIEMEX Energia - Banco Actinver SA Institucion de <br> Banca Multiple (Mexico) 7.25%, 1/31/2041 (c)<br>| 2524 | 2630 |
| Saavi Energia SARL (Mexico) 8.88%, <br> 2/10/2035 (c)<br>| 4754 | 5222 |
| Talen Energy Supply LLC 6.25%, 2/1/2034 (c) | 9708 | 9879 |
| Termocandelaria Power SA (Colombia) 7.75%, <br> 9/17/2031 (c)<br>| 3440 | 3571 |
|  |  | 22407 |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Asurion LLC and Asurion Co-Issuer, Inc. 8.00%, <br> 12/31/2032 (c)<br>| 3938 | 4136 |
| HUB International Ltd. 7.25%, 6/15/2030 (c) | 40 | 42 |
| MetLife, Inc. (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 1.82%), <br> 5.85%, 3/15/2056 (i)<br>| 3656 | 3630 |
|  |  | 7808 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| Snap, Inc. 6.88%, 3/1/2033 (c) | 2404 | 2394 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Ahead DB Holdings LLC 6.63%, 5/1/2028 (c) | 1350 | 1306 |
| CoreWeave, Inc.  | CoreWeave, Inc.  | CoreWeave, Inc.  |
| 9.25%, 6/1/2030 (c) | 5478 | 5365 |
| 9.00%, 2/1/2031 (c) | 5495 | 5302 |
|  |  | 11973 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Amer Sports Co. (Finland) 6.75%, 2/16/2031 (c) | 3577 | 3735 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Chart Industries, Inc. 7.50%, 1/1/2030 (c) | 8982 | 9331 |
| Enpro, Inc. 6.13%, 6/1/2033 (c) | 1206 | 1245 |
| Esab Corp. 6.25%, 4/15/2029 (c) | 2590 | 2655 |
| Lsf12 Helix Parent LLC 7.13%, 2/1/2033 (c) | 1632 | 1638 |
| Terex Corp.  | Terex Corp.  | Terex Corp.  |
| 5.00%, 5/15/2029 (c) | 4505 | 4497 |
| 6.25%, 10/15/2032 (c) | 3926 | 4043 |
|  |  | 23409 |
| **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** | **Marine Transportation — 0.1%** |
| MV24 Capital BV (Brazil) | MV24 Capital BV (Brazil) | MV24 Capital BV (Brazil) |
| 6.75%, 6/1/2034 (c) | 3061 | 3116 |
| 6.75%, 6/1/2034 (j) | 2082 | 2119 |
| Yinson Bergenia Production BV (Brazil) 8.50%, <br> 1/31/2045 (c)<br>| 3318 | 3530 |
|  |  | 8765 |
| **Media — 1.9%** | **Media — 1.9%** | **Media — 1.9%** |
| Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  |
| 7.75%, 4/15/2028 (c) | 8369 | 8435 |
| 7.13%, 2/15/2031 (c) | 11586 | 12247 |
| 7.50%, 3/15/2033 (c) | 5161 | 5571 |
| CSC Holdings LLC  | CSC Holdings LLC  | CSC Holdings LLC  |
| 5.38%, 2/1/2028 (c) | 3100 | 2230 |
| 6.50%, 2/1/2029 (c) | 14326 | 9050 |
| 5.75%, 1/15/2030 (c) | 4770 | 1843 |
| Directv Financing LLC 5.88%, 8/15/2027 (c) | 8352 | 8362 |
| DISH DBS Corp.  | DISH DBS Corp.  | DISH DBS Corp.  |
| 7.75%, 7/1/2026 | 19231 | 18993 |
| 5.25%, 12/1/2026 (c) | 12175 | 11826 |
| DISH Network Corp. 11.75%, 11/15/2027 (c) | 19297 | 19978 |
| EchoStar Corp.  | EchoStar Corp.  | EchoStar Corp.  |
| 10.75%, 11/30/2029 | 9910 | 10821 |
| 6.75% (Cash), 11/30/2030 (e) | 4807 | 4868 |
| Gray Media, Inc.  | Gray Media, Inc.  | Gray Media, Inc.  |
| 10.50%, 7/15/2029 (c) | 12153 | 13029 |
| 4.75%, 10/15/2030 (c) | 7205 | 5848 |
| 5.38%, 11/15/2031 (c) | 6653 | 5238 |
| 7.25%, 8/15/2033 (c) | 5387 | 5563 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |
| 9.13%, 5/1/2029 (c) | 9035 | 8027 |
| 10.88%, 5/1/2030 (c) | 3423 | 2540 |
| 7.75%, 8/15/2030 (c) | 2558 | 2034 |
| Lamar Media Corp. 4.88%, 1/15/2029 | 6786 | 6781 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

172 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Media — continued** | **Media — continued** | **Media — continued** |
| Midcontinent Communications 8.00%, <br> 8/15/2032 (c)<br>| 2745 | 2586 |
| Neptune Bidco US, Inc. 9.50%, 2/15/2033 (c) | 2642 | 2586 |
| Nexstar Media, Inc.  | Nexstar Media, Inc.  | Nexstar Media, Inc.  |
| 5.63%, 7/15/2027 (c) | 15538 | 15539 |
| 4.75%, 11/1/2028 (c) | 10611 | 10559 |
| Outfront Media Capital LLC  | Outfront Media Capital LLC  | Outfront Media Capital LLC  |
| 5.00%, 8/15/2027 (c) | 5168 | 5170 |
| 4.25%, 1/15/2029 (c) | 4915 | 4823 |
| 7.38%, 2/15/2031 (c) | 1335 | 1403 |
| Paramount Global (3-MONTH SOFR + 3.90%), <br> 6.25%, 2/28/2057 (i)<br>| 524 | 406 |
| Scripps Escrow II, Inc. 3.88%, 1/15/2029 (c) | 3300 | 3113 |
| Sinclair Television Group, Inc. 8.13%, <br> 2/15/2033 (c)<br>| 7837 | 8160 |
| Sirius XM Radio LLC  | Sirius XM Radio LLC  | Sirius XM Radio LLC  |
| 5.00%, 8/1/2027 (c) | 7925 | 7920 |
| 4.00%, 7/15/2028 (c) | 15305 | 14941 |
| 5.50%, 7/1/2029 (c) | 19459 | 19479 |
| 4.13%, 7/1/2030 (c) | 1000 | 943 |
| 5.88%, 4/15/2032 (c) | 4111 | 4101 |
| Stagwell Global LLC 5.63%, 8/15/2029 (c) | 7495 | 6908 |
| Sunrise FinCo. I BV (Netherlands) 4.88%, <br> 7/15/2031 (c)<br>| 3485 | 3322 |
| TEGNA, Inc. 5.00%, 9/15/2029 | 9552 | 9543 |
| Telenet Finance Luxembourg Notes SARL <br> (Belgium) 5.50%, 3/1/2028 (c)<br>| 2400 | 2379 |
| Univision Communications, Inc.  | Univision Communications, Inc.  | Univision Communications, Inc.  |
| 8.00%, 8/15/2028 (c) | 13404 | 13769 |
| 7.38%, 6/30/2030 (c) | 1675 | 1675 |
| 9.38%, 8/1/2032 (c) | 1948 | 2061 |
| VZ Secured Financing BV (Netherlands) 5.00%, <br> 1/15/2032 (c)<br>| 1738 | 1545 |
| Ziggo BV (Netherlands) 4.88%, 1/15/2030 (c) | 2750 | 2591 |
|  |  | 308806 |
| **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** | **Metals & Mining — 0.3%** |
| Alcoa Nederland Holding BV 7.13%, <br> 3/15/2031 (c)<br>| 6109 | 6459 |
| Alumina Pty. Ltd.  | Alumina Pty. Ltd.  | Alumina Pty. Ltd.  |
| 6.13%, 3/15/2030 (c) | 1726 | 1789 |
| 6.38%, 9/15/2032 (c) | 1966 | 2041 |
| Big River Steel LLC 6.63%, 1/31/2029 (c) | 2951 | 2967 |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| 4.88%, 3/1/2031 (c) | 3725 | 3534 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Metals & Mining — continued** | **Metals & Mining — continued** | **Metals & Mining — continued** |
| 7.50%, 9/15/2031 (c) | 1987 | 2074 |
| 7.00%, 3/15/2032 (c) | 1622 | 1647 |
| 7.63%, 1/15/2034 (c) | 3312 | 3399 |
| Commercial Metals Co. 5.75%, 11/15/2033 (c) | 1989 | 2029 |
| Compass Minerals International, Inc. 8.00%, <br> 7/1/2030 (c)<br>| 1295 | 1366 |
| Constellium SE 6.38%, 8/15/2032 (c) | 1500 | 1562 |
| Novelis Corp.  | Novelis Corp.  | Novelis Corp.  |
| 4.75%, 1/30/2030 (c) | 7770 | 7509 |
| 6.88%, 1/30/2030 (c) | 941 | 971 |
| 3.88%, 8/15/2031 (c) | 2990 | 2733 |
| 6.38%, 8/15/2033 (c) | 3324 | 3360 |
|  |  | 43440 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.6%** |
| Arbor Realty Trust, Inc.  | Arbor Realty Trust, Inc.  | Arbor Realty Trust, Inc.  |
| 5.00%, 4/30/2026 | 15000 | 14977 |
| Series QIB, 4.50%, 9/1/2026 (c) | 14500 | 14300 |
| Series QIB, 4.50%, 3/15/2027 (c) | 20000 | 19168 |
| Great Ajax Operating Partnership LP Series QIB, <br> 9.88%, 9/1/2027 (c) (d)<br>| 11000 | 10741 |
| ReadyCap Holdings LLC  | ReadyCap Holdings LLC  | ReadyCap Holdings LLC  |
| Series QIB, 4.50%, 10/20/2026 (c) | 20000 | 19613 |
| Series QIB, 9.38%, 3/1/2028 (c) | 17000 | 16861 |
|  |  | 95660 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| Series C, (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 3.20%), <br> 4.35%, 1/15/2027 (g) (h) (i)<br>| 5240 | 5215 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.26%), 6.00%, <br> 2/15/2056 (i)<br>| 15875 | 16109 |
| Empresas Publicas de Medellin ESP (Colombia) <br> 4.25%, 7/18/2029 (j)<br>| 2800 | 2652 |
| Sempra (US Treasury Yield Curve Rate T <br> Note Constant Maturity 5 Year + 2.63%), <br> 6.38%, 4/1/2056 (i)<br>| 10047 | 10287 |
|  |  | 34263 |
| **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** | **Oil, Gas & Consumable Fuels — 3.0%** |
| AI Candelaria - spain- SA (Colombia) 5.75%, <br> 6/15/2033 (c)<br>| 3974 | 3545 |
| Antero Midstream Partners LP  | Antero Midstream Partners LP  | Antero Midstream Partners LP  |
| 5.75%, 1/15/2028 (c) | 4924 | 4922 |
| 5.38%, 6/15/2029 (c) | 9644 | 9646 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 173

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 5.75%, 10/15/2033 (c) | 2122 | 2154 |
| Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  | Ascent Resources Utica Holdings LLC  |
| 6.63%, 10/15/2032 (c) | 3745 | 3891 |
| 6.63%, 7/15/2033 (c) | 2255 | 2340 |
| Azule Energy Finance plc (Angola) 8.13%, <br> 1/23/2030 (j)<br>| 1000 | 1016 |
| Blue Racer Midstream LLC  | Blue Racer Midstream LLC  | Blue Racer Midstream LLC  |
| 7.00%, 7/15/2029 (c) | 2100 | 2188 |
| 7.25%, 7/15/2032 (c) | 1700 | 1798 |
| Buckeye Partners LP  | Buckeye Partners LP  | Buckeye Partners LP  |
| 3.95%, 12/1/2026 | 3120 | 3097 |
| 4.50%, 3/1/2028 (c) | 7992 | 7975 |
| 6.75%, 2/1/2030 (c) | 4488 | 4685 |
| Chord Energy Corp.  | Chord Energy Corp.  | Chord Energy Corp.  |
| 6.00%, 10/1/2030 (c) | 4011 | 4097 |
| 6.75%, 3/15/2033 (c) | 3291 | 3418 |
| CNX Resources Corp. 5.88%, 3/1/2034 (c) | 1765 | 1768 |
| Columbia Pipelines Holding Co. LLC 6.04%, <br> 8/15/2028 (c)<br>| 5590 | 5843 |
| Comstock Resources, Inc.  | Comstock Resources, Inc.  | Comstock Resources, Inc.  |
| 6.75%, 3/1/2029 (c) | 13316 | 13265 |
| 5.88%, 1/15/2030 (c) | 5725 | 5517 |
| Crescent Energy Finance LLC  | Crescent Energy Finance LLC  | Crescent Energy Finance LLC  |
| 9.25%, 2/15/2028 (c) | 9041 | 9304 |
| 9.75%, 10/15/2030 (c) | 2000 | 2153 |
| 7.88%, 4/15/2032 (c) | 2469 | 2515 |
| 7.38%, 1/15/2033 (c) | 2490 | 2474 |
| 8.38%, 1/15/2034 (c) | 2221 | 2296 |
| Diversified Gas & Oil Corp. 9.75%, 4/9/2029 (j) | 28000 | 27161 |
| DT Midstream, Inc. 4.38%, 6/15/2031 (c) | 5485 | 5407 |
| Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) | Ecopetrol SA (Colombia) |
| 8.88%, 1/13/2033 | 5025 | 5336 |
| 8.38%, 1/19/2036 | 974 | 1001 |
| 5.88%, 5/28/2045 | 3645 | 2737 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 5.35%, 5/15/2045 | 740 | 683 |
| 5.30%, 4/15/2047 | 430 | 393 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 2.68%), 6.50%, <br> 2/15/2056 (i)<br>| 7633 | 7713 |
| Expand Energy Corp.  | Expand Energy Corp.  | Expand Energy Corp.  |
| 6.75%, 4/15/2029 (c) | 15892 | 15938 |
| 5.38%, 3/15/2030 | 5996 | 6087 |
| 4.75%, 2/1/2032 | 1124 | 1122 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| FS Luxembourg SARL (Brazil) | FS Luxembourg SARL (Brazil) | FS Luxembourg SARL (Brazil) |
| 8.88%, 2/12/2031 (c) | 2753 | 2849 |
| 8.63%, 6/25/2033 (c) | 2510 | 2485 |
| Genesis Energy LP  | Genesis Energy LP  | Genesis Energy LP  |
| 7.75%, 2/1/2028 | 2975 | 2980 |
| 8.25%, 1/15/2029 | 1157 | 1208 |
| 7.88%, 5/15/2032 | 1662 | 1740 |
| 8.00%, 5/15/2033 | 1106 | 1169 |
| 6.75%, 3/15/2034 (b) | 1825 | 1846 |
| Greenko Wind Projects Mauritius Ltd. (India) <br> 7.25%, 9/27/2028 (j)<br>| 1400 | 1430 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (c)<br>| 3459 | 3582 |
| Hess Midstream Operations LP  | Hess Midstream Operations LP  | Hess Midstream Operations LP  |
| 5.88%, 3/1/2028 (c) | 1121 | 1140 |
| 5.13%, 6/15/2028 (c) | 4340 | 4344 |
| 4.25%, 2/15/2030 (c) | 5 | 5 |
| Hilcorp Energy I LP 6.25%, 4/15/2032 (c) | 2995 | 2915 |
| Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  | Howard Midstream Energy Partners LLC  |
| 7.38%, 7/15/2032 (c) | 2230 | 2353 |
| 6.63%, 1/15/2034 (c) | 4928 | 5093 |
| Kinetik Holdings LP 5.88%, 6/15/2030 (c) | 8909 | 9009 |
| Matador Resources Co.  | Matador Resources Co.  | Matador Resources Co.  |
| 6.25%, 4/15/2033 (c) | 7623 | 7758 |
| 6.00%, 4/15/2034 (c) | 1789 | 1787 |
| Medco Bell Pte. Ltd. (Indonesia) 6.38%, <br> 1/30/2027 (j)<br>| 2086 | 2086 |
| NGL Energy Operating LLC  | NGL Energy Operating LLC  | NGL Energy Operating LLC  |
| 8.13%, 2/15/2029 (c) | 2568 | 2661 |
| 8.38%, 2/15/2032 (c) | 3276 | 3436 |
| NuStar Logistics LP  | NuStar Logistics LP  | NuStar Logistics LP  |
| 5.63%, 4/28/2027 | 6497 | 6559 |
| 6.38%, 10/1/2030 | 2494 | 2626 |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| 5.88%, 7/1/2029 (c) | 2460 | 2468 |
| 9.88%, 7/15/2031 (c) | 9292 | 9942 |
| 6.25%, 2/1/2033 (c) | 2968 | 3073 |
| Peru LNG Srl (Peru) 5.38%, 3/22/2030 (j) | 9376 | 9111 |
| Petroleos del Peru SA (Peru) 5.63%, <br> 6/19/2047 (c)<br>| 3110 | 1989 |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |
| 5.95%, 1/28/2031 | 14950 | 14636 |
| 6.70%, 2/16/2032 | 13500 | 13539 |
| 10.00%, 2/7/2033 | 10105 | 11838 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

174 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| 6.38%, 1/23/2045 | 5548 | 4592 |
| 6.75%, 9/21/2047 | 5100 | 4241 |
| 7.69%, 1/23/2050 | 28350 | 25748 |
| 6.95%, 1/28/2060 | 10150 | 8356 |
| Range Resources Corp. 4.75%, 2/15/2030 (c) | 1220 | 1208 |
| Rockies Express Pipeline LLC 6.75%, <br> 3/15/2033 (c)<br>| 2423 | 2553 |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| 6.75%, 9/15/2026 | 2864 | 2867 |
| 6.63%, 1/15/2027 | 8790 | 8796 |
| 8.38%, 7/1/2028 (c) | 5230 | 5406 |
| 6.50%, 7/15/2028 | 5 | 5 |
| 6.75%, 8/1/2029 (c) | 3021 | 3089 |
| 8.63%, 11/1/2030 (c) | 7753 | 8205 |
| 8.75%, 7/1/2031 (c) | 5512 | 5787 |
| 7.00%, 8/1/2032 (c) | 2585 | 2632 |
| 9.63%, 6/15/2033 (c) | 1570 | 1736 |
| Sonangol Finance Ltd. (Angola) 10.00%, <br> 1/29/2031 (c)<br>| 2550 | 2530 |
| Sunoco LP  | Sunoco LP  | Sunoco LP  |
| 6.00%, 4/15/2027 | 1385 | 1386 |
| 7.00%, 5/1/2029 (c) | 1930 | 2002 |
| 4.50%, 5/15/2029 | 4309 | 4246 |
| 5.63%, 3/15/2031 (c) | 2025 | 2042 |
| 5.38%, 7/15/2031 (b) (c) | 1645 | 1649 |
| Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  |
| 5.50%, 1/15/2028 (c) | 2759 | 2756 |
| 6.00%, 12/31/2030 (c) | 5710 | 5787 |
| 6.00%, 9/1/2031 (c) | 2755 | 2784 |
| 6.75%, 3/15/2034 (c) | 3587 | 3686 |
| Transcanada Trust (Canada) | Transcanada Trust (Canada) | Transcanada Trust (Canada) |
| (3-MONTH CME TERM SOFR + 4.42%), 5.50%, <br> 9/15/2079 (i)<br>| 4594 | 4644 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 5 Year + 3.99%), 5.60%, <br> 3/7/2082 (i)<br>| 9194 | 9238 |
| Uzbekneftegaz JSC (Uzbekistan) 4.75%, <br> 11/16/2028 (c)<br>| 2500 | 2448 |
| Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  | Venture Global Calcasieu Pass LLC  |
| 4.13%, 8/15/2031 (c) | 2665 | 2500 |
| 3.88%, 11/1/2033 (c) | 4840 | 4308 |
| Venture Global LNG, Inc.  | Venture Global LNG, Inc.  | Venture Global LNG, Inc.  |
| 8.13%, 6/1/2028 (c) | 5884 | 6038 |
| 9.50%, 2/1/2029 (c) | 4153 | 4454 |
| 9.88%, 2/1/2032 (c) | 15685 | 16617 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  | Venture Global Plaquemines LNG LLC  |
| 6.13%, 12/15/2030 (c) | 2738 | 2844 |
| 6.50%, 1/15/2034 (c) | 8629 | 9081 |
| 6.50%, 6/15/2034 (c) | 1928 | 2024 |
| 6.75%, 1/15/2036 (c) | 3193 | 3401 |
|  |  | 492828 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| American Airlines, Inc.  | American Airlines, Inc.  | American Airlines, Inc.  |
| 5.50%, 4/20/2026 (c) | 2357 | 2360 |
| 5.75%, 4/20/2029 (c) | 10465 | 10584 |
| JetBlue Airways Corp. 9.88%, 9/20/2031 (c) | 7808 | 7935 |
| United Airlines Holdings, Inc. 4.88%, 3/1/2029 | 2410 | 2427 |
|  |  | 23306 |
| **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** | **Personal Care Products — 0.2%** |
| Edgewell Personal Care Co.  | Edgewell Personal Care Co.  | Edgewell Personal Care Co.  |
| 5.50%, 6/1/2028 (c) | 16240 | 16225 |
| 4.13%, 4/1/2029 (c) | 3618 | 3491 |
| Prestige Brands, Inc.  | Prestige Brands, Inc.  | Prestige Brands, Inc.  |
| 5.13%, 1/15/2028 (c) | 4993 | 4989 |
| 3.75%, 4/1/2031 (c) | 3540 | 3311 |
|  |  | 28016 |
| **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** | **Pharmaceuticals — 0.3%** |
| 1261229 BC Ltd. 10.00%, 4/15/2032 (c) | 8833 | 9135 |
| Bausch Health Cos., Inc. (Canada) | Bausch Health Cos., Inc. (Canada) | Bausch Health Cos., Inc. (Canada) |
| 4.88%, 6/1/2028 (c) | 3300 | 3071 |
| 5.00%, 2/15/2029 (c) | 9902 | 7476 |
| Elanco Animal Health, Inc. 6.65%, 8/28/2028 (d) | 6647 | 6910 |
| Endo Finance Holdings LP 8.50%, 4/15/2031 (c) | 1436 | 1526 |
| Organon & Co.  | Organon & Co.  | Organon & Co.  |
| 4.13%, 4/30/2028 (c) | 12042 | 11821 |
| 5.13%, 4/30/2031 (c) | 11300 | 10041 |
|  |  | 49980 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| Science Applications International Corp. 5.88%, <br> 11/1/2033 (c)<br>| 1581 | 1571 |
| Triad Resources LLC 0.00%, 4/1/2052 ‡ | 16871 | 17462 |
|  |  | 19033 |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| Anywhere Real Estate Group LLC  | Anywhere Real Estate Group LLC  | Anywhere Real Estate Group LLC  |
| 5.75%, 1/15/2029 (c) | 2652 | 2614 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 175

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Real Estate Management & Development — continued** | **Real Estate Management & Development — continued** | **Real Estate Management & Development — continued** |
| 5.25%, 4/15/2030 (c) | 845 | 799 |
| 9.75%, 4/15/2030 (c) | 2950 | 3179 |
|  |  | 6592 |
| **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** | **Semiconductors & Semiconductor Equipment — 0.4%** |
| Amkor Technology, Inc. 5.88%, 10/1/2033 (c) | 5518 | 5631 |
| ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (c) | 1391 | 1482 |
| Entegris, Inc.  | Entegris, Inc.  | Entegris, Inc.  |
| 4.38%, 4/15/2028 (c) | 3813 | 3780 |
| 4.75%, 4/15/2029 (c) | 10075 | 10083 |
| 3.63%, 5/1/2029 (c) | 946 | 908 |
| 5.95%, 6/15/2030 (c) | 6060 | 6179 |
| Kioxia Holdings Corp. (Japan) | Kioxia Holdings Corp. (Japan) | Kioxia Holdings Corp. (Japan) |
| 6.25%, 7/24/2030 (c) | 5998 | 6228 |
| 6.63%, 7/24/2033 (c) | 2650 | 2793 |
| ON Semiconductor Corp. 3.88%, 9/1/2028 (c) | 10381 | 10162 |
| Qnity Electronics, Inc.  | Qnity Electronics, Inc.  | Qnity Electronics, Inc.  |
| 5.75%, 8/15/2032 (c) | 5917 | 6054 |
| 6.25%, 8/15/2033 (c) | 3546 | 3682 |
|  |  | 56982 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| AthenaHealth Group, Inc. 6.50%, 2/15/2030 (c) | 5105 | 4800 |
| Fair Isaac Corp. 6.00%, 5/15/2033 (c) | 2019 | 2041 |
| NCR Voyix Corp.  | NCR Voyix Corp.  | NCR Voyix Corp.  |
| 5.00%, 10/1/2028 (c) | 6479 | 6366 |
| 5.13%, 4/15/2029 (c) | 1381 | 1355 |
| RingCentral, Inc. 8.50%, 8/15/2030 (c) | 4355 | 4573 |
| SS&C Technologies, Inc.  | SS&C Technologies, Inc.  | SS&C Technologies, Inc.  |
| 5.50%, 9/30/2027 (c) | 19553 | 19524 |
| 6.50%, 6/1/2032 (c) | 1475 | 1503 |
|  |  | 40162 |
| **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** | **Specialized REITs — 0.1%** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 5.25%, 3/15/2028 (c) | 3102 | 3099 |
| 5.00%, 7/15/2028 (c) | 4137 | 4129 |
| 5.25%, 7/15/2030 (c) | 2955 | 2940 |
| 6.25%, 1/15/2033 (c) | 489 | 500 |
| Millrose Properties, Inc.  | Millrose Properties, Inc.  | Millrose Properties, Inc.  |
| 6.38%, 8/1/2030 (c) | 3601 | 3694 |
| 6.25%, 9/15/2032 (c) | 1698 | 1719 |
|  |  | 16081 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** | **Specialty Retail — 0.4%** |
| Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  | Asbury Automotive Group, Inc.  |
| 4.50%, 3/1/2028 | 5460 | 5428 |
| 4.63%, 11/15/2029 (c) | 1568 | 1544 |
| 4.75%, 3/1/2030 | 3856 | 3795 |
| Bath & Body Works, Inc.  | Bath & Body Works, Inc.  | Bath & Body Works, Inc.  |
| 7.50%, 6/15/2029 | 3939 | 4013 |
| 6.75%, 7/1/2036 | 4560 | 4576 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ (k) | 1155 |  |
| Gap, Inc. (The) 3.63%, 10/1/2029 (c) | 2520 | 2397 |
| Lithia Motors, Inc.  | Lithia Motors, Inc.  | Lithia Motors, Inc.  |
| 3.88%, 6/1/2029 (c) | 10782 | 10422 |
| 5.50%, 10/1/2030 (c) | 1288 | 1296 |
| Penske Automotive Group, Inc. 3.75%, <br> 6/15/2029<br>| 6411 | 6200 |
| Petco Health & Wellness Co., Inc. 8.25%, <br> 2/1/2031 (c)<br>| 1133 | 1107 |
| PetSmart LLC 7.50%, 9/15/2032 (c) | 6478 | 6555 |
| Saks Global Enterprises LLC 11.00%, <br> 12/15/2029 (c) (k)<br>| 2375 | 11 |
| Sonic Automotive, Inc. 4.63%, 11/15/2029 (c) | 12012 | 11811 |
| Staples, Inc.  | Staples, Inc.  | Staples, Inc.  |
| 10.75%, 9/1/2029 (c) | 11205 | 10281 |
| 12.75%, 1/15/2030 (c) | 2895 | 2035 |
|  |  | 71471 |
| **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** | **Technology Hardware, Storage & Peripherals — 0.1%** |
| Diebold Nixdorf, Inc. 7.75%, 3/31/2030 (c) | 2569 | 2709 |
| Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  |
| 4.09%, 6/1/2029 (c) | 4380 | 4296 |
| 3.13%, 7/15/2029 (c) | 5160 | 4599 |
| 8.25%, 12/15/2029 (c) | 3545 | 3740 |
| 8.50%, 7/15/2031 (c) | 767 | 807 |
| Xerox Corp. 10.25%, 10/15/2030 (c) | 1775 | 1278 |
| Xerox Holdings Corp.  | Xerox Holdings Corp.  | Xerox Holdings Corp.  |
| 5.50%, 8/15/2028 (c) | 4240 | 1611 |
| 8.88%, 11/30/2029 (c) | 3105 | 886 |
|  |  | 19926 |
| **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** | **Tobacco — 0.0% ^** |
| Reynolds American, Inc. (United Kingdom) 5.85%, <br> 8/15/2045<br>| 1360 | 1366 |
| **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** | **Trading Companies & Distributors — 0.5%** |
| EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  | EquipmentShare.com, Inc.  |
| 9.00%, 5/15/2028 (c) | 12550 | 13145 |
| 8.63%, 5/15/2032 (c) | 985 | 1054 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

176 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** | **Trading Companies & Distributors — continued** |
| Herc Holdings, Inc. 7.00%, 6/15/2030 (c) | 2063 | 2162 |
| Imola Merger Corp. 4.75%, 5/15/2029 (c) | 22013 | 21640 |
| QXO Building Products, Inc. 6.75%, <br> 4/30/2032 (c)<br>| 5150 | 5334 |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  | United Rentals North America, Inc.  |
| 4.88%, 1/15/2028 | 10050 | 10044 |
| 5.38%, 11/15/2033 (c) | 2569 | 2590 |
| 6.13%, 3/15/2034 (c) | 3505 | 3672 |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |
| 7.25%, 6/15/2028 (c) | 6396 | 6443 |
| 6.38%, 3/15/2029 (c) | 5694 | 5854 |
| 5.25%, 4/15/2031 (c) | 1427 | 1424 |
| 6.63%, 3/15/2032 (c) | 3355 | 3490 |
| 6.38%, 3/15/2033 (c) | 1771 | 1846 |
|  |  | 78698 |
| **Transportation Infrastructure — 0.0% ^** | **Transportation Infrastructure — 0.0% ^** | **Transportation Infrastructure — 0.0% ^** |
| Prumo Participacoes e Investimentos S/A (Brazil) <br> 7.50%, 12/31/2031 (j)<br>| 1046 | 1066 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| Altice France Lux 3 (Luxembourg) 10.00%, <br> 1/15/2033 (c)<br>| 2261 | 2124 |
| Connect Finco SARL (United Kingdom) 9.00%, <br> 9/15/2029 (c)<br>| 2105 | 2234 |
| Digicel International Finance Ltd. (Jamaica) <br> 8.63%, 8/1/2032 (c)<br>| 5820 | 6057 |
| Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | 6777 | 6164 |
| Millicom International Cellular SA (Guatemala) <br> 5.13%, 1/15/2028 (j)<br>| 1530 | 1522 |
| SES AMERICOM, Inc. (Luxembourg) 5.30%, <br> 3/25/2044 (c)<br>| 110 | 90 |
| Vodafone Group plc (United Kingdom) (USD Swap <br> Semi 5 Year + 4.87%), 7.00%, 4/4/2079 (i)<br>| 3300 | 3494 |
|  |  | 21685 |
| Total Corporate Bonds <br>(Cost $3,565,019)<br>|  | 3587310 |
| **Collateralized Mortgage Obligations — 17.1%** | **Collateralized Mortgage Obligations — 17.1%** | **Collateralized Mortgage Obligations — 17.1%** |
| Adjustable Rate Mortgage Trust Series 2006-2, <br> Class 1A4, 4.70%, 5/25/2036 (a)<br>| 708 | 609 |
| Alternative Loan Trust |  |  |
| Series 2004-18CB, Class 5A1, 6.25%, <br> 9/25/2034<br>| 13 | 14 |
| Series 2004-24CB, Class 1A1, 6.00%, <br> 11/25/2034<br>| 9 | 10 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2005-23CB, Class A7, 5.25%, <br> 7/25/2035<br>| 13 | 10 |
| Series 2005-23CB, Class A16, 5.50%, <br> 7/25/2035<br>| 36 | 30 |
| Series 2005-64CB, Class 1A15, 5.50%, <br> 12/25/2035<br>| 225 | 202 |
| Series 2005-J14, Class A3, 5.50%, <br> 12/25/2035<br>| 198 | 117 |
| Series 2006-41CB, Class 2A13, 5.75%, <br> 1/25/2037<br>| 454 | 216 |
| Anchor Mortgage Trust |  |  |
| 8.23%, 3/25/2031 ‡ (a) | 5000 | 5032 |
| 10.14%, 3/25/2031 ‡ (a) | 7500 | 7638 |
| Series 2025-RTL1, Class A1, 5.72%, <br> 5/25/2040 (c) (d)<br>| 4100 | 4123 |
| Angel Oak Mortgage Trust |  |  |
| Series 2019-5, Class M1, 3.30%, <br> 10/25/2049 (a) (c)<br>| 8000 | 7789 |
| Series 2019-5, Class B1, 3.96%, <br> 10/25/2049 (a) (c)<br>| 2470 | 2362 |
| Series 2019-6, Class B3, 5.96%, <br> 11/25/2059 (a) (c)<br>| 1250 | 1167 |
| Series 2020-1, Class B1, 3.76%, <br> 12/25/2059 (a) (c)<br>| 1550 | 1448 |
| Arroyo Mortgage Trust |  |  |
| Series 2019-3, Class M1, 4.20%, <br> 10/25/2048 (a) (c)<br>| 1000 | 959 |
| Series 2019-2, Class A3, 3.80%, <br> 4/25/2049 (a) (c)<br>| 192 | 190 |
| Banc of America Funding Trust Series 2007-5, <br> Class 4A1, 4.16%, 7/25/2037 (a)<br>| 548 | 383 |
| Bear Stearns ALT-A Trust Series 2004-7, Class <br> 2A1, 5.73%, 8/25/2034 (a)<br>| 46 | 45 |
| Bear Stearns Asset-Backed Securities Trust Series <br> 2003-AC4, Class M1, 5.66%, 9/25/2033 (d)<br>| 56 | 48 |
| Center Street Lending Resi-Investor ABS Mortgage <br> Trust Series 2026-RTL1, Class A1, 5.38%, <br> 12/25/2030 ‡ (c) (d)<br>| 7390 | 7420 |
| CHL Mortgage Pass-Through Trust Series <br> 2006-OA5, Class 2A1, 4.19%, 4/25/2046 (a)<br>| 674 | 601 |
| Citi Asset Receivables Trust |  |  |
| Series 2025-6, Class CERT, 0.00%, <br> 9/20/2031 ‡ (c)<br>| 15168 | 14914 |
| Series 2025-7, Class CERT, 0.00%, <br> 10/20/2031 ‡ (c)<br>| 19982 | 19894 |
| Citi Asset Receivables Trust I |  |  |
| Series 2025-3, Class CERT, 0.00%, <br> 6/20/2031 ‡ (c)<br>| 14122 | 13925 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 177

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2025-4, Class CERT, 0.00%, <br> 7/20/2031 ‡ (c) (k)<br>| 17629 | 17335 |
| Series 2025-5, Class CERT, 0.00%, <br> 8/20/2031 ‡ (c) (k)<br>| 21353 | 20892 |
| Series 2025-8, Class CERT, 0.00%, <br> 11/20/2031 ‡ (c)<br>| 25245 | 25477 |
| Series 2025-9, Class CERT, 0.00%, <br> 12/20/2031 ‡ (c)<br>| 31507 | 31813 |
| Series 2025-10, Class CERT, 0.00%, <br> 1/20/2032 ‡ (c)<br>| 32620 | 33904 |
| Series 2026-1, Class CERT, 0.00%, <br> 2/20/2032 ‡ (c)<br>| 40828 | 41931 |
| Series 2026-2, Class CERT, 0.00%, <br> 3/20/2032 ‡ (c)<br>| 40028 | 41520 |
| CITI Asset Receivables Trust I Series 2025-2, <br> Class CERT, 0.00%, 5/20/2031 ‡ (c) (k)<br>| 10845 | 10665 |
| Citicorp Mortgage Securities REMIC Pass-Through <br> Certificates Trust Series 2005-8, Class 1A5, <br> 5.50%, 11/25/2035<br>| 25 | 24 |
| Citigroup Mortgage Loan Trust, Inc. |  |  |
| Series 2004-NCM2, Class 3CB2, 6.50%, <br> 8/25/2019<br>| 6 | 6 |
| Series 2003-1, Class 3A5, 5.25%, 9/25/2033 | 29 | 29 |
| COLT Mortgage Loan Trust Series 2023-2, <br> Class A1, 6.60%, 7/25/2068 (c) (d)<br>| 1371 | 1376 |
| Connecticut Avenue Securities Trust |  |  |
| Series 2018-R07, Class 1B1, 8.13%, <br> 4/25/2031 (a) (c)<br>| 5866 | 6203 |
| Series 2019-R04, Class 2B1, 9.03%, <br> 6/25/2039 (a) (c)<br>| 8486 | 8599 |
| Series 2019-R05, Class 1B1, 7.88%, <br> 7/25/2039 (a) (c)<br>| 6251 | 6322 |
| Series 2019-R06, Class 2B1, 7.53%, <br> 9/25/2039 (a) (c)<br>| 26356 | 26744 |
| Series 2019-R07, Class 1B1, 7.18%, <br> 10/25/2039 (a) (c)<br>| 25905 | 26272 |
| Series 2019-HRP1, Class B1, 13.03%, <br> 11/25/2039 (a) (c)<br>| 61101 | 64220 |
| Series 2020-R02, Class 2B1, 6.78%, <br> 1/25/2040 (a) (c)<br>| 14634 | 14861 |
| Series 2020-R01, Class 1B1, 7.03%, <br> 1/25/2040 (a) (c)<br>| 22660 | 23065 |
| Series 2021-R01, Class 1B1, 6.77%, <br> 10/25/2041 (a) (c)<br>| 2600 | 2635 |
| Series 2021-R02, Class 2M2, 5.67%, <br> 11/25/2041 (a) (c)<br>| 12140 | 12178 |
| Series 2021-R02, Class 2B1, 6.97%, <br> 11/25/2041 (a) (c)<br>| 4983 | 5063 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2021-R03, Class 1B1, 6.42%, <br> 12/25/2041 (a) (c)<br>| 6000 | 6067 |
| Series 2022-R03, Class 1B1, 9.92%, <br> 3/25/2042 (a) (c)<br>| 5662 | 5971 |
| Series 2023-R02, Class 1M2, 7.02%, <br> 1/25/2043 (a) (c)<br>| 11850 | 12314 |
| Series 2023-R02, Class 1B1, 9.22%, <br> 1/25/2043 (a) (c)<br>| 7600 | 8138 |
| Series 2023-R04, Class 1M2, 7.22%, <br> 5/25/2043 (a) (c)<br>| 5000 | 5236 |
| Series 2023-R04, Class 1B1, 9.02%, <br> 5/25/2043 (a) (c)<br>| 4000 | 4317 |
| Series 2023-R06, Class 1M2, 6.37%, <br> 7/25/2043 (a) (c)<br>| 2960 | 3038 |
| Series 2023-R07, Class 2M2, 6.92%, <br> 9/25/2043 (a) (c)<br>| 1682 | 1739 |
| Series 2023-R08, Class 1M2, 6.17%, <br> 10/25/2043 (a) (c)<br>| 4495 | 4576 |
| Series 2024-R02, Class 1M2, 5.47%, <br> 2/25/2044 (a) (c)<br>| 3160 | 3177 |
| CSFB Mortgage-Backed Pass-Through Certificates <br> Series 2005-4, Class 2A5, 4.34%, <br> 6/25/2035 (a)<br>| 140 | 89 |
| Deutsche Mortgage Securities, Inc. Mortgage Loan <br> Trust Series 2004-1, Class 3A5, 6.16%, <br> 12/25/2033 (d)<br>| 34 | 33 |
| FARM Mortgage Trust Series 2021-1, Class B, <br> 3.23%, 7/25/2051 (a) (c)<br>| 1312 | 989 |
| FHLMC Seasoned Credit Risk Transfer Trust |  |  |
| Series 2017-3, Class A, IO, 0.00%, <br> 7/25/2056 ‡ (a)<br>| 16525 |  |
| Series 2021-2, Class BXS, 13.59%, <br> 11/25/2060 (a) (c)<br>| 4861 | 3872 |
| FHLMC STACR REMIC Trust |  |  |
| Series 2021-HQA1, Class B1, 6.67%, <br> 8/25/2033 (a) (c)<br>| 6600 | 7252 |
| Series 2021-DNA2, Class B1, 7.07%, <br> 8/25/2033 (a) (c)<br>| 18555 | 20609 |
| Series 2021-HQA1, Class B2, 8.67%, <br> 8/25/2033 (a) (c)<br>| 22700 | 26866 |
| Series 2021-DNA2, Class B2, 9.67%, <br> 8/25/2033 (a) (c)<br>| 23320 | 29093 |
| Series 2021-DNA3, Class B2, 9.92%, <br> 10/25/2033 (a) (c)<br>| 24618 | 31215 |
| Series 2021-HQA2, Class B2, 9.12%, <br> 12/25/2033 (a) (c)<br>| 24250 | 29323 |
| Series 2021-DNA5, Class B2, 9.17%, <br> 1/25/2034 (a) (c)<br>| 19900 | 24131 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

178 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2021-HQA3, Class B2, 9.92%, <br> 9/25/2041 (a) (c)<br>| 3125 | 3203 |
| Series 2021-DNA6, Class B2, 11.17%, <br> 10/25/2041 (a) (c)<br>| 7450 | 7733 |
| Series 2021-DNA7, Class B1, 7.32%, <br> 11/25/2041 (a) (c)<br>| 27000 | 27519 |
| Series 2022-DNA2, Class B2, 12.17%, <br> 2/25/2042 (a) (c)<br>| 3000 | 3192 |
| Series 2022-HQA1, Class B2, 14.67%, <br> 3/25/2042 (a) (c)<br>| 8900 | 9740 |
| Series 2022-DNA3, Class M1B, 6.57%, <br> 4/25/2042 (a) (c)<br>| 10000 | 10206 |
| Series 2022-DNA3, Class B1, 9.32%, <br> 4/25/2042 (a) (c)<br>| 6250 | 6566 |
| Series 2022-DNA4, Class M1B, 7.02%, <br> 5/25/2042 (a) (c)<br>| 4000 | 4113 |
| Series 2022-DNA4, Class M2, 8.92%, <br> 5/25/2042 (a) (c)<br>| 3100 | 3255 |
| Series 2022-DNA5, Class M2, 10.42%, <br> 6/25/2042 (a) (c)<br>| 12000 | 12844 |
| Series 2022-HQA2, Class M2, 9.67%, <br> 7/25/2042 (a) (c)<br>| 6412 | 6836 |
| Series 2022-HQA3, Class M1B, 7.22%, <br> 8/25/2042 (a) (c)<br>| 5000 | 5190 |
| Series 2022-DNA6, Class M2, 9.42%, <br> 9/25/2042 (a) (c)<br>| 7000 | 7482 |
| Series 2023-DNA1, Class M1A, 5.77%, <br> 3/25/2043 (a) (c)<br>| 949 | 959 |
| Series 2023-DNA2, Class M1A, 5.77%, <br> 4/25/2043 (a) (c)<br>| 3827 | 3879 |
| Series 2023-DNA2, Class B1, 11.27%, <br> 4/25/2043 (a) (c)<br>| 9350 | 10449 |
| Series 2023-HQA2, Class M1B, 7.02%, <br> 6/25/2043 (a) (c)<br>| 15655 | 16100 |
| Series 2023-HQA2, Class M2, 7.52%, <br> 6/25/2043 (a) (c)<br>| 18040 | 18940 |
| Series 2024-DNA1, Class M2, 5.62%, <br> 2/25/2044 (a) (c)<br>| 8500 | 8585 |
| Series 2020-DNA5, Class B2, 15.17%, <br> 10/25/2050 (a) (c)<br>| 33000 | 45898 |
| Series 2020-DNA6, Class B2, 9.32%, <br> 12/25/2050 (a) (c)<br>| 2000 | 2330 |
| Series 2021-DNA1, Class B2, 8.42%, <br> 1/25/2051 (a) (c)<br>| 9000 | 10076 |
| FHLMC STACR Trust |  |  |
| Series 2018-DNA2, Class B1, 7.48%, <br> 12/25/2030 (a) (c)<br>| 1000 | 1067 |
| Series 2018-HQA2, Class B1, 8.03%, <br> 10/25/2048 (a) (c)<br>| 3935 | 4187 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2019-DNA1, Class B2, 14.53%, <br> 1/25/2049 (a) (c)<br>| 8135 | 10041 |
| Series 2019-HQA2, Class B2, 15.03%, <br> 4/25/2049 (a) (c)<br>| 3500 | 4170 |
| Series 2019-DNA4, Class B2, 10.03%, <br> 10/25/2049 (a) (c)<br>| 5000 | 5525 |
| FHLMC STACR, Whole Loan |  |  |
| Series 2017-DNA2, Class B1, 8.93%, <br> 10/25/2029 (a)<br>| 11000 | 11559 |
| Series 2017-DNA3, Class B1, 8.23%, <br> 3/25/2030 (a)<br>| 15800 | 16712 |
| Series 2018-HQA1, Class B1, 8.13%, <br> 9/25/2030 (a)<br>| 34415 | 36928 |
| FHLMC, REMIC |  |  |
| Series 4102, Class BI, IO, 3.50%, 8/15/2027 | 270 | 4 |
| Series 5607, Class KT, 4.25%, 11/15/2032 | 15006 | 15075 |
| Series 5616, Class GB, 4.15%, 12/15/2032 | 13878 | 13902 |
| Series 4149, IO, 3.00%, 1/15/2033 | 143 | 9 |
| Series 4160, IO, 3.00%, 1/15/2033 | 467 | 29 |
| Series 4212, Class MI, IO, 3.00%, 6/15/2033 | 666 | 52 |
| Series 3145, Class GI, IF, IO, 2.83%, <br> 4/15/2036 (a)<br>| 1000 | 100 |
| Series 5558, Class BV, 5.50%, 5/25/2036 | 2863 | 2948 |
| Series 4495, Class PI, IO, 4.00%, 9/15/2043 | 111 | 5 |
| Series 4321, Class PI, IO, 4.50%, 1/15/2044 | 184 | 28 |
| Series 4670, Class TI, IO, 4.50%, 1/15/2044 | 112 | 4 |
| Series 4550, Class DI, IO, 4.00%, 3/15/2044 | 78 | 4 |
| Series 4612, Class QI, IO, 3.50%, 5/15/2044 | 158 | 14 |
| Series 4612, Class PI, IO, 3.50%, 6/15/2044 | 15 | 1 |
| Series 4657, Class QI, IO, 4.00%, 9/15/2044 | 137 | 7 |
| Series 4585, Class JI, IO, 4.00%, 5/15/2045 | 180 | 20 |
| Series 4628, Class PI, IO, 4.00%, 7/15/2045 | 117 | 11 |
| Series 4681, Class SD, IF, IO, 2.38%, <br> 5/15/2047 (a)<br>| 307 | 41 |
| Series 4694, Class SA, IF, IO, 2.33%, <br> 6/15/2047 (a)<br>| 530 | 71 |
| Series 4689, Class SD, IF, IO, 2.38%, <br> 6/15/2047 (a)<br>| 442 | 57 |
| Series 4746, Class SC, IF, IO, 2.38%, <br> 1/15/2048 (a)<br>| 5322 | 710 |
| Series 4910, Class PI, IO, 5.00%, 7/25/2049 | 1444 | 314 |
| Series 4919, Class SH, IF, IO, 2.22%, <br> 9/25/2049 (a)<br>| 8017 | 978 |
| Series 5011, Class MI, IO, 3.00%, 9/25/2050 | 27391 | 4398 |
| Series 5052, Class EI, IO, 3.00%, 12/25/2050 | 23247 | 3879 |
| Series 5072, Class BI, IO, 3.00%, 2/25/2051 | 29144 | 4887 |
| Series 5143, Class PI, IO, 2.50%, 5/25/2051 | 2427 | 270 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 179

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 5148, Class PI, IO, 2.50%, 10/25/2051 | 6855 | 672 |
| Series 5154, Class QI, IO, 2.50%, 10/25/2051 | 9404 | 995 |
| Series 5154, Class ZQ, 2.50%, 10/25/2051 | 11023 | 7499 |
| Series 5387, Class KB, 6.00%, 3/25/2054 | 9907 | 10662 |
| Series 5413, Class KS, IF, IO, 2.18%, <br> 5/25/2054 (a)<br>| 15753 | 1114 |
| Series 5414, Class DZ, 6.00%, 5/25/2054 | 5580 | 5873 |
| Series 5508, Class SN, IF, IO, 2.18%, <br> 2/25/2055 (a)<br>| 29153 | 1581 |
| Series 5520, Class SD, IF, IO, 2.21%, <br> 3/25/2055 (a)<br>| 70543 | 4613 |
| Series 5520, Class SE, IF, IO, 2.21%, <br> 3/25/2055 (a)<br>| 34480 | 2026 |
| Series 5528, Class SA, IF, IO, 2.31%, <br> 4/25/2055 (a)<br>| 74706 | 4012 |
| Series 5549, Class SA, IF, IO, 2.08%, <br> 6/25/2055 (a)<br>| 43256 | 2755 |
| Series 5580, Class Z, 5.00%, 6/25/2055 | 5655 | 5590 |
| Series 5562, Class Z, 6.00%, 7/25/2055 | 4513 | 4493 |
| Series 5565, Class SA, IF, IO, 2.18%, <br> 8/25/2055 (a)<br>| 52095 | 3482 |
| Series 5565, Class AZ, 5.00%, 8/25/2055 | 3397 | 3212 |
| Series 5564, Class PZ, 6.00%, 8/25/2055 | 28075 | 27820 |
| Series 5565, Class ZU, 6.00%, 8/25/2055 | 2334 | 2318 |
| Series 5578, Class ZC, 6.00%, 9/25/2055 | 10704 | 10673 |
| Series 5580, Class UZ, 6.00%, 9/25/2055 | 30 | 30 |
| Series 5613, Class ZG, 5.50%, 1/25/2056 | 14646 | 14616 |
| Series 5623, Class ZA, 5.50%, 2/25/2056 | 10779 | 10726 |
| Series 5632, Class UZ, 5.50%, 2/25/2056 | 13730 | 13557 |
| Series 5633, Class ZC, 5.50%, 2/25/2056 | 6990 | 6874 |
| Series 5633, Class ZG, 5.50%, 2/25/2056 | 7842 | 7690 |
| FHLMC, STRIPS |  |  |
| Series 304, Class C32, IO, 3.00%, 12/15/2027 | 15 |  |
| Series 342, Class S7, IF, IO, 2.34%, <br> 2/15/2045 (a)<br>| 5433 | 640 |
| FNMA, Connecticut Avenue Securities |  |  |
| Series 2017-C02, Class 2B1, 9.28%, <br> 9/25/2029 (a)<br>| 28544 | 29998 |
| Series 2017-C05, Class 1B1, 7.38%, <br> 1/25/2030 (a)<br>| 11760 | 12227 |
| Series 2017-C06, Class 1B1, 7.93%, <br> 2/25/2030 (a)<br>| 7255 | 7621 |
| Series 2017-C06, Class 2B1, 8.23%, <br> 2/25/2030 (a)<br>| 8015 | 8447 |
| Series 2018-C03, Class 1B1, 7.53%, <br> 10/25/2030 (a)<br>| 16054 | 17068 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2018-C04, Class 2B1, 8.28%, <br> 12/25/2030 (a)<br>| 4250 | 4604 |
| Series 2018-C05, Class 1B1, 8.03%, <br> 1/25/2031 (a)<br>| 3000 | 3263 |
| Series 2018-C06, Class 1B1, 7.53%, <br> 3/25/2031 (a)<br>| 16560 | 17837 |
| Series 2018-C06, Class 2B1, 7.88%, <br> 3/25/2031 (a)<br>| 2860 | 3091 |
| FNMA, REMIC |  |  |
| Series 2016-68, Class BI, IO, 3.00%, <br> 10/25/2031<br>| 254 | 12 |
| Series 2012-93, Class FS, IF, IO, 2.37%, <br> 9/25/2032 (a)<br>| 1119 | 117 |
| Series 2013-55, Class AI, IO, 3.00%, <br> 6/25/2033<br>| 1024 | 78 |
| Series 2003-76, Class SB, IF, IO, 3.27%, <br> 8/25/2033 (a)<br>| 914 | 95 |
| Series 2021-13, Class DI, IO, 3.50%, <br> 1/25/2036<br>| 4230 | 416 |
| Series 2006-42, Class LI, IF, IO, 2.78%, <br> 6/25/2036 (a)<br>| 758 | 90 |
| Series 2025-78, Class BV, 5.50%, 8/25/2036 | 2897 | 2995 |
| Series 2011-79, Class SD, IF, IO, 2.12%, <br> 8/25/2041 (a)<br>| 2404 | 328 |
| Series 2011-78, Class JS, IF, IO, 2.22%, <br> 8/25/2041 (a)<br>| 1187 | 120 |
| Series 2012-133, Class HS, IF, IO, 2.37%, <br> 12/25/2042 (a)<br>| 133 | 16 |
| Series 2012-148, Class US, IF, 1.26%, <br> 1/25/2043 (a)<br>| 1006 | 894 |
| Series 2016-6, Class KI, IO, 4.00%, 2/25/2044 | 186 | 20 |
| Series 2016-43, Class MI, IO, 4.00%, <br> 10/25/2045<br>| 208 | 33 |
| Series 2016-56, Class ST, IF, IO, 2.22%, <br> 8/25/2046 (a)<br>| 3719 | 475 |
| Series 2016-95, Class ES, IF, IO, 2.22%, <br> 12/25/2046 (a)<br>| 1129 | 146 |
| Series 2016-90, Class IN, IO, 3.50%, <br> 12/25/2046<br>| 245 | 38 |
| Series 2017-6, Class SB, IF, IO, 2.27%, <br> 2/25/2047 (a)<br>| 80 | 10 |
| Series 2017-39, Class ST, IF, IO, 2.32%, <br> 5/25/2047 (a)<br>| 967 | 124 |
| Series 2017-90, Class SP, IF, IO, 2.37%, <br> 11/25/2047 (a)<br>| 1808 | 245 |
| Series 2017-112, Class SC, IF, IO, 2.37%, <br> 1/25/2048 (a)<br>| 2448 | 321 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

180 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2019-32, Class PI, IO, 5.00%, <br> 10/25/2048<br>| 647 | 115 |
| Series 2019-47, Class QI, IO, 4.50%, <br> 6/25/2049<br>| 1159 | 245 |
| Series 2019-37, Class CS, IF, IO, 2.27%, <br> 7/25/2049 (a)<br>| 2544 | 292 |
| Series 2020-89, Class GI, IO, 3.00%, <br> 12/25/2050<br>| 42703 | 7177 |
| Series 2020-100, Class IA, IO, 3.00%, <br> 1/25/2051<br>| 71509 | 12033 |
| Series 2023-28, Class EZ, 6.00%, 7/25/2053 | 3402 | 3572 |
| Series 2023-31, Class LZ, 6.00%, 7/25/2053 | 4692 | 4950 |
| Series 2023-34, Class LZ, 6.00%, 8/25/2053 | 2918 | 3100 |
| Series 2024-25, Class ZA, 6.00%, 9/25/2053 | 14508 | 15266 |
| Series 2024-25, Class ZB, 5.50%, 3/25/2054 | 10727 | 11011 |
| Series 2024-20, Class MS, IF, IO, 2.28%, <br> 5/25/2054 (a)<br>| 22425 | 1548 |
| Series 2024-58, Class BS, IF, IO, 2.18%, <br> 8/25/2054 (a)<br>| 20558 | 1223 |
| Series 2024-92, Class SH, IF, IO, 2.28%, <br> 12/25/2054 (a)<br>| 18477 | 1378 |
| Series 2025-7, Class SE, IF, IO, 2.18%, <br> 2/25/2055 (a)<br>| 28692 | 1993 |
| Series 2025-11, Class SB, IF, IO, 2.23%, <br> 3/25/2055 (a)<br>| 29474 | 2215 |
| Series 2025-24, Class SC, IF, IO, 2.26%, <br> 4/25/2055 (a)<br>| 42030 | 2818 |
| Series 2025-47, Class SM, IF, IO, 2.13%, <br> 6/25/2055 (a)<br>| 91814 | 6043 |
| Series 2025-55, Class SG, IF, IO, 2.23%, <br> 7/25/2055 (a)<br>| 54050 | 3315 |
| Series 2025-55, Class SC, IF, IO, 2.75%, <br> 7/25/2055 (a)<br>| 37251 | 2708 |
| Series 2025-55, Class UN, 5.00%, 7/25/2055 | 2809 | 2805 |
| Series 2025-57, Class Z, 6.00%, 7/25/2055 | 4191 | 4203 |
| Series 2025-66, Class SL, IF, IO, 2.13%, <br> 8/25/2055 (a)<br>| 35209 | 2294 |
| Series 2025-69, Class Z, 6.00%, 8/25/2055 | 9324 | 9346 |
| Series 2025-73, Class Z, 6.00%, 9/25/2055 | 7649 | 7682 |
| Series 2025-106, Class UZ, 5.50%, <br> 12/25/2055<br>| 5430 | 5417 |
| Series 2026-5, Class ZY, 5.00%, 2/25/2056 | 2292 | 2271 |
| Series 2026-11, Class SB, IF, 3.90%, <br> 3/25/2056 (a)<br>| 4000 | 3450 |
| FNMA, STRIPS |  |  |
| Series 421, Class 7, IO, 3.50%, 5/25/2030 | 16 |  |
| Series 421, Class C3, IO, 4.00%, 7/25/2030 | 85 | 3 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| G Mitt Frn Series 2023-EB, 9.38%, 12/27/2026 ‡ <br> (c)<br>| 5026 | 5026 |
| GCAT Trust |  |  |
| Series 2020-NQM1, Class M1, 2.93%, <br> 1/25/2060 (a) (c)<br>| 10871 | 10548 |
| Series 2020-NQM1, Class B1, 3.64%, <br> 1/25/2060 (a) (c)<br>| 3000 | 2713 |
| GMACM Mortgage Loan Trust Series 2004-J2, <br> Class A8, 5.75%, 6/25/2034<br>| 19 | 19 |
| GNMA |  |  |
| Series 2013-182, Class MS, IF, IO, 2.36%, <br> 12/20/2043 (a)<br>| 6094 | 732 |
| Series 2016-108, Class SN, IF, IO, 2.30%, <br> 8/20/2046 (a)<br>| 8750 | 1350 |
| Series 2016-108, Class SM, IF, IO, 2.32%, <br> 8/20/2046 (a)<br>| 2034 | 324 |
| Series 2016-147, Class AS, IF, IO, 2.32%, <br> 10/20/2046 (a)<br>| 3858 | 599 |
| Series 2017-36, Class SL, IF, IO, 2.43%, <br> 3/16/2047 (a)<br>| 5196 | 795 |
| Series 2019-132, Class KI, IO, 3.50%, <br> 3/20/2047<br>| 158 | 3 |
| Series 2019-33, Class PI, IO, 4.00%, <br> 11/20/2048<br>| 60 | 11 |
| Series 2019-65, Class ST, IF, IO, 2.27%, <br> 5/20/2049 (a)<br>| 7516 | 788 |
| Series 2019-86, Class ST, IF, IO, 2.32%, <br> 7/20/2049 (a)<br>| 3609 | 364 |
| Series 2019-120, Class DS, IF, IO, 2.27%, <br> 9/20/2049 (a)<br>| 6809 | 951 |
| Series 2019-132, Class SK, IF, IO, 2.27%, <br> 10/20/2049 (a)<br>| 5765 | 721 |
| Series 2020-86, Class TS, IF, IO, 1.82%, <br> 6/20/2050 (a)<br>| 8877 | 1230 |
| Series 2021-9, Class MI, IO, 2.50%, <br> 1/20/2051<br>| 131423 | 19369 |
| Series 2021-23, Class IA, IO, 2.50%, <br> 2/20/2051<br>| 65162 | 9574 |
| Series 2021-81, Class IC, IO, 3.00%, <br> 5/20/2051<br>| 16062 | 2707 |
| Series 2021-91, Class CI, IO, 3.00%, <br> 5/20/2051<br>| 13751 | 2426 |
| Series 2021-117, Class NI, IO, 3.00%, <br> 7/20/2051<br>| 45947 | 8091 |
| Series 2021-142, Class XI, IO, 3.00%, <br> 8/20/2051<br>| 53786 | 9483 |
| Series 2021-188, Class IJ, IO, 3.00%, <br> 10/20/2051<br>| 17072 | 2921 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 181

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2025-171, Class MT, 5.25%, 4/20/2052 | 8790 | 8930 |
| Series 2023-67, Class DZ, 5.50%, 5/20/2053 | 7726 | 7900 |
| Series 2023-102, Class BG, 5.50%, 7/20/2053 | 2519 | 2620 |
| Series 2023-113, Class SJ, IF, IO, 2.04%, <br> 8/20/2053 (a)<br>| 11265 | 618 |
| Series 2023-113, Class GZ, 5.50%, 8/20/2053 | 5735 | 5935 |
| Series 2023-117, Class ZM, 5.50%, <br> 8/20/2053<br>| 2866 | 2870 |
| Series 2024-1, Class MS, IF, IO, 2.19%, <br> 1/20/2054 (a)<br>| 29646 | 1878 |
| Series 2024-30, Class SC, IF, IO, 2.79%, <br> 2/20/2054 (a)<br>| 18074 | 1613 |
| Series 2024-27, Class GB, 5.00%, 2/20/2054 | 2000 | 1977 |
| Series 2025-44, Class GZ, 6.00%, 2/20/2054 | 6342 | 6661 |
| Series 2024-64, Class SV, IF, IO, 1.59%, <br> 4/20/2054 (a)<br>| 14100 | 688 |
| Series 2024-79, Class CS, IF, IO, 1.59%, <br> 5/20/2054 (a)<br>| 20952 | 990 |
| Series 2024-79, Class BS, IF, IO, 3.59%, <br> 5/20/2054 (a)<br>| 10319 | 1076 |
| Series 2024-110, Class SC, IF, IO, 2.34%, <br> 7/20/2054 (a)<br>| 19039 | 1303 |
| Series 2024-112, Class SA, IF, IO, 2.94%, <br> 7/20/2054 (a)<br>| 14587 | 1084 |
| Series 2024-110, Class AS, IF, IO, 2.99%, <br> 7/20/2054 (a)<br>| 16390 | 1470 |
| Series 2024-126, Class HS, IF, IO, 2.29%, <br> 8/20/2054 (a)<br>| 18999 | 1244 |
| Series 2024-126, Class JS, IF, IO, 2.29%, <br> 8/20/2054 (a)<br>| 56122 | 3008 |
| Series 2024-134, Class SE, IF, IO, 2.29%, <br> 8/20/2054 (a)<br>| 27405 | 1566 |
| Series 2024-127, Class SE, IF, IO, 2.34%, <br> 8/20/2054 (a)<br>| 22918 | 1569 |
| Series 2024-126, Class AS, IF, IO, 2.99%, <br> 8/20/2054 (a)<br>| 17630 | 1656 |
| Series 2024-128, Class SA, IF, IO, 2.99%, <br> 8/20/2054 (a)<br>| 27978 | 2641 |
| Series 2024-151, Class JS, IF, IO, 2.95%, <br> 9/20/2054 (a)<br>| 17933 | 1583 |
| Series 2024-159, Class AS, IF, IO, 2.44%, <br> 10/20/2054 (a)<br>| 14987 | 1139 |
| Series 2024-190, Class CS, IF, IO, 2.34%, <br> 11/20/2054 (a)<br>| 19676 | 1344 |
| Series 2025-156, Class BZ, 4.50%, <br> 11/20/2054<br>| 1834 | 1719 |
| Series 2024-204, Class SB, IF, IO, 2.35%, <br> 12/20/2054 (a)<br>| 27939 | 2143 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-156, Class Z, 4.50%, 12/20/2054 | 8189 | 7773 |
| Series 2025-89, Class JY, 5.00%, 12/20/2054 | 4700 | 4649 |
| Series 2025-1, Class KS, IF, IO, 1.54%, <br> 1/20/2055 (a)<br>| 18596 | 956 |
| Series 2025-1, Class SU, IF, IO, 1.54%, <br> 1/20/2055 (a)<br>| 17928 | 784 |
| Series 2025-1, Class SV, IF, IO, 2.24%, <br> 1/20/2055 (a)<br>| 39328 | 2256 |
| Series 2025-7, Class SG, IF, IO, 2.29%, <br> 1/20/2055 (a)<br>| 71656 | 4354 |
| Series 2025-7, Class QS, IF, IO, 2.79%, <br> 1/20/2055 (a)<br>| 17478 | 1234 |
| Series 2025-1, Class SL, IF, IO, 2.94%, <br> 1/20/2055 (a)<br>| 19756 | 1699 |
| Series 2025-7, Class SL, IF, IO, 2.94%, <br> 1/20/2055 (a)<br>| 18599 | 1377 |
| Series 2025-89, Class DY, 5.25%, 1/20/2055 | 6000 | 6018 |
| Series 2025-22, Class AS, IF, IO, 2.29%, <br> 2/20/2055 (a)<br>| 29314 | 1786 |
| Series 2025-23, Class SE, IF, IO, 2.29%, <br> 2/20/2055 (a)<br>| 26736 | 1660 |
| Series 2025-23, Class SL, IF, IO, 2.29%, <br> 2/20/2055 (a)<br>| 46711 | 2790 |
| Series 2025-25, Class HS, IF, IO, 2.29%, <br> 2/20/2055 (a)<br>| 29784 | 1808 |
| Series 2025-22, Class GS, IF, IO, 2.89%, <br> 2/20/2055 (a)<br>| 20888 | 1748 |
| Series 2025-25, Class BS, IF, IO, 2.89%, <br> 2/20/2055 (a)<br>| 37958 | 3297 |
| Series 2025-25, Class SB, IF, IO, 2.89%, <br> 2/20/2055 (a)<br>| 37421 | 2892 |
| Series 2025-30, Class SC, IF, IO, 2.89%, <br> 2/20/2055 (a)<br>| 43199 | 3482 |
| Series 2025-41, Class AS, IF, IO, 1.64%, <br> 3/20/2055 (a)<br>| 34622 | 1852 |
| Series 2025-41, Class BS, IF, IO, 1.64%, <br> 3/20/2055 (a)<br>| 92241 | 3898 |
| Series 2025-51, Class SH, IF, IO, 2.29%, <br> 3/20/2055 (a)<br>| 54972 | 3288 |
| Series 2025-41, Class ES, IF, IO, 3.54%, <br> 3/20/2055 (a)<br>| 9795 | 1034 |
| Series 2025-41, Class SE, IF, IO, 3.54%, <br> 3/20/2055 (a)<br>| 13768 | 1448 |
| Series 2025-60, Class ZC, 5.00%, 3/20/2055 | 10425 | 10304 |
| Series 2025-139, Class B, 5.50%, 3/20/2055 | 6101 | 6198 |
| Series 2025-69, Class SW, IF, IO, 1.47%, <br> 4/20/2055 (a)<br>| 24823 | 953 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

182 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2025-69, Class SX, IF, IO, 1.47%, <br> 4/20/2055 (a)<br>| 61322 | 2707 |
| Series 2025-69, Class SK, IF, IO, 2.79%, <br> 4/20/2055 (a)<br>| 55470 | 4545 |
| Series 2025-156, Class CZ, 5.00%, 4/20/2055 | 3880 | 3793 |
| Series 2025-69, Class AZ, 5.00%, 4/20/2055 | 2400 | 2372 |
| Series 2025-70, Class EZ, 5.00%, 4/20/2055 | 8444 | 8220 |
| Series 2025-105, Class PA, 7.00%, 4/20/2055 | 3087 | 3207 |
| Series 2025-89, Class SP, IF, IO, 1.44%, <br> 5/20/2055 (a)<br>| 47954 | 2089 |
| Series 2025-84, Class SQ, IF, IO, 1.49%, <br> 5/20/2055 (a)<br>| 53378 | 2079 |
| Series 2025-89, Class SC, IF, IO, 2.79%, <br> 5/20/2055 (a)<br>| 28129 | 2409 |
| Series 2025-89, Class SE, IF, IO, 2.79%, <br> 5/20/2055 (a)<br>| 39563 | 3155 |
| Series 2025-79, Class HS, IF, IO, 2.89%, <br> 5/20/2055 (a)<br>| 15540 | 1295 |
| Series 2025-100, Class SA, IF, IO, 2.19%, <br> 6/20/2055 (a)<br>| 57350 | 3686 |
| Series 2025-105, Class SD, IF, IO, 2.19%, <br> 6/20/2055 (a)<br>| 99037 | 6207 |
| Series 2025-97, Class SE, IF, IO, 2.24%, <br> 6/20/2055 (a)<br>| 35253 | 2350 |
| Series 2025-105, Class PZ, 5.00%, 6/20/2055 | 7516 | 7239 |
| Series 2025-124, Class CS, IF, IO, 1.54%, <br> 7/20/2055 (a)<br>| 17027 | 738 |
| Series 2025-124, Class SE, IF, IO, 2.19%, <br> 7/20/2055 (a)<br>| 111555 | 7030 |
| Series 2025-127, Class SH, IF, IO, 2.88%, <br> 7/20/2055 (a)<br>| 16007 | 1242 |
| Series 2025-127, Class PZ, 6.00%, 7/20/2055 | 16925 | 16914 |
| Series 2025-120, Class SH, IF, 7.95%, <br> 7/20/2055 (a)<br>| 4705 | 5174 |
| Series 2025-120, Class SJ, IF, 8.02%, <br> 7/20/2055 (a)<br>| 6783 | 7477 |
| Series 2025-139, Class JS, IF, IO, 2.89%, <br> 8/20/2055 (a)<br>| 64902 | 5408 |
| Series 2025-132, Class MZ, 5.00%, <br> 8/20/2055<br>| 3691 | 3504 |
| Series 2025-139, Class UC, 6.00%, 8/20/2055 | 3141 | 3137 |
| Series 2025-141, Class ZJ, 6.00%, 8/20/2055 | 8605 | 8479 |
| Series 2025-135, Class SE, IF, 8.02%, <br> 8/20/2055 (a)<br>| 24661 | 27183 |
| Series 2025-152, Class SA, IF, IO, 2.24%, <br> 9/20/2055 (a)<br>| 61458 | 3664 |
| Series 2025-152, Class SH, IF, IO, 2.24%, <br> 9/20/2055 (a)<br>| 78097 | 4661 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-156, Class UZ, 6.50%, 9/20/2055 | 2180 | 2178 |
| Series 2025-172, Class PZ, 6.00%, <br> 10/20/2055<br>| 4640 | 4639 |
| Series 2025-192, Class ZU, 4.50%, <br> 11/20/2055<br>| 2911 | 2880 |
| Series 2025-196, Class LZ, 5.50%, <br> 11/20/2055<br>| 8337 | 8236 |
| Series 2025-208, Class ZG, 4.50%, <br> 12/20/2055<br>| 5038 | 4898 |
| Series 2025-204, Class PZ, 5.50%, <br> 12/20/2055<br>| 9353 | 9343 |
| Series 2025-211, Class UZ, 5.50%, <br> 12/20/2055<br>| 23408 | 23402 |
| Series 2025-211, Class CP, 6.50%, <br> 12/20/2055<br>| 64212 | 65415 |
| Series 2026-2, Class KS, IF, IO, 1.89%, <br> 1/20/2056 (a)<br>| 57511 | 4217 |
| Series 2026-2, Class GZ, 4.50%, 1/20/2056 | 16773 | 16040 |
| Series 2026-2, Class UZ, 4.50%, 1/20/2056 | 3927 | 3754 |
| Series 2026-25, Class ZB, 4.50%, 1/20/2056 | 5222 | 5033 |
| Series 2026-4, Class JZ, 4.50%, 1/20/2056 | 5318 | 5106 |
| Series 2026-3, Class ZH, 5.50%, 1/20/2056 | 17984 | 17951 |
| Series 2026-24, Class BZ, 4.50%, 2/20/2056 | 3266 | 3127 |
| Series 2026-24, Class DZ, 4.50%, 2/20/2056 | 5150 | 4851 |
| Series 2026-25, Class ZH, 5.50%, 2/20/2056 | 12053 | 11956 |
| Series 2026-30, Class DZ, 5.50%, 2/20/2056 | 8100 | 8044 |
| Series 2026-23, Class A, 4.50%, <br> 1/16/2060 (b)<br>| 45000 | 44701 |
| Series 2015-H13, Class GI, IO, 1.58%, <br> 4/20/2065 (a)<br>| 208 | 7 |
| Series 2026-23, Class AC, 5.00%, <br> 11/16/2067 (a)<br>| 38960 | 40540 |
| GS Mortgage-Backed Securities Corp. Trust Series <br> 2025-NQM6, Class A1, 5.02%, 2/25/2066 (c) <br> (d)<br>| 11911 | 11962 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2025-PJ6, Class A1, 6.00%, <br> 11/25/2055 (a) (c)<br>| 7695 | 7823 |
| Series 2025-PJ7, Class A1, 6.00%, <br> 12/25/2055 (a) (c)<br>| 13827 | 14057 |
| Series 2025-PJ9, Class A1, 6.00%, <br> 3/25/2056 (a) (c)<br>| 40757 | 41359 |
| GSMSC Pass-Through Trust Series 2008-2R, Class <br> 2A1, 7.50%, 10/25/2036 (a) (c)<br>| 156 | 17 |
| GSR Mortgage Loan Trust Series 2005-AR6, Class <br> 2A1, 4.86%, 9/25/2035 (a)<br>| 57 | 55 |
| HarborView Mortgage Loan Trust Series 2006-14, <br> Class 1A1A, 4.14%, 1/25/2047 (a)<br>| 4854 | 4604 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 183

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Home RE Ltd. (Bermuda) Series 2022-1, <br> Class M1C, 9.17%, 10/25/2034 (a) (c)<br>| 8491 | 8720 |
| IndyMac INDX Mortgage Loan Trust Series <br> 2007-AR21, Class 6A1, 3.67%, 9/25/2037 (a)<br>| 10919 | 6695 |
| JPMorgan Alternative Loan Trust Series 2006-S3, <br> Class A4, 6.81%, 8/25/2036 (d)<br>| 730 | 723 |
| JPMorgan Mortgage Trust Series 2006-S1, Class <br> 1A1, 6.00%, 4/25/2036<br>| 23 | 24 |
| Lehman Mortgage Trust Series 2007-7, Class 5A7, <br> 6.50%, 8/25/2037<br>| 10961 | 4855 |
| LHOME Mortgage Trust |  |  |
| Series 2024-RTL1, Class A1, 7.02%, <br> 1/25/2029 (c) (d)<br>| 2925 | 2926 |
| Series 2024-RTL2, Class A1, 7.13%, <br> 3/25/2029 (c) (d)<br>| 3825 | 3842 |
| Series 2024-RTL3, Class A1, 6.90%, <br> 5/25/2029 (c) (d)<br>| 13810 | 13900 |
| Series 2024-RTL4, Class A1, 5.92%, <br> 7/25/2039 (c) (d)<br>| 4329 | 4347 |
| Series 2024-RTL4, Class A2, 6.09%, <br> 7/25/2039 (c) (d)<br>| 2673 | 2689 |
| Series 2024-RTL5, Class A1, 5.32%, <br> 9/25/2039 (c) (d)<br>| 9582 | 9600 |
| Series 2025-RTL1, Class A1, 5.65%, <br> 1/25/2040 (c) (d)<br>| 4975 | 5015 |
| Series 2025-RTL2, Class A1, 5.61%, <br> 4/25/2040 (a) (c)<br>| 4000 | 4038 |
| LOANDEPOT GMSR Master Trust Series 2025-GT2, <br> Class A, 6.81%, 7/16/2030 (a) (c)<br>| 11350 | 11437 |
| MASTR Alternative Loan Trust Series 2003-5, Class <br> 30B1, 5.91%, 8/25/2033 (a)<br>| 17 | 9 |
| MASTR Asset Securitization Trust Series 2003-11, <br> Class 7A2, 5.25%, 12/25/2033<br>| 11 | 11 |
| Merrill Lynch Mortgage Investors Trust Series <br> 2003-A5, Class 2A6, 6.11%, 8/25/2033 (a)<br>| 21 | 21 |
| MFA Trust |  |  |
| Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (c) (d)<br>| 18890 | 19002 |
| Series 2024-NPL1, Class A1, 6.33%, <br> 9/25/2054 (c) (d)<br>| 15568 | 15595 |
| Series 2025-NQM5, Class A1A, 5.19%, <br> 11/25/2070 (c) (d)<br>| 18210 | 18356 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2019-2A, Class A1IB, IO, 1.00%, <br> 12/25/2057 (a) (c)<br>| 5432 | 167 |
| Series 2018-3A, Class A1IC, IO, 1.50%, <br> 5/25/2058 (a) (c)<br>| 14055 | 582 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2019-NQM5, Class B1, 4.04%, <br> 11/25/2059 (a) (c)<br>| 3042 | 2793 |
| Series 2025-NQM4, Class A1, 5.35%, <br> 7/25/2065 (a) (c)<br>| 10591 | 10724 |
| Series 2025-NQM5, Class A1, 5.11%, <br> 8/25/2065 (a) (c)<br>| 7008 | 7065 |
| Series 2025-NQM7, Class A1A, 5.01%, <br> 10/26/2065 (c) (d)<br>| 12385 | 12436 |
| Series 2026-NQM1, Class A1A, 4.82%, <br> 11/25/2065 (c) (d)<br>| 13169 | 13185 |
| Series 2026-NQM2, Class M1, 5.48%, <br> 12/25/2065 (a) (c)<br>| 3800 | 3840 |
| NRM FHT1 Excess Owner LLC Series 2025-FHT1, <br> Class A, 6.55%, 3/25/2032 (c) (d)<br>| 26834 | 27335 |
| NRZT Series 2025-NQM6, Class A1, 5.09%, <br> 10/25/2065 (a) (c)<br>| 12302 | 12390 |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (c) (d)<br>| 2678 | 2678 |
| OBX Trust |  |  |
| Series 2023-NQM7, Class A1, 6.84%, <br> 4/25/2063 (c) (d)<br>| 3416 | 3444 |
| Series 2023-NQM6, Class A1, 6.52%, <br> 7/25/2063 (c) (d)<br>| 1935 | 1942 |
| Series 2025-NQM2, Class A1, 5.60%, <br> 11/25/2064 (c) (d)<br>| 3653 | 3692 |
| Series 2025-NQM10, Class A1, 5.45%, <br> 5/25/2065 (c) (d)<br>| 10189 | 10294 |
| Series 2026-NQM2, Class A1A, 4.82%, <br> 12/1/2065 (c) (d)<br>| 16480 | 16527 |
| Series 2026-NQM2, Class A1B, 4.82%, <br> 12/1/2065 (c) (d)<br>| 3163 | 3166 |
| PMT Loan Trust |  |  |
| Series 2025-J1, Class A1, 6.00%, <br> 4/25/2055 (a) (c)<br>| 47781 | 48577 |
| Series 2025-INV5, Class A2, 6.00%, <br> 5/25/2056 (a) (c)<br>| 15242 | 15563 |
| Series 2025-INV6, Class A2, 6.00%, <br> 6/25/2056 (a) (c)<br>| 24243 | 24753 |
| Series 2026-INV2, Class A2, 5.50%, <br> 1/25/2057 (a) (c)<br>| 52550 | 53195 |
| Provident Funding Mortgage Trust |  |  |
| Series 2025-2, Class A1, 6.00%, <br> 6/25/2055 (a) (c)<br>| 9878 | 10042 |
| Series 2025-3, Class A1, 6.00%, <br> 8/25/2055 (a) (c)<br>| 36224 | 36686 |
| PRPM Series 2025-3, Class A1, 6.26%, <br> 5/25/2030 (c) (d)<br>| 6344 | 6343 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

184 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| PRPM LLC |  |  |
| Series 2024-7, Class A1, 5.87%, <br> 11/25/2029 (c) (d)<br>| 4093 | 4096 |
| Series 2024-8, Class A2, 8.84%, <br> 12/25/2029 (c) (d)<br>| 2000 | 2019 |
| Series 2025-4, Class A1, 6.18%, <br> 6/25/2030 (c) (d)<br>| 6249 | 6255 |
| Series 2025-RPL2, Class A1, 3.75%, <br> 4/25/2055 (c) (d)<br>| 5195 | 5103 |
| RAAC Trust Series 2005-SP1, Class 4A1, 7.00%, <br> 9/25/2034<br>| 21 | 11 |
| Radnor RE Ltd. (Bermuda) Series 2022-1, <br> Class M1B, 10.42%, 9/25/2032 (a) (c)<br>| 5921 | 6134 |
| RCO X Mortgage LLC Series 2025-1, Class A1, <br> 5.87%, 1/25/2030 (c) (d)<br>| 15399 | 15475 |
| Sequoia Mortgage Trust Series 2025-7, Class A1, <br> 6.00%, 8/25/2055 (a) (c)<br>| 11629 | 11801 |
| STACR Trust Series 2018-HRP2, Class B1, 7.98%, <br> 2/25/2047 (a) (c)<br>| 2825 | 3047 |
| Starwood Mortgage Residential Trust Series <br> 2020-INV1, Class B2, 4.26%, 11/25/2055 (c)<br>| 1150 | 1014 |
| Structured Adjustable Rate Mortgage Loan Trust <br> Series 2007-9, Class 1A1, 5.55%, <br> 10/25/2037 (a)<br>| 1337 | 1238 |
| Structured Asset Mortgage Investments II Trust <br> Series 2007-AR7, Class 1A1, 4.64%, <br> 5/25/2047 (a)<br>| 12022 | 10068 |
| Toorak Mortgage Trust Series 2024-2, Class A1, <br> 6.33%, 10/25/2031 (c) (d)<br>| 9500 | 9563 |
| Towd Point Mortgage Trust |  |  |
| Series 2017-FRE2, Class M6, 4.00%, <br> 11/25/2047 (c) (d)<br>| 513 | 509 |
| Series 2019-HY1, Class M2, 5.79%, <br> 10/25/2048 (a) (c)<br>| 6189 | 6527 |
| Series 2021-R1, Class A2C, 3.31%, <br> 11/30/2060 (c)<br>| 30000 | 25359 |
| Verus Securitization Trust |  |  |
| Series 2023-2, Class A1, 6.19%, <br> 3/25/2068 (c) (d)<br>| 4152 | 4141 |
| Series 2023-4, Class A1, 5.81%, <br> 5/25/2068 (c) (d)<br>| 3576 | 3574 |
| Visio Trust Series 2019-2, Class B1, 3.91%, <br> 11/25/2054 (a) (c)<br>| 820 | 779 |
| WaMu Mortgage Pass-Through Certificates Series <br> 2003-S4, Class 2A2, 5.50%, 6/25/2033<br>| 21 | 21 |
| WaMu Mortgage Pass-Through Certificates Trust |  |  |
| Series 2003-AR8, Class A, 5.19%, <br> 8/25/2033 (a)<br>| 54 | 53 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2004-S2, Class 2A4, 5.50%, 6/25/2034 | 34 | 34 |
| Series 2005-AR7, Class A3, 5.48%, <br> 8/25/2035 (a)<br>| 37 | 39 |
| Washington Mutual Mortgage Pass-Through <br> Certificates WMALT Trust Series 2006-AR8, <br> Class 2A, 4.77%, 10/25/2046 (a)<br>| 1878 | 1681 |
| Total Collateralized Mortgage Obligations <br>(Cost $2,802,334)<br>|  | 2805584 |
| **Asset-Backed Securities — 12.8%** | **Asset-Backed Securities — 12.8%** | **Asset-Backed Securities — 12.8%** |
| AB BSL CLO Ltd. (Cayman Islands) Series <br> 2020-1A, Class BR2, 5.32%, 10/15/2038 (a) <br> (c)<br>| 10670 | 10704 |
| ABFC Trust Series 2002-OPT1, Class M1, 4.88%, <br> 5/25/2032 (a)<br>| 37 | 41 |
| ACC Trust |  |  |
| Series 2021-1, Class D, 5.25%, 3/22/2027 (c) | 4383 | 503 |
| Series 2022-1, Class D, 6.65%, <br> 10/20/2028 (c)<br>| 9131 |  |
| Accelerated Assets LLC |  |  |
| Series 2018-1, Class B, 4.51%, 12/2/2033 (c) | 43 | 43 |
| Series 2018-1, Class C, 6.65%, 12/2/2033 (c) | 93 | 89 |
| Accelerated LLC |  |  |
| Series 2021-1H, Class A, 1.35%, <br> 10/20/2040 (c)<br>| 766 | 721 |
| Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 (c)<br>| 942 | 888 |
| Series 2021-1H, Class D, 3.58%, <br> 10/20/2040 (c)<br>| 1296 | 1204 |
| Affirm Asset Securitization Trust |  |  |
| Series 2024-B, Class A, 4.62%, 9/15/2029 (c) | 9600 | 9625 |
| Series 2024-B, Class D, 5.50%, 9/15/2029 (c) | 5300 | 5311 |
| Series 2025-X2, Class D, 5.23%, <br> 10/15/2030 (c)<br>| 4000 | 4013 |
| American Airlines Pass-Through Trust Series <br> 2021-1, Class B, 3.95%, 7/11/2030<br>| 3291 | 3197 |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2022-4, Class E, 10.00%, <br> 1/14/2030 (c)<br>| 2420 | 2460 |
| Series 2023-2, Class E, 9.79%, 2/12/2030 (c) | 6100 | 6307 |
| Series 2024-2, Class D, 6.53%, 4/12/2030 (c) | 9856 | 10061 |
| Series 2024-3, Class D, 6.04%, 7/12/2030 (c) | 6350 | 6482 |
| Series 2023-4, Class D, 7.65%, 9/12/2030 (c) | 6700 | 6948 |
| Series 2025-2, Class C, 5.11%, 3/12/2031 (c) | 5585 | 5650 |
| Series 2025-2, Class D, 5.50%, 7/14/2031 (c) | 7800 | 7965 |
| Series 2024-4, Class D, 5.34%, 8/12/2031 (c) | 11581 | 11772 |
| Series 2023-4, Class E, 9.79%, 8/12/2031 (c) | 3000 | 3179 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 185

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2023-3, Class E, 9.54%, <br> 10/14/2031 (c)<br>| 6400 | 6675 |
| Series 2024-2, Class E, 7.87%, <br> 11/12/2031 (c)<br>| 3450 | 3575 |
| Series 2024-3, Class E, 7.92%, 3/12/2032 (c) | 3000 | 3160 |
| Series 2024-4, Class E, 7.19%, 4/12/2032 (c) | 1000 | 1032 |
| Series 2025-3, Class C, 4.95%, 7/12/2032 (c) | 22230 | 22501 |
| Series 2025-3, Class D, 5.19%, 7/12/2032 (c) | 24185 | 24567 |
| Series 2025-1, Class E, 7.39%, <br> 12/13/2032 (c)<br>| 2000 | 2073 |
| Series 2026-1, Class D, 5.10%, 1/12/2033 (c) | 19700 | 19891 |
| Series 2025-2, Class E, 7.66%, 2/14/2033 (c) | 6000 | 6254 |
| Series 2025-3, Class E, 6.77%, 6/13/2033 (c) | 3140 | 3197 |
| AMSR Trust |  |  |
| Series 2022-SFR1, Class E2, 4.64%, <br> 3/17/2039 (c)<br>| 9913 | 9784 |
| Series 2022-SFR1, Class F, 6.02%, <br> 3/17/2039 (c)<br>| 9913 | 9875 |
| Series 2022-SFR3, Class F, 4.00%, <br> 10/17/2039 (c)<br>| 11000 | 10646 |
| Aqua Finance Trust |  |  |
| Series 2019-A, Class C, 4.01%, 7/16/2040 (c) | 2851 | 2811 |
| Series 2020-AA, Class C, 3.97%, <br> 7/17/2046 (c)<br>| 2781 | 2709 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2023-4A, Class C, 7.24%, <br> 6/20/2029 (c)<br>| 3530 | 3703 |
| Series 2023-6A, Class D, 7.37%, <br> 12/20/2029 (c)<br>| 1600 | 1650 |
| Series 2023-8A, Class D, 7.52%, <br> 2/20/2030 (c)<br>| 3500 | 3636 |
| Series 2024-1A, Class C, 6.48%, <br> 6/20/2030 (c)<br>| 2500 | 2619 |
| Series 2024-3A, Class B, 5.58%, <br> 12/20/2030 (c)<br>| 2625 | 2726 |
| Series 2024-3A, Class C, 6.11%, <br> 12/20/2030 (c)<br>| 2450 | 2541 |
| Ballyrock CLO Ltd. (Cayman Islands) Series <br> 2024-27A, Class A2, 5.27%, 10/25/2037 (a) <br> (c)<br>| 3775 | 3780 |
| Barings CLO Ltd. (Cayman Islands) |  |  |
| Series 2022-3A, Class A2R, 5.26%, <br> 10/20/2037 (a) (c)<br>| 5250 | 5260 |
| Series 2023-3A, Class D2R, 7.57%, <br> 10/15/2038 (a) (c)<br>| 2270 | 2189 |
| Series 2023-4A, Class D1R, 6.13%, <br> 1/20/2039 (a) (c)<br>| 6380 | 6380 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2023-4A, Class D2R, 7.33%, <br> 1/20/2039 (a) (c)<br>| 2860 | 2862 |
| Bastion Funding I LLC Series 2023-1A, Class C, <br> 11.74%, 4/25/2038 ‡ (c)<br>| 318 | 318 |
| Bayview Opportunity Master Fund LLC |  |  |
| Series 2024-CAR1, Class C, 5.17%, <br> 12/26/2031 (a) (c)<br>| 691 | 694 |
| Series 2024-CAR1, Class D, 5.72%, <br> 12/26/2031 (a) (c)<br>| 175 | 176 |
| Series 2024-CAR1, Class E, 7.27%, <br> 12/26/2031 (a) (c)<br>| 525 | 532 |
| BlueMountain CLO Ltd. (Cayman Islands) Series <br> 2019-26A, Class CR, 6.13%, 10/20/2034 (a) <br> (c)<br>| 6000 | 6007 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-1, Class D, 6.03%, 11/15/2029 | 2600 | 2651 |
| Series 2024-3, Class D, 5.83%, 5/15/2030 | 8430 | 8608 |
| Series 2024-4, Class D, 5.23%, 8/15/2030 | 17000 | 17253 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 10237 | 10464 |
| Series 2024-2, Class E, 8.21%, 1/15/2031 (c) | 10000 | 10433 |
| Series 2025-2, Class D, 5.62%, 3/17/2031 | 3710 | 3800 |
| Series 2024-4, Class E, 7.47%, 8/15/2031 (c) | 10000 | 10344 |
| Series 2026-1, Class D, 4.99%, 11/17/2031 | 5490 | 5552 |
| Series 2025-4, Class E, 7.18%, <br> 11/15/2032 (c)<br>| 8000 | 8232 |
| Business Jet Securities LLC |  |  |
| Series 2024-1A, Class A, 6.20%, 5/15/2039 ‡ <br> (c)<br>| 8942 | 9252 |
| Series 2024-1A, Class C, 9.13%, 5/15/2039 ‡ <br> (c)<br>| 1228 | 1277 |
| Camden 8.50%, 9/15/2031 ‡ | 18284 | 18066 |
| Carlyle Global Market Strategies CLO Ltd. (Cayman <br> Islands)<br>|  |  |
| Series 2015-4A, Class BR3, 5.12%, <br> 7/20/2032 (a) (c)<br>| 8000 | 8001 |
| Series 2016-1A, Class CR3, 6.87%, <br> 4/20/2034 (a) (c)<br>| 12378 | 12040 |
| Carlyle US CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-4A, Class D2R, 8.37%, <br> 10/17/2037 (a) (c)<br>| 3500 | 3493 |
| Series 2021-7A, Class CR, 5.67%, <br> 4/15/2040 (a) (c)<br>| 7500 | 7530 |
| CarNow Auto Receivables Trust Series 2022-1A, <br> Class E, 8.29%, 8/15/2028 (c)<br>| 5770 | 164 |
| Cars Net Lease Mortgage Notes Series 2020-1A, <br> Class A3, 3.10%, 12/15/2050 (c)<br>| 2728 | 2642 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

186 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| CARS-DB4 LP |  |  |
| Series 2020-1A, Class B2, 4.52%, <br> 2/15/2050 (c)<br>| 4290 | 4237 |
| Series 2020-1A, Class B3, 4.95%, <br> 2/15/2050 (c)<br>| 4510 | 4271 |
| Cascade MH Asset Trust |  |  |
| Series 2019-MH1, Class A, 4.00%, <br> 11/25/2044 (a) (c)<br>| 4128 | 4009 |
| Series 2022-MH1, Class A, 4.25%, <br> 8/25/2054 (c) (d)<br>| 7939 | 7807 |
| CFIN Issuer LLC |  |  |
| Series 2022-RTL1, Class AA, 4.75%, <br> 2/16/2026 ‡ (c) (d)<br>| 1262 | 1256 |
| Series 2022-RTL1, Class AB, 6.50%, <br> 2/16/2026 ‡ (c) (d)<br>| 1271 | 1264 |
| CIFC Funding Ltd. (Cayman Islands) Series <br> 2022-2A, Class BR, 5.07%, 4/19/2035 (a) (c)<br>| 14750 | 14742 |
| CITI Asset Receivables Trust I Series 2025-1, <br> Class CERT, 0.00%, 3/15/2031 ‡ (c) (k)<br>| 22185 | 21725 |
| CoreVest American Finance Trust |  |  |
| Series 2019-1, Class E, 5.57%, 3/15/2052 (a) <br> (c)<br>| 1493 | 1511 |
| Series 2019-2, Class E, 5.14%, 6/15/2052 (a) <br> (c)<br>| 5576 | 5267 |
| Series 2019-3, Class XB, IO, 1.36%, <br> 10/15/2052 (a) (c)<br>| 53875 | 2138 |
| Series 2019-3, Class XA, IO, 2.00%, <br> 10/15/2052 (a) (c)<br>| 2102 |  |
| Series 2019-3, Class D, 3.76%, <br> 10/15/2052 (c)<br>| 8689 | 8235 |
| Series 2019-3, Class E, 4.71%, <br> 10/15/2052 (a) (c)<br>| 5810 | 5429 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2022-3A, Class D, 9.00%, <br> 4/18/2033 (c)<br>| 22000 | 22199 |
| Series 2023-2A, Class A, 5.92%, <br> 5/16/2033 (c)<br>| 144 | 144 |
| Series 2023-3A, Class B, 7.09%, <br> 10/17/2033 (c)<br>| 2295 | 2327 |
| Series 2023-5A, Class B, 6.71%, <br> 2/15/2034 (c)<br>| 3866 | 3936 |
| Series 2024-1A, Class B, 6.03%, <br> 5/15/2034 (c)<br>| 5988 | 6078 |
| Series 2024-1A, Class C, 6.71%, <br> 7/17/2034 (c)<br>| 7860 | 8053 |
| Series 2024-3A, Class B, 4.85%, <br> 11/15/2034 (c)<br>| 8645 | 8703 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2024-3A, Class C, 5.39%, <br> 1/16/2035 (c)<br>| 5320 | 5400 |
| DailyPay Securitization Trust Series 2025-1A, <br> Class A, 5.63%, 6/26/2028 (c)<br>| 2690 | 2709 |
| Diversified ABS Phase LLC Series 2024-1A, <br> Class A2, 7.67%, 5/30/2044 (c)<br>| 14211 | 14367 |
| Drive Auto Receivables Trust Series 2025-1, <br> Class D, 5.41%, 9/15/2032<br>| 7900 | 8044 |
| Dryden CLO Ltd. (Cayman Islands) Series <br> 2022-109A, Class BR, 5.24%, 4/15/2038 (a) <br> (c)<br>| 4000 | 4000 |
| DT Auto Owner Trust Series 2022-3A, Class E, <br> 10.99%, 7/16/2029 (c)<br>| 8500 | 8876 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2019-A, Class C, 3.45%, 1/25/2034 (c) | 290 | 289 |
| Series 2021-A, Class D, 3.32%, 8/27/2035 (c) | 912 | 874 |
| Elmwood CLO Ltd. (Cayman Islands) |  |  |
| Series 2021-1A, Class BR, 5.67%, <br> 4/20/2037 (a) (c)<br>| 5000 | 5004 |
| Series 2019-3A, Class BRR, 5.37%, <br> 7/18/2037 (a) (c)<br>| 8200 | 8219 |
| Series 2024-12RA, Class CR, 5.67%, <br> 10/20/2037 (a) (c)<br>| 11080 | 11101 |
| Series 2021-2A, Class ER, 8.32%, <br> 4/20/2038 (a) (c)<br>| 1500 | 1398 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-2A, Class D, 6.32%, 8/15/2029 | 3000 | 3060 |
| Series 2022-1A, Class E, 5.02%, <br> 10/15/2029 (c)<br>| 1330 | 1325 |
| Series 2022-2A, Class E, 6.34%, <br> 10/15/2029 (c)<br>| 6000 | 5876 |
| Series 2023-4A, Class D, 6.95%, 12/17/2029 | 5000 | 5130 |
| Series 2022-4A, Class E, 8.23%, <br> 3/15/2030 (c)<br>| 1138 | 1162 |
| Series 2023-1A, Class E, 12.07%, <br> 9/16/2030 (c)<br>| 4350 | 4828 |
| Series 2025-3A, Class D, 5.57%, 10/15/2031 | 7370 | 7571 |
| Series 2025-4A, Class D, 5.23%, 1/15/2032 | 10895 | 11084 |
| Series 2026-1A, Class D, 5.00%, 5/17/2032 | 14570 | 14723 |
| Series 2025-3A, Class E, 7.52%, <br> 12/15/2032 (c)<br>| 2000 | 2091 |
| Series 2025-5A, Class E, 7.15%, <br> 6/15/2033 (c)<br>| 5570 | 5756 |
| FirstKey Homes Trust |  |  |
| Series 2022-SFR3, Class F1, PO, 7/17/2038 ‡ <br> (c)<br>| 9500 | 9300 |
| Series 2022-SFR3, Class F2, PO, 7/17/2038 ‡ <br> (c)<br>| 8000 | 7829 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 187

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2021-SFR1, Class F1, 3.24%, <br> 8/17/2038 (c)<br>| 7333 | 7256 |
| Series 2022-SFR1, Class F1, PO, 5/19/2039 ‡ <br> (c)<br>| 12700 | 11890 |
| Series 2022-SFR1, Class F2, PO, 5/19/2039 ‡ <br> (c)<br>| 5559 | 5195 |
| FMC GMSR Issuer Trust |  |  |
| Series 2021-GT1, Class A, 3.62%, <br> 7/25/2026 (a) (c)<br>| 25000 | 24274 |
| Series 2021-GT2, Class B, 4.44%, <br> 10/25/2026 (a) (c)<br>| 19140 | 18794 |
| Series 2024-SAT1, Class A, 6.50%, <br> 3/26/2027 (a) (c)<br>| 15000 | 15275 |
| Series 2022-GT1, Class B, 7.17%, <br> 4/25/2027 (c)<br>| 10000 | 10093 |
| Series 2020-GT1, Class A, 4.45%, <br> 1/25/2028 (a) (c)<br>| 7000 | 6979 |
| Fortiva Retail Credit Master Note Business Trust <br> Series 2025-TWO, Class A, 5.92%, <br> 5/15/2031 ‡ (c)<br>| 12500 | 12531 |
| FTF 8.00%, 8/15/2026 ‡ | 2433 | 1764 |
| Galaxy CLO Ltd. (Cayman Islands) Series <br> 2023-32A, Class D1R, 6.62%, 1/20/2039 (a) <br> (c)<br>| 4882 | 4882 |
| GGAM Master Trust International Ltd. (Cayman <br> Islands) Series 2025-1A, Class Y, 9.70%, <br> 9/30/2060 ‡ (c)<br>| 18203 | 18802 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2022-2A, Class E, 5.50%, <br> 6/15/2029 (c)<br>| 10680 | 10734 |
| Series 2023-1A, Class E, 11.42%, <br> 3/15/2030 (c)<br>| 1000 | 1084 |
| Series 2024-4A, Class D, 5.65%, <br> 7/15/2030 (c)<br>| 12035 | 12359 |
| GoldenTree Loan Management US CLO Ltd. <br> (Cayman Islands) Series 2020-8A, Class DRR, <br> 6.57%, 10/20/2034 (a) (c)<br>| 5100 | 5037 |
| Grene Series 2023-Senior, 5.50%, 1/17/2061 ‡ | 3329 | 3416 |
| Grene Energy Senio 11.00%, 1/25/2027 ‡ | 286 | 232 |
| Harriman Park CLO Ltd. (Cayman Islands) Series <br> 2020-1A, Class CRR, 5.62%, 7/20/2038 (a) <br> (c)<br>| 5700 | 5719 |
| Hertz Vehicle Financing LLC |  |  |
| Series 2023-1A, Class C, 6.91%, <br> 6/25/2027 (c)<br>| 2660 | 2664 |
| Series 2023-1A, Class D, 9.13%, <br> 6/25/2027 (c)<br>| 6667 | 6682 |
| Series 2022-2A, Class D, 5.16%, <br> 6/26/2028 (c)<br>| 10000 | 9875 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2022-5A, Class D, 6.78%, <br> 9/25/2028 (c)<br>| 5000 | 5024 |
| Series 2023-2A, Class D, 9.40%, <br> 9/25/2029 (c)<br>| 4600 | 4874 |
| Series 2023-4A, Class D, 9.44%, <br> 3/25/2030 (c)<br>| 3200 | 3433 |
| Series 2025-5A, Class D, 7.74%, <br> 5/25/2030 (c)<br>| 3130 | 3220 |
| Series 2025-2A, Class D, 8.34%, <br> 9/25/2031 (c)<br>| 1990 | 2068 |
| Series 2025-4A, Class B, 5.90%, <br> 12/25/2031 (c)<br>| 7905 | 8169 |
| Series 2025-4A, Class D, 9.34%, <br> 12/25/2031 (c)<br>| 250 | 270 |
| Series 2025-6A, Class D, 8.30%, <br> 5/25/2032 (c)<br>| 1690 | 1753 |
| HINNT LLC |  |  |
| Series 2022-A, Class D, 6.50%, 5/15/2041 (c) | 2386 | 2384 |
| Series 2022-A, Class E, 8.00%, 5/15/2041 (c) | 449 | 447 |
| Home Partners of America Trust Series 2021-3, <br> Class F, 4.24%, 1/17/2041 (c)<br>| 14078 | 13158 |
| Honey Hill Park CLO Ltd. (Cayman Islands) |  |  |
| Series 2026-1A, Class D1, 0.00%, <br> 4/24/2039 (a) (b) (c)<br>| 6270 | 6270 |
| Series 2026-1A, Class D2, 0.00%, <br> 4/24/2039 (a) (b) (c)<br>| 890 | 890 |
| Series 2026-1A, Class E, 0.00%, <br> 4/24/2039 (a) (b) (c)<br>| 9250 | 9132 |
| Huntington Bank Auto Credit-Linked Notes Series <br> 2024-2, Class B1, 5.44%, 10/20/2032 (c)<br>| 8049 | 8138 |
| Identity Digital Capital LLC 6.79%, 3/20/2065 ‡ | 13000 | 13209 |
| Ista Jet Seri 6.97%, 4/5/2032 ‡ (c) | 15000 | 15000 |
| Jonah Energy ABS LLC |  |  |
| Series 2022-1, Class C, 12.66%, 8/10/2039 ‡ <br> (c)<br>| 17500 | 17775 |
| Series 2025-1A, Class B, 11.25%, <br> 12/10/2040 (c)<br>| 21967 | 21927 |
| KKR CLO Ltd. (Cayman Islands) |  |  |
| Series 40A, Class BR, 5.37%, 10/20/2034 (a) <br> (c)<br>| 5300 | 5307 |
| Series 2023-52A, Class CR, 5.62%, <br> 7/16/2038 (a) (c)<br>| 6600 | 6622 |
| LendingClub Loan Certificate Issuer Trust |  |  |
| Series 2021-NP1, Class CERT, 0.00%, <br> 12/15/2036 ‡ (c)<br>| 900 | 2524 |
| Series 2022-NP1, Class CERT, 0.00%, <br> 3/16/2037 ‡ (c)<br>| 855 | 2568 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

188 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2022-P1, Class CERT, 0.00%, <br> 3/16/2037 ‡ (c)<br>| 860 | 1488 |
| Series 2022-NP2, Class CERT, 0.00%, <br> 4/15/2037 ‡ (c)<br>| 800 | 2659 |
| Series 2022-P2, Class CERT, 0.00%, <br> 4/15/2037 ‡ (c)<br>| 750 | 1536 |
| Series 2022-NP3, Class CERT, 0.00%, <br> 5/15/2037 ‡ (c)<br>| 500 | 2634 |
| Series 2022-P3, Class CERT, 0.00%, <br> 5/15/2037 ‡ (c)<br>| 500 | 1299 |
| Series 2022-NP5, Class CERT, 0.00%, <br> 6/15/2037 ‡ (c)<br>| 400 | 2697 |
| Series 2022-P4, Class CERT, 0.00%, <br> 6/15/2037 ‡ (c)<br>| 400 | 1081 |
| Series 2022-NP6, Class CERT, 0.00%, <br> 7/15/2037 ‡ (c)<br>| 700 | 4376 |
| Series 2022-P5, Class CERT, 0.00%, <br> 7/15/2037 ‡ (c)<br>| 800 | 4382 |
| Lendingpoint Asset Securitization Trust |  |  |
| Series 2021-A, Class D, 5.73%, <br> 12/15/2028 (c)<br>| 1587 | 875 |
| Series 2021-B, Class C, 3.21%, 2/15/2029 (c) | 447 | 446 |
| Series 2021-B, Class D, 6.12%, 2/15/2029 (c) | 2000 | 490 |
| Series 2022-A, Class D, 4.54%, 6/15/2029 (c) | 12367 | 5973 |
| Series 2022-C, Class C, 8.68%, 2/15/2030 (c) | 612 | 612 |
| LendingPoint Asset Securitization Trust Series <br> 2020-REV1, Class D, 10.00%, 10/15/2028 ‡ <br> (c)<br>| 6500 | 955 |
| Lendmark Funding Trust |  |  |
| Series 2021-1A, Class D, 5.05%, <br> 11/20/2031 (c)<br>| 4500 | 4318 |
| Series 2021-2A, Class B, 2.37%, <br> 4/20/2032 (c)<br>| 1000 | 949 |
| Series 2021-2A, Class C, 3.09%, <br> 4/20/2032 (c)<br>| 1100 | 1049 |
| Series 2024-1A, Class A, 5.53%, <br> 6/21/2032 (c)<br>| 3050 | 3084 |
| Series 2024-2A, Class A, 4.47%, <br> 2/21/2034 (c)<br>| 4646 | 4665 |
| Series 2024-2A, Class D, 5.69%, <br> 2/21/2034 (c)<br>| 2300 | 2319 |
| Series 2024-2A, Class E, 8.47%, <br> 2/21/2034 (c)<br>| 3700 | 3799 |
| Series 2025-1A, Class A, 4.94%, <br> 9/20/2034 (c)<br>| 7615 | 7727 |
| Series 2025-1A, Class D, 6.48%, <br> 9/20/2034 (c)<br>| 4400 | 4520 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-2A, Class A, 4.78%, <br> 10/20/2034 (c)<br>| 19200 | 19437 |
| Series 2025-2A, Class C, 5.28%, <br> 10/20/2034 (c)<br>| 13600 | 13789 |
| Series 2025-3A, Class D, 5.64%, <br> 5/21/2035 (c)<br>| 1900 | 1928 |
| LP LMS Asset Securitization Trust Series 2021-2A, <br> Class C, 3.85%, 1/15/2029 (c)<br>| 1061 | 1058 |
| Madison Park Funding Ltd. (Cayman Islands) |  |  |
| Series 2020-45A, Class BRR, 5.32%, <br> 7/15/2034 (a) (c)<br>| 16950 | 16981 |
| Series 2020-45A, Class CRR, 5.57%, <br> 7/15/2034 (a) (c)<br>| 5100 | 5101 |
| Series 2021-49A, Class B1R, 5.12%, <br> 10/19/2034 (a) (c)<br>| 17650 | 17676 |
| Series 2021-39A, Class CR, 5.72%, <br> 10/22/2034 (a) (c)<br>| 14000 | 14015 |
| Series 2021-52A, Class BR, 5.22%, <br> 1/22/2035 (a) (c)<br>| 12300 | 12320 |
| Series 2019-37A, Class D1A, 7.42%, <br> 4/15/2037 (a) (c)<br>| 2000 | 1922 |
| Series 2021-38A, Class D1R, 6.52%, <br> 10/17/2038 (a) (c)<br>| 6220 | 6105 |
| Magnetite Ltd. (Cayman Islands) |  |  |
| Series 2019-22A, Class BRR, 5.27%, <br> 7/15/2036 (a) (c)<br>| 8820 | 8827 |
| Series 2019-22A, Class CRR, 5.52%, <br> 7/15/2036 (a) (c)<br>| 5369 | 5373 |
| Series 2024-38A, Class B, 5.67%, <br> 4/15/2037 (a) (c)<br>| 14750 | 14753 |
| Series 2016-17A, Class BR2, 5.62%, <br> 4/20/2037 (a) (c)<br>| 6164 | 6170 |
| Mariner Finance issuance Trust |  |  |
| Series 2024-BA, Class A, 4.91%, <br> 11/20/2038 (c)<br>| 10000 | 10223 |
| Series 2024-BA, Class C, 5.73%, <br> 11/20/2038 (c)<br>| 3246 | 3362 |
| Mariner Finance Issuance Trust Series 2021-BA, <br> Class E, 4.68%, 11/20/2036 (c)<br>| 5030 | 4780 |
| Marlette Funding Trust |  |  |
| Series 2022-2A, Class D, 7.50%, <br> 8/15/2032 (c)<br>| 2340 | 2369 |
| Series 2022-3A, Class D, 7.80%, <br> 11/15/2032 (c)<br>| 2059 | 2093 |
| Series 2023-1A, Class C, 7.20%, <br> 4/15/2033 (c)<br>| 92 | 92 |
| Series 2023-3A, Class D, 8.04%, <br> 9/15/2033 (c)<br>| 3590 | 3693 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 189

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Mercury Financial Credit Card Master Trust |  |  |
| Series 2026-1A, Class A, 5.34%, <br> 2/20/2032 (c)<br>| 15090 | 15152 |
| Series 2026-1A, Class B, 6.31%, <br> 2/20/2032 (c)<br>| 3540 | 3554 |
| MNR ABS Issuer I LLC 12.44%, 12/15/2038 ‡ | 5280 | 5347 |
| Mpire Series 2025-M, 11.16%, 9/19/2030 ‡ (c) | 3747 | 3758 |
| Mpire Frn Series 2025-MF, 8.29%, 9/13/2030 ‡ <br> (c)<br>| 8994 | 9019 |
| Nautical Solutions 9.20%, 8/1/2031 ‡ | 20959 | 21300 |
| Neuberger Berman Loan Advisers CLO Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2021-42A, Class BR, 5.07%, <br> 7/16/2036 (a) (c)<br>| 10000 | 10009 |
| Series 2021-42A, Class CR, 5.52%, <br> 7/16/2036 (a) (c)<br>| 19900 | 19927 |
| Series 2020-38A, Class BR2, 5.07%, <br> 10/20/2036 (a) (c)<br>| 21300 | 21330 |
| Series 2020-38A, Class CR2, 5.55%, <br> 10/20/2036 (a) (c)<br>| 11300 | 11301 |
| Series 2019-34A, Class BR2, 5.32%, <br> 7/20/2039 (a) (c)<br>| 11435 | 11487 |
| New Economy Assets-Phase 1 Sponsor LLC Series <br> 2021-1, Class B1, 2.41%, 10/20/2061 (c)<br>| 2550 | 1643 |
| NRM FNT1 Excess LLC Series 2024-FNT1, Class A, <br> 7.40%, 11/25/2031 (c) (d)<br>| 40486 | 41398 |
| NRZ Excess Spread-Collateralized Notes |  |  |
| Series 2021-FHT1, Class A, 3.10%, <br> 7/25/2026 (c)<br>| 10034 | 9944 |
| Series 2021-GNT1, Class A, 3.47%, <br> 11/25/2026 (c)<br>| 4242 | 4182 |
| OCP Aegis CLO Ltd. (Cayman Islands) Series <br> 2025-41A, Class B1, 5.42%, 4/21/2037 (a) <br> (c)<br>| 18200 | 18209 |
| Octagon Ltd. (Cayman Islands) Series 2022-1A, <br> Class DR, 7.27%, 7/21/2037 (a) (c)<br>| 14900 | 14798 |
| OnDeck Asset Securitization Trust LLC |  |  |
| Series 2023-1A, Class A, 7.00%, <br> 8/19/2030 (c)<br>| 4680 | 4717 |
| Series 2024-2A, Class A, 4.98%, <br> 10/17/2031 (c)<br>| 3100 | 3124 |
| Series 2024-2A, Class B, 5.42%, <br> 10/17/2031 (c)<br>| 1900 | 1909 |
| OneMain Direct Auto Receivables Trust Series <br> 2025-1A, Class D, 6.10%, 7/14/2037 (c)<br>| 7104 | 7442 |
| Onemain Financial Issuance Trust Series 2025-1A, <br> Class D, 5.79%, 7/14/2038 (c)<br>| 5300 | 5477 |
| Oneslt 8.00%, 12/15/2030 ‡ | 9919 | 9919 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Oportun Funding Trust Series 2024-3, Class B, <br> 5.48%, 8/15/2029 (c)<br>| 3167 | 3171 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class C, 3.65%, 5/8/2031 (c) | 168 | 166 |
| Series 2021-B, Class D, 5.41%, 5/8/2031 (c) | 274 | 272 |
| Series 2026-A, Class B, 5.06%, 1/9/2034 (c) | 15080 | 15168 |
| Series 2026-A, Class C, 5.45%, 1/9/2034 (c) | 8690 | 8748 |
| P2 Series 2021 A1, 3.00%, 12/20/2031 ‡ (c) | 20818 | 20818 |
| Pagaya AI Debt Selection Trust Series 2021-3, <br> Class C, 3.27%, 5/15/2029 (c)<br>| 3966 | 3922 |
| Palmer Square CLO Ltd. (Cayman Islands) |  |  |
| Series 2021-2A, Class BR, 5.37%, <br> 2/15/2038 (a) (c)<br>| 18200 | 18246 |
| Series 2025-1A, Class E, 8.17%, <br> 4/20/2038 (a) (c)<br>| 1585 | 1482 |
| Palmer Square Loan Funding Ltd. (Cayman Islands) <br> Series 2022-4A, Class BR, 5.32%, <br> 7/24/2031 (a) (c)<br>| 5000 | 5003 |
| Planet Fitness Master Issuer LLC Series 2025-1A, <br> Class A2II, 5.65%, 12/6/2055 (c)<br>| 6400 | 6429 |
| Popular ABS Mortgage Pass-Through Trust Series <br> 2005-3, Class M1, 3.36%, 7/25/2035 (d)<br>| 29 | 28 |
| PRET LLC |  |  |
| Series 2025-NPL2, Class A1, 5.84%, <br> 3/25/2055 (c) (d)<br>| 24284 | 24308 |
| Series 2025-NPL4, Class A1, 6.37%, <br> 4/25/2055 (c) (d)<br>| 20088 | 20134 |
| Series 2025-NPL3, Class A1, 6.71%, <br> 4/25/2055 (c) (d)<br>| 13026 | 13067 |
| Progress Residential Trust |  |  |
| Series 2021-SFR11, Class F, 4.42%, <br> 1/17/2039 (c)<br>| 8000 | 7872 |
| Series 2022-SFR1, Class F, 4.88%, <br> 2/17/2041 (c)<br>| 10211 | 10153 |
| Purewest ABS Issuer LLC |  |  |
| Series 2025-1, Class A2, 6.53%, 4/5/2040 ‡ <br> (c)<br>| 5941 | 6092 |
| Series 2025-1, Class B, 10.28%, 4/5/2040 ‡ <br> (c)<br>| 15779 | 15800 |
| RAMP Trust Series 2002-RS2, Class AI5, 4.52%, <br> 3/25/2032 (a)<br>| 24 | 24 |
| ReadyCap Lending Small Business Loan Trust <br> Series 2019-2, Class A, 6.25%, <br> 12/27/2044 (a) (c)<br>| 764 | 764 |
| Renaissance Home Equity Loan Trust |  |  |
| Series 2003-4, Class M2F, 6.24%, <br> 3/25/2034 (d)<br>| 106 | 68 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

190 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2005-2, Class M1, 5.55%, <br> 8/25/2035 (d)<br>| 362 | 349 |
| Renew (Cayman Islands) Series 2017-1A, Class B, <br> 5.75%, 9/20/2052 (c)<br>| 8 | 8 |
| Repo Buyer RRI Trust 0.00%, 4/14/2055 ‡ | 3842 | 3352 |
| Republic Finance Issuance Trust |  |  |
| Series 2024-A, Class A, 5.91%, 8/20/2032 (c) | 9326 | 9417 |
| Series 2024-B, Class A, 5.42%, <br> 11/20/2037 (c)<br>| 17753 | 18132 |
| RR 19 Ltd. (Cayman Islands) Series 2021-19A, <br> Class DR, 8.37%, 4/15/2040 (a) (c)<br>| 1300 | 1246 |
| RR Ltd. (Cayman Islands) Series 2024-35A, <br> Class A2, 5.37%, 1/15/2040 (a) (c)<br>| 4000 | 4010 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2022-7, Class C, 6.69%, 3/17/2031 | 481 | 489 |
| Series 2025-2, Class D, 5.47%, 5/15/2031 | 10000 | 10260 |
| Series 2025-3, Class D, 5.11%, 9/15/2031 | 19270 | 19619 |
| Series 2024-3, Class D, 5.97%, 10/15/2031 | 12824 | 13239 |
| Series 2024-4, Class D, 5.32%, 12/15/2031 | 5298 | 5409 |
| Series 2024-5, Class D, 5.14%, 2/17/2032 | 2984 | 3029 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2022-3A, Class D, 10.52%, <br> 7/20/2039 (c)<br>| 1825 | 1897 |
| Series 2022-2A, Class D, 9.22%, <br> 6/20/2040 (c)<br>| 1028 | 1055 |
| SRT Issuer I LLC 0.00%, 7/7/2031 ‡ (a) | 20000 | 19975 |
| SRT Issuer LLC 0.00%, 12/7/2031 ‡ (a) | 20000 | 20009 |
| Stanwich Mortgage Loan Co. LLC Series <br> 2021-NPB1, Class A2, 8.38%, 10/16/2026 (c) <br> (d)<br>| 5307 | 5335 |
| Stifel SBA Trust Series 2025-2A, Class A1, 2.56%, <br> 8/25/2036 (a) (c)<br>| 137590 | 8322 |
| Subway Funding LLC Series 2024-1A, Class A23, <br> 6.51%, 7/30/2054 (c)<br>| 2546 | 2636 |
| Symphony CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-19A, Class C, 5.68%, <br> 4/16/2031 (a) (c)<br>| 1000 | 1001 |
| Series 2015-16A, Class B1RR, 5.37%, <br> 10/15/2031 (a) (c)<br>| 8224 | 8230 |
| Series 2019-21A, Class CR2, 5.42%, <br> 7/15/2032 (a) (c)<br>| 13500 | 13496 |
| Series 2020-23A, Class CR2, 5.42%, <br> 1/15/2034 (a) (c)<br>| 8000 | 7996 |
| Series 2021-29A, Class BR, 5.32%, <br> 10/15/2035 (a) (c)<br>| 14225 | 14264 |
| Series 2022-32A, Class BR, 5.32%, <br> 10/23/2035 (a) (c)<br>| 2415 | 2419 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2016-18A, Class CR4, 5.62%, <br> 10/23/2037 (a) (c)<br>| 13180 | 13201 |
| Towd Point Mortgage Trust |  |  |
| Series 2026-FIX1, Class A1, 4.98%, <br> 12/25/2065 (c) (d)<br>| 9768 | 9832 |
| Series 2026-CES2, Class A1A, 4.72%, <br> 2/25/2066 (c) (d)<br>| 18910 | 18906 |
| TRTX Issuer Ltd. (Cayman Islands) Series <br> 2025-FL6, Class A, 5.20%, 9/18/2042 (a) (c)<br>| 12950 | 12980 |
| Ucielo 2025-assi 10.51%, 8/9/2033 ‡ | 200 | 200 |
| Ucielo 2025-assic 8.01%, 8/9/2033 ‡ | 200 | 200 |
| Upstart Frn Series 2025-TE, 6.80%, 3/29/2029 ‡ <br> (c)<br>| 14000 | 13983 |
| Upstart Pass-Through Trust |  |  |
| Series 2021-ST4, Class CERT, 0.00%, <br> 7/20/2027 ‡ (c)<br>| 1875 | 86 |
| Series 2021-ST6, Class CERT, 0.00%, <br> 8/20/2027 ‡ (c)<br>| 2900 | 191 |
| Series 2021-PT1, Class A, 24.70%, <br> 9/20/2027 ‡ (a) (c)<br>| 199 | 183 |
| Series 2021-ST7, Class CERT, 0.00%, <br> 9/20/2029 ‡ (c)<br>| 3500 | 248 |
| Series 2021-ST8, Class CERT, 0.00%, <br> 10/20/2029 ‡ (c)<br>| 2670 | 247 |
| Series 2021-ST9, Class CERT, 0.00%, <br> 11/20/2029 ‡ (c)<br>| 2830 | 372 |
| Series 2021-PT2, Class A, 20.97%, <br> 11/20/2029 ‡ (a) (c)<br>| 417 | 408 |
| Series 2021-PT3, Class A, 21.56%, <br> 12/20/2029 ‡ (a) (c)<br>| 495 | 442 |
| Series 2021-PT4, Class A, 20.47%, <br> 1/20/2030 ‡ (a) (c)<br>| 189 | 175 |
| Series 2022-PT2, Class A, 21.38%, <br> 2/20/2030 ‡ (a) (c)<br>| 580 | 580 |
| Series 2022-PT1, Class A, 25.34%, <br> 2/20/2030 ‡ (a) (c)<br>| 588 | 588 |
| Series 2022-PT3, Class A, 21.17%, <br> 4/20/2030 ‡ (a) (c)<br>| 530 | 526 |
| Series 2022-PT4, Class A, 18.92%, <br> 5/20/2030 ‡ (a) (c)<br>| 554 | 554 |
| Upstart Securitization Trust |  |  |
| Series 2021-4, Class C, 3.19%, 9/20/2031 (c) | 359 | 358 |
| Series 2021-5, Class C, 4.15%, <br> 11/20/2031 (c)<br>| 1597 | 1595 |
| US Auto Funding |  |  |
| Series 2021-1A, Class C, 2.20%, <br> 5/15/2026 (c)<br>| 1568 | 1240 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 191

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2021-1A, Class D, 4.36%, <br> 3/15/2027 (c)<br>| 10392 |  |
| VistaJet Pass Through Trust Series 2021-1C, <br> 9.50%, 8/15/2031 ‡ (c)<br>| 20597 | 20842 |
| vMobo, Inc. |  |  |
| 7.46%, 7/18/2027 ‡ | 9996 | 9566 |
| 9.46%, 7/18/2027 ‡ | 20000 | 19451 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, <br> 6.24%, 3/27/2051 (c) (d)<br>| 238 | 238 |
| Voya CLO Ltd. (Cayman Islands) Series 2019-4A, <br> Class BR, 5.68%, 1/15/2035 (a) (c)<br>| 8000 | 8023 |
| Western Funding Auto Loan Trust |  |  |
| Series 2025-1, Class A, 4.75%, 7/16/2035 (c) | 15500 | 15686 |
| Series 2025-1, Class D, 5.79%, 1/15/2036 (c) | 3205 | 3281 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2023-1A, Class D, 6.79%, <br> 11/15/2028 (c)<br>| 438 | 447 |
| Series 2023-3A, Class D, 6.47%, <br> 3/15/2029 (c)<br>| 3795 | 3890 |
| Series 2024-1A, Class D, 6.02%, <br> 10/15/2029 (c)<br>| 2304 | 2364 |
| Series 2024-3A, Class D, 5.21%, <br> 4/15/2030 (c)<br>| 19900 | 20234 |
| Total Asset-Backed Securities <br>(Cost $2,128,440)<br>|  | 2092826 |
| **Foreign Government Securities — 3.7%** | **Foreign Government Securities — 3.7%** | **Foreign Government Securities — 3.7%** |
| Arab Republic of Egypt |  |  |
| 8.63%, 2/4/2030 (c) | 1459 | 1579 |
| 8.63%, 2/4/2030 (j) | 2700 | 2922 |
| 5.88%, 2/16/2031 (j) | 3800 | 3691 |
| 7.63%, 5/29/2032 (j) | 7600 | 7792 |
| 9.45%, 2/4/2033 (c) | 4590 | 5149 |
| 7.30%, 9/30/2033 (j) | 1100 | 1104 |
| 8.50%, 1/31/2047 (j) | 2300 | 2196 |
| 8.70%, 3/1/2049 (j) | 2100 | 2040 |
| 8.88%, 5/29/2050 (j) | 4800 | 4692 |
| Argentine Republic |  |  |
| 1.00%, 7/9/2029 | 1400 | 1235 |
| 4.12%, 7/9/2035 (d) | 33330 | 25068 |
| 5.00%, 1/9/2038 (d) | 3400 | 2673 |
| 3.50%, 7/9/2041 (d) | 4400 | 3074 |
| Barbados Government Bond 8.00%, <br> 6/26/2035 (j)<br>| 2000 | 2136 |
| Benin Government Bond 7.96%, 2/13/2038 (c) | 8132 | 8526 |
| Commonwealth of the Bahamas |  |  |
| 8.95%, 10/15/2032 (j) | 1500 | 1693 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| 8.25%, 6/24/2036 (c) | 6247 | 6991 |
| Democratic Socialist Republic of Sri Lanka |  |  |
| 4.00%, 4/15/2028 (c) | 1020 | 991 |
| 3.60%, 6/15/2035 (c) (d) | 9012 | 7362 |
| Dominican Republic Government Bond |  |  |
| 6.00%, 2/22/2033 (j) | 6400 | 6528 |
| 6.95%, 3/15/2037 (c) | 1300 | 1396 |
| 6.15%, 5/17/2038 (c) | 5880 | 5890 |
| 7.15%, 2/24/2055 (c) | 1500 | 1626 |
| 5.88%, 1/30/2060 (c) | 11450 | 10328 |
| 5.88%, 1/30/2060 (j) | 13200 | 11906 |
| Federal Republic of Nigeria |  |  |
| 6.13%, 9/28/2028 (c) | 6347 | 6399 |
| 7.14%, 2/23/2030 (j) | 16000 | 16495 |
| 8.63%, 1/13/2036 (j) | 3000 | 3225 |
| 7.70%, 2/23/2038 (j) | 4700 | 4693 |
| 9.13%, 1/13/2046 (c) | 2460 | 2676 |
| 8.25%, 9/28/2051 (j) | 3200 | 3182 |
| Federative Republic of Brazil 7.13%, 5/13/2054 | 2605 | 2653 |
| Hashemite Kingdom of Jordan |  |  |
| 7.50%, 1/13/2029 (j) | 1000 | 1048 |
| 5.85%, 7/7/2030 (j) | 8800 | 8848 |
| 5.75%, 11/12/2032 (c) | 12182 | 11975 |
| 7.38%, 10/10/2047 (j) | 9200 | 9090 |
| Islamic Republic of Pakistan |  |  |
| 6.00%, 4/8/2026 (c) | 15085 | 15070 |
| 7.38%, 4/8/2031 (c) | 7413 | 7320 |
| 7.38%, 4/8/2031 (j) | 3600 | 3555 |
| 8.88%, 4/8/2051 (j) | 5700 | 5629 |
| Istanbul Metropolitan Municipality 10.50%, <br> 12/6/2028 (c)<br>| 2870 | 3158 |
| Kingdom of Bahrain 5.45%, 9/16/2032 (c) | 5389 | 5143 |
| Pakistan Water & Power Development Authority <br> 7.50%, 6/4/2031 (j)<br>| 1479 | 1438 |
| Provincia de Cordoba 8.60%, 2/3/2035 (c) | 3858 | 3772 |
| Republic of Angola |  |  |
| 8.25%, 5/9/2028 (j) | 6200 | 6252 |
| 8.00%, 11/26/2029 (c) | 3620 | 3602 |
| 8.00%, 11/26/2029 (j) | 11400 | 11343 |
| 9.24%, 1/15/2031 (c) | 3000 | 3045 |
| 8.75%, 4/14/2032 (c) | 5266 | 5166 |
| 9.88%, 10/15/2035 (c) | 3100 | 3156 |
| Republic of Armenia 3.60%, 2/2/2031 (c) | 2760 | 2543 |
| Republic of Colombia |  |  |
| 8.00%, 4/20/2033 | 2010 | 2152 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

192 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| 7.50%, 2/2/2034 | 860 | 893 |
| 8.00%, 11/14/2035 | 1600 | 1708 |
| 8.75%, 11/14/2053 | 7368 | 8092 |
| Republic of Congo (The) 9.88%, 11/7/2032 (j) | 4700 | 4347 |
| Republic of Costa Rica |  |  |
| 7.00%, 4/4/2044 (j) | 1000 | 1110 |
| 7.30%, 11/13/2054 (c) | 4403 | 5030 |
| Republic of Cote d'Ivoire |  |  |
| 7.63%, 1/30/2033 (j) | 1700 | 1821 |
| 6.13%, 6/15/2033 (j) | 16300 | 16145 |
| 8.08%, 4/1/2036 (c) | 10750 | 11590 |
| 8.25%, 1/30/2037 (c) | 1488 | 1625 |
| 6.75%, 2/25/2041 (c) | 17842 | 17021 |
| Republic of Ecuador |  |  |
| 6.90%, 7/31/2030 (d) (j) | 3456 | 3413 |
| 8.75%, 1/29/2034 (c) | 2890 | 2916 |
| 6.90%, 7/31/2035 (d) (j) | 12770 | 11587 |
| 9.25%, 1/29/2039 (c) | 34126 | 34706 |
| 5.00%, 7/31/2040 (d) (j) | 10000 | 8160 |
| Republic of El Salvador |  |  |
| 8.63%, 2/28/2029 (j) | 3169 | 3412 |
| 9.25%, 4/17/2030 (c) | 9300 | 10067 |
| 7.63%, 2/1/2041 (j) | 2900 | 2899 |
| 7.12%, 1/20/2050 (j) | 4400 | 3985 |
| 9.65%, 11/21/2054 (c) | 7327 | 8326 |
| Republic of Ghana |  |  |
| Zero Coupon, 7/3/2026 (c) | 59 | 59 |
| 0.00%, 7/3/2026 (c) | 42 | 42 |
| 5.00%, 7/3/2029 (c) (d) | 6937 | 6792 |
| 5.00%, 7/3/2035 (c) (d) | 6527 | 5905 |
| Republic of Guatemala |  |  |
| 6.60%, 6/13/2036 (c) | 1420 | 1542 |
| 6.25%, 8/15/2036 (c) | 4103 | 4348 |
| Republic of Honduras |  |  |
| 6.25%, 1/19/2027 (j) | 3000 | 3037 |
| 8.63%, 11/27/2034 (c) | 3660 | 4251 |
| 8.63%, 11/27/2034 (j) | 3350 | 3891 |
| Republic of Iraq 5.80%, 1/15/2028 (j) | 3850 | 3831 |
| Republic of Kenya |  |  |
| 9.75%, 2/16/2031 (c) | 3666 | 4014 |
| 9.75%, 2/16/2031 (j) | 2200 | 2409 |
| 8.00%, 5/22/2032 (j) | 3500 | 3642 |
| 7.88%, 10/9/2033 (c) | 2490 | 2481 |
| 9.50%, 3/5/2036 (c) | 8350 | 8774 |
| 8.80%, 10/9/2038 (c) | 6520 | 6452 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Republic of Montenegro 7.25%, 3/12/2031 (c) | 5923 | 6343 |
| Republic of Panama |  |  |
| 5.66%, 2/23/2038 | 1720 | 1727 |
| 7.88%, 3/1/2057 | 4500 | 5427 |
| Republic of Paraguay, 6.10%, 8/11/2044 (j) | 14075 | 14641 |
| Republic of Rwanda 5.50%, 8/9/2031 (c) | 8000 | 7502 |
| Republic of Serbia |  |  |
| 6.50%, 9/26/2033 (c) | 3400 | 3702 |
| 6.00%, 6/12/2034 (j) | 1300 | 1369 |
| Republic of South Africa |  |  |
| 7.10%, 11/19/2036 (c) | 4478 | 4815 |
| 5.00%, 10/12/2046 | 5100 | 3978 |
| 5.75%, 9/30/2049 | 7406 | 6231 |
| 7.95%, 11/19/2054 (c) | 4489 | 4848 |
| 7.25%, 12/11/2055 (c) | 6021 | 6021 |
| Republic of Turkiye (The) 7.63%, 5/15/2034 | 6763 | 7243 |
| Republic of Zambia |  |  |
| 5.75%, 6/30/2033 (d) (j) | 707 | 688 |
| 5.75%, 6/30/2033 (c) (d) | 1556 | 1513 |
| 0.50%, 12/31/2053 (j) | 5800 | 4243 |
| Romania Government Bond 7.50%, <br> 2/10/2037 (c)<br>| 3564 | 4037 |
| State of Mongolia 4.45%, 7/7/2031 (c) | 5600 | 5292 |
| Suriname Government International Bond |  |  |
| 7.70%, 11/6/2030 (c) | 5560 | 5725 |
| 8.50%, 11/6/2035 (c) | 11220 | 11983 |
| Total Foreign Government Securities <br>(Cost $590,363)<br>|  | 608867 |
| **Loan Assignments — 1.2% (l)** | **Loan Assignments — 1.2% (l)** | **Loan Assignments — 1.2% (l)** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| TransDigm, Inc., 1st Lien Term Loan J (1-MONTH <br> CME TERM SOFR + 2.50%), 6.17%, <br> 2/28/2031 (i)<br>| 842 | 841 |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH <br> CME TERM SOFR + 2.00%), 5.67%, <br> 1/31/2031 (i)<br>| 3614 | 3608 |
| **Beverages — 0.0% ^** | **Beverages — 0.0% ^** | **Beverages — 0.0% ^** |
| Primo Brands Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 3/31/2028 (i)<br>| 1911 | 1909 |
| **Building Products — 0.1%** | **Building Products — 0.1%** | **Building Products — 0.1%** |
| EMRLD Borrower LP, 1st Lien Term Loan B <br> (6-MONTH CME TERM SOFR + 2.25%), 6.12%, <br> 8/4/2031 (i)<br>| 5555 | 5529 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 193

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| MIWD Holdco II LLC, 1st Lien Term Loan B-2 <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 3/28/2031 (i)<br>| 2963 | 2938 |
| Quikrete Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 2/10/2032 (i)<br>| 6739 | 6732 |
|  |  | 15199 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| Venator Materials LLC, 1st Lien PIK Term Loan <br> (PRIME + 2.00% (PIK) + 4.32% (Cash)), <br> 13.07%, 10/12/2028 (e) (i)<br>| 2373 | 190 |
| Venator Materials LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 7.00% (PIK)), <br> 10.67%, 3/16/2026 (e) (i)<br>| 1481 | 1185 |
| Venator Materials LLC, 1st Lien Term Loan B <br> (PRIME + 1.00% (PIK) + 1.00% (Cash)), <br> 8.75%, 7/16/2026 (e) (i)<br>| 1478 | 1182 |
|  |  | 2557 |
| **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** | **Commercial Services & Supplies — 0.0% ^** |
| Madison IAQ LLC, 1st Lien Term Loan (6-MONTH <br> CME TERM SOFR + 2.50%), 6.13%, <br> 6/21/2028 (i)<br>| 3216 | 3217 |
| Raven Acquisition Holdings LLC, 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + 3.00%), <br> 6.67%, 11/19/2031 (i)<br>| 3039 | 2891 |
|  |  | 6108 |
| **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** | **Consumer Staples Distribution & Retail — 0.1%** |
| Moran Foods LLC, 1st Lien Super Senior Delayed <br> Draw Term Loan (3-MONTH CME TERM SOFR + <br> 11.50% (PIK) + 0.10% (CAS)), 15.23%, <br> 12/31/2028 ‡ (e) (i)<br>| 9387 | 8779 |
| Moran Foods LLC, 1st Lien Term Loan |  |  |
| (3-MONTH CME TERM SOFR + 7.25% (PIK) + <br> 0.10% (CAS)), 11.02%, 12/31/2028 ‡ (e) <br> (i)<br>| 5648 |  |
| (3-MONTH CME TERM SOFR + 7.25% (PIK) + <br> 0.10% (CAS)), 11.02%, 12/31/2028 ‡ (e) <br> (i)<br>| 20584 | 4353 |
| Moran Foods LLC, Term Loan A (3-MONTH CME <br> TERM SOFR + 2.50% (PIK)), 6.17%, <br> 12/31/2028 ‡ (e) (i)<br>| 2785 | 2474 |
| Moran Foods LLC, Term Loan B (3-MONTH CME <br> TERM SOFR + 8.50% (PIK)), 12.17%, <br> 12/31/2028 ‡ (e) (i)<br>| 2589 | 2332 |
|  |  | 17938 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Clydesdale Acquisition Holdings, Inc., 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 3.25%), 6.92%, 4/1/2032 (i)<br>| 4822 | 4769 |
| Graham Packaging Co., Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 1/26/2033 (i)<br>| 1633 | 1629 |
|  |  | 6398 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| Belron Finance 2019 LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.00%), 5.66%, <br> 10/16/2031 (i)<br>| 1826 | 1825 |
| Wand NewCo 3, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 1/30/2031 (i)<br>| 3967 | 3941 |
|  |  | 5766 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Vertiv Group Corp., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 8/12/2032 (i)<br>| 2375 | 2375 |
| **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** | **Electronic Equipment, Instruments & Components — 0.0% ^** |
| LSF12 Crown US Commercial Bidco LLC, 1st Lien <br> Term Loan B (1-MONTH CME TERM SOFR + <br> 3.00%), 6.67%, 12/2/2031 (i)<br>| 4986 | 4981 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| First Student Bidco, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/15/2030 (i)<br>| 3347 | 3340 |
| First Student Bidco, Inc., 1st Lien Term Loan C <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/15/2030 (i)<br>| 612 | 611 |
| Genesee & Wyoming, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 4/10/2031 (i)<br>| 8678 | 8664 |
|  |  | 12615 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| Medline Borrower LP, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 10/23/2028 (i)<br>| 1239 | 1241 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

194 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Insurance — 0.1%** | **Insurance — 0.1%** | **Insurance — 0.1%** |
| Asurion LLC, 1st Lien Term Loan B-13 (1-MONTH <br> CME TERM SOFR + 4.25%), 7.92%, <br> 9/19/2030 (i)<br>| 2533 | 2525 |
| HUB International Ltd., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 6/20/2030 (i)<br>| 6099 | 6025 |
|  |  | 8550 |
| **IT Services — 0.1%** | **IT Services — 0.1%** | **IT Services — 0.1%** |
| Ahead DB Holdings LLC, 1st Lien Term Loan B-3 <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 2/3/2031 (i)<br>| 5754 | 5591 |
| MH Sub I LLC, 1st Lien Term Loan B |  |  |
| (1-MONTH CME TERM SOFR + 4.25%), 7.92%, <br> 5/3/2028 (i)<br>| 2906 | 2351 |
| (1-MONTH CME TERM SOFR + 4.25%), 7.92%, <br> 12/31/2031 (i)<br>| 1967 | 1333 |
|  |  | 9275 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| FGI Operating Co. LLC, 1st Lien Term Loan, 0.00%, <br> 12/31/2026 ‡ (a) (k)<br>| 37 |  |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| LSF12 Helix Parent LLC, 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.50%), 7.17%, <br> 2/10/2033 (i) (m)<br>| 1624 | 1622 |
| SPX FLOW, Inc., 1st Lien Term Loan B (PRIME + <br> 1.75%), 8.50%, 4/5/2029 (i)<br>| 3200 | 3199 |
| Terex Corp., 1st Lien Term Loan B (1-MONTH CME <br> TERM SOFR + 1.75%), 5.42%, 10/8/2031 (i)<br>| 2779 | 2779 |
|  |  | 7600 |
| **Media — 0.1%** | **Media — 0.1%** | **Media — 0.1%** |
| DIRECTV Financing LLC, 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 5.00%), 8.93%, <br> 8/2/2027 (i)<br>| 118 | 118 |
| iHeartCommunications, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 5.78%), 9.56%, <br> 5/1/2029 (i)<br>| 10523 | 9085 |
|  |  | 9203 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| AAdvantage Loyalty IP Ltd., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 4/20/2028 (i)<br>| 2436 | 2431 |
| Jetblue Airways Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 4.75%), 8.44%, <br> 8/27/2029 (i)<br>| 3726 | 3588 |
|  |  | 6019 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| 1261229 BC Ltd., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 6.25%), 9.92%, <br> 10/8/2030 (i)<br>| 4513 | 4390 |
| Elanco Animal Health, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 10/29/2032 (i)<br>| 574 | 574 |
|  |  | 4964 |
| **Professional Services — 0.1%** | **Professional Services — 0.1%** | **Professional Services — 0.1%** |
| First Advantage Holdings LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 2.75%), <br> 6.42%, 10/31/2031 (i)<br>| 4303 | 4112 |
| WEC US Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 1/27/2031 (i)<br>| 2716 | 2706 |
|  |  | 6818 |
| **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** | **Semiconductors & Semiconductor Equipment — 0.0% ^** |
| Altar Bidco, Inc., 1st Lien Term Loan B (12-MONTH <br> CME TERM SOFR + 3.10%), 6.61%, <br> 2/1/2029 (i)<br>| 3322 | 3297 |
| **Software — 0.2%** | **Software — 0.2%** | **Software — 0.2%** |
| AthenaHealth Group, Inc., 1st Lien Term Loan <br> (1-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 2/15/2029 (i)<br>| 6540 | 6360 |
| BCPE Pequod Buyer, Inc., 1st Lien Term Loan <br> (3-MONTH CME TERM SOFR + 2.75%), 6.42%, <br> 11/25/2031 (i)<br>| 4911 | 4743 |
| Central Parent LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.25%), 6.92%, <br> 7/6/2029 (i)<br>| 2765 | 1728 |
| Dayforce Bidco LLC, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), 6.66%, <br> 2/4/2033 (i)<br>| 4739 | 4356 |
| Icon Parent I, Inc., 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 2.75%), 6.44%, <br> 11/13/2031 (i)<br>| 6204 | 5862 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 195

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Loan Assignments — continued** | **Loan Assignments — continued** | **Loan Assignments — continued** |
| **Software — continued** | **Software — continued** | **Software — continued** |
| Rocket Software, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 3.75%), 7.42%, <br> 11/28/2028 (i)<br>| 4510 | 4185 |
| UKG, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.50%), 6.17%, 2/10/2031 (i)<br>| 7819 | 7385 |
|  |  | 34619 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| AWS Claire's LLC, 1st Lien Term Loan B (PIK), <br> 10.00%, 9/18/2030 ‡ (e)<br>| 1 | 1 |
| Petco Health & Wellness Co., Inc., 1st Lien Term <br> Loan B (1-MONTH CME TERM SOFR + 4.25%), <br> 8.04%, 2/3/2031 (i)<br>| 4264 | 4088 |
| PetSmart LLC, 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 4.00%), 7.68%, <br> 8/18/2032 (i)<br>| 6292 | 6250 |
| White Cap Supply Holdings LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 3.25%), <br> 6.92%, 10/19/2029 (i)<br>| 2375 | 2345 |
|  |  | 12684 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| Xerox Corp., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 4.00%; 6-MONTH CME TERM <br> SOFR + 4.00% + 4.00%), 7.70%, <br> 11/19/2029 (i) (m)<br>| 1690 | 1082 |
| **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** | **Textiles, Apparel & Luxury Goods — 0.1%** |
| Varsity Brands, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 3.00%), 6.67%, <br> 8/26/2031 (i) (m)<br>| 8087 | 8062 |
| **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** | **Trading Companies & Distributors — 0.0% ^** |
| QXO Building Products, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 4/30/2032 (i)<br>| 848 | 847 |
| Total Loan Assignments <br>(Cost $198,452)<br>|  | 194556 |
| **Municipal Bonds — 0.3% (n)** | **Municipal Bonds — 0.3% (n)** | **Municipal Bonds — 0.3% (n)** |
| **California — 0.1%** | **California — 0.1%** | **California — 0.1%** |
| California Housing Finance Agency Series 2021-2, <br> Class X, Rev., FHLMC COLL, 0.83%, <br> 3/25/2035 (a)<br>| 60927 | 2316 |
| California Infrastructure and Economic <br> Development Bank, Brightline West Passenger <br> Rail Project Series 2025B, Rev., AMT, 12.00%, <br> 11/2/2026 (a) (c)<br>| 7140 | 3856 |
| Los Angeles Community College District, Election <br> of 2008 Series 2010E, GO, 6.75%, 8/1/2049<br>| 100 | 115 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| Municipal Water District Of Orange County Water <br> Facilities Corp. Series 2017B, Rev., 4.06%, <br> 8/15/2041<br>| 290 | 270 |
| Regents of the University of California, Medical <br> Center Pooled Series 2009F, Rev., 6.58%, <br> 5/15/2049<br>| 255 | 279 |
| University of California, Taxable Limited Project <br> Series 2015J, Rev., 4.13%, 5/15/2045<br>| 100 | 93 |
| Total California |  | 6929 |
| **Colorado — 0.0% ^** | **Colorado — 0.0% ^** | **Colorado — 0.0% ^** |
| Colorado Health Facilities Authority, Vail Valley <br> Medical Centre Project, Rev., 4.00%, <br> 1/15/2045<br>| 175 | 171 |
| **Nevada — 0.0% ^** | **Nevada — 0.0% ^** | **Nevada — 0.0% ^** |
| State of Nevada Department of Business and <br> Industry, Brighline West Passenger Rail Project <br> Series 2025B, Rev., AMT, 12.00%, <br> 11/2/2026 (a) (c)<br>| 9665 | 5219 |
| **New York — 0.2%** | **New York — 0.2%** | **New York — 0.2%** |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 8 Spruce Street Project<br>|  |  |
| Series 2024, Rev., 5.46%, 12/15/2031 | 26666 | 27616 |
| Series 2024, Rev., 6.03%, 12/15/2031 | 3200 | 3329 |
| Total New York |  | 30945 |
| **Texas — 0.0% ^** | **Texas — 0.0% ^** | **Texas — 0.0% ^** |
| North Texas Tollway Authority, First Tier Series <br> 2009B, Rev., 6.72%, 1/1/2049<br>| 131 | 147 |
| **Washington — 0.0% ^** | **Washington — 0.0% ^** | **Washington — 0.0% ^** |
| Washington State Housing Finance Commission <br> Series 2021-1, Class X, Rev., 0.73%, <br> 12/20/2035 (a)<br>| 86920 | 3222 |
| Total Municipal Bonds <br>(Cost $52,273)<br>|  | 46633 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Common Stocks — 0.1%** | **Common Stocks — 0.1%** | **Common Stocks — 0.1%** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| Incora Intermediate LLC ‡ \* | 81 | 906 |
| Incora Top Holdco LLC ‡ \* | 3 | 78 |
|  |  | 984 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

196 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Moran Foods Backstop Equity ‡ \* | 9333314 | 9 |
| NMG Parent LLC, Escrow ‡ \* |  |  |
|  |  | 9 |
| **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** | **Chemicals — 0.0% ^** |
| Venator Materials plc ‡ \* | 7 | 77 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Ardagh Holdings SA (Luxembourg) ‡ \* (c) | 565 | 4713 |
| **Financial Services — 0.1%** | **Financial Services — 0.1%** | **Financial Services — 0.1%** |
| Keenova, Class A ‡ | 65 | 573 |
| Keenova Therapeutics plc, Class B ‡ | 37 | 5903 |
| Par Health, Class A ‡ | 64 | 3375 |
| Par Health Inc., Class B ‡ | 37 | 327 |
|  |  | 10178 |
| **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** | **Health Care Equipment & Supplies — 0.0% ^** |
| New Evhc Physical Equity \* | 1 | 15 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| Clear Channel Outdoor Holdings, Inc. \* | 6 | 13 |
| iHeartMedia, Inc., Class A \* | 2 | 8 |
|  |  | 21 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| Gulfport Energy Corp. \* | 14 | 2875 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| Endo GUC Trust ‡ \* | 10 | 6 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| Altice France Sa ‡ | 32 | 635 |
| Total Common Stocks <br>(Cost $17,964)<br>|  | 19513 |
| **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** | **Preferred Stocks — 0.0% ^** |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| MYT Holding LLC Series A, 10.00%, 6/6/2029 ‡ | 14 | 18 |
| **Electric Utilities — 0.0% ^** | **Electric Utilities — 0.0% ^** | **Electric Utilities — 0.0% ^** |
| SCE Trust VI 5.00%, 4/4/2026 ($25 par <br> value) (o)<br>| 199 | 3673 |
| Total Preferred Stocks <br>(Cost $4,678)<br>|  | 3691 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>| **VALUE** <br>**($000)**<br>|
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** | **Diversified Telecommunication Services — 0.0% ^** |
| Altice France SA (France) ‡ \* | 10 | 151 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| SES SA (Luxembourg) ‡ \* | 147 | 2221 |
| Total Rights <br>(Cost $—)<br>|  | 2372 |
|  | **NO. OF** <br> **WARRANTS** <br>**(000)**<br>|  |
| **Warrants — 0.0% ^** | **Warrants — 0.0% ^** | **Warrants — 0.0% ^** |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| Audacy, Inc. |  |  |
| expiring 12/31/2049, price 1.00 USD \* | 5 | 31 |
| expiring 12/31/2049, price 1.00 USD ‡ \* | 7 |  |
| expiring 9/30/2028, price 1.00 USD ‡ \* | 1 |  |
| Total Warrants <br>(Cost $2,508)<br>|  | 31 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** | **Short-Term Investments — 1.5%** |
| **Investment Companies — 1.5%** | **Investment Companies — 1.5%** | **Investment Companies — 1.5%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (p) (q) <br>(Cost $248,082)<br>| 247987 | 248086 |
| **Total Investments — 112.9%** <br>**(Cost $18,538,037)**<br>|  | **18501749** |
| **Liabilities in Excess of Other Assets — (12.9)%** |  | **(2111071)**<br>|
| **NET ASSETS — 100.0%** |  | **16390678** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| AMT | Alternative Minimum Tax |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| CAS | Credit Adjustment Spread |
| CIFC | Commercial Industrial Finance Corp. |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| COLL | Collateral |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 197

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | |
|:---|:---|
| CSMC | Credit Suisse Mortgage Trust |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| FRN | Floating Rate Note |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> February 28, 2026. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| PIK | Payment In Kind |
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (b) | 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>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security has the ability to pay in kind ("PIK") or pay income in cash. When applicable, separate rates of such payments are disclosed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Contingent Capital security ("CoCo"). CoCos are hybrid debt securities that may be convertible into equity or may be written down if a pre-specified trigger event occurs. The total value of aggregate CoCo holdings at February 28, 2026 is $117,018 or 0.71% of the Fund's net assets as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Security is an interest bearing note with preferred security characteristics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Security is perpetual and thus, does not have a predetermined maturity date. The coupon rate for this security is fixed for a period of time and may be structured to adjust thereafter. The date shown, if applicable, reflects the next call date. The coupon rate shown is the rate in effect as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) All or a portion of this security is unsettled as of February 28, 2026. Unless otherwise indicated, the coupon rate is undetermined. The coupon rate shown may not be accrued for the entire position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) The date shown reflects the next call date on which the issuer may redeem the security at par value. The coupon rate for this security is based on par value and is in effect as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) 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;(q) The rate shown is the current yield as of February 28, 2026.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

198 J.P. Morgan Income Funds February 28, 2026

------

**TBA Short Commitments**

------

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | &nbsp;&nbsp;&nbsp; **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($000)**<br>|
| FNMA / FHLMC UMBS, Single Family, 30 <br> Year <br>|  |  |
| TBA, 2.50%, 3/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (132900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (115130)<br>|
| TBA, 3.50%, 3/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (131900)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (124287)<br>|
| TBA, 4.00%, 3/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (238013)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (231304)<br>|
| TBA, 5.00%, 3/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (40810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (40993)<br>|
| TBA, 5.50%, 3/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (388810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (395044)<br>|
| TBA, 6.00%, 3/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (475780)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (488002)<br>|
| TBA, 6.50%, 3/25/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (5600)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5816)<br>|
| GNMA II, Single Family, 30 Year  |  |  |
| TBA, 3.00%, 3/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (432200)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (396362)<br>|
| TBA, 4.00%, 3/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (334300)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (321554)<br>|

---

---

| | | |
|:---|:---|:---|
| **SECURITY DESCRIPTION** | &nbsp;&nbsp;&nbsp; **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| &nbsp;&nbsp;&nbsp; **VALUE**<br> **($000)**<br>|
| TBA, 4.50%, 3/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (659000)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (651226)<br>|
| TBA, 5.00%, 3/15/2056 (a) | &nbsp;&nbsp;&nbsp;&nbsp; (132400)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (132849)<br>|
| (Proceeds received of $2,880,152) |  | &nbsp;&nbsp;&nbsp;&nbsp; (2902567)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| Euro-Bund | &nbsp;&nbsp;&nbsp;&nbsp; 1993 | &nbsp;&nbsp;&nbsp;&nbsp; 03/06/2026 | &nbsp;&nbsp;&nbsp;&nbsp; EUR | &nbsp;&nbsp;&nbsp;&nbsp; 306894 | &nbsp;&nbsp;&nbsp;&nbsp; 5273 |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 11996 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1364920 | &nbsp;&nbsp;&nbsp;&nbsp; 5750 |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; 3911 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 456548 | &nbsp;&nbsp;&nbsp;&nbsp; 4638 |
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 2369 | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 6686 | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 3463 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 724579 | &nbsp;&nbsp;&nbsp;&nbsp; 735 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 14312 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 1576109 | &nbsp;&nbsp;&nbsp;&nbsp; 4036 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 20548 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (5930)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (692235)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (3996)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (1515)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (179433)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2215)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (3115)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (378667)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (5349)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (2081)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (229170)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (702)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (12262)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 8286 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| EUR | Euro |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 199

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

**Forward foreign currency exchange contracts outstanding as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **CURRENCY** <br>**PURCHASED** | **CURRENCY** <br>**PURCHASED** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | &nbsp;&nbsp;&nbsp; **CURRENCY** <br>**SOLD** | **COUNTERPARTY** | &nbsp;&nbsp;&nbsp; **SETTLEMENT** <br>**DATE**<br>| &nbsp;&nbsp; **UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| EUR | &nbsp;&nbsp;&nbsp; 5232 | USD | &nbsp;&nbsp;&nbsp; 6177 | Morgan Stanley | 3/4/2026 | &nbsp;&nbsp;&nbsp; 6 |
| USD | &nbsp;&nbsp;&nbsp; 6251 | EUR | &nbsp;&nbsp;&nbsp; 5232 | Morgan Stanley | 3/4/2026 | &nbsp;&nbsp;&nbsp; 68 |
| AUD | &nbsp;&nbsp;&nbsp; 57465 | GBP | &nbsp;&nbsp;&nbsp; 29501 | HSBC Bank, NA | 3/16/2026 | &nbsp;&nbsp;&nbsp; 1134 |
| AUD | &nbsp;&nbsp;&nbsp; 172964 | USD | &nbsp;&nbsp;&nbsp; 120385 | Standard Chartered Bank | 3/16/2026 | &nbsp;&nbsp;&nbsp; 2699 |
| BRL | &nbsp;&nbsp;&nbsp; 208967 | USD | &nbsp;&nbsp;&nbsp; 39601 | BNP Paribas<sup>\*\*</sup> <br>| 3/16/2026 | &nbsp;&nbsp;&nbsp; 1016 |
| CHF | &nbsp;&nbsp;&nbsp; 31273 | USD | &nbsp;&nbsp;&nbsp; 40443 | Goldman Sachs International | 3/16/2026 | &nbsp;&nbsp;&nbsp; 296 |
| EUR | &nbsp;&nbsp;&nbsp; 33498 | USD | &nbsp;&nbsp;&nbsp; 39575 | BNP Paribas | 3/16/2026 | &nbsp;&nbsp;&nbsp; 34 |
| EUR | &nbsp;&nbsp;&nbsp; 34295 | USD | &nbsp;&nbsp;&nbsp; 40504 | Goldman Sachs International | 3/16/2026 | &nbsp;&nbsp;&nbsp; 47 |
| JPY | &nbsp;&nbsp;&nbsp; 6103681 | USD | &nbsp;&nbsp;&nbsp; 38975 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp; 154 |
| KRW | &nbsp;&nbsp;&nbsp; 29536715 | USD | &nbsp;&nbsp;&nbsp; 20299 | Citibank, NA<sup>\*\*</sup> <br>| 3/16/2026 | &nbsp;&nbsp;&nbsp; 216 |
| NZD | &nbsp;&nbsp;&nbsp; 33834 | USD | &nbsp;&nbsp;&nbsp; 20223 | Citibank, NA | 3/16/2026 | &nbsp;&nbsp;&nbsp; 83 |
| NZD | &nbsp;&nbsp;&nbsp; 34326 | USD | &nbsp;&nbsp;&nbsp; 20522 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp; 79 |
| NZD | &nbsp;&nbsp;&nbsp; 133268 | USD | &nbsp;&nbsp;&nbsp; 79809 | Standard Chartered Bank | 3/16/2026 | &nbsp;&nbsp;&nbsp; 174 |
| USD | &nbsp;&nbsp;&nbsp; 40194 | JPY | &nbsp;&nbsp;&nbsp; 6230220 | Goldman Sachs International | 3/16/2026 | &nbsp;&nbsp;&nbsp; 254 |
| USD | &nbsp;&nbsp;&nbsp; 2772 | NZD | &nbsp;&nbsp;&nbsp; 4595 | BNP Paribas | 3/16/2026 | &nbsp;&nbsp;&nbsp; 14 |
| USD | &nbsp;&nbsp;&nbsp; 17616 | NZD | &nbsp;&nbsp;&nbsp; 29126 | Goldman Sachs International | 3/16/2026 | &nbsp;&nbsp;&nbsp; 135 |
| ZAR | &nbsp;&nbsp;&nbsp; 323868 | USD | &nbsp;&nbsp;&nbsp; 20241 | Merrill Lynch International | 3/16/2026 | &nbsp;&nbsp;&nbsp; 77 |
| ZAR | &nbsp;&nbsp;&nbsp; 638298 | USD | &nbsp;&nbsp;&nbsp; 39369 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp; 675 |
| Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | Total unrealized appreciation | &nbsp;&nbsp;&nbsp; 7161 |
| CHF | &nbsp;&nbsp;&nbsp; 16798 | AUD | &nbsp;&nbsp;&nbsp; 30964 | Goldman Sachs International | 3/16/2026 | &nbsp;&nbsp;&nbsp; (153)<br>|
| CHF | &nbsp;&nbsp;&nbsp; 30823 | USD | &nbsp;&nbsp;&nbsp; 40421 | Goldman Sachs International | 3/16/2026 | &nbsp;&nbsp;&nbsp; (270)<br>|
| EUR | &nbsp;&nbsp;&nbsp; 33675 | CHF | &nbsp;&nbsp;&nbsp; 30802 | Goldman Sachs International | 3/16/2026 | &nbsp;&nbsp;&nbsp; (306)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 30299 | EUR | &nbsp;&nbsp;&nbsp; 34654 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp; (142)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 29716 | USD | &nbsp;&nbsp;&nbsp; 40542 | Goldman Sachs International | 3/16/2026 | &nbsp;&nbsp;&nbsp; (494)<br>|
| GBP | &nbsp;&nbsp;&nbsp; 29697 | USD | &nbsp;&nbsp;&nbsp; 40531 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp; (509)<br>|
| JPY | &nbsp;&nbsp;&nbsp; 6277015 | EUR | &nbsp;&nbsp;&nbsp; 34454 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp; (498)<br>|
| NZD | &nbsp;&nbsp;&nbsp; 34326 | CHF | &nbsp;&nbsp;&nbsp; 15865 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp; (66)<br>|
| NZD | &nbsp;&nbsp;&nbsp; 67297 | USD | &nbsp;&nbsp;&nbsp; 40542 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp; (153)<br>|
| USD | &nbsp;&nbsp;&nbsp; 79450 | CAD | &nbsp;&nbsp;&nbsp; 108518 | State Street Bank & Trust | 3/16/2026 | &nbsp;&nbsp;&nbsp; (150)<br>|
| USD | &nbsp;&nbsp;&nbsp; 40327 | CHF | &nbsp;&nbsp;&nbsp; 31268 | Goldman Sachs International | 3/16/2026 | &nbsp;&nbsp;&nbsp; (405)<br>|
| USD | &nbsp;&nbsp;&nbsp; 39688 | CHF | &nbsp;&nbsp;&nbsp; 30779 | Morgan Stanley | 3/16/2026 | &nbsp;&nbsp;&nbsp; (407)<br>|
| USD | &nbsp;&nbsp;&nbsp; 6187 | EUR | &nbsp;&nbsp;&nbsp; 5232 | Morgan Stanley | 4/7/2026 | &nbsp;&nbsp;&nbsp; (7)<br>|
| AUD | &nbsp;&nbsp;&nbsp; 57707 | NZD | &nbsp;&nbsp;&nbsp; 68440 | Citibank, NA | 4/15/2026 | &nbsp;&nbsp;&nbsp; (66)<br>|
| Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | Total unrealized depreciation | &nbsp;&nbsp;&nbsp; (3626)<br>|
| Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | Net unrealized appreciation | &nbsp;&nbsp;&nbsp; 3535 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| AUD | Australian Dollar |
| BRL | Brazilian Real |
| CAD | Canadian Dollar |
| CHF | Swiss Franc |
| EUR | Euro |
| GBP | British Pound |
| JPY | Japanese Yen |
| KRW | Korean Republic Won |
| NZD | New Zealand Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

200 J.P. Morgan Income Funds February 28, 2026

------

USD United States Dollar <br> ZAR South African Rand

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\*\* Non-deliverable forward.

**Over-the-Counter ("OTC") Credit default swap contracts outstanding — buy protection** <sup>(\*)</sup> **as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| **PAYMENT** <br>**FREQUENCY**<br>| **COUNTERPARTY** | **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.42 | USD31,878 | 151 | (633)<br>| (482)<br>|
| Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.42 | USD31,878 | 65 | (547)<br>| (482)<br>|
| Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.42 | USD15,942 | 20 | (260)<br>| (240)<br>|
| Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.42 | USD7,971 | 16 | (138)<br>| (122)<br>|
| Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.42 | USD15,935 | 39 | (280)<br>| (241)<br>|
| Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.42 | USD7,721 | 47 | (164)<br>| (117)<br>|
| Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Citibank, NA | 6/20/2028 | 0.42 | USD44,000 | 170 | (836)<br>| (666)<br>|
| Bank of America Corp., 3.50%, <br> 4/19/2026<br>| 1.00 | Quarterly | Morgan Stanley | 6/20/2028 | 0.42 | USD4,770 | 23 | (95)<br>| (72)<br>|
|  |  |  |  |  |  |  | 531 | (2953)<br>| (2422)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium <br> to or from the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to <br> an underlying reference obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 201

------

JPMorgan Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

**Over-the-Counter ("OTC") Credit default swap contracts outstanding — sell protection** <sup>(\*\*)</sup> **as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| **PAYMENT** <br>**FREQUENCY**<br>| **COUNTERPARTY** | **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CMBX.NA.BBB-.11 | 3.00 | Monthly | Citigorup Global Markets, Inc. | 11/18/2054 | 13.83 | USD5,000 | (240)<br>| (334)<br>| (574)<br>|
| CMBX.NA.BBB-.11 | 3.00 | Monthly | Morgan Stanley | 11/18/2054 | 13.83 | USD12,500 | (573)<br>| (862)<br>| (1435)<br>|
| CMBX.NA.BBB-.11 | 3.00 | Monthly | Morgan Stanley | 11/18/2054 | 13.83 | USD10,000 | (408)<br>| (740)<br>| (1148)<br>|
| CMBX.NA.BBB-.11 | 3.00 | Monthly | Morgan Stanley | 11/18/2054 | 13.83 | USD20,000 | (689)<br>| (1608)<br>| (2297)<br>|
| CMBX.NA.BBB-.11 | 3.00 | Monthly | Morgan Stanley | 11/18/2054 | 13.83 | USD15,000 | (458)<br>| (1265)<br>| (1723)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Citigorup Global Markets, Inc. | 08/17/2061 | 12.03 | USD7,500 | (578)<br>| (733)<br>| (1311)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 12.03 | USD5,000 | (217)<br>| (657)<br>| (874)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 12.03 | USD2,500 | (109)<br>| (328)<br>| (437)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 12.03 | USD12,500 | (328)<br>| (1857)<br>| (2185)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 12.03 | USD12,500 | (122)<br>| (2063)<br>| (2185)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 12.03 | USD5,500 | (58)<br>| (904)<br>| (962)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 12.03 | USD8,017 | (84)<br>| (1318)<br>| (1402)<br>|
| CMBX.NA.BBB-.12 | 3.00 | Monthly | Morgan Stanley | 08/17/2061 | 12.03 | USD12,500 | (52)<br>| (2134)<br>| (2186)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Citigorup Global Markets, Inc. | 09/17/2058 | 14.07 | USD2,500 | (255)<br>| (278)<br>| (533)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Citigorup Global Markets, Inc. | 09/17/2058 | 14.07 | USD10,000 | (847)<br>| (1286)<br>| (2133)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Citigorup Global Markets, Inc. | 09/17/2058 | 14.07 | USD8,000 | (571)<br>| (1136)<br>| (1707)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Morgan Stanley | 09/17/2058 | 14.07 | USD12,500 | (1669)<br>| (998)<br>| (2667)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Morgan Stanley | 09/17/2058 | 14.07 | USD7,500 | (762)<br>| (838)<br>| (1600)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Morgan Stanley | 09/17/2058 | 14.07 | USD7,500 | (766)<br>| (834)<br>| (1600)<br>|
| CMBX.NA.BBB-.9 | 3.00 | Monthly | Morgan Stanley | 09/17/2058 | 14.07 | USD5,000 | (442)<br>| (625)<br>| (1067)<br>|
|  |  |  |  |  |  |  | (9228)<br>| (20798)<br>| (30026)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*\*) | The Fund, as a seller of credit protection, receives periodic payments and may also receive or pay an upfront premium from or to the protection buyer, <br> and is obligated to make a contingent payment, upon occurrence of a credit event with respect to an underlying reference obligation, as defined under the <br> terms of individual swap contracts. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CMBX | Commercial Mortgage-Backed Securities Index |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

202 J.P. Morgan Income Funds February 28, 2026

------

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.45-V2 | 5.00 | Quarterly | 12/20/2030 | 3.32 | USD 195,553 | &nbsp;&nbsp; (13875)<br>| &nbsp;&nbsp; (1143)<br>| &nbsp;&nbsp; (15018)<br>|
| CDX.NA.HY.45-V2 | 5.00 | Quarterly | 12/20/2030 | 3.32 | USD 218,614 | &nbsp;&nbsp; (15567)<br>| &nbsp;&nbsp; (1223)<br>| &nbsp;&nbsp; (16790)<br>|
| CDX.NA.HY.45-V2 | 5.00 | Quarterly | 12/20/2030 | 3.32 | USD 291,486 | &nbsp;&nbsp; (20688)<br>| &nbsp;&nbsp; (1697)<br>| &nbsp;&nbsp; (22385)<br>|
| CDX.NA.HY.45-V2 | 5.00 | Quarterly | 12/20/2030 | 3.32 | USD 291,486 | &nbsp;&nbsp; (20728)<br>| &nbsp;&nbsp; (1658)<br>| &nbsp;&nbsp; (22386)<br>|
|  |  |  |  |  |  | &nbsp;&nbsp; (70858)<br>| &nbsp;&nbsp; (5721)<br>| &nbsp;&nbsp; (76579)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |
| (a) | Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to <br> make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which <br> may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated <br> to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of <br> greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying <br> reference obligations included in a particular index. |
| (b) | The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, <br> upon occurrence of a credit event. |
| (c) | Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between <br> the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors). |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| USD | United States Dollar |

---

**Summary of total OTC swap contracts outstanding as of February 28, 2026 (amounts in thousands):**

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **NET UPFRONT** <br>**PAYMENTS** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(RECEIPTS)** <br>**($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE** <br>**($)**<br>|
| **Liabilities** |  |  |
| OTC Credit default swap contracts outstanding - buy protection | &nbsp;&nbsp;&nbsp;&nbsp; 531 | &nbsp;&nbsp;&nbsp;&nbsp; (2422)<br>|
| OTC Credit default swap contracts outstanding - sell protection | &nbsp;&nbsp;&nbsp;&nbsp; (9228)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (30026)<br>|
| Total OTC swap contracts outstanding | &nbsp;&nbsp;&nbsp;&nbsp; (8697)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (32448)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 203

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Asset-Backed Securities — 25.0%** | **Asset-Backed Securities — 25.0%** | **Asset-Backed Securities — 25.0%** |
| Accelerated LLC Series 2021-1H, Class A, 1.35%, <br> 10/20/2040 (a)<br>| 514 | 484 |
| ACHD Trust Series 2025-DS1, Class A, 5.98%, <br> 1/9/2034 (a)<br>| 2291 | 2295 |
| ACHM Trust Series 2025-HE3, Class A, 5.20%, <br> 11/25/2055 (a) (b)<br>| 11967 | 12133 |
| Ally Auto Receivables Trust Series 2024-1, <br> Class A3, 5.08%, 12/15/2028<br>| 4690 | 4720 |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2025-1, Class B, 4.90%, 3/12/2029 (a) | 10625 | 10658 |
| Series 2023-1, Class D, 6.35%, 4/12/2029 (a) | 3190 | 3221 |
| Series 2026-1, Class A, 4.16%, 7/12/2029 (a) | 6775 | 6775 |
| Series 2023-2, Class D, 6.47%, 8/13/2029 (a) | 4648 | 4704 |
| Series 2025-3, Class B, 4.75%, 9/12/2029 (a) | 5000 | 5034 |
| Series 2024-2, Class C, 6.24%, 4/12/2030 (a) | 10288 | 10359 |
| Series 2024-4, Class C, 4.91%, 8/12/2031 (a) | 7700 | 7738 |
| Series 2025-1, Class C, 5.09%, 8/12/2031 (a) | 11470 | 11573 |
| Series 2024-4, Class D, 5.34%, 8/12/2031 (a) | 2561 | 2603 |
| Series 2025-3, Class C, 4.95%, 7/12/2032 (a) | 5416 | 5482 |
| Series 2026-1, Class C, 4.55%, 1/12/2033 (a) | 25068 | 25227 |
| Series 2026-1, Class D, 5.10%, 1/12/2033 (a) | 3510 | 3544 |
| AMSR Trust |  |  |
| Series 2021-SFR1, Class B, 2.15%, <br> 6/17/2038 (a)<br>| 8230 | 7809 |
| Series 2021-SFR2, Class B, 1.78%, <br> 8/17/2038 (a)<br>| 15096 | 14899 |
| Series 2021-SFR2, Class C, 1.88%, <br> 8/17/2038 (a)<br>| 2000 | 1973 |
| Series 2021-SFR3, Class A, 1.48%, <br> 10/17/2038 (a)<br>| 11422 | 11222 |
| Series 2021-SFR3, Class B, 1.73%, <br> 10/17/2038 (a)<br>| 7207 | 7085 |
| Series 2021-SFR4, Class B, 2.42%, <br> 12/17/2038 (a)<br>| 7500 | 7385 |
| Series 2022-SFR1, Class C, 3.74%, <br> 3/17/2039 (a)<br>| 5500 | 5429 |
| Series 2022-SFR3, Class C, 4.00%, <br> 10/17/2039 (a)<br>| 2000 | 1974 |
| Series 2025-SFR2, Class A, 4.28%, <br> 11/17/2042 (a)<br>| 9995 | 9959 |
| Amur Equipment Finance Receivables LLC |  |  |
| Series 2022-2A, Class B, 5.65%, <br> 10/20/2028 (a)<br>| 1600 | 1607 |
| Series 2023-1A, Class A2, 6.09%, <br> 12/20/2029 (a)<br>| 1199 | 1207 |
| Series 2024-1A, Class A2, 5.38%, <br> 1/21/2031 (a)<br>| 2641 | 2666 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Ansley Park Capital LLC Series 2025-A, Class A2, <br> 4.43%, 4/20/2035 (a)<br>| 24083 | 24193 |
| Aqua Finance Issuer Trust Series 2025-A, Class A, <br> 5.25%, 12/19/2050 (a)<br>| 17735 | 18157 |
| Aqua Finance Trust |  |  |
| Series 2019-A, Class A, 3.14%, 7/16/2040 (a) | 741 | 727 |
| Series 2021-A, Class A, 1.54%, 7/17/2046 (a) | 714 | 663 |
| Series 2020-AA, Class A, 1.90%, <br> 7/17/2046 (a)<br>| 320 | 305 |
| Arbor Realty Commercial Real Estate Notes Ltd. <br> Series 2021-FL4, Class A, 5.12%, <br> 11/15/2036 (a) (b)<br>| 1175 | 1175 |
| ARI Fleet Lease Trust |  |  |
| Series 2025-A, Class A2, 4.38%, <br> 1/17/2034 (a)<br>| 5520 | 5538 |
| Series 2025-A, Class A3, 4.46%, <br> 1/17/2034 (a)<br>| 6000 | 6085 |
| Auxilior Term Funding LLC Series 2023-1A, <br> Class A2, 6.18%, 12/15/2028 (a)<br>| 1430 | 1435 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2021-2A, Class A, 1.66%, <br> 2/20/2028 (a)<br>| 11899 | 11688 |
| Series 2023-3A, Class A, 5.44%, <br> 2/22/2028 (a)<br>| 14000 | 14142 |
| Series 2022-1A, Class B, 4.30%, <br> 8/21/2028 (a)<br>| 3000 | 3001 |
| Series 2023-6A, Class C, 7.03%, <br> 12/20/2029 (a)<br>| 6250 | 6585 |
| Series 2024-1A, Class B, 5.85%, <br> 6/20/2030 (a)<br>| 5750 | 5994 |
| Series 2024-1A, Class C, 6.48%, <br> 6/20/2030 (a)<br>| 2000 | 2095 |
| Bain Capital Credit CLO (Cayman Islands) Series <br> 2018-2A, Class BR, 5.22%, 7/19/2031 (a) (b)<br>| 250 | 250 |
| Bayview Opportunity Master Fund LLC Series <br> 2024-CAR1, Class A, 4.77%, 12/26/2031 (a) <br> (b)<br>| 3236 | 3244 |
| Bayview Opportunity Master Fund Trust Series <br> 2024-SN1, Class C, 5.83%, 12/15/2028 (a)<br>| 1029 | 1041 |
| Bear Stearns Asset-Backed Securities Trust Series <br> 2003-SD2, Class 2A, 5.99%, 6/25/2043 (b)<br>| 85 | 84 |
| BlueMountain CLO Ltd. (Cayman Islands) Series <br> 2021-32A, Class AR, 4.77%, 10/15/2034 (a) <br> (b)<br>| 27118 | 27104 |
| BOF Funding Trust |  |  |
| Series 2023-CAR3, Class C, 4.50%, <br> 7/26/2032 (a)<br>| 727 | 726 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

204 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2023-CAR3, Class A2, 6.29%, <br> 7/26/2032 (a)<br>| 3541 | 3602 |
| BofA Auto Trust |  |  |
| Series 2024-1A, Class A3, 5.35%, <br> 11/15/2028 (a)<br>| 4987 | 5031 |
| Series 2024-1A, Class A4, 5.31%, <br> 6/17/2030 (a)<br>| 4260 | 4344 |
| Bridge Trust Series 2025-SFR1, Class A, 4.05%, <br> 9/17/2042 (a)<br>| 10484 | 10227 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-1, Class B, 5.43%, 8/15/2028 | 2508 | 2512 |
| Series 2024-1, Class C, 5.65%, 4/16/2029 | 6750 | 6802 |
| Series 2024-3, Class C, 5.70%, 7/16/2029 | 10434 | 10555 |
| Series 2023-1, Class B, 6.80%, 8/15/2029 | 344 | 345 |
| Series 2023-1, Class C, 7.10%, 8/15/2029 | 6950 | 7047 |
| Series 2024-2, Class B, 5.94%, 2/15/2030 | 1075 | 1081 |
| Series 2024-2, Class C, 6.07%, 2/15/2030 | 10360 | 10524 |
| Series 2024-4, Class B, 4.77%, 8/15/2030 | 4000 | 4017 |
| Series 2024-4, Class C, 4.83%, 8/15/2030 | 6440 | 6491 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 6750 | 6900 |
| Series 2025-2, Class D, 5.62%, 3/17/2031 | 2000 | 2049 |
| Series 2025-4, Class B, 4.30%, 8/15/2031 | 2855 | 2866 |
| Series 2025-4, Class C, 4.80%, 8/15/2031 | 2485 | 2516 |
| Business Jet Securities LLC |  |  |
| Series 2024-1A, Class A, 6.20%, 5/15/2039 ‡ <br> (a)<br>| 9111 | 9427 |
| Series 2024-2A, Class A, 5.36%, 9/15/2039 ‡ <br> (a)<br>| 17582 | 17839 |
| BXMT Ltd. Series 2021-FL4, Class A, 4.83%, <br> 5/15/2038 (a) (b)<br>| 2495 | 2490 |
| Carlyle US CLO Ltd. (Cayman Islands) |  |  |
| Series 2021-9A, Class AR, 4.78%, <br> 10/20/2034 (a) (b)<br>| 18500 | 18527 |
| Series 2022-1A, Class A1R, 4.65%, <br> 4/15/2035 (a) (b)<br>| 19000 | 19000 |
| CarMax Auto Owner Trust |  |  |
| Series 2024-2, Class A3, 5.50%, 1/16/2029 | 4602 | 4659 |
| Series 2025-1, Class A3, 4.84%, 1/15/2030 | 11000 | 11168 |
| Series 2025-2, Class A3, 4.48%, 3/15/2030 | 6890 | 6969 |
| CarVal CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-1A, Class AR, 4.90%, <br> 7/16/2031 (a) (b)<br>| 7835 | 7839 |
| Series 2019-1A, Class AR2, 4.69%, <br> 4/20/2032 (a) (b)<br>| 23031 | 23028 |
| Series 2019-2A, Class AR2, 4.66%, <br> 7/20/2032 (a) (b)<br>| 8442 | 8440 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| CarVal CLO VC Ltd. (Cayman Islands) Series <br> 2021-2A, Class A, 5.13%, 10/15/2034 (a) (b)<br>| 1105 | 1107 |
| Carvana Auto Receivables Trust |  |  |
| Series 2024-P4, Class A2, 4.62%, 2/10/2028 | 286 | 286 |
| Series 2024-N1, Class A3, 5.60%, <br> 3/10/2028 (a)<br>| 1547 | 1549 |
| Series 2022-P2, Class B, 5.08%, 4/10/2028 | 4175 | 4210 |
| Series 2023-P3, Class A3, 5.82%, <br> 8/10/2028 (a)<br>| 1358 | 1366 |
| Series 2021-N4, Class B, 1.24%, 9/11/2028 | 485 | 473 |
| Series 2021-N4, Class C, 1.72%, 9/11/2028 | 528 | 516 |
| Series 2023-P1, Class A4, 5.94%, <br> 1/10/2029 (a)<br>| 3500 | 3547 |
| Series 2025-P4, Class A2, 4.19%, 3/12/2029 | 31265 | 31328 |
| Series 2024-P1, Class A3, 5.05%, <br> 4/10/2029 (a)<br>| 7351 | 7393 |
| Series 2024-P2, Class A3, 5.33%, 7/10/2029 | 6057 | 6108 |
| Series 2023-P3, Class A4, 5.71%, <br> 7/10/2029 (a)<br>| 1750 | 1793 |
| Series 2024-P3, Class A3, 4.26%, 10/10/2029 | 10942 | 10966 |
| Series 2024-P4, Class A3, 4.64%, 1/10/2030 | 6250 | 6284 |
| Series 2023-P5, Class C, 6.55%, <br> 2/11/2030 (a)<br>| 224 | 238 |
| Series 2024-P1, Class A4, 5.08%, <br> 3/11/2030 (a)<br>| 3250 | 3319 |
| Series 2024-P1, Class B, 5.37%, <br> 5/10/2030 (a)<br>| 5700 | 5913 |
| Series 2024-N1, Class B, 5.63%, <br> 5/10/2030 (a)<br>| 14857 | 14990 |
| Series 2024-P2, Class B, 5.38%, 8/12/2030 | 8186 | 8490 |
| Series 2024-P3, Class A4, 4.31%, 9/10/2030 | 1000 | 1011 |
| Series 2024-N3, Class B, 4.67%, <br> 12/10/2030 (a)<br>| 13500 | 13576 |
| Series 2024-P4, Class A4, 4.74%, 12/10/2030 | 5000 | 5094 |
| CFMT LLC |  |  |
| Series 2024-HB13, Class A, 3.00%, <br> 5/25/2034 ‡ (a) (b)<br>| 2368 | 2346 |
| Series 2022-HB9, Class A, 3.25%, <br> 9/25/2037 ‡ (a) (b)<br>| 2573 | 2543 |
| Cherry Securitization Trust Series 2024-1A, <br> Class A, 5.70%, 4/15/2032 (a)<br>| 12115 | 12198 |
| CIFC Funding Ltd. (Cayman Islands) Series <br> 2022-2A, Class A1R, 4.64%, 4/19/2035 (a) <br> (b)<br>| 23000 | 22929 |
| Clarus Capital Funding LLC Series 2024-1A, <br> Class A2, 4.71%, 8/20/2032 (a)<br>| 4285 | 4299 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 205

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Columbia Cent CLO Ltd. (Cayman Islands) Series <br> 2021-31A, Class A1R, 4.77%, 4/20/2034 (a) <br> (b)<br>| 29000 | 28987 |
| Consumer Portfolio Services Auto Trust |  |  |
| Series 2025-B, Class B, 4.79%, <br> 11/15/2029 (a)<br>| 7600 | 7650 |
| Series 2025-B, Class C, 5.12%, 7/15/2031 (a) | 3500 | 3548 |
| CoreVest American Finance Trust Series 2020-3, <br> Class A, 1.36%, 8/15/2053 (a)<br>| 167 | 166 |
| CPS Auto Receivables Trust |  |  |
| Series 2022-A, Class D, 2.84%, 4/16/2029 (a) | 1395 | 1391 |
| Series 2023-A, Class D, 6.44%, 4/16/2029 (a) | 2250 | 2285 |
| Series 2022-C, Class D, 6.45%, 4/15/2030 (a) | 4152 | 4191 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-2A, Class A, 5.92%, <br> 5/16/2033 (a)<br>| 664 | 664 |
| Series 2023-1A, Class B, 7.02%, <br> 5/16/2033 (a)<br>| 4845 | 4868 |
| Series 2023-2A, Class B, 6.61%, <br> 7/15/2033 (a)<br>| 6000 | 6032 |
| Series 2023-1A, Class C, 7.71%, <br> 7/15/2033 (a)<br>| 7000 | 7117 |
| Series 2023-3A, Class A, 6.39%, <br> 8/15/2033 (a)<br>| 741 | 743 |
| Series 2023-3A, Class B, 7.09%, <br> 10/17/2033 (a)<br>| 1350 | 1369 |
| Series 2023-3A, Class C, 7.62%, <br> 12/15/2033 (a)<br>| 5952 | 6125 |
| Series 2023-5A, Class B, 6.71%, <br> 2/15/2034 (a)<br>| 4000 | 4072 |
| Series 2024-1A, Class A, 5.68%, <br> 3/15/2034 (a)<br>| 14025 | 14117 |
| Series 2023-5A, Class C, 7.30%, <br> 4/17/2034 (a)<br>| 8892 | 9179 |
| Series 2024-2A, Class A, 5.95%, <br> 6/15/2034 (a)<br>| 7714 | 7830 |
| Series 2024-1A, Class C, 6.71%, <br> 7/17/2034 (a)<br>| 15450 | 15829 |
| Series 2024-2A, Class B, 6.11%, <br> 8/15/2034 (a)<br>| 8000 | 8217 |
| Series 2024-3A, Class A, 4.68%, <br> 9/15/2034 (a)<br>| 9381 | 9434 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (a)<br>| 5000 | 5204 |
| Series 2024-3A, Class B, 4.85%, <br> 11/15/2034 (a)<br>| 9343 | 9405 |
| Series 2024-3A, Class C, 5.39%, <br> 1/16/2035 (a)<br>| 4000 | 4060 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-1A, Class A, 5.02%, <br> 3/15/2035 (a)<br>| 16800 | 17022 |
| Series 2025-1A, Class C, 5.71%, <br> 7/16/2035 (a)<br>| 6615 | 6752 |
| Series 2025-2A, Class A, 4.50%, <br> 11/15/2035 (a)<br>| 24100 | 24336 |
| Crossroads Asset Trust |  |  |
| Series 2024-A, Class A2, 5.90%, <br> 8/20/2030 (a)<br>| 3156 | 3187 |
| Series 2024-A, Class B, 5.94%, 8/20/2030 (a) | 3945 | 4031 |
| Series 2025-A, Class A2, 4.91%, <br> 2/20/2032 (a)<br>| 2700 | 2719 |
| CWABS, Inc. Asset-Backed Certificates Trust Series <br> 2004-6, Class M1, 4.69%, 10/25/2034 (b)<br>| 32 | 32 |
| Dell Equipment Finance Trust Series 2025-1, <br> Class A3, 4.61%, 2/24/2031 (a)<br>| 3250 | 3289 |
| Dext ABS LLC Series 2025-1, Class A3, 4.77%, <br> 8/15/2035 (a)<br>| 13625 | 13775 |
| DLLAA LLC Series 2025-1A, Class A3, 4.95%, <br> 9/20/2029 (a)<br>| 7800 | 7969 |
| Drive Auto Receivables Trust |  |  |
| Series 2024-1, Class B, 5.31%, 1/16/2029 | 2789 | 2798 |
| Series 2024-2, Class B, 4.52%, 7/16/2029 | 20728 | 20806 |
| Series 2024-1, Class C, 5.43%, 11/17/2031 | 7142 | 7236 |
| Series 2024-2, Class C, 4.67%, 5/17/2032 | 10137 | 10223 |
| Series 2025-2, Class C, 4.39%, 9/15/2032 | 5830 | 5862 |
| Series 2025-1, Class C, 4.99%, 9/15/2032 | 7000 | 7114 |
| Series 2025-1, Class D, 5.41%, 9/15/2032 | 3800 | 3869 |
| Dryden CLO Ltd. (Cayman Islands) |  |  |
| Series 2019-72A, Class ARR, 4.75%, <br> 5/15/2032 (a) (b)<br>| 7440 | 7448 |
| Series 2020-86A, Class A1R2, 4.80%, <br> 7/17/2034 (a) (b)<br>| 10000 | 10014 |
| Series 2020-86A, Class BR2, 5.27%, <br> 7/17/2034 (a) (b)<br>| 4070 | 4076 |
| Series 2019-68A, Class ARR, 4.77%, <br> 7/15/2035 (a) (b)<br>| 2000 | 2002 |
| Dryden Senior Loan Fund (Cayman Islands) Series <br> 2017-49A, Class AR, 4.88%, 7/18/2030 (a) <br> (b)<br>| 27 | 27 |
| DT Auto Owner Trust |  |  |
| Series 2023-1A, Class D, 6.44%, <br> 11/15/2028 (a)<br>| 1993 | 2024 |
| Series 2023-3A, Class C, 6.40%, <br> 5/15/2029 (a)<br>| 6667 | 6727 |
| EFMT Series 2025-CES1, Class A1A, 5.73%, <br> 1/25/2060 (a) (c)<br>| 7915 | 8019 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

206 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Elara Hgv Timeshare Issuer LLC Series 2025-A, <br> Class A, 4.54%, 1/25/2040 (a)<br>| 6812 | 6866 |
| Elara HGV Timeshare Issuer LLC |  |  |
| Series 2021-A, Class A, 1.36%, 8/27/2035 (a) | 262 | 252 |
| Series 2021-A, Class B, 1.74%, 8/27/2035 (a) | 358 | 345 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2023-3A, Class C, 6.21%, 6/15/2028 | 2527 | 2537 |
| Series 2023-5A, Class C, 6.85%, 1/16/2029 | 9000 | 9108 |
| Series 2022-6A, Class D, 8.03%, 4/6/2029 | 6964 | 7141 |
| Series 2024-2A, Class C, 5.74%, 5/15/2029 | 14545 | 14658 |
| Series 2025-1A, Class B, 4.91%, 8/15/2029 | 3164 | 3187 |
| Series 2023-5A, Class D, 7.13%, 2/15/2030 | 3300 | 3404 |
| Series 2025-4A, Class C, 4.57%, 6/16/2031 | 3425 | 3460 |
| Series 2025-3A, Class C, 5.09%, 10/15/2031 | 6250 | 6375 |
| Series 2025-3A, Class D, 5.57%, 10/15/2031 | 5000 | 5136 |
| Series 2025-4A, Class D, 5.23%, 1/15/2032 | 6460 | 6572 |
| Series 2025-5A, Class C, 4.68%, 3/15/2032 | 5730 | 5808 |
| Series 2025-5A, Class D, 5.16%, 3/15/2032 | 975 | 991 |
| Exeter Select Automobile Receivables Trust Series <br> 2025-3, Class B, 4.42%, 3/15/2032<br>| 1365 | 1378 |
| FHF Issuer Trust Series 2024-3A, Class A2, <br> 4.94%, 11/15/2030 (a)<br>| 16533 | 16564 |
| FHF Trust Series 2023-1A, Class A2, 6.57%, <br> 6/15/2028 (a)<br>| 1332 | 1338 |
| FIGRE Trust Series 2025-HE6, Class A, 5.04%, <br> 9/25/2055 (a) (b)<br>| 8232 | 8285 |
| First Investors Auto Owner Trust Series 2023-1A, <br> Class B, 6.55%, 12/17/2029 (a)<br>| 5685 | 5791 |
| FirstKey Homes Trust |  |  |
| Series 2021-SFR1, Class B, 1.79%, <br> 8/17/2038 (a)<br>| 5165 | 5098 |
| Series 2021-SFR1, Class C, 1.89%, <br> 8/17/2038 (a)<br>| 4000 | 3948 |
| Series 2021-SFR1, Class D, 2.19%, <br> 8/17/2038 (a)<br>| 13000 | 12844 |
| Series 2021-SFR3, Class A, 2.14%, <br> 12/17/2038 (a)<br>| 15006 | 14741 |
| Series 2022-SFR1, Class B, 4.49%, <br> 5/19/2039 (a)<br>| 5000 | 4988 |
| Series 2022-SFR1, Class C, 4.64%, <br> 5/19/2039 (a)<br>| 7000 | 6992 |
| Series 2022-SFR2, Class B, 4.50%, <br> 7/17/2039 (a)<br>| 8337 | 8320 |
| Flagship Credit Auto Trust Series 2021-3, Class C, <br> 1.46%, 9/15/2027 (a)<br>| 192 | 192 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Foundation Finance Trust |  |  |
| Series 2021-1A, Class A, 1.27%, <br> 5/15/2041 (a)<br>| 4776 | 4569 |
| Series 2025-1A, Class A, 4.95%, <br> 4/15/2050 (a)<br>| 9427 | 9581 |
| Series 2025-2A, Class A, 4.67%, <br> 4/15/2052 (a)<br>| 2270 | 2294 |
| Series 2025-3A, Class A, 4.56%, <br> 8/15/2052 (a)<br>| 11053 | 11134 |
| FRTKL |  |  |
| Series 2021-SFR1, Class A, 1.57%, <br> 9/17/2038 (a)<br>| 4050 | 3984 |
| Series 2021-SFR1, Class B, 1.72%, <br> 9/17/2038 (a)<br>| 4960 | 4875 |
| Series 2021-SFR1, Class C, 1.92%, <br> 9/17/2038 (a)<br>| 5000 | 4914 |
| Galaxy CLO Ltd. (Cayman Islands) Series <br> 2022-30A, Class XR, 4.77%, 1/15/2038 (a) <br> (b)<br>| 1250 | 1250 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2025-2A, Class B, 4.97%, <br> 10/15/2029 (a)<br>| 5000 | 5067 |
| Series 2024-1A, Class C, 5.64%, <br> 12/17/2029 (a)<br>| 4925 | 4981 |
| Series 2025-4A, Class B, 4.53%, <br> 4/15/2030 (a)<br>| 9855 | 9948 |
| Series 2025-2A, Class C, 5.11%, <br> 1/15/2031 (a)<br>| 11500 | 11732 |
| Series 2025-2A, Class D, 5.59%, <br> 1/15/2031 (a)<br>| 6250 | 6432 |
| GLS Auto Select Receivables Trust |  |  |
| Series 2023-2A, Class A2, 6.37%, <br> 6/15/2028 (a)<br>| 513 | 515 |
| Series 2023-1A, Class A3, 5.96%, <br> 10/16/2028 (a)<br>| 2363 | 2380 |
| Series 2023-1A, Class B, 6.09%, <br> 3/15/2029 (a)<br>| 3400 | 3471 |
| Series 2024-3A, Class A2, 5.59%, <br> 10/15/2029 (a)<br>| 2950 | 2981 |
| Series 2024-4A, Class A2, 4.43%, <br> 12/17/2029 (a)<br>| 4818 | 4836 |
| Series 2024-1A, Class A2, 5.24%, <br> 3/15/2030 (a)<br>| 3274 | 3294 |
| Series 2024-1A, Class B, 5.32%, <br> 3/15/2030 (a)<br>| 2000 | 2032 |
| Series 2024-1A, Class C, 5.69%, <br> 3/15/2030 (a)<br>| 973 | 1002 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 207

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| GoldenTree Loan Management US CLO Ltd. <br> (Cayman Islands) Series 2020-8A, Class ARR, <br> 4.82%, 10/20/2034 (a) (b)<br>| 1900 | 1902 |
| Goldman Home Improvement Trust Issuer Trust <br> Series 2021-GRN2, Class A, 1.15%, <br> 6/25/2051 (a)<br>| 2217 | 2180 |
| GoodLeap Home Improvement Solutions Trust <br> Series 2025-3A, Class A, 5.00%, <br> 10/20/2049 (a)<br>| 16923 | 17059 |
| Granite Park Equipment Leasing LLC Series <br> 2023-1A, Class A3, 6.46%, 9/20/2032 (a)<br>| 1535 | 1536 |
| GreatAmerica Leasing Receivables Funding LLC |  |  |
| Series 2025-1, Class A2, 4.52%, <br> 10/15/2027 (a)<br>| 3072 | 3082 |
| Series 2025-1, Class A3, 4.49%, <br> 4/16/2029 (a)<br>| 6616 | 6695 |
| Series 2025-1, Class A4, 4.58%, <br> 1/15/2032 (a)<br>| 5138 | 5246 |
| GreenSky Home Improvement Issuer Trust |  |  |
| Series 2024-2, Class A4, 5.15%, <br> 10/27/2059 (a)<br>| 413 | 421 |
| Series 2025-1A, Class A2, 5.12%, <br> 3/25/2060 (a)<br>| 1695 | 1702 |
| Series 2025-3A, Class A2, 4.59%, <br> 12/27/2060 (a)<br>| 14805 | 14974 |
| GreenSky Home Improvement Trust Series <br> 2024-1, Class A2, 5.88%, 6/25/2059 (a)<br>| 1101 | 1104 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2025-CES1, Class A1A, 5.57%, <br> 5/25/2055 (a) (c)<br>| 4268 | 4311 |
| Series 2026-CES1, Class A1, 4.90%, <br> 5/25/2056 (a) (c)<br>| 3060 | 3076 |
| Series 2025-SL1, Class A1, 5.85%, <br> 11/25/2067 (a) (b)<br>| 18977 | 19224 |
| Harley-Davidson Motorcycle Trust |  |  |
| Series 2024-A, Class A3, 5.37%, 3/15/2029 | 11685 | 11816 |
| Series 2024-B, Class A3, 4.31%, 7/16/2029 | 8867 | 8894 |
| Hertz Vehicle Financing LLC |  |  |
| Series 2023-3A, Class A, 5.94%, <br> 2/25/2028 (a)<br>| 10600 | 10747 |
| Series 2023-2A, Class A, 5.57%, <br> 9/25/2029 (a)<br>| 7000 | 7224 |
| Series 2025-3A, Class A, 5.06%, <br> 12/26/2029 (a)<br>| 12750 | 13034 |
| Series 2025-3A, Class B, 5.59%, <br> 12/26/2029 (a)<br>| 3000 | 3055 |
| Series 2025-3A, Class C, 6.13%, <br> 12/26/2029 (a)<br>| 8680 | 8895 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Hertz Vehicle Financing LP Series 2021-2A, <br> Class B, 2.12%, 12/27/2027 (a)<br>| 3650 | 3597 |
| Hilton Grand Vacations Trust |  |  |
| Series 2023-1A, Class A, 5.72%, <br> 1/25/2038 (a)<br>| 1152 | 1181 |
| Series 2024-2A, Class A, 5.50%, <br> 3/25/2038 (a)<br>| 957 | 981 |
| Series 2020-AA, Class A, 2.74%, <br> 2/25/2039 (a)<br>| 105 | 103 |
| Series 2024-3A, Class A, 4.98%, <br> 8/27/2040 (a)<br>| 6741 | 6843 |
| Series 2025-1A, Class A, 4.88%, <br> 5/27/2042 (a)<br>| 2480 | 2526 |
| Series 2025-2A, Class A, 4.54%, <br> 5/25/2044 (a)<br>| 8563 | 8633 |
| Series 2025-3EXT, Class A, 4.56%, <br> 10/25/2044 (a)<br>| 23954 | 24150 |
| Series 2025-3EXT, Class B, 4.90%, <br> 10/25/2044 (a)<br>| 5797 | 5854 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class A, 1.90%, <br> 12/17/2026 (a)<br>| 975 | 957 |
| Series 2021-2, Class B, 2.30%, <br> 12/17/2026 (a)<br>| 18230 | 17898 |
| Series 2022-1, Class D, 4.73%, 4/17/2039 (a) | 16215 | 16095 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| Series 2024-1, Class B2, 5.06%, <br> 5/20/2032 (a) (b)<br>| 7546 | 7568 |
| Series 2024-2, Class B1, 5.44%, <br> 10/20/2032 (a)<br>| 2913 | 2946 |
| Series 2025-2, Class B1, 4.84%, <br> 9/20/2033 (a)<br>| 11160 | 11248 |
| Hyundai Auto Lease Securitization Trust |  |  |
| Series 2025-A, Class A3, 4.83%, <br> 1/18/2028 (a)<br>| 4817 | 4858 |
| Series 2024-A, Class A4, 5.07%, <br> 2/15/2028 (a)<br>| 5000 | 5015 |
| Series 2025-B, Class A3, 4.53%, <br> 4/17/2028 (a)<br>| 12000 | 12105 |
| Identity Digital Capital LLC 6.79%, 3/20/2065 ‡ | 15000 | 15241 |
| Jamestown CLO Ltd. (Cayman Islands) |  |  |
| Series 2021-17A, Class AR, 4.87%, <br> 1/25/2035 (a) (b)<br>| 21500 | 21519 |
| Series 2021-17A, Class B1R, 5.36%, <br> 1/25/2035 (a) (b)<br>| 3000 | 3005 |
| John Deere Owner Trust Series 2024-C, Class A4, <br> 4.15%, 8/15/2031<br>| 6830 | 6890 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

208 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| KKR Static CLO Ltd. (Cayman Islands) Series <br> 2022-1A, Class AR2, 4.65%, 7/20/2031 (a) <br> (b)<br>| 8031 | 8030 |
| LCM Ltd. (Cayman Islands) Series 36A, Class A1R, <br> 4.74%, 1/15/2034 (a) (b)<br>| 24873 | 24866 |
| Lendbuzz Securitization Trust Series 2023-2A, <br> Class A2, 7.09%, 10/16/2028 (a)<br>| 900 | 911 |
| Lending Funding Trust Series 2020-2A, Class A, <br> 2.32%, 4/21/2031 (a)<br>| 9996 | 9894 |
| Lendmark Funding Trust |  |  |
| Series 2021-1A, Class A, 1.90%, <br> 11/20/2031 (a)<br>| 24260 | 23773 |
| Series 2021-2A, Class A, 2.00%, <br> 4/20/2032 (a)<br>| 11888 | 11515 |
| Series 2024-2A, Class A, 4.47%, <br> 2/21/2034 (a)<br>| 8625 | 8660 |
| Series 2025-2A, Class A, 4.78%, <br> 10/20/2034 (a)<br>| 12101 | 12250 |
| Series 2025-3A, Class A, 4.51%, <br> 5/21/2035 (a)<br>| 13985 | 14088 |
| Series 2025-3A, Class C, 5.04%, <br> 5/21/2035 (a)<br>| 2000 | 2021 |
| M&T Bank RV Trust Series 2026-1A, Class A, <br> 4.35%, 1/15/2046 (a)<br>| 20352 | 20532 |
| M&T Equipment Notes Series 2023-1A, Class A3, <br> 5.74%, 7/15/2030 (a)<br>| 4455 | 4478 |
| Madison Park Funding Ltd. (Cayman Islands) Series <br> 13A, Class AR2, 4.59%, 11/21/2030 (a) (b)<br>| 10353 | 10366 |
| Magnetite Ltd. (Cayman Islands) Series 2019-23A, <br> Class AR2, 4.64%, 1/25/2035 (a) (b)<br>| 30500 | 30467 |
| Marble Point CLO Ltd. (Cayman Islands) Series <br> 2019-1A, Class A1R2, 4.71%, 7/23/2032 (a) <br> (b)<br>| 7809 | 7808 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, <br> 3/20/2036 (a)<br>| 15923 | 15730 |
| Series 2024-AA, Class A, 5.13%, <br> 9/22/2036 (a)<br>| 13441 | 13625 |
| Series 2021-BA, Class A, 2.10%, <br> 11/20/2036 (a)<br>| 3400 | 3320 |
| Series 2025-AA, Class B, 5.33%, <br> 5/20/2038 (a)<br>| 1500 | 1528 |
| Series 2025-AA, Class C, 5.69%, <br> 5/20/2038 (a)<br>| 2720 | 2775 |
| Merchants Fleet Funding LLC |  |  |
| Series 2023-1A, Class A, 7.21%, <br> 5/20/2036 (a)<br>| 3632 | 3644 |
| Series 2024-1A, Class A, 5.82%, <br> 4/20/2037 (a)<br>| 15290 | 15376 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-1A, Class A, 4.49%, <br> 1/20/2039 (a)<br>| 16375 | 16510 |
| Mercury Financial Credit Card Master Trust |  |  |
| Series 2024-2A, Class A, 6.56%, <br> 7/20/2029 (a)<br>| 12886 | 12923 |
| Series 2026-1A, Class A, 5.34%, <br> 2/20/2032 (a)<br>| 30190 | 30315 |
| MVW LLC |  |  |
| Series 2020-1A, Class A, 1.74%, <br> 10/20/2037 (a)<br>| 501 | 496 |
| Series 2024-2A, Class A, 4.43%, <br> 3/20/2042 (a)<br>| 5728 | 5773 |
| Series 2025-2A, Class A, 4.48%, <br> 10/20/2044 (a)<br>| 16977 | 17097 |
| Neuberger Berman Loan Advisers CLO Ltd. <br> (Cayman Islands)<br>|  |  |
| Series 2021-41A, Class AR, 4.72%, <br> 4/15/2034 (a) (b)<br>| 15000 | 14998 |
| Series 2021-42A, Class AR, 4.62%, <br> 7/16/2036 (a) (b)<br>| 17250 | 17255 |
| Series 2021-45A, Class AR, 4.73%, <br> 10/14/2036 (a) (b)<br>| 3025 | 3028 |
| Series 2020-38A, Class AR2, 4.63%, <br> 10/20/2036 (a) (b)<br>| 14000 | 13996 |
| New Economy Assets-Phase 1 Sponsor LLC Series <br> 2021-1, Class A1, 1.91%, 10/20/2061 (a)<br>| 1816 | 1540 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2022-SFR2, Class B, 3.75%, <br> 9/4/2039 (a)<br>| 5000 | 4936 |
| Series 2022-SFR2, Class C, 3.75%, <br> 9/4/2039 (a)<br>| 11000 | 10842 |
| NMABS Issuer LLC Series 2025-1A, Class A, <br> 5.14%, 11/22/2055 (a)<br>| 23331 | 23377 |
| NMEF Funding LLC Series 2023-A, Class A2, <br> 6.57%, 6/17/2030 (a)<br>| 1351 | 1357 |
| NRZ Excess Spread-Collateralized Notes Series <br> 2021-GNT1, Class A, 3.47%, 11/25/2026 (a)<br>| 1928 | 1901 |
| OCP CLO Ltd. (Cayman Islands) Series 2017-13A, <br> Class AR2, 5.01%, 11/26/2037 (a) (b)<br>| 2300 | 2307 |
| Octane Receivables Trust |  |  |
| Series 2023-1A, Class B, 5.96%, <br> 7/20/2029 (a)<br>| 4267 | 4280 |
| Series 2022-2A, Class D, 7.70%, <br> 2/20/2030 (a)<br>| 9000 | 9216 |
| Series 2024-1A, Class A2, 5.68%, <br> 5/20/2030 (a)<br>| 4915 | 4948 |
| Series 2025-1A, Class A2, 4.25%, <br> 2/20/2031 (a)<br>| 8600 | 8611 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 209

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2024-2A, Class B, 5.77%, <br> 7/20/2032 (a)<br>| 2000 | 2033 |
| Series 2024-2A, Class C, 5.90%, <br> 7/20/2032 (a)<br>| 2500 | 2560 |
| OnDeck Asset Securitization Trust LLC Series <br> 2023-1A, Class A, 7.00%, 8/19/2030 (a)<br>| 5850 | 5896 |
| Oportun Funding Trust Series 2024-3, Class A, <br> 5.26%, 8/15/2029 (a)<br>| 99 | 99 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class B, 1.96%, 5/8/2031 (a) | 957 | 942 |
| Series 2021-C, Class A, 2.18%, 10/8/2031 (a) | 5334 | 5251 |
| Series 2025-B, Class A, 4.88%, 5/9/2033 (a) | 5000 | 5029 |
| Series 2025-C, Class B, 4.93%, 7/8/2033 (a) | 10500 | 10526 |
| Series 2025-C, Class C, 5.18%, 7/8/2033 (a) | 4250 | 4257 |
| Series 2026-A, Class B, 5.06%, 1/9/2034 (a) | 11320 | 11386 |
| Palmer Square Loan Funding Ltd. (Cayman Islands) |  |  |
| Series 2023-2A, Class A1R, 4.72%, <br> 1/25/2032 (a) (b)<br>| 7068 | 7067 |
| Series 2025-1A, Class A1, 4.45%, <br> 2/15/2033 (a) (b)<br>| 17367 | 17327 |
| PEAC Solutions Receivables LLC |  |  |
| Series 2024-2A, Class A2, 4.74%, <br> 4/20/2027 (a)<br>| 3469 | 3476 |
| Series 2024-1A, Class A2, 5.79%, <br> 6/21/2027 (a)<br>| 5354 | 5392 |
| Series 2026-1A, Class A2, 4.27%, <br> 10/20/2028 (a)<br>| 5575 | 5594 |
| Series 2025-1A, Class A2, 4.94%, <br> 10/20/2028 (a)<br>| 15648 | 15741 |
| Series 2024-2A, Class A3, 4.65%, <br> 10/20/2031 (a)<br>| 3500 | 3519 |
| Series 2025-1A, Class A3, 5.04%, <br> 7/20/2032 (a)<br>| 5000 | 5107 |
| Post Road Equipment Finance LLC |  |  |
| Series 2024-1A, Class A2, 5.59%, <br> 11/15/2029 (a)<br>| 3293 | 3304 |
| Series 2025-1A, Class A2, 4.90%, <br> 5/15/2031 (a)<br>| 6657 | 6715 |
| PowerPay Issuance Trust |  |  |
| Series 2024-1A, Class A, 6.53%, <br> 2/18/2039 (a)<br>| 1659 | 1718 |
| Series 2025-1A, Class A, 5.23%, <br> 11/18/2041 (a)<br>| 1848 | 1866 |
| Progress Residential |  |  |
| Series 2021-SFR3, Class B, 1.89%, <br> 5/17/2026 (a)<br>| 16067 | 15974 |
| Series 2021-SFR3, Class E1, 2.54%, <br> 5/17/2026 (a)<br>| 1800 | 1790 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Progress Residential Trust |  |  |
| Series 2024-SFR5, Class A, 3.00%, <br> 8/9/2029 (a)<br>| 15567 | 14914 |
| Series 2021-SFR6, Class A, 1.52%, <br> 7/17/2038 (a)<br>| 7214 | 7147 |
| Series 2021-SFR6, Class B, 1.75%, <br> 7/17/2038 (a)<br>| 17500 | 17329 |
| Series 2021-SFR8, Class B, 1.68%, <br> 10/17/2038 (a)<br>| 9000 | 8859 |
| Series 2021-SFR8, Class E1, 2.38%, <br> 10/17/2038 (a)<br>| 4650 | 4585 |
| Series 2022-SFR6, Class B, 5.00%, <br> 7/20/2039 (a)<br>| 4000 | 4009 |
| Series 2021-SFR9, Class B, 2.26%, <br> 11/17/2040 (a)<br>| 5000 | 4750 |
| Series 2021-SFR10, Class B, 2.72%, <br> 12/17/2040 (a)<br>| 4148 | 3978 |
| Series 2024-SFR2, Class C, 3.40%, <br> 4/17/2041 (a) (b)<br>| 14000 | 13519 |
| Series 2024-SFR3, Class C, 3.50%, <br> 6/17/2041 (a)<br>| 8500 | 8172 |
| Series 2024-SFR4, Class A, 3.10%, <br> 7/17/2041 (a)<br>| 30605 | 29561 |
| Series 2025-SFR2, Class A, 3.31%, <br> 4/17/2042 (a)<br>| 5674 | 5464 |
| Series 2025-SFR3, Class A, 3.39%, <br> 7/17/2042 (a)<br>| 19000 | 18311 |
| Series 2025-SFR5, Class A, 3.85%, <br> 10/17/2042 (a)<br>| 8975 | 8799 |
| Series 2025-SFR6, Class A, 4.00%, <br> 12/17/2042 (a)<br>| 7150 | 7067 |
| Series 2025-SFR6, Class C, 4.00%, <br> 12/17/2042 (a)<br>| 8338 | 8042 |
| Series 2026-SFR1, Class A, 3.85%, <br> 2/17/2043 (a)<br>| 11484 | 11203 |
| Purchasing Power Funding LLC Series 2026-A, <br> Class A, 4.37%, 8/15/2030 (a)<br>| 15360 | 15384 |
| Purewest ABS Issuer LLC Series 2025-1, Class A1, <br> 5.69%, 4/5/2040 (a)<br>| 17642 | 17928 |
| RCKT Mortgage Trust |  |  |
| Series 2024-CES7, Class A1A, 5.16%, <br> 10/25/2044 (a) (c)<br>| 7469 | 7500 |
| Series 2026-CES2, Class A1A, 4.76%, <br> 2/1/2056 (a) (c)<br>| 27517 | 27542 |
| Reach ABS Trust |  |  |
| Series 2025-1A, Class A, 4.96%, <br> 8/16/2032 (a)<br>| 2172 | 2178 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

210 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2026-1A, Class B, 4.37%, <br> 2/15/2033 (a)<br>| 8657 | 8673 |
| Regional Management Issuance Trust Series <br> 2021-2, Class A, 1.90%, 8/15/2033 (a)<br>| 8103 | 7889 |
| Republic Finance Issuance Trust Series 2024-B, <br> Class A, 5.42%, 11/20/2037 (a)<br>| 14486 | 14796 |
| RKTL Series 2026-1A, Class B, 4.33%, <br> 2/26/2035 (a)<br>| 10970 | 10976 |
| Santander Bank Auto Credit-Linked Notes |  |  |
| Series 2024-A, Class A2, 5.61%, <br> 6/15/2032 (a)<br>| 1568 | 1598 |
| Series 2024-A, Class B, 5.62%, 6/15/2032 (a) | 2372 | 2405 |
| Series 2024-A, Class C, 5.82%, 6/15/2032 (a) | 5781 | 5857 |
| Series 2024-A, Class D, 6.11%, 6/15/2032 (a) | 1779 | 1801 |
| Series 2023-B, Class D, 6.66%, <br> 12/15/2033 (a)<br>| 1310 | 1332 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2023-4, Class B, 5.77%, 12/15/2028 | 7291 | 7344 |
| Series 2023-6, Class B, 5.98%, 4/16/2029 | 2500 | 2531 |
| Series 2022-3, Class C, 4.49%, 8/15/2029 | 7839 | 7848 |
| Series 2024-4, Class B, 4.93%, 9/17/2029 | 817 | 824 |
| Series 2022-4, Class C, 5.00%, 11/15/2029 | 15587 | 15664 |
| Series 2023-3, Class C, 5.77%, 11/15/2030 | 4000 | 4070 |
| Series 2022-5, Class D, 5.67%, 12/16/2030 | 16625 | 16769 |
| Series 2024-5, Class C, 4.78%, 1/15/2031 | 2249 | 2272 |
| Series 2022-6, Class D, 5.69%, 2/18/2031 | 10600 | 10721 |
| Series 2023-5, Class C, 6.43%, 2/18/2031 | 6750 | 6985 |
| Series 2025-1, Class B, 4.88%, 3/17/2031 | 3900 | 3930 |
| Series 2025-1, Class C, 5.04%, 3/17/2031 | 4600 | 4676 |
| Series 2025-1, Class D, 5.43%, 3/17/2031 | 7234 | 7405 |
| Series 2025-2, Class B, 4.87%, 5/15/2031 | 8840 | 8952 |
| Series 2025-2, Class D, 5.47%, 5/15/2031 | 3800 | 3899 |
| Series 2024-2, Class D, 6.28%, 8/15/2031 | 4700 | 4880 |
| Series 2023-4, Class C, 6.04%, 12/15/2031 | 14925 | 15343 |
| Series 2025-4, Class C, 4.52%, 1/15/2032 | 5000 | 5063 |
| Series 2026-1, Class C, 4.26%, 4/15/2032 | 4250 | 4265 |
| SBNA Auto Lease Trust |  |  |
| Series 2024-B, Class A3, 5.56%, <br> 11/22/2027 (a)<br>| 1052 | 1057 |
| Series 2024-B, Class A4, 5.55%, <br> 12/20/2028 (a)<br>| 9000 | 9097 |
| Series 2024-A, Class A4, 5.24%, <br> 1/22/2029 (a)<br>| 4000 | 4010 |
| SBNA Auto Receivables Trust Series 2024-A, <br> Class D, 6.04%, 4/15/2030 (a)<br>| 2000 | 2052 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| SCF Equipment Leasing LLC |  |  |
| Series 2025-1A, Class A2, 4.82%, <br> 7/22/2030 (a)<br>| 3576 | 3587 |
| Series 2024-1A, Class A3, 5.52%, <br> 1/20/2032 (a)<br>| 7073 | 7220 |
| Series 2023-1A, Class A3, 6.17%, <br> 5/20/2032 (a)<br>| 1404 | 1414 |
| Series 2025-2A, Class A3, 4.33%, <br> 6/20/2036 (a)<br>| 5400 | 5462 |
| Series 2025-2A, Class B, 4.51%, <br> 6/20/2036 (a)<br>| 10990 | 11173 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2022-3A, Class B, 6.32%, <br> 7/20/2039 (a)<br>| 548 | 558 |
| Series 2022-2A, Class B, 5.04%, <br> 6/20/2040 (a)<br>| 277 | 278 |
| Series 2022-2A, Class C, 6.36%, <br> 6/20/2040 (a)<br>| 277 | 279 |
| Series 2024-2A, Class A, 5.14%, <br> 6/20/2041 (a)<br>| 4755 | 4847 |
| Series 2025-1A, Class A, 4.81%, <br> 1/21/2042 (a)<br>| 3080 | 3114 |
| Series 2025-3A, Class A, 4.44%, <br> 8/22/2044 (a)<br>| 5060 | 5093 |
| Southwick Park CLO LLC (Cayman Islands) Series <br> 2019-4A, Class A1RR, 4.67%, 7/20/2032 (a) <br> (b)<br>| 3725 | 3725 |
| Stellantis Financial Underwritten Enhanced Lease <br> Trust Series 2025-CA, Class A3, 4.11%, <br> 4/20/2029 (a)<br>| 22500 | 22657 |
| Stonepeak ABS Series 2021-1A, 2.30%, <br> 2/28/2033 ‡ (a)<br>| 2906 | 2841 |
| Stream Innovations Issuer Trust |  |  |
| Series 2024-2A, Class A, 5.21%, <br> 2/15/2045 (a)<br>| 3336 | 3398 |
| Series 2025-1A, Class A, 5.05%, <br> 9/15/2045 (a)<br>| 11152 | 11342 |
| Series 2025-1A, Class B, 5.48%, <br> 9/15/2045 (a)<br>| 1609 | 1639 |
| Symphony CLO Ltd. (Cayman Islands) |  |  |
| Series 2018-19A, Class A, 4.89%, <br> 4/16/2031 (a) (b)<br>| 439 | 439 |
| Series 2015-16A, Class ARR, 4.87%, <br> 10/15/2031 (a) (b)<br>| 3965 | 3965 |
| Series 2018-20A, Class AR2, 4.77%, <br> 1/16/2032 (a) (b)<br>| 7772 | 7780 |
| Series 2020-23A, Class AR2, 4.57%, <br> 1/15/2034 (a) (b)<br>| 12467 | 12466 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 211

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2021-25A, Class AR, 4.72%, <br> 4/19/2034 (a) (b)<br>| 1800 | 1800 |
| TCI-Flatiron CLO Ltd. (Cayman Islands) Series <br> 2018-1A, Class AR2, 4.62%, 7/29/2035 (a) <br> (b)<br>| 9533 | 9531 |
| TCI-Symphony CLO Ltd. (Cayman Islands) Series <br> 2016-1A, Class AR2, 4.93%, 10/13/2032 (a) <br> (b)<br>| 1171 | 1172 |
| Tesla Auto Lease Trust |  |  |
| Series 2024-A, Class A3, 5.30%, <br> 6/21/2027 (a)<br>| 5689 | 5705 |
| Series 2024-B, Class A3, 4.82%, <br> 10/20/2027 (a)<br>| 7616 | 7639 |
| Tesla Lease Electric Vehicle Securitization LLC |  |  |
| Series 2025-A, Class A2, 4.14%, <br> 6/20/2028 (a)<br>| 4538 | 4546 |
| Series 2025-A, Class A3, 4.27%, <br> 11/20/2028 (a)<br>| 10140 | 10205 |
| Series 2025-A, Class A4, 4.37%, <br> 5/21/2029 (a)<br>| 2800 | 2825 |
| Towd Point Mortgage Trust |  |  |
| Series 2026-FIX1, Class A1, 4.98%, <br> 12/25/2065 (a) (c)<br>| 9708 | 9771 |
| Series 2026-CES1, Class A1, 4.96%, <br> 1/25/2066 (a) (c)<br>| 7048 | 7086 |
| Series 2026-CES2, Class A1A, 4.72%, <br> 2/25/2066 (a) (c)<br>| 24167 | 24162 |
| Tricon Residential Trust |  |  |
| Series 2021-SFR1, Class A, 1.94%, <br> 7/17/2038 (a)<br>| 1791 | 1774 |
| Series 2021-SFR1, Class B, 2.24%, <br> 7/17/2038 (a)<br>| 4100 | 4061 |
| Series 2024-SFR2, Class A, 4.75%, <br> 6/17/2040 (a)<br>| 11359 | 11410 |
| UPG HI Issuer Trust Series 2025-2, Class A, <br> 5.00%, 9/25/2047 (a)<br>| 9967 | 10040 |
| Upstart Securitization Trust |  |  |
| Series 2025-1, Class A, 5.45%, 4/20/2035 (a) | 9651 | 9732 |
| Series 2025-3, Class A2, 4.60%, <br> 9/20/2035 (a)<br>| 10570 | 10588 |
| Series 2025-4, Class A2, 4.56%, <br> 11/20/2035 (a)<br>| 24744 | 24788 |
| US Bank NA Series 2023-1, Class B, 6.79%, <br> 8/25/2032 (a)<br>| 6232 | 6294 |
| Verdant Receivables LLC |  |  |
| Series 2024-1A, Class A2, 5.68%, <br> 12/12/2031 (a)<br>| 3178 | 3238 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-1A, Class A3, 4.96%, <br> 5/12/2033 (a)<br>| 11300 | 11505 |
| Veros Auto Receivables Trust |  |  |
| Series 2024-1, Class A, 6.28%, <br> 11/15/2027 (a)<br>| 255 | 255 |
| Series 2026-1, Class A, 4.53%, 8/15/2028 (a) | 4707 | 4709 |
| Series 2025-1, Class A, 5.31%, 9/15/2028 (a) | 2291 | 2301 |
| Series 2023-1, Class B, 7.17%, <br> 11/15/2028 (a)<br>| 1402 | 1406 |
| Series 2023-1, Class C, 8.32%, <br> 11/15/2028 (a)<br>| 1500 | 1527 |
| VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, <br> 5/25/2051 (a) (c)<br>| 1305 | 1306 |
| VOLT XCV LLC Series 2021-NPL4, Class A1, <br> 6.24%, 3/27/2051 (a) (c)<br>| 721 | 721 |
| Volvo Financial Equipment LLC |  |  |
| Series 2024-1A, Class A3, 4.29%, <br> 10/16/2028 (a)<br>| 11818 | 11877 |
| Series 2025-1A, Class A3, 4.46%, <br> 5/15/2029 (a)<br>| 8108 | 8180 |
| VStrong Auto Receivables Trust Series 2023-A, <br> Class B, 7.11%, 2/15/2030 (a)<br>| 3891 | 3962 |
| Western Funding Auto Loan Trust Series 2025-1, <br> Class A, 4.75%, 7/16/2035 (a)<br>| 8635 | 8739 |
| Westgate Resorts LLC |  |  |
| Series 2024-1A, Class A, 6.06%, <br> 1/20/2038 (a)<br>| 5289 | 5374 |
| Series 2024-1A, Class B, 6.56%, <br> 1/20/2038 (a)<br>| 3820 | 3882 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2023-3A, Class B, 5.92%, <br> 9/15/2028 (a)<br>| 4120 | 4126 |
| Series 2023-3A, Class C, 6.02%, <br> 9/15/2028 (a)<br>| 6400 | 6456 |
| Series 2023-4A, Class C, 6.64%, <br> 11/15/2028 (a)<br>| 5000 | 5083 |
| Series 2023-1A, Class D, 6.79%, <br> 11/15/2028 (a)<br>| 3500 | 3574 |
| Series 2023-2A, Class D, 7.01%, <br> 11/15/2028 (a)<br>| 7072 | 7199 |
| Series 2024-3A, Class C, 4.92%, <br> 11/15/2029 (a)<br>| 6800 | 6864 |
| Series 2025-1A, Class D, 5.54%, <br> 11/15/2030 (a)<br>| 2750 | 2813 |
| Series 2025-3A, Class C, 4.68%, <br> 7/15/2031 (a)<br>| 4800 | 4853 |
| Wheels Fleet Lease Funding LLC Series 2024-1A, <br> Class A1, 5.49%, 2/18/2039 (a)<br>| 7070 | 7149 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

212 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Wingspire Equipment Finance LLC Series 2024-1A, <br> Class A2, 4.99%, 9/20/2032 (a)<br>| 8157 | 8203 |
| World Omni Automobile Lease Securitization Trust <br> Series 2025-A, Class A3, 4.42%, 4/17/2028<br>| 8050 | 8113 |
| Total Asset-Backed Securities <br>(Cost $3,077,473)<br>|  | 3105963 |
| **Corporate Bonds — 21.3%** | **Corporate Bonds — 21.3%** | **Corporate Bonds — 21.3%** |
| **Automobiles — 0.8%** | **Automobiles — 0.8%** | **Automobiles — 0.8%** |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 3.00%, 2/10/2027 (a) | 5806 | 5755 |
| 5.28%, 6/24/2027 (a) | 12355 | 12563 |
| 4.90%, 6/23/2028 (a) | 10000 | 10181 |
| 5.30%, 6/24/2029 (a) | 10000 | 10352 |
| 4.55%, 9/26/2029 (a) | 18395 | 18657 |
| Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| 4.95%, 3/25/2027 (a) | 20000 | 20187 |
| 4.45%, 9/11/2027 (a) | 18545 | 18644 |
|  |  | 96339 |
| **Banks — 13.2%** | **Banks — 13.2%** | **Banks — 13.2%** |
| ABN AMRO Bank NV (Netherlands) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 <br> Year + 1.10%), 2.47%, 12/13/2029 (a) (d)<br>| 3100 | 2965 |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (a) (d) | 14120 | 14945 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (a) (d) | 14630 | 15198 |
| Banco Bilbao Vizcaya Argentaria SA (Spain) <br> 4.15%, 3/3/2029<br>| 15800 | 15804 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (d)<br>| 5000 | 4940 |
| 6.61%, 11/7/2028 | 8200 | 8740 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (3-MONTH CME TERM SOFR + 1.77%), 3.71%, <br> 4/24/2028 (d)<br>| 6558 | 6537 |
| Series FIX, (SOFR + 0.83%), 4.98%, <br> 1/24/2029 (d)<br>| 14935 | 15202 |
| (SOFR + 1.63%), 5.20%, 4/25/2029 (d) | 51100 | 52353 |
| (SOFR + 1.11%), 4.62%, 5/9/2029 (d) | 23220 | 23550 |
| (SOFR + 1.57%), 5.82%, 9/15/2029 (d) | 24600 | 25656 |
| Bank of Ireland Group plc (Ireland) (SOFR + <br> 1.62%), 5.60%, 3/20/2030 (a) (d)<br>| 8870 | 9229 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| 5.27%, 12/11/2026 | 10410 | 10520 |
| Series f2f, (SOFR + 0.88%), 4.57%, <br> 9/10/2027 (d)<br>| 23025 | 23105 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Bank of New Zealand (New Zealand) 4.85%, <br> 2/7/2028 (a)<br>| 15120 | 15417 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 5.35%, 12/7/2026 | 16400 | 16592 |
| (SOFR + 1.00%), 4.40%, 9/8/2028 (d) | 20120 | 20251 |
| Banque Federative du Credit Mutuel SA (France) <br> 5.09%, 1/23/2027 (a)<br>| 11975 | 12100 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 1.49%), 5.67%, 3/12/2028 (d) | 20355 | 20677 |
| (SOFR + 1.34%), 4.84%, 9/10/2028 (d) | 13245 | 13386 |
| (SOFR + 0.93%), 4.22%, 5/24/2030 (d) | 14710 | 14713 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.45%), 4.79%, 5/9/2029 (a) (d) | 30055 | 30436 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.50%), 5.34%, <br> 6/12/2029 (a) (d)<br>| 12000 | 12330 |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (a) (d) | 22355 | 23159 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| 3.50%, 10/23/2027 (a) | 24789 | 24610 |
| (SOFR + 1.96%), 5.72%, 1/18/2030 (a) (d) | 21600 | 22440 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.08%), 6.68%, 9/13/2027 (a) (d) | 18495 | 18758 |
| (SOFR + 2.70%), 6.21%, 1/18/2029 (a) (d) | 41073 | 42636 |
| (SOFR + 1.14%), 4.63%, 7/3/2029 (a) (d) | 10000 | 10120 |
| (SOFRINDX + 1.78%), 5.67%, <br> 3/15/2030 (a) (d)<br>| 21026 | 21926 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| (SOFR + 0.93%), 4.51%, 9/11/2027 (d) | 19135 | 19192 |
| 5.00%, 4/28/2028 | 17230 | 17625 |
| (SOFR + 1.03%), 4.86%, 3/30/2029 (d) | 19485 | 19837 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (SOFR + 1.14%), 4.64%, 5/7/2028 (d) | 37875 | 38139 |
| (SOFR + 0.87%), 4.79%, 3/4/2029 (d) | 15235 | 15464 |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (d) | 27965 | 28815 |
| Cooperatieve Rabobank UA (Netherlands) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.40%), 5.56%, <br> 2/28/2029 (a) (d)<br>| 9495 | 9777 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (a) (d) | 17180 | 17540 |
| (SOFR + 1.86%), 6.32%, 10/3/2029 (a) (d) | 8895 | 9362 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.40%), 5.71%, <br> 3/1/2030 (a) (d)<br>| 22155 | 23122 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 213

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (a) (d)<br>| 6340 | 6423 |
| DNB Bank ASA (Norway) (US Treasury Yield Curve <br> Rate T Note Constant Maturity 1 Year + 0.68%), <br> 1.61%, 3/30/2028 (a) (d)<br>| 20942 | 20434 |
| Federation des Caisses Desjardins du Quebec <br> (Canada) 5.25%, 4/26/2029 (a)<br>| 15410 | 15981 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.57%), 5.89%, 8/14/2027 (d) | 15380 | 15511 |
| (SOFR + 1.06%), 5.60%, 5/17/2028 (d) | 18740 | 19083 |
| (SOFR + 1.04%), 5.13%, 11/19/2028 (d) | 19840 | 20200 |
| (SOFR + 1.03%), 4.90%, 3/3/2029 (d) | 32870 | 33406 |
| (SOFR + 1.97%), 6.16%, 3/9/2029 (d) | 10000 | 10398 |
| (SOFR + 1.46%), 5.55%, 3/4/2030 (d) | 10000 | 10401 |
| ING Groep NV (Netherlands) (SOFR + 1.01%), <br> 4.86%, 3/25/2029 (d)<br>| 22300 | 22688 |
| KBC Group NV (Belgium) | KBC Group NV (Belgium) | KBC Group NV (Belgium) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 5.80%, <br> 1/19/2029 (a) (d)<br>| 5645 | 5829 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.07%), 4.93%, <br> 10/16/2030 (a) (d)<br>| 18155 | 18620 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.48%), 5.99%, <br> 8/7/2027 (d)<br>| 16745 | 16887 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.70%), 5.87%, <br> 3/6/2029 (d)<br>| 13210 | 13692 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.83%), 4.82%, <br> 6/13/2029 (d)<br>| 20220 | 20562 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.60%), 4.24%, <br> 2/10/2030 (d)<br>| 18340 | 18425 |
| Mizuho Financial Group, Inc. (Japan) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 <br> Year + 0.67%), 1.23%, 5/22/2027 (d)<br>| 18070 | 17963 |
| Morgan Stanley Bank NA  | Morgan Stanley Bank NA  | Morgan Stanley Bank NA  |
| (SOFR + 0.68%), 4.45%, 10/15/2027 (d) | 32680 | 32797 |
| (SOFR + 0.93%), 4.97%, 7/14/2028 (d) | 6720 | 6806 |
| Morgan Stanley Private Bank NA (SOFR + 0.78%), <br> 4.20%, 11/17/2028 (d)<br>| 50395 | 50583 |
| National Bank of Canada (Canada) (SOFRINDX + <br> 0.76%), 4.17%, 1/20/2029 (d)<br>| 30000 | 30108 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| 4.80%, 4/5/2026 | 13000 | 13008 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.35%), 5.85%, <br> 3/2/2027 (d)<br>| 16754 | 16754 |
| NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) |
| 4.79%, 3/21/2028 (a) | 15580 | 15843 |
| 5.41%, 5/17/2029 (a) | 15350 | 15985 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
| (SOFR + 0.79%), 5.07%, 7/23/2027 (d) | 21930 | 22026 |
| (SOFRINDX + 0.81%), 4.72%, 3/27/2028 (d) | 28810 | 29067 |
| (SOFRINDX + 0.86%), 4.52%, 10/18/2028 (d) | 23060 | 23293 |
| Santander UK Group Holdings plc (United <br> Kingdom) (SOFRINDX + 1.07%), 4.32%, <br> 9/22/2029 (d)<br>| 13625 | 13672 |
| Skandinaviska Enskilda Banken AB (Sweden) <br> 5.38%, 3/5/2029 (a)<br>| 15980 | 16616 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (a) (d)<br>| 2059 | 2046 |
| (SOFR + 1.42%), 5.25%, 5/22/2029 (a) (d) | 30415 | 31077 |
| (SOFR + 1.10%), 4.45%, 4/12/2030 (a) (d) | 30335 | 30473 |
| Standard Chartered plc (United Kingdom) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 5.69%, <br> 5/14/2028 (a) (d)<br>| 33120 | 33737 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) 4.45%, <br> 9/10/2027 (a)<br>| 23220 | 23462 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 4.86%, 1/31/2028 | 21905 | 22316 |
| 4.57%, 6/2/2028 | 27260 | 27652 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| (SOFR + 1.51%), 3.53%, 3/24/2028 (d) | 14645 | 14569 |
| (SOFR + 1.07%), 5.71%, 4/22/2028 (d) | 23760 | 24195 |
| (SOFR + 1.98%), 4.81%, 7/25/2028 (d) | 14025 | 14179 |
| (SOFR + 1.37%), 4.97%, 4/23/2029 (d) | 22970 | 23418 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (d) | 16450 | 17018 |
| (SOFR + 1.79%), 6.30%, 10/23/2029 (d) | 7920 | 8353 |
| (SOFR + 0.74%), 4.18%, 1/23/2030 (d) | 19640 | 19710 |
| Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) | Westpac New Zealand Ltd. (New Zealand) |
| 5.13%, 2/26/2027 (a) | 10695 | 10831 |
| 4.90%, 2/15/2028 (a) | 8935 | 9123 |
|  |  | 1632388 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

214 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Capital Markets — 3.2%** | **Capital Markets — 3.2%** | **Capital Markets — 3.2%** |
| Bank of New York Mellon Corp. (The) (SOFR + <br> 0.84%), 4.89%, 7/21/2028 (d)<br>| 21905 | 22235 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (d) | 4997 | 4936 |
| (SOFR + 1.59%), 5.71%, 2/8/2028 (d) | 6000 | 6089 |
| 5.41%, 5/10/2029 | 5235 | 5458 |
| (SOFR + 2.51%), 6.82%, 11/20/2029 (d) | 8395 | 8941 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (d) | 19000 | 19620 |
| Goldman Sachs Bank USA (SOFR + 0.75%), <br> 5.41%, 5/21/2027 (d)<br>| 7050 | 7071 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 1.32%), 4.94%, 4/23/2028 (d) | 28985 | 29259 |
| (SOFR + 0.71%), 4.15%, 1/21/2029 (d) | 28670 | 28682 |
| (SOFR + 0.90%), 4.15%, 10/21/2029 (d) | 26855 | 26863 |
| (SOFR + 1.77%), 6.48%, 10/24/2029 (d) | 13300 | 14080 |
| (SOFR + 1.27%), 5.73%, 4/25/2030 (d) | 13460 | 14063 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (d) | 13535 | 13885 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 2.24%), 6.30%, 10/18/2028 (d) | 20930 | 21682 |
| (SOFR + 1.73%), 5.12%, 2/1/2029 (d) | 10610 | 10830 |
| (SOFR + 1.38%), 4.99%, 4/12/2029 (d) | 16465 | 16765 |
| (SOFR + 1.63%), 5.45%, 7/20/2029 (d) | 28690 | 29584 |
| (SOFR + 0.80%), 4.24%, 1/9/2030 (d) | 19310 | 19378 |
| Nomura Holdings, Inc. (Japan) 1.65%, <br> 7/14/2026<br>| 20765 | 20592 |
| UBS Group AG (Switzerland) | UBS Group AG (Switzerland) | UBS Group AG (Switzerland) |
| (SOFR + 3.70%), 6.44%, 8/11/2028 (a) (d) | 5038 | 5206 |
| (SOFR + 0.84%), 4.15%, 12/23/2029 (a) (d) | 26560 | 26574 |
| (SOFR + 0.84%), 4.21%, 4/10/2030 (a) (d) | 31320 | 31376 |
| (USD SOFR ICE Swap Rate 1 Year + 1.34%), <br> 5.62%, 9/13/2030 (a) (d)<br>| 9645 | 10098 |
|  |  | 393267 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Quanta Services, Inc. 4.75%, 8/9/2027 | 12175 | 12307 |
| **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 2.45%, 10/29/2026 | 5000 | 4952 |
| 6.45%, 4/15/2027 | 14854 | 15228 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFRINDX + 0.75%), 5.65%, 4/23/2027 (d) | 20170 | 20215 |
| (SOFR + 0.93%), 5.04%, 7/26/2028 (d) | 13755 | 13970 |
| (SOFR + 1.26%), 4.73%, 4/25/2029 (d) | 23360 | 23747 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 5.75%, 3/1/2029 (a) | 22610 | 23520 |
| 4.70%, 1/30/2031 (a) | 11265 | 11301 |
| Capital One Financial Corp. (SOFR + 2.08%), <br> 5.47%, 2/1/2029 (d)<br>| 10450 | 10714 |
|  |  | 123647 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Amcor Flexibles North America, Inc. 4.80%, <br> 3/17/2028<br>| 15000 | 15277 |
| **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** | **Electric Utilities — 0.2%** |
| Alliant Energy Finance LLC 1.40%, 3/15/2026 (a) | 4640 | 4631 |
| Enel Finance International NV (Italy) 5.13%, <br> 6/26/2029 (a)<br>| 11710 | 12064 |
| Trans-Allegheny Interstate Line Co. 5.00%, <br> 1/15/2031 (a)<br>| 5675 | 5866 |
| Virginia Power Fuel Securitization LLC Series A-1, <br> 5.09%, 5/1/2027<br>| 1965 | 1975 |
| Vistra Operations Co. LLC 4.60%, 10/15/2030 (a) | 4875 | 4906 |
|  |  | 29442 |
| **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** | **Entertainment — 0.0% ^** |
| Take-Two Interactive Software, Inc. 5.40%, <br> 6/12/2029<br>| 1680 | 1741 |
| **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
| CFIN 2022-RTL1 Issuer LLC Class A, 0.00%, <br> 8/17/2027 ‡<br>| 28882 | 28846 |
| Global Payments, Inc.  | Global Payments, Inc.  | Global Payments, Inc.  |
| 4.95%, 8/15/2027 | 12305 | 12406 |
| 4.50%, 11/15/2028 | 33605 | 33682 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (SOFR + 1.91%), 6.56%, 10/18/2027 (a) (d) | 17115 | 17386 |
| (SOFR + 1.29%), 2.97%, 2/16/2028 (a) (d) | 5000 | 4951 |
| (SOFR + 1.06%), 4.65%, 7/14/2029 (a) (d) | 14420 | 14590 |
| 5.13%, 7/29/2029 (a) | 22135 | 22873 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 12465 | 12466 |
|  |  | 147200 |
| **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** | **Health Care Providers & Services — 0.0% ^** |
| HCA, Inc. 5.00%, 3/1/2028 | 4235 | 4323 |
| **Insurance — 0.5%** | **Insurance — 0.5%** | **Insurance — 0.5%** |
| CNO Global Funding 5.88%, 6/4/2027 (a) | 25335 | 25829 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 215

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| F&G Global Funding  | F&G Global Funding  | F&G Global Funding  |
| 1.75%, 6/30/2026 (a) | 11240 | 11145 |
| 5.88%, 6/10/2027 (a) | 20970 | 21296 |
|  |  | 58270 |
| **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** | **Multi-Utilities — 0.2%** |
| DTE Energy Co. 5.10%, 3/1/2029 | 20225 | 20809 |
| **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** | **Oil, Gas & Consumable Fuels — 0.3%** |
| Enbridge, Inc. (Canada) 4.20%, 11/20/2028 | 33340 | 33545 |
| **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** | **Semiconductors & Semiconductor Equipment — 0.1%** |
| Foundry JV Holdco LLC 5.90%, 1/25/2030 (a) | 11720 | 12368 |
| **Software — 0.3%** | **Software — 0.3%** | **Software — 0.3%** |
| Oracle Corp. 4.55%, 2/4/2029 | 43490 | 43572 |
| **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** | **Wireless Telecommunication Services — 0.1%** |
| T-Mobile USA, Inc. 3.38%, 4/15/2029 | 17770 | 17448 |
| Total Corporate Bonds <br>(Cost $2,601,885)<br>|  | 2641943 |
| **Collateralized Mortgage Obligations — 18.0%** | **Collateralized Mortgage Obligations — 18.0%** | **Collateralized Mortgage Obligations — 18.0%** |
| Alternative Loan Trust Series 2003-J3, Class 2A1, <br> 6.25%, 12/25/2033<br>| 5 | 6 |
| Angel Oak Mortgage Trust Series 2020-5, <br> Class A1, 1.37%, 5/25/2065 (a) (b)<br>| 503 | 487 |
| Bear Stearns ARM Trust Series 2003-7, Class 3A, <br> 6.83%, 10/25/2033 (b)<br>| 8 | 8 |
| Brean Asset-Backed Securities Trust |  |  |
| Series 2025-RM10, Class A1, 5.00%, <br> 1/25/2065 ‡ (a)<br>| 3080 | 3095 |
| Series 2025-RM13, Class A1, 4.25%, <br> 10/25/2065 ‡ (a)<br>| 11025 | 10828 |
| Series 2026-RM14, Class A1, 4.25%, <br> 1/25/2066 ‡ (a)<br>| 6222 | 6073 |
| CAFL Issuer LP |  |  |
| Series 2025-RRTL1, Class A1, 5.68%, <br> 5/28/2040 (a) (c)<br>| 19500 | 19710 |
| Series 2025-RRTL2, Class A1, 5.18%, <br> 11/28/2040 (a) (c)<br>| 14210 | 14303 |
| Cascade Funding Mortgage Trust Series <br> 2025-HB16, Class A, 3.00%, 3/25/2035 ‡ (a) <br> (b)<br>| 2574 | 2534 |
| Center Street Lending Resi-Investor ABS Mortgage <br> Trust Series 2026-RTL1, Class A1, 5.38%, <br> 12/25/2030 ‡ (a) (c)<br>| 4800 | 4820 |
| CFMT LLC Series 2024-HB15, Class A, 4.00%, <br> 8/25/2034 ‡ (a) (b)<br>| 5907 | 5892 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Citigroup Mortgage Loan Trust Series 2004-UST1, <br> Class A6, 6.22%, 8/25/2034 (b)<br>| 70 | 67 |
| Connecticut Avenue Securities Trust |  |  |
| Series 2022-R02, Class 2M2, 6.67%, <br> 1/25/2042 (a) (b)<br>| 1738 | 1765 |
| Series 2025-R05, Class 2A1, 4.67%, <br> 7/25/2045 (a) (b)<br>| 3958 | 3962 |
| Series 2025-R06, Class 1A1, 4.57%, <br> 9/25/2045 (a) (b)<br>| 6413 | 6415 |
| CRIBS Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.81%, 5/25/2040 (a) (c)<br>| 2500 | 2528 |
| CSFB Mortgage-Backed Pass-Through Certificates <br> Series 2004-8, Class 6A1, 4.50%, <br> 12/25/2019<br>| 67 | 41 |
| CSMC Mortgage-Backed Trust Series 2007-5, Class <br> 5A5, 5.50%, 4/1/2037 (b)<br>| 173 |  |
| FHLMC - GNMA Series 56, Class Z, 7.50%, <br> 9/20/2026<br>|  |  |
| FHLMC STACR REMIC Trust |  |  |
| Series 2025-DNA3, Class A1, 4.62%, <br> 9/25/2045 (a) (b)<br>| 3961 | 3969 |
| Series 2025-DNA4, Class A1, 4.57%, <br> 10/25/2045 (a) (b)<br>| 10570 | 10579 |
| FHLMC Structured Pass-Through Securities <br> Certificates Series T-20, Class A6, 7.99%, <br> 9/25/2029 (c)<br>|  |  |
| FHLMC, Reference REMIC |  |  |
| Series R003, Class ZA, 5.50%, 10/15/2035 | 16864 | 17554 |
| Series R005, Class ZA, 5.50%, 2/15/2036 | 1556 | 1621 |
| FHLMC, REMIC |  |  |
| Series 3887, Class GM, 4.00%, 7/15/2026 (c) | 2 | 2 |
| Series 3909, Class HG, 4.00%, 8/15/2026 (c) | 5 | 5 |
| Series 3936, Class AB, 3.00%, 10/15/2026 | 28 | 28 |
| Series 3946, Class BU, 3.00%, 10/15/2026 | 1 | 1 |
| Series 3996, Class BA, 1.50%, 2/15/2027 | 3 | 3 |
| Series 4015, Class GL, 2.25%, 3/15/2027 | 6 | 6 |
| Series 4020, Class N, 3.00%, 3/15/2027 | 6 | 6 |
| Series 4029, Class LY, 3.00%, 4/15/2027 | 286 | 284 |
| Series 4039, Class AB, 1.50%, 5/15/2027 | 18 | 18 |
| Series 4039, Class PB, 1.50%, 5/15/2027 | 73 | 72 |
| Series 4043, Class PB, 1.50%, 5/15/2027 | 53 | 53 |
| Series 4097, Class HJ, 1.50%, 8/15/2027 | 86 | 85 |
| Series 4089, Class AI, IO, 3.00%, 8/15/2027 | 339 | 5 |
| Series 4103, Class HA, 2.50%, 9/15/2027 | 31 | 31 |
| Series 4361, Class CA, 2.50%, 9/15/2027 | 50 | 50 |
| Series 4131, Class BC, 1.25%, 11/15/2027 | 23 | 23 |
| Series 4129, Class AP, 1.50%, 11/15/2027 | 124 | 122 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

216 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 4141, Class BI, IO, 2.50%, 12/15/2027 | 540 | 9 |
| Series 4304, Class DW, 2.50%, 12/15/2027 | 288 | 286 |
| Series 4207, Class JD, 1.50%, 5/15/2028 | 23 | 22 |
| Series 4217, Class UD, 1.75%, 6/15/2028 | 51 | 50 |
| Series 3523, Class MX, 4.50%, 4/15/2029 | 25 | 25 |
| Series 4338, Class GE, 2.50%, 5/15/2029 | 1 | 1 |
| Series 2995, Class FT, 4.02%, 5/15/2029 (b) | 32 | 32 |
| Series 3721, Class DG, 2.75%, 9/15/2030 | 51 | 50 |
| Series 3775, Class DB, 4.00%, 12/15/2030 | 131 | 131 |
| Series 3779, Class LB, 4.00%, 12/15/2030 | 147 | 147 |
| Series 2303, Class FY, 4.07%, 4/15/2031 (b) | 52 | 52 |
| Series 2326, Class ZQ, 6.50%, 6/15/2031 | 31 | 32 |
| Series 2500, Class FD, 4.27%, 3/15/2032 (b) | 66 | 66 |
| Series 4094, Class BF, 4.17%, 8/15/2032 (b) | 152 | 152 |
| Series 2492, Class GH, 6.00%, 8/15/2032 | 105 | 109 |
| Series 4120, Class KA, 1.75%, 10/15/2032 | 210 | 202 |
| Series 4142, Class PG, 2.00%, 12/15/2032 | 17 | 17 |
| Series 4156, Class PE, 2.00%, 1/15/2033 | 1180 | 1129 |
| Series 4162, Class ZJ, 3.00%, 2/15/2033 | 12692 | 12371 |
| Series 2711, Class FC, 4.67%, 2/15/2033 (b) | 450 | 454 |
| Series 2602, Class FH, 4.08%, 4/15/2033 (b) | 78 | 77 |
| Series 4206, Class DZ, 3.00%, 5/15/2033 | 547 | 527 |
| Series 4423, Class VN, 3.00%, 5/15/2033 | 200 | 200 |
| Series 2617, Class Z, 5.50%, 5/15/2033 | 1856 | 1925 |
| Series 4283, Class ZL, 3.00%, 8/15/2033 | 18426 | 18088 |
| Series 2662, Class MT, 4.50%, 8/15/2033 | 30 | 30 |
| Series 4250, Class BZ, 3.00%, 9/15/2033 | 11954 | 11678 |
| Series 4620, IO, 5.00%, 9/15/2033 | 166 | 20 |
| Series 4255, Class LZ, 3.00%, 10/15/2033 | 6096 | 5935 |
| Series 2686, Class KZ, 4.50%, 10/15/2033 | 350 | 348 |
| Series 2693, Class Z, 5.50%, 10/15/2033 | 76 | 79 |
| Series 3005, Class PV, IF, 6.80%, <br> 10/15/2033 (b)<br>|  |  |
| Series 2727, Class PM, 4.50%, 1/15/2034 | 422 | 427 |
| Series 2736, Class PE, 5.00%, 1/15/2034 | 1726 | 1779 |
| Series 4301, Class UL, 3.50%, 2/15/2034 | 5407 | 5332 |
| Series 2806, Class FA, 4.77%, 2/15/2034 (b) | 136 | 138 |
| Series 4342, Class CY, 3.00%, 5/15/2034 | 3268 | 3158 |
| Series 2989, Class MU, IF, IO, 3.23%, <br> 7/15/2034 (b)<br>| 440 | 33 |
| Series 3204, Class ZM, 5.00%, 8/15/2034 | 285 | 292 |
| Series 3863, Class ZA, 5.50%, 8/15/2034 | 7714 | 8021 |
| Series 4401, Class BL, 3.50%, 10/15/2034 | 6247 | 6170 |
| Series 5369, Class V, 6.00%, 10/25/2034 | 6777 | 6935 |
| Series 2963, Class ZG, 5.00%, 11/15/2034 | 263 | 270 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2898, Class PG, 5.00%, 12/15/2034 | 404 | 414 |
| Series 3003, Class LD, 5.00%, 12/15/2034 | 61 | 62 |
| Series 2901, Class S, IF, 6.28%, <br> 12/15/2034 (b)<br>| 225 | 236 |
| Series 4265, Class FD, 4.17%, 1/15/2035 (b) | 143 | 143 |
| Series 2933, Class EM, 5.50%, 1/15/2035 | 21 | 21 |
| Series 5401, Class VD, 6.00%, 1/25/2035 | 14716 | 15139 |
| Series 2929, Class PG, 5.00%, 2/15/2035 | 45 | 46 |
| Series 2941, Class Z, 4.50%, 3/15/2035 | 977 | 969 |
| Series 2953, Class PG, 5.50%, 3/15/2035 | 164 | 171 |
| Series 5417, Class V, 5.50%, 4/25/2035 | 2142 | 2181 |
| Series 4492, Class BW, 3.50%, 7/15/2035 | 2314 | 2275 |
| Series 3002, Class BN, 5.00%, 7/15/2035 | 124 | 126 |
| Series 5440, Class MV, 5.00%, 7/25/2035 | 979 | 996 |
| Series 3013, Class HZ, 5.00%, 8/15/2035 | 406 | 417 |
| Series 5487, Class DV, 5.50%, 10/25/2035 | 10045 | 10410 |
| Series 5493, Class KV, 5.50%, 11/25/2035 | 11560 | 11876 |
| Series 5509, Class DV, 5.75%, 11/25/2035 | 14811 | 15417 |
| Series 5504, Class DV, 5.50%, 12/25/2035 | 11098 | 11544 |
| Series 3101, Class UZ, 6.00%, 1/15/2036 | 103 | 110 |
| Series 5541, Class VJ, 5.00%, 4/25/2036 | 4708 | 4819 |
| Series 3174, Class LF, 4.12%, 5/15/2036 (b) | 56 | 56 |
| Series 5549, Class CV, 5.00%, 5/25/2036 | 5211 | 5290 |
| Series 5565, Class AV, 5.00%, 7/25/2036 | 5423 | 5580 |
| Series 5576, Class AV, 5.50%, 7/25/2036 | 26077 | 26972 |
| Series 3662, Class ZB, 5.50%, 8/15/2036 | 89 | 93 |
| Series 5593, Class VA, 5.50%, 9/25/2036 | 7955 | 8250 |
| Series 5605, Class AV, 5.50%, 10/25/2036 | 15987 | 16621 |
| Series 4646, Class JV, 3.50%, 11/15/2036 | 4026 | 4007 |
| Series 3688, Class NB, 4.50%, 11/15/2036 | 364 | 369 |
| Series 3855, Class AM, 6.50%, 11/15/2036 | 553 | 569 |
| Series 5615, Class AV, 5.50%, 11/25/2036 | 16098 | 16753 |
| Series 3704, Class CZ, 4.00%, 12/15/2036 | 921 | 897 |
| Series 3249, Class CL, 4.25%, 12/15/2036 | 365 | 365 |
| Series 3258, Class PM, 5.50%, 12/15/2036 | 151 | 156 |
| Series 5280, Class T, 5.50%, 1/25/2037 | 14188 | 14752 |
| Series 5515, Class BV, 5.50%, 1/25/2037 | 10630 | 10918 |
| Series 3305, Class IW, IF, IO, 2.68%, <br> 4/15/2037 (b)<br>| 166 | 9 |
| Series 3318, Class HF, 4.03%, 5/15/2037 (b) | 81 | 80 |
| Series 3326, Class FG, 4.12%, 6/15/2037 (b) | 328 | 326 |
| Series 3724, Class CM, 5.50%, 6/15/2037 | 194 | 202 |
| Series 3351, Class ZC, 5.50%, 7/15/2037 | 744 | 775 |
| Series 3420, Class EI, IO, 1.12%, <br> 8/15/2037 (c)<br>| 1493 | 75 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 217

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 3429, Class S, IF, IO, 3.05%, <br> 3/15/2038 (b)<br>| 301 | 28 |
| Series 3447, Class DB, 5.00%, 5/15/2038 | 835 | 860 |
| Series 3459, Class MB, 5.00%, 6/15/2038 | 55 | 56 |
| Series 3575, Class ZA, 5.00%, 6/15/2038 | 2183 | 2244 |
| Series 3546, Class A, 6.07%, 2/15/2039 (b) | 253 | 257 |
| Series 3540, Class A, 5.00%, 5/15/2039 | 79 | 79 |
| Series 4346, Class A, 3.50%, 7/15/2039 | 17 | 17 |
| Series 3569, Class NY, 5.00%, 8/15/2039 | 402 | 414 |
| Series 3572, Class JS, IF, IO, 3.03%, <br> 9/15/2039 (b)<br>| 112 | 6 |
| Series 3585, Class KW, 4.50%, 10/15/2039 | 861 | 879 |
| Series 3609, Class SA, IF, IO, 2.57%, <br> 12/15/2039 (b)<br>| 776 | 56 |
| Series 3632, Class PK, 5.00%, 2/15/2040 | 120 | 123 |
| Series 3636, Class MZ, 5.00%, 2/15/2040 | 2112 | 2174 |
| Series 3656, Class PM, 5.00%, 4/15/2040 | 1476 | 1520 |
| Series 3786, Class NA, 4.50%, 7/15/2040 | 32 | 33 |
| Series 3726, Class PA, 3.00%, 8/15/2040 | 4 | 4 |
| Series 3706, Class P, 4.00%, 8/15/2040 | 1794 | 1790 |
| Series 3719, Class PJ, 4.50%, 9/15/2040 | 7991 | 8114 |
| Series 4655, Class DJ, 3.00%, 10/15/2040 | 1383 | 1338 |
| Series 4318, Class KZ, 4.00%, 12/15/2040 | 1801 | 1781 |
| Series 3769, Class ZC, 4.50%, 12/15/2040 | 769 | 780 |
| Series 3822, Class ZG, 4.00%, 2/15/2041 | 4561 | 4542 |
| Series 4080, Class DA, 2.00%, 3/15/2041 | 105 | 103 |
| Series 3862, Class GA, 4.00%, 4/15/2041 | 108 | 108 |
| Series 3844, Class FA, 4.22%, 4/15/2041 (b) | 151 | 150 |
| Series 4074, Class PA, 3.00%, 5/15/2041 | 52 | 51 |
| Series 3859, Class JB, 5.00%, 5/15/2041 | 188 | 193 |
| Series 4150, Class JE, 2.00%, 6/15/2041 | 373 | 362 |
| Series 3884, Class BL, 4.50%, 6/15/2041 | 3715 | 3764 |
| Series 3939, Class BZ, 4.50%, 6/15/2041 | 1592 | 1602 |
| Series 3871, Class KB, 5.50%, 6/15/2041 | 8368 | 8744 |
| Series 3881, Class AT, 5.85%, 6/15/2041 | 13970 | 14784 |
| Series 4150, Class FN, 4.07%, 7/15/2041 (b) | 176 | 175 |
| Series 4152, Class LE, 1.75%, 8/15/2041 | 1486 | 1418 |
| Series 3904, Class HC, 4.00%, 8/15/2041 | 380 | 374 |
| Series 3906, Class B, 4.00%, 8/15/2041 | 2084 | 2073 |
| Series 4150, Class FY, 4.07%, 8/15/2041 (b) | 185 | 184 |
| Series 3952, Class BQ, 2.00%, 10/15/2041 | 1662 | 1547 |
| Series 3947, Class BH, 2.50%, 10/15/2041 | 2298 | 2124 |
| Series 3934, Class KB, 5.00%, 10/15/2041 | 385 | 403 |
| Series 3960, Class PL, 4.00%, 11/15/2041 | 2468 | 2479 |
| Series 3966, Class VZ, 4.00%, 12/15/2041 | 515 | 510 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 4550, Class NA, 3.00%, 1/15/2042 | 100 | 100 |
| Series 4122, Class PA, 1.50%, 2/15/2042 | 107 | 103 |
| Series 4144, Class KD, 1.75%, 3/15/2042 | 313 | 294 |
| Series 4215, Class NA, 3.00%, 4/15/2042 | 57 | 56 |
| Series 5296, Class CA, 5.50%, 5/25/2042 | 7426 | 7576 |
| Series 4088, Class BP, 3.00%, 8/15/2042 | 3133 | 2918 |
| Series 4143, Class AE, 2.00%, 9/15/2042 | 824 | 794 |
| Series 4112, Class PB, 4.00%, 9/15/2042 | 500 | 492 |
| Series 4158, Class TC, 1.75%, 12/15/2042 | 144 | 138 |
| Series 4247, Class AK, 4.50%, 12/15/2042 | 79 | 79 |
| Series 4158, Class LD, 2.00%, 1/15/2043 | 339 | 309 |
| Series 4199, Class YZ, 3.50%, 5/15/2043 | 2884 | 2784 |
| Series 4302, Class MA, 3.00%, 7/15/2043 | 327 | 324 |
| Series 4314, Class LP, 3.50%, 7/15/2043 | 5 | 5 |
| Series 5115, Class FD, 3.91%, 8/15/2043 (b) | 4740 | 4697 |
| Series 4480, Class LA, 3.50%, 9/15/2043 | 6 | 6 |
| Series 4330, Class PE, 3.00%, 11/15/2043 | 88 | 87 |
| Series 4286, Class MP, 4.00%, 12/15/2043 | 264 | 261 |
| Series 4316, Class DZ, 3.00%, 3/15/2044 | 2816 | 2666 |
| Series 4338, Class A, 2.50%, 5/15/2044 | 198 | 192 |
| Series 4505, Class P, 3.50%, 5/15/2044 | 591 | 580 |
| Series 4571, Class EB, 3.50%, 5/15/2044 | 1361 | 1342 |
| Series 4483, Class CA, 3.00%, 6/15/2044 | 25938 | 25283 |
| Series 4360, Class PZ, 3.00%, 7/15/2044 | 958 | 882 |
| Series 4417, Class PZ, 3.00%, 12/15/2044 | 2853 | 2641 |
| Series 4545, Class PG, 3.00%, 12/15/2044 | 173 | 171 |
| Series 4745, Class EC, 3.00%, 12/15/2044 | 608 | 604 |
| Series 4425, Class TA, 2.00%, 1/15/2045 | 256 | 226 |
| Series 4461, Class LZ, 3.00%, 3/15/2045 | 3345 | 3060 |
| Series 4457, Class KZ, 3.00%, 4/15/2045 | 6631 | 6045 |
| Series 4478, Class PC, 2.00%, 5/15/2045 | 754 | 679 |
| Series 4631, Class PA, 3.00%, 5/15/2045 | 1452 | 1389 |
| Series 4664, Class PH, 3.50%, 5/15/2045 | 513 | 508 |
| Series 4698, Class DA, 4.50%, 5/15/2045 | 1051 | 1045 |
| Series 5427, Class DA, 5.50%, 5/25/2045 | 20360 | 20507 |
| Series 5334, Class GA, 6.00%, 7/25/2045 | 21349 | 21739 |
| Series 5353, Class A, 6.50%, 8/25/2045 | 3335 | 3412 |
| Series 4759, Class MA, 3.00%, 9/15/2045 | 27 | 26 |
| Series 5421, Class EA, 5.50%, 3/25/2046 | 10368 | 10541 |
| Series 4591, Class QE, 2.75%, 4/15/2046 | 162 | 149 |
| Series 4574, Class YH, 3.00%, 4/15/2046 | 229 | 211 |
| Series 4774, Class LP, 3.50%, 9/15/2046 | 1741 | 1714 |
| Series 4714, Class PA, 3.00%, 11/15/2046 | 1257 | 1207 |
| Series 4657, Class VZ, 3.00%, 2/15/2047 | 7802 | 7110 |
| Series 4830, Class AP, 4.00%, 2/15/2047 | 652 | 653 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

218 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 4675, Class EZ, 3.50%, 4/15/2047 | 1770 | 1647 |
| Series 4682, Class LC, 2.50%, 5/15/2047 | 416 | 366 |
| Series 4682, Class AP, 3.00%, 5/15/2047 | 545 | 496 |
| Series 4703, Class KZ, 3.50%, 7/15/2047 | 4797 | 4569 |
| Series 5275, Class KA, 5.50%, 9/25/2047 | 6082 | 6132 |
| Series 4740, Class JA, 3.00%, 10/15/2047 | 1500 | 1370 |
| Series 5271, Class AC, 5.00%, 10/25/2047 | 2209 | 2216 |
| Series 4749, Class ZL, 3.50%, 12/15/2047 | 13372 | 12442 |
| Series 5585, Class KA, 4.50%, 7/25/2048 | 14540 | 14541 |
| Series 5585, Class NB, 4.50%, 7/25/2048 | 21972 | 21937 |
| Series 4936, Class AP, 2.50%, 9/25/2048 | 170 | 161 |
| Series 4941, Class NP, 2.50%, 5/25/2049 | 643 | 575 |
| Series 5585, Class LA, 4.50%, 6/25/2049 | 16202 | 16176 |
| Series 5418, Class DA, 6.00%, 6/25/2049 | 4508 | 4586 |
| Series 4922, Class GE, 2.50%, 7/25/2049 | 578 | 529 |
| Series 5444, Class BC, 5.50%, 7/25/2049 | 6131 | 6158 |
| Series 5501, Class EA, 6.00%, 7/25/2049 | 13341 | 13485 |
| Series 4952, Class PA, 2.50%, 2/25/2050 | 1016 | 905 |
| Series 5558, Class BA, 5.50%, 7/25/2050 | 17675 | 17863 |
| Series 5564, Class DA, 5.00%, 8/25/2050 | 8311 | 8352 |
| Series 5574, Class CA, 5.50%, 8/25/2050 | 5131 | 5196 |
| Series 5507, Class LA, 5.50%, 1/25/2051 | 12494 | 12587 |
| Series 5568, Class DA, 5.00%, 3/25/2051 | 6850 | 6883 |
| Series 5433, Class B, 5.50%, 4/25/2051 | 7334 | 7402 |
| Series 5505, Class DA, 5.50%, 4/25/2051 | 12870 | 13043 |
| Series 5502, Class DC, 5.50%, 5/25/2051 | 10914 | 11009 |
| Series 5505, Class CA, 5.50%, 6/25/2051 | 6437 | 6525 |
| Series 5584, Class LA, 5.50%, 6/25/2051 | 3966 | 4016 |
| Series 5505, Class JA, 5.00%, 7/25/2051 | 11332 | 11354 |
| Series 5504, Class DA, 5.50%, 7/25/2051 | 10410 | 10580 |
| Series 5481, Class HA, 5.50%, 11/25/2051 | 7208 | 7273 |
| Series 5550, Class DC, 5.50%, 12/25/2051 | 10192 | 10352 |
| Series 5397, Class CA, 5.00%, 2/25/2052 | 8024 | 8036 |
| Series 5537, Class KE, 5.00%, 7/25/2052 | 11970 | 11988 |
| Series 5535, Class GA, 5.00%, 8/25/2052 | 14589 | 14672 |
| Series 5578, Class BA, 5.00%, 8/25/2052 | 21582 | 21576 |
| Series 5407, Class PA, 5.50%, 2/25/2053 | 6281 | 6340 |
| Series 5536, Class PA, 5.00%, 5/25/2054 | 4538 | 4578 |
| FHLMC, STRIPS |  |  |
| Series 302, Class 350, 3.50%, 2/15/2028 | 32 | 32 |
| Series 218, PO, 2/1/2032 | 41 | 37 |
| Series 290, Class 200, 2.00%, 11/15/2032 | 205 | 196 |
| Series 277, Class 30, 3.00%, 9/15/2042 | 1997 | 1838 |
| Series 359, Class 350, 3.50%, 10/15/2047 | 1137 | 1082 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| FNMA, REMIC |  |  |
| Series 2011-48, Class CN, 4.00%, <br> 6/25/2026 (c)<br>| 1 | 1 |
| Series 2011-61, Class B, 3.00%, 7/25/2026 | 1 | 1 |
| Series 2012-26, Class CA, 2.50%, 3/25/2027 | 42 | 42 |
| Series 2012-46, Class KI, IO, 3.50%, <br> 5/25/2027<br>| 403 | 4 |
| Series 2012-102, Class IB, IO, 3.50%, <br> 9/25/2027<br>| 354 | 5 |
| Series 2012-127, Class AC, 1.50%, <br> 11/25/2027<br>| 63 | 62 |
| Series 2012-124, Class HG, 2.00%, <br> 11/25/2027<br>| 23 | 23 |
| Series 2013-5, Class DA, 1.50%, 2/25/2028 | 37 | 37 |
| Series 2013-13, Class KD, 1.50%, 3/25/2028 | 47 | 46 |
| Series 2013-137, Class BA, 1.50%, 1/25/2029 | 88 | 86 |
| Series 2009-15, Class AC, 5.50%, 3/25/2029 | 176 | 177 |
| Series 2009-58, Class B, 4.50%, 8/25/2029 | 278 | 279 |
| Series 2010-14, Class AC, 4.00%, 3/25/2030 | 64 | 63 |
| Series 2010-92, Class B, 4.50%, 8/25/2030 | 1383 | 1392 |
| Series 2016-8, Class CA, 2.00%, 3/25/2031 | 5235 | 5091 |
| Series 2011-45, Class ZA, 4.00%, 5/25/2031 | 5165 | 5167 |
| Series 2001-38, Class EA, PO, 8/25/2031 | 2 | 2 |
| Series 2015-89, Class KE, 2.00%, 11/25/2031 | 30 | 29 |
| Series 2001-81, Class HE, 6.50%, 1/25/2032 | 889 | 934 |
| Series 2002-34, Class FA, 4.27%, <br> 5/18/2032 (b)<br>| 18 | 18 |
| Series 2012-112, Class AY, 3.00%, <br> 10/25/2032<br>| 13425 | 13027 |
| Series 2013-109, Class BA, 3.00%, <br> 10/25/2032<br>| 205 | 203 |
| Series 2002-64, Class PG, 5.50%, 10/25/2032 | 693 | 715 |
| Series 2004-61, Class FH, 4.58%, <br> 11/25/2032 (b)<br>| 347 | 349 |
| Series 2002-77, Class TF, 4.77%, <br> 12/18/2032 (b)<br>| 68 | 69 |
| Series 2012-134, Class JY, 3.00%, <br> 12/25/2032<br>| 14229 | 13825 |
| Series 2002-77, Class QG, 5.50%, <br> 12/25/2032<br>| 163 | 168 |
| Series 2002-84, Class DZ, 5.50%, 12/25/2032 | 82 | 85 |
| Series 2002-94, Class BZ, 5.50%, 1/25/2033 | 479 | 496 |
| Series 2013-18, Class TG, 2.00%, 2/25/2033 | 116 | 113 |
| Series 2003-7, Class FB, 4.53%, <br> 2/25/2033 (b)<br>| 101 | 102 |
| Series 2013-31, Class NL, 4.00%, 4/25/2033 | 216 | 217 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 219

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2003-42, Class CI, IO, 6.50%, <br> 5/25/2033<br>| 77 | 7 |
| Series 2003-63, Class A7, 5.50%, 6/25/2033 | 867 | 898 |
| Series 2003-49, IO, 6.50%, 6/25/2033 | 109 | 13 |
| Series 2013-69, Class L, 3.00%, 7/25/2033 | 8590 | 8386 |
| Series 2003-58, Class GL, 3.50%, 7/25/2033 | 56 | 55 |
| Series 2013-133, Class WA, 3.00%, <br> 8/25/2033<br>| 899 | 886 |
| Series 2013-91, Class DZ, 3.00%, 9/25/2033 | 20716 | 20077 |
| Series 2013-97, Class EL, 3.00%, 9/25/2033 | 11961 | 11676 |
| Series 2003-84, Class PZ, 5.00%, 9/25/2033 | 29 | 30 |
| Series 2013-100, Class WB, 3.00%, <br> 10/25/2033<br>| 3923 | 3824 |
| Series 2003-107, Class ZD, 6.00%, <br> 11/25/2033<br>| 702 | 734 |
| Series 2013-126, Class JZ, 3.50%, <br> 12/25/2033<br>| 12805 | 12660 |
| Series 2013-129, Class CZ, 2.50%, 1/25/2034 | 7721 | 7420 |
| Series 2003-129, Class ZT, 5.50%, 1/25/2034 | 3782 | 3953 |
| Series 2004-38, Class AO, PO, 5/25/2034 | 1155 | 1020 |
| Series 2014-23, Class CZ, 3.50%, 5/25/2034 | 6053 | 5973 |
| Series 2023-25, Class LV, 5.50%, 5/25/2034 | 5759 | 5960 |
| Series 2004-72, Class F, 4.28%, <br> 9/25/2034 (b)<br>| 30 | 30 |
| Series 2004-91, Class BR, 5.50%, 12/25/2034 | 34 | 35 |
| Series 2004-90, Class ZU, 6.00%, 12/25/2034 | 570 | 602 |
| Series 2005-5, Class PA, 5.00%, 1/25/2035 | 90 | 89 |
| Series 2004-101, Class AR, 5.50%, 1/25/2035 | 3 | 3 |
| Series 2024-8, Class V, 5.50%, 2/25/2035 | 25524 | 26099 |
| Series 2005-27, Class HZ, 5.00%, 4/25/2035 | 942 | 966 |
| Series 2005-31, Class PB, 5.50%, 4/25/2035 | 267 | 278 |
| Series 2015-31, Class UY, 3.00%, 5/25/2035 | 3177 | 3079 |
| Series 2005-38, Class FK, 4.08%, <br> 5/25/2035 (b)<br>| 183 | 182 |
| Series 2015-41, Class CA, 3.00%, 6/25/2035 | 298 | 289 |
| Series 2005-66, Class PF, 4.03%, <br> 7/25/2035 (b)<br>| 41 | 41 |
| Series 2005-55, Class PN, 5.50%, 7/25/2035 | 1076 | 1121 |
| Series 2005-64, Class PL, 5.50%, 7/25/2035 | 20 | 21 |
| Series 2005-103, Class BT, IF, 6.50%, <br> 7/25/2035 (b)<br>| 142 | 143 |
| Series 2010-39, Class FT, 4.73%, <br> 10/25/2035 (b)<br>| 335 | 338 |
| Series 2005-88, Class ZC, 5.00%, 10/25/2035 | 1123 | 1156 |
| Series 2007-109, Class VZ, 5.00%, <br> 10/25/2035<br>| 826 | 847 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2005-84, Class MB, 5.75%, <br> 10/25/2035<br>| 217 | 224 |
| Series 2015-87, Class TB, 4.00%, 11/25/2035 | 2228 | 2233 |
| Series 2005-101, Class B, 5.00%, 11/25/2035 | 497 | 512 |
| Series 2005-99, Class AF, 4.13%, <br> 12/25/2035 (b)<br>| 59 | 59 |
| Series 2014-88, Class ER, 2.50%, 2/25/2036 | 27 | 26 |
| Series 2025-18, Class HV, 5.50%, 2/25/2036 | 13970 | 14306 |
| Series 2006-16, Class FC, 4.08%, <br> 3/25/2036 (b)<br>| 33 | 32 |
| Series 2006-14, Class DB, 5.50%, 3/25/2036 | 192 | 200 |
| Series 2006-3, Class ZA, 5.50%, 3/25/2036 | 4925 | 5125 |
| Series 2006-27, Class BF, 4.08%, <br> 4/25/2036 (b)<br>| 51 | 51 |
| Series 2025-31, Class MV, 5.50%, 4/25/2036 | 11310 | 11628 |
| Series 2025-31, Class NV, 5.50%, 4/25/2036 | 4719 | 4870 |
| Series 2025-29, Class KV, 5.00%, 5/25/2036 | 8105 | 8252 |
| Series 2006-46, Class FW, 4.18%, <br> 6/25/2036 (b)<br>| 140 | 139 |
| Series 2006-42, Class PF, 4.19%, <br> 6/25/2036 (b)<br>| 97 | 96 |
| Series 2006-50, Class PE, 5.00%, 6/25/2036 | 187 | 192 |
| Series 2009-71, Class JT, 6.00%, 6/25/2036 | 113 | 119 |
| Series 2006-58, Class ST, IF, IO, 3.37%, <br> 7/25/2036 (b)<br>| 355 | 38 |
| Series 2006-101, Class FC, 4.08%, <br> 7/25/2036 (b)<br>| 38 | 38 |
| Series 2006-101, Class FD, 4.08%, <br> 7/25/2036 (b)<br>| 24 | 24 |
| Series 2006-56, Class DC, 4.43%, <br> 7/25/2036 (b)<br>| 120 | 118 |
| Series 2025-62, Class CV, 5.50%, 7/25/2036 | 7815 | 8111 |
| Series 2025-62, Class VB, 5.50%, 7/25/2036 | 7958 | 8254 |
| Series 2025-62, Class HV, 5.00%, 8/25/2036 | 6686 | 6790 |
| Series 2025-65, Class V, 5.00%, 8/25/2036 | 13414 | 13728 |
| Series 2025-66, Class LV, 5.00%, 8/25/2036 | 10553 | 10730 |
| Series 2025-75, Class AV, 5.50%, 8/25/2036 | 11787 | 12167 |
| Series 2007-1, Class NF, 4.03%, <br> 2/25/2037 (b)<br>| 85 | 85 |
| Series 2007-22, Class SC, IF, IO, 2.30%, <br> 3/25/2037 (b)<br>| 5 |  |
| Series 2007-16, Class FC, 4.53%, <br> 3/25/2037 (b)<br>| 10 | 10 |
| Series 2007-33, Class MS, IF, IO, 2.81%, <br> 4/25/2037 (b)<br>| 622 | 64 |
| Series 2007-B2, Class ZA, 5.50%, 6/25/2037 | 1072 | 1115 |
| Series 2007-61, Class PE, 5.50%, 7/25/2037 | 1658 | 1742 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

220 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2008-5, Class PE, 5.00%, 8/25/2037 | 52 | 54 |
| Series 2007-85, Class SH, IF, IO, 2.72%, <br> 9/25/2037 (b)<br>| 476 | 21 |
| Series 2007-117, Class FM, 4.48%, <br> 1/25/2038 (b)<br>| 91 | 91 |
| Series 2007-117, Class MF, 4.48%, <br> 1/25/2038 (b)<br>| 170 | 171 |
| Series 2008-18, Class SE, IF, IO, 2.49%, <br> 3/25/2038 (b)<br>| 68 | 6 |
| Series 2008-25, Class DZ, 5.75%, 4/25/2038 | 357 | 363 |
| Series 2022-8, Class D, 2.00%, 8/25/2038 | 7256 | 6936 |
| Series 2008-83, Class CA, 6.00%, 9/25/2038 | 293 | 314 |
| Series 2009-29, Class LA, 1.06%, <br> 5/25/2039 (b)<br>| 625 | 577 |
| Series 2013-25, Class DC, 2.50%, 6/25/2039 | 215 | 209 |
| Series 2009-59, Class HB, 5.00%, 8/25/2039 | 735 | 753 |
| Series 2009-70, Class FA, 4.98%, <br> 9/25/2039 (b)<br>| 53 | 55 |
| Series 2009-73, Class HJ, 6.00%, 9/25/2039 | 76 | 81 |
| Series 2009-86, Class PE, 5.00%, 10/25/2039 | 1621 | 1661 |
| Series 2013-125, Class AB, 4.00%, <br> 11/25/2039<br>| 133 | 133 |
| Series 2009-87, Class B, 4.50%, 11/25/2039 | 504 | 510 |
| Series 2009-112, Class SW, IF, IO, 2.47%, <br> 1/25/2040 (b)<br>| 1397 | 136 |
| Series 2010-35, Class KF, 4.28%, <br> 4/25/2040 (b)<br>| 19 | 19 |
| Series 2010-37, Class CY, 5.00%, 4/25/2040 | 31 | 31 |
| Series 2011-61, Class ZA, 5.00%, 4/25/2040 | 540 | 554 |
| Series 2010-43, Class HJ, 5.50%, 5/25/2040 | 104 | 108 |
| Series 2010-58, Class FA, 4.33%, <br> 6/25/2040 (b)<br>| 178 | 178 |
| Series 2010-58, Class FY, 4.51%, <br> 6/25/2040 (b)<br>| 91 | 91 |
| Series 2010-64, Class DM, 5.00%, 6/25/2040 | 255 | 260 |
| Series 2010-109, Class M, 3.00%, 9/25/2040 | 580 | 571 |
| Series 2010-126, Class LI, IO, 4.00%, <br> 11/25/2040<br>| 70 | 3 |
| Series 2011-74, Class LQ, 4.50%, 11/25/2040 | 12954 | 13130 |
| Series 2010-154, Class MW, 3.50%, <br> 1/25/2041<br>| 2173 | 2147 |
| Series 2011-63, Class LB, 4.00%, 1/25/2041 | 1901 | 1899 |
| Series 2011-18, Class KY, 4.00%, 3/25/2041 | 419 | 419 |
| Series 2011-35, Class PE, 4.00%, 4/25/2041 | 743 | 732 |
| Series 2011-53, Class FT, 4.36%, <br> 6/25/2041 (b)<br>| 72 | 72 |
| Series 2011-52, Class GB, 5.00%, 6/25/2041 | 58 | 59 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2011-53, Class QT, 5.80%, 6/25/2041 | 4219 | 4442 |
| Series 2011-128, Class KP, 4.50%, 7/25/2041 | 19 | 19 |
| Series 2011-59, Class NZ, 5.50%, 7/25/2041 | 420 | 438 |
| Series 2011-64, Class DT, 5.80%, 7/25/2041 | 24659 | 25943 |
| Series 2012-147, Class NE, 1.75%, 8/25/2041 | 701 | 681 |
| Series 2012-14, Class PA, 2.00%, 8/25/2041 | 82 | 80 |
| Series 2013-72, Class LY, 3.50%, 8/25/2041 | 130 | 129 |
| Series 2015-45, Class GA, 2.50%, 9/25/2041 | 26 | 26 |
| Series 2013-126, Class CA, 4.00%, 9/25/2041 | 149 | 149 |
| Series 2011-123, Class BP, 2.00%, <br> 10/25/2041<br>| 1757 | 1668 |
| Series 2012-64, Class PK, 4.50%, 12/25/2041 | 641 | 643 |
| Series 2012-113, Class DC, 2.25%, 1/25/2042 | 61 | 59 |
| Series 2012-27, Class PL, 2.00%, 2/25/2042 | 69 | 67 |
| Series 2012-139, Class NY, 5.00%, 2/25/2042 | 875 | 900 |
| Series 2012-133, Class AP, 1.75%, 3/25/2042 | 2414 | 2253 |
| Series 2012-100, Class TL, 4.00%, 4/25/2042 | 155 | 155 |
| Series 2013-9, Class CB, 5.50%, 4/25/2042 | 8192 | 8521 |
| Series 2013-73, Class PG, 2.50%, 6/25/2042 | 469 | 454 |
| Series 2012-128, Class VF, 4.03%, <br> 6/25/2042 (b)<br>| 229 | 228 |
| Series 2013-93, Class PJ, 3.00%, 7/25/2042 | 377 | 369 |
| Series 2013-96, Class FY, 4.13%, <br> 7/25/2042 (b)<br>| 130 | 129 |
| Series 2013-34, Class PC, 2.50%, 8/25/2042 | 294 | 285 |
| Series 2014-18, Class DE, 4.00%, 8/25/2042 | 439 | 438 |
| Series 2012-94, Class K, 2.00%, 9/25/2042 | 702 | 629 |
| Series 2013-60, Class PD, 2.00%, 10/25/2042 | 351 | 335 |
| Series 2012-112, Class DA, 3.00%, <br> 10/25/2042<br>| 1398 | 1314 |
| Series 2013-81, Class NC, 3.00%, 10/25/2042 | 83 | 82 |
| Series 2013-6, Class HD, 1.50%, 12/25/2042 | 250 | 227 |
| Series 2013-35, Class LP, 3.00%, 1/25/2043 | 5122 | 5015 |
| Series 2013-61, Class BA, 3.00%, 1/25/2043 | 1155 | 1109 |
| Series 2013-10, Class PA, 1.50%, 2/25/2043 | 716 | 635 |
| Series 2013-10, Class UB, 2.00%, 2/25/2043 | 829 | 728 |
| Series 2013-58, Class FP, 4.03%, <br> 2/25/2043 (b)<br>| 385 | 383 |
| Series 2013-18, Class BZ, 3.00%, 3/25/2043 | 4612 | 4516 |
| Series 2013-100, Class PL, 4.50%, 3/25/2043 | 420 | 425 |
| Series 2013-66, Class LB, 1.50%, 4/25/2043 | 21 | 21 |
| Series 2013-26, Class ZV, 3.50%, 4/25/2043 | 9913 | 9572 |
| Series 2013-33, Class UZ, 3.50%, 4/25/2043 | 6829 | 6581 |
| Series 2013-64, Class PF, 4.03%, <br> 4/25/2043 (b)<br>| 331 | 329 |
| Series 2013-66, Class MB, 3.00%, 7/25/2043 | 1532 | 1432 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 221

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2014-43, Class PZ, 3.00%, 7/25/2043 | 1281 | 1121 |
| Series 2014-32, Class DK, 3.00%, 8/25/2043 | 263 | 257 |
| Series 2013-92, Class DE, 4.00%, 9/25/2043 | 600 | 586 |
| Series 2015-34, Class UP, 3.00%, 11/25/2043 | 423 | 416 |
| Series 2020-45, Class CB, 2.00%, 2/25/2044 | 2829 | 2713 |
| Series 2025-2, Class GB, 4.00%, 2/25/2044 | 1729 | 1729 |
| Series 2016-80, Class KV, 3.00%, 6/25/2044 | 1643 | 1627 |
| Series 2014-56, Class Z, 3.50%, 9/25/2044 | 4548 | 4369 |
| Series 2016-100, Class P, 3.50%, 11/25/2044 | 42 | 42 |
| Series 2015-28, Class JE, 3.00%, 5/25/2045 | 17581 | 17198 |
| Series 2015-33, Class DT, 2.50%, 6/25/2045 | 297 | 286 |
| Series 2015-51, Class KC, 3.00%, 6/25/2045 | 153 | 149 |
| Series 2023-12, Class GB, 6.00%, 6/25/2045 | 16578 | 16913 |
| Series 2023-42, Class B, 6.00%, 7/25/2045 | 12064 | 12309 |
| Series 2017-18, Class DA, 3.00%, 8/25/2045 | 374 | 370 |
| Series 2016-84, Class LA, 3.00%, 12/25/2045 | 601 | 582 |
| Series 2016-2, Class GA, 3.00%, 2/25/2046 | 1173 | 1133 |
| Series 2024-20, Class HD, 5.50%, 3/25/2046 | 5138 | 5195 |
| Series 2016-16, Class AL, 3.00%, 4/25/2046 | 7169 | 6769 |
| Series 2017-15, Class PE, 3.50%, 4/25/2046 | 797 | 783 |
| Series 2016-26, Class CG, 3.00%, 5/25/2046 | 21672 | 21116 |
| Series 2024-51, Class HL, 5.00%, 6/25/2046 | 2474 | 2497 |
| Series 2017-68, Class HQ, 3.00%, 7/25/2046 | 864 | 828 |
| Series 2016-80, Class JP, 3.00%, 11/25/2046 | 516 | 474 |
| Series 2017-27, Class E, 3.00%, 11/25/2046 | 1849 | 1753 |
| Series 2017-85, Class HA, 3.00%, <br> 12/25/2046<br>| 907 | 874 |
| Series 2017-11, Class PH, 2.50%, 3/25/2047 | 155 | 135 |
| Series 2018-8, Class KL, 2.50%, 3/25/2047 | 7450 | 6949 |
| Series 2017-10, Class AE, 3.00%, 3/25/2047 | 1387 | 1345 |
| Series 2017-9, Class B, 3.00%, 3/25/2047 | 1518 | 1474 |
| Series 2017-10, Class FA, 4.18%, <br> 3/25/2047 (b)<br>| 134 | 133 |
| Series 2017-84, Class JA, 2.75%, 9/25/2047 | 457 | 416 |
| Series 2017-96, Class MA, 3.00%, <br> 12/25/2047<br>| 365 | 331 |
| Series 2017-102, Class PZ, 3.50%, <br> 12/25/2047<br>| 2535 | 2322 |
| Series 2018-37, Class BC, 3.50%, 12/25/2047 | 211 | 203 |
| Series 2024-41, Class GA, 5.50%, 2/25/2048 | 3297 | 3334 |
| Series 2018-13, Class PA, 3.00%, 3/25/2048 | 6294 | 5781 |
| Series 2018-15, Class NZ, 3.00%, 3/25/2048 | 6560 | 6068 |
| Series 2018-15, Class ZG, 3.50%, 3/25/2048 | 1444 | 1348 |
| Series 2019-17, Class KA, 3.50%, 4/25/2048 | 143 | 141 |
| Series 2019-65, Class PA, 2.50%, 5/25/2048 | 117 | 110 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2019-11, Class EA, 3.00%, 5/25/2048 | 477 | 460 |
| Series 2019-20, Class PB, 2.75%, 7/25/2048 | 209 | 194 |
| Series 2018-87, Class BA, 4.00%, 7/25/2048 | 87 | 85 |
| Series 2020-94, PO, 9/25/2048 | 333 | 278 |
| Series 2019-9, Class ZA, 3.50%, 9/25/2048 | 5454 | 5052 |
| Series 2019-51, Class DW, 3.50%, <br> 11/25/2048<br>| 305 | 301 |
| Series 2023-61, Class G, 5.50%, 1/25/2049 | 14305 | 14407 |
| Series 2020-49, Class GA, 1.50%, 2/25/2049 | 1959 | 1674 |
| Series 2019-3, Class AB, 3.20%, 2/25/2049 | 7732 | 7560 |
| Series 2009-11, Class ZY, 5.50%, 3/25/2049 | 2278 | 2275 |
| Series 2019-13, Class CG, 4.50%, 4/25/2049 | 2055 | 2086 |
| Series 2019-18, Class BA, 3.50%, 5/25/2049 | 5871 | 5757 |
| Series 2019-70, Class JA, 2.50%, 9/25/2049 | 87 | 78 |
| Series 2019-72, Class KA, 2.50%, 9/25/2049 | 145 | 129 |
| Series 2020-15, Class EA, 2.00%, 10/25/2049 | 528 | 459 |
| Series 2019-70, Class MB, 2.50%, <br> 12/25/2049<br>| 1000 | 796 |
| Series 2019-81, Class LA, 2.50%, 12/25/2049 | 283 | 255 |
| Series 2020-7, Class DZ, 3.00%, 2/25/2050 | 615 | 532 |
| Series 2020-15, Class EM, 3.00%, 3/25/2050 | 483 | 423 |
| Series 2025-2, Class BA, 6.00%, 3/25/2050 | 10950 | 11077 |
| Series 2025-29, Class A, 5.50%, 6/25/2050 | 7067 | 7154 |
| Series 2024-81, Class BA, 5.00%, 7/25/2050 | 7032 | 7029 |
| Series 2025-57, Class B, 5.50%, 9/25/2050 | 6557 | 6638 |
| Series 2024-60, Class H, 5.00%, 11/25/2050 | 7407 | 7413 |
| Series 2025-19, Class CA, 5.00%, 2/25/2051 | 17913 | 17971 |
| Series 2025-5, Class HA, 5.25%, 2/25/2051 | 4021 | 4042 |
| Series 2025-41, Class JA, 5.00%, 3/25/2051 | 7273 | 7301 |
| Series 2024-65, Class DB, 5.00%, 5/25/2051 | 8498 | 8494 |
| Series 2024-101, Class DA, 5.50%, <br> 5/25/2051<br>| 7886 | 7995 |
| Series 2024-50, Class DA, 5.50%, 5/25/2051 | 2481 | 2496 |
| Series 2025-44, Class A, 5.00%, 12/25/2051 | 3762 | 3786 |
| Series 2025-66, Class LA, 5.00%, 12/25/2051 | 13589 | 13641 |
| Series 2025-42, Class EA, 5.00%, 1/25/2052 | 10754 | 10785 |
| Series 2025-42, Class NA, 5.50%, 4/25/2052 | 13970 | 14162 |
| Series 2025-29, Class KJ, 5.25%, 5/25/2052 | 8845 | 8933 |
| Series 2025-44, Class EA, 5.00%, 6/25/2052 | 5481 | 5520 |
| Series 2022-43, Class P, 4.00%, 7/25/2052 | 6904 | 6847 |
| Series 2025-59, Class NA, 5.00%, 8/25/2052 | 10116 | 10138 |
| Series 2024-96, Class EA, 5.50%, 3/25/2053 | 10791 | 10995 |
| Series 2024-58, Class BA, 5.00%, 9/25/2053 | 13116 | 13384 |
| Series 2019-33, Class MA, 3.50%, 7/25/2055 | 274 | 272 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

222 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2018-70, Class HA, 3.50%, <br> 10/25/2056<br>| 366 | 362 |
| FNMA, REMIC, Whole Loan |  |  |
| Series 2007-54, Class FA, 4.18%, <br> 6/25/2037 (b)<br>| 84 | 83 |
| Series 2007-106, Class A7, 6.06%, <br> 10/25/2037 (b)<br>| 86 | 88 |
| Series 2001-50, Class BA, 7.00%, 10/25/2041 | 30 | 31 |
| FNMA, STRIPS |  |  |
| Series 289, Class 1, PO, 11/25/2027 | 13 | 13 |
| Series 334, Class 17, IO, 6.50%, <br> 2/25/2033 (b)<br>| 67 | 7 |
| Series 334, Class 13, IO, 6.00%, <br> 3/25/2033 (b)<br>| 58 | 6 |
| Series 334, Class 9, IO, 6.00%, 3/25/2033 | 152 | 16 |
| Series 356, Class 16, IO, 5.50%, <br> 6/25/2035 (b)<br>| 40 | 5 |
| Series 359, Class 16, IO, 5.50%, <br> 10/25/2035 (b)<br>| 42 | 6 |
| Series 369, Class 19, IO, 6.00%, <br> 10/25/2036 (b)<br>| 22 | 4 |
| Series 369, Class 26, IO, 6.50%, <br> 10/25/2036 (b)<br>| 15 | 2 |
| Series 386, Class 20, IO, 6.50%, <br> 8/25/2038 (b)<br>| 97 | 16 |
| Series 394, Class C3, IO, 6.50%, 9/25/2038 | 167 | 26 |
| Series 411, Class A3, 3.00%, 8/25/2042 | 837 | 795 |
| FNMA, Whole Loan Series 2007-W1, Class 1AF1, <br> 4.04%, 11/25/2046 (b)<br>| 583 | 578 |
| GNMA |  |  |
| Series 2011-132, Class GJ, 2.00%, 9/16/2026 | 2 | 2 |
| Series 2011-155, Class A, 3.00%, <br> 11/20/2026<br>| 2 | 2 |
| Series 2013-75, Class AC, 1.50%, 5/20/2028 | 180 | 177 |
| Series 2003-50, Class F, 4.07%, <br> 5/16/2033 (b)<br>| 16 | 16 |
| Series 2004-39, Class IN, IO, 5.50%, <br> 6/20/2033<br>| 5 |  |
| Series 2003-102, Class PE, 6.00%, <br> 11/20/2033<br>| 544 | 543 |
| Series 2023-131, Class KV, 6.00%, 7/20/2034 | 3468 | 3553 |
| Series 2024-26, Class NV, 6.00%, 12/20/2034 | 9463 | 9679 |
| Series 2025-22, Class HV, 5.00%, 2/20/2036 | 5913 | 6063 |
| Series 2006-26, Class S, IF, IO, 2.72%, <br> 6/20/2036 (b)<br>| 2209 | 15 |
| Series 2025-149, Class BV, 5.00%, 9/20/2036 | 4994 | 5129 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2007-16, Class KU, IF, IO, 2.87%, <br> 4/20/2037 (b)<br>| 1202 | 25 |
| Series 2009-106, Class XL, IF, IO, 2.97%, <br> 6/20/2037 (b)<br>| 1051 | 39 |
| Series 2008-75, Class SP, IF, IO, 3.69%, <br> 8/20/2038 (b)<br>| 470 | 17 |
| Series 2009-14, Class SA, IF, IO, 2.30%, <br> 3/20/2039 (b)<br>| 1414 | 40 |
| Series 2009-14, Class KS, IF, IO, 2.52%, <br> 3/20/2039 (b)<br>| 586 | 19 |
| Series 2009-14, Class NI, IO, 6.50%, <br> 3/20/2039<br>| 175 | 9 |
| Series 2009-75, Class NB, 4.50%, 6/20/2039 | 17 | 17 |
| Series 2010-59, Class HZ, 4.50%, 5/16/2040 | 926 | 940 |
| Series 2010-98, Class ME, 4.50%, 8/20/2040 | 7665 | 7794 |
| Series 2025-2, Class EA, 4.50%, 9/20/2040 | 16356 | 16446 |
| Series 2013-71, Class NA, 2.50%, 8/20/2041 | 21 | 21 |
| Series 2012-96, Class WP, 6.50%, 8/16/2042 | 1711 | 1818 |
| Series 2013-42, Class ND, 1.75%, <br> 11/20/2042<br>| 56 | 54 |
| Series 2013-28, Class DE, 1.75%, 12/20/2042 | 156 | 143 |
| Series 2014-3, Class GA, 2.50%, 1/16/2044 | 2411 | 2312 |
| Series 2014-12, Class ZA, 3.00%, 1/20/2044 | 11863 | 11156 |
| Series 2014-41, Class AL, 2.25%, 3/16/2044 | 3340 | 3176 |
| Series 2018-29, Class LC, 3.00%, 4/20/2044 | 27 | 27 |
| Series 2014-137, Class DT, 2.25%, 9/16/2044 | 6195 | 5875 |
| Series 2016-25, Class QH, 3.00%, <br> 12/16/2044<br>| 781 | 762 |
| Series 2015-80, Class CP, 4.50%, 6/20/2045 | 185 | 184 |
| Series 2015-80, Class CQ, 5.00%, 6/20/2045 | 133 | 134 |
| Series 2018-36, Class AM, 3.00%, 7/20/2045 | 253 | 248 |
| Series 2016-79, Class LA, 3.00%, 9/20/2045 | 92 | 91 |
| Series 2016-90, Class MA, 3.00%, <br> 10/20/2045<br>| 56 | 56 |
| Series 2024-84, Class BA, 5.75%, 11/20/2045 | 12879 | 12940 |
| Series 2023-107, Class PA, 5.50%, 1/20/2046 | 5271 | 5369 |
| Series 2020-125, Class AG, 2.50%, 2/20/2046 | 723 | 707 |
| Series 2016-91, Class WH, 2.75%, 3/20/2046 | 810 | 759 |
| Series 2023-196, Class A, 4.50%, 4/20/2046 | 7305 | 7304 |
| Series 2017-65, Class DZ, 3.00%, 4/20/2047 | 2757 | 2391 |
| Series 2017-139, Class PE, 2.75%, 8/20/2047 | 3132 | 2765 |
| Series 2023-164, Class DA, 5.50%, <br> 10/20/2047<br>| 5457 | 5475 |
| Series 2018-34, Class TY, 3.50%, 3/20/2048 | 706 | 654 |
| Series 2023-43, Class AB, 5.50%, 4/20/2048 | 6168 | 6259 |
| Series 2024-89, Class AM, 5.50%, 3/20/2049 | 16545 | 16681 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 223

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2024-43, Class JA, 5.50%, 5/20/2049 | 14951 | 15122 |
| Series 2019-74, Class AT, 3.00%, 6/20/2049 | 364 | 344 |
| Series 2023-58, Class BA, 5.00%, 6/20/2049 | 2566 | 2576 |
| Series 2019-145, Class PA, 3.50%, 8/20/2049 | 131 | 128 |
| Series 2023-183, Class A, 4.50%, <br> 11/20/2049<br>| 4970 | 4975 |
| Series 2020-5, Class NA, 3.50%, 12/20/2049 | 2430 | 2318 |
| Series 2020-74, Class DY, 2.00%, 5/20/2050 | 780 | 664 |
| Series 2020-83, Class KP, 3.00%, 6/20/2050 | 235 | 210 |
| Series 2025-22, Class HE, 5.00%, 7/20/2050 | 12155 | 12201 |
| Series 2023-147, Class AC, 6.00%, 7/20/2050 | 5000 | 5153 |
| Series 2025-127, Class AB, 5.00%, 1/20/2051 | 8396 | 8476 |
| Series 2025-113, Class KA, 5.50%, 8/20/2051 | 23708 | 24090 |
| Series 2024-24, Class AD, 5.00%, 3/20/2052 | 9994 | 10081 |
| Series 2025-113, Class HA, 5.50%, <br> 3/20/2052<br>| 7884 | 8029 |
| Series 2024-101, Class ED, 5.00%, 4/20/2052 | 12986 | 13049 |
| Series 2024-8, Class WA, 5.00%, 7/20/2052 | 3653 | 3663 |
| Series 2025-22, Class A, 5.00%, 9/20/2052 | 6167 | 6192 |
| Series 2025-113, Class NA, 5.00%, <br> 4/20/2053<br>| 14817 | 14893 |
| Series 2023-80, Class AC, 6.00%, 6/20/2053 | 3858 | 3946 |
| Series 2025-89, Class EC, 5.00%, 11/20/2053 | 1643 | 1661 |
| Series 2024-46, Class KB, 5.00%, 12/20/2053 | 1780 | 1813 |
| Series 2024-79, Class PT, 6.00%, 5/20/2054 | 6556 | 6725 |
| Series 2024-144, Class DB, 6.50%, <br> 9/20/2054<br>| 4793 | 4941 |
| Series 2024-203, Class HA, 6.50%, <br> 10/20/2054<br>| 3411 | 3527 |
| Series 2025-22, Class LG, 5.00%, 1/20/2055 | 27565 | 27966 |
| Series 2025-63, Class PA, 5.00%, 3/20/2055 | 8943 | 9093 |
| Series 2024-19, Class E, 5.00%, 9/20/2057 | 14370 | 14374 |
| Series 2023-115, Class E, 5.50%, 11/20/2057 | 9840 | 9916 |
| Series 2010-H26, Class LF, 4.15%, <br> 8/20/2058 (b)<br>| 5 | 5 |
| Series 2024-19, Class EB, 5.50%, 6/20/2059 | 4769 | 4833 |
| Series 2010-H03, Class FA, 4.34%, <br> 3/20/2060 (b)<br>| 392 | 393 |
| Series 2011-H07, Class FA, 4.30%, <br> 2/20/2061 (b)<br>| 324 | 324 |
| Series 2011-H08, Class FA, 4.40%, <br> 2/20/2061 (b)<br>| 216 | 216 |
| Series 2011-H11, Class FA, 4.30%, <br> 3/20/2061 (b)<br>| 65 | 65 |
| Series 2011-H11, Class FB, 4.30%, <br> 4/20/2061 (b)<br>| 44 | 44 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2011-H21, Class FA, 4.40%, <br> 10/20/2061 (b)<br>| 26 | 26 |
| Series 2013-H05, Class FB, 4.19%, <br> 2/20/2062 (b)<br>| 59 | 58 |
| Series 2012-H14, Class FK, 4.38%, <br> 7/20/2062 (b)<br>| 31 | 32 |
| Series 2012-H18, Class NA, 4.32%, <br> 8/20/2062 (b)<br>| 28 | 28 |
| Series 2012-H20, Class BA, 4.36%, <br> 9/20/2062 (b)<br>| 49 | 49 |
| Series 2012-H29, Class FA, 4.31%, <br> 10/20/2062 (b)<br>| 10 | 10 |
| Series 2012-H23, Class WA, 4.32%, <br> 10/20/2062 (b)<br>| 36 | 36 |
| Series 2012-H30, Class GA, 4.15%, <br> 12/20/2062 (b)<br>| 25 | 25 |
| Series 2023-112, Class BA, 6.50%, <br> 12/20/2062<br>| 3618 | 3779 |
| Series 2013-H08, Class FA, 4.15%, <br> 3/20/2063 (b)<br>| 107 | 107 |
| Series 2013-H11, Class FA, 4.25%, <br> 4/20/2063 (b)<br>| 39 | 39 |
| Series 2013-H14, Class FG, 4.27%, <br> 5/20/2063 (b)<br>| 108 | 108 |
| Series 2013-H15, Class FA, 4.34%, <br> 6/20/2063 (b)<br>| 95 | 95 |
| Series 2013-H19, Class FC, 4.40%, <br> 8/20/2063 (b)<br>| 121 | 121 |
| Series 2014-H05, Class FB, 4.40%, <br> 12/20/2063 (b)<br>| 25 | 25 |
| Series 2014-H02, Class FB, 4.45%, <br> 12/20/2063 (b)<br>| 84 | 85 |
| Series 2024-64, Class ED, 5.50%, 4/20/2064 | 4561 | 4648 |
| Series 2014-H14, Class GF, 4.27%, <br> 7/20/2064 (b)<br>| 22 | 22 |
| Series 2014-H16, Class FL, 4.42%, <br> 7/20/2064 (b)<br>| 166 | 166 |
| Series 2014-H21, Class FA, 4.45%, <br> 10/20/2064 (b)<br>| 68 | 68 |
| Series 2015-H04, Class FL, 4.42%, <br> 2/20/2065 (b)<br>| 30 | 30 |
| Series 2015-H06, Class FB, 4.45%, <br> 2/20/2065 (b)<br>| 3224 | 3229 |
| Series 2015-H13, Class FG, 4.20%, <br> 4/20/2065 (b)<br>| 52 | 51 |
| Series 2015-H10, Class FH, 4.40%, <br> 4/20/2065 (b)<br>| 282 | 282 |
| Series 2015-H09, Class FA, 4.42%, <br> 4/20/2065 (b)<br>| 95 | 95 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

224 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2015-H10, Class FK, 4.42%, <br> 4/20/2065 (b)<br>| 2970 | 2973 |
| Series 2015-H14, Class FB, 4.23%, <br> 5/20/2065 (b)<br>| 18 | 18 |
| Series 2015-H12, Class FB, 4.40%, <br> 5/20/2065 (b)<br>| 2048 | 2050 |
| Series 2015-H12, Class FD, 4.40%, <br> 5/20/2065 (b)<br>| 389 | 389 |
| Series 2015-H14, Class FA, 4.37%, <br> 6/20/2065 (b)<br>| 893 | 893 |
| Series 2015-H16, Class FM, 4.40%, <br> 7/20/2065 (b)<br>| 721 | 721 |
| Series 2015-H24, Class FA, 4.45%, <br> 9/20/2065 (b)<br>| 1450 | 1452 |
| Series 2015-H27, Class FA, 4.55%, <br> 9/20/2065 (b)<br>| 304 | 305 |
| Series 2015-H25, Class FD, 4.45%, <br> 10/20/2065 (b)<br>| 1536 | 1538 |
| Series 2015-H29, Class FA, 4.50%, <br> 10/20/2065 (b)<br>| 1 | 1 |
| Series 2015-H29, Class FJ, 4.48%, <br> 11/20/2065 (b)<br>| 834 | 836 |
| Series 2016-H01, Class FA, 4.70%, <br> 1/20/2066 (b)<br>| 933 | 938 |
| Series 2016-H06, Class FC, 4.72%, <br> 2/20/2066 (b)<br>| 547 | 549 |
| Series 2016-H06, Class FA, 4.75%, <br> 2/20/2066 (b)<br>| 612 | 616 |
| Series 2016-H09, Class FN, 4.65%, <br> 3/20/2066 (b)<br>| 688 | 691 |
| Series 2016-H14, Class FA, 4.60%, <br> 6/20/2066 (b)<br>| 303 | 304 |
| Series 2016-H22, Class FA, 4.57%, <br> 10/20/2066 (b)<br>| 1261 | 1265 |
| Series 2016-H24, Class AF, 4.65%, <br> 11/20/2066 (b)<br>| 712 | 715 |
| Series 2017-H07, Class FG, 4.26%, <br> 2/20/2067 (b)<br>| 76 | 76 |
| Series 2017-H14, Class FD, 4.27%, <br> 6/20/2067 (b)<br>| 135 | 135 |
| Series 2017-H16, Class CF, 4.27%, <br> 7/20/2067 (b)<br>| 2445 | 2445 |
| Series 2017-H15, Class FN, 4.30%, <br> 7/20/2067 (b)<br>| 54 | 54 |
| Series 2017-H19, Class FA, 4.25%, <br> 8/20/2067 (b)<br>| 152 | 152 |
| Series 2018-H04, Class FG, 4.08%, <br> 2/20/2068 (b)<br>| 85 | 85 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2018-H07, Class FE, 4.15%, <br> 2/20/2068 (b)<br>| 13 | 12 |
| Series 2019-H01, Class FT, 4.20%, <br> 10/20/2068 (b)<br>| 111 | 111 |
| Series 2019-H05, Class FT, 3.91%, <br> 4/20/2069 (b)<br>| 400 | 400 |
| Series 2019-H10, Class FC, 4.45%, <br> 6/20/2069 (b)<br>| 14387 | 14430 |
| Series 2019-H14, Class FH, 4.50%, <br> 8/20/2069 (b)<br>| 10229 | 10233 |
| Series 2020-H13, Class FK, 4.30%, <br> 7/20/2070 (b)<br>| 1905 | 1902 |
| Homeward Opportunities Fund Trust Series <br> 2025-RRTL2, Class A1, 5.24%, 9/25/2040 (a) <br> (c)<br>| 13890 | 13950 |
| JPMorgan Mortgage Trust |  |  |
| Series 2004-S2, Class 5A1, 5.50%, <br> 12/25/2019<br>| 92 | 90 |
| Series 2006-A2, Class 4A1, 6.45%, <br> 8/25/2034 (b)<br>| 219 | 224 |
| Legacy Mortgage Asset Trust Series 2021-GS3, <br> Class A1, 5.75%, 7/25/2061 (a) (c)<br>| 2791 | 2793 |
| LHOME Mortgage Trust |  |  |
| Series 2024-RTL5, Class A1, 5.32%, <br> 9/25/2039 (a) (c)<br>| 13067 | 13092 |
| Series 2025-RTL1, Class A1, 5.65%, <br> 1/25/2040 (a) (c)<br>| 6579 | 6632 |
| Series 2025-RTL2, Class A1, 5.61%, <br> 4/25/2040 (a) (b)<br>| 3500 | 3533 |
| Series 2025-RTL3, Class A1, 5.24%, <br> 8/25/2040 (a) (c)<br>| 12842 | 12924 |
| Series 2026-RTL1, Class A1, 4.91%, <br> 1/25/2041 ‡ (a) (c)<br>| 26326 | 26436 |
| MASTR Alternative Loan Trust Series 2004-8, Class <br> 6A1, 5.50%, 9/25/2019<br>|  |  |
| MFA Trust |  |  |
| Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (a) (c)<br>| 12170 | 12242 |
| Series 2021-NQM2, Class A1, 1.03%, <br> 11/25/2064 (a) (b)<br>| 692 | 621 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (a) (c)<br>| 12035 | 12065 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (a) (c)<br>| 15750 | 15937 |
| Nomura Asset Acceptance Corp. Alternative Loan <br> Trust Series 2005-AR6, Class 4A1, 4.31%, <br> 12/25/2035 (b)<br>| 1166 | 282 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 225

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| NYMT Loan Trust Series 2024-BPL3, Class A1, <br> 5.27%, 9/25/2039 (a) (c)<br>| 6248 | 6249 |
| OBX Trust Series 2020-EXP3, Class 2A1, 4.69%, <br> 1/25/2060 (a) (b)<br>| 275 | 275 |
| OLIT Series 2025-HB2, Class A, 3.00%, <br> 11/25/2038 ‡ (a) (b)<br>| 5380 | 5277 |
| Roc Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.63%, 2/25/2040 (a) (c)<br>| 3080 | 3096 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (a) (c)<br>| 13600 | 13688 |
| TVC Mortgage Trust Series 2026-RRTL1, Class A1, <br> 4.96%, 4/25/2040 (a) (c)<br>| 8339 | 8361 |
| Visio Trust Series 2019-2, Class A1, 2.72%, <br> 11/25/2054 (a) (b)<br>| 79 | 79 |
| Total Collateralized Mortgage Obligations <br>(Cost $2,245,167)<br>|  | 2236168 |
| **U.S. Treasury Obligations — 17.5%** | **U.S. Treasury Obligations — 17.5%** | **U.S. Treasury Obligations — 17.5%** |
| U.S. Treasury Notes |  |  |
| 4.25%, 3/15/2027 | 152780 | 153921 |
| 4.50%, 4/15/2027 | 31005 | 31342 |
| 2.75%, 4/30/2027 | 17000 | 16856 |
| 4.50%, 5/15/2027 | 67785 | 68582 |
| 3.75%, 6/30/2027 | 15366 | 15423 |
| 4.38%, 7/15/2027 | 55460 | 56140 |
| 0.38%, 7/31/2027 | 19020 | 18220 |
| 3.88%, 7/31/2027 | 7955 | 8001 |
| 3.38%, 9/15/2027 | 159665 | 159515 |
| 0.50%, 10/31/2027 | 99000 | 94367 |
| 3.50%, 10/31/2027 | 186120 | 186331 |
| 4.13%, 10/31/2027 | 3085 | 3119 |
| 4.13%, 11/15/2027 | 24320 | 24601 |
| 4.00%, 12/15/2027 | 26305 | 26573 |
| 4.25%, 1/15/2028 | 4540 | 4609 |
| 3.50%, 1/31/2028 | 256525 | 257016 |
| 1.25%, 3/31/2028 | 9435 | 9034 |
| 3.88%, 7/15/2028 | 377600 | 381745 |
| 3.38%, 9/15/2028 | 210090 | 210016 |
| 3.50%, 11/15/2028 | 355109 | 356122 |
| 3.50%, 12/15/2028 | 55105 | 55269 |
| 3.88%, 6/30/2030 | 28545 | 28990 |
| Total U.S. Treasury Obligations <br>(Cost $2,152,073)<br>|  | 2165792 |
| **Mortgage-Backed Securities — 6.7%** | **Mortgage-Backed Securities — 6.7%** | **Mortgage-Backed Securities — 6.7%** |
| FHLMC  |  |  |
| Pool # 1L1380, ARM, 6.49%, 3/1/2035 (b) | 368 | 382 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # 1B2844, ARM, 6.55%, 3/1/2035 (b) | 24 | 24 |
| Pool # 1L1379, ARM, 7.00%, 10/1/2035 (b) | 300 | 313 |
| Pool # 1G1861, ARM, 6.91%, 3/1/2036 (b) | 109 | 113 |
| Pool # 1J1380, ARM, 7.37%, 3/1/2036 (b) | 21 | 22 |
| Pool # 1J1313, ARM, 6.23%, 6/1/2036 (b) | 27 | 28 |
| Pool # 1G1028, ARM, 6.41%, 7/1/2036 (b) | 10 | 10 |
| Pool # 1N0273, ARM, 6.04%, 8/1/2036 (b) | 38 | 38 |
| Pool # 1K0035, ARM, 6.36%, 8/1/2036 (b) | 19 | 20 |
| Pool # 1J1393, ARM, 6.26%, 10/1/2036 (b) | 87 | 89 |
| Pool # 1J1378, ARM, 6.01%, 11/1/2036 (b) | 86 | 88 |
| Pool # 1N0346, ARM, 5.82%, 12/1/2036 (b) | 85 | 87 |
| Pool # 1J1467, ARM, 6.22%, 12/1/2036 (b) | 74 | 77 |
| Pool # 1J1541, ARM, 6.06%, 1/1/2037 (b) | 244 | 251 |
| Pool # 1J1516, ARM, 6.27%, 2/1/2037 (b) | 14 | 15 |
| Pool # 1N1458, ARM, 6.19%, 3/1/2037 (b) | 73 | 75 |
| Pool # 1J1635, ARM, 6.37%, 3/1/2037 (b) | 102 | 106 |
| Pool # 1J1522, ARM, 7.05%, 3/1/2037 (b) | 38 | 40 |
| Pool # 1Q0339, ARM, 6.62%, 4/1/2037 (b) | 7 | 7 |
| Pool # 1Q0697, ARM, 5.96%, 5/1/2037 (b) | 389 | 400 |
| Pool # 1J1681, ARM, 6.73%, 6/1/2037 (b) | 311 | 322 |
| Pool # 1J1685, ARM, 6.73%, 6/1/2037 (b) | 127 | 131 |
| Pool # 847871, ARM, 5.71%, 8/1/2037 (b) | 90 | 91 |
| Pool # 1J2834, ARM, 6.64%, 8/1/2037 (b) | 12 | 13 |
| Pool # 1Q0476, ARM, 6.55%, 10/1/2037 (b) | 60 | 62 |
| Pool # 1J2945, ARM, 6.50%, 11/1/2037 (b) | 43 | 44 |
| Pool # 1Q0894, ARM, 7.05%, 1/1/2038 (b) | 106 | 109 |
| Pool # 1Q0722, ARM, 6.68%, 4/1/2038 (b) | 94 | 97 |
| FHLMC Gold Pools, 15 Year  |  |  |
| Pool # J14783, 4.00%, 3/1/2026 |  |  |
| Pool # G14643, 4.00%, 8/1/2026 | 2 | 2 |
| Pool # G14973, 4.00%, 12/1/2028 | 16 | 16 |
| Pool # J30812, 3.00%, 2/1/2030 | 2993 | 2956 |
| Pool # J31731, 3.00%, 5/1/2030 | 110 | 109 |
| Pool # G16018, 3.00%, 12/1/2031 | 1882 | 1852 |
| Pool # G18643, 2.50%, 5/1/2032 | 6172 | 5994 |
| FHLMC Gold Pools, 20 Year  |  |  |
| Pool # G30325, 5.50%, 3/1/2027 | 30 | 30 |
| Pool # C91261, 4.50%, 8/1/2029 | 33 | 33 |
| Pool # C91349, 4.50%, 12/1/2030 | 44 | 45 |
| Pool # G30565, 4.50%, 10/1/2031 | 99 | 100 |
| Pool # G30701, 5.00%, 11/1/2031 | 33 | 34 |
| Pool # C91388, 3.50%, 2/1/2032 | 1049 | 1040 |
| Pool # C91447, 3.50%, 5/1/2032 | 82 | 81 |
| Pool # C91449, 4.00%, 5/1/2032 | 339 | 339 |
| Pool # C91581, 3.00%, 11/1/2032 | 445 | 436 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

226 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # K90311, 3.00%, 4/1/2033 | 902 | 881 |
| Pool # G30669, 4.50%, 12/1/2033 | 595 | 604 |
| Pool # C91761, 4.00%, 5/1/2034 | 482 | 482 |
| Pool # K92617, 3.00%, 4/1/2035 | 2699 | 2601 |
| Pool # C91862, 3.50%, 1/1/2036 | 1839 | 1811 |
| Pool # C91880, 3.50%, 6/1/2036 | 985 | 969 |
| FHLMC Gold Pools, 30 Year  |  |  |
| Pool # A30588, 6.00%, 7/1/2032 | 39 | 40 |
| Pool # G01665, 5.50%, 3/1/2034 | 866 | 894 |
| Pool # G05046, 5.00%, 11/1/2036 | 54 | 55 |
| Pool # G03073, 5.50%, 7/1/2037 | 475 | 496 |
| Pool # G04772, 7.00%, 8/1/2038 | 52 | 57 |
| Pool # G05091, 4.50%, 9/1/2038 | 426 | 432 |
| Pool # G05798, 5.50%, 1/1/2040 | 117 | 122 |
| Pool # G08729, 4.50%, 9/1/2046 | 302 | 305 |
| FHLMC Gold Pools, Other  |  |  |
| Pool # T45022, 2.50%, 1/1/2028 | 641 | 633 |
| Pool # U79013, 2.50%, 4/1/2028 | 121 | 120 |
| Pool # U79014, 2.50%, 5/1/2028 | 153 | 152 |
| Pool # T40143, 2.50%, 7/1/2028 | 143 | 141 |
| Pool # U79019, 3.00%, 7/1/2028 | 27 | 27 |
| Pool # U79026, 2.50%, 9/1/2028 | 36 | 36 |
| Pool # U49013, 3.00%, 9/1/2028 | 261 | 259 |
| Pool # G20027, 10.00%, 10/1/2030 | 3 | 3 |
| Pool # U59041, 3.00%, 12/1/2033 | 355 | 344 |
| Pool # ZT1051, 3.50%, 12/1/2033 | 1229 | 1215 |
| Pool # G20028, 7.50%, 12/1/2036 | 469 | 482 |
| Pool # RE6019, 3.00%, 12/1/2049 | 452 | 406 |
| Pool # RE6030, 3.50%, 2/1/2050 | 346 | 323 |
| Pool # RE6028, 3.00%, 4/1/2050 | 275 | 247 |
| Pool # RE6048, 2.50%, 5/1/2050 | 1162 | 990 |
| FHLMC UMBS, 10 Year  |  |  |
| Pool # RD5058, 2.00%, 5/1/2031 | 8689 | 8372 |
| Pool # RD5059, 1.50%, 6/1/2031 | 9583 | 9133 |
| Pool # RD5121, 4.50%, 9/1/2032 | 1571 | 1588 |
| Pool # RD5122, 4.00%, 10/1/2032 | 1692 | 1699 |
| Pool # RD5146, 4.50%, 5/1/2033 | 1719 | 1737 |
| Pool # RD5150, 5.00%, 5/1/2033 | 3076 | 3140 |
| Pool # RD5157, 4.50%, 7/1/2033 | 1311 | 1324 |
| Pool # RD5240, 5.00%, 4/1/2035 | 4325 | 4404 |
| FHLMC UMBS, 15 Year  |  |  |
| Pool # ZS6893, 3.00%, 1/1/2029 | 6037 | 5970 |
| Pool # ZK7588, 3.00%, 2/1/2029 | 3189 | 3159 |
| Pool # ZS7344, 3.00%, 1/1/2031 | 6392 | 6286 |
| Pool # SB1025, 2.50%, 2/1/2031 | 6538 | 6380 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # ZS8602, 3.00%, 3/1/2031 | 2071 | 2036 |
| Pool # ZK8739, 3.00%, 5/1/2032 | 5452 | 5347 |
| Pool # SB0722, 3.00%, 4/1/2033 | 2782 | 2741 |
| Pool # ZS8076, 4.00%, 7/1/2033 | 897 | 900 |
| Pool # ZS8124, 4.00%, 8/1/2033 | 1395 | 1402 |
| Pool # SB1084, 3.00%, 3/1/2035 | 7944 | 7816 |
| Pool # SB8100, 1.00%, 3/1/2036 | 2813 | 2495 |
| Pool # SB0754, 2.00%, 3/1/2036 | 696 | 651 |
| Pool # SB1182, 6.00%, 2/1/2038 | 17103 | 17687 |
| Pool # SB1098, 6.00%, 2/1/2039 | 5591 | 5788 |
| Pool # SB1376, 6.00%, 12/1/2039 | 10601 | 10976 |
| FHLMC UMBS, 20 Year  |  |  |
| Pool # ZA2217, 3.50%, 2/1/2032 | 6862 | 6793 |
| Pool # ZT2375, 4.00%, 3/1/2032 | 5357 | 5361 |
| Pool # ZS9162, 3.00%, 9/1/2033 | 3098 | 3026 |
| Pool # ZT1674, 5.00%, 2/1/2035 | 1379 | 1398 |
| Pool # SC0379, 4.50%, 4/1/2035 | 2316 | 2335 |
| Pool # ZA2393, 3.00%, 10/1/2035 | 12413 | 11999 |
| Pool # ZT1808, 3.50%, 5/1/2037 | 5645 | 5569 |
| Pool # ZA5795, 4.00%, 11/1/2038 | 7277 | 7241 |
| Pool # SC0353, 6.00%, 4/1/2043 | 22365 | 23029 |
| Pool # SC0530, 6.00%, 8/1/2044 | 14556 | 15010 |
| Pool # SC0594, 6.00%, 11/1/2044 | 10296 | 10614 |
| Pool # SC0764, 5.50%, 8/1/2045 | 9986 | 10225 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # SD5976, 5.00%, 7/1/2044 | 11337 | 11728 |
| Pool # SD1278, 5.00%, 9/1/2049 | 5723 | 5918 |
| Pool # SD4986, 5.50%, 11/1/2052 | 4385 | 4496 |
| FNMA  |  |  |
| Pool # 409902, ARM, 6.37%, 6/1/2027 (b) | 1 | 1 |
| Pool # 52597, ARM, 4.23%, 7/1/2027 (b) |  |  |
| Pool # 810896, ARM, 5.87%, 1/1/2035 (b) | 11 | 11 |
| Pool # 865095, ARM, 7.18%, 10/1/2035 (b) | 148 | 154 |
| Pool # AD0295, ARM, 6.66%, 3/1/2036 (b) | 195 | 203 |
| Pool # 894571, ARM, 6.68%, 3/1/2036 (b) | 326 | 341 |
| Pool # 877009, ARM, 7.07%, 3/1/2036 (b) | 136 | 141 |
| Pool # 895687, ARM, 6.06%, 5/1/2036 (b) | 29 | 29 |
| Pool # 882099, ARM, 6.65%, 7/1/2036 (b) | 56 | 58 |
| Pool # 884722, ARM, 6.12%, 8/1/2036 (b) | 24 | 25 |
| Pool # 886558, ARM, 6.34%, 8/1/2036 (b) | 80 | 82 |
| Pool # 745858, ARM, 6.54%, 8/1/2036 (b) | 6 | 6 |
| Pool # 887714, ARM, 6.67%, 8/1/2036 (b) | 33 | 34 |
| Pool # 870920, ARM, 5.97%, 12/1/2036 (b) | 10 | 10 |
| Pool # AD0296, ARM, 6.00%, 12/1/2036 (b) | 146 | 150 |
| Pool # 905196, ARM, 6.41%, 12/1/2036 (b) | 12 | 12 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 227

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # 920954, ARM, 5.66%, 1/1/2037 (b) | 233 | 239 |
| Pool # 888143, ARM, 5.90%, 1/1/2037 (b) | 24 | 25 |
| Pool # 913984, ARM, 5.56%, 2/1/2037 (b) | 90 | 92 |
| Pool # 910178, ARM, 6.00%, 3/1/2037 (b) | 271 | 280 |
| Pool # 936588, ARM, 5.64%, 4/1/2037 (b) | 50 | 51 |
| Pool # 888750, ARM, 6.41%, 4/1/2037 (b) | 20 | 20 |
| Pool # 948208, ARM, 5.59%, 7/1/2037 (b) | 102 | 103 |
| Pool # 944105, ARM, 6.27%, 7/1/2037 (b) | 1 | 1 |
| Pool # 950385, ARM, 4.98%, 8/1/2037 (b) | 2 | 2 |
| Pool # 950382, ARM, 5.15%, 8/1/2037 (b) | 389 | 396 |
| Pool # AD0081, ARM, 5.98%, 11/1/2037 (b) | 32 | 32 |
| Pool # 952182, ARM, 6.20%, 11/1/2037 (b) | 49 | 50 |
| Pool # 995108, ARM, 6.25%, 11/1/2037 (b) | 98 | 101 |
| FNMA UMBS, 10 Year  |  |  |
| Pool # MA4040, 2.00%, 6/1/2030 | 198 | 192 |
| Pool # MA4332, 2.00%, 5/1/2031 | 8295 | 8003 |
| Pool # MA4367, 1.50%, 6/1/2031 | 11457 | 10920 |
| Pool # BP3513, 2.00%, 6/1/2031 | 656 | 632 |
| Pool # FS0868, 2.50%, 3/1/2032 | 1726 | 1667 |
| Pool # MA4637, 3.00%, 6/1/2032 | 449 | 438 |
| Pool # FS5461, 3.50%, 12/1/2032 | 2234 | 2218 |
| Pool # MA5079, 5.00%, 6/1/2033 | 1065 | 1087 |
| Pool # MA5117, 4.50%, 7/1/2033 | 868 | 877 |
| Pool # MA5491, 5.00%, 9/1/2034 | 1977 | 2021 |
| Pool # MA5654, 5.00%, 2/1/2035 | 4003 | 4084 |
| FNMA UMBS, 15 Year  |  |  |
| Pool # AJ5336, 3.00%, 11/1/2026 | 4 | 4 |
| Pool # AK0971, 3.00%, 2/1/2027 | 6 | 6 |
| Pool # AO0800, 3.00%, 4/1/2027 | 9 | 9 |
| Pool # AP7842, 3.00%, 9/1/2027 | 8 | 8 |
| Pool # AL3439, 4.00%, 9/1/2027 | 23 | 23 |
| Pool # AL4307, 4.00%, 10/1/2028 | 120 | 120 |
| Pool # AL6105, 4.00%, 12/1/2029 | 7 | 7 |
| Pool # AZ0888, 3.50%, 7/1/2030 | 1386 | 1379 |
| Pool # AZ8018, 3.00%, 9/1/2030 | 2505 | 2470 |
| Pool # FM9465, 3.00%, 1/1/2031 | 1497 | 1481 |
| Pool # AL9065, 3.00%, 9/1/2031 | 2965 | 2916 |
| Pool # FM3524, 3.00%, 4/1/2032 | 2897 | 2857 |
| Pool # BM5110, 3.00%, 9/1/2032 | 7073 | 6966 |
| Pool # BN6225, 3.50%, 3/1/2034 | 1826 | 1814 |
| Pool # CA4258, 2.50%, 10/1/2034 | 3072 | 2931 |
| Pool # CA4263, 3.00%, 10/1/2034 | 2896 | 2827 |
| Pool # FS4292, 3.00%, 2/1/2035 | 1762 | 1734 |
| Pool # FS0870, 3.00%, 3/1/2035 | 18900 | 18564 |
| Pool # MA3984, 2.50%, 4/1/2035 | 2101 | 2011 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # FS3924, 3.00%, 6/1/2035 | 11448 | 11262 |
| Pool # FS4504, 3.50%, 9/1/2035 | 2628 | 2610 |
| Pool # FS5951, 3.50%, 9/1/2035 | 2790 | 2776 |
| Pool # FS4848, 3.00%, 7/1/2036 | 2047 | 1998 |
| Pool # FS4430, 3.50%, 1/1/2037 | 2349 | 2331 |
| Pool # FS6749, 3.50%, 1/1/2037 | 2002 | 1963 |
| Pool # MA5122, 6.00%, 8/1/2038 | 6974 | 7218 |
| Pool # FS7413, 6.00%, 10/1/2038 | 5343 | 5539 |
| Pool # FA1567, 6.00%, 5/1/2040 | 11973 | 12462 |
| FNMA UMBS, 20 Year  |  |  |
| Pool # 256714, 5.50%, 5/1/2027 | 14 | 15 |
| Pool # MA0214, 5.00%, 10/1/2029 | 225 | 229 |
| Pool # AD5474, 5.00%, 5/1/2030 | 80 | 81 |
| Pool # MA0534, 4.00%, 10/1/2030 | 38 | 38 |
| Pool # AL4165, 4.50%, 1/1/2031 | 215 | 216 |
| Pool # MA0804, 4.00%, 7/1/2031 | 48 | 48 |
| Pool # MA0792, 4.50%, 7/1/2031 | 414 | 419 |
| Pool # MA3894, 4.00%, 9/1/2031 | 61 | 61 |
| Pool # 890653, 4.50%, 1/1/2032 | 185 | 186 |
| Pool # AL5958, 4.00%, 3/1/2032 | 450 | 449 |
| Pool # MA1037, 3.00%, 4/1/2032 | 441 | 431 |
| Pool # AL1722, 4.50%, 4/1/2032 | 34 | 34 |
| Pool # AB5811, 3.00%, 8/1/2032 | 705 | 687 |
| Pool # AL7474, 3.50%, 10/1/2032 | 416 | 409 |
| Pool # MA1270, 2.50%, 11/1/2032 | 310 | 299 |
| Pool # AL3190, 4.00%, 12/1/2032 | 190 | 190 |
| Pool # AU5910, 3.50%, 9/1/2033 | 3834 | 3786 |
| Pool # MA1802, 3.00%, 1/1/2034 | 401 | 388 |
| Pool # BM4298, 3.50%, 4/1/2034 | 6881 | 6797 |
| Pool # AL8051, 4.00%, 5/1/2034 | 1734 | 1729 |
| Pool # AL5373, 4.50%, 5/1/2034 | 215 | 217 |
| Pool # MA1922, 4.00%, 6/1/2034 | 11159 | 11184 |
| Pool # BM4606, 4.00%, 1/1/2036 | 7006 | 7008 |
| Pool # MA2587, 3.50%, 4/1/2036 | 1313 | 1291 |
| Pool # FM2477, 3.00%, 5/1/2036 | 1645 | 1606 |
| Pool # MA2610, 3.00%, 5/1/2036 | 11318 | 10920 |
| Pool # AS7789, 3.00%, 8/1/2036 | 2314 | 2231 |
| Pool # FM6297, 3.50%, 12/1/2036 | 1771 | 1744 |
| Pool # FS0448, 3.00%, 1/1/2037 | 4201 | 4106 |
| Pool # BM1370, 3.00%, 4/1/2037 | 1111 | 1068 |
| Pool # BJ2544, 3.00%, 12/1/2037 | 833 | 797 |
| Pool # FM2922, 3.00%, 2/1/2038 | 1185 | 1159 |
| Pool # FM8386, 3.00%, 6/1/2038 | 1708 | 1661 |
| Pool # FS4583, 4.00%, 6/1/2038 | 1228 | 1226 |
| Pool # FS1689, 4.50%, 4/1/2039 | 908 | 920 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

228 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # FS4048, 4.50%, 4/1/2039 | 7285 | 7376 |
| Pool # FS4490, 4.00%, 7/1/2039 | 7311 | 7281 |
| Pool # MA5205, 6.00%, 11/1/2043 | 19906 | 20485 |
| Pool # FS9723, 6.00%, 9/1/2044 | 18202 | 18744 |
| Pool # FA0954, 6.00%, 1/1/2045 | 2326 | 2402 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # 555889, 8.00%, 12/1/2030 | 2 | 2 |
| Pool # 254548, 5.50%, 12/1/2032 | 408 | 424 |
| Pool # 555458, 5.50%, 5/1/2033 | 816 | 837 |
| Pool # AB0054, 4.50%, 12/1/2034 | 1045 | 1055 |
| Pool # 735503, 6.00%, 4/1/2035 | 634 | 665 |
| Pool # 745275, 5.00%, 2/1/2036 | 1160 | 1193 |
| Pool # 889118, 5.50%, 4/1/2036 | 1195 | 1229 |
| Pool # 889209, 5.00%, 5/1/2036 | 60 | 61 |
| Pool # 745948, 6.50%, 10/1/2036 | 104 | 110 |
| Pool # 889494, 5.50%, 1/1/2037 | 88 | 92 |
| Pool # AD0249, 5.50%, 4/1/2037 | 816 | 841 |
| Pool # 995024, 5.50%, 8/1/2037 | 135 | 141 |
| Pool # FS4003, 5.50%, 8/1/2037 | 4603 | 4721 |
| Pool # 950302, 7.00%, 8/1/2037 | 207 | 219 |
| Pool # 888890, 6.50%, 10/1/2037 | 293 | 312 |
| Pool # 929005, 6.00%, 1/1/2038 | 218 | 230 |
| Pool # 995049, 5.50%, 2/1/2038 | 2704 | 2852 |
| Pool # 890268, 6.50%, 10/1/2038 | 516 | 549 |
| Pool # 995149, 6.50%, 10/1/2038 | 327 | 348 |
| Pool # AL7521, 5.00%, 6/1/2039 | 161 | 164 |
| Pool # AC3237, 5.00%, 10/1/2039 | 89 | 92 |
| Pool # AB2025, 5.00%, 1/1/2040 | 202 | 203 |
| Pool # AD6431, 4.50%, 6/1/2040 | 91 | 93 |
| Pool # AK6740, 4.00%, 3/1/2042 | 1051 | 1052 |
| Pool # AO7185, 4.00%, 9/1/2042 | 570 | 566 |
| Pool # AL7590, 3.50%, 10/1/2045 | 493 | 476 |
| Pool # FS5552, 5.00%, 12/1/2047 | 4322 | 4415 |
| Pool # FS8687, 5.50%, 8/1/2048 | 3935 | 4119 |
| Pool # FS6870, 5.50%, 11/1/2052 | 3081 | 3218 |
| FNMA, 30 Year Pool # 801357, 5.50%, <br> 8/1/2034<br>| 21 | 21 |
| FNMA, Other  |  |  |
| Pool # AN1613, 2.55%, 7/1/2026 | 8782 | 8722 |
| Pool # BL4482, 2.19%, 11/1/2026 | 9757 | 9635 |
| Pool # AM8146, 2.78%, 2/1/2027 | 6925 | 6862 |
| Pool # AN5041, 3.08%, 3/1/2027 | 4919 | 4886 |
| Pool # AN6585, 2.84%, 9/1/2027 | 6328 | 6246 |
| Pool # AN6586, 2.84%, 9/1/2027 | 5790 | 5715 |
| Pool # AN7169, 2.83%, 10/1/2027 | 5182 | 5118 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # BL9763, 1.24%, 12/1/2027 | 2500 | 2395 |
| Pool # AB7351, 2.50%, 12/1/2027 | 124 | 122 |
| Pool # AQ8837, 2.50%, 12/1/2027 | 72 | 71 |
| Pool # AQ9357, 2.50%, 1/1/2028 | 41 | 41 |
| Pool # AN8048, 3.08%, 1/1/2028 | 3156 | 3132 |
| Pool # AQ9760, 2.50%, 2/1/2028 | 199 | 196 |
| Pool # MA1360, 2.50%, 2/1/2028 | 271 | 267 |
| Pool # BS1625, 1.35%, 4/1/2028 | 4854 | 4630 |
| Pool # BS8763, 4.50%, 6/1/2028 | 1335 | 1356 |
| Pool # BS9129, 4.39%, 7/1/2028 | 3798 | 3847 |
| Pool # MA1557, 3.00%, 8/1/2028 | 49 | 49 |
| Pool # AN9814, 3.63%, 8/1/2028 | 3441 | 3435 |
| Pool # BS9300, 4.46%, 8/1/2028 | 4840 | 4918 |
| Pool # BS9278, 4.65%, 8/1/2028 | 1444 | 1468 |
| Pool # BS9062, 4.54%, 9/1/2028 | 5425 | 5514 |
| Pool # BS9590, 4.82%, 9/1/2028 | 7345 | 7517 |
| Pool # BS9454, 5.34%, 9/1/2028 | 4493 | 4659 |
| Pool # BZ0016, 5.55%, 12/1/2028 | 4993 | 5219 |
| Pool # BZ0809, 4.89%, 4/1/2029 | 1245 | 1283 |
| Pool # BZ0931, 4.71%, 5/1/2029 | 8867 | 9097 |
| Pool # BZ1385, 4.65%, 7/1/2029 | 2000 | 2054 |
| Pool # BM7222, 3.50%, 10/1/2029 | 1620 | 1611 |
| Pool # BZ3364, 4.77%, 3/1/2030 | 10000 | 10362 |
| Pool # BZ3685, 4.28%, 4/1/2030 | 11688 | 11910 |
| Pool # BZ3496, 4.48%, 4/1/2030 | 25386 | 25966 |
| Pool # BZ4177, 5.02%, 6/1/2030 | 2950 | 3084 |
| Pool # BZ4799, 4.54%, 9/1/2030 | 3830 | 3935 |
| Pool # BM7221, 3.00%, 2/1/2031 | 2524 | 2501 |
| Pool # BK4847, 2.50%, 4/1/2033 | 160 | 155 |
| Pool # BM6947, 3.50%, 7/1/2033 | 2043 | 2024 |
| Pool # AL6151, 3.50%, 8/1/2034 | 6845 | 6722 |
| Pool # BM6595, 4.00%, 6/1/2037 | 1423 | 1421 |
| Pool # BF0077, 4.50%, 3/1/2039 | 7007 | 7106 |
| Pool # BF0194, 4.50%, 7/1/2040 | 1681 | 1705 |
| Pool # BF0238, 4.50%, 8/1/2041 | 9371 | 9577 |
| Pool # MA0896, 4.00%, 11/1/2041 | 243 | 240 |
| Pool # MA1188, 3.00%, 9/1/2042 | 1268 | 1183 |
| Pool # MA1349, 3.00%, 2/1/2043 | 1315 | 1226 |
| Pool # MA1371, 3.00%, 3/1/2043 | 436 | 406 |
| Pool # MA1433, 3.00%, 5/1/2043 | 569 | 530 |
| Pool # MA1510, 4.00%, 7/1/2043 | 588 | 585 |
| Pool # AL6167, 3.50%, 1/1/2044 | 900 | 866 |
| Pool # BM3994, 3.50%, 1/1/2044 | 1160 | 1117 |
| Pool # AL6854, 3.00%, 2/1/2044 | 1636 | 1541 |
| Pool # AL7826, 3.50%, 1/1/2046 | 1148 | 1119 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 229

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # MA2621, 3.50%, 5/1/2046 | 279 | 266 |
| Pool # MA2744, 3.50%, 9/1/2046 | 684 | 651 |
| Pool # AL9060, 5.55%, 4/1/2047 | 3039 | 3195 |
| Pool # BH8493, 3.00%, 11/1/2047 | 823 | 748 |
| Pool # MA3197, 3.00%, 11/1/2047 | 461 | 419 |
| Pool # BF0362, 5.50%, 1/1/2048 | 7111 | 7439 |
| Pool # BM5053, 3.00%, 4/1/2048 | 337 | 314 |
| Pool # BF0371, 5.00%, 7/1/2048 | 1236 | 1271 |
| Pool # BF0573, 5.50%, 12/1/2048 | 9380 | 9580 |
| Pool # BM6073, 3.00%, 7/1/2049 | 763 | 711 |
| Pool # MA3913, 3.00%, 1/1/2050 | 873 | 786 |
| Pool # CA5133, 3.00%, 2/1/2050 | 423 | 381 |
| Pool # CA5979, 3.00%, 5/1/2050 | 351 | 316 |
| Pool # MA4029, 3.00%, 5/1/2050 | 358 | 319 |
| Pool # MA4057, 2.50%, 6/1/2050 | 677 | 577 |
| Pool # CA6065, 3.00%, 6/1/2050 | 334 | 298 |
| Pool # MA4058, 3.00%, 6/1/2050 | 278 | 248 |
| Pool # CA6385, 3.00%, 7/1/2050 | 380 | 339 |
| GNMA I, 15 Year Pool # 783929, 4.00%, <br> 5/15/2026<br>|  |  |
| GNMA I, 30 Year  |  |  |
| Pool # 423946, 9.00%, 10/15/2026 |  |  |
| Pool # 786458, 5.50%, 3/15/2033 | 1932 | 1989 |
| Pool # 784278, 5.50%, 1/15/2034 | 1557 | 1614 |
| Pool # 687926, 6.50%, 9/15/2038 | 700 | 746 |
| Pool # 785282, 4.25%, 10/15/2040 | 6510 | 6505 |
| Pool # 785859, 5.50%, 6/15/2041 | 17954 | 18718 |
| Pool # AE7700, 3.50%, 8/15/2043 | 343 | 330 |
| GNMA II  |  |  |
| Pool # 80053, ARM, 5.63%, 3/20/2027 (b) |  |  |
| Pool # 80152, ARM, 5.63%, 1/20/2028 (b) |  |  |
| GNMA II, 15 Year  |  |  |
| Pool # 5136, 4.00%, 8/20/2026 | 2 | 2 |
| Pool # 5208, 3.00%, 10/20/2026 | 50 | 49 |
| Pool # 5277, 3.50%, 1/20/2027 | 14 | 14 |
| Pool # MA3495, 2.50%, 3/20/2031 | 4504 | 4387 |
| Pool # MA3638, 2.50%, 5/20/2031 | 2508 | 2439 |
| GNMA II, 30 Year  |  |  |
| Pool # 2285, 8.00%, 9/20/2026 |  |  |
| Pool # 2499, 8.00%, 10/20/2027 |  |  |
| Pool # 2525, 8.00%, 12/20/2027 |  |  |
| Pool # 2646, 7.50%, 9/20/2028 | 1 | 1 |
| Pool # 4224, 7.00%, 8/20/2038 | 351 | 372 |
| Pool # 4245, 6.00%, 9/20/2038 | 488 | 527 |
| Pool # 4247, 7.00%, 9/20/2038 | 643 | 681 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # MA8619, 6.50%, 11/20/2038 | 2190 | 2327 |
| Pool # MA8918, 5.50%, 12/20/2038 | 1322 | 1388 |
| GNMA II, Other Pool # MA6081, 3.50%, <br> 8/20/2049<br>| 580 | 541 |
| Total Mortgage-Backed Securities <br>(Cost $816,678)<br>|  | 824147 |
| **Commercial Mortgage-Backed Securities — 2.0%** | **Commercial Mortgage-Backed Securities — 2.0%** | **Commercial Mortgage-Backed Securities — 2.0%** |
| Commercial Mortgage Trust |  |  |
| Series 2014-UBS3, Class B, 4.31%, 6/10/2047 | 2723 | 2638 |
| Series 2015-CR26, Class B, 4.61%, <br> 10/10/2048 (b)<br>| 1532 | 1509 |
| CSTL Commercial Mortgage Trust |  |  |
| Series 2025-GATE2, Class A, 4.56%, <br> 11/10/2042 (a) (b)<br>| 26965 | 27144 |
| Series 2026-GATE3, Class A, 4.69%, <br> 2/10/2043 (a) (b)<br>| 12500 | 12649 |
| DLIC Re-REMIC Trust |  |  |
| Series 2025-FRR1, Class AK57, 1.48%, <br> 8/27/2049 ‡ (a) (b)<br>| 18426 | 18040 |
| Series 2025-FRR1, Class BK57, 1.51%, <br> 8/27/2049 ‡ (a) (b)<br>| 6768 | 6611 |
| FHLMC MSCR Trust Series 2025-MN12, Class M1, <br> 5.42%, 11/25/2045 (a) (b)<br>| 7491 | 7491 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series KC07, Class A7, 2.51%, 10/25/2026 | 1854 | 1837 |
| Series K068, Class X1, IO, 0.40%, <br> 8/25/2027 (b)<br>| 62433 | 342 |
| Series K740, Class X1, IO, 0.72%, <br> 9/25/2027 (b)<br>| 100064 | 900 |
| Series K506, Class A1, 4.65%, 5/25/2028 | 1157 | 1177 |
| Series K507, Class A2, 4.80%, 9/25/2028 (b) | 2500 | 2558 |
| Series K512, Class A2, 5.00%, 11/25/2028 | 11059 | 11401 |
| Series KG04, Class A1, 0.85%, 6/25/2030 | 3088 | 2895 |
| Series K114, Class X1, IO, 1.11%, <br> 6/25/2030 (b)<br>| 39280 | 1600 |
| FNMA ACES Series 2020-M10, Class X1, IO, <br> 1.77%, 12/25/2030 (b)<br>| 53593 | 2955 |
| FREMF Mortgage Trust |  |  |
| Series 2019-K735, Class B, 4.01%, <br> 5/25/2026 (a) (b)<br>| 15980 | 15915 |
| Series 2016-K55, Class B, 4.15%, <br> 4/25/2049 (a) (b)<br>| 9100 | 9073 |
| Series 2016-K57, Class B, 3.94%, <br> 8/25/2049 (a) (b)<br>| 12794 | 12728 |
| Series 2017-K62, Class B, 3.88%, <br> 1/25/2050 (a) (b)<br>| 5500 | 5466 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

230 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2017-K71, Class B, 3.75%, <br> 11/25/2050 (a) (b)<br>| 1000 | 987 |
| Series 2019-K91, Class B, 4.26%, <br> 4/25/2051 (a) (b)<br>| 5000 | 4999 |
| Series 2018-K79, Class B, 4.21%, <br> 7/25/2051 (a) (b)<br>| 8000 | 7957 |
| Series 2019-K90, Class B, 4.32%, <br> 2/25/2052 (a) (b)<br>| 13582 | 13610 |
| Series 2020-K105, Class B, 3.53%, <br> 3/25/2053 (a) (b)<br>| 7245 | 7031 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| Series 2015-C30, Class C, 4.15%, <br> 7/15/2048 (b)<br>| 9000 | 7346 |
| Series 2015-C31, Class C, 4.65%, <br> 8/15/2048 (b)<br>| 2750 | 2146 |
| JPMCC Commercial Mortgage Securities Trust <br> Series 2017-JP6, Class A3, 3.11%, 7/15/2050<br>| 2818 | 2785 |
| Morgan Stanley Bank of America Merrill Lynch <br> Trust Series 2016-C31, Class B, 3.88%, <br> 11/15/2049 (b)<br>| 4140 | 4012 |
| Morgan Stanley Capital I Trust Series 2021-L6, <br> Class A2, 2.13%, 6/15/2054 (b)<br>| 2561 | 2516 |
| MRCD MARK Mortgage Trust Series 2019-PARK, <br> Class B, 2.72%, 12/15/2036 (a)<br>| 6000 | 5160 |
| PRM5 Trust Series 2025-PRM5, Class A, 4.62%, <br> 3/10/2033 (a) (b)<br>| 4655 | 4669 |
| PRM7 Trust Series 2025-PRM7, Class A, 4.36%, <br> 11/10/2042 (a) (b)<br>| 24320 | 24267 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (a)<br>| 16000 | 16559 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| Series 2021-SAVE, Class A, 5.27%, <br> 2/15/2040 (a) (b)<br>| 1715 | 1711 |
| Series 2017-C41, Class A2, 2.59%, <br> 11/15/2050<br>| 894 | 880 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $253,262)<br>|  | 251564 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 8.5%** | **Short-Term Investments — 8.5%** | **Short-Term Investments — 8.5%** |
| **Investment Companies — 2.7%** | **Investment Companies — 2.7%** | **Investment Companies — 2.7%** |
| JPMorgan U.S. Government Money Market Fund <br> Class Institutional Shares, 3.52% (e) (f) <br>(Cost $333,144)<br>| 333144 | 333144 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **U.S. Treasury Obligations — 5.8%** | **U.S. Treasury Obligations — 5.8%** | **U.S. Treasury Obligations — 5.8%** |
| U.S. Treasury Bills |  |  |
| 3.54%, 7/2/2026 (g) (h) | 15186 | 15002 |
| 3.80%, 8/6/2026 (g) | 722355 | 711266 |
| Total U.S. Treasury Obligations <br>(Cost $725,733)<br>|  | 726268 |
| Total Short-Term Investments <br>(Cost $1,058,877)<br>|  | 1059412 |
| **Total Investments — 99.0%** <br>**(Cost $12,205,415)**<br>|  | **12284989** |
| **Other Assets in Excess of Liabilities — 1.0%** |  | **122175** |
| **NET ASSETS — 100.0%** |  | **12407164** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| CIFC | Commercial Industrial Finance Corp. |
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| CSMC | Credit Suisse Mortgage Trust |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| ICE | Intercontinental Exchange |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> February 28, 2026. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 231

------

JPMorgan Short Duration Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | |
|:---|:---|
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| UMBS | Uniform Mortgage-Backed Securities |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) 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;(f) The rate shown is the current yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) All or a portion of this security is deposited with the broker as initial margin for futures contracts.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 15058 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 3150651 | &nbsp;&nbsp;&nbsp;&nbsp; 2469 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (1618)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (184098)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (800)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (789)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (92103)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (532)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (13147)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (162)<br>|
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (122)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (2)<br>|
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (3955)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (435544)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (1334)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (2830)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (361)<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;

232 J.P. Morgan Income Funds February 28, 2026

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 29.3%** | **Corporate Bonds — 29.3%** | **Corporate Bonds — 29.3%** |
| **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** | **Aerospace & Defense — 0.1%** |
| ATI, Inc.  | ATI, Inc.  | ATI, Inc.  |
| 5.88%, 12/1/2027 | 807 | 807 |
| 7.25%, 8/15/2030 | 235 | 246 |
| Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) | Bombardier, Inc. (Canada) |
| 6.00%, 2/15/2028 (a) | 464 | 464 |
| 8.75%, 11/15/2030 (a) | 300 | 322 |
| ICITII 6.00%, 1/31/2033 ‡ (a) | 295 | 132 |
| TransDigm, Inc.  | TransDigm, Inc.  | TransDigm, Inc.  |
| 6.38%, 3/1/2029 (a) | 1699 | 1745 |
| 6.63%, 3/1/2032 (a) | 423 | 438 |
|  |  | 4154 |
| **Automobile Components — 0.1%** | **Automobile Components — 0.1%** | **Automobile Components — 0.1%** |
| Adient Global Holdings Ltd. 7.50%, 2/15/2033 (a) | 1155 | 1212 |
| Allison Transmission, Inc. 5.88%, 6/1/2029 (a) | 1035 | 1046 |
| Clarios Global LP  | Clarios Global LP  | Clarios Global LP  |
| 6.75%, 5/15/2028 (a) | 765 | 783 |
| 6.75%, 9/15/2032 (a) | 510 | 529 |
| Cooper-Standard Automotive, Inc. 9.25%, <br> 3/1/2031 (a) (b)<br>| 645 | 647 |
| Dana, Inc. 4.50%, 2/15/2032 | 143 | 136 |
| Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  | Goodyear Tire & Rubber Co. (The)  |
| 5.00%, 7/15/2029 | 545 | 534 |
| 5.25%, 7/15/2031 | 1655 | 1579 |
| Icahn Enterprises LP 5.25%, 5/15/2027 | 1500 | 1478 |
| ZF North America Capital, Inc. (Germany) 6.88%, <br> 4/14/2028 (a)<br>| 870 | 899 |
|  |  | 8843 |
| **Automobiles — 0.4%** | **Automobiles — 0.4%** | **Automobiles — 0.4%** |
| BMW US Capital LLC (Germany) 4.65%, <br> 8/13/2029 (a)<br>| 7035 | 7161 |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 3.00%, 2/10/2027 (a) | 4606 | 4565 |
| 5.30%, 6/24/2029 (a) | 3440 | 3561 |
| 5.30%, 1/8/2030 (a) | 9850 | 10246 |
|  |  | 25533 |
| **Banks — 13.0%** | **Banks — 13.0%** | **Banks — 13.0%** |
| AIB Group plc (Ireland) | AIB Group plc (Ireland) | AIB Group plc (Ireland) |
| (SOFR + 2.33%), 6.61%, 9/13/2029 (a) (c) | 16690 | 17666 |
| (SOFR + 1.65%), 5.32%, 5/15/2031 (a) (c) | 11010 | 11437 |
| Banco Santander SA (Spain) | Banco Santander SA (Spain) | Banco Santander SA (Spain) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.72%, <br> 9/14/2027 (c)<br>| 16000 | 15809 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| 5.59%, 8/8/2028 | 15200 | 15755 |
| 6.61%, 11/7/2028 | 4600 | 4903 |
| 4.55%, 11/6/2030 | 10000 | 10080 |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| (SOFR + 0.96%), 1.73%, 7/22/2027 (c) | 11829 | 11723 |
| (SOFR + 1.99%), 6.20%, 11/10/2028 (c) | 9600 | 9941 |
| (SOFR + 1.11%), 4.62%, 5/9/2029 (c) | 16635 | 16871 |
| (SOFR + 1.57%), 5.82%, 9/15/2029 (c) | 9680 | 10095 |
| (SOFR + 1.00%), 5.16%, 1/24/2031 (c) | 7000 | 7266 |
| Bank of Ireland Group plc (Ireland) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 Year <br> + 1.10%), 2.03%, 9/30/2027 (a) (c)<br>| 18735 | 18512 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| (SOFR + 1.00%), 4.40%, 9/8/2028 (c) | 8645 | 8701 |
| (SOFR + 1.09%), 4.34%, 9/15/2031 (c) | 13760 | 13809 |
| Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) | Banque Federative du Credit Mutuel SA (France) |
| 4.59%, 10/16/2028 (a) | 18860 | 19090 |
| 5.54%, 1/22/2030 (a) | 10000 | 10469 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 2.28%, <br> 11/24/2027 (c)<br>| 20445 | 20171 |
| (SOFR + 1.14%), 4.52%, 2/24/2032 (c) | 6340 | 6354 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 1.28%), 5.28%, 11/19/2030 (a) (c) | 10065 | 10427 |
| (SOFR + 1.68%), 5.09%, 5/9/2031 (a) (c) | 7750 | 7968 |
| BPCE SA (France) | BPCE SA (France) | BPCE SA (France) |
| (SOFR + 1.96%), 5.72%, 1/18/2030 (a) (c) | 23505 | 24420 |
| (SOFR + 1.58%), 5.39%, 5/28/2031 (a) (c) | 6125 | 6336 |
| CaixaBank SA (Spain) | CaixaBank SA (Spain) | CaixaBank SA (Spain) |
| (SOFR + 2.08%), 6.68%, 9/13/2027 (a) (c) | 15990 | 16217 |
| (SOFRINDX + 1.78%), 5.67%, <br> 3/15/2030 (a) (c)<br>| 5719 | 5964 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| (SOFRINDX + 0.79%), 4.28%, 1/29/2030 (c) | 23875 | 24035 |
| (SOFRINDX + 1.17%), 4.58%, 9/8/2031 (c) | 8280 | 8403 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (SOFR + 1.36%), 5.17%, 2/13/2030 (c) | 7775 | 8011 |
| (SOFR + 1.34%), 4.54%, 9/19/2030 (c) | 19165 | 19391 |
| (SOFR + 1.46%), 4.95%, 5/7/2031 (c) | 13060 | 13394 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.75%), 4.66%, <br> 8/22/2028 (a) (c)<br>| 10450 | 10551 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 233

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.40%), 5.56%, <br> 2/28/2029 (a) (c)<br>| 7230 | 7445 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.99%, <br> 5/27/2031 (a) (c)<br>| 2550 | 2627 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| (SOFR + 1.13%), 5.23%, 1/9/2029 (a) (c) | 9310 | 9505 |
| (SOFR + 1.46%), 5.22%, 5/27/2031 (a) (c) | 20520 | 21218 |
| Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) | Danske Bank A/S (Denmark) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.40%), 5.71%, <br> 3/1/2030 (a) (c)<br>| 3170 | 3308 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 4.61%, <br> 10/2/2030 (a) (c)<br>| 4615 | 4675 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 4.42%, <br> 9/12/2031 (a) (c)<br>| 13600 | 13661 |
| DNB Bank ASA (Norway) (SOFR + 1.05%), 4.38%, <br> 11/4/2031 (a) (c)<br>| 11980 | 12037 |
| Federation des Caisses Desjardins du Quebec (Canada) | Federation des Caisses Desjardins du Quebec (Canada) | Federation des Caisses Desjardins du Quebec (Canada) |
| 5.70%, 3/14/2028 (a) | 8075 | 8356 |
| 4.57%, 8/26/2030 (a) | 8235 | 8344 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| (SOFR + 1.46%), 5.55%, 3/4/2030 (c) | 9570 | 9954 |
| (SOFR + 1.29%), 5.29%, 11/19/2030 (c) | 5895 | 6111 |
| (SOFR + 1.29%), 5.13%, 3/3/2031 (c) | 3655 | 3771 |
| (SOFR + 1.57%), 5.24%, 5/13/2031 (c) | 10640 | 11023 |
| (SOFR + 1.19%), 4.62%, 11/6/2031 (c) | 6255 | 6327 |
| ING Groep NV (Netherlands) (SOFR + 1.01%), <br> 1.73%, 4/1/2027 (c)<br>| 6355 | 6343 |
| KBC Group NV (Belgium) | KBC Group NV (Belgium) | KBC Group NV (Belgium) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 2.10%), 5.80%, <br> 1/19/2029 (a) (c)<br>| 13760 | 14209 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.85%), 4.45%, <br> 9/23/2031 (a) (c)<br>| 14715 | 14828 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.70%), 5.87%, <br> 3/6/2029 (c)<br>| 20510 | 21259 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.82%), 4.43%, <br> 11/4/2031 (c)<br>| 7025 | 7059 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) | Mitsubishi UFJ Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.75%), 1.54%, <br> 7/20/2027 (c)<br>| 11845 | 11736 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.90%), 5.35%, <br> 9/13/2028 (c)<br>| 11000 | 11234 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.17%), 5.16%, <br> 4/24/2031 (c)<br>| 11835 | 12278 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (c)<br>| 14165 | 14081 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.82%), 5.10%, <br> 5/13/2031 (c)<br>| 9660 | 10008 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.92%), 4.71%, <br> 7/8/2031 (c)<br>| 13295 | 13557 |
| Morgan Stanley Private Bank NA  | Morgan Stanley Private Bank NA  | Morgan Stanley Private Bank NA  |
| (SOFR + 0.76%), 4.21%, 2/8/2030 (c) | 16845 | 16925 |
| (SOFR + 1.02%), 4.47%, 11/19/2031 (c) | 14930 | 15022 |
| National Bank of Canada (Canada) 4.50%, <br> 10/10/2029<br>| 9500 | 9656 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.90%), 1.64%, <br> 6/14/2027 (c)<br>| 9818 | 9752 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 4.96%, <br> 8/15/2030 (c)<br>| 8025 | 8227 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 5.12%, <br> 5/23/2031 (c)<br>| 5135 | 5296 |
| NatWest Markets plc (United Kingdom) 5.41%, <br> 5/17/2029 (a)<br>| 7125 | 7420 |
| Royal Bank of Canada (Canada) (SOFR + 0.89%), <br> 4.50%, 8/6/2029 (c)<br>| 12050 | 12194 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (a) (c)<br>| 15685 | 15588 |
| (SOFR + 1.10%), 4.45%, 4/12/2030 (a) (c) | 10000 | 10045 |
| (SOFR + 1.65%), 5.51%, 5/22/2031 (a) (c) | 16115 | 16774 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

234 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 5.55%, <br> 1/21/2029 (a) (c)<br>| 5470 | 5613 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.15%), 5.01%, <br> 10/15/2030 (a) (c)<br>| 4950 | 5067 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.52%, 1/13/2028 | 12115 | 12490 |
| (SOFR + 1.19%), 4.66%, 7/8/2031 (c) | 12930 | 13155 |
| Svenska Handelsbanken AB (Sweden) 5.50%, <br> 6/15/2028 (a)<br>| 10000 | 10340 |
| Swedbank AB (Sweden) 5.08%, 5/21/2030 (a) | 6900 | 7148 |
| Toronto-Dominion Bank (The) (Canada) 5.52%, <br> 7/17/2028<br>| 9975 | 10336 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| (SOFR + 1.51%), 3.53%, 3/24/2028 (c) | 12760 | 12694 |
| (SOFR + 1.74%), 5.57%, 7/25/2029 (c) | 14415 | 14913 |
| (SOFR + 1.79%), 6.30%, 10/23/2029 (c) | 5640 | 5948 |
| (SOFR + 1.11%), 5.24%, 1/24/2031 (c) | 3290 | 3413 |
| (SOFR + 1.50%), 5.15%, 4/23/2031 (c) | 11815 | 12231 |
|  |  | 888970 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Constellation Brands, Inc. 4.80%, 5/1/2030 | 9105 | 9336 |
| **Biotechnology — 0.1%** | **Biotechnology — 0.1%** | **Biotechnology — 0.1%** |
| Biogen, Inc. 5.05%, 1/15/2031 | 7425 | 7706 |
| **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** | **Broadline Retail — 0.0% ^** |
| Nordstrom, Inc. 4.38%, 4/1/2030 | 425 | 409 |
| Shutterfly Finance LLC  | Shutterfly Finance LLC  | Shutterfly Finance LLC  |
| 8.50% (Cash), 10/1/2027 (a) (d) | 787 | 737 |
| 9.75%, 10/1/2027 (a) | 88 | 87 |
| Wayfair LLC 7.25%, 10/31/2029 (a) | 1155 | 1194 |
|  |  | 2427 |
| **Building Products — 0.2%** | **Building Products — 0.2%** | **Building Products — 0.2%** |
| Builders FirstSource, Inc. 4.25%, 2/1/2032 (a) | 2565 | 2446 |
| EMRLD Borrower LP 6.63%, 12/15/2030 (a) | 2315 | 2396 |
| Griffon Corp. 5.75%, 3/1/2028 | 827 | 826 |
| JELD-WEN, Inc. 4.88%, 12/15/2027 (a) | 855 | 700 |
| Masterbrand, Inc. 7.00%, 7/15/2032 (a) | 725 | 730 |
| Miter Brands Acquisition Holdco, Inc. 6.75%, <br> 4/1/2032 (a)<br>| 1295 | 1306 |
| Quikrete Holdings, Inc. 6.38%, 3/1/2032 (a) | 2530 | 2629 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Building Products — continued** | **Building Products — continued** | **Building Products — continued** |
| Smyrna Ready Mix Concrete LLC  | Smyrna Ready Mix Concrete LLC  | Smyrna Ready Mix Concrete LLC  |
| 6.00%, 11/1/2028 (a) | 820 | 821 |
| 8.88%, 11/15/2031 (a) | 710 | 754 |
| Standard Building Solutions, Inc. 6.50%, <br> 8/15/2032 (a)<br>| 1160 | 1194 |
| Standard Industries, Inc. 4.75%, 1/15/2028 (a) | 1398 | 1394 |
|  |  | 15196 |
| **Capital Markets — 2.9%** | **Capital Markets — 2.9%** | **Capital Markets — 2.9%** |
| Coinbase Global, Inc. 3.38%, 10/1/2028 (a) | 795 | 758 |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (c) | 1915 | 1892 |
| (SOFR + 2.51%), 6.82%, 11/20/2029 (c) | 8360 | 8903 |
| (SOFR + 1.72%), 5.30%, 5/9/2031 (c) | 12190 | 12588 |
| (SOFR + 1.10%), 4.47%, 12/10/2031 (c) | 4350 | 4375 |
| (SOFR + 1.14%), 4.73%, 2/6/2032 (c) | 4940 | 4982 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 0.91%), 1.95%, 10/21/2027 (c) | 12799 | 12627 |
| (SOFR + 1.11%), 2.64%, 2/24/2028 (c) | 29050 | 28652 |
| (SOFR + 1.21%), 5.05%, 7/23/2030 (c) | 6375 | 6540 |
| (SOFR + 1.14%), 4.69%, 10/23/2030 (c) | 4000 | 4065 |
| (SOFR + 0.96%), 4.52%, 1/21/2032 (c) | 14910 | 15002 |
| Macquarie Group Ltd. (Australia) (SOFR + 0.91%), <br> 1.63%, 9/23/2027 (a) (c)<br>| 10310 | 10175 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 0.86%), 1.51%, 7/20/2027 (c) | 18405 | 18234 |
| (SOFR + 2.24%), 6.30%, 10/18/2028 (c) | 9600 | 9945 |
| (SOFR + 1.73%), 5.12%, 2/1/2029 (c) | 8665 | 8845 |
| (SOFR + 1.38%), 4.99%, 4/12/2029 (c) | 5730 | 5834 |
| (SOFR + 1.22%), 5.04%, 7/19/2030 (c) | 5825 | 5994 |
| (SOFR + 1.51%), 5.19%, 4/17/2031 (c) | 5145 | 5330 |
| Nomura Holdings, Inc. (Japan) 1.65%, 7/14/2026 | 17065 | 16923 |
| UBS Group AG (Switzerland) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year + <br> 2.05%), 4.70%, 8/5/2027 (a) (c)<br>| 7500 | 7520 |
| Voya Global Funding 4.60%, 11/24/2030 (a) | 5880 | 5970 |
|  |  | 195154 |
| **Chemicals — 0.2%** | **Chemicals — 0.2%** | **Chemicals — 0.2%** |
| Avient Corp. 7.13%, 8/1/2030 (a) | 950 | 979 |
| Axalta Coating Systems Dutch Holding B BV 7.25%, <br> 2/15/2031 (a)<br>| 150 | 158 |
| Axalta Coating Systems LLC 3.38%, 2/15/2029 (a) | 905 | 873 |
| Braskem Netherlands Finance BV (Brazil) 4.50%, <br> 1/31/2030 (e)<br>| 4000 | 1685 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 235

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Celanese US Holdings LLC  | Celanese US Holdings LLC  | Celanese US Holdings LLC  |
| 7.00%, 2/15/2031 | 1035 | 1066 |
| 7.38%, 2/15/2034 | 1720 | 1767 |
| Chemours Co. (The) 5.75%, 11/15/2028 (a) | 1576 | 1585 |
| Element Solutions, Inc. 3.88%, 9/1/2028 (a) | 1000 | 983 |
| INEOS Finance plc (Luxembourg) 7.50%, <br> 4/15/2029 (a)<br>| 1475 | 1317 |
| NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) | NOVA Chemicals Corp. (Canada) |
| 5.25%, 6/1/2027 (a) | 1333 | 1340 |
| 8.50%, 11/15/2028 (a) | 555 | 581 |
| 9.00%, 2/15/2030 (a) | 545 | 579 |
| Scotts Miracle-Gro Co. (The) 4.50%, 10/15/2029 | 2061 | 2038 |
| Solstice Advanced Materials, Inc. 5.63%, <br> 9/30/2033 (a)<br>| 370 | 374 |
| WR Grace Holdings LLC  | WR Grace Holdings LLC  | WR Grace Holdings LLC  |
| 5.63%, 8/15/2029 (a) | 602 | 577 |
| 7.00%, 8/1/2033 (a) | 140 | 142 |
|  |  | 16044 |
| **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** | **Commercial Services & Supplies — 0.1%** |
| ACCO Brands Corp. 4.25%, 3/15/2029 (a) | 1040 | 957 |
| ADT Security Corp. (The) 4.88%, 7/15/2032 (a) | 800 | 776 |
| Aramark Services, Inc. 5.00%, 2/1/2028 (a) | 1110 | 1110 |
| Clarivate Science Holdings Corp. 3.88%, <br> 7/1/2028 (a)<br>| 740 | 692 |
| GFL Environmental, Inc. 4.00%, 8/1/2028 (a) | 1082 | 1065 |
| Madison IAQ LLC 4.13%, 6/30/2028 (a) | 1749 | 1726 |
| Prime Security Services Borrower LLC 5.75%, <br> 4/15/2026 (a)<br>| 109 | 109 |
| Williams Scotsman, Inc. 6.63%, 6/15/2029 (a) | 1075 | 1111 |
| Wrangler Holdco Corp. (Canada) 6.63%, <br> 4/1/2032 (a)<br>| 1585 | 1651 |
|  |  | 9197 |
| **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** | **Construction & Engineering — 0.1%** |
| Bioceanico Sovereign Certificate Ltd. (Paraguay) <br> Zero Coupon, 6/5/2034 (e)<br>| 689 | 569 |
| Dycom Industries, Inc. 4.50%, 4/15/2029 (a) | 615 | 605 |
| Global Infrastructure Solutions, Inc. 5.63%, <br> 6/1/2029 (a)<br>| 1330 | 1330 |
| Kingston Airport Revenue Finance Ltd. (Jamaica) <br> 6.75%, 12/15/2036 (a)<br>| 1318 | 1351 |
| Weekley Homes LLC 4.88%, 9/15/2028 (a) | 850 | 839 |
|  |  | 4694 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** | **Construction Materials — 0.0% ^** |
| Knife River Corp. 7.75%, 5/1/2031 (a) | 555 | 579 |
| **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** | **Consumer Finance — 1.4%** |
| AerCap Ireland Capital DAC (Ireland) 6.45%, <br> 4/15/2027<br>| 10625 | 10892 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFR + 0.81%), 4.35%, 7/20/2029 (c) | 13375 | 13501 |
| (SOFR + 1.44%), 5.02%, 4/25/2031 (c) | 7270 | 7512 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 5.75%, 3/1/2029 (a) | 11575 | 12041 |
| 5.38%, 5/30/2030 (a) | 5000 | 5167 |
| 4.90%, 10/10/2030 (a) | 10110 | 10257 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| (SOFR + 2.08%), 5.47%, 2/1/2029 (c) | 19895 | 20398 |
| (SOFR + 1.15%), 4.72%, 1/30/2032 (c) | 11540 | 11619 |
| OneMain Finance Corp.  | OneMain Finance Corp.  | OneMain Finance Corp.  |
| 6.63%, 5/15/2029 | 1600 | 1633 |
| 5.38%, 11/15/2029 | 750 | 742 |
|  |  | 93762 |
| **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** | **Consumer Staples Distribution & Retail — 0.0% ^** |
| Albertsons Cos., Inc.  | Albertsons Cos., Inc.  | Albertsons Cos., Inc.  |
| 5.63%, 3/31/2032 (a) | 310 | 311 |
| 5.75%, 3/31/2034 (a) | 1480 | 1473 |
| Performance Food Group, Inc. 6.13%, <br> 9/15/2032 (a)<br>| 270 | 277 |
|  |  | 2061 |
| **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** | **Containers & Packaging — 0.3%** |
| Amcor Flexibles North America, Inc. 5.10%, <br> 3/17/2030<br>| 7850 | 8125 |
| Ardagh Group SA  | Ardagh Group SA  | Ardagh Group SA  |
| 9.50%, 12/1/2030 (a) | 546 | 591 |
| 12.00% (Blend (Cash 5.50% + PIK 6.50%)), <br> 12/1/2030 (a) (d) (f)<br>| 810 | 767 |
| Ball Corp.  | Ball Corp.  | Ball Corp.  |
| 6.00%, 6/15/2029 | 775 | 799 |
| 3.13%, 9/15/2031 | 730 | 678 |
| Graphic Packaging International LLC  | Graphic Packaging International LLC  | Graphic Packaging International LLC  |
| 1.51%, 4/15/2026 (a) | 2925 | 2913 |
| 6.38%, 7/15/2032 (a) | 745 | 754 |
| Mauser Packaging Solutions Holding Co. 7.88%, <br> 4/15/2030 (a)<br>| 1505 | 1541 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

236 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Containers & Packaging — continued** | **Containers & Packaging — continued** | **Containers & Packaging — continued** |
| Owens-Brockway Glass Container, Inc. 6.63%, <br> 5/13/2027 (a)<br>| 1260 | 1261 |
| TriMas Corp. 4.13%, 4/15/2029 (a) | 370 | 357 |
|  |  | 17786 |
| **Distributors — 0.0% ^** | **Distributors — 0.0% ^** | **Distributors — 0.0% ^** |
| RB Global Holdings, Inc. (Canada) 7.75%, <br> 3/15/2031 (a)<br>| 460 | 478 |
| Resideo Funding, Inc. 6.50%, 7/15/2032 (a) | 625 | 638 |
|  |  | 1116 |
| **Diversified — 0.1%** | **Diversified — 0.1%** | **Diversified — 0.1%** |
| Ygrene Frn 8.50%, 7/25/2045 ‡ (a) | 3313 | 3330 |
| **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** | **Diversified Consumer Services — 0.0% ^** |
| Service Corp. International  | Service Corp. International  | Service Corp. International  |
| 5.13%, 6/1/2029 | 395 | 396 |
| 3.38%, 8/15/2030 | 860 | 808 |
| Wand NewCo 3, Inc. 7.63%, 1/30/2032 (a) | 750 | 783 |
|  |  | 1987 |
| **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** | **Diversified Telecommunication Services — 0.3%** |
| Altice Financing SA (Luxembourg) 5.00%, <br> 1/15/2028 (a)<br>| 900 | 634 |
| Altice France SA (France) 6.88%, 7/15/2032 (a) | 912 | 876 |
| CCO Holdings LLC  | CCO Holdings LLC  | CCO Holdings LLC  |
| 5.13%, 5/1/2027 (a) | 255 | 255 |
| 4.75%, 3/1/2030 (a) | 6480 | 6265 |
| 4.25%, 2/1/2031 (a) | 7821 | 7290 |
| 4.75%, 2/1/2032 (a) | 820 | 763 |
| 4.50%, 6/1/2033 (a) | 744 | 664 |
| Cipher Compute LLC 7.13%, 11/15/2030 (a) | 370 | 386 |
| Fibercop SpA (Italy) Series 2033, 6.38%, <br> 11/15/2033 (a)<br>| 607 | 616 |
| Level 3 Financing, Inc. 6.88%, 6/30/2033 (a) | 990 | 1025 |
| WULF Compute LLC 7.75%, 10/15/2030 (a) | 1295 | 1371 |
|  |  | 20145 |
| **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** | **Electric Utilities — 1.1%** |
| Comision Ejecutiva Hidroelectrica del Rio Lempa (El <br> Salvador) 8.65%, 1/24/2033 (a)<br>| 1500 | 1591 |
| Comision Federal de Electricidad (Mexico) 6.50%, <br> 1/28/2051 (a)<br>| 602 | 609 |
| Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| 5.13%, 6/26/2029 (a) | 7480 | 7706 |
| 4.38%, 9/30/2030 (a) | 10245 | 10297 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Electric Utilities — continued** | **Electric Utilities — continued** | **Electric Utilities — continued** |
| EnfraGen Energia Sur SA (Colombia) 5.38%, <br> 12/30/2030 (e)<br>| 3200 | 3008 |
| Fells Point Funding Trust 3.05%, 1/31/2027 (a) | 13680 | 13557 |
| FirstEnergy Transmission LLC 4.55%, 1/15/2030 | 8530 | 8657 |
| Instituto Costarricense de Electricidad (Costa Rica) <br> 6.75%, 10/7/2031 (a)<br>| 1350 | 1425 |
| NRG Energy, Inc.  | NRG Energy, Inc.  | NRG Energy, Inc.  |
| 5.75%, 1/15/2028 | 1535 | 1535 |
| 3.38%, 2/15/2029 (a) | 915 | 882 |
| 5.25%, 6/15/2029 (a) | 580 | 582 |
| 6.00%, 2/1/2033 (a) | 975 | 999 |
| PG&E Corp. 5.00%, 7/1/2028 | 924 | 922 |
| Trans-Allegheny Interstate Line Co. 5.00%, <br> 1/15/2031 (a)<br>| 2510 | 2594 |
| Trinidad Generation UnLtd (Trinidad And Tobago) <br> 7.75%, 6/16/2033 (a)<br>| 632 | 665 |
| Vistra Operations Co. LLC  | Vistra Operations Co. LLC  | Vistra Operations Co. LLC  |
| 5.63%, 2/15/2027 (a) | 1325 | 1325 |
| 4.60%, 10/15/2030 (a) | 2520 | 2536 |
| 4.70%, 1/31/2031 (a) | 12475 | 12546 |
| 7.75%, 10/15/2031 (a) | 1655 | 1749 |
|  |  | 73185 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Sensata Technologies BV 5.88%, 9/1/2030 (a) | 460 | 465 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Coherent Corp. 5.00%, 12/15/2029 (a) | 1365 | 1366 |
| Sensata Technologies, Inc.  | Sensata Technologies, Inc.  | Sensata Technologies, Inc.  |
| 4.38%, 2/15/2030 (a) | 625 | 613 |
| 6.63%, 7/15/2032 (a) | 1260 | 1319 |
|  |  | 3298 |
| **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** | **Energy Equipment & Services — 0.0% ^** |
| Archrock Partners LP 6.63%, 9/1/2032 (a) | 355 | 369 |
| Noble Finance II LLC 8.00%, 4/15/2030 (a) | 625 | 651 |
| Transocean International Ltd. 8.75%, <br> 2/15/2030 (a)<br>| 141 | 147 |
| Transocean Titan Financing Ltd. 8.38%, <br> 2/1/2028 (a)<br>| 535 | 546 |
| Yinson Boronia Production BV (Brazil) 8.95%, <br> 7/31/2042 (a)<br>| 971 | 1069 |
|  |  | 2782 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 237

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
| Cinemark USA, Inc. 5.25%, 7/15/2028 (a) | 945 | 945 |
| Live Nation Entertainment, Inc. 4.75%, <br> 10/15/2027 (a)<br>| 2160 | 2159 |
|  |  | 3104 |
| **Financial Services — 1.5%** | **Financial Services — 1.5%** | **Financial Services — 1.5%** |
| BAML RCAP (United Kingdom) 8.00%, <br> 10/26/2029 ‡<br>| 2000 | 1998 |
| Block, Inc.  | Block, Inc.  | Block, Inc.  |
| 5.63%, 8/15/2030 (a) | 235 | 238 |
| 6.50%, 5/15/2032 | 1370 | 1409 |
| 6.00%, 8/15/2033 (a) | 655 | 666 |
| CFIN 2022-RTL1 Issuer LLC  | CFIN 2022-RTL1 Issuer LLC  | CFIN 2022-RTL1 Issuer LLC  |
| Class A, 0.00%, 8/17/2027 ‡ | 5779 | 5771 |
| Class B-1, 0.00%, 8/17/2027 ‡ | 7073 | 7064 |
| Commercial Credit, Inc. Series QIB, 8.75%, <br> 8/30/2030 (a)<br>| 3500 | 3451 |
| Equitable America Global Funding 4.95%, <br> 6/9/2030 (a)<br>| 20105 | 20541 |
| Gemini Series 2026-1A, 10.50%, 2/20/2029 ‡ | 5000 | 5000 |
| Global Payments, Inc. 4.88%, 11/15/2030 | 18345 | 18323 |
| Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) | Nationwide Building Society (United Kingdom) |
| (SOFR + 1.91%), 6.56%, 10/18/2027 (a) (c) | 13625 | 13841 |
| (SOFR + 1.06%), 4.65%, 7/14/2029 (a) (c) | 7285 | 7371 |
| 5.13%, 7/29/2029 (a) | 7650 | 7905 |
| NCR Atleos Corp. 9.50%, 4/1/2029 (a) | 978 | 1050 |
| Rocket Cos., Inc. 6.13%, 8/1/2030 (a) | 775 | 795 |
| Rocket Mortgage LLC  | Rocket Mortgage LLC  | Rocket Mortgage LLC  |
| 2.88%, 10/15/2026 (a) | 912 | 901 |
| 3.63%, 3/1/2029 (a) | 796 | 767 |
| Shift4 Payments LLC 6.75%, 8/15/2032 (a) | 1050 | 1028 |
| STReAM 2008 BV (Netherlands) 0.00%, <br> 2/15/2030 ‡<br>| 2162 | 2216 |
| Street Capital Group, Inc. (Canada) 0.00%, <br> 2/15/2030 ‡<br>| 2203 | 2203 |
|  |  | 102538 |
| **Food Products — 0.3%** | **Food Products — 0.3%** | **Food Products — 0.3%** |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 2.00%, 4/21/2026 | 14555 | 14514 |
| 4.90%, 4/21/2027 | 3820 | 3861 |
| Grupo Nutresa SA (Colombia) 8.00%, <br> 5/12/2030 (e)<br>| 1300 | 1403 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Food Products — continued** | **Food Products — continued** | **Food Products — continued** |
| Post Holdings, Inc.  | Post Holdings, Inc.  | Post Holdings, Inc.  |
| 4.63%, 4/15/2030 (a) | 1209 | 1183 |
| 6.25%, 2/15/2032 (a) | 405 | 416 |
|  |  | 21377 |
| **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** | **Gas Utilities — 0.0% ^** |
| Superior Plus LP (Canada) 4.50%, 3/15/2029 (a) | 550 | 534 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  | Avis Budget Car Rental LLC  |
| 5.75%, 7/15/2027 (a) | 1149 | 1148 |
| 5.38%, 3/1/2029 (a) | 130 | 124 |
| 8.25%, 1/15/2030 (a) | 685 | 691 |
| Hertz Corp. (The) 4.63%, 12/1/2026 (a) | 779 | 710 |
| Transnet (South Africa) 8.25%, 2/6/2028 (e) | 2000 | 2110 |
| XPO, Inc.  | XPO, Inc.  | XPO, Inc.  |
| 6.25%, 6/1/2028 (a) | 325 | 330 |
| 7.13%, 6/1/2031 (a) | 845 | 878 |
|  |  | 5991 |
| **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** | **Health Care Equipment & Supplies — 0.2%** |
| Avantor Funding, Inc. 4.63%, 7/15/2028 (a) | 1300 | 1288 |
| Medline Borrower LP  | Medline Borrower LP  | Medline Borrower LP  |
| 3.88%, 4/1/2029 (a) | 716 | 704 |
| 6.25%, 4/1/2029 (a) | 1160 | 1197 |
| 5.25%, 10/1/2029 (a) | 1142 | 1142 |
| Zimmer Biomet Holdings, Inc. 5.05%, 2/19/2030 | 8500 | 8795 |
|  |  | 13126 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Acadia Healthcare Co., Inc.  | Acadia Healthcare Co., Inc.  | Acadia Healthcare Co., Inc.  |
| 5.50%, 7/1/2028 (a) | 971 | 966 |
| 5.00%, 4/15/2029 (a) | 110 | 108 |
| Accendra Health, Inc. 4.50%, 3/31/2029 (a) | 935 | 593 |
| Cardinal Health, Inc. 4.50%, 9/15/2030 | 6295 | 6386 |
| Cencora, Inc. 4.85%, 12/15/2029 | 7050 | 7254 |
| Community Health Systems, Inc. 4.75%, <br> 2/15/2031 (a)<br>| 1270 | 1165 |
| DaVita, Inc. 4.63%, 6/1/2030 (a) | 1660 | 1625 |
| Encompass Health Corp. 4.75%, 2/1/2030 | 1440 | 1432 |
| HCA, Inc.  | HCA, Inc.  | HCA, Inc.  |
| 5.20%, 6/1/2028 | 10840 | 11112 |
| 5.25%, 3/1/2030 | 6535 | 6783 |
| Tenet Healthcare Corp.  | Tenet Healthcare Corp.  | Tenet Healthcare Corp.  |
| 4.63%, 6/15/2028 | 610 | 609 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

238 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** | **Health Care Providers & Services — continued** |
| 4.25%, 6/1/2029 | 2613 | 2572 |
| 6.13%, 6/15/2030 | 1460 | 1489 |
|  |  | 42094 |
| **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** | **Health Care Technology — 0.0% ^** |
| IQVIA, Inc.  | IQVIA, Inc.  | IQVIA, Inc.  |
| 5.00%, 10/15/2026 (a) | 200 | 200 |
| 6.25%, 6/1/2032 (a) | 2465 | 2535 |
|  |  | 2735 |
| **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** | **Hotel & Resort REITs — 0.1%** |
| RHP Hotel Properties LP  | RHP Hotel Properties LP  | RHP Hotel Properties LP  |
| 4.75%, 10/15/2027 | 1274 | 1274 |
| 7.25%, 7/15/2028 (a) | 525 | 539 |
| 6.50%, 4/1/2032 (a) | 1865 | 1930 |
|  |  | 3743 |
| **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** | **Hotels, Restaurants & Leisure — 0.5%** |
| 1011778 BC ULC (Canada) 3.88%, 1/15/2028 (a) | 404 | 399 |
| Acushnet Co. 5.63%, 12/1/2033 (a) | 460 | 468 |
| Boyne USA, Inc. 4.75%, 5/15/2029 (a) | 843 | 837 |
| Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  | Caesars Entertainment, Inc.  |
| 4.63%, 10/15/2029 (a) | 1945 | 1903 |
| 7.00%, 2/15/2030 (a) | 955 | 979 |
| 6.50%, 2/15/2032 (a) | 751 | 763 |
| Carnival Corp. 6.13%, 2/15/2033 (a) | 3700 | 3830 |
| Churchill Downs, Inc. 6.75%, 5/1/2031 (a) | 855 | 881 |
| Darden Restaurants, Inc. 4.55%, 10/15/2029 | 4550 | 4612 |
| Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  | Hilton Domestic Operating Co., Inc.  |
| 3.75%, 5/1/2029 (a) | 1375 | 1339 |
| 4.00%, 5/1/2031 (a) | 1636 | 1571 |
| 5.88%, 3/15/2033 (a) | 1855 | 1909 |
| MGM Resorts International  | MGM Resorts International  | MGM Resorts International  |
| 6.13%, 9/15/2029 | 2100 | 2158 |
| 6.50%, 4/15/2032 | 585 | 601 |
| Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  | Royal Caribbean Cruises Ltd.  |
| 5.63%, 9/30/2031 (a) | 200 | 206 |
| 6.25%, 3/15/2032 (a) | 465 | 485 |
| 6.00%, 2/1/2033 (a) | 1205 | 1248 |
| Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  | Six Flags Entertainment Corp.  |
| 5.25%, 7/15/2029 | 1120 | 1077 |
| 6.63%, 5/1/2032 (a) | 1160 | 1179 |
| Station Casinos LLC 4.50%, 2/15/2028 (a) | 1725 | 1718 |
| Vail Resorts, Inc. 6.50%, 5/15/2032 (a) | 870 | 901 |
| Viking Cruises Ltd. 5.88%, 10/15/2033 (a) | 1920 | 1959 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** | **Hotels, Restaurants & Leisure — continued** |
| Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  | Wynn Resorts Finance LLC  |
| 5.13%, 10/1/2029 (a) | 1680 | 1690 |
| 6.25%, 3/15/2033 (a) | 1660 | 1695 |
|  |  | 34408 |
| **Household Durables — 0.2%** | **Household Durables — 0.2%** | **Household Durables — 0.2%** |
| Lennar Corp. 5.20%, 7/30/2030 | 7985 | 8270 |
| Newell Brands, Inc.  | Newell Brands, Inc.  | Newell Brands, Inc.  |
| 6.38%, 9/15/2027 | 645 | 654 |
| 6.63%, 5/15/2032 | 1655 | 1655 |
| Somnigroup International, Inc. 4.00%, <br> 4/15/2029 (a)<br>| 1527 | 1484 |
|  |  | 12063 |
| **Household Products — 0.0% ^** | **Household Products — 0.0% ^** | **Household Products — 0.0% ^** |
| Central Garden & Pet Co.  | Central Garden & Pet Co.  | Central Garden & Pet Co.  |
| 5.13%, 2/1/2028 | 1010 | 1009 |
| 4.13%, 4/30/2031 (a) | 435 | 415 |
| Energizer Holdings, Inc.  | Energizer Holdings, Inc.  | Energizer Holdings, Inc.  |
| 4.75%, 6/15/2028 (a) | 1040 | 1030 |
| 4.38%, 3/31/2029 (a) | 439 | 427 |
|  |  | 2881 |
| **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
| Constellation Energy Generation LLC 5.60%, <br> 3/1/2028<br>| 6570 | 6776 |
| Saavi Energia SARL (Mexico) 8.88%, <br> 2/10/2035 (a)<br>| 1080 | 1187 |
| Termocandelaria Power SA (Colombia) 7.75%, <br> 9/17/2031 (a)<br>| 1730 | 1796 |
|  |  | 9759 |
| **Insurance — 1.3%** | **Insurance — 1.3%** | **Insurance — 1.3%** |
| Alliant Holdings Intermediate LLC 6.75%, <br> 4/15/2028 (a)<br>| 1125 | 1138 |
| Athene Global Funding 5.03%, 7/17/2030 (a) | 17650 | 17751 |
| CNO Global Funding  | CNO Global Funding  | CNO Global Funding  |
| 4.95%, 9/9/2029 (a) | 18500 | 18832 |
| 4.70%, 12/11/2030 (a) | 13300 | 13327 |
| Corebridge Global Funding 4.55%, 1/9/2031 (a) | 23514 | 23587 |
| F&G Global Funding 5.88%, 6/10/2027 (a) | 9710 | 9861 |
| HUB International Ltd. 7.25%, 6/15/2030 (a) | 1215 | 1253 |
|  |  | 85749 |
| **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** | **Interactive Media & Services — 0.0% ^** |
| Snap, Inc. 6.88%, 3/1/2033 (a) | 605 | 603 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 239

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| Arches Buyer, Inc. 4.25%, 6/1/2028 (a) | 675 | 654 |
| **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** | **Leisure Products — 0.0% ^** |
| Amer Sports Co. (Finland) 6.75%, 2/16/2031 (a) | 491 | 513 |
| **Machinery — 0.1%** | **Machinery — 0.1%** | **Machinery — 0.1%** |
| Chart Industries, Inc. 7.50%, 1/1/2030 (a) | 1145 | 1190 |
| Esab Corp. 6.25%, 4/15/2029 (a) | 430 | 441 |
| Terex Corp. 6.25%, 10/15/2032 (a) | 470 | 484 |
| Trinity Industries, Inc. 7.75%, 7/15/2028 (a) | 950 | 977 |
|  |  | 3092 |
| **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** | **Marine Transportation — 0.0% ^** |
| Yinson Bergenia Production BV (Brazil) 8.50%, <br> 1/31/2045 (a)<br>| 987 | 1050 |
| **Media — 0.4%** | **Media — 0.4%** | **Media — 0.4%** |
| Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  | Clear Channel Outdoor Holdings, Inc.  |
| 7.75%, 4/15/2028 (a) | 432 | 435 |
| 7.13%, 2/15/2031 (a) | 1065 | 1126 |
| 7.50%, 3/15/2033 (a) | 690 | 745 |
| CSC Holdings LLC 6.50%, 2/1/2029 (a) | 1780 | 1125 |
| DISH DBS Corp.  | DISH DBS Corp.  | DISH DBS Corp.  |
| 7.75%, 7/1/2026 | 950 | 938 |
| 5.25%, 12/1/2026 (a) | 2380 | 2312 |
| 5.75%, 12/1/2028 (a) | 1045 | 1011 |
| Gray Media, Inc.  | Gray Media, Inc.  | Gray Media, Inc.  |
| 10.50%, 7/15/2029 (a) | 335 | 359 |
| 5.38%, 11/15/2031 (a) | 1303 | 1026 |
| 7.25%, 8/15/2033 (a) | 490 | 506 |
| iHeartCommunications, Inc.  | iHeartCommunications, Inc.  | iHeartCommunications, Inc.  |
| 9.13%, 5/1/2029 (a) | 1889 | 1679 |
| 7.75%, 8/15/2030 (a) | 63 | 50 |
| Lamar Media Corp.  | Lamar Media Corp.  | Lamar Media Corp.  |
| 4.00%, 2/15/2030 | 1030 | 998 |
| 5.38%, 11/1/2033 (a) | 705 | 707 |
| Nexstar Media, Inc.  | Nexstar Media, Inc.  | Nexstar Media, Inc.  |
| 5.63%, 7/15/2027 (a) | 935 | 935 |
| 4.75%, 11/1/2028 (a) | 1825 | 1816 |
| Outfront Media Capital LLC 4.25%, 1/15/2029 (a) | 1410 | 1383 |
| Scripps Escrow II, Inc. 5.38%, 1/15/2031 (a) | 565 | 443 |
| Sinclair Television Group, Inc. 8.13%, <br> 2/15/2033 (a)<br>| 565 | 588 |
| Sirius XM Radio LLC 4.00%, 7/15/2028 (a) | 4865 | 4749 |
| Stagwell Global LLC 5.63%, 8/15/2029 (a) | 1658 | 1528 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Media — continued** | **Media — continued** | **Media — continued** |
| TEGNA, Inc.  | TEGNA, Inc.  | TEGNA, Inc.  |
| 4.63%, 3/15/2028 | 702 | 700 |
| 5.00%, 9/15/2029 | 1236 | 1235 |
| Univision Communications, Inc. 7.38%, <br> 6/30/2030 (a)<br>| 1820 | 1820 |
|  |  | 28214 |
| **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** | **Metals & Mining — 0.1%** |
| Alumina Pty. Ltd. 6.38%, 9/15/2032 (a) | 585 | 607 |
| Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  | Cleveland-Cliffs, Inc.  |
| 4.63%, 3/1/2029 (a) | 480 | 470 |
| 6.88%, 11/1/2029 (a) | 915 | 942 |
| Compass Minerals International, Inc. 6.75%, <br> 12/1/2027 (a)<br>| 258 | 258 |
| Novelis Corp. 4.75%, 1/30/2030 (a) | 1350 | 1305 |
|  |  | 3582 |
| **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** | **Mortgage Real Estate Investment Trusts (REITs) — 0.2%** |
| Arbor Realty SR, Inc. Series QIB, 9.00%, <br> 10/15/2027 (a)<br>| 5000 | 4997 |
| ReadyCap Holdings LLC Series QIB, 9.38%, <br> 3/1/2028 (a)<br>| 4000 | 3967 |
| Starwood Property Trust, Inc. 7.25%, 4/1/2029 (a) | 1475 | 1546 |
|  |  | 10510 |
| **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** | **Multi-Utilities — 0.1%** |
| Puget Energy, Inc. 2.38%, 6/15/2028 | 4515 | 4351 |
| **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** |
| Antero Midstream Partners LP  | Antero Midstream Partners LP  | Antero Midstream Partners LP  |
| 5.38%, 6/15/2029 (a) | 1772 | 1772 |
| 5.75%, 10/15/2033 (a) | 500 | 508 |
| Ascent Resources Utica Holdings LLC 6.63%, <br> 10/15/2032 (a)<br>| 320 | 333 |
| Blue Racer Midstream LLC 7.00%, 7/15/2029 (a) | 910 | 948 |
| Buckeye Partners LP 6.88%, 7/1/2029 (a) | 1205 | 1250 |
| Chord Energy Corp. 6.75%, 3/15/2033 (a) | 450 | 467 |
| Comstock Resources, Inc. 6.75%, 3/1/2029 (a) | 1176 | 1172 |
| Crescent Energy Finance LLC  | Crescent Energy Finance LLC  | Crescent Energy Finance LLC  |
| 9.25%, 2/15/2028 (a) | 1027 | 1057 |
| 7.75%, 7/31/2029 (a) | 880 | 884 |
| 7.88%, 4/15/2032 (a) | 380 | 387 |
| DT Midstream, Inc. 4.13%, 6/15/2029 (a) | 1471 | 1461 |
| Ecopetrol SA (Colombia) 8.88%, 1/13/2033 | 1300 | 1381 |
| Energy Transfer LP 5.25%, 7/1/2029 | 4040 | 4189 |
| Expand Energy Corp. 6.75%, 4/15/2029 (a) | 1579 | 1584 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

240 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| FS Luxembourg SARL (Brazil) | FS Luxembourg SARL (Brazil) | FS Luxembourg SARL (Brazil) |
| 8.88%, 2/12/2031 (a) | 523 | 541 |
| 8.63%, 6/25/2033 (a) | 1070 | 1060 |
| Genesis Energy LP 7.75%, 2/1/2028 | 675 | 676 |
| Gulfport Energy Operating Corp. 6.75%, <br> 9/1/2029 (a)<br>| 710 | 735 |
| Harvest Midstream I LP 7.50%, 5/15/2032 (a) | 745 | 773 |
| Hess Midstream Operations LP 5.88%, <br> 3/1/2028 (a)<br>| 1320 | 1342 |
| Hilcorp Energy I LP 5.75%, 2/1/2029 (a) | 1190 | 1193 |
| Howard Midstream Energy Partners LLC 7.38%, <br> 7/15/2032 (a)<br>| 595 | 628 |
| Kinder Morgan, Inc. 5.15%, 6/1/2030 | 3000 | 3122 |
| Kinetik Holdings LP 5.88%, 6/15/2030 (a) | 1365 | 1380 |
| Matador Resources Co.  | Matador Resources Co.  | Matador Resources Co.  |
| 6.88%, 4/15/2028 (a) | 355 | 362 |
| 6.50%, 4/15/2032 (a) | 1135 | 1159 |
| MPLX LP 4.80%, 2/15/2031 | 18640 | 19029 |
| NGL Energy Operating LLC  | NGL Energy Operating LLC  | NGL Energy Operating LLC  |
| 8.13%, 2/15/2029 (a) | 337 | 349 |
| 8.38%, 2/15/2032 (a) | 337 | 354 |
| NuStar Logistics LP  | NuStar Logistics LP  | NuStar Logistics LP  |
| 5.63%, 4/28/2027 | 1230 | 1242 |
| 6.38%, 10/1/2030 | 227 | 239 |
| Permian Resources Operating LLC  | Permian Resources Operating LLC  | Permian Resources Operating LLC  |
| 8.00%, 4/15/2027 (a) | 685 | 689 |
| 5.88%, 7/1/2029 (a) | 1290 | 1294 |
| Peru LNG Srl (Peru) 5.38%, 3/22/2030 (e) | 2325 | 2260 |
| Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) | Petroleos Mexicanos (Mexico) |
| 8.75%, 6/2/2029 | 1000 | 1076 |
| 6.84%, 1/23/2030 | 4485 | 4597 |
| 6.70%, 2/16/2032 | 7350 | 7371 |
| 10.00%, 2/7/2033 | 6000 | 7029 |
| Range Resources Corp. 4.75%, 2/15/2030 (a) | 910 | 901 |
| Rockies Express Pipeline LLC 4.95%, <br> 7/15/2029 (a)<br>| 730 | 730 |
| SM Energy Co.  | SM Energy Co.  | SM Energy Co.  |
| 6.63%, 1/15/2027 | 740 | 741 |
| 8.63%, 11/1/2030 (a) | 895 | 947 |
| 8.75%, 7/1/2031 (a) | 468 | 491 |
| 9.63%, 6/15/2033 (a) | 105 | 116 |
| Sonangol Finance Ltd. (Angola) 10.00%, <br> 1/29/2031 (a)<br>| 1070 | 1062 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** | **Oil, Gas & Consumable Fuels — continued** |
| Sunoco LP  | Sunoco LP  | Sunoco LP  |
| 4.50%, 5/15/2029 | 1669 | 1644 |
| 5.63%, 3/15/2031 (a) | 740 | 746 |
| 7.25%, 5/1/2032 (a) | 750 | 792 |
| Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  | Tallgrass Energy Partners LP  |
| 5.50%, 1/15/2028 (a) | 640 | 639 |
| 6.00%, 12/31/2030 (a) | 1685 | 1708 |
| Uzbekneftegaz JSC (Uzbekistan) 4.75%, <br> 11/16/2028 (e)<br>| 1500 | 1469 |
| Venture Global Calcasieu Pass LLC 3.88%, <br> 8/15/2029 (a)<br>| 1600 | 1533 |
| Venture Global LNG, Inc. 9.50%, 2/1/2029 (a) | 1675 | 1797 |
| Venture Global Plaquemines LNG LLC 6.50%, <br> 1/15/2034 (a)<br>| 1415 | 1489 |
|  |  | 92698 |
| **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** | **Passenger Airlines — 0.1%** |
| American Airlines, Inc.  | American Airlines, Inc.  | American Airlines, Inc.  |
| 5.50%, 4/20/2026 (a) | 244 | 244 |
| 5.75%, 4/20/2029 (a) | 3120 | 3155 |
| JetBlue Airways Corp. 9.88%, 9/20/2031 (a) | 1130 | 1148 |
| United Airlines, Inc. 4.63%, 4/15/2029 (a) | 635 | 635 |
| VistaJet Malta Finance plc (Switzerland) 9.50%, <br> 6/1/2028 (a)<br>| 875 | 903 |
|  |  | 6085 |
| **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** | **Personal Care Products — 0.0% ^** |
| Edgewell Personal Care Co. 5.50%, 6/1/2028 (a) | 1447 | 1446 |
| Perrigo Finance Unlimited Co. 6.13%, 9/30/2032 | 785 | 768 |
|  |  | 2214 |
| **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** | **Pharmaceuticals — 0.0% ^** |
| 1261229 BC Ltd. 10.00%, 4/15/2032 (a) | 782 | 809 |
| Bausch Health Cos., Inc. (Canada) 4.88%, <br> 6/1/2028 (a)<br>| 377 | 351 |
| Organon & Co. 5.13%, 4/30/2031 (a) | 537 | 477 |
|  |  | 1637 |
| **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** | **Real Estate Management & Development — 0.0% ^** |
| Anywhere Real Estate Group LLC 5.75%, <br> 1/15/2029 (a)<br>| 1205 | 1188 |
| **Residential REITs — 0.1%** | **Residential REITs — 0.1%** | **Residential REITs — 0.1%** |
| American Homes 4 Rent LP 4.95%, 6/15/2030 | 7910 | 8071 |
| **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** | **Semiconductors & Semiconductor Equipment — 0.6%** |
| Amkor Technology, Inc. 5.88%, 10/1/2033 (a) | 805 | 821 |
| ams-OSRAM AG (Austria) 12.25%, 3/30/2029 (a) | 1100 | 1172 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 241

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** | **Semiconductors & Semiconductor Equipment — continued** |
| Broadcom, Inc. 4.60%, 7/15/2030 | 12635 | 12919 |
| Entegris, Inc.  | Entegris, Inc.  | Entegris, Inc.  |
| 4.38%, 4/15/2028 (a) | 655 | 649 |
| 5.95%, 6/15/2030 (a) | 1985 | 2024 |
| Foundry JV Holdco LLC 5.90%, 1/25/2030 (a) | 6175 | 6517 |
| Kioxia Holdings Corp. (Japan) 6.25%, <br> 7/24/2030 (a)<br>| 1150 | 1194 |
| Marvell Technology, Inc. 4.75%, 7/15/2030 | 15315 | 15614 |
| ON Semiconductor Corp. 3.88%, 9/1/2028 (a) | 660 | 646 |
| Qnity Electronics, Inc. 5.75%, 8/15/2032 (a) | 1310 | 1340 |
|  |  | 42896 |
| **Software — 0.4%** | **Software — 0.4%** | **Software — 0.4%** |
| Elastic NV 4.13%, 7/15/2029 (a) | 605 | 572 |
| Fair Isaac Corp. 4.00%, 6/15/2028 (a) | 855 | 837 |
| NCR Voyix Corp.  | NCR Voyix Corp.  | NCR Voyix Corp.  |
| 5.00%, 10/1/2028 (a) | 800 | 786 |
| 5.13%, 4/15/2029 (a) | 642 | 630 |
| Oracle Corp. 4.95%, 2/4/2031 | 22750 | 22703 |
| RingCentral, Inc. 8.50%, 8/15/2030 (a) | 795 | 835 |
| SS&C Technologies, Inc.  | SS&C Technologies, Inc.  | SS&C Technologies, Inc.  |
| 5.50%, 9/30/2027 (a) | 505 | 504 |
| 6.50%, 6/1/2032 (a) | 1970 | 2008 |
|  |  | 28875 |
| **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** | **Specialized REITs — 0.0% ^** |
| Iron Mountain, Inc.  | Iron Mountain, Inc.  | Iron Mountain, Inc.  |
| 4.88%, 9/15/2027 (a) | 759 | 759 |
| 5.00%, 7/15/2028 (a) | 985 | 983 |
|  |  | 1742 |
| **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** | **Specialty Retail — 0.1%** |
| Asbury Automotive Group, Inc. 4.50%, 3/1/2028 | 640 | 636 |
| Bath & Body Works, Inc.  | Bath & Body Works, Inc.  | Bath & Body Works, Inc.  |
| 5.25%, 2/1/2028 | 525 | 528 |
| 7.50%, 6/15/2029 | 1090 | 1110 |
| 6.63%, 10/1/2030 (a) | 695 | 712 |
| Escrow Rite Aid 0.00%, 12/31/2049 ‡ (g) | 100 | —<br> (h)<br>|
| Gap, Inc. (The) 3.63%, 10/1/2029 (a) | 1355 | 1289 |
| Group 1 Automotive, Inc. 4.00%, 8/15/2028 (a) | 666 | 654 |
| Lithia Motors, Inc.  | Lithia Motors, Inc.  | Lithia Motors, Inc.  |
| 4.63%, 12/15/2027 (a) | 364 | 363 |
| 3.88%, 6/1/2029 (a) | 670 | 648 |
| Penske Automotive Group, Inc. 3.75%, 6/15/2029 | 560 | 541 |
| PetSmart LLC 7.50%, 9/15/2032 (a) | 500 | 506 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Specialty Retail — continued** | **Specialty Retail — continued** | **Specialty Retail — continued** |
| Sonic Automotive, Inc. 4.63%, 11/15/2029 (a) | 1335 | 1313 |
| Staples, Inc.  | Staples, Inc.  | Staples, Inc.  |
| 10.75%, 9/1/2029 (a) | 355 | 326 |
| 12.75%, 1/15/2030 (a) | 429 | 301 |
|  |  | 8927 |
| **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** | **Technology Hardware, Storage & Peripherals — 0.0% ^** |
| Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  | Seagate Data Storage Technology Pte. Ltd.  |
| 8.25%, 12/15/2029 (a) | 409 | 432 |
| 4.13%, 1/15/2031 (a) | 1060 | 1016 |
| 8.50%, 7/15/2031 (a) | 101 | 106 |
|  |  | 1554 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Herc Holdings, Inc.  | Herc Holdings, Inc.  | Herc Holdings, Inc.  |
| 7.00%, 6/15/2030 (a) | 270 | 283 |
| 7.25%, 6/15/2033 (a) | 600 | 634 |
| Imola Merger Corp. 4.75%, 5/15/2029 (a) | 1150 | 1131 |
| QXO Building Products, Inc. 6.75%, 4/30/2032 (a) | 590 | 611 |
| United Rentals North America, Inc.  | United Rentals North America, Inc.  | United Rentals North America, Inc.  |
| 5.25%, 1/15/2030 | 670 | 677 |
| 3.75%, 1/15/2032 | 1330 | 1255 |
| 5.38%, 11/15/2033 (a) | 940 | 948 |
| 6.13%, 3/15/2034 (a) | 1575 | 1650 |
| WESCO Distribution, Inc.  | WESCO Distribution, Inc.  | WESCO Distribution, Inc.  |
| 6.63%, 3/15/2032 (a) | 1080 | 1124 |
| 6.38%, 3/15/2033 (a) | 1530 | 1595 |
|  |  | 9908 |
| **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** | **Wireless Telecommunication Services — 0.0% ^** |
| Connect Finco SARL (United Kingdom) 9.00%, <br> 9/15/2029 (a)<br>| 665 | 705 |
| Digicel International Finance Ltd. (Jamaica) 8.63%, <br> 8/1/2032 (a)<br>| 1639 | 1706 |
| Hughes Satellite Systems Corp. 6.63%, 8/1/2026 | 586 | 533 |
|  |  | 2944 |
| Total Corporate Bonds <br>(Cost $1,985,686)<br>|  | 2009160 |
| **U.S. Treasury Obligations — 20.1%** | **U.S. Treasury Obligations — 20.1%** | **U.S. Treasury Obligations — 20.1%** |
| U.S. Treasury Notes |  |  |
| 4.13%, 6/15/2026 | 3010 | 3014 |
| 4.25%, 3/15/2027 | 440 | 443 |
| 4.50%, 5/15/2027 | 46550 | 47097 |
| 3.25%, 6/30/2027 | 2140 | 2134 |
| 4.38%, 7/15/2027 | 19470 | 19709 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

242 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** | **U.S. Treasury Obligations — continued** |
| 3.75%, 8/15/2027 | 42315 | 42497 |
| 3.63%, 8/31/2027 | 61554 | 61715 |
| 3.38%, 9/15/2027 | 2920 | 2917 |
| 3.88%, 10/15/2027 | 3315 | 3338 |
| 4.13%, 10/31/2027 | 215 | 217 |
| 4.00%, 12/15/2027 | 3625 | 3662 |
| 3.50%, 1/31/2028 | 690 | 691 |
| 3.75%, 5/15/2028 | 635 | 640 |
| 3.88%, 6/15/2028 | 46915 | 47423 |
| 3.88%, 7/15/2028 | 201760 | 203975 |
| 3.63%, 8/15/2028 | 84040 | 84519 |
| 3.38%, 9/15/2028 | 84790 | 84760 |
| 4.63%, 9/30/2028 | 1230 | 1267 |
| 3.50%, 10/15/2028 | 163070 | 163516 |
| 3.50%, 12/15/2028 | 27494 | 27576 |
| 3.50%, 1/15/2029 | 564435 | 566155 |
| 3.88%, 6/30/2030 | 1850 | 1879 |
| 3.63%, 8/31/2030 | 6560 | 6594 |
| 3.63%, 9/30/2030 | 740 | 744 |
| Total U.S. Treasury Obligations <br>(Cost $1,366,375)<br>|  | 1376482 |
| **Asset-Backed Securities — 20.0%** | **Asset-Backed Securities — 20.0%** | **Asset-Backed Securities — 20.0%** |
| Accelerated LLC Series 2021-1H, Class B, 1.90%, <br> 10/20/2040 (a)<br>| 1646 | 1551 |
| Affirm Asset Securitization Trust Series 2025-X2, <br> Class B, 4.56%, 10/15/2030 (a)<br>| 900 | 901 |
| American Credit Acceptance Receivables Trust |  |  |
| Series 2023-1, Class D, 6.35%, 4/12/2029 (a) | 1760 | 1777 |
| Series 2023-2, Class E, 9.79%, 2/12/2030 (a) | 4000 | 4136 |
| Series 2024-2, Class C, 6.24%, 4/12/2030 (a) | 4409 | 4439 |
| Series 2025-2, Class D, 5.50%, 7/14/2031 (a) | 5500 | 5616 |
| Series 2025-1, Class C, 5.09%, 8/12/2031 (a) | 7500 | 7567 |
| Series 2024-4, Class D, 5.34%, 8/12/2031 (a) | 5345 | 5433 |
| Series 2025-1, Class D, 5.54%, 8/12/2031 (a) | 2593 | 2643 |
| Series 2023-3, Class E, 9.54%, 10/14/2031 (a) | 1800 | 1877 |
| Series 2024-2, Class E, 7.87%, 11/12/2031 (a) | 4000 | 4145 |
| Series 2025-3, Class C, 4.95%, 7/12/2032 (a) | 4999 | 5060 |
| Series 2025-3, Class D, 5.19%, 7/12/2032 (a) | 8537 | 8672 |
| Series 2025-1, Class E, 7.39%, 12/13/2032 (a) | 8360 | 8666 |
| Series 2026-1, Class C, 4.55%, 1/12/2033 (a) | 2993 | 3012 |
| Series 2026-1, Class D, 5.10%, 1/12/2033 (a) | 7434 | 7506 |
| AMSR Trust |  |  |
| Series 2021-SFR1, Class C, 2.35%, <br> 6/17/2038 (a)<br>| 581 | 552 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2021-SFR3, Class E1, 2.33%, <br> 10/17/2038 (a)<br>| 2700 | 2654 |
| Series 2021-SFR3, Class E2, 2.43%, <br> 10/17/2038 (a)<br>| 5500 | 5404 |
| Series 2021-SFR4, Class E1, 2.97%, <br> 12/17/2038 (a)<br>| 1821 | 1790 |
| Series 2022-SFR3, Class F, 4.00%, <br> 10/17/2039 (a)<br>| 6300 | 6097 |
| Series 2023-SFR2, Class B, 3.95%, <br> 6/17/2040 (a)<br>| 1500 | 1479 |
| Series 2025-SFR1, Class D, 3.66%, <br> 6/17/2042 (a)<br>| 2000 | 1891 |
| Series 2025-SFR2, Class B, 4.28%, <br> 11/17/2042 (a)<br>| 5000 | 4921 |
| Series 2025-SFR2, Class D, 4.28%, <br> 11/17/2042 (a)<br>| 3124 | 3027 |
| Amur Equipment Finance Receivables LLC Series <br> 2022-1A, Class D, 2.91%, 8/21/2028 (a)<br>| 3210 | 3198 |
| Ansley Park Capital LLC |  |  |
| Series 2025-A, Class A2, 4.43%, 4/20/2035 (a) | 9966 | 10011 |
| Series 2025-A, Class D, 5.33%, 4/20/2035 (a) | 2475 | 2515 |
| Aqua Finance Issuer Trust Series 2025-A, Class A, <br> 5.25%, 12/19/2050 (a)<br>| 6384 | 6537 |
| Aqua Finance Trust |  |  |
| Series 2020-AA, Class A, 1.90%, 7/17/2046 (a) | 308 | 294 |
| Series 2021-A, Class B, 2.40%, 7/17/2046 (a) | 2092 | 1973 |
| Avis Budget Rental Car Funding AESOP LLC |  |  |
| Series 2023-2A, Class C, 6.18%, <br> 10/20/2027 (a)<br>| 1700 | 1710 |
| Series 2022-4A, Class B, 5.46%, 2/20/2029 (a) | 7250 | 7401 |
| Series 2023-6A, Class C, 7.03%, <br> 12/20/2029 (a)<br>| 3350 | 3529 |
| Series 2024-1A, Class B, 5.85%, 6/20/2030 (a) | 2000 | 2085 |
| Series 2024-1A, Class C, 6.48%, 6/20/2030 (a) | 5000 | 5239 |
| Series 2024-3A, Class C, 6.11%, <br> 12/20/2030 (a)<br>| 1190 | 1234 |
| Bain Capital Credit CLO (Cayman Islands) Series <br> 2019-2A, Class BR3, 5.12%, 10/17/2032 (a) <br> (f)<br>| 10250 | 10262 |
| Barings CLO Ltd. (Cayman Islands) Series 2021-2A, <br> Class BR, 5.17%, 7/15/2034 (a) (f)<br>| 8250 | 8255 |
| Bayview Opportunity Master Fund Trust Series <br> 2024-SN1, Class D, 6.36%, 7/16/2029 (a)<br>| 1500 | 1533 |
| BHG Securitization Trust Series 2021-B, Class B, <br> 1.67%, 10/17/2034 (a)<br>| 2046 | 2033 |
| BOF Funding Trust Series 2023-CAR3, Class C, <br> 4.50%, 7/26/2032 (a)<br>| 364 | 363 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 243

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Bridge Trust Series 2025-SFR1, Class C, 4.20%, <br> 9/17/2042 (a)<br>| 6625 | 6372 |
| Bridgecrest Lending Auto Securitization Trust |  |  |
| Series 2024-1, Class C, 5.65%, 4/16/2029 | 4000 | 4031 |
| Series 2023-1, Class C, 7.10%, 8/15/2029 | 1750 | 1774 |
| Series 2024-1, Class D, 6.03%, 11/15/2029 | 3500 | 3569 |
| Series 2025-1, Class D, 5.64%, 11/15/2030 | 6375 | 6516 |
| Series 2024-2, Class E, 8.21%, 1/15/2031 (a) | 4500 | 4695 |
| Series 2025-2, Class D, 5.62%, 3/17/2031 | 5000 | 5121 |
| Series 2025-3, Class C, 4.81%, 5/15/2031 | 8400 | 8483 |
| Series 2024-4, Class E, 7.47%, 8/15/2031 (a) | 4600 | 4758 |
| Series 2026-1, Class C, 4.44%, 11/17/2031 | 4553 | 4582 |
| Series 2026-1, Class D, 4.99%, 11/17/2031 | 4136 | 4183 |
| Series 2025-4, Class E, 7.18%, 11/15/2032 (a) | 8000 | 8232 |
| Business Jet Securities LLC |  |  |
| Series 2024-1A, Class B, 6.92%, 5/15/2039 ‡ <br> (a)<br>| 2335 | 2433 |
| Series 2024-2A, Class B, 5.75%, 9/15/2039 ‡ <br> (a)<br>| 2261 | 2272 |
| BXMT Ltd. |  |  |
| Series 2021-FL4, Class A, 4.83%, <br> 5/15/2038 (a) (f)<br>| 1247 | 1245 |
| Series 2021-FL4, Class C, 5.53%, <br> 5/15/2038 (a) (f)<br>| 1750 | 1701 |
| Carlyle Global Market Strategies CLO Ltd. (Cayman <br> Islands) Series 2015-4A, Class A2R3, 4.92%, <br> 7/20/2032 (a) (f)<br>| 2000 | 2002 |
| Carlyle US CLO Ltd. (Cayman Islands) |  |  |
| Series 2021-9A, Class BR, 5.27%, <br> 10/20/2034 (a) (f)<br>| 6500 | 6516 |
| Series 2022-1A, Class A1R, 4.65%, <br> 4/15/2035 (a) (f)<br>| 10000 | 10000 |
| CarVal CLO Ltd. (Cayman Islands) Series 2019-1A, <br> Class BR2, 5.22%, 4/20/2032 (a) (f)<br>| 6222 | 6232 |
| Carvana Auto Receivables Trust |  |  |
| Series 2023-P2, Class C, 5.84%, 7/10/2029 (a) | 4982 | 5153 |
| Series 2023-P3, Class C, 6.09%, <br> 11/13/2029 (a)<br>| 2675 | 2798 |
| Series 2024-N1, Class C, 5.80%, 5/10/2030 (a) | 2750 | 2812 |
| Series 2024-N2, Class C, 5.82%, 9/10/2030 (a) | 3148 | 3215 |
| Series 2024-N3, Class C, 4.90%, <br> 12/10/2030 (a)<br>| 4500 | 4549 |
| Series 2024-P4, Class B, 5.00%, 2/10/2031 | 8900 | 9123 |
| Cascade MH Asset Trust Series 2019-MH1, Class A, <br> 4.00%, 11/25/2044 (a) (f)<br>| 2428 | 2358 |
| CF Hippolyta Issuer LLC Series 2021-1A, Class B1, <br> 1.98%, 3/15/2061 (a)<br>| 1287 | 791 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| CFMT LLC Series 2024-HB13, Class M1, 3.00%, <br> 5/25/2034 ‡ (a) (f)<br>| 826 | 808 |
| Cherry Securitization Trust Series 2024-1A, Class A, <br> 5.70%, 4/15/2032 (a)<br>| 5384 | 5421 |
| Consumer Portfolio Services Auto Trust |  |  |
| Series 2025-A, Class C, 5.25%, 4/15/2031 (a) | 11000 | 11147 |
| Series 2025-B, Class C, 5.12%, 7/15/2031 (a) | 11060 | 11213 |
| Series 2025-D, Class C, 4.85%, 2/17/2032 (a) | 4333 | 4386 |
| CPS Auto Receivables Trust |  |  |
| Series 2022-A, Class D, 2.84%, 4/16/2029 (a) | 3620 | 3609 |
| Series 2024-C, Class C, 5.76%, 10/15/2030 (a) | 3584 | 3629 |
| Series 2025-C, Class C, 4.91%, 10/15/2031 (a) | 14220 | 14389 |
| Credit Acceptance Auto Loan Trust |  |  |
| Series 2023-2A, Class B, 6.61%, 7/15/2033 (a) | 2250 | 2262 |
| Series 2023-1A, Class C, 7.71%, 7/15/2033 (a) | 6500 | 6609 |
| Series 2023-3A, Class C, 7.62%, <br> 12/15/2033 (a)<br>| 1050 | 1081 |
| Series 2023-5A, Class B, 6.71%, 2/15/2034 (a) | 1334 | 1358 |
| Series 2023-5A, Class C, 7.30%, 4/17/2034 (a) | 3150 | 3252 |
| Series 2024-1A, Class C, 6.71%, 7/17/2034 (a) | 6450 | 6608 |
| Series 2024-2A, Class B, 6.11%, 8/15/2034 (a) | 3250 | 3338 |
| Series 2024-2A, Class C, 6.70%, <br> 10/16/2034 (a)<br>| 2000 | 2082 |
| Series 2024-3A, Class B, 4.85%, <br> 11/15/2034 (a)<br>| 4550 | 4580 |
| Series 2024-3A, Class C, 5.39%, 1/16/2035 (a) | 6000 | 6090 |
| Series 2025-1A, Class C, 5.71%, 7/16/2035 (a) | 8142 | 8311 |
| Series 2025-2A, Class B, 4.87%, 1/15/2036 (a) | 7085 | 7183 |
| Series 2025-2A, Class C, 5.38%, 3/17/2036 (a) | 6765 | 6895 |
| Crossroads Asset Trust Series 2025-A, Class B, <br> 5.20%, 2/20/2032 (a)<br>| 1500 | 1528 |
| DailyPay Securitization Trust Series 2025-1A, <br> Class A, 5.63%, 6/26/2028 (a)<br>| 5285 | 5321 |
| Dext ABS LLC Series 2025-1, Class B, 4.98%, <br> 8/15/2035 (a)<br>| 7920 | 8064 |
| Drive Auto Receivables Trust |  |  |
| Series 2024-2, Class C, 4.67%, 5/17/2032 | 4775 | 4816 |
| Series 2024-2, Class D, 4.94%, 5/17/2032 | 3250 | 3286 |
| Series 2025-2, Class C, 4.39%, 9/15/2032 | 4665 | 4691 |
| Series 2025-1, Class D, 5.41%, 9/15/2032 | 4000 | 4073 |
| Series 2025-2, Class D, 4.90%, 12/15/2032 | 4365 | 4407 |
| Driven Brands Funding LLC Series 2021-1A, <br> Class A2, 2.79%, 10/20/2051 (a)<br>| 4937 | 4697 |
| Dryden CLO Ltd. (Cayman Islands) Series <br> 2020-86A, Class BR2, 5.27%, 7/17/2034 (a) <br> (f)<br>| 15000 | 15022 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

244 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Dryden Senior Loan Fund (Cayman Islands) Series <br> 2016-43A, Class B1R3, 5.17%, 4/20/2034 (a) <br> (f)<br>| 10000 | 10010 |
| DT Auto Owner Trust |  |  |
| Series 2021-4A, Class D, 1.99%, 9/15/2027 (a) | 3055 | 3042 |
| Series 2022-1A, Class E, 5.53%, 3/15/2029 (a) | 5200 | 5199 |
| Series 2023-2A, Class E, 11.06%, <br> 4/15/2030 (a)<br>| 2800 | 2960 |
| Series 2023-3A, Class E, 10.21%, <br> 5/15/2030 (a)<br>| 2800 | 2976 |
| EFMT Series 2025-CES1, Class A1A, 5.73%, <br> 1/25/2060 (a) (i)<br>| 3249 | 3292 |
| Elara HGV Timeshare Issuer LLC Series 2021-A, <br> Class B, 1.74%, 8/27/2035 (a)<br>| 1075 | 1035 |
| Exeter Automobile Receivables Trust |  |  |
| Series 2021-2A, Class D, 1.40%, 4/15/2027 | 2468 | 2466 |
| Series 2021-4A, Class D, 1.96%, 1/17/2028 | 2482 | 2475 |
| Series 2025-4A, Class C, 4.57%, 6/16/2031 | 2355 | 2379 |
| Series 2025-3A, Class D, 5.57%, 10/15/2031 | 11250 | 11556 |
| Series 2025-4A, Class D, 5.23%, 1/15/2032 | 10770 | 10957 |
| Series 2025-5A, Class D, 5.16%, 3/15/2032 | 4200 | 4270 |
| Series 2026-1A, Class C, 4.40%, 5/17/2032 | 3456 | 3480 |
| Series 2026-1A, Class D, 5.00%, 5/17/2032 | 4112 | 4155 |
| Exeter Select Automobile Receivables Trust Series <br> 2025-3, Class C, 5.00%, 3/15/2032<br>| 5226 | 5329 |
| FHF Issuer Trust Series 2024-3A, Class A2, 4.94%, <br> 11/15/2030 (a)<br>| 2901 | 2906 |
| FIGRE Trust Series 2025-HE6, Class A, 5.04%, <br> 9/25/2055 (a) (f)<br>| 4701 | 4732 |
| First Investors Auto Owner Trust Series 2023-1A, <br> Class B, 6.55%, 12/17/2029 (a)<br>| 3264 | 3325 |
| FirstKey Homes Trust |  |  |
| Series 2022-SFR3, Class E2, 3.50%, <br> 7/17/2038 (a)<br>| 8500 | 8427 |
| Series 2021-SFR1, Class F2, 3.45%, <br> 8/17/2038 (a)<br>| 4000 | 3960 |
| Series 2021-SFR3, Class E1, 2.99%, <br> 12/17/2038 (a)<br>| 6000 | 5893 |
| Series 2022-SFR1, Class F1, PO, 5/19/2039 ‡ <br> (a)<br>| 5000 | 4681 |
| Series 2022-SFR1, Class F2, PO, 5/19/2039 ‡ <br> (a)<br>| 2300 | 2150 |
| Foundation Finance Trust |  |  |
| Series 2021-1A, Class A, 1.27%, 5/15/2041 (a) | 4156 | 3977 |
| Series 2024-2A, Class A, 4.60%, 3/15/2050 (a) | 2113 | 2128 |
| Series 2025-2A, Class A, 4.67%, 4/15/2052 (a) | 4355 | 4401 |
| Series 2025-2A, Class B, 4.94%, 4/15/2052 (a) | 4080 | 4125 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-3A, Class A, 4.56%, 8/15/2052 (a) | 4347 | 4379 |
| FRTKL |  |  |
| Series 2021-SFR1, Class D, 2.17%, <br> 9/17/2038 (a)<br>| 6762 | 6647 |
| Series 2021-SFR1, Class E1, 2.37%, <br> 9/17/2038 (a)<br>| 3750 | 3686 |
| GLS Auto Receivables Issuer Trust |  |  |
| Series 2021-3A, Class D, 1.48%, 7/15/2027 (a) | 1310 | 1307 |
| Series 2022-1A, Class E, 5.64%, 5/15/2029 (a) | 6500 | 6527 |
| Series 2025-1A, Class D, 5.61%, <br> 11/15/2030 (a)<br>| 2000 | 2054 |
| Series 2025-2A, Class C, 5.11%, 1/15/2031 (a) | 3000 | 3060 |
| Series 2025-2A, Class D, 5.59%, 1/15/2031 (a) | 5750 | 5917 |
| Series 2025-3A, Class D, 5.16%, 6/16/2031 (a) | 6000 | 6106 |
| Series 2025-4A, Class C, 4.74%, 8/15/2031 (a) | 6215 | 6302 |
| GLS Auto Select Receivables Trust |  |  |
| Series 2024-3A, Class B, 5.64%, 8/15/2030 (a) | 1200 | 1231 |
| Series 2025-1A, Class B, 5.04%, 2/15/2031 (a) | 1000 | 1023 |
| Series 2025-1A, Class C, 5.26%, 3/15/2031 (a) | 2470 | 2538 |
| Series 2025-3A, Class C, 4.94%, 9/15/2031 (a) | 1750 | 1780 |
| Goldman Home Improvement Trust Issuer Trust <br> Series 2021-GRN2, Class A, 1.15%, <br> 6/25/2051 (a)<br>| 1805 | 1775 |
| GoodLeap Home Improvement Solutions Trust Series <br> 2025-3A, Class A, 5.00%, 10/20/2049 (a)<br>| 9308 | 9383 |
| Granite Park Equipment Leasing LLC Series <br> 2023-1A, Class D, 7.00%, 8/22/2033 (a)<br>| 1000 | 1013 |
| GreenSky Home Improvement Issuer Trust |  |  |
| Series 2024-2, Class A3, 5.15%, <br> 10/27/2059 (a)<br>| 1000 | 1020 |
| Series 2025-2A, Class A3, 5.02%, <br> 6/25/2060 (a)<br>| 3065 | 3139 |
| GS Mortgage-Backed Securities Trust |  |  |
| Series 2025-CES1, Class A1A, 5.57%, <br> 5/25/2055 (a) (i)<br>| 2845 | 2874 |
| Series 2026-CES1, Class A1, 4.90%, <br> 5/25/2056 (a) (i)<br>| 3061 | 3077 |
| Series 2025-SL1, Class A1, 5.85%, <br> 11/25/2067 (a) (f)<br>| 7333 | 7428 |
| Hertz Vehicle Financing III LLC Series 2025-4A, <br> Class C, 6.48%, 12/25/2031 (a)<br>| 4500 | 4683 |
| Hertz Vehicle Financing LLC |  |  |
| Series 2022-2A, Class D, 5.16%, 6/26/2028 (a) | 500 | 494 |
| Series 2025-1A, Class C, 6.03%, 9/25/2029 (a) | 3649 | 3721 |
| Series 2025-3A, Class C, 6.13%, <br> 12/26/2029 (a)<br>| 5000 | 5124 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 245

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Hertz Vehicle Financing LP Series 2021-2A, Class D, <br> 4.34%, 12/27/2027 (a)<br>| 6000 | 5934 |
| Hilton Grand Vacations Trust |  |  |
| Series 2024-2A, Class C, 5.99%, 3/25/2038 (a) | 4149 | 4225 |
| Series 2024-3A, Class B, 5.27%, 8/27/2040 (a) | 1629 | 1656 |
| Series 2024-3A, Class C, 5.71%, 8/27/2040 (a) | 1966 | 2000 |
| Series 2025-1A, Class C, 5.52%, 5/27/2042 (a) | 3544 | 3611 |
| Series 2025-2A, Class B, 4.73%, 5/25/2044 (a) | 2851 | 2874 |
| Series 2025-2A, Class C, 5.12%, 5/25/2044 (a) | 1452 | 1471 |
| Series 2025-3EXT, Class A, 4.56%, <br> 10/25/2044 (a)<br>| 5732 | 5779 |
| Series 2025-3EXT, Class C, 5.39%, <br> 10/25/2044 (a)<br>| 1896 | 1920 |
| HINNT LLC Series 2025-A, Class D, 8.22%, <br> 3/15/2044 (a)<br>| 606 | 624 |
| Home Partners of America Trust |  |  |
| Series 2021-2, Class E1, 2.85%, <br> 12/17/2026 (a)<br>| 9595 | 9426 |
| Series 2021-3, Class D, 3.00%, 1/17/2041 (a) | 5837 | 5526 |
| Series 2021-3, Class E1, 3.20%, 1/17/2041 (a) | 449 | 424 |
| Huntington Bank Auto Credit-Linked Notes |  |  |
| Series 2024-2, Class B2, 5.01%, <br> 10/20/2032 (a) (f)<br>| 1971 | 1978 |
| Series 2025-2, Class B1, 4.84%, 9/20/2033 (a) | 16534 | 16664 |
| Identity Digital Capital LLC 6.79%, 3/20/2065 ‡ | 4000 | 4064 |
| Ista Jet Seri 6.97%, 4/5/2032 ‡ (a) | 6000 | 6000 |
| KKR Static CLO Ltd. (Cayman Islands) Series <br> 2022-1A, Class BR2, 5.12%, 7/20/2031 (a) (f)<br>| 7098 | 7078 |
| Lending Funding Trust Series 2020-2A, Class A, <br> 2.32%, 4/21/2031 (a)<br>| 5169 | 5116 |
| Lendmark Funding Trust |  |  |
| Series 2021-1A, Class B, 2.47%, <br> 11/20/2031 (a)<br>| 2750 | 2646 |
| Series 2021-2A, Class A, 2.00%, 4/20/2032 (a) | 4444 | 4305 |
| Series 2024-1A, Class B, 5.88%, 6/21/2032 (a) | 3150 | 3190 |
| Series 2024-2A, Class C, 5.25%, 2/21/2034 (a) | 2000 | 2018 |
| Series 2025-2A, Class A, 4.78%, <br> 10/20/2034 (a)<br>| 19125 | 19361 |
| Series 2025-3A, Class A, 4.51%, 5/21/2035 (a) | 4195 | 4226 |
| Series 2025-3A, Class C, 5.04%, 5/21/2035 (a) | 1820 | 1839 |
| Madison Park Funding Ltd. (Cayman Islands) Series <br> 2021-49A, Class B1R, 5.12%, 10/19/2034 (a) <br> (f)<br>| 7000 | 7010 |
| Mariner Finance issuance Trust |  |  |
| Series 2024-BA, Class B, 5.33%, <br> 11/20/2038 (a)<br>| 2500 | 2577 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2024-BA, Class C, 5.73%, <br> 11/20/2038 (a)<br>| 2197 | 2275 |
| Mariner Finance Issuance Trust |  |  |
| Series 2021-AA, Class A, 1.86%, 3/20/2036 (a) | 6885 | 6802 |
| Series 2021-BA, Class A, 2.10%, <br> 11/20/2036 (a)<br>| 3500 | 3417 |
| Series 2025-AA, Class A, 4.98%, 5/20/2038 (a) | 5000 | 5088 |
| Series 2025-BA, Class C, 5.19%, <br> 11/22/2038 (a)<br>| 3750 | 3806 |
| Merchants Fleet Funding LLC |  |  |
| Series 2023-1A, Class A, 7.21%, 5/20/2036 (a) | 1158 | 1162 |
| Series 2024-1A, Class B, 5.95%, 4/20/2037 (a) | 5250 | 5309 |
| Mercury Financial Credit Card Master Trust |  |  |
| Series 2024-2A, Class A, 6.56%, 7/20/2029 (a) | 7731 | 7753 |
| Series 2026-1A, Class A, 5.34%, 2/20/2032 (a) | 15090 | 15152 |
| MMP Capital LLC Series 2025-A, Class A, 5.36%, <br> 12/15/2031 (a)<br>| 1479 | 1492 |
| Morgan Stanley ABS Capital I, Inc. Trust Series <br> 2004-SD1, Class A, 4.59%, 8/25/2034 (f)<br>| 38 | 38 |
| MVW LLC |  |  |
| Series 2024-1A, Class B, 5.51%, 2/20/2043 (a) | 1051 | 1074 |
| Series 2024-1A, Class C, 6.20%, 2/20/2043 (a) | 751 | 772 |
| Series 2025-2A, Class C, 4.97%, <br> 10/20/2044 (a)<br>| 6768 | 6818 |
| Neuberger Berman Loan Advisers CLO Ltd. (Cayman <br> Islands)<br>|  |  |
| Series 2021-41A, Class BR, 5.17%, <br> 4/15/2034 (a) (f)<br>| 8860 | 8886 |
| Series 2021-42A, Class BR, 5.07%, <br> 7/16/2036 (a) (f)<br>| 10250 | 10259 |
| New Residential Mortgage Loan Trust Series <br> 2022-SFR1, Class E1, 3.55%, 2/17/2039 (a)<br>| 2730 | 2672 |
| NMABS Issuer LLC Series 2025-1A, Class A, 5.14%, <br> 11/22/2055 (a)<br>| 4583 | 4592 |
| NRM FNT1 Excess LLC Series 2024-FNT1, Class A, <br> 7.40%, 11/25/2031 (a) (i)<br>| 3497 | 3575 |
| NRZ Excess Spread-Collateralized Notes Series <br> 2021-GNT1, Class A, 3.47%, 11/25/2026 (a)<br>| 1799 | 1774 |
| OCP Aegis CLO Ltd. (Jersey) Series 2024-39A, <br> Class A1, 4.89%, 1/16/2037 (a) (f)<br>| 3500 | 3501 |
| Octane Receivables Trust Series 2023-1A, Class C, <br> 6.37%, 9/20/2029 (a)<br>| 1709 | 1730 |
| OnDeck Asset Securitization Trust LLC Series <br> 2023-1A, Class A, 7.00%, 8/19/2030 (a)<br>| 3744 | 3773 |
| Oportun Issuance Trust |  |  |
| Series 2021-B, Class A, 1.47%, 5/8/2031 (a) | 799 | 785 |
| Series 2021-B, Class B, 1.96%, 5/8/2031 (a) | 415 | 408 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

246 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2021-C, Class A, 2.18%, 10/8/2031 (a) | 1265 | 1245 |
| Series 2025-D, Class C, 5.80%, 2/8/2033 (a) | 4347 | 4382 |
| Series 2025-C, Class B, 4.93%, 7/8/2033 (a) | 8250 | 8271 |
| Series 2025-C, Class C, 5.18%, 7/8/2033 (a) | 5000 | 5008 |
| Series 2026-A, Class A, 4.32%, 1/9/2034 (a) | 3032 | 3041 |
| Series 2026-A, Class C, 5.45%, 1/9/2034 (a) | 3732 | 3757 |
| Palmer Square Loan Funding Ltd. (Cayman Islands) <br> Series 2025-1A, Class A2, 4.85%, <br> 2/15/2033 (a) (f)<br>| 10250 | 10203 |
| PEAC Solutions Receivables LLC Series 2025-1A, <br> Class A3, 5.04%, 7/20/2032 (a)<br>| 2250 | 2298 |
| PowerPay Issuance Trust Series 2024-1A, Class A, <br> 6.53%, 2/18/2039 (a)<br>| 905 | 937 |
| Progress Residential Trust |  |  |
| Series 2021-SFR6, Class C, 1.86%, <br> 7/17/2038 (a)<br>| 6250 | 6189 |
| Series 2021-SFR8, Class E1, 2.38%, <br> 10/17/2038 (a)<br>| 6500 | 6409 |
| Series 2022-SFR6, Class C, 5.20%, <br> 7/20/2039 (a)<br>| 2000 | 2002 |
| Series 2024-SFR1, Class D, 3.75%, <br> 2/17/2041 (a)<br>| 3375 | 3277 |
| Series 2025-SFR2, Class C, 3.56%, <br> 4/17/2042 (a)<br>| 5475 | 5218 |
| Series 2025-SFR2, Class D, 3.56%, <br> 4/17/2042 (a)<br>| 2986 | 2820 |
| Series 2025-SFR3, Class C, 3.39%, <br> 7/17/2042 (a)<br>| 13085 | 12371 |
| Series 2025-SFR5, Class C, 4.00%, <br> 10/17/2042 (a)<br>| 1999 | 1928 |
| Series 2025-SFR5, Class D, 4.00%, <br> 10/17/2042 (a)<br>| 3148 | 3020 |
| Series 2025-SFR6, Class B, 4.00%, <br> 12/17/2042 (a)<br>| 11050 | 10685 |
| Series 2025-SFR6, Class D, 4.00%, <br> 12/17/2042 (a)<br>| 7812 | 7410 |
| Series 2026-SFR1, Class D, 4.00%, <br> 2/17/2043 (a)<br>| 2250 | 2141 |
| Purchasing Power Funding LLC Series 2026-A, <br> Class A, 4.37%, 8/15/2030 (a)<br>| 3480 | 3485 |
| Purewest ABS Issuer LLC |  |  |
| Series 2025-1, Class A2, 6.53%, 4/5/2040 ‡ (a) | 3961 | 4062 |
| Series 2025-1, Class B, 10.28%, 4/5/2040 ‡ (a) | 1856 | 1859 |
| RCKT Mortgage Trust |  |  |
| Series 2025-CES12, Class A1A, 5.03%, <br> 11/25/2055 (a) (i)<br>| 6739 | 6779 |
| Series 2026-CES2, Class A1A, 4.76%, <br> 2/1/2056 (a) (i)<br>| 20367 | 20385 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Reach ABS Trust |  |  |
| Series 2025-2A, Class A, 4.93%, 8/18/2032 (a) | 7226 | 7259 |
| Series 2025-2A, Class B, 5.12%, 8/18/2032 (a) | 3500 | 3541 |
| Series 2026-1A, Class C, 4.80%, 2/15/2033 (a) | 4600 | 4625 |
| Republic Finance Issuance Trust |  |  |
| Series 2024-A, Class B, 6.47%, 8/20/2032 (a) | 2889 | 2957 |
| Series 2024-B, Class A, 5.42%, 11/20/2037 (a) | 5530 | 5648 |
| Santander Bank Auto Credit-Linked Notes |  |  |
| Series 2024-A, Class C, 5.82%, 6/15/2032 (a) | 3851 | 3902 |
| Series 2024-A, Class D, 6.11%, 6/15/2032 (a) | 5019 | 5082 |
| Series 2024-B, Class C, 5.14%, 1/18/2033 (a) | 3066 | 3091 |
| Series 2024-B, Class D, 5.48%, 1/18/2033 (a) | 2453 | 2477 |
| Series 2023-B, Class C, 5.93%, 12/15/2033 (a) | 3607 | 3655 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2022-6, Class D, 5.69%, 2/18/2031 | 7000 | 7080 |
| Series 2023-5, Class C, 6.43%, 2/18/2031 | 2000 | 2070 |
| Series 2025-2, Class D, 5.47%, 5/15/2031 | 10000 | 10260 |
| Series 2024-2, Class D, 6.28%, 8/15/2031 | 5000 | 5191 |
| Series 2025-3, Class C, 4.68%, 9/15/2031 | 10890 | 11028 |
| Series 2025-3, Class D, 5.11%, 9/15/2031 | 6000 | 6109 |
| Series 2024-3, Class D, 5.97%, 10/15/2031 | 4000 | 4129 |
| Series 2024-4, Class D, 5.32%, 12/15/2031 | 4387 | 4479 |
| Series 2023-4, Class C, 6.04%, 12/15/2031 | 8700 | 8944 |
| Series 2025-4, Class B, 4.27%, 1/15/2032 | 4535 | 4573 |
| Series 2025-4, Class D, 4.95%, 1/15/2032 | 2763 | 2796 |
| Series 2024-5, Class D, 5.14%, 2/17/2032 | 1916 | 1945 |
| Series 2026-1, Class D, 4.75%, 4/15/2032 | 3344 | 3358 |
| SBNA Auto Receivables Trust Series 2024-A, <br> Class D, 6.04%, 4/15/2030 (a)<br>| 5525 | 5670 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class B, 5.56%, 4/20/2032 (a) | 2167 | 2253 |
| Series 2024-1A, Class C, 5.82%, 9/20/2032 (a) | 1774 | 1853 |
| Series 2025-1A, Class D, 5.88%, <br> 11/20/2035 (a)<br>| 3283 | 3439 |
| Series 2025-2A, Class A3, 4.33%, <br> 6/20/2036 (a)<br>| 6475 | 6549 |
| Series 2025-2A, Class C, 4.82%, 6/20/2036 (a) | 4250 | 4341 |
| Series 2025-2A, Class D, 5.33%, 6/20/2036 (a) | 990 | 1009 |
| Series 2025-2A, Class E, 6.21%, 6/20/2036 (a) | 1365 | 1419 |
| Sierra Timeshare Receivables Funding LLC |  |  |
| Series 2025-1A, Class A, 4.81%, 1/21/2042 (a) | 2464 | 2491 |
| Series 2024-1A, Class B, 5.35%, 1/20/2043 (a) | 1009 | 1020 |
| Series 2025-2A, Class A, 4.72%, 4/20/2044 (a) | 2057 | 2081 |
| Series 2025-2A, Class B, 4.93%, 4/20/2044 (a) | 969 | 981 |
| Series 2025-2A, Class C, 5.32%, 4/20/2044 (a) | 1369 | 1381 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 247

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| Series 2025-2A, Class D, 6.79%, 4/20/2044 (a) | 1540 | 1570 |
| Series 2025-3A, Class A, 4.44%, 8/22/2044 (a) | 1181 | 1188 |
| Series 2025-3A, Class C, 4.98%, 8/22/2044 (a) | 804 | 808 |
| Stellantis Financial Underwritten Enhanced Lease <br> Trust Series 2025-AA, Class C, 5.08%, <br> 8/20/2029 (a)<br>| 4000 | 4051 |
| Stonepeak ABS Series 2021-1A, 3.82%, <br> 2/28/2033 ‡ (a)<br>| 1527 | 1500 |
| Stream Innovations Issuer Trust |  |  |
| Series 2024-1A, Class A, 6.27%, 7/15/2044 (a) | 2424 | 2536 |
| Series 2024-2A, Class A, 5.21%, 2/15/2045 (a) | 1516 | 1544 |
| Symphony CLO Ltd. (Cayman Islands) |  |  |
| Series 2015-16A, Class B1RR, 5.37%, <br> 10/15/2031 (a) (f)<br>| 5822 | 5826 |
| Series 2018-20A, Class BR2, 5.22%, <br> 1/16/2032 (a) (f)<br>| 9350 | 9362 |
| TCI-Flatiron CLO Ltd. (Cayman Islands) Series <br> 2018-1A, Class BR2, 5.07%, 7/29/2035 (a) (f)<br>| 15000 | 15004 |
| Towd Point Mortgage Trust |  |  |
| Series 2026-FIX1, Class A1, 4.98%, <br> 12/25/2065 (a) (i)<br>| 3290 | 3312 |
| Series 2026-CES1, Class A1, 4.96%, <br> 1/25/2066 (a) (i)<br>| 3810 | 3830 |
| Tricon Residential Trust Series 2021-SFR1, Class E1, <br> 2.79%, 7/17/2038 (a)<br>| 3760 | 3726 |
| UPG HI Issuer Trust Series 2025-2, Class A, 5.00%, <br> 9/25/2047 (a)<br>| 3987 | 4016 |
| Upstart Securitization Trust |  |  |
| Series 2025-1, Class A, 5.45%, 4/20/2035 (a) | 536 | 541 |
| Series 2025-4, Class A2, 4.56%, <br> 11/20/2035 (a)<br>| 12511 | 12533 |
| UPX HIL Issuer Trust Series 2025-1, Class A, <br> 5.16%, 1/25/2047 (a)<br>| 5466 | 5511 |
| Venture CLO Ltd. (Cayman Islands) Series <br> 2019-36A, Class A1AR, 5.06%, 4/20/2032 (a) <br> (f)<br>| 4003 | 4005 |
| Verdant Receivables LLC Series 2024-1A, Class A2, <br> 5.68%, 12/12/2031 (a)<br>| 3421 | 3486 |
| Veros Auto Receivables Trust |  |  |
| Series 2024-1, Class A, 6.28%, 11/15/2027 (a) | 121 | 122 |
| Series 2023-1, Class C, 8.32%, 11/15/2028 (a) | 7250 | 7380 |
| Series 2025-1, Class B, 5.54%, 7/16/2029 (a) | 2750 | 2782 |
| VFI ABS LLC Series 2025-1A, Class A, 4.78%, <br> 6/24/2030 (a)<br>| 4224 | 4245 |
| VOLT C LLC Series 2021-NPL9, Class A1, 5.99%, <br> 5/25/2051 (a) (i)<br>| 1007 | 1007 |
| VOLT CVI LLC Series 2021-NP12, Class A1, 6.73%, <br> 12/26/2051 (a) (i)<br>| 1998 | 2000 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| VOLT XCV LLC Series 2021-NPL4, Class A1, 6.24%, <br> 3/27/2051 (a) (i)<br>| 376 | 376 |
| VStrong Auto Receivables Trust Series 2023-A, <br> Class B, 7.11%, 2/15/2030 (a)<br>| 1810 | 1843 |
| Western Funding Auto Loan Trust |  |  |
| Series 2025-1, Class B, 4.98%, 9/17/2035 (a) | 1400 | 1422 |
| Series 2025-1, Class C, 5.34%, 11/15/2035 (a) | 8000 | 8160 |
| Series 2025-1, Class D, 5.79%, 1/15/2036 (a) | 1515 | 1551 |
| Westgate Resorts LLC |  |  |
| Series 2024-1A, Class B, 6.56%, 1/20/2038 (a) | 2057 | 2090 |
| Series 2024-1A, Class C, 7.06%, 1/20/2038 (a) | 1842 | 1873 |
| Westlake Automobile Receivables Trust |  |  |
| Series 2023-1A, Class D, 6.79%, <br> 11/15/2028 (a)<br>| 3000 | 3063 |
| Series 2024-1A, Class D, 6.02%, <br> 10/15/2029 (a)<br>| 7000 | 7183 |
| Series 2025-3A, Class C, 4.68%, 7/15/2031 (a) | 12800 | 12942 |
| Wind River CLO Ltd. (Cayman Islands) Series <br> 2021-4A, Class AR, 4.90%, 1/20/2035 (a) (f)<br>| 15000 | 15017 |
| Wingspire Equipment Finance LLC |  |  |
| Series 2024-1A, Class C, 5.28%, 9/20/2032 (a) | 1000 | 1013 |
| Series 2025-1A, Class A2, 4.33%, <br> 9/20/2033 (a)<br>| 1015 | 1019 |
| Total Asset-Backed Securities <br>(Cost $1,359,017)<br>|  | 1370994 |
| **Mortgage-Backed Securities — 11.8%** | **Mortgage-Backed Securities — 11.8%** | **Mortgage-Backed Securities — 11.8%** |
| FHLMC  |  |  |
| Pool # 841360, ARM, 6.33%, 11/1/2046 (f) | 13058 | 13632 |
| Pool # 841368, ARM, 6.21%, 9/1/2047 (f) | 3660 | 3799 |
| FHLMC Gold Pools, 15 Year Pool # G18528, 3.50%, <br> 10/1/2029<br>| 931 | 925 |
| FHLMC Gold Pools, 20 Year Pool # C91649, 3.00%, <br> 4/1/2033<br>| 19 | 18 |
| FHLMC Gold Pools, 30 Year Pool # G61879, 4.50%, <br> 3/1/2047<br>| 124 | 126 |
| FHLMC Gold Pools, Other Pool # WN5278, 4.25%, <br> 2/1/2030<br>| 20000 | 20348 |
| FHLMC UMBS, 15 Year  |  |  |
| Pool # SB0041, 3.50%, 7/1/2034 | 1362 | 1352 |
| Pool # SB8184, 4.00%, 10/1/2037 | 7329 | 7278 |
| FHLMC UMBS, 30 Year  |  |  |
| Pool # SD8233, 5.00%, 7/1/2052 | 6092 | 6158 |
| Pool # SD8342, 5.50%, 7/1/2053 | 24583 | 25071 |
| Pool # RA9453, 6.00%, 7/1/2053 | 23949 | 24752 |
| Pool # SD8343, 6.00%, 7/1/2053 | 34687 | 35792 |
| Pool # SD4893, 6.00%, 2/1/2054 | 47966 | 49914 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

248 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| Pool # SD8402, 6.00%, 2/1/2054 | 18602 | 19104 |
| Pool # SL0768, 6.00%, 5/1/2054 | 49726 | 51312 |
| Pool # SL0775, 6.00%, 5/1/2054 | 15182 | 15684 |
| Pool # RJ1970, 6.00%, 7/1/2054 | 3891 | 3998 |
| Pool # SD6636, 5.50%, 10/1/2054 | 15227 | 15649 |
| Pool # QJ7053, 6.00%, 10/1/2054 | 8375 | 8601 |
| Pool # SL0226, 6.00%, 2/1/2055 | 12025 | 12550 |
| Pool # QZ4956, 5.50%, 10/1/2055 | 12829 | 13058 |
| Pool # QZ5395, 5.50%, 10/1/2055 | 6560 | 6695 |
| Pool # QZ9152, 6.00%, 11/1/2055 | 10684 | 11009 |
| Pool # TA0287, 5.50%, 12/1/2055 | 10515 | 10710 |
| Pool # TA2049, 5.50%, 12/1/2055 | 9969 | 10166 |
| Pool # QZ9731, 6.00%, 12/1/2055 | 9740 | 10011 |
| Pool # TA1089, 6.00%, 12/1/2055 | 1467 | 1515 |
| Pool # TA5309, 6.00%, 12/1/2055 | 1195 | 1231 |
| Pool # TA2045, 5.50%, 1/1/2056 | 19547 | 19892 |
| Pool # TA5394, 5.50%, 1/1/2056 | 8395 | 8603 |
| Pool # TA5391, 5.50%, 2/1/2056 | 9564 | 9763 |
| Pool # TA5462, 5.50%, 2/1/2056 | 6464 | 6594 |
| Pool # TA5463, 5.50%, 2/1/2056 | 7335 | 7486 |
| Pool # TA6706, 5.50%, 2/1/2056 | 7913 | 8093 |
| Pool # TA6707, 5.50%, 2/1/2056 | 4037 | 4119 |
| Pool # TA6708, 5.50%, 2/1/2056 | 12498 | 12747 |
| Pool # TA6712, 5.50%, 2/1/2056 | 3053 | 3130 |
| Pool # TA6713, 5.50%, 2/1/2056 | 6463 | 6597 |
| Pool # TA6714, 5.50%, 2/1/2056 | 6391 | 6522 |
| Pool # TA6715, 5.50%, 2/1/2056 | 2255 | 2310 |
| Pool # TA6716, 5.50%, 2/1/2056 | 4006 | 4091 |
| Pool # TA6721, 5.50%, 2/1/2056 | 1005 | 1026 |
| Pool # TA6752, 5.50%, 2/1/2056 | 1375 | 1406 |
| Pool # TA6719, 6.00%, 2/1/2056 | 5904 | 6114 |
| Pool # TA6720, 6.00%, 2/1/2056 | 3317 | 3430 |
| Pool # TA6723, 6.00%, 2/1/2056 | 4585 | 4747 |
| Pool # TA7134, 5.50%, 3/1/2056 | 2085 | 2137 |
| Pool # TA7142, 5.50%, 3/1/2056 | 4000 | 4081 |
| Pool # TA7143, 5.50%, 3/1/2056 | 5406 | 5513 |
| FNMA UMBS, 15 Year  |  |  |
| Pool # BM4202, 3.50%, 12/1/2029 | 1423 | 1414 |
| Pool # AL9552, 3.50%, 8/1/2031 | 121 | 120 |
| Pool # AS9697, 3.50%, 5/1/2032 | 47 | 47 |
| Pool # FM1156, 2.50%, 4/1/2033 | 3505 | 3410 |
| Pool # FS2930, 4.00%, 9/1/2037 | 7610 | 7558 |
| Pool # MA5558, 5.00%, 12/1/2039 | 13570 | 13781 |
| FNMA UMBS, 20 Year  |  |  |
| Pool # MA1446, 3.50%, 5/1/2033 | 89 | 88 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Pool # MA1527, 3.00%, 8/1/2033 | 57 | 56 |
| Pool # MA1921, 3.50%, 6/1/2034 | 3264 | 3218 |
| Pool # FM3933, 3.00%, 6/1/2037 | 15588 | 15048 |
| Pool # CA1791, 3.50%, 2/1/2038 | 5926 | 5830 |
| Pool # FM3075, 3.50%, 11/1/2039 | 18661 | 18163 |
| Pool # CA8310, 2.50%, 12/1/2040 | 10704 | 9816 |
| FNMA UMBS, 30 Year  |  |  |
| Pool # MA4842, 5.50%, 12/1/2052 | 6367 | 6504 |
| Pool # MA5191, 6.00%, 11/1/2053 | 15379 | 15776 |
| Pool # MA5216, 6.00%, 12/1/2053 | 23778 | 24464 |
| Pool # MA5328, 6.00%, 4/1/2054 | 3618 | 3719 |
| Pool # MA5445, 6.00%, 8/1/2054 | 2358 | 2420 |
| Pool # DF8741, 5.50%, 12/1/2055 | 1154 | 1173 |
| Pool # DF6866, 5.50%, 1/1/2056 | 1730 | 1763 |
| Pool # DF6898, 5.50%, 1/1/2056 | 1907 | 1952 |
| Pool # DF9730, 5.50%, 1/1/2056 | 1057 | 1081 |
| Pool # DF9754, 5.50%, 1/1/2056 | 1327 | 1365 |
| Pool # DF9776, 5.50%, 1/1/2056 | 9048 | 9286 |
| Pool # DF9779, 5.50%, 1/1/2056 | 5118 | 5261 |
| Pool # DF9780, 5.50%, 1/1/2056 | 1424 | 1450 |
| Pool # DF9782, 5.50%, 1/1/2056 | 4514 | 4598 |
| Pool # DF6150, 5.50%, 2/1/2056 | 4996 | 5085 |
| Pool # DG0358, 5.50%, 2/1/2056 | 1298 | 1322 |
| Pool # DG1458, 5.50%, 2/1/2056 | 1149 | 1181 |
| Pool # DG1462, 5.50%, 2/1/2056 | 7881 | 8057 |
| Pool # DG1564, 5.50%, 2/1/2056 | 2365 | 2414 |
| Pool # DG1572, 5.50%, 2/1/2056 | 4485 | 4559 |
| Pool # DG1751, 5.50%, 2/1/2056 | 3643 | 3746 |
| Pool # DG1752, 5.50%, 2/1/2056 | 4321 | 4431 |
| Pool # DG2566, 5.50%, 2/1/2056 | 14340 | 14630 |
| Pool # DG2570, 5.50%, 2/1/2056 | 7927 | 8094 |
| Pool # DG2572, 5.50%, 2/1/2056 | 5777 | 5919 |
| Pool # DF4300, 6.00%, 2/1/2056 | 881 | 908 |
| Pool # DG1586, 6.00%, 2/1/2056 | 2275 | 2345 |
| Pool # DG1589, 6.00%, 2/1/2056 | 2099 | 2165 |
| Pool # DG3661, 5.50%, 3/1/2056 | 3667 | 3742 |
| Pool # DG3665, 5.50%, 3/1/2056 | 5828 | 5947 |
| Pool # DG3674, 6.00%, 3/1/2056 | 4379 | 4529 |
| Pool # DG3677, 6.00%, 3/1/2056 | 2914 | 3017 |
| FNMA/FHLMC UMBS, Single Family, 30 Year  |  |  |
| TBA, 5.50%, 3/25/2056 (b) | 9520 | 9673 |
| TBA, 6.00%, 3/25/2056 (b) | 22540 | 23119 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 249

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** | **Mortgage-Backed Securities — continued** |
| GNMA II, 30 Year  |  |  |
| Pool # MA8201, 4.50%, 8/20/2052 | 2840 | 2829 |
| Pool # 787548, 5.50%, 9/20/2054 | 20658 | 21143 |
| Total Mortgage-Backed Securities <br>(Cost $801,364)<br>|  | 807075 |
| **Collateralized Mortgage Obligations — 10.9%** | **Collateralized Mortgage Obligations — 10.9%** | **Collateralized Mortgage Obligations — 10.9%** |
| ABL Series 2025-RTL1, Class A1, 6.04%, <br> 6/25/2030 (a) (i)<br>| 6385 | 6478 |
| Alternative Loan Trust Series 2004-25CB, Class A1, <br> 6.00%, 12/25/2034<br>| 106 | 93 |
| Anchor Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.72%, 5/25/2040 (a) (i)<br>| 6000 | 6034 |
| Angel Oak Mortgage Trust |  |  |
| Series 2019-5, Class A3, 2.92%, <br> 10/25/2049 (a) (f)<br>| 106 | 105 |
| Series 2019-5, Class B1, 3.96%, <br> 10/25/2049 (a) (f)<br>| 1060 | 1014 |
| Arroyo Mortgage Trust |  |  |
| Series 2019-1, Class A1, 3.80%, 1/25/2049 (a) <br> (f)<br>| 38 | 38 |
| Series 2019-2, Class A3, 3.80%, 4/25/2049 (a) <br> (f)<br>| 89 | 88 |
| Brean Asset-Backed Securities Trust |  |  |
| Series 2025-RM11, Class A1, 4.75%, <br> 5/25/2065 ‡ (a) (f)<br>| 3941 | 3930 |
| Series 2025-RM12, Class A1, 4.50%, <br> 7/25/2065 ‡ (a)<br>| 9255 | 9157 |
| Series 2026-RM14, Class A1, 4.25%, <br> 1/25/2066 ‡ (a)<br>| 3033 | 2960 |
| CAFL Issuer LP Series 2025-RRTL1, Class A1, <br> 5.68%, 5/28/2040 (a) (i)<br>| 11000 | 11118 |
| CFMT LLC Series 2024-HB15, Class M1, 4.00%, <br> 8/25/2034 ‡ (a) (f)<br>| 2000 | 1973 |
| CHL Mortgage Pass-Through Trust |  |  |
| Series 2005-J2, Class 3A8, 5.50%, 8/25/2035 | 461 | 294 |
| Series 2006-HYB2, Class 2A1B, 4.45%, <br> 4/20/2036 (f)<br>| 62 | 57 |
| CIM Trust Series 2019-INV2, Class A11, 4.73%, <br> 5/25/2049 (a) (f)<br>| 54 | 52 |
| Connecticut Avenue Securities Trust |  |  |
| Series 2021-R03, Class 1M2, 5.32%, <br> 12/25/2041 (a) (f)<br>| 9450 | 9492 |
| Series 2025-R06, Class 1M1, 4.62%, <br> 9/25/2045 (a) (f)<br>| 5398 | 5411 |
| CRIBS Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.81%, 5/25/2040 (a) (i)<br>| 2000 | 2022 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| CSFB Mortgage-Backed Pass-Through Certificates <br> Series 2005-9, Class 1A2, 5.25%, 10/25/2035<br>| 675 | 624 |
| Deutsche Alt-A Securities Mortgage Loan Trust <br> Series 2007-3, Class 2A1, 5.29%, <br> 10/25/2047 (f)<br>| 547 | 432 |
| FHLMC, REMIC |  |  |
| Series 5394, Class AV, 5.50%, 1/25/2035 | 5746 | 5806 |
| Series 3036, Class NE, 5.00%, 9/15/2035 | 59 | 61 |
| Series 5510, Class GV, 5.50%, 12/25/2035 | 13131 | 13487 |
| Series 5516, Class DV, 6.00%, 12/25/2035 | 9021 | 9337 |
| Series 5530, Class V, 5.50%, 2/25/2036 | 15250 | 15824 |
| Series 3294, Class NE, 5.50%, 3/15/2037 | 131 | 137 |
| Series 3878, Class PL, 4.50%, 11/15/2040 | 6471 | 6553 |
| Series 4012, Class GS, IF, IO, 2.73%, <br> 3/15/2042 (f)<br>| 3342 | 540 |
| Series 4338, Class SA, IF, IO, 2.23%, <br> 5/15/2044 (f)<br>| 3007 | 350 |
| Series 4477, Class SA, IF, IO, 2.38%, <br> 5/15/2045 (f)<br>| 3026 | 380 |
| Series 4505, Class SA, IF, IO, 2.38%, <br> 8/15/2045 (f)<br>| 2568 | 308 |
| Series 4681, Class SD, IF, IO, 2.38%, <br> 5/15/2047 (f)<br>| 237 | 31 |
| Series 4925, Class SH, IF, IO, 2.32%, <br> 10/25/2049 (f)<br>| 5494 | 597 |
| Series 4954, Class SB, IF, IO, 2.27%, <br> 2/25/2050 (f)<br>| 5828 | 740 |
| Series 5021, Class MI, IO, 3.00%, 10/25/2050 | 19591 | 3374 |
| Series 5551, Class BA, 5.00%, 10/25/2051 | 34818 | 34780 |
| Series 5564, Class BA, 5.00%, 12/25/2051 | 58820 | 59050 |
| Series 5537, Class CA, 5.00%, 2/25/2052 | 2665 | 2674 |
| Series 5531, Class DA, 5.00%, 3/25/2052 | 17275 | 17347 |
| Series 5577, Class A, 5.00%, 4/25/2052 | 9589 | 9648 |
| Series 5558, Class DA, 5.00%, 7/25/2052 | 14555 | 14566 |
| Series 4632, Class MA, 4.00%, 8/15/2054 | 3871 | 3889 |
| Series 4634, Class MD, 5.00%, 11/15/2054 | 5353 | 5382 |
| Series 4630, Class MA, 4.00%, 1/15/2055 | 4572 | 4566 |
| Series 4839, Class WS, IF, IO, 2.33%, <br> 8/15/2056 (f)<br>| 10357 | 1545 |
| FHLMC, STRIPS |  |  |
| Series 267, Class S5, IF, IO, 2.23%, <br> 8/15/2042 (f)<br>| 2593 | 286 |
| Series 342, Class S7, IF, IO, 2.34%, <br> 2/15/2045 (f)<br>| 1087 | 128 |
| FNMA, REMIC |  |  |
| Series 2013-55, Class AI, IO, 3.00%, 6/25/2033 | 578 | 44 |
| Series 2024-101, Class DV, 5.50%, 12/25/2035 | 4594 | 4769 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

250 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** | **Collateralized Mortgage Obligations — continued** |
| Series 2025-4, Class PV, 5.50%, 1/25/2036 | 4847 | 5020 |
| Series 2025-27, Class BV, 5.50%, 3/25/2036 | 13751 | 14261 |
| Series 2025-29, Class CV, 5.50%, 4/25/2036 | 11574 | 11970 |
| Series 2025-56, Class BV, 5.50%, 7/25/2036 | 11814 | 12256 |
| Series 2015-85, Class SA, IF, IO, 1.84%, <br> 11/25/2045 (f)<br>| 2526 | 247 |
| Series 2016-74, Class GS, IF, IO, 2.22%, <br> 10/25/2046 (f)<br>| 1277 | 152 |
| Series 2017-31, Class SG, IF, IO, 2.32%, <br> 5/25/2047 (f)<br>| 6370 | 803 |
| Series 2024-27, Class CA, 5.50%, 12/25/2048 | 2521 | 2533 |
| Series 2019-31, Class S, IF, IO, 2.27%, <br> 7/25/2049 (f)<br>| 3065 | 388 |
| Series 2024-20, Class MA, 5.00%, 11/25/2049 | 20043 | 20134 |
| Series 2025-58, Class CA, 5.00%, 9/25/2051 | 7110 | 7149 |
| Series 2025-58, Class MA, 5.00%, 9/25/2051 | 13585 | 13664 |
| Series 2025-22, Class BA, 5.00%, 11/25/2051 | 22886 | 22954 |
| Series 2025-66, Class LA, 5.00%, 12/25/2051 | 19299 | 19374 |
| Series 2025-62, Class CA, 5.50%, 1/25/2052 | 24401 | 24766 |
| Series 2022-42, Class EA, 3.75%, 6/25/2052 | 43226 | 42502 |
| Series 2022-43, Class P, 4.00%, 7/25/2052 | 7515 | 7453 |
| Series 2025-51, Class A, 5.50%, 1/25/2053 | 42823 | 43607 |
| GNMA |  |  |
| Series 2012-39, Class MI, IO, 4.00%, <br> 3/16/2042<br>| 202 | 36 |
| Series 2015-123, Class SE, IF, IO, 1.94%, <br> 9/20/2045 (f)<br>| 3210 | 349 |
| Series 2016-108, Class SM, IF, IO, 2.32%, <br> 8/20/2046 (f)<br>| 565 | 90 |
| Series 2024-110, Class LC, 3.50%, 4/20/2048 | 24673 | 24410 |
| Series 2018-139, Class SB, IF, IO, 2.37%, <br> 10/20/2048 (f)<br>| 4617 | 783 |
| Series 2025-4, Class LA, 3.00%, 7/20/2051 | 14690 | 14126 |
| Series 2024-184, Class BG, 3.50%, 10/20/2051 | 5762 | 5649 |
| Series 2025-1, Class GC, 3.50%, 10/20/2051 | 28267 | 27641 |
| Series 2024-1, Class KB, 2.50%, 12/20/2051 | 15293 | 14649 |
| Series 2024-151, Class HB, 4.50%, <br> 10/20/2052<br>| 27742 | 27588 |
| GS Mortgage-Backed Securities Trust Series <br> 2025-RPL3, Class A1, 4.10%, 7/25/2065 (a) (i)<br>| 8113 | 7994 |
| Homeward Opportunities Fund Trust Series <br> 2025-RRTL2, Class A1, 5.24%, 9/25/2040 (a) <br> (i)<br>| 7440 | 7472 |
| LHOME Mortgage Trust |  |  |
| Series 2024-RTL5, Class A1, 5.32%, <br> 9/25/2039 (a) (i)<br>| 5444 | 5454 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2025-RTL1, Class A1, 5.65%, <br> 1/25/2040 (a) (i)<br>| 4673 | 4711 |
| Series 2025-RTL2, Class A1, 5.61%, <br> 4/25/2040 (a) (f)<br>| 2500 | 2524 |
| Series 2025-RTL3, Class A1, 5.24%, <br> 8/25/2040 (a) (i)<br>| 16725 | 16831 |
| Series 2026-RTL1, Class A1, 4.91%, <br> 1/25/2041 ‡ (a) (i)<br>| 9070 | 9108 |
| LOANDEPOT GMSR Master Trust Series 2025-GT2, <br> Class A, 6.81%, 7/16/2030 (a) (f)<br>| 5000 | 5038 |
| MFA Trust |  |  |
| Series 2024-RTL3, Class A1, 5.91%, <br> 11/25/2039 (a) (i)<br>| 3650 | 3672 |
| Series 2024-NPL1, Class A1, 6.33%, <br> 9/25/2054 (a) (i)<br>| 4059 | 4066 |
| New Residential Mortgage Loan Trust |  |  |
| Series 2024-RTL1, Class A1, 6.66%, <br> 3/25/2039 (a) (i)<br>| 2355 | 2361 |
| Series 2024-RTL2, Class A1, 5.44%, <br> 9/25/2039 (a) (i)<br>| 5250 | 5312 |
| Series 2019-NQM5, Class B1, 4.04%, <br> 11/25/2059 (a) (f)<br>| 3041 | 2792 |
| NRM FHT1 Excess Owner LLC Series 2025-FHT1, <br> Class A, 6.55%, 3/25/2032 (a) (i)<br>| 5031 | 5125 |
| Onity Loan Investment Trust Series 2025-HB1, <br> Class A, 3.00%, 6/25/2038 ‡ (a) (f)<br>| 6906 | 6800 |
| Roc Mortgage Trust Series 2025-RTL1, Class A1, <br> 5.63%, 2/25/2040 (a) (i)<br>| 1135 | 1141 |
| Structured Asset Mortgage Investments II Trust <br> Series 2006-AR6, Class 2A1, 4.17%, <br> 7/25/2046 (f)<br>| 782 | 561 |
| Toorak Mortgage Trust Series 2025-RRTL1, <br> Class A1, 5.52%, 2/25/2040 (a) (i)<br>| 5600 | 5636 |
| TVC Mortgage Trust Series 2026-RRTL1, Class A1, <br> 4.96%, 4/25/2040 (a) (i)<br>| 4296 | 4307 |
| WaMu Mortgage Pass-Through Certificates Trust <br> Series 2005-AR5, Class A6, 5.35%, <br> 5/25/2035 (f)<br>| 40 | 40 |
| Total Collateralized Mortgage Obligations <br>(Cost $737,484)<br>|  | 743070 |
| **Commercial Mortgage-Backed Securities — 4.7%** | **Commercial Mortgage-Backed Securities — 4.7%** | **Commercial Mortgage-Backed Securities — 4.7%** |
| BAML RCAP Frn 8.00%, 10/25/2027 ‡ | 5000 | 5000 |
| BMD2 Re-REMIC Trust Series 2019-FRR1, Class <br> 5B13, 2.16%, 5/25/2052 ‡ (a) (f)<br>| 5000 | 4542 |
| BX Commercial Mortgage Trust Series 2024-MF, <br> Class B, 5.35%, 2/15/2039 (a) (f)<br>| 708 | 709 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 251

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Citigroup Commercial Mortgage Trust |  |  |
| Series 2015-GC29, Class C, 3.97%, <br> 4/10/2048 (f)<br>| 3600 | 3272 |
| Series 2015-GC31, Class C, 3.69%, <br> 6/10/2048 (f)<br>| 530 | 100 |
| Commercial Mortgage Trust |  |  |
| Series 2014-CR14, Class B, 3.60%, <br> 2/10/2047 (f)<br>| 1534 | 1514 |
| Series 2014-UBS3, Class B, 4.31%, 6/10/2047 | 1815 | 1758 |
| Series 2014-UBS5, Class C, 4.79%, <br> 9/10/2047 (f)<br>| 2750 | 2558 |
| Series 2014-CR20, Class C, 4.73%, <br> 11/10/2047 (f)<br>| 333 | 323 |
| Series 2015-LC21, Class D, 4.24%, <br> 7/10/2048 (f)<br>| 1000 | 942 |
| Series 2015-CR26, Class B, 4.61%, <br> 10/10/2048 (f)<br>| 1953 | 1924 |
| CSTL Commercial Mortgage Trust |  |  |
| Series 2025-GATE2, Class C, 5.14%, <br> 11/10/2042 (a) (f)<br>| 1625 | 1641 |
| Series 2025-GATE2, Class D, 5.63%, <br> 11/10/2042 (a) (f)<br>| 2530 | 2555 |
| Series 2025-GATE2, Class E, 6.35%, <br> 11/10/2042 (a) (f)<br>| 4725 | 4789 |
| Series 2026-GATE3, Class B, 4.94%, <br> 2/10/2043 (a) (f)<br>| 5100 | 5161 |
| Series 2026-GATE3, Class C, 5.13%, <br> 2/10/2043 (a) (f)<br>| 1700 | 1719 |
| Series 2026-GATE3, Class D, 5.52%, <br> 2/10/2043 (a) (f)<br>| 833 | 842 |
| DLIC Re-REMIC Trust Series 2025-FRR1, Class CK57, <br> 1.27%, 8/27/2049 ‡ (a) (f)<br>| 4500 | 4371 |
| ELP Commercial Mortgage Trust |  |  |
| Series 2025-ELP, Class A, 4.76%, <br> 11/13/2042 (a) (f)<br>| 5960 | 6006 |
| Series 2025-ELP, Class B, 5.01%, <br> 11/13/2042 (a) (f)<br>| 3050 | 3073 |
| Series 2025-ELP, Class C, 5.31%, <br> 11/13/2042 (a) (f)<br>| 1700 | 1713 |
| FHLMC MSCR Trust |  |  |
| Series 2025-MN12, Class M1, 5.42%, <br> 11/25/2045 (a) (f)<br>| 10487 | 10488 |
| Series 2021-MN1, Class M1, 5.67%, <br> 1/25/2051 (a) (f)<br>| 149 | 149 |
| FHLMC, Multi-Family Structured Pass-Through <br> Certificates<br>|  |  |
| Series K734, Class X3, IO, 2.23%, 7/25/2026 (f) | 17142 | 65 |
| Series KC05, Class X1, IO, 1.20%, 6/25/2027 (f) | 20395 | 170 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series K068, Class X1, IO, 0.40%, 8/25/2027 (f) | 221260 | 1211 |
| Series K739, Class X1, IO, 1.17%, 9/25/2027 (f) | 59506 | 693 |
| Series K078, Class X1, IO, 0.08%, 6/25/2028 (f) | 47423 | 125 |
| Series K090, Class X3, IO, 2.31%, <br> 10/25/2029 (f)<br>| 32598 | 2204 |
| Series K112, Class X1, IO, 1.43%, 5/25/2030 (f) | 24442 | 1234 |
| Series Q012, Class X, IO, 3.94%, 9/25/2035 (f) | 10101 | 1479 |
| Series K061, Class X3, IO, 1.96%, <br> 12/25/2044 (f)<br>| 2745 | 40 |
| Series K070, Class X3, IO, 2.04%, <br> 12/25/2044 (f)<br>| 16537 | 560 |
| Series K072, Class X3, IO, 2.14%, <br> 12/25/2045 (f)<br>| 1200 | 45 |
| Series K087, Class X3, IO, 2.27%, 1/25/2046 (f) | 13786 | 793 |
| Series K097, Class X3, IO, 2.02%, 9/25/2046 (f) | 20477 | 1289 |
| Series K104, Class X3, IO, 1.89%, 2/25/2047 (f) | 25300 | 1687 |
| Series K088, Class X3, IO, 2.35%, 2/25/2047 (f) | 9575 | 607 |
| Series K735, Class X3, IO, 2.15%, 5/25/2047 (f) | 40532 | 156 |
| Series K093, Class X3, IO, 2.21%, 5/25/2047 (f) | 50000 | 3224 |
| Series K095, Class X3, IO, 2.10%, 8/25/2047 (f) | 25000 | 1615 |
| Series K736, Class X3, IO, 2.00%, 9/25/2047 (f) | 50000 | 352 |
| Series K099, Class X3, IO, 1.95%, <br> 10/25/2047 (f)<br>| 13745 | 824 |
| Series K105, Class X3, IO, 1.92%, 3/25/2048 (f) | 40058 | 2857 |
| Series K111, Class X3, IO, 3.18%, 4/25/2048 (f) | 15644 | 1876 |
| Series K110, Class X3, IO, 3.37%, 6/25/2048 (f) | 15544 | 1902 |
| Series K114, Class X3, IO, 2.73%, 8/25/2048 (f) | 10750 | 1071 |
| Series K115, Class X3, IO, 2.95%, 9/25/2048 (f) | 21273 | 2332 |
| Series K125, Class X3, IO, 2.65%, 2/25/2049 (f) | 15690 | 1737 |
| FNMA ACES |  |  |
| Series 2020-M10, Class X1, IO, 1.77%, <br> 12/25/2030 (f)<br>| 46201 | 2548 |
| Series 2020-M37, Class X, IO, 0.98%, <br> 4/25/2032 (f)<br>| 63122 | 2079 |
| FREMF Series 2018-KF46, Class B, 5.74%, <br> 3/25/2028 (a) (f)<br>| 10 | 10 |
| FREMF Mortgage Trust |  |  |
| Series 2017-KF38, Class B, 6.29%, <br> 9/25/2024 (a) (f)<br>| 56 | 56 |
| Series 2019-KF62, Class B, 5.84%, <br> 4/25/2026 (a) (f)<br>| 212 | 211 |
| Series 2019-KC06, Class B, 3.83%, <br> 9/25/2026 (a) (f)<br>| 7600 | 7475 |
| Series 2018-K82, Class X2A, IO, 0.10%, <br> 9/25/2028 (a)<br>| 96327 | 191 |
| Series 2018-K82, Class D, PO, 10/25/2028 (a) | 9393 | 7767 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

252 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2018-K82, Class X2B, IO, 0.10%, <br> 10/25/2028 (a)<br>| 24695 | 57 |
| Series 2019-KC07, Class C, 3.64%, <br> 10/25/2029 (a) (f)<br>| 4700 | 4022 |
| Series 2020-K107, Class D, 3.51%, <br> 2/25/2030 (a) (f)<br>| 7500 | 6275 |
| Series 2020-KSG1, Class C, PO, 9/25/2030 (a) | 4100 | 2926 |
| Series 2020-KSG1, Class X2A, IO, 0.10%, <br> 9/25/2030 (a)<br>| 67455 | 232 |
| Series 2020-KSG1, Class X2B, IO, 0.10%, <br> 9/25/2030 (a)<br>| 4100 | 15 |
| Series 2017-K68, Class D, PO, 10/25/2049 (a) | 8000 | 7102 |
| Series 2019-K89, Class C, 4.29%, <br> 1/25/2051 (a) (f)<br>| 6000 | 5967 |
| Series 2018-K83, Class D, PO, 11/25/2051 (a) | 6900 | 5584 |
| Series 2019-K93, Class C, 4.12%, <br> 5/25/2052 (a) (f)<br>| 8652 | 8548 |
| Series 2020-K740, Class D, PO, 11/25/2052 (a) | 9000 | 7957 |
| Series 2020-K740, Class X2A, IO, 0.10%, <br> 11/25/2052 (a)<br>| 93297 | 111 |
| Series 2020-K740, Class X2B, IO, 0.10%, <br> 11/25/2052 (a)<br>| 22000 | 29 |
| Series 2020-K113, Class D, PO, 5/25/2053 (a) | 9000 | 6414 |
| Series 2020-K115, Class D, PO, 9/25/2053 (a) | 7500 | 5596 |
| Series 2020-K115, Class X2A, IO, 0.10%, <br> 9/25/2053 (a)<br>| 80218 | 277 |
| Series 2020-K115, Class X2B, IO, 0.10%, <br> 9/25/2053 (a)<br>| 18200 | 66 |
| Series 2020-K118, Class D, PO, 10/25/2053 (a) | 7500 | 5410 |
| Series 2020-K118, Class X2A, IO, 0.10%, <br> 10/25/2053 (a)<br>| 81307 | 287 |
| Series 2020-K118, Class X2B, IO, 0.10%, <br> 10/25/2053 (a)<br>| 16750 | 62 |
| Series 2020-K739, Class D, PO, 11/25/2053 (a) | 7000 | 6011 |
| Series 2020-K739, Class X2A, IO, 0.10%, <br> 11/25/2053 (a)<br>| 67444 | 68 |
| Series 2020-K739, Class X2B, IO, 0.10%, <br> 11/25/2053 (a)<br>| 17500 | 21 |
| Series 2021-K126, Class D, PO, 1/25/2054 (a) | 9500 | 6569 |
| Series 2021-K126, Class X2A, IO, 0.10%, <br> 1/25/2054 (a)<br>| 97641 | 366 |
| Series 2021-K126, Class X2B, IO, 0.10%, <br> 1/25/2054 (a)<br>| 25000 | 101 |
| FREMF Trust Series 2018-KW04, Class C, PO, <br> 12/25/2032 (a)<br>| 5000 | 3534 |
| GAM Re-REMIC Trust Series 2022-FRR3, <br> Class BK61, PO, 11/27/2049 ‡ (a)<br>| 4200 | 4018 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| GS Mortgage Securities Trust |  |  |
| Series 2017-GS5, Class D, 3.51%, <br> 3/10/2050 (a) (f)<br>| 2250 | 281 |
| Series 2015-GC30, Class C, 4.04%, <br> 5/10/2050 (f)<br>| 3695 | 3197 |
| JPMBB Commercial Mortgage Securities Trust |  |  |
| Series 2015-C30, Class C, 4.15%, <br> 7/15/2048 (f)<br>| 7732 | 6311 |
| Series 2015-C31, Class B, 4.65%, <br> 8/15/2048 (f)<br>| 4410 | 4170 |
| Series 2015-C31, Class C, 4.65%, <br> 8/15/2048 (f)<br>| 3360 | 2622 |
| Series 2016-C1, Class D1, 4.13%, <br> 3/17/2049 (a) (f)<br>| 4600 | 4313 |
| JPMCC Commercial Mortgage Securities Trust Series <br> 2017-JP5, Class D, 4.50%, 3/15/2050 (a) (f)<br>| 3725 | 3042 |
| JPMorgan Chase Commercial Mortgage Securities <br> Trust Series 2013-C16, Class D, 4.97%, <br> 12/15/2046 (a) (f)<br>| 766 | 747 |
| Life Mortgage Trust Series 2021-BMR, Class C, <br> 4.87%, 3/15/2038 (a) (f)<br>| 300 | 297 |
| Morgan Stanley Bank of America Merrill Lynch Trust |  |  |
| Series 2016-C31, Class B, 3.88%, <br> 11/15/2049 (f)<br>| 2577 | 2497 |
| Series 2015-C23, Class D, 4.20%, <br> 7/15/2050 (a) (f)<br>| 916 | 890 |
| Morgan Stanley Capital I Trust |  |  |
| Series 2015-MS1, Class B, 4.03%, <br> 5/15/2048 (f)<br>| 2975 | 2862 |
| Series 2020-HR8, Class XA, IO, 1.78%, <br> 7/15/2053 (f)<br>| 18634 | 1148 |
| MRCD MARK Mortgage Trust |  |  |
| Series 2019-PARK, Class A, 2.72%, <br> 12/15/2036 (a)<br>| 6960 | 6194 |
| Series 2019-PARK, Class B, 2.72%, <br> 12/15/2036 (a)<br>| 6000 | 5160 |
| Series 2019-PARK, Class D, 2.72%, <br> 12/15/2036 (a)<br>| 2000 | 1600 |
| Series 2019-PARK, Class E, 2.72%, <br> 12/15/2036 (a)<br>| 7500 | 5653 |
| Multi-Family Connecticut Avenue Securities Trust |  |  |
| Series 2019-01, Class M10, 7.03%, <br> 10/25/2049 (a) (f)<br>| 3216 | 3265 |
| Series 2020-01, Class M10, 7.53%, <br> 3/25/2050 (a) (f)<br>| 7411 | 7520 |
| PRM5 Trust |  |  |
| Series 2025-PRM5, Class C, 5.17%, <br> 3/10/2033 (a) (f)<br>| 310 | 311 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 253

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** | **Commercial Mortgage-Backed Securities — continued** |
| Series 2025-PRM5, Class D, 5.81%, <br> 3/10/2033 (a) (f)<br>| 220 | 221 |
| PRM7 Trust |  |  |
| Series 2025-PRM7, Class A, 4.36%, <br> 11/10/2042 (a) (f)<br>| 7069 | 7053 |
| Series 2025-PRM7, Class B, 4.65%, <br> 11/10/2042 (a) (f)<br>| 7067 | 7065 |
| Series 2025-PRM7, Class D, 5.66%, <br> 11/10/2042 (a) (f)<br>| 4766 | 4811 |
| ROCK Trust Series 2024-CNTR, Class A, 5.39%, <br> 11/13/2041 (a)<br>| 3009 | 3115 |
| SG Commercial Mortgage Securities Trust Series <br> 2016-C5, Class B, 3.93%, 10/10/2048<br>| 275 | 265 |
| STWD Mortgage Trust (Cayman Islands) |  |  |
| Series 2021-LIH, Class B, 5.43%, <br> 11/15/2036 (a) (f)<br>| 3600 | 3589 |
| Series 2021-LIH, Class C, 5.73%, <br> 11/15/2036 (a) (f)<br>| 2200 | 2193 |
| Velocity Commercial Capital Loan Trust Series <br> 2018-2, Class A, 4.05%, 10/26/2048 (a) (f)<br>| 464 | 456 |
| Wells Fargo Commercial Mortgage Trust |  |  |
| Series 2015-C27, Class C, 3.89%, 2/15/2048 | 1507 | 1327 |
| Series 2018-C43, Class A3, 3.75%, 3/15/2051 | 586 | 583 |
| Series 2015-LC22, Class D, 4.72%, <br> 9/15/2058 (f)<br>| 10106 | 8994 |
| WFRBS Commercial Mortgage Trust |  |  |
| Series 2014-C22, Class C, 3.64%, <br> 9/15/2057 (f)<br>| 8583 | 7318 |
| Series 2014-C22, Class D, 3.79%, <br> 9/15/2057 (a) (f)<br>| 1000 | 378 |
| Series 2014-C22, Class B, 4.37%, <br> 9/15/2057 (f)<br>| 3000 | 2796 |
| WHARF Commercial Mortgage Trust |  |  |
| Series 2025-DC, Class A, 5.53%, 7/15/2040 (a) <br> (f)<br>| 4845 | 5028 |
| Series 2025-DC, Class B, 5.73%, 7/15/2040 (a) <br> (f)<br>| 570 | 590 |
| Series 2025-DC, Class C, 6.23%, 7/15/2040 (a) <br> (f)<br>| 1000 | 1043 |
| Total Commercial Mortgage-Backed Securities <br>(Cost $335,857)<br>|  | 322164 |
| **Foreign Government Securities — 1.3%** | **Foreign Government Securities — 1.3%** | **Foreign Government Securities — 1.3%** |
| Arab Republic of Egypt |  |  |
| 7.60%, 3/1/2029 (e) | 4550 | 4770 |
| 8.63%, 2/4/2030 (e) | 1000 | 1082 |
| 9.45%, 2/4/2033 (a) | 1100 | 1234 |
| 7.30%, 9/30/2033 (e) | 800 | 803 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Argentine Republic |  |  |
| 1.00%, 7/9/2029 | 620 | 547 |
| 4.12%, 7/9/2035 (i) | 6085 | 4577 |
| 3.50%, 7/9/2041 (i) | 2400 | 1677 |
| Benin Government Bond 7.96%, 2/13/2038 (a) | 1878 | 1969 |
| Commonwealth of the Bahamas |  |  |
| 8.95%, 10/15/2032 (e) | 1000 | 1129 |
| 8.25%, 6/24/2036 (a) | 1196 | 1338 |
| Dominican Republic Government Bond |  |  |
| 4.50%, 1/30/2030 (a) | 1940 | 1897 |
| 7.05%, 2/3/2031 (a) | 1140 | 1224 |
| Federal Republic of Nigeria |  |  |
| 6.50%, 11/28/2027 (e) | 3600 | 3655 |
| 8.38%, 3/24/2029 (e) | 1400 | 1491 |
| 8.63%, 1/13/2036 (e) | 1000 | 1075 |
| Hashemite Kingdom of Jordan |  |  |
| 7.50%, 1/13/2029 (e) | 1500 | 1573 |
| 5.85%, 7/7/2030 (e) | 1000 | 1006 |
| 5.75%, 11/12/2032 (a) | 2283 | 2244 |
| Islamic Republic of Pakistan |  |  |
| 6.00%, 4/8/2026 (e) | 800 | 799 |
| 7.38%, 4/8/2031 (a) | 2800 | 2765 |
| 7.38%, 4/8/2031 (e) | 3900 | 3851 |
| Istanbul Metropolitan Municipality 10.50%, <br> 12/6/2028 (a)<br>| 2530 | 2784 |
| Lebanese Republic 6.38%, 3/9/2020 (e) (g) | 4362 | 1272 |
| Republic of Angola |  |  |
| 8.25%, 5/9/2028 (e) | 2900 | 2924 |
| 8.00%, 11/26/2029 (a) | 800 | 796 |
| Republic of Colombia 6.13%, 1/21/2031 | 633 | 631 |
| Republic of Cote d'Ivoire |  |  |
| 5.75%, 12/31/2032 (e) (i) | 195 | 195 |
| 7.63%, 1/30/2033 (a) | 2500 | 2678 |
| 6.13%, 6/15/2033 (e) | 1600 | 1585 |
| 8.08%, 4/1/2036 (a) | 2174 | 2344 |
| 6.75%, 2/25/2041 (a) | 1982 | 1891 |
| Republic of Ecuador |  |  |
| 6.90%, 7/31/2030 (e) (i) | 900 | 889 |
| 8.75%, 1/29/2034 (a) | 715 | 721 |
| 6.90%, 7/31/2035 (a) (i) | 1421 | 1290 |
| 9.25%, 1/29/2039 (a) | 5902 | 6002 |
| 5.00%, 7/31/2040 (a) (i) | 590 | 481 |
| Republic of El Salvador |  |  |
| 8.63%, 2/28/2029 (e) | 1600 | 1723 |
| 9.25%, 4/17/2030 (e) | 1150 | 1245 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

254 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Foreign Government Securities — continued** | **Foreign Government Securities — continued** | **Foreign Government Securities — continued** |
| Republic of Honduras 8.63%, 11/27/2034 (a) | 2000 | 2323 |
| Republic of Iraq 5.80%, 1/15/2028 (e) | 1234 | 1228 |
| Republic of Kenya |  |  |
| 9.75%, 2/16/2031 (e) | 1200 | 1314 |
| 7.88%, 10/9/2033 (a) | 1860 | 1853 |
| Republic of Montenegro 7.25%, 3/12/2031 (a) | 1100 | 1178 |
| Republic of Panama 5.66%, 2/23/2038 | 717 | 720 |
| Republic of South Africa |  |  |
| 7.10%, 11/19/2036 (a) | 2385 | 2564 |
| 6.13%, 12/11/2037 (a) | 1515 | 1494 |
| Republic of Turkiye (The) 7.13%, 2/12/2032 | 600 | 628 |
| Suriname Government International Bond |  |  |
| 7.70%, 11/6/2030 (a) | 1395 | 1436 |
| 8.50%, 11/6/2035 (a) | 1922 | 2053 |
| Total Foreign Government Securities <br>(Cost $86,729)<br>|  | 86948 |
| **Loan Assignments — 0.2% (c) (j)** | **Loan Assignments — 0.2% (c) (j)** | **Loan Assignments — 0.2% (c) (j)** |
| **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** | **Automobile Components — 0.0% ^** |
| Adient US LLC, 1st Lien Term Loan B-2 (1-MONTH <br> CME TERM SOFR + 2.00%), 5.67%, 1/31/2031<br>| 693 | 692 |
| **Beverages — 0.1%** | **Beverages — 0.1%** | **Beverages — 0.1%** |
| Primo Brands Corp., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 3/31/2028<br>| 1891 | 1889 |
| **Building Products — 0.0% ^** | **Building Products — 0.0% ^** | **Building Products — 0.0% ^** |
| EMRLD Borrower LP, 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 5/31/2030<br>| 1068 | 1063 |
| **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** | **Electrical Equipment — 0.0% ^** |
| Vertiv Group Corp., 1st Lien Term Loan B (1-MONTH <br> CME TERM SOFR + 1.75%), 5.42%, 8/12/2032<br>| 1043 | 1043 |
| **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** | **Ground Transportation — 0.1%** |
| First Student Bidco, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/15/2030<br>| 1934 | 1931 |
| First Student Bidco, Inc., 1st Lien Term Loan C <br> (3-MONTH CME TERM SOFR + 2.50%), 6.17%, <br> 8/15/2030<br>| 354 | 354 |
| Genesee & Wyoming, Inc., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 4/10/2031<br>| 990 | 988 |
|  |  | 3273 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **IT Services — 0.0% ^** | **IT Services — 0.0% ^** | **IT Services — 0.0% ^** |
| MH Sub I LLC, 1st Lien Term Loan B |  |  |
| (1-MONTH CME TERM SOFR + 4.25%), 7.92%, <br> 5/3/2028<br>| 1174 | 950 |
| (1-MONTH CME TERM SOFR + 4.25%), 7.92%, <br> 12/31/2031<br>| 794 | 538 |
|  |  | 1488 |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| Buckeye Partners LP, 1st Lien Term Loan B-7 <br> (1-MONTH CME TERM SOFR + 1.75%), 5.42%, <br> 11/22/2032<br>| 672 | 673 |
| **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** | **Passenger Airlines — 0.0% ^** |
| AAdvantage Loyalty IP Ltd., 1st Lien Term Loan B <br> (3-MONTH CME TERM SOFR + 2.25%), 5.92%, <br> 4/20/2028<br>| 683 | 682 |
| **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** | **Professional Services — 0.0% ^** |
| WEC US Holdings, Inc., 1st Lien Term Loan B <br> (1-MONTH CME TERM SOFR + 2.00%), 5.67%, <br> 1/27/2031<br>| 1330 | 1325 |
| **Software — 0.0% ^** | **Software — 0.0% ^** | **Software — 0.0% ^** |
| Central Parent LLC, 1st Lien Term Loan B (3-MONTH <br> CME TERM SOFR + 3.25%), 6.92%, 7/6/2029<br>| 691 | 432 |
| UKG, Inc., 1st Lien Term Loan B (3-MONTH CME <br> TERM SOFR + 2.50%), 6.17%, 2/10/2031<br>| 983 | 928 |
|  |  | 1360 |
| **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** | **Specialty Retail — 0.0% ^** |
| White Cap Supply Holdings LLC, 1st Lien Term Loan <br> B (1-MONTH CME TERM SOFR + 3.25%), 6.92%, <br> 10/19/2029<br>| 1049 | 1035 |
| Total Loan Assignments <br>(Cost $15,365)<br>|  | 14523 |
| **Municipal Bonds — 0.0% (f) (k) ^** | **Municipal Bonds — 0.0% (f) (k) ^** | **Municipal Bonds — 0.0% (f) (k) ^** |
| **California — 0.0% ^** | **California — 0.0% ^** | **California — 0.0% ^** |
| California Housing Finance Agency Series 2021-1, <br> Class X, Rev., 0.80%, 11/20/2035 (Cost <br> $1,742)<br>| 50821 | 2056 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** | **Common Stocks — 0.0% ^** |
| **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** | **Aerospace & Defense — 0.0% ^** |
| Incora Intermediate LLC ‡ \* | 14 | 150 |
| **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** | **Containers & Packaging — 0.0% ^** |
| Ardagh Holdings SA (Luxembourg) ‡ \* (a) | 37 | 312 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 255

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **SHARES**<br> **(000)**<br>| **VALUE**<br> **($000)**<br>|
| **Common Stocks — continued** | **Common Stocks — continued** | **Common Stocks — continued** |
| **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** | **Oil, Gas & Consumable Fuels — 0.0% ^** |
| Gulfport Energy Corp. \* | 1 | 252 |
| Total Common Stocks <br>(Cost $455)<br>|  | 714 |
|  | **NO. OF** <br> **RIGHTS** <br>**(000)**<br>|  |
| **Rights — 0.0% ^** | **Rights — 0.0% ^** | **Rights — 0.0% ^** |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| SES SA (Luxembourg) ‡ \* <br>(Cost $—)<br>| 15 | 224 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** | **Short-Term Investments — 1.2%** |
| **Investment Companies — 1.0%** | **Investment Companies — 1.0%** | **Investment Companies — 1.0%** |
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.76% (l) (m) <br>(Cost $66,739)<br>| 66724 | 66751 |
|  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>|  |
| **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** | **U.S. Treasury Obligations — 0.2%** |
| U.S. Treasury Bills, 3.54%, 7/2/2026 (n) (o) <br>(Cost $11,098)<br>| 11232 | 11096 |
| Total Short-Term Investments <br>(Cost $77,837)<br>|  | 77847 |
| **Total Investments — 99.5%** <br>**(Cost $6,767,911)**<br>|  | **6811257** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **37425** |
| **NET ASSETS — 100.0%** |  | **6848682** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| <br>Percentages indicated are based on net assets. |
| <br>Amounts presented as a dash ("-") represent amounts that round to less than a <br> thousand. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| ABS | Asset-Backed Securities |
| ACES | Alternative Credit Enhancement Securities |
| ARM | Adjustable Rate Mortgage. The interest rate shown is the rate in <br> effect as of February 28, 2026.<br>|
| CLO | Collateralized Loan Obligations |
| CME | Chicago Mercantile Exchange |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |

---

---

| | |
|:---|:---|
| FRN | Floating Rate Note |
| GNMA | Government National Mortgage Association |
| IF | Inverse Floaters represent securities that pay interest at a rate that <br> increases (decreases) with a decline (incline) in a specified index <br> or have an interest rate that adjusts periodically based on changes <br> in current interest rates and prepayments on the underlying pool <br> of assets. The interest rate shown is the rate in effect as of <br> February 28, 2026. The rate may be subject to a cap and floor.<br>|
| IO | Interest Only represents the right to receive the monthly interest <br> payments on an underlying pool of mortgage loans. The principal <br> amount shown represents the par value on the underlying pool. <br> The yields on these securities are subject to accelerated principal <br> paydowns as a result of prepayment or refinancing of the <br> underlying pool of mortgage instruments. As a result, interest <br> income may be reduced considerably.<br>|
| JSC | Joint Stock Company |
| PIK | Payment In Kind |
| PO | Principal Only represents the right to receive the principal portion <br> only on an underlying pool of mortgage loans. The market value of <br> these securities is extremely volatile in response to changes in <br> market interest rates. As prepayments on the underlying <br> mortgages of these securities increase, the yield on these <br> securities increases.<br>|
| REIT | Real Estate Investment Trust |
| REMIC | Real Estate Mortgage Investment Conduit |
| Re-REMIC | Combined Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |
| STRIPS | Separate Trading of Registered Interest and Principal of Securities. <br> The STRIPS Program lets investors hold and trade individual <br> interest and principal components of eligible notes and bonds as <br> separate securities.<br>|
| TBA | To Be Announced; Security is subject to delayed delivery. |
| UMBS | Uniform Mortgage-Backed Securities |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ‡ | Value determined using significant unobservable <br> inputs.<br>|
| \* | Non-income producing security.  |
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (c) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|
| (d) | Security has the ability to pay in kind ("PIK") or pay <br> income in cash. When applicable, separate rates of <br> such payments are disclosed.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

256 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security exempt from registration pursuant to Regulation S under the Securities Act of 1933, as amended. Regulation S applies to securities offerings that are made outside of the United States and do not involve direct selling efforts in the United States and as such may have restrictions on resale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Defaulted security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Step bond. Interest rate is a fixed rate for an initial period that either resets at a specific date or may reset in the future contingent upon a predetermined trigger. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Loan assignments are presented by obligor. Each series or loan tranche underlying each obligor may have varying terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The date shown represents the earliest of the prerefunded date, next put date or final maturity date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) 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;(m) The rate shown is the current yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) The rate shown is the effective yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) All or a portion of this security is deposited with the broker as initial margin for futures contracts or centrally cleared swaps.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury Ultra Bond | &nbsp;&nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 4619 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |
| U.S. Treasury 2 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 2488 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 520575 | &nbsp;&nbsp;&nbsp;&nbsp; 522 |
| U.S. Treasury 5 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 5809 | &nbsp;&nbsp;&nbsp;&nbsp; 06/30/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 639716 | &nbsp;&nbsp;&nbsp;&nbsp; 1358 |
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 1921 |
| **Short Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; (1323)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (150533)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (653)<br>|
| U.S. Treasury 10 Year Ultra Note | &nbsp;&nbsp;&nbsp;&nbsp; (581)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (67823)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (391)<br>|
| U.S. Treasury Long Bond | &nbsp;&nbsp;&nbsp;&nbsp; (272)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; (32215)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (398)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; (1442)<br>|
|  |  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; 479 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**Centrally Cleared Credit default swap contracts outstanding - buy protection**<sup>(\*)</sup> **as of February 28, 2026 (amounts in thousands):**

------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **REFERENCE** <br>**OBLIGATION/INDEX**<br>| **FINANCING** <br>**RATE PAID** <br>**BY THE FUND** <br>**(%)**<br>| &nbsp;&nbsp; **PAYMENT** <br>**FREQUENCY**<br>| &nbsp;&nbsp; **MATURITY** <br>**DATE**<br>| **IMPLIED** <br>**CREDIT** <br>**SPREAD** <br>**(%)**<sup>(a)</sup> <br>| &nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<sup>(b)</sup> <br>| **UPFRONT** <br>**PAYMENTS** <br>**(RECEIPTS)** <br>**($)**<sup>(c)</sup> <br>| **UNREALIZED** <br>**APPRECIATION** <br>**(DEPRECIATION)** <br>**($)**<br>| **VALUE** <br>**($)**<br>|
| CDX.NA.HY.45-V2 | 5.00 | Quarterly | 12/20/2030 | 3.32 | USD 58,515 | &nbsp;&nbsp; (3681)<br>| &nbsp;&nbsp; (813)<br>| &nbsp;&nbsp; (4494)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| (\*) | The Fund, as a buyer of credit protection, is generally obligated to make periodic payments and may also pay or receive an upfront premium to or from <br> the protection seller, in exchange for the right to receive a contingent payment, upon occurrence of a credit event with respect to an underlying reference <br> obligation, as defined under the terms of individual swap contracts. |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 257

------

JPMorgan Short Duration Core Plus Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Implied credit spreads are an indication of the seller's performance risk, related to the likelihood of a credit event occurring that would require a seller to make payment to a buyer. Implied credit spreads are used to determine the value of swap contracts and reflect the cost of buying/selling protection, which may include upfront payments made to enter into the contract. Therefore, higher spreads would indicate a greater likelihood that a seller will be obligated to perform (i.e. make payment) under the swap contract. Increasing values, in absolute terms and relative to notional amounts, are also indicative of greater performance risk. Implied credit spreads for credit default swaps on credit indices are linked to the weighted average spread across the underlying reference obligations included in a particular index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The notional amount is the maximum amount that a seller of credit protection would be obligated to pay and a buyer of credit protection would receive, upon occurrence of a credit event.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upfront payments and receipts generally represent premiums paid or received at the initiation of the agreement to compensate the differences between the stated terms of the swap agreement and current market conditions (credit spreads, interest rates and other relevant factors).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| CDX | Credit Default Swap Index |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

258 J.P. Morgan Income Funds February 28, 2026

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Core Bond** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Core Plus** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Floating Rate** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Government** <br>**Bond Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $53072552 | &nbsp;&nbsp;&nbsp; $24478863 | &nbsp;&nbsp;&nbsp; $165727 | &nbsp;&nbsp;&nbsp; $1859371 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 1070292 | &nbsp;&nbsp;&nbsp; 1550277 | &nbsp;&nbsp;&nbsp; 3999 | &nbsp;&nbsp;&nbsp; 102552 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 820 |
| Cash | &nbsp;&nbsp;&nbsp; 9905 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp; 592 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 10113 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 56751 | &nbsp;&nbsp;&nbsp; 251 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for centrally cleared swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 432618 | &nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp; 2819 | &nbsp;&nbsp;&nbsp; 37708 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 47 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 49599 | &nbsp;&nbsp;&nbsp; 42325 | &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; 1243 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 327754 | &nbsp;&nbsp;&nbsp; 186111 | &nbsp;&nbsp;&nbsp; 980 | &nbsp;&nbsp;&nbsp; 7920 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 3141 | &nbsp;&nbsp;&nbsp; 4222 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 145 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 13093 | &nbsp;&nbsp;&nbsp; 15925 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 312 |
| Total Assets | &nbsp;&nbsp;&nbsp; 55035710 | &nbsp;&nbsp;&nbsp; 26292184 | &nbsp;&nbsp;&nbsp; 174149 | &nbsp;&nbsp;&nbsp; 2010663 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 61368 | &nbsp;&nbsp;&nbsp; 20090 | &nbsp;&nbsp;&nbsp; 2736 | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 458041 | &nbsp;&nbsp;&nbsp; 399285 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 48680 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 86355 | &nbsp;&nbsp;&nbsp; 39325 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 57973 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Unrealized depreciation on unfunded commitments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — |
| Options written, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 482 |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 10630 | &nbsp;&nbsp;&nbsp; 5654 | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 328 |
| Administration fees | &nbsp;&nbsp;&nbsp; 830 | &nbsp;&nbsp;&nbsp; 1076 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 57 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 560 | &nbsp;&nbsp;&nbsp; 374 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 64 |
| Service fees | &nbsp;&nbsp;&nbsp; 3092 | &nbsp;&nbsp;&nbsp; 670 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 125 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 232 | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 27 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 1516 | &nbsp;&nbsp;&nbsp; 990 | &nbsp;&nbsp;&nbsp; 68 | &nbsp;&nbsp;&nbsp; 81 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 622815 | &nbsp;&nbsp;&nbsp; 467709 | &nbsp;&nbsp;&nbsp; 2960 | &nbsp;&nbsp;&nbsp; 107817 |
| Net Assets | &nbsp;&nbsp;&nbsp; $54412895 | &nbsp;&nbsp;&nbsp; $25824475 | &nbsp;&nbsp;&nbsp; $171189 | &nbsp;&nbsp;&nbsp; $1902846 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 259

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Core Bond**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Core Plus**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Floating Rate**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Government**<br>**Bond Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $56591045 | &nbsp;&nbsp;&nbsp; $27339392 | &nbsp;&nbsp;&nbsp; $557387 | &nbsp;&nbsp;&nbsp; $2057864 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (2178150)<br>| &nbsp;&nbsp;&nbsp; (1514917)<br>| &nbsp;&nbsp;&nbsp; (386198)<br>| &nbsp;&nbsp;&nbsp; (155018)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $54412895 | &nbsp;&nbsp;&nbsp; $25824475 | &nbsp;&nbsp;&nbsp; $171189 | &nbsp;&nbsp;&nbsp; $1902846 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $2287194 | &nbsp;&nbsp;&nbsp; $1682511 | &nbsp;&nbsp;&nbsp; $33416 | &nbsp;&nbsp;&nbsp; $258127 |
| Class C | &nbsp;&nbsp;&nbsp; 147089 | &nbsp;&nbsp;&nbsp; 54319 | &nbsp;&nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp; 12158 |
| Class I | &nbsp;&nbsp;&nbsp; 24471174 | &nbsp;&nbsp;&nbsp; 7603652 | &nbsp;&nbsp;&nbsp; 126477 | &nbsp;&nbsp;&nbsp; 720609 |
| Class R2 | &nbsp;&nbsp;&nbsp; 45427 | &nbsp;&nbsp;&nbsp; 45088 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 10282 |
| Class R3 | &nbsp;&nbsp;&nbsp; 113174 | &nbsp;&nbsp;&nbsp; 21174 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 19744 |
| Class R4 | &nbsp;&nbsp;&nbsp; 1666 | &nbsp;&nbsp;&nbsp; 10146 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 8967 |
| Class R5 | &nbsp;&nbsp;&nbsp; 177927 | &nbsp;&nbsp;&nbsp; 9555 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 27169244 | &nbsp;&nbsp;&nbsp; 16398030 | &nbsp;&nbsp;&nbsp; 9091 | &nbsp;&nbsp;&nbsp; 872959 |
| Total | &nbsp;&nbsp;&nbsp; $54412895 | &nbsp;&nbsp;&nbsp; $25824475 | &nbsp;&nbsp;&nbsp; $171189 | &nbsp;&nbsp;&nbsp; $1902846 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 216267 | &nbsp;&nbsp;&nbsp; 226874 | &nbsp;&nbsp;&nbsp; 4316 | &nbsp;&nbsp;&nbsp; 26109 |
| Class C | &nbsp;&nbsp;&nbsp; 13777 | &nbsp;&nbsp;&nbsp; 7263 | &nbsp;&nbsp;&nbsp; 286 | &nbsp;&nbsp;&nbsp; 1234 |
| Class I | &nbsp;&nbsp;&nbsp; 2315924 | &nbsp;&nbsp;&nbsp; 1025948 | &nbsp;&nbsp;&nbsp; 16334 | &nbsp;&nbsp;&nbsp; 72939 |
| Class R2 | &nbsp;&nbsp;&nbsp; 4302 | &nbsp;&nbsp;&nbsp; 6081 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1041 |
| Class R3 | &nbsp;&nbsp;&nbsp; 10744 | &nbsp;&nbsp;&nbsp; 2861 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1999 |
| Class R4 | &nbsp;&nbsp;&nbsp; 158 | &nbsp;&nbsp;&nbsp; 1370 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 907 |
| Class R5 | &nbsp;&nbsp;&nbsp; 16872 | &nbsp;&nbsp;&nbsp; 1288 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 2566983 | &nbsp;&nbsp;&nbsp; 2210092 | &nbsp;&nbsp;&nbsp; 1171 | &nbsp;&nbsp;&nbsp; 88383 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp; $7.42 | &nbsp;&nbsp;&nbsp; $7.74 | &nbsp;&nbsp;&nbsp; $9.89 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;7.71 | &nbsp;&nbsp;&nbsp;&nbsp;9.85 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.57 | &nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;9.88 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;9.88 |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.53 | &nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;9.88 |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.55 | &nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;9.88 |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.55 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;7.76 | &nbsp;&nbsp;&nbsp;&nbsp;9.88 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &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; $10.99 | &nbsp;&nbsp;&nbsp; $7.71 | &nbsp;&nbsp;&nbsp; $7.92 | &nbsp;&nbsp;&nbsp; $10.28 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $54133425 | &nbsp;&nbsp;&nbsp; $24543309 | &nbsp;&nbsp;&nbsp; $180721 | &nbsp;&nbsp;&nbsp; $1931153 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 1070074 | &nbsp;&nbsp;&nbsp; 1549979 | &nbsp;&nbsp;&nbsp; 3999 | &nbsp;&nbsp;&nbsp; 102552 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 482 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 10113 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 289 |

---

------

(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;

260 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**High Yield** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Short** <br>**Duration** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Short** <br>**Duration Core** <br>**Plus Fund**  |
| **ASSETS:** |  |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $6361976 | &nbsp;&nbsp;&nbsp; $18253663 | &nbsp;&nbsp;&nbsp; $11951845 | &nbsp;&nbsp;&nbsp; $6744506 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 415033 | &nbsp;&nbsp;&nbsp; 248086 | &nbsp;&nbsp;&nbsp; 333144 | &nbsp;&nbsp;&nbsp; 66751 |
| Restricted cash for OTC derivatives | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 31920 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Restricted cash for delayed delivery securities | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 13830 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; 2545 | &nbsp;&nbsp;&nbsp; 1791 | &nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp; 2074 |
| Foreign currency, at value | &nbsp;&nbsp;&nbsp; 706 | &nbsp;&nbsp;&nbsp; 1140 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 50021 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for centrally cleared swaps | &nbsp;&nbsp;&nbsp; 2414 | &nbsp;&nbsp;&nbsp; 47714 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |  |  |
| Due from custodian | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 54617 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 1268 | &nbsp;&nbsp;&nbsp; 12249 | &nbsp;&nbsp;&nbsp; 69336 | &nbsp;&nbsp;&nbsp; 21629 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 3998 | &nbsp;&nbsp;&nbsp; 2883007 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 49687 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 16402 | &nbsp;&nbsp;&nbsp; 18778 | &nbsp;&nbsp;&nbsp; 19749 | &nbsp;&nbsp;&nbsp; 8353 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 93414 | &nbsp;&nbsp;&nbsp; 121383 | &nbsp;&nbsp;&nbsp; 76109 | &nbsp;&nbsp;&nbsp; 45913 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 1134 | &nbsp;&nbsp;&nbsp; 960 | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp; 244 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6904 | &nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; 815 |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 6487 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 381 |
| Unrealized appreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 7161 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total Assets | &nbsp;&nbsp;&nbsp; 6898890 | &nbsp;&nbsp;&nbsp; 21759711 | &nbsp;&nbsp;&nbsp; 12452152 | &nbsp;&nbsp;&nbsp; 6940354 |
| **LIABILITIES:** |  |  |  |  |
| Payables: |  |  |  |  |
| Distributions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1948 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| TBA short commitments, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2902567 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 44159 | &nbsp;&nbsp;&nbsp; 77259 | &nbsp;&nbsp;&nbsp; 30390 | &nbsp;&nbsp;&nbsp; 1602 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 45793 | &nbsp;&nbsp;&nbsp; 2307133 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 82967 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 3167 | &nbsp;&nbsp;&nbsp; 38235 | &nbsp;&nbsp;&nbsp; 11493 | &nbsp;&nbsp;&nbsp; 4832 |
| Unrealized depreciation on forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3626 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Unrealized depreciation on unfunded commitments | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Variation margin on centrally cleared swaps | &nbsp;&nbsp;&nbsp; 208 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Outstanding OTC swap contracts, at value | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32448 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 2069 | &nbsp;&nbsp;&nbsp; 3637 | &nbsp;&nbsp;&nbsp; 1766 | &nbsp;&nbsp;&nbsp; 1217 |
| Administration fees | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 811 | &nbsp;&nbsp;&nbsp; 511 | &nbsp;&nbsp;&nbsp; 346 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 146 | &nbsp;&nbsp;&nbsp; 491 | &nbsp;&nbsp;&nbsp; 177 | &nbsp;&nbsp;&nbsp; 143 |
| Service fees | &nbsp;&nbsp;&nbsp; 183 | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 136 | &nbsp;&nbsp;&nbsp; 122 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; 68 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 396 | &nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; 375 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 96280 | &nbsp;&nbsp;&nbsp; 5369033 | &nbsp;&nbsp;&nbsp; 44988 | &nbsp;&nbsp;&nbsp; 91672 |
| Net Assets | &nbsp;&nbsp;&nbsp; $6802610 | &nbsp;&nbsp;&nbsp; $16390678 | &nbsp;&nbsp;&nbsp; $12407164 | &nbsp;&nbsp;&nbsp; $6848682 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 261

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **High Yield**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Short**<br> **Duration**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Short**<br> **Duration Core**<br>**Plus Fund**  |
| **NET ASSETS:** |  |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $7570459 | &nbsp;&nbsp;&nbsp; $17585915 | &nbsp;&nbsp;&nbsp; $12598088 | &nbsp;&nbsp;&nbsp; $7296608 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (767849)<br>| &nbsp;&nbsp;&nbsp; (1195237)<br>| &nbsp;&nbsp;&nbsp; (190924)<br>| &nbsp;&nbsp;&nbsp; (447926)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $6802610 | &nbsp;&nbsp;&nbsp; $16390678 | &nbsp;&nbsp;&nbsp; $12407164 | &nbsp;&nbsp;&nbsp; $6848682 |
| Net Assets: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $535636 | &nbsp;&nbsp;&nbsp; $862921 | &nbsp;&nbsp;&nbsp; $828641 | &nbsp;&nbsp;&nbsp; $601322 |
| Class C | &nbsp;&nbsp;&nbsp; 73637 | &nbsp;&nbsp;&nbsp; 555436 | &nbsp;&nbsp;&nbsp; 32764 | &nbsp;&nbsp;&nbsp; 47217 |
| Class I | &nbsp;&nbsp;&nbsp; 987833 | &nbsp;&nbsp;&nbsp; 9719732 | &nbsp;&nbsp;&nbsp; 2087846 | &nbsp;&nbsp;&nbsp; 1982967 |
| Class R2 | &nbsp;&nbsp;&nbsp; 2621 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 3267 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 5199184 | &nbsp;&nbsp;&nbsp; 5252589 | &nbsp;&nbsp;&nbsp; 9457913 | &nbsp;&nbsp;&nbsp; 4217176 |
| Total | &nbsp;&nbsp;&nbsp; $6802610 | &nbsp;&nbsp;&nbsp; $16390678 | &nbsp;&nbsp;&nbsp; $12407164 | &nbsp;&nbsp;&nbsp; $6848682 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 82307 | &nbsp;&nbsp;&nbsp; 99977 | &nbsp;&nbsp;&nbsp; 75759 | &nbsp;&nbsp;&nbsp; 63183 |
| Class C | &nbsp;&nbsp;&nbsp; 11277 | &nbsp;&nbsp;&nbsp; 64334 | &nbsp;&nbsp;&nbsp; 2971 | &nbsp;&nbsp;&nbsp; 4975 |
| Class I | &nbsp;&nbsp;&nbsp; 150479 | &nbsp;&nbsp;&nbsp; 1127503 | &nbsp;&nbsp;&nbsp; 190579 | &nbsp;&nbsp;&nbsp; 208342 |
| Class R2 | &nbsp;&nbsp;&nbsp; 403 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; 791010 | &nbsp;&nbsp;&nbsp; 609197 | &nbsp;&nbsp;&nbsp; 863298 | &nbsp;&nbsp;&nbsp; 443204 |
| Net Asset Value (a): |  |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $6.51 | &nbsp;&nbsp;&nbsp; $8.63 | &nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp; $9.52 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;9.49 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 |
| Class R2 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;6.59 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;9.52 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $6.76 | &nbsp;&nbsp;&nbsp; $8.97 | &nbsp;&nbsp;&nbsp; $11.19 | &nbsp;&nbsp;&nbsp; $9.74 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $6352926 | &nbsp;&nbsp;&nbsp; $18289955 | &nbsp;&nbsp;&nbsp; $11872271 | &nbsp;&nbsp;&nbsp; $6701172 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 415033 | &nbsp;&nbsp;&nbsp; 248082 | &nbsp;&nbsp;&nbsp; 333144 | &nbsp;&nbsp;&nbsp; 66739 |
| Cost of foreign currency | &nbsp;&nbsp;&nbsp; 693 | &nbsp;&nbsp;&nbsp; 1139 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Proceeds from short TBAs | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2880152 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net upfront payments/(receipts) on centrally cleared swaps | &nbsp;&nbsp;&nbsp; 1087 | &nbsp;&nbsp;&nbsp; (70858)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3681)<br>|
| Net upfront receipts on OTC swap contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (8697)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

262 J.P. Morgan Income Funds February 28, 2026

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Core Bond** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Core Plus** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Floating Rate** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Government** <br>**Bond Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $2234408 | &nbsp;&nbsp;&nbsp; $1231494 | &nbsp;&nbsp;&nbsp; $15555 | &nbsp;&nbsp;&nbsp; $70424 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 81 | &nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 145 | &nbsp;&nbsp;&nbsp; 566 | &nbsp;&nbsp;&nbsp; — |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 61050 | &nbsp;&nbsp;&nbsp; 67954 | &nbsp;&nbsp;&nbsp; 423 | &nbsp;&nbsp;&nbsp; 1858 |
| Non-cash interest income from non-affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 979 | &nbsp;&nbsp;&nbsp; — |
| Income from securities lending (net) (See Note 2.F.) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Foreign taxes withheld (net) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Total investment income | &nbsp;&nbsp;&nbsp; 2295539 | &nbsp;&nbsp;&nbsp; 1299744 | &nbsp;&nbsp;&nbsp; 17528 | &nbsp;&nbsp;&nbsp; 72282 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 143426 | &nbsp;&nbsp;&nbsp; 72330 | &nbsp;&nbsp;&nbsp; 1257 | &nbsp;&nbsp;&nbsp; 5460 |
| Administration fees | &nbsp;&nbsp;&nbsp; 16381 | &nbsp;&nbsp;&nbsp; 13529 | &nbsp;&nbsp;&nbsp; 171 | &nbsp;&nbsp;&nbsp; 1462 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5624 | &nbsp;&nbsp;&nbsp; 4065 | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 643 |
| Class C | &nbsp;&nbsp;&nbsp; 1131 | &nbsp;&nbsp;&nbsp; 451 | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 82 |
| Class R2 | &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 54 |
| Class R3 | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66 |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 5624 | &nbsp;&nbsp;&nbsp; 4065 | &nbsp;&nbsp;&nbsp; 99 | &nbsp;&nbsp;&nbsp; 643 |
| Class C | &nbsp;&nbsp;&nbsp; 377 | &nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 27 |
| Class I | &nbsp;&nbsp;&nbsp; 57534 | &nbsp;&nbsp;&nbsp; 18004 | &nbsp;&nbsp;&nbsp; 340 | &nbsp;&nbsp;&nbsp; 1938 |
| Class R2 | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27 |
| Class R3 | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 66 |
| Class R4 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 21 |
| Class R5 | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 1745 | &nbsp;&nbsp;&nbsp; 975 | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 117 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 204 | &nbsp;&nbsp;&nbsp; 174 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3 |
| Professional fees | &nbsp;&nbsp;&nbsp; 298 | &nbsp;&nbsp;&nbsp; 216 | &nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp; 78 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 29 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 2093 | &nbsp;&nbsp;&nbsp; 747 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 103 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 957 | &nbsp;&nbsp;&nbsp; 899 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 136 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 620 | &nbsp;&nbsp;&nbsp; 321 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 83 |
| Other | &nbsp;&nbsp;&nbsp; 805 | &nbsp;&nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp; 12 | &nbsp;&nbsp;&nbsp; 98 |
| Total expenses | &nbsp;&nbsp;&nbsp; 238001 | &nbsp;&nbsp;&nbsp; 116967 | &nbsp;&nbsp;&nbsp; 2365 | &nbsp;&nbsp;&nbsp; 11136 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (28271)<br>| &nbsp;&nbsp;&nbsp; (16928)<br>| &nbsp;&nbsp;&nbsp; (600)<br>| &nbsp;&nbsp;&nbsp; (2781)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (114)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 209616 | &nbsp;&nbsp;&nbsp; 100039 | &nbsp;&nbsp;&nbsp; 1765 | &nbsp;&nbsp;&nbsp; 8352 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 2085923 | &nbsp;&nbsp;&nbsp; 1199705 | &nbsp;&nbsp;&nbsp; 15763 | &nbsp;&nbsp;&nbsp; 63930 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 263

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026 (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Core Bond**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Core Plus**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Floating Rate**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Government**<br>**Bond Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $(127393)<br>| &nbsp;&nbsp;&nbsp; $(69701)<br>| &nbsp;&nbsp;&nbsp; $(13926)<br>| &nbsp;&nbsp;&nbsp; $(43402)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; 198 | &nbsp;&nbsp;&nbsp; 173 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (984)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 114391 | &nbsp;&nbsp;&nbsp; 15884 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (611)<br>|
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1185)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 703 |
| Swaps | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 288 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (12804)<br>| &nbsp;&nbsp;&nbsp; (54794)<br>| &nbsp;&nbsp;&nbsp; (13638)<br>| &nbsp;&nbsp;&nbsp; (44294)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1254089 | &nbsp;&nbsp;&nbsp; 568126 | &nbsp;&nbsp;&nbsp; (1657)<br>| &nbsp;&nbsp;&nbsp; 94539 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (216)<br>| &nbsp;&nbsp;&nbsp; (111)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 338 |
| Futures contracts | &nbsp;&nbsp;&nbsp; (18160)<br>| &nbsp;&nbsp;&nbsp; 3818 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 79 |
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (193)<br>|
| Unfunded commitments | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 1235714 | &nbsp;&nbsp;&nbsp; 571785 | &nbsp;&nbsp;&nbsp; (1660)<br>| &nbsp;&nbsp;&nbsp; 94763 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 1222910 | &nbsp;&nbsp;&nbsp; 516991 | &nbsp;&nbsp;&nbsp; (15298)<br>| &nbsp;&nbsp;&nbsp; 50469 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $3308833 | &nbsp;&nbsp;&nbsp; $1716696 | &nbsp;&nbsp;&nbsp; $465 | &nbsp;&nbsp;&nbsp; $114399 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

264 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**High Yield** <br>**Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Income Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Short** <br>**Duration** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Short** <br>**Duration Core** <br>**Plus Fund**  |
| **INVESTMENT INCOME:** |  |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $434218 | &nbsp;&nbsp;&nbsp; $898278 | &nbsp;&nbsp;&nbsp; $493658 | &nbsp;&nbsp;&nbsp; $240891 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 |
| Dividend income from non-affiliates | &nbsp;&nbsp;&nbsp; 7547 | &nbsp;&nbsp;&nbsp; 256 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 14393 | &nbsp;&nbsp;&nbsp; 13675 | &nbsp;&nbsp;&nbsp; 14694 | &nbsp;&nbsp;&nbsp; 7549 |
| Total investment income | &nbsp;&nbsp;&nbsp; 456168 | &nbsp;&nbsp;&nbsp; 912300 | &nbsp;&nbsp;&nbsp; 508353 | &nbsp;&nbsp;&nbsp; 248442 |
| **EXPENSES:** |  |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 32323 | &nbsp;&nbsp;&nbsp; 43529 | &nbsp;&nbsp;&nbsp; 24467 | &nbsp;&nbsp;&nbsp; 13055 |
| Administration fees | &nbsp;&nbsp;&nbsp; 4849 | &nbsp;&nbsp;&nbsp; 9759 | &nbsp;&nbsp;&nbsp; 8063 | &nbsp;&nbsp;&nbsp; 3917 |
| Distribution fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1311 | &nbsp;&nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp; 1964 | &nbsp;&nbsp;&nbsp; 1472 |
| Class C | &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 4897 | &nbsp;&nbsp;&nbsp; 264 | &nbsp;&nbsp;&nbsp; 388 |
| Class R2 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 1311 | &nbsp;&nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp; 1964 | &nbsp;&nbsp;&nbsp; 1472 |
| Class C | &nbsp;&nbsp;&nbsp; 167 | &nbsp;&nbsp;&nbsp; 1632 | &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; 129 |
| Class I | &nbsp;&nbsp;&nbsp; 2199 | &nbsp;&nbsp;&nbsp; 22642 | &nbsp;&nbsp;&nbsp; 5008 | &nbsp;&nbsp;&nbsp; 4644 |
| Class R2 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 284 | &nbsp;&nbsp;&nbsp; 802 | &nbsp;&nbsp;&nbsp; 502 | &nbsp;&nbsp;&nbsp; 261 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; 278 | &nbsp;&nbsp;&nbsp; 8 | &nbsp;&nbsp;&nbsp; 4 |
| Professional fees | &nbsp;&nbsp;&nbsp; 239 | &nbsp;&nbsp;&nbsp; 238 | &nbsp;&nbsp;&nbsp; 118 | &nbsp;&nbsp;&nbsp; 142 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; 57 | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; 36 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 254 | &nbsp;&nbsp;&nbsp; 363 | &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; 100 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 314 | &nbsp;&nbsp;&nbsp; 1015 | &nbsp;&nbsp;&nbsp; 538 | &nbsp;&nbsp;&nbsp; 68 |
| Transfer agency fees (See Note 2.K.) | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 126 | &nbsp;&nbsp;&nbsp; 121 | &nbsp;&nbsp;&nbsp; 53 |
| Other | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 131 | &nbsp;&nbsp;&nbsp; 123 | &nbsp;&nbsp;&nbsp; 66 |
| Total expenses | &nbsp;&nbsp;&nbsp; 43980 | &nbsp;&nbsp;&nbsp; 89277 | &nbsp;&nbsp;&nbsp; 43469 | &nbsp;&nbsp;&nbsp; 25807 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (9278)<br>| &nbsp;&nbsp;&nbsp; (25030)<br>| &nbsp;&nbsp;&nbsp; (9098)<br>| &nbsp;&nbsp;&nbsp; (5390)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (41)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 34661 | &nbsp;&nbsp;&nbsp; 64247 | &nbsp;&nbsp;&nbsp; 34371 | &nbsp;&nbsp;&nbsp; 20417 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 421507 | &nbsp;&nbsp;&nbsp; 848053 | &nbsp;&nbsp;&nbsp; 473982 | &nbsp;&nbsp;&nbsp; 228025 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 265

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026 (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **High Yield**<br> **Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Income Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Short**<br> **Duration**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Short**<br> **Duration Core**<br>**Plus Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $(53656)<br>| &nbsp;&nbsp;&nbsp; $(90144)<br>| &nbsp;&nbsp;&nbsp; $24489 | &nbsp;&nbsp;&nbsp; $(2304)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (51)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 23 |
| Options purchased | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (12134)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17528 | &nbsp;&nbsp;&nbsp; (14534)<br>| &nbsp;&nbsp;&nbsp; 3209 |
| Foreign currency transactions | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (39154)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp; (44330)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 935 |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (52416)<br>| &nbsp;&nbsp;&nbsp; (168269)<br>| &nbsp;&nbsp;&nbsp; 9955 | &nbsp;&nbsp;&nbsp; 1864 |
| Change in net unrealized appreciation/depreciation on: |  |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 89304 | &nbsp;&nbsp;&nbsp; 260770 | &nbsp;&nbsp;&nbsp; 75294 | &nbsp;&nbsp;&nbsp; 92382 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (4)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3907 | &nbsp;&nbsp;&nbsp; 1079 | &nbsp;&nbsp;&nbsp; (1009)<br>|
| Foreign currency translations | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 1 |
| Forward foreign currency exchange contracts | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 3535 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Swaps | &nbsp;&nbsp;&nbsp; 1710 | &nbsp;&nbsp;&nbsp; 5658 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (231)<br>|
| Unfunded commitments | &nbsp;&nbsp;&nbsp; (16)<br>| &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 91163 | &nbsp;&nbsp;&nbsp; 273880 | &nbsp;&nbsp;&nbsp; 76373 | &nbsp;&nbsp;&nbsp; 91139 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 38747 | &nbsp;&nbsp;&nbsp; 105611 | &nbsp;&nbsp;&nbsp; 86328 | &nbsp;&nbsp;&nbsp; 93003 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $460254 | &nbsp;&nbsp;&nbsp; $953664 | &nbsp;&nbsp;&nbsp; $560310 | &nbsp;&nbsp;&nbsp; $321028 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

266 J.P. Morgan Income Funds February 28, 2026

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Core Bond Fund**  | **JPMorgan Core Bond Fund**  | **JPMorgan Core Plus Bond Fund**  | **JPMorgan Core Plus Bond Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $2085923 | &nbsp;&nbsp;&nbsp; $1901033 | &nbsp;&nbsp;&nbsp; $1199705 | &nbsp;&nbsp;&nbsp; $1036406 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (12804)<br>| &nbsp;&nbsp;&nbsp; (262315)<br>| &nbsp;&nbsp;&nbsp; (54794)<br>| &nbsp;&nbsp;&nbsp; (265925)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1235714 | &nbsp;&nbsp;&nbsp; 1207256 | &nbsp;&nbsp;&nbsp; 571785 | &nbsp;&nbsp;&nbsp; 651086 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 3308833 | &nbsp;&nbsp;&nbsp; 2845974 | &nbsp;&nbsp;&nbsp; 1716696 | &nbsp;&nbsp;&nbsp; 1421567 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (84318)<br>| &nbsp;&nbsp;&nbsp; (80305)<br>| &nbsp;&nbsp;&nbsp; (75230)<br>| &nbsp;&nbsp;&nbsp; (69549)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (4744)<br>| &nbsp;&nbsp;&nbsp; (4945)<br>| &nbsp;&nbsp;&nbsp; (2350)<br>| &nbsp;&nbsp;&nbsp; (2612)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (922963)<br>| &nbsp;&nbsp;&nbsp; (835932)<br>| &nbsp;&nbsp;&nbsp; (354574)<br>| &nbsp;&nbsp;&nbsp; (305275)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (1623)<br>| &nbsp;&nbsp;&nbsp; (1651)<br>| &nbsp;&nbsp;&nbsp; (1821)<br>| &nbsp;&nbsp;&nbsp; (1612)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; (3805)<br>| &nbsp;&nbsp;&nbsp; (2097)<br>| &nbsp;&nbsp;&nbsp; (887)<br>| &nbsp;&nbsp;&nbsp; (743)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; (34)<br>| &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; (487)<br>| &nbsp;&nbsp;&nbsp; (338)<br>|
| Class R5 | &nbsp;&nbsp;&nbsp; (7231)<br>| &nbsp;&nbsp;&nbsp; (7295)<br>| &nbsp;&nbsp;&nbsp; (370)<br>| &nbsp;&nbsp;&nbsp; (113)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (1062383)<br>| &nbsp;&nbsp;&nbsp; (964725)<br>| &nbsp;&nbsp;&nbsp; (758419)<br>| &nbsp;&nbsp;&nbsp; (649749)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (2087101)<br>| &nbsp;&nbsp;&nbsp; (1896980)<br>| &nbsp;&nbsp;&nbsp; (1194138)<br>| &nbsp;&nbsp;&nbsp; (1029991)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 3242673 | &nbsp;&nbsp;&nbsp; 4467415 | &nbsp;&nbsp;&nbsp; 2537630 | &nbsp;&nbsp;&nbsp; 3120920 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 4464405 | &nbsp;&nbsp;&nbsp; 5416409 | &nbsp;&nbsp;&nbsp; 3060188 | &nbsp;&nbsp;&nbsp; 3512496 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 49948490 | &nbsp;&nbsp;&nbsp; 44532081 | &nbsp;&nbsp;&nbsp; 22764287 | &nbsp;&nbsp;&nbsp; 19251791 |
| End of period | &nbsp;&nbsp;&nbsp; $54412895 | &nbsp;&nbsp;&nbsp; $49948490 | &nbsp;&nbsp;&nbsp; $25824475 | &nbsp;&nbsp;&nbsp; $22764287 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 267

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Floating Rate Income Fund**  | **JPMorgan Floating Rate Income Fund**  | **JPMorgan Government Bond Fund**  | **JPMorgan Government Bond Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $15763 | &nbsp;&nbsp;&nbsp; $24940 | &nbsp;&nbsp;&nbsp; $63930 | &nbsp;&nbsp;&nbsp; $55798 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (13638)<br>| &nbsp;&nbsp;&nbsp; (604)<br>| &nbsp;&nbsp;&nbsp; (44294)<br>| &nbsp;&nbsp;&nbsp; (557)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; (1660)<br>| &nbsp;&nbsp;&nbsp; (4590)<br>| &nbsp;&nbsp;&nbsp; 94763 | &nbsp;&nbsp;&nbsp; 48130 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp; 19746 | &nbsp;&nbsp;&nbsp; 114399 | &nbsp;&nbsp;&nbsp; 103371 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2841)<br>| &nbsp;&nbsp;&nbsp; (3926)<br>| &nbsp;&nbsp;&nbsp; (7746)<br>| &nbsp;&nbsp;&nbsp; (6896)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (212)<br>| &nbsp;&nbsp;&nbsp; (370)<br>| &nbsp;&nbsp;&nbsp; (277)<br>| &nbsp;&nbsp;&nbsp; (275)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (10034)<br>| &nbsp;&nbsp;&nbsp; (14710)<br>| &nbsp;&nbsp;&nbsp; (25197)<br>| &nbsp;&nbsp;&nbsp; (24079)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (285)<br>| &nbsp;&nbsp;&nbsp; (278)<br>|
| Class R3 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (729)<br>| &nbsp;&nbsp;&nbsp; (968)<br>|
| Class R4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (262)<br>| &nbsp;&nbsp;&nbsp; (176)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (3617)<br>| &nbsp;&nbsp;&nbsp; (8989)<br>| &nbsp;&nbsp;&nbsp; (29401)<br>| &nbsp;&nbsp;&nbsp; (23065)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (16704)<br>| &nbsp;&nbsp;&nbsp; (27995)<br>| &nbsp;&nbsp;&nbsp; (63897)<br>| &nbsp;&nbsp;&nbsp; (55737)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (105489)<br>| &nbsp;&nbsp;&nbsp; (3728)<br>| &nbsp;&nbsp;&nbsp; (145905)<br>| &nbsp;&nbsp;&nbsp; 137932 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (121728)<br>| &nbsp;&nbsp;&nbsp; (11977)<br>| &nbsp;&nbsp;&nbsp; (95403)<br>| &nbsp;&nbsp;&nbsp; 185566 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 292917 | &nbsp;&nbsp;&nbsp; 304894 | &nbsp;&nbsp;&nbsp; 1998249 | &nbsp;&nbsp;&nbsp; 1812683 |
| End of period | &nbsp;&nbsp;&nbsp; $171189 | &nbsp;&nbsp;&nbsp; $292917 | &nbsp;&nbsp;&nbsp; $1902846 | &nbsp;&nbsp;&nbsp; $1998249 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

268 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan High Yield Fund**  | **JPMorgan High Yield Fund**  | **JPMorgan Income Fund**  | **JPMorgan Income Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $421507 | &nbsp;&nbsp;&nbsp; $372223 | &nbsp;&nbsp;&nbsp; $848053 | &nbsp;&nbsp;&nbsp; $599687 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (52416)<br>| &nbsp;&nbsp;&nbsp; (45068)<br>| &nbsp;&nbsp;&nbsp; (168269)<br>| &nbsp;&nbsp;&nbsp; (146181)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 91163 | &nbsp;&nbsp;&nbsp; 207574 | &nbsp;&nbsp;&nbsp; 273880 | &nbsp;&nbsp;&nbsp; 437902 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 460254 | &nbsp;&nbsp;&nbsp; 534729 | &nbsp;&nbsp;&nbsp; 953664 | &nbsp;&nbsp;&nbsp; 891408 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (33131)<br>| &nbsp;&nbsp;&nbsp; (33459)<br>| &nbsp;&nbsp;&nbsp; (43689)<br>| &nbsp;&nbsp;&nbsp; (31967)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (3867)<br>| &nbsp;&nbsp;&nbsp; (3223)<br>| &nbsp;&nbsp;&nbsp; (33909)<br>| &nbsp;&nbsp;&nbsp; (28549)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (57783)<br>| &nbsp;&nbsp;&nbsp; (61152)<br>| &nbsp;&nbsp;&nbsp; (541347)<br>| &nbsp;&nbsp;&nbsp; (397825)<br>|
| Class R2 | &nbsp;&nbsp;&nbsp; (162)<br>| &nbsp;&nbsp;&nbsp; (193)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R3 | &nbsp;&nbsp;&nbsp; (20)<br>| &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R4 | &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; (6)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R5 | &nbsp;&nbsp;&nbsp; (277)<br>| &nbsp;&nbsp;&nbsp; (289)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Class R6 | &nbsp;&nbsp;&nbsp; (332831)<br>| &nbsp;&nbsp;&nbsp; (290952)<br>| &nbsp;&nbsp;&nbsp; (241546)<br>| &nbsp;&nbsp;&nbsp; (151379)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (428077)<br>| &nbsp;&nbsp;&nbsp; (389297)<br>| &nbsp;&nbsp;&nbsp; (860491)<br>| &nbsp;&nbsp;&nbsp; (609720)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 1312567 | &nbsp;&nbsp;&nbsp; 474385 | &nbsp;&nbsp;&nbsp; 3390934 | &nbsp;&nbsp;&nbsp; 3378295 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 1344744 | &nbsp;&nbsp;&nbsp; 619817 | &nbsp;&nbsp;&nbsp; 3484107 | &nbsp;&nbsp;&nbsp; 3659983 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 5457866 | &nbsp;&nbsp;&nbsp; 4838049 | &nbsp;&nbsp;&nbsp; 12906571 | &nbsp;&nbsp;&nbsp; 9246588 |
| End of period | &nbsp;&nbsp;&nbsp; $6802610 | &nbsp;&nbsp;&nbsp; $5457866 | &nbsp;&nbsp;&nbsp; $16390678 | &nbsp;&nbsp;&nbsp; $12906571 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 269

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Short** <br>**Duration Bond Fund**  | **JPMorgan Short** <br>**Duration Bond Fund**  | **JPMorgan Short** <br>**Duration Core Plus Fund**  | **JPMorgan Short** <br>**Duration Core Plus Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $473982 | &nbsp;&nbsp;&nbsp; $378388 | &nbsp;&nbsp;&nbsp; $228025 | &nbsp;&nbsp;&nbsp; $151974 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 9955 | &nbsp;&nbsp;&nbsp; (7079)<br>| &nbsp;&nbsp;&nbsp; 1864 | &nbsp;&nbsp;&nbsp; (22192)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 76373 | &nbsp;&nbsp;&nbsp; 162577 | &nbsp;&nbsp;&nbsp; 91139 | &nbsp;&nbsp;&nbsp; 125827 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 560310 | &nbsp;&nbsp;&nbsp; 533886 | &nbsp;&nbsp;&nbsp; 321028 | &nbsp;&nbsp;&nbsp; 255609 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (31159)<br>| &nbsp;&nbsp;&nbsp; (26475)<br>| &nbsp;&nbsp;&nbsp; (23612)<br>| &nbsp;&nbsp;&nbsp; (17731)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (1201)<br>| &nbsp;&nbsp;&nbsp; (1065)<br>| &nbsp;&nbsp;&nbsp; (1810)<br>| &nbsp;&nbsp;&nbsp; (1417)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (84485)<br>| &nbsp;&nbsp;&nbsp; (75101)<br>| &nbsp;&nbsp;&nbsp; (79314)<br>| &nbsp;&nbsp;&nbsp; (65381)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (355309)<br>| &nbsp;&nbsp;&nbsp; (272349)<br>| &nbsp;&nbsp;&nbsp; (121166)<br>| &nbsp;&nbsp;&nbsp; (67491)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (472154)<br>| &nbsp;&nbsp;&nbsp; (374990)<br>| &nbsp;&nbsp;&nbsp; (225902)<br>| &nbsp;&nbsp;&nbsp; (152020)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 2052153 | &nbsp;&nbsp;&nbsp; 2543039 | &nbsp;&nbsp;&nbsp; 2840968 | &nbsp;&nbsp;&nbsp; 65382 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 2140309 | &nbsp;&nbsp;&nbsp; 2701935 | &nbsp;&nbsp;&nbsp; 2936094 | &nbsp;&nbsp;&nbsp; 168971 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 10266855 | &nbsp;&nbsp;&nbsp; 7564920 | &nbsp;&nbsp;&nbsp; 3912588 | &nbsp;&nbsp;&nbsp; 3743617 |
| End of period | &nbsp;&nbsp;&nbsp; $12407164 | &nbsp;&nbsp;&nbsp; $10266855 | &nbsp;&nbsp;&nbsp; $6848682 | &nbsp;&nbsp;&nbsp; $3912588 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

270 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Core Bond Fund** | **JPMorgan Core Bond Fund** | **JPMorgan Core Plus Bond Fund** | **JPMorgan Core Plus Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $455757 | &nbsp;&nbsp;&nbsp; $517280 | &nbsp;&nbsp;&nbsp; $325285 | &nbsp;&nbsp;&nbsp; $397791 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 82834 | &nbsp;&nbsp;&nbsp; 78626 | &nbsp;&nbsp;&nbsp; 73588 | &nbsp;&nbsp;&nbsp; 67891 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (541592)<br>| &nbsp;&nbsp;&nbsp; (491715)<br>| &nbsp;&nbsp;&nbsp; (355110)<br>| &nbsp;&nbsp;&nbsp; (320585)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (3001)<br>| &nbsp;&nbsp;&nbsp; 104191 | &nbsp;&nbsp;&nbsp; 43763 | &nbsp;&nbsp;&nbsp; 145097 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 34237 | &nbsp;&nbsp;&nbsp; 50462 | &nbsp;&nbsp;&nbsp; 7012 | &nbsp;&nbsp;&nbsp; 25508 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4627 | &nbsp;&nbsp;&nbsp; 4839 | &nbsp;&nbsp;&nbsp; 2345 | &nbsp;&nbsp;&nbsp; 2599 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (54495)<br>| &nbsp;&nbsp;&nbsp; (59456)<br>| &nbsp;&nbsp;&nbsp; (24510)<br>| &nbsp;&nbsp;&nbsp; (26322)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (15631)<br>| &nbsp;&nbsp;&nbsp; (4155)<br>| &nbsp;&nbsp;&nbsp; (15153)<br>| &nbsp;&nbsp;&nbsp; 1785 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6845623 | &nbsp;&nbsp;&nbsp; 7718608 | &nbsp;&nbsp;&nbsp; 2510334 | &nbsp;&nbsp;&nbsp; 3189629 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 887680 | &nbsp;&nbsp;&nbsp; 805649 | &nbsp;&nbsp;&nbsp; 320080 | &nbsp;&nbsp;&nbsp; 278046 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6075236)<br>| &nbsp;&nbsp;&nbsp; (6267738)<br>| &nbsp;&nbsp;&nbsp; (2458325)<br>| &nbsp;&nbsp;&nbsp; (1792271)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1658067 | &nbsp;&nbsp;&nbsp; 2256519 | &nbsp;&nbsp;&nbsp; 372089 | &nbsp;&nbsp;&nbsp; 1675404 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 9660 | &nbsp;&nbsp;&nbsp; 12089 | &nbsp;&nbsp;&nbsp; 8829 | &nbsp;&nbsp;&nbsp; 10127 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1617 | &nbsp;&nbsp;&nbsp; 1646 | &nbsp;&nbsp;&nbsp; 1817 | &nbsp;&nbsp;&nbsp; 1609 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (16849)<br>| &nbsp;&nbsp;&nbsp; (10590)<br>| &nbsp;&nbsp;&nbsp; (6355)<br>| &nbsp;&nbsp;&nbsp; (8489)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (5572)<br>| &nbsp;&nbsp;&nbsp; 3145 | &nbsp;&nbsp;&nbsp; 4291 | &nbsp;&nbsp;&nbsp; 3247 |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 80727 | &nbsp;&nbsp;&nbsp; 21452 | &nbsp;&nbsp;&nbsp; 10174 | &nbsp;&nbsp;&nbsp; 10989 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1368 | &nbsp;&nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp; 764 | &nbsp;&nbsp;&nbsp; 659 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (31051)<br>| &nbsp;&nbsp;&nbsp; (20531)<br>| &nbsp;&nbsp;&nbsp; (8015)<br>| &nbsp;&nbsp;&nbsp; (7935)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 51044 | &nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp; 2923 | &nbsp;&nbsp;&nbsp; 3713 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1548 | &nbsp;&nbsp;&nbsp; 516 | &nbsp;&nbsp;&nbsp; 2466 | &nbsp;&nbsp;&nbsp; 13547 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; 338 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (297)<br>| &nbsp;&nbsp;&nbsp; (579)<br>| &nbsp;&nbsp;&nbsp; (4430)<br>| &nbsp;&nbsp;&nbsp; (6788)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1285 | &nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp; (1477)<br>| &nbsp;&nbsp;&nbsp; 7097 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 271

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Core Bond Fund** | **JPMorgan Core Bond Fund** | **JPMorgan Core Plus Bond Fund** | **JPMorgan Core Plus Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $41473 | &nbsp;&nbsp;&nbsp; $84914 | &nbsp;&nbsp;&nbsp; $6439 | &nbsp;&nbsp;&nbsp; $5565 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4199 | &nbsp;&nbsp;&nbsp; 4450 | &nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 112 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (61495)<br>| &nbsp;&nbsp;&nbsp; (103834)<br>| &nbsp;&nbsp;&nbsp; (2323)<br>| &nbsp;&nbsp;&nbsp; (1729)<br>|
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (15823)<br>| &nbsp;&nbsp;&nbsp; (14470)<br>| &nbsp;&nbsp;&nbsp; 4486 | &nbsp;&nbsp;&nbsp; 3948 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5700381 | &nbsp;&nbsp;&nbsp; 5497791 | &nbsp;&nbsp;&nbsp; 4001859 | &nbsp;&nbsp;&nbsp; 2682355 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1024188 | &nbsp;&nbsp;&nbsp; 935955 | &nbsp;&nbsp;&nbsp; 740575 | &nbsp;&nbsp;&nbsp; 633702 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (5152265)<br>| &nbsp;&nbsp;&nbsp; (4313633)<br>| &nbsp;&nbsp;&nbsp; (2615726)<br>| &nbsp;&nbsp;&nbsp; (2035428)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1572304 | &nbsp;&nbsp;&nbsp; 2120113 | &nbsp;&nbsp;&nbsp; 2126708 | &nbsp;&nbsp;&nbsp; 1280629 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $3242673 | &nbsp;&nbsp;&nbsp; $4467415 | &nbsp;&nbsp;&nbsp; $2537630 | &nbsp;&nbsp;&nbsp; $3120920 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 43924 | &nbsp;&nbsp;&nbsp; 50506 | &nbsp;&nbsp;&nbsp; 44697 | &nbsp;&nbsp;&nbsp; 55073 |
| Reinvested | &nbsp;&nbsp;&nbsp; 7989 | &nbsp;&nbsp;&nbsp; 7711 | &nbsp;&nbsp;&nbsp; 10121 | &nbsp;&nbsp;&nbsp; 9449 |
| Redeemed | &nbsp;&nbsp;&nbsp; (52242)<br>| &nbsp;&nbsp;&nbsp; (48166)<br>| &nbsp;&nbsp;&nbsp; (48825)<br>| &nbsp;&nbsp;&nbsp; (44551)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (329)<br>| &nbsp;&nbsp;&nbsp; 10051 | &nbsp;&nbsp;&nbsp; 5993 | &nbsp;&nbsp;&nbsp; 19971 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3267 | &nbsp;&nbsp;&nbsp; 4843 | &nbsp;&nbsp;&nbsp; 954 | &nbsp;&nbsp;&nbsp; 3487 |
| Reinvested | &nbsp;&nbsp;&nbsp; 442 | &nbsp;&nbsp;&nbsp; 470 | &nbsp;&nbsp;&nbsp; 320 | &nbsp;&nbsp;&nbsp; 359 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5211)<br>| &nbsp;&nbsp;&nbsp; (5766)<br>| &nbsp;&nbsp;&nbsp; (3349)<br>| &nbsp;&nbsp;&nbsp; (3635)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (1502)<br>| &nbsp;&nbsp;&nbsp; (453)<br>| &nbsp;&nbsp;&nbsp; (2075)<br>| &nbsp;&nbsp;&nbsp; 211 |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 660460 | &nbsp;&nbsp;&nbsp; 754920 | &nbsp;&nbsp;&nbsp; 345535 | &nbsp;&nbsp;&nbsp; 440620 |
| Reinvested | &nbsp;&nbsp;&nbsp; 85658 | &nbsp;&nbsp;&nbsp; 79076 | &nbsp;&nbsp;&nbsp; 44041 | &nbsp;&nbsp;&nbsp; 38725 |
| Redeemed | &nbsp;&nbsp;&nbsp; (586709)<br>| &nbsp;&nbsp;&nbsp; (614531)<br>| &nbsp;&nbsp;&nbsp; (338405)<br>| &nbsp;&nbsp;&nbsp; (249500)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 159409 | &nbsp;&nbsp;&nbsp; 219465 | &nbsp;&nbsp;&nbsp; 51171 | &nbsp;&nbsp;&nbsp; 229845 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 933 | &nbsp;&nbsp;&nbsp; 1184 | &nbsp;&nbsp;&nbsp; 1216 | &nbsp;&nbsp;&nbsp; 1403 |
| Reinvested | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 162 | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 224 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1629)<br>| &nbsp;&nbsp;&nbsp; (1039)<br>| &nbsp;&nbsp;&nbsp; (872)<br>| &nbsp;&nbsp;&nbsp; (1174)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (540)<br>| &nbsp;&nbsp;&nbsp; 307 | &nbsp;&nbsp;&nbsp; 594 | &nbsp;&nbsp;&nbsp; 453 |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 7844 | &nbsp;&nbsp;&nbsp; 2105 | &nbsp;&nbsp;&nbsp; 1396 | &nbsp;&nbsp;&nbsp; 1504 |
| Reinvested | &nbsp;&nbsp;&nbsp; 133 | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 105 | &nbsp;&nbsp;&nbsp; 92 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3004)<br>| &nbsp;&nbsp;&nbsp; (2025)<br>| &nbsp;&nbsp;&nbsp; (1102)<br>| &nbsp;&nbsp;&nbsp; (1105)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; 4973 | &nbsp;&nbsp;&nbsp; 197 | &nbsp;&nbsp;&nbsp; 399 | &nbsp;&nbsp;&nbsp; 491 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

272 J.P. Morgan Income Funds February 28, 2026

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Core Bond Fund** | **JPMorgan Core Bond Fund** | **JPMorgan Core Plus Bond Fund** | **JPMorgan Core Plus Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 148 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 339 | &nbsp;&nbsp;&nbsp; 1893 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 47 |
| Redeemed | &nbsp;&nbsp;&nbsp; (29)<br>| &nbsp;&nbsp;&nbsp; (56)<br>| &nbsp;&nbsp;&nbsp; (612)<br>| &nbsp;&nbsp;&nbsp; (939)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 122 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (206)<br>| &nbsp;&nbsp;&nbsp; 1001 |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4007 | &nbsp;&nbsp;&nbsp; 8277 | &nbsp;&nbsp;&nbsp; 886 | &nbsp;&nbsp;&nbsp; 767 |
| Reinvested | &nbsp;&nbsp;&nbsp; 407 | &nbsp;&nbsp;&nbsp; 437 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 16 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5947)<br>| &nbsp;&nbsp;&nbsp; (10245)<br>| &nbsp;&nbsp;&nbsp; (319)<br>| &nbsp;&nbsp;&nbsp; (238)<br>|
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (1533)<br>| &nbsp;&nbsp;&nbsp; (1531)<br>| &nbsp;&nbsp;&nbsp; 618 | &nbsp;&nbsp;&nbsp; 545 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 549276 | &nbsp;&nbsp;&nbsp; 536096 | &nbsp;&nbsp;&nbsp; 550202 | &nbsp;&nbsp;&nbsp; 372830 |
| Reinvested | &nbsp;&nbsp;&nbsp; 98686 | &nbsp;&nbsp;&nbsp; 91726 | &nbsp;&nbsp;&nbsp; 101762 | &nbsp;&nbsp;&nbsp; 88175 |
| Redeemed | &nbsp;&nbsp;&nbsp; (497614)<br>| &nbsp;&nbsp;&nbsp; (422290)<br>| &nbsp;&nbsp;&nbsp; (359394)<br>| &nbsp;&nbsp;&nbsp; (282457)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 150348 | &nbsp;&nbsp;&nbsp; 205532 | &nbsp;&nbsp;&nbsp; 292570 | &nbsp;&nbsp;&nbsp; 178548 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 273

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Floating Rate Income Fund** | **JPMorgan Floating Rate Income Fund** | **JPMorgan Government Bond Fund** | **JPMorgan Government Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $5521 | &nbsp;&nbsp;&nbsp; $17264 | &nbsp;&nbsp;&nbsp; $62794 | &nbsp;&nbsp;&nbsp; $57002 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2797 | &nbsp;&nbsp;&nbsp; 3879 | &nbsp;&nbsp;&nbsp; 5595 | &nbsp;&nbsp;&nbsp; 4922 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (18122)<br>| &nbsp;&nbsp;&nbsp; (19097)<br>| &nbsp;&nbsp;&nbsp; (73963)<br>| &nbsp;&nbsp;&nbsp; (81336)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (9804)<br>| &nbsp;&nbsp;&nbsp; 2046 | &nbsp;&nbsp;&nbsp; (5574)<br>| &nbsp;&nbsp;&nbsp; (19412)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 330 | &nbsp;&nbsp;&nbsp; 1813 | &nbsp;&nbsp;&nbsp; 4727 | &nbsp;&nbsp;&nbsp; 2051 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 211 | &nbsp;&nbsp;&nbsp; 370 | &nbsp;&nbsp;&nbsp; 266 | &nbsp;&nbsp;&nbsp; 263 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2371)<br>| &nbsp;&nbsp;&nbsp; (2226)<br>| &nbsp;&nbsp;&nbsp; (4767)<br>| &nbsp;&nbsp;&nbsp; (5922)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (1830)<br>| &nbsp;&nbsp;&nbsp; (43)<br>| &nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp; (3608)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 39783 | &nbsp;&nbsp;&nbsp; 35164 | &nbsp;&nbsp;&nbsp; 351583 | &nbsp;&nbsp;&nbsp; 327334 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9849 | &nbsp;&nbsp;&nbsp; 14521 | &nbsp;&nbsp;&nbsp; 22897 | &nbsp;&nbsp;&nbsp; 21422 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (59440)<br>| &nbsp;&nbsp;&nbsp; (64370)<br>| &nbsp;&nbsp;&nbsp; (492194)<br>| &nbsp;&nbsp;&nbsp; (321624)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (9808)<br>| &nbsp;&nbsp;&nbsp; (14685)<br>| &nbsp;&nbsp;&nbsp; (117714)<br>| &nbsp;&nbsp;&nbsp; 27132 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2615 | &nbsp;&nbsp;&nbsp; 5029 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; 267 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (5702)<br>| &nbsp;&nbsp;&nbsp; (6691)<br>|
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2815)<br>| &nbsp;&nbsp;&nbsp; (1395)<br>|
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 9013 | &nbsp;&nbsp;&nbsp; 12647 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 165 | &nbsp;&nbsp;&nbsp; 177 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (29330)<br>| &nbsp;&nbsp;&nbsp; (11964)<br>|
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (20152)<br>| &nbsp;&nbsp;&nbsp; 860 |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 5917 | &nbsp;&nbsp;&nbsp; 1283 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp; 176 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3861)<br>| &nbsp;&nbsp;&nbsp; (1799)<br>|
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2318 | &nbsp;&nbsp;&nbsp; (340)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

274 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Floating Rate Income Fund** | **JPMorgan Floating Rate Income Fund** | **JPMorgan Government Bond Fund** | **JPMorgan Government Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $3685 | &nbsp;&nbsp;&nbsp; $25741 | &nbsp;&nbsp;&nbsp; $303766 | &nbsp;&nbsp;&nbsp; $336612 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3617 | &nbsp;&nbsp;&nbsp; 8989 | &nbsp;&nbsp;&nbsp; 22142 | &nbsp;&nbsp;&nbsp; 17938 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (91349)<br>| &nbsp;&nbsp;&nbsp; (25776)<br>| &nbsp;&nbsp;&nbsp; (328102)<br>| &nbsp;&nbsp;&nbsp; (219855)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (84047)<br>| &nbsp;&nbsp;&nbsp; 8954 | &nbsp;&nbsp;&nbsp; (2194)<br>| &nbsp;&nbsp;&nbsp; 134695 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $(105489)<br>| &nbsp;&nbsp;&nbsp; $(3728)<br>| &nbsp;&nbsp;&nbsp; $(145905)<br>| &nbsp;&nbsp;&nbsp; $137932 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 685 | &nbsp;&nbsp;&nbsp; 2029 | &nbsp;&nbsp;&nbsp; 6491 | &nbsp;&nbsp;&nbsp; 5994 |
| Reinvested | &nbsp;&nbsp;&nbsp; 349 | &nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp; 520 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2255)<br>| &nbsp;&nbsp;&nbsp; (2244)<br>| &nbsp;&nbsp;&nbsp; (7645)<br>| &nbsp;&nbsp;&nbsp; (8565)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (1221)<br>| &nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp; (576)<br>| &nbsp;&nbsp;&nbsp; (2051)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 214 | &nbsp;&nbsp;&nbsp; 487 | &nbsp;&nbsp;&nbsp; 215 |
| Reinvested | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 44 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 28 |
| Redeemed | &nbsp;&nbsp;&nbsp; (297)<br>| &nbsp;&nbsp;&nbsp; (263)<br>| &nbsp;&nbsp;&nbsp; (496)<br>| &nbsp;&nbsp;&nbsp; (627)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (230)<br>| &nbsp;&nbsp;&nbsp; (5)<br>| &nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp; (384)<br>|
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4960 | &nbsp;&nbsp;&nbsp; 4120 | &nbsp;&nbsp;&nbsp; 36555 | &nbsp;&nbsp;&nbsp; 34545 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1231 | &nbsp;&nbsp;&nbsp; 1715 | &nbsp;&nbsp;&nbsp; 2367 | &nbsp;&nbsp;&nbsp; 2262 |
| Redeemed | &nbsp;&nbsp;&nbsp; (7393)<br>| &nbsp;&nbsp;&nbsp; (7578)<br>| &nbsp;&nbsp;&nbsp; (51053)<br>| &nbsp;&nbsp;&nbsp; (33941)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (1202)<br>| &nbsp;&nbsp;&nbsp; (1743)<br>| &nbsp;&nbsp;&nbsp; (12131)<br>| &nbsp;&nbsp;&nbsp; 2866 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 272 | &nbsp;&nbsp;&nbsp; 532 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 28 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (594)<br>| &nbsp;&nbsp;&nbsp; (709)<br>|
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (294)<br>| &nbsp;&nbsp;&nbsp; (149)<br>|
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 936 | &nbsp;&nbsp;&nbsp; 1335 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 19 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3068)<br>| &nbsp;&nbsp;&nbsp; (1259)<br>|
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (2115)<br>| &nbsp;&nbsp;&nbsp; 95 |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 613 | &nbsp;&nbsp;&nbsp; 136 |
| Reinvested | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 18 |
| Redeemed | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (398)<br>| &nbsp;&nbsp;&nbsp; (190)<br>|
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 242 | &nbsp;&nbsp;&nbsp; (36)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 275

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Floating Rate Income Fund** | **JPMorgan Floating Rate Income Fund** | **JPMorgan Government Bond Fund** | **JPMorgan Government Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 460 | &nbsp;&nbsp;&nbsp; 3026 | &nbsp;&nbsp;&nbsp; 31402 | &nbsp;&nbsp;&nbsp; 35509 |
| Reinvested | &nbsp;&nbsp;&nbsp; 449 | &nbsp;&nbsp;&nbsp; 1062 | &nbsp;&nbsp;&nbsp; 2290 | &nbsp;&nbsp;&nbsp; 1896 |
| Redeemed | &nbsp;&nbsp;&nbsp; (11403)<br>| &nbsp;&nbsp;&nbsp; (3022)<br>| &nbsp;&nbsp;&nbsp; (33985)<br>| &nbsp;&nbsp;&nbsp; (23204)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (10494)<br>| &nbsp;&nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp; (293)<br>| &nbsp;&nbsp;&nbsp; 14201 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

276 J.P. Morgan Income Funds February 28, 2026

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan High Yield Fund** | **JPMorgan High Yield Fund** | **JPMorgan Income Fund** | **JPMorgan Income Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $172656 | &nbsp;&nbsp;&nbsp; $188440 | &nbsp;&nbsp;&nbsp; $354017 | &nbsp;&nbsp;&nbsp; $232004 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 32818 | &nbsp;&nbsp;&nbsp; 33069 | &nbsp;&nbsp;&nbsp; 43213 | &nbsp;&nbsp;&nbsp; 31543 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (181386)<br>| &nbsp;&nbsp;&nbsp; (166296)<br>| &nbsp;&nbsp;&nbsp; (189473)<br>| &nbsp;&nbsp;&nbsp; (144099)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 24088 | &nbsp;&nbsp;&nbsp; 55213 | &nbsp;&nbsp;&nbsp; 207757 | &nbsp;&nbsp;&nbsp; 119448 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 29999 | &nbsp;&nbsp;&nbsp; 36410 | &nbsp;&nbsp;&nbsp; 186137 | &nbsp;&nbsp;&nbsp; 183239 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3850 | &nbsp;&nbsp;&nbsp; 3195 | &nbsp;&nbsp;&nbsp; 33715 | &nbsp;&nbsp;&nbsp; 28290 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (20449)<br>| &nbsp;&nbsp;&nbsp; (16719)<br>| &nbsp;&nbsp;&nbsp; (285320)<br>| &nbsp;&nbsp;&nbsp; (152591)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 13400 | &nbsp;&nbsp;&nbsp; 22886 | &nbsp;&nbsp;&nbsp; (65468)<br>| &nbsp;&nbsp;&nbsp; 58938 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 696750 | &nbsp;&nbsp;&nbsp; 407916 | &nbsp;&nbsp;&nbsp; 4119516 | &nbsp;&nbsp;&nbsp; 3849617 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 56267 | &nbsp;&nbsp;&nbsp; 59857 | &nbsp;&nbsp;&nbsp; 524877 | &nbsp;&nbsp;&nbsp; 383160 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (583320)<br>| &nbsp;&nbsp;&nbsp; (469155)<br>| &nbsp;&nbsp;&nbsp; (3456226)<br>| &nbsp;&nbsp;&nbsp; (1941229)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 169697 | &nbsp;&nbsp;&nbsp; (1382)<br>| &nbsp;&nbsp;&nbsp; 1188167 | &nbsp;&nbsp;&nbsp; 2291548 |
| **Class R2** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 593 | &nbsp;&nbsp;&nbsp; 919 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 161 | &nbsp;&nbsp;&nbsp; 192 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (899)<br>| &nbsp;&nbsp;&nbsp; (1305)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R2 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (145)<br>| &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 22 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 23 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (50)<br>| &nbsp;&nbsp;&nbsp; (86)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R3 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R4** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (10)<br>| &nbsp;&nbsp;&nbsp; (18)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R4 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; (7)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 277

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan High Yield Fund** | **JPMorgan High Yield Fund** | **JPMorgan Income Fund** | **JPMorgan Income Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R5** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $1767 | &nbsp;&nbsp;&nbsp; $1149 | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp; $— |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 270 | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (2437)<br>| &nbsp;&nbsp;&nbsp; (1558)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in net assets resulting from Class R5 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (400)<br>| &nbsp;&nbsp;&nbsp; (159)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1778667 | &nbsp;&nbsp;&nbsp; 975765 | &nbsp;&nbsp;&nbsp; 2697312 | &nbsp;&nbsp;&nbsp; 1207408 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 331390 | &nbsp;&nbsp;&nbsp; 289349 | &nbsp;&nbsp;&nbsp; 239945 | &nbsp;&nbsp;&nbsp; 150091 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1004146)<br>| &nbsp;&nbsp;&nbsp; (867068)<br>| &nbsp;&nbsp;&nbsp; (876779)<br>| &nbsp;&nbsp;&nbsp; (449138)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1105911 | &nbsp;&nbsp;&nbsp; 398046 | &nbsp;&nbsp;&nbsp; 2060478 | &nbsp;&nbsp;&nbsp; 908361 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $1312567 | &nbsp;&nbsp;&nbsp; $474385 | &nbsp;&nbsp;&nbsp; $3390934 | &nbsp;&nbsp;&nbsp; $3378295 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 26659 | &nbsp;&nbsp;&nbsp; 29302 | &nbsp;&nbsp;&nbsp; 41269 | &nbsp;&nbsp;&nbsp; 27307 |
| Reinvested | &nbsp;&nbsp;&nbsp; 5063 | &nbsp;&nbsp;&nbsp; 5153 | &nbsp;&nbsp;&nbsp; 5025 | &nbsp;&nbsp;&nbsp; 3716 |
| Redeemed | &nbsp;&nbsp;&nbsp; (28008)<br>| &nbsp;&nbsp;&nbsp; (25898)<br>| &nbsp;&nbsp;&nbsp; (22081)<br>| &nbsp;&nbsp;&nbsp; (17009)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 3714 | &nbsp;&nbsp;&nbsp; 8557 | &nbsp;&nbsp;&nbsp; 24213 | &nbsp;&nbsp;&nbsp; 14014 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4607 | &nbsp;&nbsp;&nbsp; 5630 | &nbsp;&nbsp;&nbsp; 21765 | &nbsp;&nbsp;&nbsp; 21508 |
| Reinvested | &nbsp;&nbsp;&nbsp; 592 | &nbsp;&nbsp;&nbsp; 495 | &nbsp;&nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp; 3333 |
| Redeemed | &nbsp;&nbsp;&nbsp; (3150)<br>| &nbsp;&nbsp;&nbsp; (2579)<br>| &nbsp;&nbsp;&nbsp; (33196)<br>| &nbsp;&nbsp;&nbsp; (18007)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 2049 | &nbsp;&nbsp;&nbsp; 3546 | &nbsp;&nbsp;&nbsp; (7511)<br>| &nbsp;&nbsp;&nbsp; 6834 |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 106975 | &nbsp;&nbsp;&nbsp; 63087 | &nbsp;&nbsp;&nbsp; 480434 | &nbsp;&nbsp;&nbsp; 453343 |
| Reinvested | &nbsp;&nbsp;&nbsp; 8606 | &nbsp;&nbsp;&nbsp; 9260 | &nbsp;&nbsp;&nbsp; 61116 | &nbsp;&nbsp;&nbsp; 45192 |
| Redeemed | &nbsp;&nbsp;&nbsp; (90340)<br>| &nbsp;&nbsp;&nbsp; (72228)<br>| &nbsp;&nbsp;&nbsp; (403065)<br>| &nbsp;&nbsp;&nbsp; (229482)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 25241 | &nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp; 138485 | &nbsp;&nbsp;&nbsp; 269053 |
| **Class R2** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 91 | &nbsp;&nbsp;&nbsp; 144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (139)<br>| &nbsp;&nbsp;&nbsp; (204)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R2 Shares | &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R3** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (8)<br>| &nbsp;&nbsp;&nbsp; (14)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R3 Shares | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; (3)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

278 J.P. Morgan Income Funds February 28, 2026

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan High Yield Fund** | **JPMorgan High Yield Fund** | **JPMorgan Income Fund** | **JPMorgan Income Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class R4** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; (4)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R4 Shares | &nbsp;&nbsp;&nbsp; 4 | &nbsp;&nbsp;&nbsp; (2)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R5** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 178 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Reinvested | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 38 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Redeemed | &nbsp;&nbsp;&nbsp; (369)<br>| &nbsp;&nbsp;&nbsp; (239)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| Change in Class R5 Shares | &nbsp;&nbsp;&nbsp; (61)<br>| &nbsp;&nbsp;&nbsp; (23)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 274393 | &nbsp;&nbsp;&nbsp; 150475 | &nbsp;&nbsp;&nbsp; 314199 | &nbsp;&nbsp;&nbsp; 142069 |
| Reinvested | &nbsp;&nbsp;&nbsp; 50633 | &nbsp;&nbsp;&nbsp; 44665 | &nbsp;&nbsp;&nbsp; 27922 | &nbsp;&nbsp;&nbsp; 17700 |
| Redeemed | &nbsp;&nbsp;&nbsp; (153328)<br>| &nbsp;&nbsp;&nbsp; (132584)<br>| &nbsp;&nbsp;&nbsp; (102334)<br>| &nbsp;&nbsp;&nbsp; (53073)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 171698 | &nbsp;&nbsp;&nbsp; 62556 | &nbsp;&nbsp;&nbsp; 239787 | &nbsp;&nbsp;&nbsp; 106696 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 279

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Short** <br>**Duration Bond Fund** | **JPMorgan Short** <br>**Duration Bond Fund** | **JPMorgan Short** <br>**Duration Core Plus Fund** | **JPMorgan Short** <br>**Duration Core Plus Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $401446 | &nbsp;&nbsp;&nbsp; $426162 | &nbsp;&nbsp;&nbsp; $177977 | &nbsp;&nbsp;&nbsp; $278367 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 31020 | &nbsp;&nbsp;&nbsp; 26263 | &nbsp;&nbsp;&nbsp; 23593 | &nbsp;&nbsp;&nbsp; 17714 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (344911)<br>| &nbsp;&nbsp;&nbsp; (373263)<br>| &nbsp;&nbsp;&nbsp; (149049)<br>| &nbsp;&nbsp;&nbsp; (156338)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 87555 | &nbsp;&nbsp;&nbsp; 79162 | &nbsp;&nbsp;&nbsp; 52521 | &nbsp;&nbsp;&nbsp; 139743 |
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 10844 | &nbsp;&nbsp;&nbsp; 16055 | &nbsp;&nbsp;&nbsp; 10747 | &nbsp;&nbsp;&nbsp; 29502 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 1201 | &nbsp;&nbsp;&nbsp; 1065 | &nbsp;&nbsp;&nbsp; 1810 | &nbsp;&nbsp;&nbsp; 1415 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (13624)<br>| &nbsp;&nbsp;&nbsp; (15093)<br>| &nbsp;&nbsp;&nbsp; (16352)<br>| &nbsp;&nbsp;&nbsp; (13874)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (1579)<br>| &nbsp;&nbsp;&nbsp; 2027 | &nbsp;&nbsp;&nbsp; (3795)<br>| &nbsp;&nbsp;&nbsp; 17043 |
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 787219 | &nbsp;&nbsp;&nbsp; 791620 | &nbsp;&nbsp;&nbsp; 617139 | &nbsp;&nbsp;&nbsp; 473273 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 82684 | &nbsp;&nbsp;&nbsp; 73268 | &nbsp;&nbsp;&nbsp; 78899 | &nbsp;&nbsp;&nbsp; 64515 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (672534)<br>| &nbsp;&nbsp;&nbsp; (706593)<br>| &nbsp;&nbsp;&nbsp; (404444)<br>| &nbsp;&nbsp;&nbsp; (578912)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 197369 | &nbsp;&nbsp;&nbsp; 158295 | &nbsp;&nbsp;&nbsp; 291594 | &nbsp;&nbsp;&nbsp; (41124)<br>|
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 5232271 | &nbsp;&nbsp;&nbsp; 4403636 | &nbsp;&nbsp;&nbsp; 2836204 | &nbsp;&nbsp;&nbsp; 207750 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 351824 | &nbsp;&nbsp;&nbsp; 269638 | &nbsp;&nbsp;&nbsp; 120818 | &nbsp;&nbsp;&nbsp; 67220 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3815287)<br>| &nbsp;&nbsp;&nbsp; (2369719)<br>| &nbsp;&nbsp;&nbsp; (456374)<br>| &nbsp;&nbsp;&nbsp; (325250)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 1768808 | &nbsp;&nbsp;&nbsp; 2303555 | &nbsp;&nbsp;&nbsp; 2500648 | &nbsp;&nbsp;&nbsp; (50280)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $2052153 | &nbsp;&nbsp;&nbsp; $2543039 | &nbsp;&nbsp;&nbsp; $2840968 | &nbsp;&nbsp;&nbsp; $65382 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 36833 | &nbsp;&nbsp;&nbsp; 39529 | &nbsp;&nbsp;&nbsp; 18912 | &nbsp;&nbsp;&nbsp; 30092 |
| Reinvested | &nbsp;&nbsp;&nbsp; 2850 | &nbsp;&nbsp;&nbsp; 2442 | &nbsp;&nbsp;&nbsp; 2502 | &nbsp;&nbsp;&nbsp; 1920 |
| Redeemed | &nbsp;&nbsp;&nbsp; (31644)<br>| &nbsp;&nbsp;&nbsp; (34644)<br>| &nbsp;&nbsp;&nbsp; (15799)<br>| &nbsp;&nbsp;&nbsp; (16917)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 8039 | &nbsp;&nbsp;&nbsp; 7327 | &nbsp;&nbsp;&nbsp; 5615 | &nbsp;&nbsp;&nbsp; 15095 |
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 989 | &nbsp;&nbsp;&nbsp; 1478 | &nbsp;&nbsp;&nbsp; 1150 | &nbsp;&nbsp;&nbsp; 3201 |
| Reinvested | &nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp; 193 | &nbsp;&nbsp;&nbsp; 154 |
| Redeemed | &nbsp;&nbsp;&nbsp; (1240)<br>| &nbsp;&nbsp;&nbsp; (1392)<br>| &nbsp;&nbsp;&nbsp; (1739)<br>| &nbsp;&nbsp;&nbsp; (1504)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (142)<br>| &nbsp;&nbsp;&nbsp; 184 | &nbsp;&nbsp;&nbsp; (396)<br>| &nbsp;&nbsp;&nbsp; 1851 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

280 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Short**<br> **Duration Bond Fund** | **JPMorgan Short**<br> **Duration Bond Fund** | **JPMorgan Short**<br> **Duration Core Plus Fund** | **JPMorgan Short**<br> **Duration Core Plus Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 72141 | &nbsp;&nbsp;&nbsp; 73392 | &nbsp;&nbsp;&nbsp; 65558 | &nbsp;&nbsp;&nbsp; 51144 |
| Reinvested | &nbsp;&nbsp;&nbsp; 7584 | &nbsp;&nbsp;&nbsp; 6803 | &nbsp;&nbsp;&nbsp; 8367 | &nbsp;&nbsp;&nbsp; 6996 |
| Redeemed | &nbsp;&nbsp;&nbsp; (61638)<br>| &nbsp;&nbsp;&nbsp; (65511)<br>| &nbsp;&nbsp;&nbsp; (42892)<br>| &nbsp;&nbsp;&nbsp; (62800)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 18087 | &nbsp;&nbsp;&nbsp; 14684 | &nbsp;&nbsp;&nbsp; 31033 | &nbsp;&nbsp;&nbsp; (4660)<br>|
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 479100 | &nbsp;&nbsp;&nbsp; 408038 | &nbsp;&nbsp;&nbsp; 300450 | &nbsp;&nbsp;&nbsp; 22474 |
| Reinvested | &nbsp;&nbsp;&nbsp; 32268 | &nbsp;&nbsp;&nbsp; 25024 | &nbsp;&nbsp;&nbsp; 12801 | &nbsp;&nbsp;&nbsp; 7293 |
| Redeemed | &nbsp;&nbsp;&nbsp; (349606)<br>| &nbsp;&nbsp;&nbsp; (219555)<br>| &nbsp;&nbsp;&nbsp; (48299)<br>| &nbsp;&nbsp;&nbsp; (35039)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 161762 | &nbsp;&nbsp;&nbsp; 213507 | &nbsp;&nbsp;&nbsp; 264952 | &nbsp;&nbsp;&nbsp; (5272)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 281

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Core Bond Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.33 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.25 | &nbsp;&nbsp; $0.64 | &nbsp;&nbsp; $(0.39)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.39)<br>|
| Year Ended February 28, 2025 | 10.12 | 0.38 | 0.21 | 0.59 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 29, 2024 | 10.16 | 0.35 | &nbsp;&nbsp; (0.05)<br>| 0.30 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 28, 2023 | 11.46 | 0.26 | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; —(d)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2022 | 12.03 | 0.21 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.30)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.43 | 0.33 | 0.25 | 0.58 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2025 | 10.21 | 0.32 | 0.22 | 0.54 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 29, 2024 | 10.25 | 0.29 | &nbsp;&nbsp; (0.05)<br>| 0.24 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 28, 2023 | 11.55 | 0.20 | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; —(d)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 28, 2022 | 12.13 | 0.14 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.23)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.32 | 0.41 | 0.26 | 0.67 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 28, 2025 | 10.11 | 0.40 | 0.21 | 0.61 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 29, 2024 | 10.15 | 0.37 | &nbsp;&nbsp; (0.04)<br>| 0.33 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2023 | 11.45 | 0.29 | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; —(d)<br>| &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 28, 2022 | 12.03 | 0.24 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.33)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.32 | 0.35 | 0.24 | 0.59 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2025 | 10.11 | 0.34 | 0.21 | 0.55 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 29, 2024 | 10.15 | 0.31 | &nbsp;&nbsp; (0.04)<br>| 0.27 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2023 | 11.44 | 0.23 | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (1.06)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; —(d)<br>| &nbsp;&nbsp; (0.23)<br>|
| Year Ended February 28, 2022 | 12.02 | 0.17 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.29 | 0.38 | 0.24 | 0.62 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 28, 2025 | 10.08 | 0.37 | 0.21 | 0.58 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 29, 2024 | 10.13 | 0.34 | &nbsp;&nbsp; (0.06)<br>| 0.28 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2023 | 11.42 | 0.26 | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; —(d)<br>| &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2022 | 12.00 | 0.20 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.30 | 0.41 | 0.25 | 0.66 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2025 | 10.10 | 0.40 | 0.20 | 0.60 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 29, 2024 | 10.14 | 0.36 | &nbsp;&nbsp; (0.05)<br>| 0.31 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2023 | 11.43 | 0.28 | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (1.01)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; —(d)<br>| &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 28, 2022 | 12.03 | 0.23 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.30 | 0.42 | 0.25 | 0.67 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 28, 2025 | 10.09 | 0.41 | 0.21 | 0.62 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 29, 2024 | 10.14 | 0.38 | &nbsp;&nbsp; (0.06)<br>| 0.32 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2023 | 11.43 | 0.30 | &nbsp;&nbsp; (1.29)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; —(d)<br>| &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 28, 2022 | 12.01 | 0.24 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.34)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.34 | 0.43 | 0.24 | 0.67 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.43)<br>|
| Year Ended February 28, 2025 | 10.13 | 0.42 | 0.21 | 0.63 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 29, 2024 | 10.17 | 0.39 | &nbsp;&nbsp; (0.05)<br>| 0.34 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 28, 2023 | 11.47 | 0.31 | &nbsp;&nbsp; (1.30)<br>| &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; —(d)<br>| &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2022 | 12.04 | 0.26 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.35)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

282 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.33<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2287194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.73<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.83<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2237963 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2090147 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.07)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1857712 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2117080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 147089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159309 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 160593 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.54)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 170735 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24471174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22263080 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19585998 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12873707 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11845794 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49951 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45828 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47603 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59394 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 56197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.09)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37906 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22547 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1666 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 385 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.87)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 336 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 177927 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 189652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 201222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 212815 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.11)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271006 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27169244 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24988776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22391711 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.68)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19912284 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21077587 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 283

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** | **Distributions** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Core Plus Bond Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $7.27 | &nbsp;&nbsp; $0.34 | &nbsp;&nbsp; $0.15 | &nbsp;&nbsp; $0.49 | &nbsp;&nbsp; $(0.34)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.34)<br>|
| Year Ended February 28, 2025 | 7.12 | 0.33 | 0.15 | 0.48 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 29, 2024 | 7.15 | 0.28 | &nbsp;&nbsp; (0.03)<br>| 0.25 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 28, 2023 | 8.14 | 0.23 | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.23)<br>|
| Year Ended February 28, 2022 | 8.56 | 0.18 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.25)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 7.32 | 0.29 | 0.16 | 0.45 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 28, 2025 | 7.18 | 0.29 | 0.13 | 0.42 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 29, 2024 | 7.20 | 0.24 | &nbsp;&nbsp; (0.02)<br>| 0.22 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| Year Ended February 28, 2023 | 8.19 | 0.18 | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2022 | 8.62 | 0.13 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 7.26 | 0.36 | 0.15 | 0.51 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 28, 2025 | 7.12 | 0.35 | 0.14 | 0.49 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 29, 2024 | 7.15 | 0.31 | &nbsp;&nbsp; (0.04)<br>| 0.27 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 28, 2023 | 8.13 | 0.25 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2022 | 8.56 | 0.21 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Class R2** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 7.26 | 0.31 | 0.15 | 0.46 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2025 | 7.12 | 0.30 | 0.14 | 0.44 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 29, 2024 | 7.15 | 0.26 | &nbsp;&nbsp; (0.03)<br>| 0.23 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2023 | 8.14 | 0.20 | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 28, 2022 | 8.56 | 0.15 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.22)<br>|
| **Class R3** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 7.25 | 0.33 | 0.15 | 0.48 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2025 | 7.11 | 0.32 | 0.14 | 0.46 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 29, 2024 | 7.14 | 0.28 | &nbsp;&nbsp; (0.04)<br>| 0.24 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.27)<br>|
| Year Ended February 28, 2023 | 8.13 | 0.21 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 28, 2022 | 8.55 | 0.17 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.24)<br>|
| **Class R4** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 7.25 | 0.35 | 0.15 | 0.50 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2025 | 7.11 | 0.34 | 0.14 | 0.48 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 29, 2024 | 7.14 | 0.29 | &nbsp;&nbsp; (0.03)<br>| 0.26 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 28, 2023 | 8.13 | 0.24 | &nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| Year Ended February 28, 2022 | 8.55 | 0.19 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.26)<br>|
| **Class R5** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 7.27 | 0.36 | 0.15 | 0.51 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 28, 2025 | 7.13 | 0.35 | 0.14 | 0.49 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 29, 2024 | 7.15 | 0.30 | &nbsp;&nbsp; (0.02)<br>| 0.28 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 28, 2023 | 8.14 | 0.24 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2022 | 8.56 | 0.21 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 7.27 | 0.37 | 0.14 | 0.51 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 28, 2025 | 7.13 | 0.36 | 0.13 | 0.49 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 29, 2024 | 7.16 | 0.31 | &nbsp;&nbsp; (0.03)<br>| 0.28 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2023 | 8.14 | 0.25 | &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.73)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2022 | 8.57 | 0.22 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.28)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

284 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $7.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1682511 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.74<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1604871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1431467 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1717936 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.08)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1888867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54319 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65518 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.94)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7603652 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7078278 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5304373 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4017428 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3991530 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &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; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35868 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43237 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21174 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17859 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.23)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10146 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11427 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.32)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5397 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.98)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3092 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9555 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4870 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 891 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13733 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.82)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16725 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16398030 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13938729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12395571 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10499541 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.84)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10597856 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

285 <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)(a)<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 asset <br>value, <br>end of <br>period<br>|
| **JPMorgan Floating Rate Income Fund** |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |
| Year Ended February 28, 2026  | $8.31 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $(0.53)<br>| &nbsp;&nbsp; $0.01 | &nbsp;&nbsp; $(0.58)<br>| &nbsp;&nbsp; $7.74 |
| Year Ended February 28, 2025  | 8.54 | 0.64 | &nbsp;&nbsp; (0.14)<br>| 0.50 | &nbsp;&nbsp; (0.73)<br>| 8.31 |
| Year Ended February 29, 2024  | 8.50 | 0.66 | 0.04 | 0.70 | &nbsp;&nbsp; (0.66)<br>| 8.54 |
| Year Ended February 28, 2023  | 8.85 | 0.46 | &nbsp;&nbsp; (0.35)<br>| 0.11 | &nbsp;&nbsp; (0.46)<br>| 8.50 |
| Year Ended February 28, 2022  | 8.93 | 0.26 | &nbsp;&nbsp; (0.06)<br>| 0.20 | &nbsp;&nbsp; (0.28)<br>| 8.85 |
| **Class C** |  |  |  |  |  |  |
| Year Ended February 28, 2026  | 8.27 | 0.50 | &nbsp;&nbsp; (0.52)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.54)<br>| 7.71 |
| Year Ended February 28, 2025  | 8.51 | 0.59 | &nbsp;&nbsp; (0.14)<br>| 0.45 | &nbsp;&nbsp; (0.69)<br>| 8.27 |
| Year Ended February 29, 2024  | 8.47 | 0.61 | 0.05 | 0.66 | &nbsp;&nbsp; (0.62)<br>| 8.51 |
| Year Ended February 28, 2023  | 8.82 | 0.40 | &nbsp;&nbsp; (0.33)<br>| 0.07 | &nbsp;&nbsp; (0.42)<br>| 8.47 |
| Year Ended February 28, 2022  | 8.90 | 0.22 | &nbsp;&nbsp; (0.07)<br>| 0.15 | &nbsp;&nbsp; (0.23)<br>| 8.82 |
| **Class I** |  |  |  |  |  |  |
| Year Ended February 28, 2026  | 8.31 | 0.55 | &nbsp;&nbsp; (0.52)<br>| 0.03 | &nbsp;&nbsp; (0.60)<br>| 7.74 |
| Year Ended February 28, 2025  | 8.54 | 0.67 | &nbsp;&nbsp; (0.15)<br>| 0.52 | &nbsp;&nbsp; (0.75)<br>| 8.31 |
| Year Ended February 29, 2024  | 8.50 | 0.68 | 0.04 | 0.72 | &nbsp;&nbsp; (0.68)<br>| 8.54 |
| Year Ended February 28, 2023  | 8.85 | 0.46 | &nbsp;&nbsp; (0.32)<br>| 0.14 | &nbsp;&nbsp; (0.49)<br>| 8.50 |
| Year Ended February 28, 2022  | 8.93 | 0.28 | &nbsp;&nbsp; (0.06)<br>| 0.22 | &nbsp;&nbsp; (0.30)<br>| 8.85 |
| **Class R6** |  |  |  |  |  |  |
| Year Ended February 28, 2026  | 8.31 | 0.57 | &nbsp;&nbsp; (0.51)<br>| 0.06 | &nbsp;&nbsp; (0.61)<br>| 7.76 |
| Year Ended February 28, 2025  | 8.54 | 0.68 | &nbsp;&nbsp; (0.15)<br>| 0.53 | &nbsp;&nbsp; (0.76)<br>| 8.31 |
| Year Ended February 29, 2024  | 8.50 | 0.69 | 0.04 | 0.73 | &nbsp;&nbsp; (0.69)<br>| 8.54 |
| Year Ended February 28, 2023  | 8.85 | 0.41 | &nbsp;&nbsp; (0.27)<br>| 0.14 | &nbsp;&nbsp; (0.49)<br>| 8.50 |
| Year Ended February 28, 2022  | 8.93 | 0.29 | &nbsp;&nbsp; (0.07)<br>| 0.22 | &nbsp;&nbsp; (0.30)<br>| 8.85 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

286 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  | **Ratios/Supplemental data**  |
|  |  | **Ratios to average net assets**  | **Ratios to average net assets**  | **Ratios to average net assets**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes sales charge)(b)<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(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; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45553 | &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;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2205 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4430 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6681 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8985 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126477 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 145693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164684 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 214095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300314 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9091 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90554 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42508 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 344473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

287 <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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Government Bond Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $9.63 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.55 | &nbsp;&nbsp; $(0.29)<br>|
| Year Ended February 28, 2025 | 9.39 | 0.25 | 0.24 | 0.49 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 29, 2024 | 9.43 | 0.23 | &nbsp;&nbsp; (0.04)<br>| 0.19 | &nbsp;&nbsp; (0.23)<br>|
| Year Ended February 28, 2023 | 10.59 | 0.18 | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.98)<br>| &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2022 | 11.05 | 0.13 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.14)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 9.59 | 0.24 | 0.26 | 0.50 | &nbsp;&nbsp; (0.24)<br>|
| Year Ended February 28, 2025 | 9.36 | 0.20 | 0.23 | 0.43 | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 29, 2024 | 9.40 | 0.18 | &nbsp;&nbsp; (0.04)<br>| 0.14 | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2023 | 10.56 | 0.12 | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (1.04)<br>| &nbsp;&nbsp; (0.12)<br>|
| Year Ended February 28, 2022 | 11.01 | 0.07 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.07)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 9.62 | 0.31 | 0.27 | 0.58 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 28, 2025 | 9.38 | 0.27 | 0.24 | 0.51 | &nbsp;&nbsp; (0.27)<br>|
| Year Ended February 29, 2024 | 9.42 | 0.25 | &nbsp;&nbsp; (0.04)<br>| 0.21 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2023 | 10.59 | 0.20 | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 28, 2022 | 11.04 | 0.16 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Class R2** |  |  |  |  |  |
| Year Ended February 28, 2026 | 9.61 | 0.26 | 0.27 | 0.53 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2025 | 9.38 | 0.22 | 0.23 | 0.45 | &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 29, 2024 | 9.42 | 0.19 | &nbsp;&nbsp; (0.04)<br>| 0.15 | &nbsp;&nbsp; (0.19)<br>|
| Year Ended February 28, 2023 | 10.58 | 0.14 | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.14)<br>|
| Year Ended February 28, 2022 | 11.04 | 0.10 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Class R3** |  |  |  |  |  |
| Year Ended February 28, 2026 | 9.62 | 0.28 | 0.26 | 0.54 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 28, 2025 | 9.38 | 0.24 | 0.24 | 0.48 | &nbsp;&nbsp; (0.24)<br>|
| Year Ended February 29, 2024 | 9.42 | 0.21 | &nbsp;&nbsp; (0.03)<br>| 0.18 | &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 28, 2023 | 10.59 | 0.17 | &nbsp;&nbsp; (1.17)<br>| &nbsp;&nbsp; (1.00)<br>| &nbsp;&nbsp; (0.17)<br>|
| Year Ended February 28, 2022 | 11.04 | 0.12 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Class R4** |  |  |  |  |  |
| Year Ended February 28, 2026 | 9.62 | 0.31 | 0.26 | 0.57 | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2025 | 9.38 | 0.26 | 0.24 | 0.50 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 29, 2024 | 9.42 | 0.24 | &nbsp;&nbsp; (0.04)<br>| 0.20 | &nbsp;&nbsp; (0.24)<br>|
| Year Ended February 28, 2023 | 10.58 | 0.19 | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.97)<br>| &nbsp;&nbsp; (0.19)<br>|
| Year Ended February 28, 2022 | 11.03 | 0.15 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.15)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

288 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $258127 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.01<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 256861 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 269764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &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;9.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 307677 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.95)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 417020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12158 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14962 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.85)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18448 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29041 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 720609 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 818219 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771234 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.15)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 771871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.60)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1315495 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10282 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12843 | &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;1.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13919 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.62)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.30)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21297 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19744 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39559 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37702 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.48)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23089 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29617 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6393 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.56 | &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;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9154 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18713 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

289 <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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Government Bond Fund (continued)** |  |  |  |  |  |
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | $9.62 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.59 | &nbsp;&nbsp; $(0.33)<br>|
| Year Ended February 28, 2025 | 9.38 | 0.29 | 0.24 | 0.53 | &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 29, 2024 | 9.42 | 0.26 | &nbsp;&nbsp; (0.04)<br>| 0.22 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2023 | 10.58 | 0.22 | &nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp; (0.94)<br>| &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 28, 2022 | 11.04 | 0.18 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.18)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

290 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.27<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $872959 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.41<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 852715 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 698523 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (8.93)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 665078 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 671110 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

291 <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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan High Yield Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $6.50 | &nbsp;&nbsp; $0.40 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.42 | &nbsp;&nbsp; $(0.41)<br>|
| Year Ended February 28, 2025 | 6.33 | 0.43 | 0.19 | 0.62 | &nbsp;&nbsp; (0.45)<br>|
| Year Ended February 29, 2024 | 6.18 | 0.38 | 0.16 | 0.54 | &nbsp;&nbsp; (0.39)<br>|
| Year Ended February 28, 2023 | 6.95 | 0.35 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2022 | 7.12 | 0.31 | &nbsp;&nbsp; (0.15)<br>| 0.16 | &nbsp;&nbsp; (0.33)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.52 | 0.37 | 0.02 | 0.39 | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 28, 2025 | 6.35 | 0.40 | 0.19 | 0.59 | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 29, 2024 | 6.20 | 0.36 | 0.15 | 0.51 | &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 28, 2023 | 6.97 | 0.32 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 28, 2022 | 7.14 | 0.28 | &nbsp;&nbsp; (0.16)<br>| 0.12 | &nbsp;&nbsp; (0.29)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.55 | 0.42 | 0.02 | 0.44 | &nbsp;&nbsp; (0.43)<br>|
| Year Ended February 28, 2025 | 6.38 | 0.44 | 0.20 | 0.64 | &nbsp;&nbsp; (0.47)<br>|
| Year Ended February 29, 2024 | 6.22 | 0.40 | 0.17 | 0.57 | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2023 | 6.99 | 0.36 | &nbsp;&nbsp; (0.74)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended February 28, 2022 | 7.17 | 0.33 | &nbsp;&nbsp; (0.16)<br>| 0.17 | &nbsp;&nbsp; (0.35)<br>|
| **Class R2** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.48 | 0.38 | 0.02 | 0.40 | &nbsp;&nbsp; (0.39)<br>|
| Year Ended February 28, 2025 | 6.32 | 0.40 | 0.19 | 0.59 | &nbsp;&nbsp; (0.43)<br>|
| Year Ended February 29, 2024 | 6.17 | 0.36 | 0.16 | 0.52 | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2023 | 6.94 | 0.33 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2022 | 7.11 | 0.29 | &nbsp;&nbsp; (0.16)<br>| 0.13 | &nbsp;&nbsp; (0.30)<br>|
| **Class R3** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.55 | 0.40 | 0.02 | 0.42 | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 28, 2025 | 6.38 | 0.42 | 0.19 | 0.61 | &nbsp;&nbsp; (0.44)<br>|
| Year Ended February 29, 2024 | 6.23 | 0.38 | 0.16 | 0.54 | &nbsp;&nbsp; (0.39)<br>|
| Year Ended February 28, 2023 | 7.00 | 0.35 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 28, 2022 | 7.17 | 0.31 | &nbsp;&nbsp; (0.16)<br>| 0.15 | &nbsp;&nbsp; (0.32)<br>|
| **Class R4** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.55 | 0.42 | 0.02 | 0.44 | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 28, 2025 | 6.38 | 0.44 | 0.19 | 0.63 | &nbsp;&nbsp; (0.46)<br>|
| Year Ended February 29, 2024 | 6.23 | 0.40 | 0.15 | 0.55 | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 28, 2023 | 6.99 | 0.38 | &nbsp;&nbsp; (0.76)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 28, 2022 | 7.17 | 0.32 | &nbsp;&nbsp; (0.16)<br>| 0.16 | &nbsp;&nbsp; (0.34)<br>|
| **Class R5** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.57 | 0.43 | 0.02 | 0.45 | &nbsp;&nbsp; (0.43)<br>|
| Year Ended February 28, 2025 | 6.40 | 0.45 | 0.19 | 0.64 | &nbsp;&nbsp; (0.47)<br>|
| Year Ended February 29, 2024 | 6.25 | 0.41 | 0.15 | 0.56 | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2023 | 7.02 | 0.37 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.39)<br>|
| Year Ended February 28, 2022 | 7.19 | 0.34 | &nbsp;&nbsp; (0.16)<br>| 0.18 | &nbsp;&nbsp; (0.35)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.56 | 0.43 | 0.02 | 0.45 | &nbsp;&nbsp; (0.44)<br>|
| Year Ended February 28, 2025 | 6.38 | 0.46 | 0.20 | 0.66 | &nbsp;&nbsp; (0.48)<br>|
| Year Ended February 29, 2024 | 6.23 | 0.41 | 0.16 | 0.57 | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 28, 2023 | 7.00 | 0.38 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 28, 2022 | 7.17 | 0.34 | &nbsp;&nbsp; (0.15)<br>| 0.19 | &nbsp;&nbsp; (0.36)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

292 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.68<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $535636 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.87<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.18<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1.10<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510557 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 443254 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.70)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 406279 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 446823 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73637 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30659 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42181 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 987833 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 820139 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 797888 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.44)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 674485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1282388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2621 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2762 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2881 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3291 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4616 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 334 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 342 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 350 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.38)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3267 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3705 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11904 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5199184 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4060201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3553817 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3419706 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3679082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

293 <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** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Income Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $8.58 | &nbsp;&nbsp; $0.48 | &nbsp;&nbsp; $0.06 | &nbsp;&nbsp; $0.54 | &nbsp;&nbsp; $(0.49)<br>|
| Year Ended February 28, 2025 | 8.34 | 0.47 | 0.25 | 0.72 | &nbsp;&nbsp; (0.48)<br>|
| Year Ended February 29, 2024 | 8.26 | 0.42 | 0.08 | 0.50 | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 28, 2023 | 9.17 | 0.37 | &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 28, 2022 | 9.52 | 0.33 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; —<br> (d)<br>| &nbsp;&nbsp; (0.35)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 8.58 | 0.44 | 0.06 | 0.50 | &nbsp;&nbsp; (0.45)<br>|
| Year Ended February 28, 2025 | 8.35 | 0.43 | 0.23 | 0.66 | &nbsp;&nbsp; (0.43)<br>|
| Year Ended February 29, 2024 | 8.26 | 0.38 | 0.08 | 0.46 | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2023 | 9.17 | 0.32 | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 28, 2022 | 9.52 | 0.28 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 8.57 | 0.50 | 0.06 | 0.56 | &nbsp;&nbsp; (0.51)<br>|
| Year Ended February 28, 2025 | 8.33 | 0.49 | 0.25 | 0.74 | &nbsp;&nbsp; (0.50)<br>|
| Year Ended February 29, 2024 | 8.25 | 0.44 | 0.08 | 0.52 | &nbsp;&nbsp; (0.44)<br>|
| Year Ended February 28, 2023 | 9.16 | 0.39 | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2022 | 9.51 | 0.36 | &nbsp;&nbsp; (0.34)<br>| 0.02 | &nbsp;&nbsp; (0.37)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 8.57 | 0.51 | 0.05 | 0.56 | &nbsp;&nbsp; (0.51)<br>|
| Year Ended February 28, 2025 | 8.33 | 0.50 | 0.24 | 0.74 | &nbsp;&nbsp; (0.50)<br>|
| Year Ended February 29, 2024 | 8.25 | 0.44 | 0.08 | 0.52 | &nbsp;&nbsp; (0.44)<br>|
| Year Ended February 28, 2023 | 9.16 | 0.39 | &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2022 | 9.51 | 0.36 | &nbsp;&nbsp; (0.34)<br>| 0.02 | &nbsp;&nbsp; (0.37)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

294 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $8.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $862921 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.65<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.89<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 650028 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 515243 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.75)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509503 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 606729 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 555436 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 616661 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 542709 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6.29)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 625211 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 865194 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9719732 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8474468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5999683 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5667171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7076663 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5252589 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.91 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3165414 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2188953 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3284088 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.16 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3546736 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

295 <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)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Short Duration Bond Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.85 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $0.09 | &nbsp;&nbsp; $0.52 | &nbsp;&nbsp; $(0.43)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.43)<br>|
| Year Ended February 28, 2025 | 10.65 | 0.42 | 0.20 | 0.62 | &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.42)<br>|
| Year Ended February 29, 2024 | 10.47 | 0.31 | 0.18 | 0.49 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2023 | 10.86 | 0.15 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.15)<br>|
| Year Ended February 28, 2022 | 11.15 | 0.07 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.94 | 0.38 | 0.09 | 0.47 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 28, 2025 | 10.73 | 0.37 | 0.20 | 0.57 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 29, 2024 | 10.55 | 0.26 | 0.18 | 0.44 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2023 | 10.94 | 0.09 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.10)<br>|
| Year Ended February 28, 2022 | 11.23 | 0.01 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.04)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.87 | 0.46 | 0.09 | 0.55 | &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.46)<br>|
| Year Ended February 28, 2025 | 10.67 | 0.45 | 0.19 | 0.64 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.44)<br>|
| Year Ended February 29, 2024 | 10.48 | 0.34 | 0.19 | 0.53 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 28, 2023 | 10.87 | 0.16 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2022 | 11.16 | 0.10 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.87 | 0.47 | 0.09 | 0.56 | &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.47)<br>|
| Year Ended February 28, 2025 | 10.67 | 0.46 | 0.19 | 0.65 | &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.45)<br>|
| Year Ended February 29, 2024 | 10.48 | 0.34 | 0.19 | 0.53 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.34)<br>|
| Year Ended February 28, 2023 | 10.87 | 0.18 | &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2022 | 11.16 | 0.10 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.13)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

296 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.90<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $828641 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.58<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.99<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.81<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 734787 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 643376 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 646165 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.82 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.72)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 677013 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32764 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34045 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.67)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.21)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26327 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2087846 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1874450 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1683579 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1566171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.57 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2928638 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9457913 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 64 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7623573 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.17 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5206534 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4856693 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.42)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7115180 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 83 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

297 <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)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>| Net <br>realized <br>gain<br>| Total <br>distributions<br>|
| **JPMorgan Short Duration Core Plus Fund** |  |  |  |  |  |  |  |
| **Class A** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | $9.35 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.16 | &nbsp;&nbsp; $0.55 | &nbsp;&nbsp; $(0.38)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(0.38)<br>|
| Year Ended February 28, 2025 | 9.10 | 0.35 | 0.25 | 0.60 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 29, 2024 | 8.94 | 0.28 | 0.17 | 0.45 | &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 28, 2023 | 9.50 | 0.20 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 28, 2022 | 9.85 | 0.12 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.15)<br>|
| **Class C** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 9.33 | 0.34 | 0.15 | 0.49 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2025 | 9.08 | 0.30 | 0.25 | 0.55 | &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 29, 2024 | 8.92 | 0.24 | 0.17 | 0.41 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2023 | 9.47 | 0.16 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.17)<br>|
| Year Ended February 28, 2022 | 9.83 | 0.07 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Class I** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 9.35 | 0.41 | 0.16 | 0.57 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 28, 2025 | 9.10 | 0.37 | 0.25 | 0.62 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 29, 2024 | 8.94 | 0.31 | 0.16 | 0.47 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2023 | 9.50 | 0.22 | &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.24)<br>|
| Year Ended February 28, 2022 | 9.85 | 0.15 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.18)<br>|
| **Class R6** |  |  |  |  |  |  |  |
| Year Ended February 28, 2026 | 9.35 | 0.42 | 0.16 | 0.58 | &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2025 | 9.10 | 0.37 | 0.26 | 0.63 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 29, 2024 | 8.94 | 0.31 | 0.17 | 0.48 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 28, 2023 | 9.49 | 0.23 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2022 | 9.85 | 0.15 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.18)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

298 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $9.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5.97<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $601322 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.64<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.12<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.84<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 538235 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 386431 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.57)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 369487 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 494841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47217 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50082 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 31941 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30862 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.61)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 46136 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1982967 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1657883 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1655673 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.33)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2180474 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.77)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4199718 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.30 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4217176 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1666388 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 53 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1669572 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.17)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1907142 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.81)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4667469 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.32 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

299 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I ("JPM I") and JPMorgan Trust II ("JPM II") (collectively, the "Trusts") were formed on November 12, 2004, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 8 separate funds of the Trust (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan Core Bond Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM II | Diversified |
| JPMorgan Core Plus Bond Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM II | Diversified |
| JPMorgan Floating Rate Income Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan Government Bond Fund | Class A, Class C, Class I, Class R2, Class R3, Class R4 and Class R6 | JPM II | Diversified |
| JPMorgan High Yield Fund | &nbsp;&nbsp; Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 <br> and Class R6<br>| JPM II | Diversified |
| JPMorgan Income Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan Short Duration Bond Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified |
| JPMorgan Short Duration Core Plus Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |

---

The investment objective of JPMorgan Core Bond Fund ("Core Bond Fund") is to seek to maximize total return by investing primarily in a diversified portfolio of intermediate- and long-term debt securities.

The investment objective of JPMorgan Core Plus Bond Fund ("Core Plus Bond Fund") is to seek a high level of current income by investing primarily in a diversified portfolio of high-, medium- and low-grade debt securities.

The investment objective of JPMorgan Floating Rate Income Fund ("Floating Rate Income Fund") is to seek to provide current income with a secondary objective of capital appreciation.

The investment objective of JPMorgan Government Bond Fund ("Government Bond Fund") is to seek a high level of current income with liquidity and safety of principal.

The investment objective of JPMorgan High Yield Fund ("High Yield Fund") is to seek a high level of current income by investing primarily in a diversified portfolio of debt securities which are rated below investment grade or unrated. Capital appreciation is a secondary objective.

The investment objective of JPMorgan Income Fund ("Income Fund") is to seek to provide income with a secondary objective of capital appreciation.

The investment objective of JPMorgan Short Duration Bond Fund ('Short Duration Bond Fund") is to seek current income consistent with preservation of capital through investment in high- and medium-grade fixed income securities.

The investment objective of JPMorgan Short Duration Core Plus Fund ("Short Duration Core Plus Fund") is to seek total return consistent with preservation of capital.

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, Class R2, Class R3, Class R4, Class R5 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

300 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

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.

A market-based approach is primarily used to value the Funds' investments. Investments for which market quotations are not readily available are fair valued using prices supplied by approved affiliated and/or unaffiliated pricing vendors or third party broker-dealers (collectively referred to as "Pricing Services") or may be internally fair valued using methods set forth by the valuation policies approved by the Boards. This may include the use of related or comparable assets or liabilities, recent transactions, market multiples, book values and other relevant information for the investment. An income-based valuation approach may be used in which the anticipated future cash flows of the investment are discounted to calculate the fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may be based upon current market prices of securities that are comparable in coupon, rating, maturity and industry. It is possible that the estimated values may differ significantly from the values that would have been used had a ready market for the investments existed, and such differences could be material.

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.

Equities and other exchange-traded instruments are valued at the last sale price or official market closing price on the primary exchange on which the instrument is traded before the net asset values ("NAV") of the Funds are calculated on a valuation date.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's NAV per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations. Swaps and forward foreign currency exchange contracts are valued utilizing market quotations from approved Pricing Services.

See the tables on "Quantitative Information about Level 3 Fair Value Measurements" for information on the valuation techniques and inputs used to value level 3 securities held by Core Bond Fund, Core Plus Bond Fund, Floating Rate Income Fund, High Yield Fund, Income Fund, Short Duration Bond Fund and Short Duration Core Plus Fund at February 28, 2026.

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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 301

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  | **Core 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** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3860615 | &nbsp;&nbsp;&nbsp;&nbsp; $1762352 | &nbsp;&nbsp;&nbsp;&nbsp; $5622967 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2010742 | &nbsp;&nbsp;&nbsp;&nbsp; 278007 | &nbsp;&nbsp;&nbsp;&nbsp; 2288749 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2028832 | &nbsp;&nbsp;&nbsp;&nbsp; 213844 | &nbsp;&nbsp;&nbsp;&nbsp; 2242676 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 262321 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 262321 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38638 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38638 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4123096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4123096 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56194 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56194 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 268472 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 268472 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26162 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28216 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28216 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1058564 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1058564 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73439 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73439 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85786 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85786 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44416 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44416 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5803 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5803 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 569428 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 569428 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37478 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15056 |
| Diversified | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176986 | &nbsp;&nbsp;&nbsp;&nbsp; 176986 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24558 |
| Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68876 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68876 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 311485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 311485 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1448771 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1448771 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34061 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4797 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4797 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 238512 | &nbsp;&nbsp;&nbsp;&nbsp; 392316 | &nbsp;&nbsp;&nbsp;&nbsp; 630828 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 281485 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 281485 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48396 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 48396 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66192 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66192 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60238 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 576947 | &nbsp;&nbsp;&nbsp;&nbsp; 123928 | &nbsp;&nbsp;&nbsp;&nbsp; 700875 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33746 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33746 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2809 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2809 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109727 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109727 |
| Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25107 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25107 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 339255 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 339255 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201747 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 201747 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32264 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32264 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13530 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13530 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16873 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16873 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99340 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 99340 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 97129 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 187282 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 187282 |
| Office REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9545 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9545 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

302 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Bond Fund** (continued) | **Core Bond Fund** (continued) | **Core Bond Fund** (continued) | **Core Bond Fund** (continued) | **Core Bond Fund** (continued) |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $605395 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $605395 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14798 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14798 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 175615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 175615 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6558 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6558 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39305 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 39305 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32942 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 32942 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 229550 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 250238 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 250238 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86324 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86324 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15489 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15489 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 140057 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 55824 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34594 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34594 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5657 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5657 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76650 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12794737 | &nbsp;&nbsp;&nbsp;&nbsp; 753230 | &nbsp;&nbsp;&nbsp;&nbsp; 13547967 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 411200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 411200 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41850 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 41850 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11261632 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11261632 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164138 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 164138 |
| U.S. Government Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178147 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 178147 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17313226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17313226 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1070292 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1070292 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1070292 | &nbsp;&nbsp;&nbsp;&nbsp; $50065119 | &nbsp;&nbsp;&nbsp;&nbsp; $3007433 | &nbsp;&nbsp;&nbsp;&nbsp; $54142844 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $16709 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $16709 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(5071)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(5071)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $11638 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $11638 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus 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** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2116643 | &nbsp;&nbsp;&nbsp;&nbsp; $1025264 | &nbsp;&nbsp;&nbsp;&nbsp; $3141907 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 997277 | &nbsp;&nbsp;&nbsp;&nbsp; 29034 | &nbsp;&nbsp;&nbsp;&nbsp; 1026311 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2557867 | &nbsp;&nbsp;&nbsp;&nbsp; 177218 | &nbsp;&nbsp;&nbsp;&nbsp; 2735085 |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1260 | &nbsp;&nbsp;&nbsp;&nbsp; 1260 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 246 | &nbsp;&nbsp;&nbsp;&nbsp; 246 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 572 | &nbsp;&nbsp;&nbsp;&nbsp; 572 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1602 | &nbsp;&nbsp;&nbsp;&nbsp; 1602 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; 1619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1619 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 303

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; $4572 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4572 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 6191 | &nbsp;&nbsp;&nbsp;&nbsp; 60 | &nbsp;&nbsp;&nbsp;&nbsp; 3681 | &nbsp;&nbsp;&nbsp;&nbsp; 9932 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64701 | &nbsp;&nbsp;&nbsp;&nbsp; 1107 | &nbsp;&nbsp;&nbsp;&nbsp; 65808 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51169 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52748 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 52748 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1885127 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1885127 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17434 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17434 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 114684 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10483 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10483 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69234 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 69234 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 676986 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 676986 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80325 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80325 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57841 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 57841 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27425 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27425 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5613 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214533 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17062 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17062 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85829 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85829 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13082 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13082 |
| Diversified | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11048 | &nbsp;&nbsp;&nbsp;&nbsp; 11048 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9058 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9058 |
| Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8056 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 251061 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 715824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 715824 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6419 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6419 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21624 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24866 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 24866 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40445 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 196731 | &nbsp;&nbsp;&nbsp;&nbsp; 142782 | &nbsp;&nbsp;&nbsp;&nbsp; 339513 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189357 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 189357 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12766 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103750 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103750 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65005 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 65005 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 168438 | &nbsp;&nbsp;&nbsp;&nbsp; 26851 | &nbsp;&nbsp;&nbsp;&nbsp; 195289 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12597 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12597 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17684 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15747 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15747 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163880 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25354 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25354 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9624 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59432 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59432 |
| Industrial Conglomerates | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4561 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4561 |
| Industrial REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6367 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6367 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68938 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 68938 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 103051 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5530 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5530 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

304 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3622 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3622 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19880 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19880 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8208 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8208 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182324 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 182324 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104889 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 104889 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163569 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 163569 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133744 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 133744 |
| Office REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1504 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1504 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 968332 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 968332 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29121 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29121 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11849 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11849 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90544 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 90544 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1904 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1904 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 603 | &nbsp;&nbsp;&nbsp;&nbsp; 33336 | &nbsp;&nbsp;&nbsp;&nbsp; 33939 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18953 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18953 |
| Retail REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14836 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14836 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 151360 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170943 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 170943 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29436 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29436 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54865 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 54865 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21378 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21378 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158438 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 158438 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51895 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51895 |
| Water Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4129 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4129 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45916 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45916 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8192683 | &nbsp;&nbsp;&nbsp;&nbsp; 215124 | &nbsp;&nbsp;&nbsp;&nbsp; 8407807 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340836 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 340836 |
| Loan Assignments |  |  |  |  |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6352 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6352 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7554 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7554 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20627 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20627 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8306 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3478 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3478 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 854 | &nbsp;&nbsp;&nbsp;&nbsp; 854 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 988 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 988 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3453 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3453 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4226 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4226 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9279 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9279 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1479 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1479 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10208 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10208 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 422 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3172 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1169 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1169 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1179 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14011 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14011 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8329 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8329 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 302 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 303 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5686 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5686 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 305

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) | **Core Plus Bond Fund** (continued) |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14427 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $14427 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12941 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12941 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7790 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7790 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5448 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5448 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3794 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3794 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12631 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12631 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10104 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10104 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37684 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37684 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8048 | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 8180 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4713 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4713 |
| Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 227800 | &nbsp;&nbsp;&nbsp;&nbsp; 987 | &nbsp;&nbsp;&nbsp;&nbsp; 228787 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5611867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5611867 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14919 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14919 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2640 | &nbsp;&nbsp;&nbsp;&nbsp; 2640 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1055 | &nbsp;&nbsp;&nbsp;&nbsp; 1055 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2957717 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2957717 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 1550277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1550277 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $1556468 | &nbsp;&nbsp;&nbsp;&nbsp; $23017669 | &nbsp;&nbsp;&nbsp;&nbsp; $1455003 | &nbsp;&nbsp;&nbsp;&nbsp; $26029140 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $21546 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21546 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(13)<br>|
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (37)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $21509 | &nbsp;&nbsp;&nbsp;&nbsp; $(13)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $21496 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate 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** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $30 | &nbsp;&nbsp;&nbsp;&nbsp; $30 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 243 | &nbsp;&nbsp;&nbsp;&nbsp; 243 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Media | &nbsp;&nbsp;&nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 498 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 281 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 498 | &nbsp;&nbsp;&nbsp;&nbsp; 281 | &nbsp;&nbsp;&nbsp;&nbsp; 273 | &nbsp;&nbsp;&nbsp;&nbsp; 1052 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13461 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13461 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 1233 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1233 |
| Loan Assignments |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4518 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4518 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3806 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1394 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

306 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Floating Rate Income Fund** (continued) | **Floating Rate Income Fund** (continued) | **Floating Rate Income Fund** (continued) | **Floating Rate Income Fund** (continued) | **Floating Rate 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** |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $921 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $921 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6276 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6276 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2111 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2111 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1784 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1784 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9071 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9071 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1863 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3465 | &nbsp;&nbsp;&nbsp;&nbsp; 3465 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5025 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5025 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4349 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4349 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3445 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3581 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3581 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2401 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2401 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4153 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4153 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2053 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2053 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3934 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3934 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3785 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3785 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3966 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3966 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6675 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6675 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2737 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2737 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 533 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6616 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6616 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5056 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp;&nbsp; 34 | &nbsp;&nbsp;&nbsp;&nbsp; 113 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 646 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 646 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4776 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4776 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5905 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5905 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 458 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 458 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6652 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3118 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1554 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1554 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3089 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3089 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7885 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7885 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1496 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1496 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14110 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14110 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3926 | &nbsp;&nbsp;&nbsp;&nbsp; 109 | &nbsp;&nbsp;&nbsp;&nbsp; 4035 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1081 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1081 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 999 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 546 |
| Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 146373 | &nbsp;&nbsp;&nbsp;&nbsp; 3608 | &nbsp;&nbsp;&nbsp;&nbsp; 149981 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 3999 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3999 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $5730 | &nbsp;&nbsp;&nbsp;&nbsp; $160115 | &nbsp;&nbsp;&nbsp;&nbsp; $3881 | &nbsp;&nbsp;&nbsp;&nbsp; $169726 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 307

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Government 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; $488712 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $488712 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130830 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 130830 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 469356 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 469356 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 820 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 820 |
| U.S. Government Agency Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51301 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51301 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 719172 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 719172 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 102552 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 102552 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $103372 | &nbsp;&nbsp;&nbsp;&nbsp; $1859371 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1962743 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $644 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $644 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(565)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(565)<br>|
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; (482)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (482)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(403)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(403)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield 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** |  |  |  |  |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3105 | &nbsp;&nbsp;&nbsp;&nbsp; $3105 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1543 | &nbsp;&nbsp;&nbsp;&nbsp; 1543 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 125 | &nbsp;&nbsp;&nbsp;&nbsp; 125 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10299 | &nbsp;&nbsp;&nbsp;&nbsp; 10299 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21926 | &nbsp;&nbsp;&nbsp;&nbsp; 21926 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1645 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1645 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Media | &nbsp;&nbsp;&nbsp;&nbsp; 8397 | &nbsp;&nbsp;&nbsp;&nbsp; 357 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8754 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 4656 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4656 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 431 | &nbsp;&nbsp;&nbsp;&nbsp; 431 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; 11867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11867 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3571 | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 3573 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 24920 | &nbsp;&nbsp;&nbsp;&nbsp; 5573 | &nbsp;&nbsp;&nbsp;&nbsp; 37431 | &nbsp;&nbsp;&nbsp;&nbsp; 67924 |
| Convertible Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13138 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13138 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 81402 | &nbsp;&nbsp;&nbsp;&nbsp; 2500 | &nbsp;&nbsp;&nbsp;&nbsp; 83902 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256824 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 256824 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6526 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6526 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9609 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9609 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7467 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7467 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10633 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10633 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38486 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 38486 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

308 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Fund** (continued) | **High Yield Fund** (continued) | **High Yield Fund** (continued) | **High Yield Fund** (continued) | **High Yield 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** |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $203454 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $203454 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1495 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1495 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214225 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 214225 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241952 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 241952 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33647 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33647 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11004 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11004 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101211 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101211 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66294 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66294 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76139 | &nbsp;&nbsp;&nbsp;&nbsp; 761 | &nbsp;&nbsp;&nbsp;&nbsp; 76900 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16407 | &nbsp;&nbsp;&nbsp;&nbsp; 26120 | &nbsp;&nbsp;&nbsp;&nbsp; 42527 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14183 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14183 |
| Diversified REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18882 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18882 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 416188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 416188 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88781 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 88781 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15091 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15091 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31261 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31261 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60801 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60801 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76156 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 76156 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89711 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89711 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25452 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25452 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15652 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 80300 | &nbsp;&nbsp;&nbsp;&nbsp; 5 | &nbsp;&nbsp;&nbsp;&nbsp; 80305 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89102 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89102 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 259591 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 259591 |
| Health Care REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4202 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4202 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54405 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54405 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59837 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 59837 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 361390 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 361390 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 62051 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51879 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 51879 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23406 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23406 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8360 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8360 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3490 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49184 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49184 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8806 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60959 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60959 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 599422 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 599422 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79106 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 79106 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2511 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2511 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 648800 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 648800 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53653 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 53653 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28859 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28859 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86155 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86155 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8875 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22510 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105135 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105135 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89244 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89244 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45241 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45241 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 101851 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 101851 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 309

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Fund** (continued) | **High Yield Fund** (continued) | **High Yield Fund** (continued) | **High Yield Fund** (continued) | **High Yield 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** |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22743 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $22743 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152095 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 152095 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16205 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16205 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5468300 | &nbsp;&nbsp;&nbsp;&nbsp; 29386 | &nbsp;&nbsp;&nbsp;&nbsp; 5497686 |
| Exchange-Traded Funds | &nbsp;&nbsp;&nbsp;&nbsp; 106235 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 106235 |
| Loan Assignments |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12918 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12918 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12583 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12583 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7002 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7002 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4984 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4984 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30363 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30363 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18665 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18665 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19498 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19498 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 64970 | &nbsp;&nbsp;&nbsp;&nbsp; 64970 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30989 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30989 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6954 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6954 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5186 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5186 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17445 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17445 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11268 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17659 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17659 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25669 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25669 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16195 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16195 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12153 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12153 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2834 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2834 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14482 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9826 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp;&nbsp; 32 | &nbsp;&nbsp;&nbsp;&nbsp; 336 |
| Life Sciences Tools & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7242 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7242 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11051 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11051 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36191 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 36191 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4609 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4609 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12826 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12826 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7651 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7651 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17078 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17078 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6525 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6525 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6807 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6807 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50652 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50652 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27312 | &nbsp;&nbsp;&nbsp;&nbsp; 1159 | &nbsp;&nbsp;&nbsp;&nbsp; 28471 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2118 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2118 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16853 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16853 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1490 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1490 |
| Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 485382 | &nbsp;&nbsp;&nbsp;&nbsp; 66161 | &nbsp;&nbsp;&nbsp;&nbsp; 551543 |
| Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17184 | &nbsp;&nbsp;&nbsp;&nbsp; 17184 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11477 | &nbsp;&nbsp;&nbsp;&nbsp; 11477 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96788 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96788 |
| Warrants | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

310 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **High Yield Fund** (continued) | **High Yield Fund** (continued) | **High Yield Fund** (continued) | **High Yield Fund** (continued) | **High Yield 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; $415033 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $415033 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $546188 | &nbsp;&nbsp;&nbsp;&nbsp; $6069181 | &nbsp;&nbsp;&nbsp;&nbsp; $161640 | &nbsp;&nbsp;&nbsp;&nbsp; $6777009 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1710 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **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** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1690295 | &nbsp;&nbsp;&nbsp;&nbsp; $402531 | &nbsp;&nbsp;&nbsp;&nbsp; $2092826 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2508198 | &nbsp;&nbsp;&nbsp;&nbsp; 297386 | &nbsp;&nbsp;&nbsp;&nbsp; 2805584 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3526257 | &nbsp;&nbsp;&nbsp;&nbsp; 93823 | &nbsp;&nbsp;&nbsp;&nbsp; 3620080 |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 984 | &nbsp;&nbsp;&nbsp;&nbsp; 984 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp;&nbsp; 9 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4713 | &nbsp;&nbsp;&nbsp;&nbsp; 4713 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10178 | &nbsp;&nbsp;&nbsp;&nbsp; 10178 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 2875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2875 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6 | &nbsp;&nbsp;&nbsp;&nbsp; 6 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 635 | &nbsp;&nbsp;&nbsp;&nbsp; 635 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 2896 | &nbsp;&nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp;&nbsp; 16602 | &nbsp;&nbsp;&nbsp;&nbsp; 19513 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56688 | &nbsp;&nbsp;&nbsp;&nbsp; 797 | &nbsp;&nbsp;&nbsp;&nbsp; 57485 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115650 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 115650 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 993 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 993 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172815 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 172815 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6364 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6364 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6000 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17664 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17664 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100533 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31613 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31613 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147057 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 147057 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109258 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 109258 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10914 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10914 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3388 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3388 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47703 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 47703 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30807 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 30807 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56450 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56450 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6441 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6441 |
| Diversified | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6054 | &nbsp;&nbsp;&nbsp;&nbsp; 6054 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15091 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15091 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 311

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** (continued) | **Income Fund** (continued) | **Income Fund** (continued) | **Income Fund** (continued) | **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** |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $230724 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $230724 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127951 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 127951 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9542 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9542 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26990 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26990 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17096 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37888 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37888 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 89688 | &nbsp;&nbsp;&nbsp;&nbsp; 71726 | &nbsp;&nbsp;&nbsp;&nbsp; 161414 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28636 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28636 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4680 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4680 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 54441 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 54442 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50181 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 50181 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107052 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 107052 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25805 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25805 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27249 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 27249 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181588 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 181588 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37179 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 37179 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26761 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 26761 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22407 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 22407 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7808 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7808 |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2394 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2394 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11973 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11973 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3735 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3735 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23409 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23409 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8765 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8765 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 308806 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 308806 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43440 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43440 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95660 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 95660 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34263 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34263 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492828 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 492828 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23306 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 23306 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28016 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28016 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49980 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 49980 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1571 | &nbsp;&nbsp;&nbsp;&nbsp; 17462 | &nbsp;&nbsp;&nbsp;&nbsp; 19033 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6592 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6592 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56982 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 56982 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40162 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 40162 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16081 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16081 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 71471 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 71471 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19926 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 19926 |
| Tobacco | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1366 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1366 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78698 |
| Transportation Infrastructure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1066 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1066 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21685 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21685 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3491270 | &nbsp;&nbsp;&nbsp;&nbsp; 96040 | &nbsp;&nbsp;&nbsp;&nbsp; 3587310 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 608867 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 608867 |
| Loan Assignments |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 841 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 841 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3608 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3608 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

312 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** (continued) | **Income Fund** (continued) | **Income Fund** (continued) | **Income Fund** (continued) | **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** |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1909 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1909 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15199 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15199 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2557 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2557 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6108 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6108 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17938 | &nbsp;&nbsp;&nbsp;&nbsp; 17938 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6398 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6398 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5766 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5766 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2375 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2375 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4981 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4981 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12615 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12615 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1241 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1241 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8550 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8550 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9275 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9275 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7600 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7600 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9203 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9203 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6019 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6019 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4964 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4964 |
| Professional Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6818 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6818 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3297 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3297 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34619 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34619 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12683 | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 12684 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1082 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1082 |
| Textiles, Apparel & Luxury Goods | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8062 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8062 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 847 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 847 |
| Total Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 176617 | &nbsp;&nbsp;&nbsp;&nbsp; 17939 | &nbsp;&nbsp;&nbsp;&nbsp; 194556 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5272200 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5272200 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46633 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 46633 |
| Preferred Stocks |  |  |  |  |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 18 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; 3673 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3673 |
| Total Preferred Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 3673 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 3691 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2372 | &nbsp;&nbsp;&nbsp;&nbsp; 2372 |
| Warrants |  |  |  |  |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 248086 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 248086 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $254655 | &nbsp;&nbsp;&nbsp;&nbsp; $17320383 | &nbsp;&nbsp;&nbsp;&nbsp; $926711 | &nbsp;&nbsp;&nbsp;&nbsp; $18501749 |
| **Liabilities** |  |  |  |  |
| TBA Short Commitment | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2902567)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2902567)<br>|
| **Total Liabilities in Securities Sold Short** | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2902567)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2902567)<br>|
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7161 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $7161 |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; 20548 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20548 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Forward Foreign Currency Exchange Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3626)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(3626)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 313

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Income Fund** (continued) | **Income Fund** (continued) | **Income Fund** (continued) | **Income Fund** (continued) | **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** |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(12262)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(12262)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29472)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (29472)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $8286 | &nbsp;&nbsp;&nbsp;&nbsp; $(25937)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(17651)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration 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** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $3055726 | &nbsp;&nbsp;&nbsp;&nbsp; $50237 | &nbsp;&nbsp;&nbsp;&nbsp; $3105963 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2171213 | &nbsp;&nbsp;&nbsp;&nbsp; 64955 | &nbsp;&nbsp;&nbsp;&nbsp; 2236168 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 226913 | &nbsp;&nbsp;&nbsp;&nbsp; 24651 | &nbsp;&nbsp;&nbsp;&nbsp; 251564 |
| Corporate Bonds |  |  |  |  |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96339 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 96339 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1632388 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1632388 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 393267 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 393267 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12307 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12307 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123647 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 123647 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15277 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15277 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29442 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 29442 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1741 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1741 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 105888 | &nbsp;&nbsp;&nbsp;&nbsp; 41312 | &nbsp;&nbsp;&nbsp;&nbsp; 147200 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4323 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4323 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58270 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58270 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20809 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20809 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33545 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 33545 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12368 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12368 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43572 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43572 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17448 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17448 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2600631 | &nbsp;&nbsp;&nbsp;&nbsp; 41312 | &nbsp;&nbsp;&nbsp;&nbsp; 2641943 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 824147 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 824147 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2165792 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2165792 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 333144 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 333144 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 726268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 726268 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 333144 | &nbsp;&nbsp;&nbsp;&nbsp; 726268 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1059412 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $333144 | &nbsp;&nbsp;&nbsp;&nbsp; $11770690 | &nbsp;&nbsp;&nbsp;&nbsp; $181155 | &nbsp;&nbsp;&nbsp;&nbsp; $12284989 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $2469 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2469 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(2830)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(2830)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(361)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(361)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

314 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus 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** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1341165 | &nbsp;&nbsp;&nbsp;&nbsp; $29829 | &nbsp;&nbsp;&nbsp;&nbsp; $1370994 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 709142 | &nbsp;&nbsp;&nbsp;&nbsp; 33928 | &nbsp;&nbsp;&nbsp;&nbsp; 743070 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 304233 | &nbsp;&nbsp;&nbsp;&nbsp; 17931 | &nbsp;&nbsp;&nbsp;&nbsp; 322164 |
| Common Stocks |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 150 | &nbsp;&nbsp;&nbsp;&nbsp; 150 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 312 | &nbsp;&nbsp;&nbsp;&nbsp; 312 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 252 |
| Total Common Stocks | &nbsp;&nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 462 | &nbsp;&nbsp;&nbsp;&nbsp; 714 |
| Corporate Bonds |  |  |  |  |
| Aerospace & Defense | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4022 | &nbsp;&nbsp;&nbsp;&nbsp; 132 | &nbsp;&nbsp;&nbsp;&nbsp; 4154 |
| Automobile Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8843 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8843 |
| Automobiles | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25533 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 25533 |
| Banks | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 888970 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 888970 |
| Beverages | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9336 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9336 |
| Biotechnology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7706 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 7706 |
| Broadline Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2427 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2427 |
| Building Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15196 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 15196 |
| Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195154 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 195154 |
| Chemicals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16044 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16044 |
| Commercial Services & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9197 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9197 |
| Construction & Engineering | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4694 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4694 |
| Construction Materials | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 579 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 579 |
| Consumer Finance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93762 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 93762 |
| Consumer Staples Distribution & Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2061 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2061 |
| Containers & Packaging | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17786 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 17786 |
| Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1116 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1116 |
| Diversified | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3330 | &nbsp;&nbsp;&nbsp;&nbsp; 3330 |
| Diversified Consumer Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1987 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1987 |
| Diversified Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20145 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 20145 |
| Electric Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73185 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 73185 |
| Electrical Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 465 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 465 |
| Electronic Equipment, Instruments & Components | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3298 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3298 |
| Energy Equipment & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2782 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2782 |
| Entertainment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3104 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3104 |
| Financial Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 78286 | &nbsp;&nbsp;&nbsp;&nbsp; 24252 | &nbsp;&nbsp;&nbsp;&nbsp; 102538 |
| Food Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21377 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 21377 |
| Gas Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 534 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 534 |
| Ground Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5991 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 5991 |
| Health Care Equipment & Supplies | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13126 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 13126 |
| Health Care Providers & Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42094 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42094 |
| Health Care Technology | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2735 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2735 |
| Hotel & Resort REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3743 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3743 |
| Hotels, Restaurants & Leisure | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34408 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 34408 |
| Household Durables | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12063 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 12063 |
| Household Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2881 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2881 |
| Independent Power and Renewable Electricity Producers | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9759 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9759 |
| Insurance | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85749 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 85749 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 315

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short Duration Core Plus Fund** (continued) | **Short Duration Core Plus Fund** (continued) | **Short Duration Core Plus Fund** (continued) | **Short Duration Core Plus Fund** (continued) | **Short Duration Core Plus 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** |
| Interactive Media & Services | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $603 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $603 |
| IT Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 654 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 654 |
| Leisure Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 513 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 513 |
| Machinery | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3092 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3092 |
| Marine Transportation | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1050 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1050 |
| Media | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28214 |
| Metals & Mining | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3582 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3582 |
| Mortgage Real Estate Investment Trusts (REITs) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10510 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 10510 |
| Multi-Utilities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4351 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4351 |
| Oil, Gas & Consumable Fuels | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92698 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 92698 |
| Passenger Airlines | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6085 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6085 |
| Personal Care Products | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2214 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2214 |
| Pharmaceuticals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1637 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1637 |
| Real Estate Management & Development | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1188 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1188 |
| Residential REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8071 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8071 |
| Semiconductors & Semiconductor Equipment | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42896 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 42896 |
| Software | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28875 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 28875 |
| Specialized REITs | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1742 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1742 |
| Specialty Retail | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 8927 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 8927 |
| Technology Hardware, Storage & Peripherals | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1554 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1554 |
| Trading Companies & Distributors | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9908 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 9908 |
| Wireless Telecommunication Services | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2944 |
| Total Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1981446 | &nbsp;&nbsp;&nbsp;&nbsp; 27714 | &nbsp;&nbsp;&nbsp;&nbsp; 2009160 |
| Foreign Government Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86948 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 86948 |
| Loan Assignments | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14523 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 14523 |
| Mortgage-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 807075 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 807075 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2056 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2056 |
| Rights | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224 | &nbsp;&nbsp;&nbsp;&nbsp; 224 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1376482 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1376482 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 66751 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 66751 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 11096 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 66751 | &nbsp;&nbsp;&nbsp;&nbsp; 11096 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 77847 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $67003 | &nbsp;&nbsp;&nbsp;&nbsp; $6634166 | &nbsp;&nbsp;&nbsp;&nbsp; $110088 | &nbsp;&nbsp;&nbsp;&nbsp; $6811257 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1921 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1921 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(1442)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(1442)<br>|
| Swaps | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (813)<br>| &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (813)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $479 | &nbsp;&nbsp;&nbsp;&nbsp; $(813)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(334)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> (a) Value is zero.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

316 J.P. Morgan Income Funds February 28, 2026

------

The following is a summary of investments for which significant unobservable inputs (level 3) were used in determining fair value:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Bond Fund** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**February 28,** <br>**2026**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $1761818 | &nbsp;&nbsp; $5776 | &nbsp;&nbsp; $9399 | &nbsp;&nbsp; $564 | &nbsp;&nbsp; $735985 | &nbsp;&nbsp; $(437838)<br>| &nbsp;&nbsp; $41217 | &nbsp;&nbsp; $(395672)<br>| &nbsp;&nbsp; $41103 | &nbsp;&nbsp; $1762352 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; 438311 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; 890 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 18692 | &nbsp;&nbsp; (185872)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 5897 | &nbsp;&nbsp; 278007 |
| Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 89436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1413 | &nbsp;&nbsp; 218 | &nbsp;&nbsp; 43500 | &nbsp;&nbsp; (44968)<br>| &nbsp;&nbsp; 78830 | &nbsp;&nbsp; — | &nbsp;&nbsp; 45415 | &nbsp;&nbsp; 213844 |
| Corporate Bonds | &nbsp;&nbsp; 106088 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2072 | &nbsp;&nbsp; (101)<br>| &nbsp;&nbsp; 695155 | &nbsp;&nbsp; (49984)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 753230 |
| Mortgage-Backed Securities | &nbsp;&nbsp; 92415 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (92415)<br>| &nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp; $2488068 | &nbsp;&nbsp; $5776 | &nbsp;&nbsp; $13774 | &nbsp;&nbsp; $770 | &nbsp;&nbsp; $1493332 | &nbsp;&nbsp; $(718662)<br>| &nbsp;&nbsp; $120047 | &nbsp;&nbsp; $(395672)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $3007433 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Mortgage-Backed Securities, Asset-Backed Securities, Collateralized Mortgage Obligations and Commercial Mortgage-Backed Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2026, which were valued using significant unobservable inputs (level 3), amounted to $18,157. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

For the year ended February 28, 2026, transfers in and out of level 3 were the result of decreased or increased transparency of market activity (e.g., trades of the Fund's investments, similar securities of the issuer and/or comparable securities) and observability of certain inputs used by Pricing Services or the Valuation Designee, as applicable, in determining fair value. This change in observability and resulting changes in levels does not impact liquidity or fair value of the Fund's investments or reflect any change in the investment strategy of the Fund.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**February 28,** <br>**2026**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $900559 | &nbsp;&nbsp; $2004 | &nbsp;&nbsp; $7232 | &nbsp;&nbsp; $763 | &nbsp;&nbsp; $490810 | &nbsp;&nbsp; $(190446)<br>| &nbsp;&nbsp; $45875 | &nbsp;&nbsp; $(243247)<br>| &nbsp;&nbsp; $11714 | &nbsp;&nbsp; $1025264 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; 86836 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (57823)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 29034 |
| Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 110831 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4425 | &nbsp;&nbsp; 187 | &nbsp;&nbsp; 24569 | &nbsp;&nbsp; (12272)<br>| &nbsp;&nbsp; 49478 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 177218 |
| Common Stocks | &nbsp;&nbsp; 3318 | &nbsp;&nbsp; (1293)<br>| &nbsp;&nbsp; 609 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3710 | &nbsp;&nbsp; (2663)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3681 |
| Convertible Preferred Stocks | &nbsp;&nbsp; 1997 | &nbsp;&nbsp; (2625)<br>| &nbsp;&nbsp; 508 | &nbsp;&nbsp; — | &nbsp;&nbsp; 120 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Corporate Bonds | &nbsp;&nbsp; 3692 | &nbsp;&nbsp; (5087)<br>| &nbsp;&nbsp; 6374 | &nbsp;&nbsp; 96 | &nbsp;&nbsp; 225937 | &nbsp;&nbsp; (15888)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 215124 |
| Loan Assignments | &nbsp;&nbsp; 2015 | &nbsp;&nbsp; — | &nbsp;&nbsp; (1611)<br>| &nbsp;&nbsp; 177 | &nbsp;&nbsp; 422 | &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 987 |
| Mortgage-Backed Securities | &nbsp;&nbsp; 11714 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (11714)<br>| &nbsp;&nbsp; — |
| Preferred Stocks | &nbsp;&nbsp; 2712 | &nbsp;&nbsp; — | &nbsp;&nbsp; (72)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2640 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1055 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1055 |
| Warrants | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total** | &nbsp;&nbsp; $1123674 | &nbsp;&nbsp; $(7001)<br>| &nbsp;&nbsp; $18541 | &nbsp;&nbsp; $1223 | &nbsp;&nbsp; $745568 | &nbsp;&nbsp; $(279108)<br>| &nbsp;&nbsp; $95353 | &nbsp;&nbsp; $(243247)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $1455003 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Mortgage-Backed Securities and Asset-Backed Securities.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2026, which were valued using significant unobservable inputs (level 3), amounted to $12,794. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 317

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

For the year ended February 28, 2026, transfers in and out of level 3 were the result of decreased or increased transparency of market activity (e.g., trades of the Fund's investments, similar securities of the issuer and/or comparable securities) and observability of certain inputs used by Pricing Services or the Valuation Designee, as applicable, in determining fair value. This change in observability and resulting changes in levels does not impact liquidity or fair value of the Fund's investments or reflect any change in the investment strategy of the Fund.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Income Fund** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**February 28,** <br>**2026**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| Common Stocks | $867 | $(2746)<br>| $2225 | $— | $350 | $(127)<br>| $— | $(296)<br>| $273 |
| Convertible Preferred Stocks | 3522 | (4630)<br>| 895 |  | 213 |  |  |  |  |
| Loan Assignments | 7275 |  | (4621)<br>| 478 | 1128 | (434)<br>|  | (218)<br>| 3608 |
| **Total** | $11664 | $(7376)<br>| $(1501)<br>| $478 | $1691 | $(561)<br>| $— | $(514)<br>| $3881 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2026, which were valued using significant unobservable inputs (level 3), amounted to $(4,997). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the year ended February 28, 2026.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **High Yield Fund** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**February 28,** <br>**2026**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| Common Stocks | $54340 | $(12005)<br>| $271 | $— | $26540 | $(27942)<br>| $— | $(3773)<br>| $37431 |
| Convertible Preferred Stocks | 17363 | (22828)<br>| 4419 |  | 1046 |  |  |  |  |
| Corporate Bonds | 42281 | (4160)<br>| 11517 | (14)<br>| 7620 | (27858)<br>|  |  | 29386 |
| Loan Assignments | 34784 | —<br> (a)<br>| 2526 | 5239 | 24027 | (415)<br>|  |  | 66161 |
| Preferred Stocks | 17655 |  | (471)<br>|  |  |  |  |  | 17184 |
| Rights |  |  | 11477 |  |  |  |  |  | 11477 |
| Warrants | 27 | (1)<br>| (25)<br>|  |  |  |  |  | 1 |
| **Total** | $166450 | $(38994)<br>| $29714 | $5225 | $59233 | $(56215)<br>| $— | $(3773)<br>| $161640 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2026, which were valued using significant unobservable inputs (level 3), amounted to $(7,900). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

318 J.P. Morgan Income Funds February 28, 2026

------

There were no significant transfers into or out of level 3 for the year ended February 28, 2026.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Fund** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Other**<sup>(a)</sup> <br>| **Balance as of** <br>**February 28,** <br>**2026**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp; $278971 | &nbsp;&nbsp; $1905 | &nbsp;&nbsp; $1597 | &nbsp;&nbsp; $(434)<br>| &nbsp;&nbsp; $334393 | &nbsp;&nbsp; $(211317)<br>| &nbsp;&nbsp; $21485 | &nbsp;&nbsp; $(47869)<br>| &nbsp;&nbsp; $23800 | &nbsp;&nbsp; $402531 |
| Collateralized Mortgage Obligations | &nbsp;&nbsp; 38802 | &nbsp;&nbsp; — | &nbsp;&nbsp; (7011)<br>| &nbsp;&nbsp; (466)<br>| &nbsp;&nbsp; 610910 | &nbsp;&nbsp; (340929)<br>| &nbsp;&nbsp; 11 | &nbsp;&nbsp; (5620)<br>| &nbsp;&nbsp; 1689 | &nbsp;&nbsp; 297386 |
| Commercial Mortgage-Backed Securities | &nbsp;&nbsp; 104618 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; 2625 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 11545 | &nbsp;&nbsp; (31593)<br>| &nbsp;&nbsp; 6601 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 93823 |
| Common Stocks | &nbsp;&nbsp; 14139 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; (4006)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 14019 | &nbsp;&nbsp; (8028)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 16602 |
| Corporate Bonds | &nbsp;&nbsp; 6555 | &nbsp;&nbsp; (4177)<br>| &nbsp;&nbsp; 6837 | &nbsp;&nbsp; 256 | &nbsp;&nbsp; 100528 | &nbsp;&nbsp; (12270)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1689)<br>| &nbsp;&nbsp; 96040 |
| Loan Assignments | &nbsp;&nbsp; 6184 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; 4494 | &nbsp;&nbsp; 1137 | &nbsp;&nbsp; 6129 | &nbsp;&nbsp; (5)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 17939 |
| Mortgage-Backed Securities | &nbsp;&nbsp; 23800 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (23800)<br>| &nbsp;&nbsp; — |
| Preferred Stocks | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 |
| Rights | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2372 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2372 |
| Warrants | &nbsp;&nbsp; 101 | &nbsp;&nbsp; —<br> (b)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (99)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> (b)<br>|
| **Total** | &nbsp;&nbsp; $473188 | &nbsp;&nbsp; $(1794)<br>| &nbsp;&nbsp; $6906 | &nbsp;&nbsp; $520 | &nbsp;&nbsp; $1077524 | &nbsp;&nbsp; $(604142)<br>| &nbsp;&nbsp; $28097 | &nbsp;&nbsp; $(53588)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $926711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;(a) Certain Level 3 investments were re-classified between Corporate Bonds, Mortgage-Backed Securities, Asset-Backed Securities and Collateralized Mortgage Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Amount rounds to less than one thousand.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2026, which were valued using significant unobservable inputs (level 3), amounted to $(896). This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the year ended February 28, 2026.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Duration Bond Fund** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**February 28,** <br>**2026**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | $47326 | $— | $462 | $32 | $15000 | $(12583)<br>| $— | $— | $50237 |
| Collateralized Mortgage <br> Obligations<br>| 15639 |  | 453 | 27 | 58798 | (6879)<br>|  | (3083)<br>| 64955 |
| Commercial Mortgage-Backed <br> Securities<br>|  |  | 325 | 14 | 24312 |  |  |  | 24651 |
| Corporate Bonds |  |  | (36)<br>|  | 44162 | (2814)<br>|  |  | 41312 |
| **Total** | $62965 | $— | $1204 | $73 | $142272 | $(22276)<br>| $— | $(3083)<br>| $181155 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2026, which were valued using significant unobservable inputs (level 3), amounted to $1,204. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 319

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

There were no significant transfers into or out of level 3 for the year ended February 28, 2026.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Duration Core Plus Fund** | **Balance as of** <br>**February 28,** <br>**2025**<br>| **Realized** <br>**gain (loss)**<br>| **Change in net** <br>**unrealized** <br>**appreciation** <br>**(depreciation)**<br>| **Net** <br>**accretion** <br>**(amortization)**<br>| **Purchases**<sup>1</sup> <br>| **Sales**<sup>2</sup> <br>| **Transfers** <br>**into** <br>**Level 3**<br>| **Transfers** <br>**out of** <br>**Level 3**<br>| **Balance as of** <br>**February 28,** <br>**2026**<br>|
| **Investments in Securities:** |  |  |  |  |  |  |  |  |  |
| Asset-Backed Securities | $15385 | $— | $427 | $7 | $16471 | $(2461)<br>| $— | $— | $29829 |
| Collateralized Mortgage <br> Obligations<br>| 3059 |  | 553 | 25 | 39310 | (7883)<br>|  | (1136)<br>| 33928 |
| Commercial Mortgage-Backed <br> Securities<br>|  |  | 243 | 16 | 17672 |  |  |  | 17931 |
| Common Stocks | 525 | 30 | (19)<br>|  | 453 | (527)<br>|  |  | 462 |
| Corporate Bonds | 502 | (753)<br>| 685 | 21 | 29122 | (1863)<br>|  |  | 27714 |
| Rights |  |  | 224 |  |  |  |  |  | 224 |
| **Total** | $19471 | $(723)<br>| $2113 | $69 | $103028 | $(12734)<br>| $— | $(1136)<br>| $110088 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> <sup>1</sup> Purchases include all purchases of securities and securities received in corporate actions. <br> <sup>2</sup> Sales include all sales of securities, maturities, paydowns and securities tendered in corporate actions.

The changes in net unrealized appreciation (depreciation) attributable to securities owned at February 28, 2026, which were valued using significant unobservable inputs (level 3), amounted to $1,424. This amount is included in Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

There were no significant transfers into or out of level 3 for the year ended February 28, 2026.

The significant unobservable inputs used in the fair value measurement of the Funds' investments are listed below. Generally, a change in the assumptions used in any input in isolation may be accompanied by a change in another input. Significant changes in any of the unobservable inputs may significantly impact the fair value measurement. The impact is based on the relationship between each unobservable input and the fair value measurement. Significant increases (decreases) in enterprise multiples may increase (decrease) the fair value measurement. Significant increases (decreases) in the discount for lack of marketability, liquidity discount, probability of default, yield and default rate may decrease (increase) the fair value measurement. A significant change in the discount rate or prepayment rate (Constant Prepayment Rate or PSA Prepayment Model) may decrease or increase the fair value measurement.

**Core Bond Fund**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $632350 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 6.52% - 12.39% (8.61%) |
| Corporate Bonds | &nbsp;&nbsp; 632350 |  |  |  |
|  | &nbsp;&nbsp; 502464 | Discounted Cash Flow | Constant Default Rate | 0.00% - 47.00% (0.00%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.67% - 18.41% (6.45%) |
| Asset-Backed Securities | &nbsp;&nbsp; 502464 |  |  |  |
|  | &nbsp;&nbsp; 33482 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 100.00% (33.61%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.71% - 7.91% (6.53%) |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 33482 |  |  |  |
|  | &nbsp;&nbsp; 84436 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 5.35% - 7.41% (6.22%) |
| Commercial Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 84436 |  |  |  |
| Total | &nbsp;&nbsp; $1252732 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

320 J.P. Morgan Income Funds February 28, 2026

------

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At February 28, 2026, the value of these investments was $1,754,701. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**Core Plus**

**Bond Fund**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $34279 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 6.17% - 7.22% (6.69%) |
| Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 34279 |  |  |  |
|  | &nbsp;&nbsp; 250381 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 4.12% - 21.41% (8.18%) |
| Asset-Backed <br> Securities<br>| &nbsp;&nbsp; 250381 |  |  |  |
|  | &nbsp;&nbsp; 159249 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 7.32% - 12.82% (11.30%) |
|  | &nbsp;&nbsp; 1107 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 12.48x (12.48x) |
| Corporate Bonds | &nbsp;&nbsp; 160356 |  |  |  |
|  | &nbsp;&nbsp; 987 | Terms of Restructuring | Expected Recovery | 0.00% - 100.00% (75.06%) |
| Loan Assignments | &nbsp;&nbsp; 987 |  |  |  |
|  | &nbsp;&nbsp; 1260 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 12.48x (12.48x) |
|  | &nbsp;&nbsp; 12 | Terms of Restructuring | Expected Recovery | $0.00 - $0.50 ($0.19) |
| Common Stocks | &nbsp;&nbsp; 1272 |  |  |  |
| Total | &nbsp;&nbsp; $447275 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At February 28, 2026, the value of these investments was $1,007,728. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments. 

**Floating Rate**

**Income Fund**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $3608 | Terms of Restructuring | Expected Recovery | 0.00% - 100.00% (70.79%) |
| Loan Assignments | &nbsp;&nbsp; 3608 |  |  |  |
|  | &nbsp;&nbsp; 30 | Terms of Restructuring | Expected Recovery | $0.00 - $0.50 ($0.13) |
| Common Stocks | &nbsp;&nbsp; 30 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 321

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
| Total | &nbsp;&nbsp; $3638 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At February 28, 2026, the value of these investments was $243. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

**High Yield**

**Fund**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $66161 | Terms of Restructuring | Expected Recovery | 0.00% - 100.00% (75.79%) |
| Loan Assignments | &nbsp;&nbsp; 66161 |  |  |  |
|  | &nbsp;&nbsp; 28620 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 12.48x (12.48x) |
| Corporate Bonds | &nbsp;&nbsp; 28620 |  |  |  |
|  | &nbsp;&nbsp; 3105 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 12.48x (12.48x) |
|  | &nbsp;&nbsp; 152 | Terms of Restructuring | Expected Recovery | $0.00 - $0.50 ($0.14) |
| Common Stocks | &nbsp;&nbsp; 3257 |  |  |  |
| Total | &nbsp;&nbsp; $98038 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At February 28, 2026, the value of these investments was $63,602. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments. 

**Income Fund**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $128248 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 4.12% - 9.24% (7.18%) |
| Asset-Backed <br> Securities<br>| &nbsp;&nbsp; 128248 |  |  |  |
|  | &nbsp;&nbsp; 5080 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 7.41% (7.41%) |
| Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 5080 |  |  |  |
|  | &nbsp;&nbsp; 5026 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 6.06% (6.06%) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

322 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
| Collateralized <br> Mortgage <br> Obligations<br>| &nbsp;&nbsp; 5026 |  |  |  |
|  | &nbsp;&nbsp; 76414 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 7.41% - 12.57% (11.70%) |
|  | &nbsp;&nbsp; 797 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 12.48x (12.48x) |
|  | &nbsp;&nbsp; - | Terms of Restructuring | Expected Recovery | 0.00% (0.00%) |
| Corporate Bonds | &nbsp;&nbsp; 77211 |  |  |  |
|  | &nbsp;&nbsp; 17939 | Terms of Restructuring | Expected Recovery | 0.00% - 100.00% (77.98%) |
| Loan Assignments | &nbsp;&nbsp; 17939 |  |  |  |
|  | &nbsp;&nbsp; 984 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 12.48x (12.48x) |
|  | &nbsp;&nbsp; 9 | Terms of Restructuring | Expected Recovery | $0.01 ($0.01) |
| Common Stocks | &nbsp;&nbsp; 993 |  |  |  |
| Total | &nbsp;&nbsp; $234497 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At February 28, 2026, the value of these investments was $692,214. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments. 

**Short**

**Duration**

**Bond Fund**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $34996 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 100.00% (13.97%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.79% - 5.24% (4.98%) |
| Asset-Backed Securities | &nbsp;&nbsp; 34996 |  |  |  |
|  | &nbsp;&nbsp; 33699 | Discounted Cash Flow | Constant Prepayment Rate | 25.00% - 100.00% (88.25%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.56% - 5.58% (4.90%) |
| Collateralized Mortgage <br> Obligations<br>| &nbsp;&nbsp; 33699 |  |  |  |
|  | &nbsp;&nbsp; 28846 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 12.39% (12.39%) |
| Corporate Bonds | &nbsp;&nbsp; 28846 |  |  |  |
| Total | &nbsp;&nbsp; $97541 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At February 28, 2026, the value of these investments was $83,614. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 323

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

**Short**

**Duration**

**Core Plus Fund**

**Quantitative Information about Level 3 Fair Value Measurements** #

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value at**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Valuation**<br> **Technique(s)**<br>| &nbsp;&nbsp; **Unobservable**<br> **Input**<br>| &nbsp;&nbsp; **Range (Weighted**<br> **Average) (a)**<br>|
|  | &nbsp;&nbsp; $13012 | Discounted Cash Flow | Constant Prepayment Rate | 0.00% - 100.00% (6.21%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.86%-7.27% (6.35%) |
| Asset-Backed <br> Securities<br>| &nbsp;&nbsp; 13012 |  |  |  |
|  | &nbsp;&nbsp; 24820 | Discounted Cash Flow | Constant Prepayment Rate | 35.75% - 100.00% (82.40%) |
|  |  |  | Yield (Discount Rate of Cash Flows) | 4.60% - 5.02% (4.84%) |
| Collateralized <br> Mortgage <br> Obligations<br>| &nbsp;&nbsp; 24820 |  |  |  |
|  | &nbsp;&nbsp; 20379 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 7.41% - 12.39% (11.12%) |
|  | &nbsp;&nbsp; 132 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 12.48x (12.48x) |
|  | &nbsp;&nbsp; - | Terms of Restructuring | Expected Recovery | 0.00% (0.00%) |
| Corporate Bonds | &nbsp;&nbsp; 20511 |  |  |  |
|  | &nbsp;&nbsp; 3000 | Discounted Cash Flow | Yield (Discount Rate of Cash Flows) | 7.41% (7.41%) |
| Commercial <br> Mortgage-Backed <br> Securities<br>| &nbsp;&nbsp; 3000 |  |  |  |
|  | &nbsp;&nbsp; 150 | Market Comparable Companies | &nbsp;&nbsp; EBITDA Multiple <br> (b)<br>| 12.48x (12.48x) |
| Common Stocks | &nbsp;&nbsp; 150 |  |  |  |
| Total | &nbsp;&nbsp; $61493 |  |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

# The table above does not include certain level 3 investments that are valued by brokers and Pricing Services. At February 28, 2026, the value of these investments was $48,595. The inputs for these investments are not readily available or cannot be reasonably estimated and are generally those inputs described in Note 2.A. 

(a) Unobservable inputs were weighted by the relative fair value of the instruments.

(b) Represents amounts used when the reporting entity has determined that market participants would take into account such multiples when pricing the investments. 

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of February 28, 2026, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

324 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**C. Loan Assignments**— Core Bond Fund, Core Plus Bond Fund, Floating Rate Income Fund, High Yield Fund, Income Fund and Short Duration Core Plus Fund invested in debt instruments that are interests in amounts owed to lenders or lending syndicates (a "Lender") by corporate, governmental or other borrowers (a "Borrower"). A loan is often administered by a bank or other financial institution (the "Agent") that acts as Agent for all holders. The Agent administers the terms of the loan, as specified in the loan agreement. The above Funds invested in loan assignments of all or a portion of the loans. When a Fund purchases a loan assignment, the Fund has direct rights against the Borrower on a loan. In addition, it is unclear whether loans, loan assignments and other forms of direct indebtedness offer securities law protections against fraud and misrepresentation. Also, because JPMIM may wish to invest in publicly traded securities of a Borrower, it may not have access to material non-public information regarding the Borrower to which other investors have access. Although certain loans are secured by collateral, a Fund could experience delays or limitations in realizing the value on such collateral or have its interest subordinated to other indebtedness of the Borrower.

Loan assignments are vulnerable to market conditions such that economic conditions or other events may reduce the demand for assignments and certain assignments which were liquid when purchased, may become illiquid and difficult to value. In addition, the settlement period for loans is uncertain as there is no standardized settlement schedule applicable to such investments. Therefore, the Fund may not receive the proceeds from a sale of such investments for a period after the sale.

Certain loan assignments are also subject to the risks associated with high yield securities described under Note 7.

At February 28, 2026, Floating Rate Income Fund had investments in loan assignments that amounted to more than 5% of the Fund's net assets, by agent bank as follows:

---

| | |
|:---|:---|
| **Agent Bank** | **Percentage** |
| Bank of America NA | &nbsp;&nbsp;&nbsp;&nbsp; 15.9<br> %<br>|
| Goldman Sachs International | &nbsp;&nbsp;&nbsp;&nbsp;10.4 |
| Barclays Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;9.6 |
| Royal Bank of Canada | &nbsp;&nbsp;&nbsp;&nbsp;8.4 |
| JPMorgan Chase Bank, N.A. | &nbsp;&nbsp;&nbsp;&nbsp;8.3 |
| Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;6.1 |
| Citibank, NA | &nbsp;&nbsp;&nbsp;&nbsp;5.7 |

---

**D. Unfunded Commitments**— Floating Rate Income Fund, High Yield Fund and Income Fund entered into commitments to buy and sell investments including commitments to buy loan assignments to settle on future dates as part of their normal investment activities. Unfunded commitments may include revolving loan facilities which may obligate the Funds to provide cash to the borrower on demand. Unfunded commitments are generally traded and priced as part of a related loan assignment (Note 2.C.). The value of the unfunded portion of the investment is determined using a pro-rata allocation, based on its par value relative to the par value of the entire investment. The unrealized appreciation/depreciation from unfunded commitments is reported on the Statements of Assets and Liabilities. Credit risk exists on these commitments to the extent of any difference between the sales price and current value of the underlying securities sold. Market risk exists on these commitments to buy to the same extent as if the securities were owned on a settled basis and gains and losses are recorded and reported in the same manner. The Funds may receive an ongoing commitment fee based on the undrawn portion of the underlying loan facility, which is recorded as a component of Interest income from non-affiliates on the Statements of Operations.

At February 28, 2026, Floating Rate Income Fund, High Yield Fund and Income Fund had the following loan commitments outstanding in which all or a portion of the commitments were unfunded, and which could be extended at the options of the borrower:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  |  | **Unfunded** <br>**Commitment** | **Unfunded** <br>**Commitment** | **Funded** <br>**Commitment** | **Funded** <br>**Commitment** | **Total** <br>**Commitment** | **Total** <br>**Commitment** |
| **Security Description** | **Maturity** <br>**Date**<br>| **Commitment** <br>**Fee Rate**<br>| **Rate if** <br>**Funded**<br>| **Par** <br>**Amount**<br>| **Value** | **Par** <br>**Amount**<br>| **Value** | **Par** <br>**Amount**<br>| **Value** |
| **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** | **Floating Rate Income Fund** |
| Raven Acquisition Holdings LLC, 1st Lien <br> Delayed Draw Term Loan<br>| 11/19/2031 | 3.000<br> %<br>| 6.670<br> %<br>| &nbsp;&nbsp; $87 | &nbsp;&nbsp; $83 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $87 | &nbsp;&nbsp; $83 |
| **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** | **High Yield Fund** |
| Raven Acquisition Holdings LLC, 1st Lien <br> Delayed Draw Term Loan<br>| 11/19/2031 | 3.000 | 6.670 | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 349 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 366 | &nbsp;&nbsp; 349 |
| **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** | **Income Fund** |
| Raven Acquisition Holdings LLC, 1st Lien <br> Delayed Draw Term Loan<br>| 11/19/2031 | 3.000 | 6.670 | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 208 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 219 | &nbsp;&nbsp; 208 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 325

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**E. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— Core Bond Fund, Core Plus Bond Fund, Income Fund, Short Duration Bond Fund and Short Duration Core Plus Bond 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.

The Funds may be required to post or receive collateral for delayed delivery securities in the form of cash or securities under a Master Securities Forward Transaction Agreement with the counterparties (each, an "MSFTA"). The collateral requirements are generally calculated by netting the mark-to-market amount for a Fund's transactions under the MSFTA and comparing that amount to the value of the collateral pledged by a Fund and the counterparty. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by a Fund is held in a segregated account at the Fund's custodian bank and is included on the Statements of Assets and Liabilities as Restricted cash. Collateral received by the Funds is held in a separate segregated account maintained by JPMCB.

Core Bond Fund, Core Plus Bond Fund, Income Fund, Short Duration Bond Fund and Short Duration Core Plus Bond Fund had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2026, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2026 are detailed on the SOIs, if any.

The Funds' delayed delivery securities collateral requirements and collateral posted or received by counterparty as of February 28, 2026 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Fund** |  | **Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Collateral** <br>**amount**<br>|
| Core Bond Fund | Collateral Received | Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(260)<br>|
| Core Bond Fund | Collateral Received | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (300)<br>|
| Core Bond Fund | Collateral Received | Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6943)<br>|
| Core Plus Bond Fund | Collateral Received | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (540)<br>|
| Core Plus Bond Fund | Collateral Received | Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (660)<br>|
| Income Fund | Collateral Posted | Bank of America NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 880 |
| Income Fund | Collateral Posted | Barclays Bank plc | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1110 |
| Income Fund | Collateral Posted | Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4060 |
| Income Fund | Collateral Posted | Mizuho Securities USA LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 50 |
| Income Fund | Collateral Posted | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2340 |
| Income Fund | Collateral Posted | Wells Fargo Securities LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5390 |

---

**F. 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 the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrower. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

326 J.P. Morgan Income Funds February 28, 2026

------

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.

Core Bond Fund, Floating Rate Income Fund, Government Bond Fund, High Yield Fund, Income Fund, Short Duration Bond Fund and Short Duration Core Plus Fund did not lend out any securities during the year ended February 28, 2026.

**G. 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.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  | **Core Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% <br> (a) (b)<br>| $1927258 | $12333460 | $13190408 | $198 | $(216)<br>| $1070292 | 1069864 | $61050 | $— |

---

&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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  | **Core Plus Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% <br> (a) (b)<br>| $1752942 | $6743081 | $6945808 | $173 | $(111)<br>| $1550277 | 1549657 | $67954 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.67% <br> (a) (b)<br>| 628 |  | 628 |  |  |  |  | 14<br> \*<br>|  |
| **Total** | $1753570 | $6743081 | $6946436 | $173 | $(111)<br>| $1550277 |  | $67968 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of February 28, 2026.

\* Amount is included on the Statements of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 327

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate Income Fund**  | **Floating Rate Income Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, 3.52% <br> (a) (b)<br>| $9982 | $128781 | $134764 | $— | $— | $3999 | 3999 | $423 | $— |

---

&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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Government Bond Fund**  | **Government Bond Fund**  | **Government Bond Fund**  | **Government Bond Fund**  | **Government Bond Fund**  | **Government Bond Fund**  | **Government Bond Fund**  | **Government Bond Fund**  | **Government Bond Fund**  | **Government Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, 3.52% <br> (a) (b)<br>| $39433 | $645170 | $582051 | $— | $— | $102552 | 102552 | $1858 | $— |

---

&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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  | **High Yield Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, 3.52% <br> (a) (b)<br>| $144588 | $2640878 | $2370433 | $— | $— | $415033 | 415033 | $14393 | $— |

---

&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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  | **Income Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (a) (b)<br>| $27613 | $7334674 | $7114148 | $(51)<br>| $(2)<br>| $248086 | 247987 | $13675 | $— |

---

&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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

328 J.P. Morgan Income Funds February 28, 2026

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  | **Short Duration Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan U.S. Government Money Market <br> Fund Class Institutional Shares, 3.52% <br> (a) (b)<br>| $158186 | $4370056 | $4195098 | $— | $— | $333144 | 333144 | $14694 | $— |

---

&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 February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  | **Short Duration Core Plus Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund Class IM <br> Shares, 3.76% (a) (b)<br>| $104091 | $2946101 | $2983460 | $23 | $(4)<br>| $66751 | 66724 | $7549 | $— |

---

&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 February 28, 2026.

**H. Foreign Currency Translation** — The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the prevailing exchange rates of such currencies against the U.S. dollar. The market value of investment securities and other assets and liabilities are translated at the exchange rate as of the valuation date. Purchases and sales of investment securities, income and expenses are translated at the exchange rate prevailing on the respective dates of such transactions.

The Funds do not isolate the effect of changes in foreign exchange rates from changes in market prices on securities held. Accordingly, such changes are included within Change in net unrealized appreciation/depreciation on investments in non-affiliates on the Statements of Operations.

Reported realized foreign currency gains and losses arise from the disposition of foreign currency, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on each Fund's books on the transaction date and the U.S. dollar equivalent of the amounts actually received or paid. These reported realized foreign currency gains and losses are included in Net realized gain (loss) on foreign currency transactions on the Statements of Operations. Unrealized foreign currency gains and losses arise from changes (due to changes in exchange rates) in the value of foreign currency and other assets and liabilities denominated in foreign currencies, which are held at year end and are included in Change in net unrealized appreciation/depreciation on foreign currency translations on the Statements of Operations.

**I. Derivatives**—The Funds used derivative instruments including options, futures contracts, forward foreign currency exchange contracts and swaps, in connection with their investment strategy. Derivative instruments may be used as substitutes for securities in which the Funds can invest, to hedge portfolio investments or to generate income or gain to the Funds. Derivatives may also be used to manage duration, sector and yield curve exposures and credit and spread volatility.

The Funds may be subject to various risks from the use of derivatives, including the risk that changes in the value of a derivative may not correlate perfectly with the underlying asset, rate or index; counterparty credit risk related to derivatives counterparties' failure to perform under contract terms; liquidity risk related to the potential lack of a liquid market for these contracts allowing the Funds to close out their position(s); and documentation risk relating to disagreement over contract terms. Investing in certain derivatives also results in a form of leverage and as such, the Funds' risk of loss associated with these instruments may exceed their value, as recorded on the Statements of Assets and Liabilities.

The Funds are party to various derivative contracts governed by International Swaps and Derivatives Association master agreements ("ISDA agreements"). The Funds' ISDA agreements, which are separately negotiated with each dealer counterparty, may contain provisions allowing, absent other considerations, a counterparty to exercise rights, to the extent not otherwise waived, against the Funds in the event the Funds' net assets decline over time by a pre-determined percentage or fall below a pre-determined floor. The ISDA agreements may also contain provisions allowing, absent other conditions, the Funds to exercise rights, to the extent not otherwise waived, against a counterparty (e.g., decline in a counterparty's

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 329

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

credit rating below a specified level). Such rights for both a counterparty and the Funds often include the ability to terminate (i.e., close out) open contracts at prices which may favor a counterparty, which could have an adverse effect on the Funds. The ISDA agreements give the Funds and a counterparty the right, upon an event of default, to close out all transactions traded under such agreements and to net amounts owed or due across all transactions and offset such net payable or receivable against collateral posted to a segregated account by one party for the benefit of the other.

Counterparty credit risk may be mitigated to the extent a counterparty posts additional collateral for mark-to-market gains to the Funds.

Notes I(1) — I(4) below describe the various derivatives used by the Funds.

**(1) Options**—Government Bond Fund and Income Fund purchased and/or sold ("wrote") put and call options on various instruments including currencies, futures, securities and interest rate swaps ("swaptions") to manage and hedge interest rate risks within their portfolios and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

*Options Purchased* — Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds are added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

**(2) Futures Contracts**— Core Bond Fund, Core Plus Bond Fund, Government Bond Fund, Income Fund, Short Duration Bond Fund and Short Duration Core Plus Fund used 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 equity price, foreign exchange and interest rate risks. 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;

330 J.P. Morgan Income Funds February 28, 2026

------

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).

**(3) Forward Foreign Currency Exchange Contracts**— Core Plus Bond Fund and Income Fund are exposed to foreign currency risks associated with some or all of their portfolio investments and used forward foreign currency exchange contracts to hedge or manage certain of these exposures as part of an investment strategy. The Funds also bought forward foreign currency exchange contracts to gain exposure to currencies. Forward foreign currency exchange contracts represent obligations to purchase or sell foreign currency on a specified future date at a price fixed at the time the contracts are entered into. Non-deliverable forward foreign currency exchange contracts are settled with the counterparty in U.S. dollars without the delivery of the foreign currency.

The values of the forward foreign currency exchange contracts are adjusted daily based on the applicable exchange rate of the underlying currency. Changes in the value of these contracts are recorded as unrealized appreciation or depreciation until the contract settlement date. When the forward foreign currency exchange contract is closed, the Funds record a realized gain or loss equal to the difference between the value at the time the contract was opened and the value at the time it was closed. The Funds also record a realized gain or loss, upon settlement, when a forward foreign currency exchange contract offsets another forward foreign currency exchange contract with the same counterparty.

The Funds' forward foreign currency exchange contracts are subject to master netting arrangements (the right to close out all transactions with a counterparty and net amounts owed or due across transactions).

The Funds may be required to post or receive collateral for non-deliverable forward foreign currency exchange contracts.

**(4) Swaps**— Floating Rate Income Fund, High Yield Fund, Income Fund and Short Duration Core Plus Fund engaged in various swap transactions to manage credit and interest rate (e.g., duration, yield curve) risks within their respective portfolios. The Funds also used swaps as alternatives to direct investments. Swap transactions are contracts negotiated over-the-counter ("OTC swaps") between a fund and a counterparty or are centrally cleared ("centrally cleared swaps") through a central clearinghouse managed by a Futures Commission Merchant ("FCM") that exchange investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals.

Upfront payments made and/or received by the Funds are recorded as assets or liabilities, respectively, on the Statements of Assets and Liabilities and are amortized over the term of the swap. The value of an OTC swap agreement is recorded as either an asset or a liability on the Statements of Assets and Liabilities at the beginning of the measurement period. Upon entering into a centrally cleared swap, a Fund is required to deposit with the FCM cash or securities, which is referred to as initial margin deposit. Securities deposited as initial margin are designated on the Schedule of Portfolio Investments, while cash deposited, which is considered restricted, is reported as Deposits at broker for centrally cleared swaps on the Statements of Assets and Liabilities. Daily changes in valuation of centrally cleared swaps, if any, are recorded as a variation margin receivable or payable on the Statements of Assets and Liabilities. The change in the value of swaps, including accruals of periodic amounts of interest to be paid or received on swaps, is reported as Change in net unrealized appreciation/depreciation on swaps on the Statements of Operations. A realized gain or loss is recorded upon payment or receipt of a periodic payment or payment made upon termination of a swap agreement.

The central clearinghouse acts as the counterparty to each centrally cleared swap transaction; therefore credit risk is limited to the failure of the

clearinghouse.

The Funds' OTC swap contracts are subject to master netting arrangements.

**Credit Default Swaps**

Floating Rate Income Fund, High Yield Fund, Income Fund and Short Duration Core Plus Fund entered into credit default swaps to simulate long and/or short bond positions or to take an active long and/or short position with respect to the likelihood of a default or credit event by the issuer of the underlying reference obligation.

The underlying reference obligation may be a single issuer of corporate or sovereign debt, a basket of issuers or a credit index. A credit index is a list of credit instruments or exposures that reference a fixed number of obligors with shared characteristics that represents some part of the credit market as a whole. Index credit default swaps have standardized terms including a fixed spread and standard maturity dates. The composition of the obligations within a particular index changes periodically.

Credit default swaps involve one party, the protection buyer, making a stream of payments to another party, the protection seller, in exchange for the right to receive a contingent payment if there is a credit event related to the underlying reference obligation. In the event that the reference obligation matures prior to the termination date of the contract, a similar security will be substituted for the duration of the contract term. Credit events are defined under individual swap agreements and generally include bankruptcy, failure to pay, restructuring, repudiation/moratorium, obligation acceleration and obligation default.

If a credit event occurs, the Funds, as protection sellers, would be obligated to make a payment, which may be either: (i) a net cash settlement equal to the notional amount of the swap less the auction value of the reference obligation or (ii) the notional amount of the swap in exchange for the delivery of the reference obligation. Selling protection effectively adds leverage to the Fund's portfolio up to the notional amount of swap agreements. The notional amount represents the maximum potential liability under a contract and is not reflected on the Statements of Assets and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 331

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

Liabilities. Potential liabilities under these contracts may be reduced by: the auction rates of the underlying reference obligations; upfront payments received at the inception of a swap; and net amounts received from credit default swaps purchased with the identical reference obligation.

**(5) Summary of Derivatives Information**—The following tables present the value of derivatives held as of February 28, 2026, by their primary underlying risk exposure and respective location on the Statements of Assets and Liabilities:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Core Bond Fund** | **Core Plus** <br>**Bond Fund**<br>| **Government Bond Fund** | **High Yield** <br>**Fund**<br>| **Income Fund** |
| **Foreign Exchange Rate Risk Exposure:** |  |  |  |  |  |
| Unrealized Appreciation on Forward Foreign Currency <br> Exchange Contracts<br>| $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7161 |
| Unrealized Depreciation on Forward Foreign Currency <br> Exchange Contracts<br>|  | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3626)<br>|
| **Interest Rate Risk Exposure:** |  |  |  |  |  |
| Unrealized Appreciation on Futures Contracts \* | 16709 | &nbsp;&nbsp; 21546 | &nbsp;&nbsp; 644 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20548 |
| Purchased Options at Market Value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Unrealized Depreciation on Futures Contracts \* | (5071)<br>| &nbsp;&nbsp; (37)<br>| &nbsp;&nbsp; (565)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (12262)<br>|
| Written Options at Market Value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (482)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Credit Risk Exposure:** |  |  |  |  |  |
| Swaps at Value (Assets) \*\* |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2797 | &nbsp;&nbsp; — |
| Swaps at Value (Liabilities) \*\* |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (109027)<br>|
| **Net Fair Value of Derivative Contracts:** |  |  |  |  |  |
| Unrealized Appreciation (Depreciation) on Futures <br> Contracts \*<br>| 11638 | &nbsp;&nbsp; 21509 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8286 |
| Swaps at Value \*\* |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 2797 | &nbsp;&nbsp; (109027)<br>|
| Unrealized Appreciation (Depreciation) on Forward <br> Foreign Currency Exchange Contracts<br>|  | &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3535 |
| Purchased Options at Market Value  |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 820 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Written Options at Market Value |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (482)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Short** <br>**Duration** <br>**Bond Fund**<br>| **Short** <br>**Duration** <br>**Core Plus Fund**<br>|
| **Interest Rate Risk Exposure:** |  |  |
| Unrealized Appreciation on Futures Contracts \* | $2469 | &nbsp;&nbsp; $1921 |
| Unrealized Depreciation on Futures Contracts \* | (2830)<br>| &nbsp;&nbsp; (1442)<br>|
| **Credit Risk Exposure:** |  |  |
| Swaps at Value (Liabilities) \*\* |  | &nbsp;&nbsp; (4494)<br>|
| **Net Fair Value of Derivative Contracts:** |  |  |
| Unrealized Appreciation (Depreciation) on Futures Contracts \* | (361)<br>| &nbsp;&nbsp; 479 |
| Swaps at Value \*\* |  | &nbsp;&nbsp; (4494)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes cumulative appreciation/(depreciation) on futures contracts, if any, as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities. 

\*\* Includes the fair value of centrally cleared swap contracts as reported on the SOIs. Only current day's variation margin is reported within the Statements of Assets and Liabilities. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

332 J.P. Morgan Income Funds February 28, 2026

------

The following tables present the effect of derivatives on the Statements of Operations for the year ended February 28, 2026, by primary underlying risk exposure:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Bond Fund** | **Core Plus** <br>**Bond Fund**<br>| **Floating Rate** <br>**Income Fund**<br>| **Government Bond Fund** | **High Yield** <br>**Fund**<br>| **Income Fund** |
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Forward Foreign Currency Exchange <br> Contracts<br>| $— | &nbsp;&nbsp; $(1185)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $(39154)<br>|
| Purchased Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1442)<br>|
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | 114391 | &nbsp;&nbsp; 15884 | &nbsp;&nbsp; — | &nbsp;&nbsp; (611)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 17528 |
| Purchased Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (984)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10692)<br>|
| Written Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 703 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** |
| Swap Contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 288 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1216 | &nbsp;&nbsp; (44330)<br>|
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** | **Foreign Exchange Rate Risk Exposure:** |
| Forward Foreign Currency Exchange <br> Contracts<br>| $— | &nbsp;&nbsp; $(51)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3535 |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | (18160)<br>| &nbsp;&nbsp; 3818 | &nbsp;&nbsp; — | &nbsp;&nbsp; 79 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3907 |
| Purchased Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 338 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Written Options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (193)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** |
| Swap Contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1710 | &nbsp;&nbsp; 5658 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Short** <br>**Duration** <br>**Bond Fund**<br>| **Short** <br>**Duration** <br>**Core Plus Fund**<br>|
| **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** | **Realized Gain (Loss) on Derivatives Recognized as a Result From Operations:** |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | $(14534)<br>| &nbsp;&nbsp; $3209 |
| **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** |
| Swap Contracts |  | &nbsp;&nbsp; 935 |
| **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** | **Net Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized as a Result of Operations:** |
| **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** | **Interest Rate Risk Exposure:** |
| Futures Contracts | $1079 | &nbsp;&nbsp; $(1009)<br>|
| **Credit Risk Exposure:** | **Credit Risk Exposure:** | **Credit Risk Exposure:** |
| Swap Contracts |  | &nbsp;&nbsp; (231)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 333

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

**Derivatives Volume**

The table below discloses the volume of the Funds' options, futures contracts, forward foreign currency exchange contracts and swaps activity during the year ended February 28, 2026. Please refer to the tables in the Summary of Derivatives Information for derivative-related gains and losses associated with volume activity (amounts in thousands, except number of contracts):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Core Bond Fund** | **Core Plus** <br>**Bond Fund**<br>| **Floating Rate** <br>**Income Fund**<br>| **Government Bond Fund** | **High Yield** <br>**Fund**<br>| **Income Fund** |
| **Futures Contracts:** |  |  |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $7310823 | &nbsp;&nbsp; $4869170 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $138512 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3673343 |
| Average Notional Balance Short | &nbsp;&nbsp; (204192)<br>| &nbsp;&nbsp; (13452)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (37891)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1372395)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 6359277 | &nbsp;&nbsp; 4695641 | &nbsp;&nbsp; — | &nbsp;&nbsp; 262538 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4438105 |
| Ending Notional Balance Short | &nbsp;&nbsp; (363697)<br>| &nbsp;&nbsp; (2971)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (95944)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1479505)<br>|
| **Forward Foreign Currency Exchange** <br> **Contracts:**<br>|  |  |  |  |  |  |
| Average Settlement Value Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; (3819)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (303935)<br>|
| Average Settlement Value Sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 6309 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 58692 |
| Ending Settlement Value Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (933584)<br>|
| Ending Settlement Value Sold | &nbsp;&nbsp; — | &nbsp;&nbsp; 10086 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 232485 |
| **Exchange-Traded Options:** |  |  |  |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3027 | &nbsp;&nbsp; — | &nbsp;&nbsp; 787 |
| Average Number of Contracts Written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (3027)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 6175 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Ending Number of Contracts Written | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (6175)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **OTC Options:** |  |  |  |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 147231923 |
| **Credit Default Swaps:** |  |  |  |  |  |  |
| Average Notional Balance - Buy <br> Protection<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1189971 |
| Average Notional Balance - Sell <br> Protection<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1385 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31923 | &nbsp;&nbsp; 181517 |
| Ending Notional Balance - Buy Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1157234 |
| Ending Notional Balance - Sell Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 35000 | &nbsp;&nbsp; 181517 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **Short** <br>**Duration** <br>**Bond Fund**<br>| **Short** <br>**Duration** <br>**Core Plus Fund**<br>|
| **Futures Contracts:** |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $2754357 | &nbsp;&nbsp; $1196662 |
| Average Notional Balance Short | &nbsp;&nbsp; (831042)<br>| &nbsp;&nbsp; (292925)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 3150651 | &nbsp;&nbsp; 1164910 |
| Ending Notional Balance Short | &nbsp;&nbsp; (725014)<br>| &nbsp;&nbsp; (250571)<br>|
| **Credit Default Swaps:** |  |  |
| Average Notional Balance - Buy Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 27237 |
| Ending Notional Balance - Buy Protection | &nbsp;&nbsp; — | &nbsp;&nbsp; 58515 |

---

The Funds may be required to post or receive collateral based on the net value of the Funds' outstanding OTC swap contracts with the counterparty in the form of cash or securities. Daily movement of cash collateral is subject to minimum threshold amounts. Collateral posted by the Funds is held in a segregated account at the Funds' custodian bank. For certain counterparties cash collateral posted by the Funds is invested in an affiliated money market fund (See Note 3.F), otherwise the cash collateral is included on the Statements of Assets and Liabilities as Restricted cash for OTC derivatives. Collateral received by the Funds is held in a separate segregated account maintained by JPMorgan Chase Bank, N.A. ("JPMCB"), an affiliate of the Funds. These amounts are not reflected on the Funds' Statements of Assets and Liabilities and are disclosed in the table below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

334 J.P. Morgan Income Funds February 28, 2026

------

Income Fund's derivative contracts collateral requirements and collateral posted or received by counterparty as of February 28, 2026 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** |  | **Fund Counterparty** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Value of**<br> **contracts**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Collateral**<br> **amount**<br>|
| Income Fund | Collateral Received | BNP Paribas | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1064 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(670)<br>|
| Income Fund | Collateral Posted | Citibank, NA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2117)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2200 |
| Income Fund | Collateral Posted | Citigroup Global Markets, Inc. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6258)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5880 |
| Income Fund | Collateral Posted | Morgan Stanley | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24640)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23840 |

---

The Funds' derivatives contracts held at February 28, 2026 are not accounted for as hedging instruments under GAAP.

**J. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis.

Dividend income, if any, is recorded on the ex-dividend date or when the Funds first learn of the dividend.

Certain Funds may receive other income from investment in loan assignments and/or unfunded commitments, including amendment fees, consent fees and commitment fees. These fees are recorded as income when received by the Funds. These amounts are included in Interest income from non-affiliates on the Statements of Operations.

Core Bond Fund and Government Bond Fund invest in treasury inflation protected securities ("TIPS"). The principal amount of TIPS is adjusted periodically and is increased for inflation or decreased for deflation based on a monthly published index. These adjustments are recorded as increases or decreases to interest income on the Statements of Operations. Coupon payments are based on the adjusted principal at the time the interest is paid.

To the extent such information is publicly available, the Funds record distributions received in excess of income earned from underlying investments as a reduction of cost of investments and/or realized gain. Such amounts are based on estimates if actual amounts are not available and actual amounts of income, realized gain and return of capital may differ from the estimated amounts. The Funds adjust the estimated amounts of the components of distributions (and consequently their net investment income) as necessary, once the issuers provide information about the actual composition of the distributions.

**K. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 28, 2026, are as follows:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** | **Total** |
| **Core Bond Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | $100 | $7 | $149 | $8 | $3 | $—<br> (a)<br>| $3 | $350 | $620 |
| **Core Plus Bond Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 58 | 5 | 45 | 6 | 2 | 1 | —<br> (a)<br>| 204 | 321 |
| **Floating Rate Income Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 7 | 1 | 4 | n/a | n/a | n/a | n/a | 1 | 13 |
| **Government Bond Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 34 | 3 | 10 | 5 | 1 | 1 | n/a | 29 | 83 |
| **High Yield Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 34 | 4 | 6 | 3 | —<br> (a)<br>| —<br> (a)<br>| 1 | 50 | 98 |
| **Income Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 22 | 16 | 81 | n/a | n/a | n/a | n/a | 7 | 126 |
| **Short Duration Bond Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 25 | 2 | 16 | n/a | n/a | n/a | n/a | 78 | 121 |
| **Short Duration Core Plus Fund** |  |  |  |  |  |  |  |  |  |
| Transfer agency fees  | 15 | 2 | 13 | n/a | n/a | n/a | n/a | 23 | 53 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 335

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**L. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of February 28, 2026, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

For the year ended February 28, 2026, the Funds did not pay any significant foreign, federal or state and local income taxes.

**M. Foreign Taxes**—The Funds may be subject to foreign taxes on income, gains on investments or currency purchases/repatriation, a portion of which may be recoverable. The Funds will accrue such taxes and recoveries as applicable, based upon their current interpretation of tax rules and regulations that exist in the markets in which they invest. When a capital gains tax is determined to apply, the Funds record an estimated deferred tax liability in an amount that would be payable if the securities were disposed of on the valuation date.

**N. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least monthly, except for Income Fund, for which distributions are generally declared daily and paid at least monthly. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2190 | &nbsp;&nbsp;&nbsp;&nbsp; $(2190)<br>|
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (33)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 33 |
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1011 | &nbsp;&nbsp;&nbsp;&nbsp; (1011)<br>|
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28496)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 28496 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 4747 | &nbsp;&nbsp;&nbsp;&nbsp; (4747)<br>|
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 365 | &nbsp;&nbsp;&nbsp;&nbsp; (365)<br>|
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1236 | &nbsp;&nbsp;&nbsp;&nbsp; (1236)<br>|

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments and foreign currency gains and losses.

**O. Segment Reporting** — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**P. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds' net assets or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

336 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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:

---

| | |
|:---|:---|
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.28<br> %<br>|
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.55 |
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.28 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.50 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.22 |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended February 28, 2026, the effective rate for Core Bond Fund, Core Plus Bond Fund, Floating Rate Income Fund, Government Bond Fund, High Yield Fund, Income Fund, Short Duration Bond Fund and Short Duration Core Plus Fund was 0.04%, 0.06%, 0.075%, 0.075%, 0.075%, 0.075%, 0.075% and 0.075%, respectively, 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 Class A, Class C, Class R2 and Class R3 Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I, Class R4, Class R5 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** | **Class R2** | **Class R3** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

The Distributor waived distribution fees as outlined in Note 3.F.

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares and the CDSC from redemptions of Class C Shares (except for Class C Shares of Short Duration Bond Fund purchased prior to September 3, 2013) and certain Class A Shares for which front-end sales charges have been waived. For the year ended February 28, 2026, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $154 | &nbsp;&nbsp;&nbsp;&nbsp; $—<br> (a)<br>|
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 141 | &nbsp;&nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 19 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 337

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**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 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** | **Class R2** | **Class R3** | **Class R4** | **Class R5** |
| Core 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>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.10 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

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 R2** | **Class R3** | **Class R4** | **Class R5** | **Class R6** |
| Core Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.80<br> %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<sup>(1)</sup><br>|
| Core Plus Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.46 | &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 |
| Floating Rate Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp;1.00 | &nbsp;&nbsp;&nbsp;&nbsp;1.50 | &nbsp;&nbsp;&nbsp;&nbsp;0.75 | &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;0.65 |
| Government Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| High Yield Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.85<br> <sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.35<br> <sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.60<br> <sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.20<br> <sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> <sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.70<br> <sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> <sup>(2)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> <sup>(2)</sup><br>|
| Income Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.65 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 | &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;0.40 |
| Short Duration Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.59 | &nbsp;&nbsp;&nbsp;&nbsp;1.09 | &nbsp;&nbsp;&nbsp;&nbsp;0.34 | &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;0.28 |
| Short Duration Core Plus <br> Fund <br>| &nbsp;&nbsp;&nbsp;&nbsp;0.64 | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.39 | &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;0.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Prior to November 1, 2025, the contractual expense limitation was 0.75%, n/a, 0.50%, n/a, n/a, n/a, n/a and n/a for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 respectively. 

<sup>(2)</sup> Prior to November 1, 2025, the contractual expense limitation was 0.90%, 1.40%, 0.65%, 1.25%, 1.00%, 0.75%, 0.60% and 0.50% for Class A, Class C, Class I, Class R2, Class R3, Class R4, Class R5 and Class R6 respectively. 

Except as noted above, the expense limitation agreements were in effect for the year ended February 28, 2026 and the contractual limitation percentages are in place until at least June 30, 2026, except for Core Bond Fund and High Yield Fund, which are in place until at least October 31, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

338 J.P. Morgan Income Funds February 28, 2026

------

For the year ended February 28, 2026, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| Core Bond Fund | &nbsp;&nbsp; $2498 | &nbsp;&nbsp; $1659 | &nbsp;&nbsp; $20995 | &nbsp;&nbsp; $25152 | &nbsp;&nbsp; $114 |
| Core Plus Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 13490 | &nbsp;&nbsp; 13490 | &nbsp;&nbsp; — |
| Floating Rate Income Fund | &nbsp;&nbsp; 183 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 277 | &nbsp;&nbsp; 578 | &nbsp;&nbsp; — |
| Government Bond Fund | &nbsp;&nbsp; 973 | &nbsp;&nbsp; 648 | &nbsp;&nbsp; 1066 | &nbsp;&nbsp; 2687 | &nbsp;&nbsp; 3 |
| High Yield Fund | &nbsp;&nbsp; 4240 | &nbsp;&nbsp; 2829 | &nbsp;&nbsp; 1516 | &nbsp;&nbsp; 8585 | &nbsp;&nbsp; 41 |
| Income Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24362 | &nbsp;&nbsp; 24362 | &nbsp;&nbsp; — |
| Short Duration Bond Fund | &nbsp;&nbsp; 1793 | &nbsp;&nbsp; 1197 | &nbsp;&nbsp; 5382 | &nbsp;&nbsp; 8372 | &nbsp;&nbsp; — |
| Short Duration Core Plus Fund | &nbsp;&nbsp; 259 | &nbsp;&nbsp; 175 | &nbsp;&nbsp; 4755 | &nbsp;&nbsp; 5189 | &nbsp;&nbsp; — |

---

Additionally, the Funds may invest in one or more money market funds advised by the Adviser ("Affiliated Money Market Funds"). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the Affiliated Money Market Fund on the applicable Fund's investment in such Affiliated Money Market Fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these Affiliated Money Market Funds for the year ended February 28, 2026 were as follows:

---

| | |
|:---|:---|
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3119 |
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3438 |
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 22 |
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 94 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 693 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 668 |
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 726 |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 201 |

---

**G. Other**— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Boards' independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended February 28, 2026, Core Bond Fund, Core Plus Bond Fund, High Yield Fund, Income Fund, Short Duration Bond Fund and Short Duration Core Plus Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 339

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**4. Investment Transactions** 

During the year ended February 28, 2026, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| Core Bond Fund | $13955900 | $14908442 | $5797156 | $1391252 |
| Core Plus Bond Fund | 13871759 | 12905672 | 2045628 | 1242318 |
| Floating Rate Income Fund | 35744 | 141652 |  |  |
| Government Bond Fund | 311994 | 492551 | 357846 | 324863 |
| High Yield Fund | 2606218 | 1551351 | 93105 | 123931 |
| Income Fund | 52138649 | 47670672 |  |  |
| Short Duration Bond Fund | 4798018 | 3321824 | 2842781 | 3275108 |
| Short Duration Core Plus Fund | 3837744 | 1905397 | 1954555 | 1035864 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $55229616 | &nbsp;&nbsp;&nbsp;&nbsp; $973687 | &nbsp;&nbsp;&nbsp;&nbsp; $2048821 | &nbsp;&nbsp;&nbsp;&nbsp; $(1075134)<br>|
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 26126226 | &nbsp;&nbsp;&nbsp;&nbsp; 548605 | &nbsp;&nbsp;&nbsp;&nbsp; 624195 | &nbsp;&nbsp;&nbsp;&nbsp; (75590)<br>|
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 178985 | &nbsp;&nbsp;&nbsp;&nbsp; 1083 | &nbsp;&nbsp;&nbsp;&nbsp; 10342 | &nbsp;&nbsp;&nbsp;&nbsp; (9259)<br>|
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2034950 | &nbsp;&nbsp;&nbsp;&nbsp; 23491 | &nbsp;&nbsp;&nbsp;&nbsp; 96101 | &nbsp;&nbsp;&nbsp;&nbsp; (72610)<br>|
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6759353 | &nbsp;&nbsp;&nbsp;&nbsp; 194307 | &nbsp;&nbsp;&nbsp;&nbsp; 173854 | &nbsp;&nbsp;&nbsp;&nbsp; 20453 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15631214 | &nbsp;&nbsp;&nbsp;&nbsp; 333104 | &nbsp;&nbsp;&nbsp;&nbsp; 462342 | &nbsp;&nbsp;&nbsp;&nbsp; (129238)<br>|
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 12207830 | &nbsp;&nbsp;&nbsp;&nbsp; 121676 | &nbsp;&nbsp;&nbsp;&nbsp; 44878 | &nbsp;&nbsp;&nbsp;&nbsp; 76798 |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6769178 | &nbsp;&nbsp;&nbsp;&nbsp; 80350 | &nbsp;&nbsp;&nbsp;&nbsp; 42286 | &nbsp;&nbsp;&nbsp;&nbsp; 38064 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain derivatives and investments and wash sale loss deferrals.

The tax character of distributions paid during the year ended February 28, 2026 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $2087101 | &nbsp;&nbsp;&nbsp;&nbsp; $2087101 |
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1194138 | &nbsp;&nbsp;&nbsp;&nbsp; 1194138 |
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 16704 | &nbsp;&nbsp;&nbsp;&nbsp; 16704 |
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 63897 | &nbsp;&nbsp;&nbsp;&nbsp; 63897 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 428077 | &nbsp;&nbsp;&nbsp;&nbsp; 428077 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 860491 | &nbsp;&nbsp;&nbsp;&nbsp; 860491 |
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 472154 | &nbsp;&nbsp;&nbsp;&nbsp; 472154 |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 225902 | &nbsp;&nbsp;&nbsp;&nbsp; 225902 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

340 J.P. Morgan Income Funds February 28, 2026

------

The tax character of distributions paid during the year ended February 28, 2025 was as follows:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $1896980 | &nbsp;&nbsp;&nbsp;&nbsp; $1896980 |
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 1029991 | &nbsp;&nbsp;&nbsp;&nbsp; 1029991 |
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 27995 | &nbsp;&nbsp;&nbsp;&nbsp; 27995 |
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 55737 | &nbsp;&nbsp;&nbsp;&nbsp; 55737 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 389297 | &nbsp;&nbsp;&nbsp;&nbsp; 389297 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 609720 | &nbsp;&nbsp;&nbsp;&nbsp; 609720 |
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 374990 | &nbsp;&nbsp;&nbsp;&nbsp; 374990 |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 152020 | &nbsp;&nbsp;&nbsp;&nbsp; 152020 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of February 28, 2026, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $19906 | &nbsp;&nbsp;&nbsp;&nbsp; $(1095401)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(1076182)<br>|
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 15320 | &nbsp;&nbsp;&nbsp;&nbsp; (1445738)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (75760)<br>|
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 262 | &nbsp;&nbsp;&nbsp;&nbsp; (359456)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (9262)<br>|
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 551 | &nbsp;&nbsp;&nbsp;&nbsp; (69810)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (74052)<br>|
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 8627 | &nbsp;&nbsp;&nbsp;&nbsp; (682678)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 20506 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 39912 | &nbsp;&nbsp;&nbsp;&nbsp; (1064160)<br>| &nbsp;&nbsp;&nbsp;&nbsp; (129226)<br>|
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 4085 | &nbsp;&nbsp;&nbsp;&nbsp; (271174)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 76678 |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2305 | &nbsp;&nbsp;&nbsp;&nbsp; (486998)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 38058 |

---

The cumulative timing differences primarily consist of tax adjustments on certain derivatives and investments, ordinary loss deferrals, post-October capital loss deferrals, straddle loss deferral, dividends payable and wash sale loss deferrals.

As of February 28, 2026, the following Funds had net capital loss carryforwards, which are available to offset future realized gains:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $215019 | &nbsp;&nbsp;&nbsp;&nbsp; $880382 |
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 354927 | &nbsp;&nbsp;&nbsp;&nbsp; 1090811 |
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 48756 | &nbsp;&nbsp;&nbsp;&nbsp; 310700 |
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3532 | &nbsp;&nbsp;&nbsp;&nbsp; 66278 |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 682678 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 221628 | &nbsp;&nbsp;&nbsp;&nbsp; 842532 |
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 127305 | &nbsp;&nbsp;&nbsp;&nbsp; 143869 |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 177752 | &nbsp;&nbsp;&nbsp;&nbsp; 309246 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 341

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

Specified ordinary losses and net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended February 28, 2026, the Funds deferred to March 1, 2026 the following specified ordinary losses and net capital losses (gains):

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses**  |
|  | **Short-Term** | **Long-Term** | &nbsp;&nbsp;&nbsp; **Specified** <br>**Ordinary Losses**  |
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $(17426)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $43481 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Core Plus Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (22615)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 31197 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Floating Rate Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; 463 | &nbsp;&nbsp;&nbsp;&nbsp; 17217 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Government Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (549)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12176 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; (6240)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 86975 | &nbsp;&nbsp;&nbsp;&nbsp; 33420 |
| Income Fund | &nbsp;&nbsp;&nbsp;&nbsp; (7784)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 19276 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (1655)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2012 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; (692)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1919 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

During the year ended February 28, 2026, the following Funds utilized capital loss carryforwards as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Utilized**  | **Capital Loss Utilized**  |
|  | **Short-Term** | **Long-Term** |
| Core Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $36986 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 677 | &nbsp;&nbsp;&nbsp;&nbsp; 589 |
| Short Duration Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5523 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Short Duration Core Plus Fund | &nbsp;&nbsp;&nbsp;&nbsp; 5703 | &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 at February 28, 2026. Average borrowings from the Facility during the year ended February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Average** <br>**Borrowings**<br>| &nbsp;&nbsp; **Average** <br>**Interest** <br>**Rate Paid**<br>| &nbsp;&nbsp; **Number of** <br>**Days** <br>**Outstanding**<br>| &nbsp;&nbsp; **Interest** <br>**Paid**<br>|
| Income Fund | &nbsp;&nbsp; $16025 | &nbsp;&nbsp;&nbsp;&nbsp; 5.10<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; $2 |

---

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

342 J.P. Morgan Income Funds February 28, 2026

------

with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended February 28, 2026.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of February 28, 2026, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| Core Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; —<br> %<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 26.8<br> %<br>|
| Core Plus Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;17.0 |
| Floating Rate Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;58.8 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;25.2 |
| Government Bond Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp;50.1 |
| High Yield Fund | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;16.5 |
| Income Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;31.1 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;35.3 |
| Short Duration Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;55.3 | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;11.9 |
| Short Duration Core Plus Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;58.8 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

As of February 28, 2026, J.P. Morgan Investor Funds, JPMorgan SmartRetirement Funds and JPMorgan SmartRetirement Blend Funds, which are affiliated fund of funds, each owned in the aggregate, shares representing more than 10% of the net assets of the Funds as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **J.P. Morgan** <br>**Investor** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Funds**<br>| &nbsp;&nbsp;&nbsp; **JPMorgan** <br>**SmartRetirement** <br>**Blend Funds**<br>|
| High Yield Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10.4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 12.4<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 11.8<br> %<br>|

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

The Funds are subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

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;

February 28, 2026 J.P. Morgan Income Funds 343

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (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.

Core Plus Bond Fund, Floating Rate Income Fund, High Yield Fund, Income Fund and Short Duration Core Plus Fund invest in high yield securities that are not rated or rated below investment grade (commonly known as "junk bonds"). These securities are considered to be high risk investments. Investments in lower-rated securities or unrated securities of comparable quality tend to be more sensitive to economic conditions than higher rated securities. Junk bonds involve a greater risk of default by the issuer because such securities are generally unsecured and are often subordinated to other creditors' claims. The market price of these securities can change suddenly and unexpectedly. As a result, the Funds are intended for investors who are able and willing to assume a high degree of risk.

Derivatives may be riskier than other types of investments because they may be more sensitive to changes in economic and market conditions and could result in losses that significantly exceed the Funds' original investment. Many derivatives create leverage thereby causing the Funds to be more volatile than they would have been if they had not used derivatives. Derivatives also expose the Funds to counterparty risk (the risk that the derivative counterparty will not fulfill its contractual obligations), including credit risk of the derivative counterparty. The possible lack of a liquid secondary market for derivatives and the resulting inability of the Funds to sell or otherwise close a derivatives position could expose the Funds to losses and could make derivatives more difficult for the Fund to value accurately.

The Funds are also subject to counterparty credit risk, which is the risk that a counterparty fails to perform on agreements with the Funds.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

344 J.P. Morgan Income Funds February 28, 2026

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Boards of Trustees of JPMorgan Trust I and JPMorgan Trust II and Shareholders of JPMorgan Core Bond Fund, JPMorgan Core Plus Bond Fund, JPMorgan Floating Rate Income Fund, JPMorgan Government Bond Fund, JPMorgan High Yield Fund, JPMorgan Income Fund, JPMorgan Short Duration Bond Fund and JPMorgan Short Duration Core Plus Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan Floating Rate Income Fund, JPMorgan Income Fund and JPMorgan Short Duration Core Plus Fund (three of the funds constituting JPMorgan Trust I) and JPMorgan Core Bond Fund, JPMorgan Core Plus Bond Fund, JPMorgan Government Bond Fund, JPMorgan High Yield Fund and JPMorgan Short Duration Bond Fund (five of the funds constituting JPMorgan Trust II) (hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, transfer agents, agent banks and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 29, 2026

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 345

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended February 28, 2026. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2026. The information necessary to complete your income tax returns for the calendar year ending December 31, 2026 will be provided under separate cover.

**Qualified Interest Income (QII)**

Each Fund listed below paid the following amount, or maximum allowable amount, of ordinary distributions treated as qualified interest income and short-term capital gains for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Qualified** <br>**Interest** <br>**Income**<br>|
| JPMorgan Core Bond Fund | &nbsp;&nbsp; $1851223 |
| JPMorgan Core Plus Bond Fund | &nbsp;&nbsp; 1041009 |
| JPMorgan Government Bond Fund | &nbsp;&nbsp; 63897 |
| JPMorgan High Yield Fund | &nbsp;&nbsp; 359244 |
| JPMorgan Short Duration Bond Fund | &nbsp;&nbsp; 378326 |

---

**Treasury Income**

Each Fund listed below had the following percentage, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Income from** <br>**U.S. Treasury** <br>**Obligations**<br>|
| JPMorgan Core Bond Fund | 21.2<br> %<br>|
| JPMorgan Core Plus Bond Fund | 6.6 |
| JPMorgan Government Bond Fund | 34.9 |
| JPMorgan High Yield Fund | 0.8 |
| JPMorgan Short Duration Bond Fund | 18.8 |
| JPMorgan Short Duration Core Plus Fund | 9.8 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

346 J.P. Morgan Income Funds February 28, 2026

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g112100img5e2250582.jpg)

------

![](g112100img6743144d3.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2026. All rights reserved. February 2026.

AN-INC2-226

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

Annual Financial Statements

J.P. Morgan Income Funds

February 28, 2026

JPMorgan Managed Income Fund<br>

![](g140208imgc93ad2dd1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedule of Portfolio Investments](#xx_15a00b0e-8599-4f2c-aea4-f60b6c1013ac_SOI-TOC-ScheduleofInvestments-730_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_15a00b0e-8599-4f2c-aea4-f60b6c1013ac_FS-TOC-FinancialStatement-730_1) | &nbsp;&nbsp; **11** |
| [Financial Highlights](#xx_15a00b0e-8599-4f2c-aea4-f60b6c1013ac_FIHI-TOC-FinancialHighlights-730_1) | &nbsp;&nbsp; **16** |
| [Notes to Financial Statements](#xx_15a00b0e-8599-4f2c-aea4-f60b6c1013ac_NTF-NTFRunningFooter-730_1) | &nbsp;&nbsp; **18** |
| [Report of Independent Registered Public Accounting Firm](#xx_15a00b0e-8599-4f2c-aea4-f60b6c1013ac_AUD-TOC-AuditorsReport-730_1) | &nbsp;&nbsp; **26** |
| [Tax Letter](#xx_15a00b0e-8599-4f2c-aea4-f60b6c1013ac_TL-TAXLETTERCC-730_1) | &nbsp;&nbsp; **27** |

---

**Investments in the 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 the 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 the Fund or the securities markets.

Prospective investors should refer to the Fund's prospectuses for a discussion of the Fund's 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 the Fund, including management fees and other expenses. Please read it carefully before investing.

------

JPMorgan Managed Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Corporate Bonds — 75.2%** | **Corporate Bonds — 75.2%** | **Corporate Bonds — 75.2%** |
| **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** | **Aerospace & Defense — 0.7%** |
| BAE Systems plc (United Kingdom) 5.00%, <br> 3/26/2027 (a)<br>| 3377 | 3417 |
| Howmet Aerospace, Inc. 3.75%, 3/3/2028 (b) | 4831 | 4825 |
| L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  | L3Harris Technologies, Inc.  |
| 3.85%, 12/15/2026 | 3074 | 3072 |
| 5.40%, 1/15/2027 | 22383 | 22680 |
|  |  | 33994 |
| **Automobiles — 2.5%** | **Automobiles — 2.5%** | **Automobiles — 2.5%** |
| BMW US Capital LLC (Germany) | BMW US Capital LLC (Germany) | BMW US Capital LLC (Germany) |
| 4.65%, 8/13/2026 (a) | 3549 | 3560 |
| 4.15%, 8/11/2027 (a) | 11294 | 11345 |
| Hyundai Capital America  | Hyundai Capital America  | Hyundai Capital America  |
| 5.50%, 3/30/2026 (a) | 6663 | 6669 |
| 5.45%, 6/24/2026 (a) | 11111 | 11157 |
| 3.00%, 2/10/2027 (a) (c) | 603 | 598 |
| 5.30%, 3/19/2027 (a) | 180 | 183 |
| 4.85%, 3/25/2027 (a) | 20602 | 20797 |
| 5.28%, 6/24/2027 (a) | 940 | 956 |
| 4.30%, 9/24/2027 (a) | 10031 | 10076 |
| Kia Corp. (South Korea) 3.25%, 4/21/2026 (a) (c) | 4416 | 4410 |
| Mercedes-Benz Finance North America LLC <br> (Germany) 4.88%, 7/31/2026 (a)<br>| 10340 | 10380 |
| Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) | Volkswagen Group of America Finance LLC (Germany) |
| 4.90%, 8/14/2026 (a) | 10592 | 10626 |
| 5.70%, 9/12/2026 (a) (c) | 19637 | 19806 |
| 4.95%, 3/25/2027 (a) | 2675 | 2700 |
| 4.35%, 6/8/2027 (a) | 2475 | 2482 |
| 4.45%, 9/11/2027 (a) | 4527 | 4551 |
|  |  | 120296 |
| **Banks — 29.6%** | **Banks — 29.6%** | **Banks — 29.6%** |
| ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) | ABN AMRO Bank NV (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.80%), 1.54%, <br> 6/16/2027 (a) (d)<br>| 10300 | 10222 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.65%), 6.34%, <br> 9/18/2027 (a) (d)<br>| 46723 | 47307 |
| (SOFRINDX + 0.75%), 4.44%, 7/7/2028 (a) (d) | 2627 | 2642 |
| ANZ New Zealand Int'l Ltd. (New Zealand) | ANZ New Zealand Int'l Ltd. (New Zealand) | ANZ New Zealand Int'l Ltd. (New Zealand) |
| 4.00%, 1/22/2029 (a) | 3507 | 3527 |
| (SOFR + 0.61%), 4.29%, 1/22/2029 (a) (d) | 5078 | 5075 |
| Banco Santander SA (Spain) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year + <br> 0.90%), 1.72%, 9/14/2027 (d)<br>| 30534 | 30169 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Bank of America Corp.  | Bank of America Corp.  | Bank of America Corp.  |
| Series N, (SOFR + 0.91%), 1.66%, <br> 3/11/2027 (d)<br>| 1690 | 1689 |
| (3-MONTH CME TERM SOFR + 1.32%), 3.56%, <br> 4/23/2027 (d)<br>| 25815 | 25796 |
| (SOFR + 0.96%), 1.73%, 7/22/2027 (d) | 36047 | 35723 |
| (SOFR + 1.05%), 2.55%, 2/4/2028 (d) | 1149 | 1134 |
| (SOFR + 1.58%), 4.38%, 4/27/2028 (d) | 7571 | 7606 |
| Bank of Montreal (Canada) | Bank of Montreal (Canada) | Bank of Montreal (Canada) |
| Series f2f, (SOFR + 0.88%), 4.57%, <br> 9/10/2027 (d)<br>| 24408 | 24493 |
| Series J, (SOFR + 0.53%), 4.10%, <br> 12/15/2027 (d)<br>| 33171 | 33200 |
| (SOFR + 0.62%), 4.31%, 1/13/2028 (d) | 16786 | 16818 |
| Bank of New Zealand (New Zealand) 1.00%, <br> 3/3/2026 (a)<br>| 11036 | 11035 |
| Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) | Bank of Nova Scotia (The) (Canada) |
| 5.35%, 12/7/2026 | 44371 | 44889 |
| (SOFR + 0.76%), 4.04%, 9/15/2028 (d) | 23354 | 23388 |
| (SOFR + 0.73%), 4.25%, 2/2/2030 (d) | 9977 | 10026 |
| Banque Federative du Credit Mutuel SA (France) <br> 5.90%, 7/13/2026 (a)<br>| 32889 | 33114 |
| Barclays plc (United Kingdom) | Barclays plc (United Kingdom) | Barclays plc (United Kingdom) |
| (SOFR + 2.21%), 5.83%, 5/9/2027 (d) | 10000 | 10032 |
| (SOFR + 1.88%), 6.50%, 9/13/2027 (d) | 39777 | 40285 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.05%), 2.28%, <br> 11/24/2027 (d)<br>| 10202 | 10065 |
| BNP Paribas SA (France) | BNP Paribas SA (France) | BNP Paribas SA (France) |
| (SOFR + 0.91%), 1.68%, 6/30/2027 (a) (d) | 5762 | 5718 |
| 3.50%, 11/16/2027 (a) | 3516 | 3491 |
| BPCE SA (France) 5.20%, 1/18/2027 (a) | 4670 | 4726 |
| CaixaBank SA (Spain) (SOFR + 2.08%), 6.68%, <br> 9/13/2027 (a) (d)<br>| 15076 | 15290 |
| Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) | Canadian Imperial Bank of Commerce (Canada) |
| 5.24%, 6/28/2027 | 15175 | 15453 |
| (SOFR + 0.93%), 4.51%, 9/11/2027 (d) | 23328 | 23398 |
| (SOFR + 0.72%), 4.86%, 1/13/2028 (d) | 33913 | 34150 |
| (SOFRINDX + 0.60%), 4.24%, 9/8/2028 (d) | 7878 | 7914 |
| Capital One NA 3.45%, 7/27/2026 | 47719 | 47630 |
| Citibank NA  | Citibank NA  | Citibank NA  |
| 4.93%, 8/6/2026 | 3365 | 3378 |
| (SOFR + 0.71%), 4.88%, 11/19/2027 (d) | 26235 | 26417 |
| Citigroup, Inc.  | Citigroup, Inc.  | Citigroup, Inc.  |
| (SOFR + 0.77%), 1.46%, 6/9/2027 (d) | 21711 | 21558 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 1

------

JPMorgan Managed Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (SOFR + 1.14%), 4.64%, 5/7/2028 (d) | 4646 | 4678 |
| Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) | Cooperatieve Rabobank UA (Netherlands) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.73%), 1.98%, <br> 12/15/2027 (a) (d)<br>| 19396 | 19102 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.22%), 3.65%, <br> 4/6/2028 (a) (d)<br>| 5000 | 4985 |
| Credit Agricole SA (France) | Credit Agricole SA (France) | Credit Agricole SA (France) |
| 4.13%, 1/10/2027 (a) | 13251 | 13279 |
| 2.02%, 1/11/2027 (a) (c) | 1500 | 1477 |
| Danske Bank A/S (Denmark) (US Treasury Yield <br> Curve Rate T Note Constant Maturity 1 Year + <br> 0.95%), 5.43%, 3/1/2028 (a) (d)<br>| 2566 | 2604 |
| Fifth Third Bancorp (SOFR + 0.69%), 1.71%, <br> 11/1/2027 (d)<br>| 25632 | 25251 |
| HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) | HSBC Holdings plc (United Kingdom) |
| 3.90%, 5/25/2026 | 5000 | 4999 |
| (SOFR + 1.29%), 1.59%, 5/24/2027 (c) (d) | 7443 | 7401 |
| (SOFR + 1.57%), 5.89%, 8/14/2027 (d) | 15896 | 16031 |
| (SOFR + 1.10%), 2.25%, 11/22/2027 (c) (d) | 7400 | 7315 |
| (SOFR + 1.06%), 5.60%, 5/17/2028 (d) | 10482 | 10674 |
| ING Groep NV (Netherlands) | ING Groep NV (Netherlands) | ING Groep NV (Netherlands) |
| 3.95%, 3/29/2027 | 7013 | 7020 |
| (SOFR + 1.01%), 1.73%, 4/1/2027 (d) | 19545 | 19508 |
| (SOFR + 1.56%), 6.08%, 9/11/2027 (d) | 19510 | 19721 |
| Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) | Lloyds Banking Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.48%), 5.99%, <br> 8/7/2027 (d)<br>| 50934 | 51366 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.38%), 5.46%, <br> 1/5/2028 (d)<br>| 8536 | 8641 |
| (3-MONTH SOFR + 1.21%), 3.57%, <br> 11/7/2028 (d)<br>| 10500 | 10430 |
| Mitsubishi UFJ Financial Group, Inc. (Japan) (US <br> Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.75%), 1.54%, <br> 7/20/2027 (d)<br>| 20340 | 20153 |
| Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) | Mizuho Financial Group, Inc. (Japan) |
| 2.84%, 9/13/2026 | 3375 | 3357 |
| 3.66%, 2/28/2027 | 5729 | 5718 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.67%), 1.23%, <br> 5/22/2027 (d)<br>| 28776 | 28605 |
| Morgan Stanley Bank NA (SOFR + 0.68%), 4.45%, <br> 10/15/2027 (d)<br>| 5862 | 5883 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| Morgan Stanley Private Bank NA (SOFR + 0.76%), <br> 4.21%, 2/8/2030 (d)<br>| 7788 | 7825 |
| National Bank of Canada (Canada) | National Bank of Canada (Canada) | National Bank of Canada (Canada) |
| (SOFR + 0.56%), 4.70%, 3/5/2027 (d) | 15157 | 15157 |
| (SOFRINDX + 0.90%), 4.59%, 3/25/2027 (d) | 24102 | 24110 |
| (SOFR + 1.04%), 5.60%, 7/2/2027 (d) | 9774 | 9826 |
| (SOFR + 0.80%), 4.95%, 2/1/2028 (d) | 3186 | 3214 |
| (SOFRINDX + 0.76%), 4.17%, 1/20/2029 (d) | 8958 | 8990 |
| (SOFR + 0.77%), 4.44%, 1/20/2029 (d) | 5643 | 5649 |
| NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) | NatWest Group plc (United Kingdom) |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.35%), 5.85%, <br> 3/2/2027 (d)<br>| 27913 | 27913 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.10%), 5.58%, <br> 3/1/2028 (d)<br>| 11400 | 11581 |
| NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) | NatWest Markets plc (United Kingdom) |
| 1.60%, 9/29/2026 (a) | 792 | 781 |
| 4.17%, 11/6/2028 (a) | 10622 | 10660 |
| Nordea Bank Abp (Finland) 1.50%, 9/30/2026 (a) | 17586 | 17348 |
| PNC Financial Services Group, Inc. (The) (SOFR + <br> 1.34%), 5.30%, 1/21/2028 (d)<br>| 6374 | 6450 |
| Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) | Royal Bank of Canada (Canada) |
| (SOFR + 0.79%), 5.07%, 7/23/2027 (d) | 23644 | 23748 |
| (SOFRINDX + 0.72%), 4.51%, <br> 10/18/2027 (c) (d)<br>| 5957 | 5985 |
| Santander Holdings USA, Inc. 3.24%, 10/5/2026 | 2769 | 2755 |
| Societe Generale SA (France) | Societe Generale SA (France) | Societe Generale SA (France) |
| (SOFR + 1.10%), 4.77%, 2/19/2027 (a) (d) | 678 | 681 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.00%), 1.79%, <br> 6/9/2027 (a) (d)<br>| 17493 | 17385 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.50%), 5.52%, <br> 1/19/2028 (a) (d)<br>| 2500 | 2531 |
| Standard Chartered Bank (United Kingdom) | Standard Chartered Bank (United Kingdom) | Standard Chartered Bank (United Kingdom) |
| (SOFR + 0.65%), 4.34%, 10/8/2026 (d) | 800 | 801 |
| 4.85%, 12/3/2027 | 8583 | 8730 |
| Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) | Standard Chartered plc (United Kingdom) |
| 4.05%, 4/12/2026 (a) | 5269 | 5265 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.85%), 6.19%, <br> 7/6/2027 (a) (d)<br>| 7300 | 7352 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 1.85%), 6.75%, <br> 2/8/2028 (a) (d)<br>| 24688 | 25283 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Banks — continued** | **Banks — continued** | **Banks — continued** |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 3.45%), 7.77%, <br> 11/16/2028 (a) (d)<br>| 5964 | 6311 |
| (US Treasury Yield Curve Rate T Note Constant <br> Maturity 1 Year + 0.77%), 4.30%, <br> 1/13/2030 (a) (d)<br>| 9790 | 9802 |
| Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) | Sumitomo Mitsui Financial Group, Inc. (Japan) |
| 5.88%, 7/13/2026 | 5181 | 5219 |
| 2.63%, 7/14/2026 | 21043 | 20948 |
| 1.40%, 9/17/2026 | 9266 | 9146 |
| 2.17%, 1/14/2027 | 3758 | 3706 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) 4.45%, <br> 9/10/2027 (a)<br>| 12666 | 12798 |
| Svenska Handelsbanken AB (Sweden) (US Treasury <br> Yield Curve Rate T Note Constant Maturity 1 Year <br> + 0.63%), 1.42%, 6/11/2027 (a) (d)<br>| 1730 | 1718 |
| Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) | Toronto-Dominion Bank (The) (Canada) |
| 1.20%, 6/3/2026 | 860 | 854 |
| (SOFR + 0.59%), 4.29%, 9/10/2026 (d) | 5457 | 5468 |
| 4.57%, 12/17/2026 | 15473 | 15560 |
| Series FXD, 1.95%, 1/12/2027 | 432 | 425 |
| 4.11%, 10/13/2028 (c) | 8744 | 8785 |
| Truist Bank  | Truist Bank  | Truist Bank  |
| (SOFR + 0.59%), 4.67%, 5/20/2027 (d) | 15904 | 15926 |
| Series I, (SOFR + 0.66%), 4.14%, <br> 1/27/2029 (d)<br>| 5649 | 5662 |
| Truist Financial Corp.  | Truist Financial Corp.  | Truist Financial Corp.  |
| (SOFR + 0.61%), 1.27%, 3/2/2027 (d) | 27816 | 27816 |
| (SOFR + 2.05%), 6.05%, 6/8/2027 (d) | 16138 | 16219 |
| US Bancorp (SOFR + 0.73%), 2.22%, <br> 1/27/2028 (d)<br>| 5627 | 5543 |
| US Bank NA  | US Bank NA  | US Bank NA  |
| (SOFR + 0.69%), 4.51%, 10/22/2027 (d) | 45497 | 45686 |
| (SOFR + 0.91%), 4.73%, 5/15/2028 (d) | 14266 | 14408 |
| Wells Fargo & Co.  | Wells Fargo & Co.  | Wells Fargo & Co.  |
| Series W, (SOFR + 0.78%), 4.90%, <br> 1/24/2028 (d)<br>| 10931 | 11017 |
| (SOFR + 0.74%), 4.18%, 1/23/2030 (d) | 10341 | 10378 |
| Westpac New Zealand Ltd. (New Zealand) 4.13%, <br> 1/29/2029 (a)<br>| 4481 | 4511 |
|  |  | 1443482 |
| **Beverages — 0.5%** | **Beverages — 0.5%** | **Beverages — 0.5%** |
| Coca-Cola Europacific Partners plc (United <br> Kingdom) 1.50%, 1/15/2027 (a)<br>| 7612 | 7451 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Beverages — continued** | **Beverages — continued** | **Beverages — continued** |
| Constellation Brands, Inc. 4.35%, 5/9/2027 | 1542 | 1549 |
| Molson Coors Beverage Co. 3.00%, 7/15/2026 | 13776 | 13718 |
|  |  | 22718 |
| **Biotechnology — 0.8%** | **Biotechnology — 0.8%** | **Biotechnology — 0.8%** |
| AbbVie, Inc.  | AbbVie, Inc.  | AbbVie, Inc.  |
| 2.95%, 11/21/2026 | 24137 | 23984 |
| 3.78%, 3/3/2028 | 13953 | 13971 |
|  |  | 37955 |
| **Capital Markets — 4.9%** | **Capital Markets — 4.9%** | **Capital Markets — 4.9%** |
| Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) | Deutsche Bank AG (Germany) |
| (SOFR + 2.52%), 7.15%, 7/13/2027 (d) | 6356 | 6428 |
| (SOFR + 1.22%), 2.31%, 11/16/2027 (d) | 6177 | 6102 |
| Goldman Sachs Bank USA (SOFR + 0.75%), 5.41%, <br> 5/21/2027 (d)<br>| 17189 | 17241 |
| Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  | Goldman Sachs Group, Inc. (The)  |
| (SOFR + 0.80%), 1.43%, 3/9/2027 (d) | 15229 | 15220 |
| (SOFR + 0.82%), 1.54%, 9/10/2027 (d) | 22800 | 22500 |
| (SOFR + 0.91%), 1.95%, 10/21/2027 (d) | 13235 | 13057 |
| (SOFR + 0.71%), 4.15%, 1/21/2029 (d) | 10762 | 10766 |
| (SOFR + 0.71%), 4.38%, 1/21/2029 (d) | 6741 | 6742 |
| Jefferies Financial Group, Inc. 4.50%, 9/15/2026 | 3993 | 3994 |
| Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) | Macquarie Bank Ltd. (Australia) |
| 5.27%, 7/2/2027 (a) | 15460 | 15783 |
| 3.92%, 2/3/2028 (a) | 7096 | 7124 |
| (SOFR + 0.48%), 4.16%, 2/3/2028 (a) (d) | 6571 | 6577 |
| Mizuho Markets Cayman LP (Japan) (SOFR + <br> 0.52%), 4.22%, 10/9/2026 (a) (d)<br>| 16932 | 16951 |
| Morgan Stanley  | Morgan Stanley  | Morgan Stanley  |
| (SOFR + 0.88%), 1.59%, 5/4/2027 (d) | 6885 | 6856 |
| (SOFR + 0.86%), 1.51%, 7/20/2027 (d) | 25184 | 24950 |
| (SOFR + 0.80%), 4.24%, 1/9/2030 (d) | 14580 | 14631 |
| State Street Corp. (SOFR + 0.95%), 4.54%, <br> 4/24/2028 (d)<br>| 8113 | 8171 |
| UBS AG (Switzerland) (SOFR + 0.50%), 4.16%, <br> 5/17/2027 (d)<br>| 21330 | 21346 |
| UBS Group AG (Switzerland) (SOFR + 0.84%), <br> 4.21%, 4/10/2030 (a) (d)<br>| 13393 | 13417 |
|  |  | 237856 |
| **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
| Chevron Phillips Chemical Co. LLC 3.40%, <br> 12/1/2026 (a)<br>| 740 | 737 |
| Ecolab, Inc. 4.30%, 6/15/2028 | 2985 | 3020 |
| EIDP, Inc. 4.50%, 5/15/2026 | 11162 | 11165 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 3

------

JPMorgan Managed Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Chemicals — continued** | **Chemicals — continued** | **Chemicals — continued** |
| Nutrien Ltd. (Canada) 4.50%, 3/12/2027 | 17592 | 17698 |
| Sherwin-Williams Co. (The) 3.45%, 6/1/2027 | 5689 | 5661 |
| Westlake Corp. 3.60%, 8/15/2026 | 31688 | 31624 |
|  |  | 69905 |
| **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** | **Commercial Services & Supplies — 0.4%** |
| Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) | Element Fleet Management Corp. (Canada) |
| 6.27%, 6/26/2026 (a) | 11988 | 12046 |
| 5.64%, 3/13/2027 (a) | 5782 | 5866 |
|  |  | 17912 |
| **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** | **Communications Equipment — 0.1%** |
| Cisco Systems, Inc. 2.50%, 9/20/2026 (c) | 3563 | 3539 |
| **Consumer Finance — 5.4%** | **Consumer Finance — 5.4%** | **Consumer Finance — 5.4%** |
| AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) | AerCap Ireland Capital DAC (Ireland) |
| 2.45%, 10/29/2026 | 20050 | 19856 |
| 6.10%, 1/15/2027 | 7489 | 7616 |
| 4.88%, 4/1/2028 | 10783 | 10964 |
| American Express Co.  | American Express Co.  | American Express Co.  |
| (SOFRINDX + 0.75%), 5.65%, 4/23/2027 (d) | 9997 | 10019 |
| 3.30%, 5/3/2027 | 3572 | 3555 |
| (SOFR + 1.00%), 5.10%, 2/16/2028 (d) | 12021 | 12144 |
| (SOFR + 0.58%), 4.01%, 2/9/2029 (d) | 8757 | 8783 |
| (SOFR + 0.59%), 4.27%, 2/9/2029 (d) | 14020 | 14018 |
| American Honda Finance Corp.  | American Honda Finance Corp.  | American Honda Finance Corp.  |
| (SOFR + 0.55%), 4.23%, 5/11/2026 (d) | 4157 | 4160 |
| (SOFR + 0.62%), 4.32%, 12/11/2026 (d) | 12944 | 12976 |
| (SOFR + 0.75%), 4.44%, 1/15/2027 (d) | 25831 | 25934 |
| (SOFR + 0.87%), 4.56%, 7/9/2027 (d) | 9467 | 9521 |
| (SOFR + 0.73%), 4.41%, 8/13/2027 (d) | 17875 | 17954 |
| Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) | Avolon Holdings Funding Ltd. (Ireland) |
| 4.25%, 4/15/2026 (a) | 13578 | 13572 |
| 2.53%, 11/18/2027 (a) | 5884 | 5717 |
| 4.20%, 4/15/2029 (a) | 9996 | 9969 |
| Capital One Financial Corp.  | Capital One Financial Corp.  | Capital One Financial Corp.  |
| 4.10%, 2/9/2027 | 7000 | 7010 |
| (SOFR + 0.86%), 1.88%, 11/2/2027 (d) | 2109 | 2076 |
| General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  | General Motors Financial Co., Inc.  |
| 5.25%, 3/1/2026 | 5888 | 5888 |
| 1.50%, 6/10/2026 | 1440 | 1430 |
| 4.35%, 1/17/2027 | 2583 | 2587 |
| 2.35%, 2/26/2027 | 1990 | 1959 |
| 5.00%, 4/9/2027 | 4170 | 4212 |
| 5.35%, 7/15/2027 | 3908 | 3976 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Consumer Finance — continued** | **Consumer Finance — continued** | **Consumer Finance — continued** |
| Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  | Toyota Motor Credit Corp.  |
| 4.50%, 5/14/2027 | 7356 | 7427 |
| (SOFR + 0.60%), 4.27%, 7/21/2027 (d) | 8330 | 8332 |
| (SOFR + 0.50%), 4.16%, 8/25/2027 (d) | 30841 | 30891 |
|  |  | 262546 |
| **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** | **Consumer Staples Distribution & Retail — 0.2%** |
| Kroger Co. (The) 2.65%, 10/15/2026 | 8724 | 8660 |
| **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** | **Containers & Packaging — 0.1%** |
| Amcor Finance USA, Inc. 3.63%, 4/28/2026 | 2858 | 2855 |
| **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** | **Diversified REITs — 0.1%** |
| WP Carey, Inc. 4.25%, 10/1/2026 | 2767 | 2768 |
| **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** | **Diversified Telecommunication Services — 0.7%** |
| AT&T, Inc.  | AT&T, Inc.  | AT&T, Inc.  |
| 1.70%, 3/25/2026 | 21328 | 21296 |
| 2.95%, 7/15/2026 | 5000 | 4980 |
| NBN Co. Ltd. (Australia) 4.00%, 10/1/2027 (a) | 9275 | 9296 |
|  |  | 35572 |
| **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** | **Electric Utilities — 2.5%** |
| Duke Energy Corp. 2.65%, 9/1/2026 | 12609 | 12526 |
| Enel Finance International NV (Italy) | Enel Finance International NV (Italy) | Enel Finance International NV (Italy) |
| 1.63%, 7/12/2026 (a) (e) | 5662 | 5610 |
| 3.63%, 5/25/2027 (a) | 5154 | 5140 |
| 4.63%, 6/15/2027 (a) (c) | 24491 | 24685 |
| NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  | NextEra Energy Capital Holdings, Inc.  |
| 1.88%, 1/15/2027 | 17277 | 16984 |
| 4.69%, 9/1/2027 | 11504 | 11635 |
| Oncor Electric Delivery Co. LLC 4.50%, <br> 3/20/2027 (a)<br>| 5609 | 5649 |
| PPL Capital Funding, Inc. 3.10%, 5/15/2026 | 8280 | 8263 |
| Southern Co. (The) 3.25%, 7/1/2026 | 10268 | 10246 |
| Virginia Power Fuel Securitization LLC Series A-1, <br> 5.09%, 5/1/2027<br>| 5954 | 5985 |
| Wisconsin Electric Power Co. 3.95%, 3/1/2029 | 3245 | 3254 |
| Xcel Energy, Inc. 3.35%, 12/1/2026 | 9900 | 9855 |
|  |  | 119832 |
| **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** | **Electronic Equipment, Instruments & Components — 0.1%** |
| Teledyne Technologies, Inc. 1.60%, 4/1/2026 (c) | 3445 | 3437 |
| **Financial Services — 0.7%** | **Financial Services — 0.7%** | **Financial Services — 0.7%** |
| Citigroup Global Markets Holdings, Inc. (SOFR + <br> 0.50%), 4.20%, 1/4/2027 (c) (d)<br>| 5641 | 5647 |
| LSEG Finance plc (United Kingdom) 1.38%, <br> 4/6/2026 (a)<br>| 4732 | 4720 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Financial Services — continued** | **Financial Services — continued** | **Financial Services — continued** |
| National Rural Utilities Cooperative Finance Corp. <br> 4.80%, 2/5/2027<br>| 4128 | 4163 |
| Nationwide Building Society (United Kingdom) <br> 4.85%, 7/27/2027 (a) (c)<br>| 10257 | 10406 |
| NTT Finance Corp. (Japan) 4.57%, 7/16/2027 (a) | 9121 | 9204 |
|  |  | 34140 |
| **Food Products — 1.7%** | **Food Products — 1.7%** | **Food Products — 1.7%** |
| Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  | Bunge Ltd. Finance Corp.  |
| 2.00%, 4/21/2026 | 12703 | 12667 |
| 3.25%, 8/15/2026 | 26374 | 26284 |
| Danone SA (France) 2.95%, 11/2/2026 (a) | 41467 | 41179 |
| Ingredion, Inc. 3.20%, 10/1/2026 | 831 | 827 |
| Tyson Foods, Inc. 3.55%, 6/2/2027 | 3848 | 3830 |
|  |  | 84787 |
| **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** | **Ground Transportation — 0.7%** |
| ERAC USA Finance LLC 3.30%, 12/1/2026 (a) | 6502 | 6472 |
| Penske Truck Leasing Co. LP  | Penske Truck Leasing Co. LP  | Penske Truck Leasing Co. LP  |
| 5.75%, 5/24/2026 (a) | 5342 | 5355 |
| 3.40%, 11/15/2026 (a) | 10054 | 10001 |
| 5.35%, 1/12/2027 (a) | 1108 | 1119 |
| 4.20%, 4/1/2027 (a) | 4608 | 4617 |
| 4.40%, 7/1/2027 (a) | 4689 | 4710 |
|  |  | 32274 |
| **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** | **Health Care Equipment & Supplies — 0.3%** |
| Becton Dickinson & Co. 6.70%, 12/1/2026 | 469 | 476 |
| Zimmer Biomet Holdings, Inc. 4.70%, 2/19/2027 | 16449 | 16572 |
|  |  | 17048 |
| **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** | **Health Care Providers & Services — 0.6%** |
| Cardinal Health, Inc. 4.70%, 11/15/2026 | 7238 | 7280 |
| HCA, Inc. 5.25%, 6/15/2026 | 15888 | 15899 |
| Laboratory Corp. of America Holdings 1.55%, <br> 6/1/2026<br>| 8672 | 8615 |
|  |  | 31794 |
| **Health Care REITs — 1.2%** | **Health Care REITs — 1.2%** | **Health Care REITs — 1.2%** |
| Alexandria Real Estate Equities, Inc. 3.80%, <br> 4/15/2026<br>| 15078 | 15068 |
| Healthpeak OP LLC  | Healthpeak OP LLC  | Healthpeak OP LLC  |
| 3.25%, 7/15/2026 | 24858 | 24788 |
| 1.35%, 2/1/2027 | 11936 | 11663 |
| Ventas Realty LP 3.25%, 10/15/2026 | 8914 | 8870 |
|  |  | 60389 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** | **Hotels, Restaurants & Leisure — 0.2%** |
| Marriott International, Inc.  | Marriott International, Inc.  | Marriott International, Inc.  |
| 5.45%, 9/15/2026 | 1864 | 1875 |
| 4.20%, 7/15/2027 | 9095 | 9133 |
|  |  | 11008 |
| **Household Products — 0.2%** | **Household Products — 0.2%** | **Household Products — 0.2%** |
| Reckitt Benckiser Treasury Services plc (United <br> Kingdom) 3.00%, 6/26/2027 (a)<br>| 11779 | 11663 |
| **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
| Constellation Energy Generation LLC  | Constellation Energy Generation LLC  | Constellation Energy Generation LLC  |
| 3.90%, 1/8/2028 | 7217 | 7220 |
| (SOFR + 0.60%), 4.29%, 1/8/2028 (d) | 4905 | 4914 |
|  |  | 12134 |
| **Insurance — 8.0%** | **Insurance — 8.0%** | **Insurance — 8.0%** |
| Athene Global Funding  | Athene Global Funding  | Athene Global Funding  |
| 4.86%, 8/27/2026 (a) | 28425 | 28528 |
| 1.73%, 10/2/2026 (a) | 14797 | 14594 |
| 4.95%, 1/7/2027 (a) | 21517 | 21671 |
| CNO Global Funding 4.38%, 9/8/2028 (a) | 9466 | 9480 |
| Corebridge Global Funding  | Corebridge Global Funding  | Corebridge Global Funding  |
| 5.35%, 6/24/2026 (a) (c) | 23483 | 23585 |
| 5.75%, 7/2/2026 (a) | 10243 | 10303 |
| 4.65%, 8/20/2027 (a) | 20717 | 20911 |
| 4.25%, 8/21/2028 (a) | 3108 | 3118 |
| Equitable Financial Life Global Funding 4.60%, <br> 4/1/2027 (a) (c)<br>| 38398 | 38674 |
| F&G Global Funding  | F&G Global Funding  | F&G Global Funding  |
| 5.88%, 6/10/2027 (a) | 19991 | 20302 |
| 4.65%, 9/8/2028 (a) | 2048 | 2042 |
| (SOFR + 1.33%), 5.03%, 9/8/2028 (a) (d) | 5457 | 5486 |
| Jackson National Life Global Funding  | Jackson National Life Global Funding  | Jackson National Life Global Funding  |
| 5.60%, 4/10/2026 (a) | 2254 | 2258 |
| (SOFR + 0.89%), 4.59%, 6/9/2027 (a) (d) | 11963 | 11988 |
| 5.55%, 7/2/2027 (a) | 12358 | 12581 |
| (SOFR + 0.95%), 4.65%, 9/12/2028 (a) (d) | 16765 | 16813 |
| Lincoln National Corp. 3.63%, 12/12/2026 | 359 | 358 |
| Marsh & McLennan Cos., Inc. 3.75%, 3/14/2026 | 8949 | 8946 |
| MassMutual Global Funding II  | MassMutual Global Funding II  | MassMutual Global Funding II  |
| (SOFR + 0.68%), 4.36%, 8/1/2028 (a) (d) | 14752 | 14776 |
| 4.00%, 1/22/2029 (a) | 3132 | 3138 |
| (SOFR + 0.66%), 4.34%, 1/22/2029 (a) (d) | 6896 | 6904 |
| Met Tower Global Funding  | Met Tower Global Funding  | Met Tower Global Funding  |
| 4.00%, 10/1/2027 (a) | 2283 | 2290 |
| 4.00%, 1/14/2029 (a) | 24877 | 24914 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 5

------

JPMorgan Managed Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Insurance — continued** | **Insurance — continued** | **Insurance — continued** |
| Metropolitan Life Global Funding I (SOFR + 0.70%), <br> 4.37%, 8/25/2028 (a) (d)<br>| 7267 | 7291 |
| New York Life Global Funding  | New York Life Global Funding  | New York Life Global Funding  |
| (SOFR + 0.66%), 4.34%, 7/25/2028 (a) (d) | 11573 | 11613 |
| 4.05%, 2/2/2029 (a) | 8996 | 9046 |
| (SOFR + 0.57%), 4.25%, 2/2/2029 (a) (d) | 9587 | 9580 |
| Pacific Life Global Funding II (SOFR + 0.75%), <br> 4.44%, 7/10/2028 (a) (d)<br>| 24390 | 24473 |
| Principal Life Global Funding II  | Principal Life Global Funding II  | Principal Life Global Funding II  |
| 5.00%, 1/16/2027 (a) | 3712 | 3749 |
| 4.60%, 8/19/2027 (a) | 4292 | 4334 |
| (SOFR + 0.81%), 4.47%, 8/18/2028 (a) (d) | 6063 | 6066 |
| Western-Southern Global Funding 4.25%, <br> 1/29/2029 (a)<br>| 9909 | 9953 |
|  |  | 389765 |
| **IT Services — 0.2%** | **IT Services — 0.2%** | **IT Services — 0.2%** |
| CGI, Inc. (Canada) 1.45%, 9/14/2026 | 11292 | 11137 |
| **Machinery — 0.7%** | **Machinery — 0.7%** | **Machinery — 0.7%** |
| Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) | Daimler Truck Finance North America LLC (Germany) |
| 5.00%, 1/15/2027 (a) | 10225 | 10327 |
| 4.95%, 1/13/2028 (a) | 15014 | 15271 |
| Xylem, Inc. 3.25%, 11/1/2026 | 9430 | 9388 |
|  |  | 34986 |
| **Media — 0.0% ^** | **Media — 0.0% ^** | **Media — 0.0% ^** |
| Omnicom Group, Inc. 3.60%, 4/15/2026 | 2433 | 2433 |
| **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** | **Metals & Mining — 0.4%** |
| Anglo American Capital plc (South Africa) 4.75%, <br> 4/10/2027 (a)<br>| 11009 | 11088 |
| Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) | Glencore Funding LLC (Australia) |
| (SOFRINDX + 0.75%), 4.44%, <br> 10/1/2026 (a) (d)<br>| 2331 | 2336 |
| 4.00%, 3/27/2027 (a) | 5152 | 5153 |
| Rio Tinto Finance USA plc (Australia) 4.38%, <br> 3/12/2027<br>| 1783 | 1797 |
|  |  | 20374 |
| **Multi-Utilities — 0.9%** | **Multi-Utilities — 0.9%** | **Multi-Utilities — 0.9%** |
| Ameren Corp. 1.95%, 3/15/2027 | 10255 | 10047 |
| Dominion Energy, Inc.  | Dominion Energy, Inc.  | Dominion Energy, Inc.  |
| Series A, 1.45%, 4/15/2026 | 8400 | 8374 |
| Series D, 2.85%, 8/15/2026 | 16926 | 16842 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Multi-Utilities — continued** | **Multi-Utilities — continued** | **Multi-Utilities — continued** |
| DTE Energy Co. 2.85%, 10/1/2026 | 5920 | 5882 |
| Southern Co. Gas Capital Corp. 3.25%, 6/15/2026 | 1129 | 1127 |
|  |  | 42272 |
| **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** | **Oil, Gas & Consumable Fuels — 1.6%** |
| Canadian Natural Resources Ltd. (Canada) 3.85%, <br> 6/1/2027<br>| 1971 | 1971 |
| Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) | Enbridge, Inc. (Canada) |
| 1.60%, 10/4/2026 | 12809 | 12633 |
| 5.90%, 11/15/2026 | 4757 | 4815 |
| Energy Transfer LP  | Energy Transfer LP  | Energy Transfer LP  |
| 3.90%, 7/15/2026 | 14903 | 14884 |
| 6.05%, 12/1/2026 | 883 | 895 |
| Enterprise Products Operating LLC 4.30%, <br> 6/20/2028<br>| 3097 | 3130 |
| MPLX LP 1.75%, 3/1/2026 | 15379 | 15379 |
| Northwest Pipeline LLC 4.00%, 4/1/2027 | 12000 | 12004 |
| Spectra Energy Partners LP 3.38%, 10/15/2026 | 11908 | 11861 |
|  |  | 77572 |
| **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** | **Pharmaceuticals — 0.4%** |
| Shire Acquisitions Investments Ireland DAC 3.20%, <br> 9/23/2026<br>| 19556 | 19480 |
| **Residential REITs — 0.8%** | **Residential REITs — 0.8%** | **Residential REITs — 0.8%** |
| Essex Portfolio LP 3.38%, 4/15/2026 | 15490 | 15472 |
| Mid-America Apartments LP  | Mid-America Apartments LP  | Mid-America Apartments LP  |
| 1.10%, 9/15/2026 | 8375 | 8244 |
| 3.60%, 6/1/2027 | 9502 | 9479 |
| UDR, Inc. 2.95%, 9/1/2026 | 6224 | 6191 |
|  |  | 39386 |
| **Retail REITs — 1.1%** | **Retail REITs — 1.1%** | **Retail REITs — 1.1%** |
| Brixmor Operating Partnership LP 4.13%, <br> 6/15/2026<br>| 29519 | 29512 |
| NNN REIT, Inc. 3.60%, 12/15/2026 | 5649 | 5632 |
| Realty Income Corp. 4.13%, 10/15/2026 | 5639 | 5644 |
| Scentre Group Trust 1 (Australia) 3.75%, <br> 3/23/2027 (a)<br>| 14066 | 14037 |
|  |  | 54825 |
| **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** | **Semiconductors & Semiconductor Equipment — 1.0%** |
| Broadcom, Inc.  | Broadcom, Inc.  | Broadcom, Inc.  |
| 3.46%, 9/15/2026 | 14118 | 14089 |
| 4.80%, 4/15/2028 | 34651 | 35362 |
|  |  | 49451 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Corporate Bonds — continued** | **Corporate Bonds — continued** | **Corporate Bonds — continued** |
| **Software — 0.8%** | **Software — 0.8%** | **Software — 0.8%** |
| Oracle Corp. 2.65%, 7/15/2026 | 24200 | 24055 |
| Roper Technologies, Inc. 1.40%, 9/15/2027 | 10400 | 10002 |
| VMware LLC 1.40%, 8/15/2026 | 4772 | 4716 |
|  |  | 38773 |
| **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** | **Specialized REITs — 0.8%** |
| Equinix, Inc. 1.45%, 5/15/2026 | 16762 | 16670 |
| Extra Space Storage LP 3.50%, 7/1/2026 | 20934 | 20896 |
|  |  | 37566 |
| **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** | **Specialty Retail — 0.5%** |
| AutoZone, Inc.  | AutoZone, Inc.  | AutoZone, Inc.  |
| 3.13%, 4/21/2026 | 2834 | 2829 |
| 5.05%, 7/15/2026 | 16747 | 16809 |
| Lowe's Cos., Inc. 4.80%, 4/1/2026 | 5132 | 5133 |
|  |  | 24771 |
| **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** | **Technology Hardware, Storage & Peripherals — 0.8%** |
| Dell International LLC 4.90%, 10/1/2026 | 14837 | 14889 |
| Hewlett Packard Enterprise Co.  | Hewlett Packard Enterprise Co.  | Hewlett Packard Enterprise Co.  |
| 4.45%, 9/25/2026 | 18746 | 18801 |
| 4.05%, 9/15/2027 | 6731 | 6743 |
|  |  | 40433 |
| **Tobacco — 1.0%** | **Tobacco — 1.0%** | **Tobacco — 1.0%** |
| BAT Capital Corp. (United Kingdom) 3.22%, <br> 9/6/2026<br>| 10000 | 9963 |
| BAT International Finance plc (United Kingdom) <br> 1.67%, 3/25/2026<br>| 17304 | 17277 |
| Philip Morris International, Inc.  | Philip Morris International, Inc.  | Philip Morris International, Inc.  |
| 4.75%, 2/12/2027 | 9717 | 9806 |
| 3.88%, 10/27/2028 | 9507 | 9528 |
|  |  | 46574 |
| **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** | **Trading Companies & Distributors — 0.1%** |
| Aviation Capital Group LLC 4.75%, 4/14/2027 (a) | 2642 | 2658 |
| **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** | **Wireless Telecommunication Services — 0.3%** |
| T-Mobile USA, Inc. 2.63%, 4/15/2026 | 13034 | 13010 |
| Total Corporate Bonds <br>(Cost $3,650,779)<br>|  | 3664030 |
| **Asset-Backed Securities — 10.1%** | **Asset-Backed Securities — 10.1%** | **Asset-Backed Securities — 10.1%** |
| Ally Auto Receivables Trust Series 2025-1, Class A2, <br> 4.03%, 7/17/2028<br>| 18382 | 18393 |
| Amur Equipment Finance Receivables LLC Series <br> 2024-2A, Class A2, 5.19%, 7/21/2031 (a)<br>| 31474 | 31907 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| BMW Vehicle Lease Trust |  |  |
| Series 2024-2, Class A2A, 4.29%, 1/25/2027 | 2903 | 2904 |
| Series 2024-1, Class A3, 4.98%, 3/25/2027 | 1126 | 1129 |
| Series 2025-1, Class A2A, 4.43%, 9/27/2027 | 6015 | 6033 |
| Series 2025-2, Class A2A, 3.94%, 11/26/2027 | 35125 | 35134 |
| Capital One Prime Auto Receivables Trust |  |  |
| Series 2022-2, Class A3, 3.66%, 5/17/2027 | 288 | 288 |
| Series 2025-1, Class A2A, 3.88%, 1/16/2029 | 5658 | 5662 |
| Carmax Auto Owner Trust Series 2023-3, Class A3, <br> 5.28%, 5/15/2028<br>| 25208 | 25367 |
| CarMax Auto Owner Trust Series 2026-1, Class A2A, <br> 3.87%, 4/16/2029<br>| 17160 | 17180 |
| CCG Receivables Trust Series 2024-1, Class A2, <br> 4.99%, 3/15/2032 (a)<br>| 19263 | 19426 |
| Chesapeake Funding LLC (Canada) Series 2023-2A, <br> Class A1, 6.16%, 10/15/2035 (a)<br>| 4436 | 4482 |
| CNH Equipment Trust |  |  |
| Series 2022-A, Class A3, 2.94%, 7/15/2027 | 69 | 69 |
| Series 2022-B, Class A3, 3.89%, 11/15/2027 | 4916 | 4915 |
| Dell Equipment Finance Trust Series 2025-1, <br> Class A2, 4.68%, 7/22/2027 (a)<br>| 6966 | 6985 |
| Dllad LLC Series 2024-1A, Class A2, 5.50%, <br> 8/20/2027 (a)<br>| 927 | 930 |
| DLLAD LLC Series 2025-1A, Class A2, 4.46%, <br> 11/20/2028 (a)<br>| 2250 | 2261 |
| Enterprise Fleet Financing LLC |  |  |
| Series 2024-4, Class A2, 4.69%, 7/20/2027 (a) | 6010 | 6030 |
| Series 2023-2, Class A2, 5.56%, 4/22/2030 (a) | 833 | 836 |
| Ford Credit Auto Lease Trust Series 2026-A, <br> Class A2A, 3.83%, 8/15/2028<br>| 22893 | 22915 |
| Ford Credit Auto Owner Trust |  |  |
| Series 2022-D, Class A3, 5.27%, 5/17/2027 | 1844 | 1848 |
| Series 2024-C, Class A2A, 4.32%, 8/15/2027 | 6415 | 6421 |
| GM Financial Automobile Leasing Trust |  |  |
| Series 2024-3, Class A3, 4.21%, 10/20/2027 | 3499 | 3503 |
| Series 2026-1, Class A2, 3.77%, 4/20/2028 | 35090 | 35102 |
| GM Financial Consumer Automobile Receivables <br> Trust<br>|  |  |
| Series 2025-1, Class A2A, 4.44%, 1/18/2028 | 3543 | 3547 |
| Series 2023-1, Class A3, 4.66%, 2/16/2028 | 1465 | 1469 |
| Series 2026-1, Class A2A, 3.77%, 3/16/2029 | 7910 | 7912 |
| Series 2024-2, Class A3, 5.10%, 3/16/2029 | 2087 | 2104 |
| Honda Auto Receivables Owner Trust |  |  |
| Series 2025-1, Class A2, 4.53%, 8/23/2027 | 19343 | 19380 |
| Series 2023-3, Class A3, 5.41%, 2/18/2028 | 5758 | 5796 |
| Series 2023-3, Class A4, 5.30%, 12/18/2029 | 8848 | 8950 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 7

------

JPMorgan Managed Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** | **Asset-Backed Securities — continued** |
| HPEFS Equipment Trust Series 2025-1A, Class A2, <br> 4.49%, 9/20/2032 (a)<br>| 8000 | 8023 |
| Hyundai Auto Lease Securitization Trust |  |  |
| Series 2024-B, Class A3, 5.41%, 5/17/2027 (a) | 5912 | 5934 |
| Series 2025-B, Class A2A, 4.58%, <br> 9/15/2027 (a)<br>| 5103 | 5121 |
| Hyundai Auto Receivables Trust |  |  |
| Series 2024-B, Class A2A, 5.15%, 6/15/2027 | 3930 | 3933 |
| Series 2024-C, Class A2A, 4.53%, 9/15/2027 | 5030 | 5036 |
| Series 2022-A, Class A4, 2.35%, 4/17/2028 | 214 | 214 |
| John Deere Owner Trust Series 2022-C, Class A3, <br> 5.09%, 6/15/2027<br>| 1169 | 1171 |
| Mercedes-Benz Auto Lease Trust Series 2025-A, <br> Class A2A, 4.57%, 4/17/2028<br>| 7533 | 7566 |
| Nissan Auto Receivables Owner Trust Series 2023-A, <br> Class A3, 4.91%, 11/15/2027<br>| 5823 | 5839 |
| Porsche Innovative Lease Owner Trust Series <br> 2025-1A, Class A2A, 4.60%, 12/20/2027 (a)<br>| 2864 | 2873 |
| Santander Drive Auto Receivables Trust |  |  |
| Series 2025-4, Class A2, 4.28%, 1/15/2029 | 20110 | 20152 |
| Series 2026-1, Class A2, 4.04%, 3/15/2029 | 8430 | 8431 |
| SBNA Auto Lease Trust |  |  |
| Series 2024-A, Class A3, 5.39%, <br> 11/20/2026 (a)<br>| 36 | 36 |
| Series 2025-A, Class A2, 4.68%, 4/20/2027 (a) | 3385 | 3387 |
| Series 2023-A, Class A3, 6.51%, 4/20/2027 (a) | 24 | 24 |
| Series 2024-C, Class A3, 4.56%, 2/22/2028 (a) | 4192 | 4200 |
| SCF Equipment Leasing LLC |  |  |
| Series 2024-1A, Class A2, 5.88%, <br> 11/20/2029 (a)<br>| 1608 | 1614 |
| Series 2025-1A, Class A2, 4.82%, <br> 7/22/2030 (a)<br>| 1178 | 1182 |
| Series 2025-2A, Class A2, 4.26%, <br> 12/22/2031 (a)<br>| 8300 | 8341 |
| Toyota Auto Receivables Owner Trust |  |  |
| Series 2022-C, Class A3, 3.76%, 4/15/2027 | 829 | 829 |
| Series 2023-A, Class A3, 4.63%, 9/15/2027 | 2072 | 2076 |
| Series 2024-A, Class A3, 4.83%, 10/16/2028 | 6479 | 6520 |
| Toyota Lease Owner Trust Series 2024-A, Class A3, <br> 5.25%, 4/20/2027 (a)<br>| 3653 | 3659 |
| Volkswagen Auto Loan Enhanced Trust Series <br> 2025-2, Class A2A, 4.00%, 8/21/2028<br>| 44565 | 44639 |
| Wheels Fleet Lease Funding LLC Series 2024-3A, <br> Class A1, 4.80%, 9/19/2039 (a)<br>| 2976 | 3009 |
| World Omni Auto Receivables Trust |  |  |
| Series 2022-D, Class A3, 5.61%, 2/15/2028 | 971 | 974 |
| Series 2025-A, Class A2A, 4.49%, 4/17/2028 | 8811 | 8821 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| Series 2023-D, Class A3, 5.79%, 2/15/2029 | 1099 | 1112 |
| Series 2026-A, Class A2A, 3.71%, 4/16/2029 | 19480 | 19473 |
| Total Asset-Backed Securities <br>(Cost $491,939)<br>|  | 493067 |
| **U.S. Treasury Obligations — 2.5%** | **U.S. Treasury Obligations — 2.5%** | **U.S. Treasury Obligations — 2.5%** |
| U.S. Treasury Notes |  |  |
| 3.38%, 9/15/2027 | 16400 | 16385 |
| 3.38%, 11/30/2027 | 51700 | 51668 |
| 3.38%, 12/31/2027 | 52600 | 52571 |
| Total U.S. Treasury Obligations <br>(Cost $120,184)<br>|  | 120624 |
| **Short-Term Investments — 12.2%** | **Short-Term Investments — 12.2%** | **Short-Term Investments — 12.2%** |
| **Certificates of Deposits — 4.6%** | **Certificates of Deposits — 4.6%** | **Certificates of Deposits — 4.6%** |
| Banco Santander SA (Spain) , 4.00%, 6/11/2026 | 25000 | 25013 |
| Credit Agricole Corporate and Investment Bank <br> (France) (SOFR + 0.34%), 4.01%, <br> 4/21/2026 (d)<br>| 13283 | 13289 |
| Deutsche Bank AG (Germany) |  |  |
| 4.41%, 7/8/2026 | 20742 | 20779 |
| 4.41%, 7/10/2026 | 13658 | 13683 |
| HSBC Bank USA NA (SOFR + 0.37%), 4.04%, <br> 1/4/2027 (d)<br>| 11407 | 11412 |
| Intesa Sanpaolo SpA (Italy) , 4.20%, 5/7/2026 | 21658 | 21669 |
| KEB Hana Bank (South Korea) , 3.90%, 7/28/2026 | 4394 | 4394 |
| Lloyds Bank plc (United Kingdom) , 3.95%, <br> 10/26/2026<br>| 5307 | 5312 |
| Mitsubishi UFJ Trust & Banking Corp. (Japan) (SOFR <br> + 0.33%), 4.00%, 3/11/2026 (d)<br>| 21380 | 21382 |
| Mizuho Bank Ltd. (Japan) (SOFR + 0.32%), 3.99%, <br> 3/6/2026 (d)<br>| 4795 | 4795 |
| Nordea Bank Abp (Finland) (SOFR + 0.38%), <br> 4.05%, 2/5/2027 (d)<br>| 20431 | 20457 |
| Royal Bank of Canada (Canada) , 3.95%, <br> 11/17/2026<br>| 22379 | 22411 |
| Svenska Handelsbanken AB (Sweden) , 3.94%, <br> 11/17/2026<br>| 39931 | 39980 |
| Total Certificates of Deposit <br>(Cost $224,366)<br>|  | 224576 |
| **Commercial Paper — 5.1%** | **Commercial Paper — 5.1%** | **Commercial Paper — 5.1%** |
| Australia & New Zealand Banking Group Ltd. <br> (Australia) 3.75%, 2/3/2027 (a) (f)<br>| 13319 | 12869 |
| Charles Schwab Corp. (The) 4.08%, 5/15/2026 (a) <br> (f)<br>| 10000 | 9921 |
| E.ON SE (Germany) 3.89%, 5/21/2026 (a) (f) | 22892 | 22690 |
| Federation des Caisses Desjardins du Quebec <br> (Canada) 3.81%, 1/19/2027 (a) (f)<br>| 25003 | 24188 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Income Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Short-Term Investments — continued** | **Short-Term Investments — continued** | **Short-Term Investments — continued** |
| **Commercial Paper — continued** | **Commercial Paper — continued** | **Commercial Paper — continued** |
| First Abu Dhabi Bank PJSC (United Arab Emirates) |  |  |
| 3.93%, 11/10/2026 (a) (f) | 30423 | 29637 |
| 3.84%, 1/29/2027 (a) (f) | 22301 | 21548 |
| Glencore Funding LLC (Australia) 4.10%, <br> 6/30/2026 (a) (f)<br>| 26421 | 26069 |
| HCA, Inc. 4.30%, 5/14/2026 (a) (f) | 12200 | 12092 |
| Jackson National Life Short Term Funding LLC <br> 3.90%, 2/3/2027 (a) (f)<br>| 11287 | 10898 |
| Macquarie Bank Ltd. (Australia) 3.94%, <br> 11/19/2026 (a) (f)<br>| 18911 | 18399 |
| Mizuho Bank Ltd. (Japan) 4.41%, 6/10/2026 (a) <br> (f)<br>| 4963 | 4910 |
| Prudential International Treasury Ltd. (Hong Kong) <br> 4.23%, 8/21/2026 (a) (f)<br>| 25845 | 25376 |
| Sumitomo Mitsui Banking Corp. (Japan) (SOFR + <br> 0.40%), 4.07%, 12/4/2026 (a) (d)<br>| 7352 | 7360 |
| Sumitomo Mitsui Trust Bank Ltd. (Japan) 4.14%, <br> 3/6/2026 (a) (f)<br>| 6570 | 6565 |
| Westpac Banking Corp. (Australia) 3.78%, <br> 1/29/2027 (a) (f)<br>| 13377 | 12929 |
| Total Commercial Paper <br>(Cost $245,326)<br>|  | 245451 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Investment Companies — 0.9%** | **Investment Companies — 0.9%** | **Investment Companies — 0.9%** |
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (g) (h) <br>(Cost $45,058)<br>| 45050 | 45068 |
| **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** | **Investment of Cash Collateral from Securities Loaned — 0.4%** |
| JPMorgan Securities Lending Money Market Fund <br> Agency SL Class Shares, 3.67% (g) (h) <br>(Cost $16,384)<br>| 16384 | 16384 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS**  | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Repurchase Agreements — 1.2%** | **Repurchase Agreements — 1.2%** | **Repurchase Agreements — 1.2%** |
| Wells Fargo Securities LLC, 4.17%, dated <br> 2/27/2026, due 7/2/2026, repurchase price <br> $60,869, collateralized by Corporate Notes & <br> Bonds, 0.00% - 12.50%, due 12/8/2026 - <br> 12/31/2079^^, with the value of $65,904. <br>(Cost $60,000)<br>| 60000 | 60000 |
| Total Short-Term Investments <br>(Cost $591,134)<br>|  | 591479 |
| **Total Investments — 100.0%** <br>**(Cost $4,854,036)**<br>|  | **4869200** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | **1145** |
| **NET ASSETS — 100.0%** |  | **4870345** |

---

&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** |  |
| CME | Chicago Mercantile Exchange |
| PJSC | Public Joint Stock Company |
| REIT | Real Estate Investment Trust |
| SOFR | Secured Overnight Financing Rate |
| SOFRINDX | Compounding index of the Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| ^^ | Certain securities are perpetual and thus, do not have <br> predetermined maturity dates. The coupon rates for <br> these securities are fixed for a period of time and may <br> be structured to adjust thereafter. The coupon rates <br> shown are the rates in effect as of February 28, <br> 2026.<br>|
| (a) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (b) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (c) | The security or a portion of this security is on loan at <br> February 28, 2026. The total value of securities on <br> loan at February 28, 2026 is $15,853.<br>|
| (d) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|
| (e) | Step bond. Interest rate is a fixed rate for an initial <br> period that either resets at a specific date or may <br> reset in the future contingent upon a predetermined <br> trigger. The interest rate shown is the current rate as <br> of February 28, 2026. <br>|
| (f) | The rate shown is the effective yield as of February <br> 28, 2026. <br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 9

------

JPMorgan Managed Income Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown is the current yield as of February 28, 2026.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Income Funds February 28, 2026

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF February 28, 2026

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Managed** <br>**Income Fund**  |
| **ASSETS:** |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $4747748 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 45068 |
| Investments of cash collateral received from securities loaned, at value (See Note 2.D.)  | &nbsp;&nbsp;&nbsp; 16384 |
| Repurchase agreements, at value | &nbsp;&nbsp;&nbsp; 60000 |
| Cash | &nbsp;&nbsp;&nbsp; 555 |
| Receivables: |  |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 11626 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 40202 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 500 |
| Securities lending income (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 2 |
| Total Assets | &nbsp;&nbsp;&nbsp; 4922085 |
| **LIABILITIES:** |  |
| Payables: |  |
| Distributions | &nbsp;&nbsp;&nbsp; 185 |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 13948 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 4827 |
| Collateral received on securities loaned (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 16384 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 15137 |
| Accrued liabilities: |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 299 |
| Administration fees | &nbsp;&nbsp;&nbsp; 154 |
| Service fees | &nbsp;&nbsp;&nbsp; 403 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 44 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 359 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 51740 |
| Net Assets | &nbsp;&nbsp;&nbsp; $4870345 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 11

------

**STATEMENT OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Managed**<br>**Income Fund**  |
| **NET ASSETS:** |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $4919799 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (49454)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $4870345 |
| Net Assets: |  |
| Class I | &nbsp;&nbsp;&nbsp; $96491 |
| Class L | &nbsp;&nbsp;&nbsp; 4773854 |
| Total | &nbsp;&nbsp;&nbsp; $4870345 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |
| Class I | &nbsp;&nbsp;&nbsp; 9605 |
| Class L | &nbsp;&nbsp;&nbsp; 474561 |
| Net Asset Value (a): |  |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp; $10.05 |
| Class L — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.06 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $4732594 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 45058 |
| Cost of repurchase agreements | &nbsp;&nbsp;&nbsp; 60000 |
| Investment securities on loan, at value (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 15853 |
| Cost of investment of cash collateral (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 16384 |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Income Funds February 28, 2026

------

**STATEMENT OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Managed** <br>**Income Fund** <br>|
| **INVESTMENT INCOME:** |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $229666 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 2 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 9914 |
| Income from securities lending (net) (See Note 2.D.) | &nbsp;&nbsp;&nbsp; 61 |
| Total investment income | &nbsp;&nbsp;&nbsp; 239643 |
| **EXPENSES:** |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 8062 |
| Administration fees | &nbsp;&nbsp;&nbsp; 4031 |
| Service fees: |  |
| Class I | &nbsp;&nbsp;&nbsp; 315 |
| Class L | &nbsp;&nbsp;&nbsp; 5248 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 184 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 4 |
| Professional fees | &nbsp;&nbsp;&nbsp; 98 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 37 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 38 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 371 |
| Transfer agency fees (See Note 2.G.) | &nbsp;&nbsp;&nbsp; 41 |
| Other | &nbsp;&nbsp;&nbsp; 48 |
| Total expenses | &nbsp;&nbsp;&nbsp; 18477 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (5343)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 13134 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 226509 |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |
| Net realized gain (loss) on transactions from: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 12951 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (11)<br>|
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 12940 |
| Change in net unrealized appreciation/depreciation on: |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 1544 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; (15)<br>|
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 1529 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 14469 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $240978 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 13

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Managed Income Fund**  | **JPMorgan Managed Income Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $226509 | &nbsp;&nbsp;&nbsp; $282077 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; 12940 | &nbsp;&nbsp;&nbsp; 6239 |
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 1529 | &nbsp;&nbsp;&nbsp; 11701 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 240978 | &nbsp;&nbsp;&nbsp; 300017 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class I | &nbsp;&nbsp;&nbsp; (5201)<br>| &nbsp;&nbsp;&nbsp; (13904)<br>|
| Class L | &nbsp;&nbsp;&nbsp; (223697)<br>| &nbsp;&nbsp;&nbsp; (268610)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (228898)<br>| &nbsp;&nbsp;&nbsp; (282514)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; (569696)<br>| &nbsp;&nbsp;&nbsp; (315043)<br>|
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; (557616)<br>| &nbsp;&nbsp;&nbsp; (297540)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 5427961 | &nbsp;&nbsp;&nbsp; 5725501 |
| End of period | &nbsp;&nbsp;&nbsp; $4870345 | &nbsp;&nbsp;&nbsp; $5427961 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Managed Income Fund** | **JPMorgan Managed Income Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $124839 | &nbsp;&nbsp;&nbsp; $333198 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5008 | &nbsp;&nbsp;&nbsp; 13644 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (178398)<br>| &nbsp;&nbsp;&nbsp; (445220)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; (48551)<br>| &nbsp;&nbsp;&nbsp; (98378)<br>|
| **Class L** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 6086561 | &nbsp;&nbsp;&nbsp; 5408997 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 213496 | &nbsp;&nbsp;&nbsp; 261593 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (6821202)<br>| &nbsp;&nbsp;&nbsp; (5887255)<br>|
| Change in net assets resulting from Class L capital transactions | &nbsp;&nbsp;&nbsp; (521145)<br>| &nbsp;&nbsp;&nbsp; (216665)<br>|
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $(569696)<br>| &nbsp;&nbsp;&nbsp; $(315043)<br>|
| **SHARE TRANSACTIONS:** |  |  |
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 12457 | &nbsp;&nbsp;&nbsp; 33298 |
| Reinvested | &nbsp;&nbsp;&nbsp; 500 | &nbsp;&nbsp;&nbsp; 1363 |
| Redeemed | &nbsp;&nbsp;&nbsp; (17788)<br>| &nbsp;&nbsp;&nbsp; (44480)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; (4831)<br>| &nbsp;&nbsp;&nbsp; (9819)<br>|
| **Class L** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 605893 | &nbsp;&nbsp;&nbsp; 539716 |
| Reinvested | &nbsp;&nbsp;&nbsp; 21254 | &nbsp;&nbsp;&nbsp; 26108 |
| Redeemed | &nbsp;&nbsp;&nbsp; (679031)<br>| &nbsp;&nbsp;&nbsp; (587570)<br>|
| Change in Class L Shares | &nbsp;&nbsp;&nbsp; (51884)<br>| &nbsp;&nbsp;&nbsp; (21746)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 15

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Managed Income Fund** |  |  |  |  |  |
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.02 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.44 | &nbsp;&nbsp; $(0.41)<br>|
| Year Ended February 28, 2025 | 9.99 | 0.48 | 0.03 | 0.51 | &nbsp;&nbsp; (0.48)<br>|
| Year Ended February 29, 2024 | 9.98 | 0.48 | &nbsp;&nbsp; —(d)<br>| 0.48 | &nbsp;&nbsp; (0.47)<br>|
| Year Ended February 28, 2023 | 9.96 | 0.16 | 0.03 | 0.19 | &nbsp;&nbsp; (0.17)<br>|
| Year Ended February 28, 2022 | 10.03 | 0.02 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>|
| **Class L** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.04 | 0.42 | 0.03 | 0.45 | &nbsp;&nbsp; (0.43)<br>|
| Year Ended February 28, 2025 | 10.00 | 0.50 | 0.04 | 0.54 | &nbsp;&nbsp; (0.50)<br>|
| Year Ended February 29, 2024 | 9.99 | 0.48 | 0.02 | 0.50 | &nbsp;&nbsp; (0.49)<br>|
| Year Ended February 28, 2023 | 9.97 | 0.17 | 0.03 | 0.20 | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2022 | 10.04 | 0.03 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.04)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.50<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $96491 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.09<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.49<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144680 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173561 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27865 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4773854 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5283281 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5483197 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8206090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12895309 | &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;0.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 78 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 17

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I (the "Trust") was formed on November 12, 2004, as a Delaware statutory trust, pursuant to a Declaration of Trust dated November 5, 2004 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company.

The following is a separate fund of the Trust (the "Fund") covered by this report:

---

| | | |
|:---|:---|:---|
|  | **Classes Offered** | **Diversification Classification** |
| JPMorgan Managed Income Fund | Class I and Class L | Diversified |

---

The investment objective of the Fund is to seek current income while seeking to maintain a low volatility of principal.

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 service agreements. No sales charges are assessed with respect to the Fund.

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 Fund.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The Fund is an investment company and, accordingly, follows 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 Fund's valuation policies set forth by, and under the supervision and responsibility of, the Board of Trustees of the Trust (the "Board"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Board.

Under Section 2(a)(41) of the 1940 Act, the Board is required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Board may designate the performance of these fair valuation determinations to a valuation designee. The Board has designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Fund on behalf of the Board subject to appropriate oversight by the Board. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Fund. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Board.

Fixed income instruments are 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 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.

Certain short term investments may be valued using the amortized cost method, provided it approximates the fair market value of the investment. 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 the Fund would receive if it sold the security. The market value of securities in the Fund can generally be expected to vary inversely with changes in prevailing interest rates.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's net asset values ("NAV") per share as of the report date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Income Funds February 28, 2026

------

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Fund's investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Fund's assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following table represents each valuation input as presented on the Schedule of Portfolio Investments ("SOI"):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **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** |  |  |  |  |
| Asset-Backed Securities | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $493067 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $493067 |
| Corporate Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3664030 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3664030 |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120624 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 120624 |
| Short-Term Investments |  |  |  |  |
| Certificates of Deposits | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224576 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 224576 |
| Commercial Paper | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245451 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 245451 |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 45068 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 45068 |
| Investment of Cash Collateral from Securities Loaned | &nbsp;&nbsp;&nbsp;&nbsp; 16384 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 16384 |
| Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60000 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 60000 |
| Total Short-Term Investments | &nbsp;&nbsp;&nbsp;&nbsp; 61452 | &nbsp;&nbsp;&nbsp;&nbsp; 530027 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 591479 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $61452 | &nbsp;&nbsp;&nbsp;&nbsp; $4807748 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $4869200 |

---

**B. Restricted Securities**— Certain securities held by the Fund 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 Fund.

As of February 28, 2026, the Fund had no investments in restricted securities other than securities sold to the Fund under Rule 144A and/or Regulation S under the Securities Act.

**C. Repurchase Agreements**— The 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 Fund requires that the collateral received in a repurchase agreement transaction be transferred to a custodian in a manner sufficient to enable the Fund 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 Fund 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.

The Fund's repurchase agreements are not subject to master netting arrangements.

**D. Securities Lending** — The Fund is authorized to engage in securities lending in order to generate additional income. The Fund is able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Fund, 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 the Class IM Shares of the JPMorgan U.S. Government Money Market Fund and the Agency SL Class Shares of the JPMorgan Securities Lending Money Market Fund. The Fund retains the interest earned on cash collateral investments but is 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 Fund). Upon termination of a loan, the Fund is required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrower. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Fund or the borrower at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 19

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statement of Operations as Income from securities lending (net). The Fund also receives 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 Statement 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 Statement of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statement of Assets and Liabilities and details of collateral investments are disclosed on the SOI.

The Fund bears the risk of loss associated with the collateral investments and is 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 Fund may incur losses that exceed the amount it earned on lending the security. Upon termination of a loan, the Fund 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.

The following table presents the Fund's value of the securities on loan with Citibank, net of amounts available for offset under the master netting arrangements and any related collateral received or posted by the Fund as of February 28, 2026.

---

| | | |
|:---|:---|:---|
| **Investment Securities** <br>**on Loan, at value,** <br>**Presented on the** <br>**Statement of Assets** <br>**and Liabilities**<br>| **Cash Collateral** <br>**Posted by Borrower\***<br>| **Net Amount Due** <br>**to Counterparty** <br>**(not less than zero)**<br>|
| &nbsp;&nbsp; $15853 | &nbsp;&nbsp; $(15853)<br>| &nbsp;&nbsp; $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Collateral posted reflects the value of securities on loan and does not include any additional amounts received from the borrower.

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 Fund from losses resulting from a borrower's failure to return a loaned security.

**E. Investment Transactions with Affiliates**— The Fund invested in Underlying Funds advised by the Adviser. An issuer which is under common control with the Fund may be considered an affiliate. For the purposes of the financial statements, the Fund assumes the issuers listed in the table 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 table below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Prime Money Market Fund <br> Class Institutional Shares, 3.67% (a) (b)<br>| $158512 | $7397522 | $7510940 | $(11)<br>| $(15)<br>| $45068 | 45050 | $9914 | $— |
| JPMorgan Securities Lending Money Market <br> Fund Agency SL Class Shares, 3.67% <br> (a) (b)<br>| 10941 | 150305 | 144862 |  |  | 16384 | 16384 | 378<br> \*<br>|  |
| **Total** | $169453 | $7547827 | $7655802 | $(11)<br>| $(15)<br>| $61452 |  | $10292 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of February 28, 2026.

\* Amount is included on the Statement of Operations as Income from securities lending (net) (after payments of rebates and Citibank's fee).

**F. 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Income Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**G. Allocation of Income and Expenses**— Expenses directly attributable to the Fund are charged directly to the Fund, while the expenses attributable to more than one fund of the Trust 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 Fund for the year ended February 28, 2026, are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class I** | **Class L** | **Total** |
| Transfer agency fees  | $5 | $36 | $41 |

---

**H. Federal Income Taxes**— The Fund is treated as a separate taxable entity for Federal income tax purposes. The 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 Fund's tax positions for all open tax years and has determined that as of February 28, 2026, no liability for Federal income tax is required in the Fund's 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. The Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

For the year ended February 28, 2026, the Fund did not pay any significant foreign, federal or state and local income taxes.

**I. 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 at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

---

| | | |
|:---|:---|:---|
| **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $1161 | &nbsp;&nbsp;&nbsp;&nbsp; $(1161)<br>|

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments.

**J. Segment Reporting** — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Fund and the Fund's Principal Executive Officer and Principal Financial Officer act as the Fund's CODM. The 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 Fund's financial statements.

**K. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Fund's net assets or results of operations.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of the Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate of 0.15% of the Fund's respective average daily net assets.

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 21

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to the 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 the Fund's average daily net assets, plus 0.050% of the Fund's average daily net assets between $10 billion and $20 billion, plus 0.025% of the Fund's average daily net assets between $20 billion and $25 billion, plus 0.010% of the Fund's average daily net assets in excess of $25 billion. For the year ended February 28, 2026, the effective rate was 0.075% of the 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 Fund's 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 the Fund's principal underwriter and promotes and arranges for the sale of the Fund's shares. JPMDS receives no compensation in its capacity as the Fund's underwriter.

**D. Service Fees**— The Trust, on behalf of the Fund, 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 that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class I** | **Class L** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.10<br> %<br>|

---

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 Fund. 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 Fund. For performing these services, the Fund pays 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 Fund for custody and accounting services are included in Custodian and accounting fees on the Statement of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statement of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statement of Operations.

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Fund to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees 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 Fund's respective average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class I** | **Class L** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.40<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|

---

The expense limitation agreement was in effect for the year ended February 28, 2026 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2026.

For the year ended February 28, 2026, the Fund's service providers waived fees and/or reimbursed expenses for the Fund as follows. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | |
|:---|:---|:---|:---|
| **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |
| **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** |
| &nbsp;&nbsp; $2906 | &nbsp;&nbsp; $1938 | &nbsp;&nbsp; $4 | &nbsp;&nbsp; $4848 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Income Funds February 28, 2026

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Additionally, the Fund 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 Fund's investment in such Affiliated Money Market Fund, except for investments of securities lending cash collateral. None of these parties expect the Fund to repay any such waived fees and/or reimbursed expenses in future years.

The amount of these waivers resulting from investments in these Affiliated Money Market Funds for the year ended February 28, 2026 was $495.

**G. Other**— Certain officers of the Trust are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Fund for serving in their respective roles.

The Board designated and appointed a Chief Compliance Officer to the Fund pursuant to Rule 38a-1 under the 1940 Act. The 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 Statement of Operations.

The Trust adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Board's independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended February 28, 2026, the Fund purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Fund to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the year ended February 28, 2026, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>| **Purchases** <br>**of U.S.** <br>**Government**<br>| **Sales** <br>**of U.S.** <br>**Government**<br>|
| $3335984 | $3405006 | $377842 | $374003 |

---

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $4855601 | &nbsp;&nbsp;&nbsp;&nbsp; $13777 | &nbsp;&nbsp;&nbsp;&nbsp; $178 | &nbsp;&nbsp;&nbsp;&nbsp; $13599 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments.

The tax character of distributions paid during the year ended February 28, 2026 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $228898 | &nbsp;&nbsp;&nbsp;&nbsp; $228898 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 23

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The tax character of distributions paid during the year ended February 28, 2025 was as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $282514 | &nbsp;&nbsp;&nbsp;&nbsp; $282514 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

As of February 28, 2026, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Ordinary** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| &nbsp;&nbsp;&nbsp;&nbsp; $4188 | &nbsp;&nbsp;&nbsp;&nbsp; $(65021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $13599 |

---

The cumulative timing differences primarily consist of tax adjustments on certain investments.

As of February 28, 2026, the Fund 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** |
| &nbsp;&nbsp;&nbsp;&nbsp; $28411 | &nbsp;&nbsp;&nbsp;&nbsp; $36610 |

---

During the year ended February 28, 2026, the Fund utilized capital loss carryforwards as follows:

---

| | |
|:---|:---|
| **Capital Loss Utilized**  | **Capital Loss Utilized**  |
| **Short-Term** | **Long-Term** |
| &nbsp;&nbsp;&nbsp;&nbsp; $8477 | &nbsp;&nbsp;&nbsp;&nbsp; $3302 |

---

**6. Borrowings** 

The Fund relies 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 Fund 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 the 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 Fund because the Fund 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 Fund had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended February 28, 2026.

The Trust 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 Fund. 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 the Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Fund had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2026.

The Trust, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), has 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Income Funds February 28, 2026

------

$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 Fund did not utilize the Credit Facility during the year ended February 28, 2026.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Fund enters into contracts that contain a variety of representations which provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against the Fund. However, based on experience, the Fund expects the risk of loss to be remote.

As of February 28, 2026, the Fund had one individual shareholder and/or affiliated omnibus account, which owned 87.9% of the Fund's outstanding shares.

Significant shareholder transactions by these shareholders may impact the Fund's performance and liquidity.

The Fund is subject to risks associated with securities with contractual cash flows including asset-backed and mortgage-related securities such as collateralized mortgage obligations, mortgage pass-through securities and commercial mortgage-backed securities, including securities backed by sub-prime mortgage loans. The value, liquidity and related income of these securities are sensitive to changes in economic conditions, including real estate value, pre-payments, delinquencies and/or defaults, and may be adversely affected by shifts in the market's perception of the issuers and changes in interest rates.

The Fund is subject to the risk that, should the Fund decide to sell an illiquid investment when a ready buyer is not available at a price the Fund deems to be representative of its value, the value of the Fund's net assets could be adversely affected.

The Fund is 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 Fund 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 Fund 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 Fund is subject to credit risk. The Fund's 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 Fund's 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 Fund's 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.

Investing in securities of foreign countries may include certain risks and considerations not typically associated with investing in U.S. securities. These risks include revaluation of currencies, high rates of inflation, repatriation restrictions on income and currencies, and future and adverse political, social and economic developments.

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 25

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Trustees of JPMorgan Trust I and Shareholders of JPMorgan Managed Income Fund

***Opinion on the Financial Statements***

We have audited the accompanying statement of assets and liabilities, including the schedule of portfolio investments, of JPMorgan Managed Income Fund (one of the funds constituting JPMorgan Trust I, referred to hereafter as the "Fund") as of February 28, 2026, the related statement of operations for the year ended February 28, 2026, the statement of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of February 28, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended February 28, 2026 and the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 29, 2026

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Income Funds February 28, 2026

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Fund's income and distributions for the taxable year ended February 28, 2026. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2026. The information necessary to complete your income tax returns for the calendar year ending December 31, 2026 will be provided under separate cover.

**Treasury Income**

The Fund had 3.00%, or maximum allowable percentage, of income earned from direct U.S. Treasury Obligations for the fiscal year ended February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Income Funds 27

------

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 Fund.

***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.

![](g140208img029764f62.jpg)

------

![](g140208img47c9802f3.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2026. All rights reserved. February 2026.

AN-INC3-226

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statement of Operations within the Fund's Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreement**

Not applicable.

------

Annual Financial Statements

J.P. Morgan Municipal Bond Funds

February 28, 2026

---

| |
|:---|
| JPMorgan California Tax Free Bond Fund |
| JPMorgan New York Tax Free Bond Fund |
| JPMorgan Short-Intermediate Municipal Bond Fund |
| JPMorgan Tax Free Bond Fund |
| JPMorgan Ultra-Short Municipal Fund |

---

![](g117677img6ab5003e1.jpg)

------

**CONTENTS** 

---

| | |
|:---|:---|
| [Schedules of Portfolio Investments](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_SOI-TOC-ScheduleofInvestments-758_1) | &nbsp;&nbsp; **1** |
| [Financial Statements](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_FS-TOC-FinancialStatement-758_1) | &nbsp;&nbsp; **64** |
| [Financial Highlights](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_FIHI-TOC-FinancialHighlights-758_1) | &nbsp;&nbsp; **80** |
| [Notes to Financial Statements](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_NTF-NTFRunningFooter-758_1) | &nbsp;&nbsp; **90** |
| [Report of Independent Registered Public Accounting Firm](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_AUD-TOC-AuditorsReport-758_1) | &nbsp;&nbsp; **105** |
| [Tax Letter](#xx_f89aa488-86ca-4cbc-b534-08d3f28ee73e_TL-TAXLETTERCC-758_1) | &nbsp;&nbsp; **106** |

---

**Investments in a Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency. You could lose money if you sell when a Fund's share price is lower than when you invested.**

Past performance is no guarantee of future performance. The general market views expressed in this report are opinions based on market and other conditions through the end of the reporting period and are subject to change without notice. These views are not intended to predict the future performance of a Fund or the securities markets.

Prospective investors should refer to the Funds' prospectuses for a discussion of the Funds' investment objectives, strategies and risks. Call J.P. Morgan Funds Service Center at 1-800-480-4111 for a prospectus containing more complete information about a Fund, including management fees and other expenses. Please read it carefully before investing.

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal** <br>**Amount** <br>**($000)**<br>| <br> **Value** <br>**($000)**<br>|
| **Municipal Bonds—91.8%** (a) | **Municipal Bonds—91.8%** (a) | **Municipal Bonds—91.8%** (a) |
| **Alabama—2.0%** | **Alabama—2.0%** | **Alabama—2.0%** |
| **Industrial Development Revenue/Pollution Control Revenue—0.2%** | **Industrial Development Revenue/Pollution Control Revenue—0.2%** | **Industrial Development Revenue/Pollution Control Revenue—0.2%** |
| Baldwin County Industrial Development Authority, <br> Novelis Corp., Project<br>|  |  |
| Series 2026 A, Rev., AMT, 4.30%, 3/6/2026 (b) (c) | 115 | 116 |
| Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c) | 1000 | 1047 |
|  |  | 1163 |
| **Utility—1.8%** | **Utility—1.8%** | **Utility—1.8%** |
| Black Belt Energy Gas District, Gas Project Series <br> 2024D, Rev., 5.00%, 11/1/2034 (c)<br>| 3750 | 4137 |
| Energy Southeast A Cooperative District Series 2024B, <br> Rev., 5.25%, 6/1/2032 (c)<br>| 1500 | 1656 |
| Lower Alabama Gas District (The), Gas Project Series <br> 2025A, Rev., 5.00%, 12/1/2033<br>| 1500 | 1612 |
| Southeast Alabama Gas Supply District (The), Project <br> No. 2 Series 2024B, Rev., 5.00%, 5/1/2032 (c)<br>| 1000 | 1092 |
|  |  | 8497 |
| Total Alabama |  | 9660 |
| **California—83.4%** | **California—83.4%** | **California—83.4%** |
| **Certificate of Participation/Lease—1.0%** | **Certificate of Participation/Lease—1.0%** | **Certificate of Participation/Lease—1.0%** |
| City and County of San Francisco, Multiple Capital <br> Improvement Projects Series 2025R-1, COP, 5.00%, <br> 4/1/2041<br>| 2000 | 2331 |
| County of San Diego, County Public Health and Capital <br> Improvement Series 2023, COP, 5.00%, 10/1/2037<br>| 425 | 504 |
| Mount Diablo Unified School District , COP, A.G., 5.00%, <br> 9/1/2031<br>| 1000 | 1153 |
| Placentia-Yorba Linda Unified School District , COP, <br> 5.00%, 10/1/2029<br>| 1000 | 1104 |
|  |  | 5092 |
| **Education—5.7%** | **Education—5.7%** | **Education—5.7%** |
| California Enterprise Development Authority, Riverside <br> County, Rocketship Public Schools-Obligated Group <br> No. 2 Series 2022A, Rev., 4.00%, 6/1/2031 (b)<br>| 1250 | 1260 |
| California Enterprise Development Authority, Rocklin <br> Academy Project Series 2024, Rev., 5.00%, <br> 6/1/2054 (b)<br>| 1250 | 1233 |
| California Infrastructure and Economic Development <br> Bank, California Academy of Science Series 2024A, <br> Rev., 3.25%, 8/1/2029<br>| 3000 | 3074 |
| California Infrastructure and Economic Development <br> Bank, Equitable School Revolving Fund LLC<br>|  |  |
| Series 2024B, Rev., 5.00%, 11/1/2029 | 4400 | 4750 |
| Series 2024B, Rev., 5.00%, 11/1/2041 | 1175 | 1303 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **Education — continued** | **Education — continued** | **Education — continued** |
| California State University, Systemwide Series 2025A, <br> Rev., 5.00%, 11/1/2040<br>| 1000 | 1188 |
| Palmdale Elementary School District |  |  |
| Series 2023, 5.00%, 8/1/2041 | 250 | 283 |
| Series 2023, 4.00%, 8/1/2043 | 1000 | 1015 |
| Series 2023, 5.00%, 8/1/2044 | 800 | 884 |
| University of California |  |  |
| Series 2020BE, Rev., 5.00%, 5/15/2034 | 1065 | 1178 |
| Series 2016AR, Rev., 5.00%, 5/15/2035 | 1500 | 1506 |
| Series 2025CD, Rev., 5.00%, 5/15/2036 | 2000 | 2448 |
| Series 2025CD, Rev., 5.25%, 5/15/2040 | 2000 | 2545 |
| Series 2025CC, Rev., 5.00%, 5/15/2043 | 2975 | 3360 |
| Series 2026CF, Rev., 5.00%, 11/15/2043 (d) | 1500 | 1712 |
|  |  | 27739 |
| **General Obligation—15.9%** | **General Obligation—15.9%** | **General Obligation—15.9%** |
| Alvord Unified School District, 2007 Election Series <br> 2011B, GO, A.G., Zero Coupon, 8/1/2036<br>| 5750 | 4002 |
| Centinela Valley Union High School District , GO, A.G., <br> 5.00%, 8/1/2027 (d)<br>| 2270 | 2353 |
| Chico Unified School District, Election of 2024 Series <br> 2024A, GO, 4.50%, 8/1/2049<br>| 1500 | 1524 |
| Colton Joint Unified School District, Election of 2024 |  |  |
| Series A, GO, Zero Coupon, 8/1/2037 | 1000 | 674 |
| Series A, GO, Zero Coupon, 8/1/2039 | 1075 | 652 |
| Series A, GO, Zero Coupon, 8/1/2044 | 750 | 335 |
| Series A, GO, Zero Coupon, 8/1/2045 | 1000 | 420 |
| Series A, GO, Zero Coupon, 8/1/2046 | 1000 | 393 |
| Cupertino Union School District, Election of 2024 Series <br> A, GO, 5.75%, 8/1/2050<br>| 1000 | 1145 |
| Desert Community College District, Election of 2016 |  |  |
| GO, 5.00%, 8/1/2045 | 2500 | 2798 |
| GO, 4.00%, 8/1/2051 | 4000 | 3890 |
| Desert Sands Unified School District, Election of 2024 , <br> GO, 4.00%, 8/1/2050<br>| 1500 | 1470 |
| Foothill-De Anza Community College District, Election of <br> 2020 Series 2020D, GO, 5.00%, 8/1/2042<br>| 1200 | 1388 |
| Grossmont Healthcare District Series 2025F, GO, <br> 5.00%, 7/15/2040<br>| 3000 | 3509 |
| Long Beach Community College District Series 2025E, <br> GO, 5.00%, 8/1/2046<br>| 1650 | 1821 |
| Los Alamitos Unified School District, School Facilities <br> Improvement District, Election of 2018 Series C, GO, <br> 4.00%, 8/1/2045<br>| 1235 | 1248 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 1

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| Los Angeles Unified School District, Dedicated Unlimited <br> Ad Valorem Property Tax<br>|  |  |
| Series 2023 QRR, GO, 5.25%, 7/1/2040 | 1000 | 1173 |
| Series 2024 QRR, GO, 5.25%, 7/1/2049 | 1000 | 1094 |
| Menlo Park City School District, Capital Appreciation |  |  |
| GO, Zero Coupon, 7/1/2031 | 500 | 407 |
| GO, Zero Coupon, 7/1/2032 | 880 | 686 |
| Modesto High School District, Election of 2022 |  |  |
| Series B, GO, 5.00%, 8/1/2039 | 850 | 1023 |
| Series B, GO, 5.00%, 8/1/2040 | 1000 | 1189 |
| Mount Diablo Unified School District |  |  |
| GO, 5.00%, 8/1/2032 | 750 | 894 |
| GO, 5.00%, 8/1/2033 | 700 | 849 |
| Napa Valley Unified School District, Election of 2006 <br> Series 2010A, GO, Zero Coupon, 8/1/2027<br>| 2000 | 1936 |
| Napa Valley Unified School District, Election of 2024 <br> Series A, GO, 4.50%, 8/1/2055<br>| 1000 | 1010 |
| New Haven Unified School District, Election of 2024 <br> Series A, GO, 4.50%, 8/1/2054<br>| 1000 | 1011 |
| Palo Alto Unified School District, Election of 2008 <br> Series 2008-2, GO, Zero Coupon, 8/1/2026<br>| 1790 | 1775 |
| Redondo Beach Unified School District, Election of 2024 <br> Series 2024A, GO, 4.63%, 8/1/2055<br>| 1000 | 1024 |
| Rio Hondo Community College District, Election of 2024 <br> Series 2025A, GO, 4.38%, 8/1/2055<br>| 1750 | 1756 |
| San Diego Unified School District, Election of 1998 |  |  |
| Series G-1, GO, A.G., 5.25%, 7/1/2028 (e) | 385 | 414 |
| Series G-1, GO, A.G., 5.25%, 7/1/2028 | 2115 | 2290 |
| San Dieguito Union High School District , GO, 5.00%, <br> 8/1/2037<br>| 1700 | 2084 |
| San Francisco Bay Area Rapid Transit District Series <br> 2025E-1, GO, 5.00%, 8/1/2042<br>| 1500 | 1744 |
| San Jose Evergreen Community College District |  |  |
| Series C, GO, 4.00%, 9/1/2041 | 650 | 684 |
| Series C, GO, 4.00%, 9/1/2043 | 1490 | 1537 |
| San Jose Unified School District, Election of 2002 Series <br> C, GO, NATL - RE, Zero Coupon, 6/1/2031<br>| 3035 | 2689 |
| San Mateo County Community College District, Election <br> of 2005<br>|  |  |
| Series A, GO, NATL - RE, Zero Coupon, 9/1/2026 | 1100 | 1088 |
| Series A, GO, NATL - RE, Zero Coupon, 9/1/2029 | 2000 | 1849 |
| Series 2006B, GO, NATL - RE, Zero Coupon, <br> 9/1/2034<br>| 1000 | 799 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| San Mateo Union High School District , GO, 5.00%, <br> 9/1/2028 (d)<br>| 1750 | 1865 |
| South San Francisco Unified School District, Measure J, <br> Dedicated Unlimited Ad Valorem Property Tax Series <br> 2016C, GO, Zero Coupon, 9/1/2028<br>| 1800 | 1678 |
| State of California Series 2024B2, GO, VRDO, 1.03%, <br> 3/11/2026 (c)<br>| 5000 | 5000 |
| State of California, Various Purpose |  |  |
| GO, 5.00%, 8/1/2037 | 820 | 971 |
| GO, 4.00%, 10/1/2041 | 5000 | 5168 |
| Twin Rivers Unified School District Series 2016A, GO, <br> A.G., 4.00%, 2/1/2039 (d)<br>| 1000 | 1075 |
| Ventura Unified School District, Election of 2022 Series <br> 2022B, GO, 4.25%, 8/1/2051<br>| 1000 | 1001 |
| William S Hart Union High School District, Capital <br> Appreciation Election 2001 Series 2005B, GO, A.G., <br> Zero Coupon, 9/1/2029<br>| 2500 | 2288 |
|  |  | 77673 |
| **Hospital—7.4%** | **Hospital—7.4%** | **Hospital—7.4%** |
| California Health Facilities Financing Authority, <br> Adventist Health System<br>|  |  |
| Series 2023B, Rev., VRDO, 1.40%, 3/2/2026 (c) | 4805 | 4805 |
| Series 2016A, Rev., 4.00%, 3/1/2029 | 2165 | 2166 |
| California Health Facilities Financing Authority, <br> Cedars-Sinai Medical Center<br>|  |  |
| Rev., 5.00%, 11/15/2030 | 250 | 251 |
| Rev., 5.00%, 11/15/2032 | 400 | 402 |
| Series 2021A, Rev., 4.00%, 8/15/2048 | 2000 | 1911 |
| California Health Facilities Financing Authority, <br> Children's Hospital of Orange County<br>|  |  |
| Series 2024B, Rev., 5.00%, 5/1/2031 (c) | 1000 | 1138 |
| Series 2024A, Rev., 5.00%, 11/1/2054 | 1500 | 1587 |
| California Health Facilities Financing Authority, EL <br> Camino Health<br>|  |  |
| Series 2025A, Rev., 5.00%, 2/1/2044 | 1000 | 1133 |
| Series 2025A, Rev., 5.25%, 2/1/2048 | 1750 | 1902 |
| California Health Facilities Financing Authority, PIH <br> Health Series 2020A, Rev., 4.00%, 6/1/2050<br>| 1500 | 1352 |
| California Health Facilities Financing Authority, Scripps <br> Health Series 2024B-2, Rev., 5.00%, 2/4/2031 (c)<br>| 1800 | 2021 |
| California Health Facilities Financing Authority, Stanford <br> Health Care Series 2025B, Rev., 5.00%, 8/15/2035<br>| 1120 | 1400 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| **Hospital — continued** | **Hospital — continued** | **Hospital — continued** |
| California Health Facilities Financing Authority, Sutter <br> Health<br>|  |  |
| Series 2017A, Rev., 5.00%, 11/15/2034 | 1500 | 1565 |
| Series 2017A, Rev., 4.00%, 11/15/2048 | 1000 | 916 |
| California Public Finance Authority, Health Care <br> Hazelden Betty Ford Foundation Project<br>|  |  |
| Series 2025, Rev., 5.00%, 11/1/2049 | 750 | 768 |
| Series 2025, Rev., 5.00%, 11/1/2054 | 2000 | 2033 |
| California Public Finance Authority, PIH Health Series <br> 2024A, Rev., 5.00%, 6/1/2035<br>| 1790 | 2068 |
| California Statewide Communities Development <br> Authority, John Muir Health<br>|  |  |
| Series 2024E-2, Rev., 5.00%, 10/1/2027 (c) | 675 | 700 |
| Series 2024A, Rev., 5.00%, 12/1/2027 | 450 | 473 |
| Series 2024A, Rev., 5.25%, 12/1/2054 | 1000 | 1069 |
| California Statewide Communities Development <br> Authority, Kaiser Permanente Series 2009C-2, Rev., <br> 5.00%, 11/1/2029 (c)<br>| 2000 | 2201 |
| California Statewide Communities Development <br> Authority, Loma Linda University Medical Center<br>|  |  |
| Series 2016A, Rev., 5.25%, 12/1/2056 (b) | 1000 | 1000 |
| Series 2018A, Rev., 5.50%, 12/1/2058 (b) | 1000 | 1018 |
| Regents of the University of California Medical Center <br> Pooled Series 2022P, Rev., 5.00%, 5/15/2037<br>| 2105 | 2402 |
|  |  | 36281 |
| **Housing—8.1%** | **Housing—8.1%** | **Housing—8.1%** |
| California Enterprise Development Authority, Pamona <br> Properties LLC Project<br>|  |  |
| Series 2024A, Rev., 5.00%, 1/15/2039 | 3220 | 3514 |
| Series 2024A, Rev., 5.00%, 1/15/2045 | 1500 | 1551 |
| California Municipal Finance Authority, Caritas Projects |  |  |
| Series 2024A, Rev., 5.00%, 8/15/2026 | 450 | 455 |
| Series 2024A, Rev., 5.00%, 8/15/2027 | 575 | 595 |
| Series 2024A, Rev., 5.00%, 8/15/2029 | 820 | 885 |
| Series 2024A, Rev., 5.00%, 8/15/2031 | 540 | 602 |
| Series 2024A, Rev., 5.00%, 8/15/2054 | 1000 | 1019 |
| California Municipal Finance Authority, Linxs <br> Apartments Project, Senior Lien Series 2018A, Rev., <br> AMT, 5.00%, 12/31/2028<br>| 1750 | 1830 |
| California Municipal Finance Authority, Martha Gardens <br> Apartments Series 2025A-2, Rev., 3.45%, <br> 12/1/2028 (c)<br>| 1500 | 1530 |
| California Municipal Finance Authority, Multi-Family <br> Housing EL Camino Real , Rev., 2.50%, 3/1/2029 (c)<br>| 1000 | 1000 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **Housing — continued** | **Housing — continued** | **Housing — continued** |
| California Municipal Finance Authority, Multi-Family <br> Housing Palmdale Family Apartments Series 2025 <br> A-1, Rev., 2.95%, 1/1/2028 (c)<br>| 3000 | 3022 |
| California Municipal Finance Authority, Multi-Family <br> Housing The Winslow Series 2025A, Rev., 2.95%, <br> 12/1/2028 (c)<br>| 3000 | 3025 |
| California Municipal Finance Authority, Multi-Family <br> Housing, View At San Bruno Series 2024A-1, Rev., <br> 5.00%, 7/1/2028 (c)<br>| 3000 | 3183 |
| California Municipal Finance Authority, Terracina At <br> Westpark Apartments Series 2024A, Rev., 3.20%, <br> 8/1/2027 (c)<br>| 2500 | 2510 |
| California Statewide Communities Development <br> Authority, Heritage Park Apartments Project Series <br> 2025A, Rev., FNMA COLL, 3.70%, 4/1/2035<br>| 2500 | 2610 |
| California Statewide Communities Development <br> Authority, Sequoia Living Projects Series 2025A, <br> Rev., 5.00%, 7/1/2039<br>| 1735 | 1974 |
| City of San Jose, Multi-Family Housing Parkmoor Series <br> 2023F2, Rev., 5.00%, 6/1/2026 (c)<br>| 2000 | 2012 |
| Los Angeles Housing Authority, Multi Family Housing, <br> Victory BLVD Series 2025A, Rev., 3.00%, <br> 7/1/2029 (c)<br>| 2500 | 2524 |
| Marina Joint Powers Financing Authority, Multi Family <br> Housing Preston Park Apartments , Rev., FNMA COLL, <br> 3.40%, 3/1/2036<br>| 5500 | 5607 |
|  |  | 39448 |
| **Industrial Development Revenue/Pollution Control Revenue—4.8%** | **Industrial Development Revenue/Pollution Control Revenue—4.8%** | **Industrial Development Revenue/Pollution Control Revenue—4.8%** |
| California Infrastructure and Economic Development <br> Bank, Segerstrom Center for the Arts Series 2024, <br> Rev., 5.00%, 1/1/2032<br>| 2000 | 2287 |
| California Infrastructure and Economic Development <br> Bank, The J. Paul Getty Trust Series 2023B, Rev., <br> 5.00%, 10/1/2026 (c)<br>| 3000 | 3032 |
| California Municipal Finance Authority, Republic <br> Services, Inc., Project Series 2024A, Rev., AMT, <br> 3.88%, 3/1/2034 (c)<br>| 2985 | 3004 |
| California Municipal Finance Authority, Waste <br> Management, Inc., Project<br>|  |  |
| Series 2020B, Rev., AMT, 3.85%, 6/1/2026 (c) | 3500 | 3501 |
| Series 2009A, Rev., 3.30%, 2/1/2028 (b) (c) | 2000 | 2016 |
| California Pollution Control Financing Authority, <br> Poseidon Resources Channelside LP Desalination <br> Project , Rev., AMT, 5.00%, 7/1/2035 (b)<br>| 2105 | 2348 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 3

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** |
| California Pollution Control Financing Authority, Solid <br> Waste Disposal, Republic Services, Inc., Project Series <br> 2017A-2, Rev., AMT, 3.25%, 4/15/2026 (b) (c)<br>| 1250 | 1250 |
| Rancho Cucamonga Redevelopment Agency Successor <br> Agency Series 2024, Rev., 5.00%, 9/1/2026<br>| 1000 | 1015 |
| Rialto Public Financing Authority, Police Station Project |  |  |
| Series 2023A, Rev., 5.00%, 6/1/2036 | 450 | 510 |
| Series 2023A, Rev., 5.00%, 6/1/2038 | 400 | 447 |
| Series 2023A, Rev., 5.00%, 6/1/2048 | 2000 | 2083 |
| Santa Cruz County Redevelopment Successor Agency |  |  |
| Series 2025B, Rev., 5.00%, 9/1/2026 | 500 | 507 |
| Series 2025B, Rev., 5.00%, 9/1/2027 | 285 | 298 |
| Series 2025B, Rev., 5.00%, 9/1/2028 | 400 | 430 |
| Series 2025B, Rev., 5.00%, 9/1/2029 | 500 | 551 |
|  |  | 23279 |
| **Other Revenue—11.4%** | **Other Revenue—11.4%** | **Other Revenue—11.4%** |
| California County Tobacco Securitization Agency Series <br> 2006A, Rev., Zero Coupon, 6/1/2046<br>| 3000 | 712 |
| California County Tobacco Securitization Agency, Golden <br> Gate Tobacco Funding Corp. Series A, Rev., 5.00%, <br> 6/1/2047<br>| 1500 | 1435 |
| California County Tobacco Securitization Agency, Los <br> Angeles County Securitization Corp.<br>|  |  |
| Series 2020A, Rev., 5.00%, 6/1/2030 | 1095 | 1178 |
| Series 2020A, Rev., 4.00%, 6/1/2049 | 1150 | 1024 |
| Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | 4000 | 775 |
| California County Tobacco Securitization Agency, <br> Sonoma County Securitization Corp.<br>|  |  |
| Series 2020A, Rev., 4.00%, 6/1/2049 | 1000 | 890 |
| Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | 5250 | 1068 |
| California Municipal Finance Authority |  |  |
| Series 2024A, Rev., 5.00%, 4/1/2026 | 450 | 451 |
| Series 2024A, Rev., 5.00%, 4/1/2027 | 365 | 374 |
| Series 2024A, Rev., 5.00%, 4/1/2028 | 310 | 324 |
| Series 2024A, Rev., 5.00%, 4/1/2029 | 250 | 266 |
| Series 2024A, Rev., 5.00%, 4/1/2030 | 200 | 217 |
| Series 2024A, Rev., 5.00%, 4/1/2031 | 265 | 291 |
| Series 2024A, Rev., 5.00%, 4/1/2032 | 310 | 346 |
| Series 2025-2, Rev., 4.33%, 11/20/2040 (c) | 997 | 1013 |
| Series 2025-1, Rev., 3.54%, 2/20/2041 (c) | 992 | 960 |
| Series 2026A-1, Rev., 4.05%, 7/20/2041 (d) | 1000 | 1011 |
| Series 2024A, Rev., 5.00%, 4/1/2044 | 1415 | 1500 |
| Series 2024A, Rev., 5.00%, 4/1/2054 | 1300 | 1323 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| California Municipal Finance Authority, Eskaton <br> Properties, Inc. Obligated Group<br>|  |  |
| Series 2024, Rev., 5.00%, 11/15/2027 | 1360 | 1408 |
| Series 2024, Rev., 5.00%, 11/15/2044 | 1500 | 1570 |
| California Municipal Finance Authority, Humangood <br> California Obligated Group Series 2025A, Rev., <br> 5.00%, 10/1/2036<br>| 1000 | 1101 |
| California Statewide Communities Development <br> Authority, Southern California Edison Co. Series <br> 2006C, Rev., 4.50%, 11/1/2033<br>| 1100 | 1179 |
| City of Los Angeles , Rev., TRAN, 5.00%, 6/25/2026 | 5000 | 5043 |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement<br>|  |  |
| Series 2021B, Rev., 3.00%, 6/1/2046 | 1580 | 1455 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 22700 | 2420 |
| Imperial Irrigation District Electric System , Rev., <br> 5.00%, 11/1/2043<br>| 1150 | 1311 |
| Jurupa Public Financing Authority Series 2024, A.G., <br> 5.00%, 9/1/2035<br>| 2000 | 2401 |
| Long Beach Bond Finance Authority Series 2007A, Rev., <br> 5.00%, 11/15/2035<br>| 2875 | 3353 |
| Los Angeles County Public Works Financing Authority <br> Series 2022G, Rev., 5.00%, 12/1/2037<br>| 1500 | 1710 |
| Municipal Improvement Corp. of Los Angeles Series <br> 2025A, Rev., 5.00%, 5/1/2044<br>| 1000 | 1113 |
| Municipal Improvement Corp. of Los Angeles, Real <br> Property<br>|  |  |
| Series 2016B, Rev., 4.00%, 11/1/2035 | 2000 | 2010 |
| Series 2023A, Rev., 5.00%, 5/1/2043 | 1000 | 1109 |
| Ontario Public Financing Authority |  |  |
| Series 2025A, Rev., 5.00%, 11/1/2032 | 300 | 358 |
| Series 2025A, Rev., 5.00%, 11/1/2033 | 475 | 577 |
| Series 2026B, Rev., 5.00%, 10/1/2042 | 1000 | 1166 |
| Series 2026B, Rev., 5.00%, 10/1/2043 | 1000 | 1150 |
| Pasadena Public Financing Authority, Rose Bowl <br> Renovation Series 2024, Rev., Zero Coupon, <br> 6/1/2042<br>| 1200 | 616 |
| San Diego Public Facilities Financing Authority |  |  |
| Series 2025A, Rev., 5.00%, 10/15/2042 | 2500 | 2877 |
| Series 2025A, Rev., 5.00%, 10/15/2043 | 2000 | 2272 |
| Tobacco Securitization Authority of Northern California, <br> Sacramento County Tobacco Securitization Corp. <br> Series 2021B-1, Rev., 4.00%, 6/1/2049<br>| 1435 | 1413 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Tobacco Securitization Authority of Southern California, <br> San Diego County Tobacco Asset Securitization Corp.<br>|  |  |
| Series 2019A, Rev., 5.00%, 6/1/2029 | 1035 | 1112 |
| Series 2019A, Rev., 5.00%, 6/1/2037 | 1000 | 1064 |
| Series 2019A, Rev., 5.00%, 6/1/2048 | 1000 | 1011 |
|  |  | 55957 |
| **Prerefunded—1.0%** | **Prerefunded—1.0%** | **Prerefunded—1.0%** |
| Campbell Union High School District, Election of 2016 <br> Series B, GO, 5.00%, 8/1/2026 (e)<br>| 2370 | 2401 |
| State of California Department of Water Resources, <br> Central Valley Project, Water System Series AW, Rev., <br> 5.00%, 12/1/2026 (e)<br>| 2600 | 2661 |
|  |  | 5062 |
| **Transportation—9.9%** | **Transportation—9.9%** | **Transportation—9.9%** |
| Bay Area Toll Authority, Toll Bridge |  |  |
| Series 2024I, Rev., VRDO, 1.57%, 3/2/2026 (c) | 8600 | 8600 |
| Series 2025F-2, Rev., 5.00%, 4/1/2043 | 1295 | 1483 |
| Burbank-Glendale-Pasadena Airport Authority Brick <br> Campaign Series 2024B, Rev., AMT, A.G., 4.38%, <br> 7/1/2049<br>| 795 | 778 |
| California Infrastructure and Economic Development <br> Bank, Academy of Motion Picture Series 2023A, Rev., <br> 5.00%, 11/1/2034<br>| 1000 | 1212 |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025B, Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 2740 | 1480 |
| California Municipal Finance Authority, United Airlined, <br> Inc. Los Angeles Internation Airport Projects Series <br> 2019, Rev., AMT, 4.00%, 7/15/2029<br>| 1000 | 1020 |
| City of Los Angeles Department of Airports |  |  |
| Series 2025A, Rev., AMT, 5.00%, 5/15/2027 | 2000 | 2063 |
| Series 2020A, Rev., 5.00%, 5/15/2039 | 2000 | 2178 |
| Series 2022B, Rev., 4.00%, 5/15/2041 | 1755 | 1824 |
| City of Los Angeles Department of Airports, <br> International Airport Subordinate Series 2022G, Rev., <br> AMT, 5.00%, 5/15/2033<br>| 1250 | 1410 |
| Norman Y Mineta San Jose International Airport SJC <br> Series 2021A, Rev., AMT, 5.00%, 3/1/2032<br>| 2000 | 2205 |
| Port of Los Angeles, Harbor Department |  |  |
| Series 2019B, Rev., 5.00%, 8/1/2026 | 3420 | 3462 |
| Series 2024A 1, Rev., AMT, 5.00%, 8/1/2032 | 1000 | 1146 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| San Diego County Regional Airport Authority, Senior <br> Private Activity<br>|  |  |
| Series 2023B, Rev., AMT, 5.25%, 7/1/2037 | 1500 | 1717 |
| Series 2025B, Rev., AMT, 5.25%, 7/1/2045 | 3000 | 3270 |
| San Francisco City and County Airport Commission, San <br> Francisco International Airport Series 2019A, Rev., <br> AMT, 5.00%, 5/1/2037<br>| 1500 | 1589 |
| San Francisco City and County Airport Comm-San <br> Francisco International Airport<br>|  |  |
| Series 2018B, Rev., VRDO, 1.15%, 3/11/2026 (c) | 5000 | 5000 |
| Series 2025D, Rev., AMT, 5.00%, 5/1/2032 | 1800 | 2057 |
| Series 2016B, Rev., AMT, 5.00%, 5/1/2046 | 1750 | 1752 |
| Southern California Logistics Airport Authority, Junior <br> Lien<br>|  |  |
| Series 2025A, Rev., A.G., 5.00%, 12/1/2030 | 615 | 698 |
| Series 2025A, Rev., A.G., 5.00%, 12/1/2031 | 880 | 1020 |
| Series 2025A, Rev., A.G., 5.00%, 12/1/2033 | 745 | 893 |
| Series 2025A, Rev., A.G., 5.00%, 12/1/2035 | 720 | 883 |
| Series 2025A, Rev., A.G., 5.00%, 12/1/2037 | 440 | 529 |
|  |  | 48269 |
| **Utility—9.3%** | **Utility—9.3%** | **Utility—9.3%** |
| California Community Choice Financing Authority, Clean <br> Energy Project<br>|  |  |
| Series 2022A-1, Rev., 4.00%, 8/1/2026 | 1000 | 1005 |
| Series 2023G-1, Rev., 5.25%, 4/1/2030 (c) | 2175 | 2346 |
| Series 2024A, Rev., 5.00%, 4/1/2032 (c) | 2000 | 2180 |
| Series 2024D, Rev., 5.00%, 9/1/2032 (c) | 5000 | 5532 |
| Series 2025F, Rev., 5.00%, 11/1/2033 | 2000 | 2213 |
| Series 2025E, Rev., 5.00%, 5/1/2035 (c) | 3800 | 4256 |
| Series 2026A-1, Rev., 5.00%, 2/1/2036 (c) | 1100 | 1221 |
| Series 2026B, Rev., 5.00%, 3/1/2036 | 2700 | 2942 |
| Central Valley Energy Authority, Commodity Supply , <br> Rev., 5.00%, 8/1/2034<br>| 1000 | 1099 |
| City of Glendale Electric |  |  |
| Series 2024-2, Rev., A.G. - CR, 5.00%, 2/1/2047 | 1220 | 1298 |
| Series 2024, Rev., 5.00%, 2/1/2049 | 3000 | 3147 |
| City of Vernon, Electric System Series 2021A, Rev., <br> 5.00%, 4/1/2026<br>| 650 | 651 |
| Imperial Irrigation District Electric System , Rev., <br> 5.00%, 11/1/2044<br>| 1175 | 1320 |
| M-S-R Energy Authority Series 2009B, Rev., 7.00%, <br> 11/1/2034<br>| 2000 | 2484 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 5

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| **Utility — continued** | **Utility — continued** | **Utility — continued** |
| Sacramento Municipal Utility District Series 2023D, <br> Rev., 5.00%, 10/15/2030 (c)<br>| 3500 | 3930 |
| San Joaquin Valley Clean Energy Authority Series <br> 2025A, Rev., 5.50%, 7/1/2035 (c)<br>| 1000 | 1139 |
| Southern California Public Power Authority, Canyon <br> Power Project Series 2025A, Rev., 5.00%, 7/1/2032<br>| 1000 | 1126 |
| Southern California Public Power Authority, <br> Transmission System Renewal Project Series 2023-1, <br> Rev., 5.00%, 7/1/2042<br>| 3000 | 3302 |
| Vista Joint Powers Financing Authority |  |  |
| Series 2025A, Rev., 5.00%, 5/1/2033 | 750 | 904 |
| Series 2025A, Rev., 5.00%, 5/1/2034 | 1000 | 1227 |
| Series 2025A, Rev., 5.00%, 5/1/2035 | 750 | 933 |
| Series 2025A, Rev., 5.00%, 5/1/2037 | 885 | 1077 |
|  |  | 45332 |
| **Water & Sewer—8.9%** | **Water & Sewer—8.9%** | **Water & Sewer—8.9%** |
| Antelope Valley-East Kern Water Agency Financing <br> Authority Series 2025B, Rev., 5.00%, 4/1/2028 (c)<br>| 1000 | 1032 |
| California Infrastructure and Economic Development <br> Bank, Clean Water State Revolving Fund , Rev., <br> 4.00%, 10/1/2040<br>| 2000 | 2103 |
| City of Los Angeles, Wastewater System |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2034 | 1000 | 1067 |
| Series 2018A, Rev., 5.00%, 6/1/2035 | 1500 | 1597 |
| City of Los Angeles, Wastewater System, Subordinate |  |  |
| Series 2025C, Rev., 5.00%, 6/1/2030 | 2000 | 2267 |
| Series 2025C, Rev., 5.00%, 6/1/2040 | 2000 | 2368 |
| City of San Francisco Public Utilities Commission Water, <br> Hetch Hetchy water Series 2025, Subseries F-1, Rev., <br> 5.00%, 11/1/2038<br>| 1500 | 1829 |
| City of San Francisco, Public Utilities Commission Water <br> Series 2020, Subseries C-10, Rev., 4.00%, <br> 11/1/2040<br>| 2650 | 2815 |
| East Bay Municipal Utility District Wastewater System <br> Series 2025B, Rev., 5.00%, 6/1/2037<br>| 1000 | 1230 |
| East Bay Municipal Utility District Water System Series <br> 2025A, Rev., 5.00%, 6/1/2050<br>| 1000 | 1083 |
| Eastern Municipal Water District, Water and Wastewater <br> Series 2016A, Rev., 5.00%, 7/1/2035<br>| 2885 | 2912 |
| Goleta Water District |  |  |
| Series 2023A, Rev., 5.00%, 9/1/2027 | 450 | 472 |
| Series 2023A, Rev., 5.00%, 9/1/2029 | 260 | 288 |
| Los Angeles Department of Water and Power System |  |  |
| Series 2017C, Rev., 5.00%, 7/1/2026 | 1105 | 1115 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **California — continued** | **California — continued** | **California — continued** |
| **Water & Sewer — continued** | **Water & Sewer — continued** | **Water & Sewer — continued** |
| Series 2024C, Rev., 5.00%, 7/1/2026 | 1000 | 1010 |
| Series 2025C, Rev., 5.00%, 7/1/2036 | 1450 | 1710 |
| Series 2023D, Rev., 5.00%, 7/1/2042 | 520 | 572 |
| Los Angeles Department of Water and Power Water <br> System Series 2022D, Rev., 5.00%, 7/1/2052<br>| 3000 | 3105 |
| Los Angeles Department of Water and Power, Water <br> System<br>|  |  |
| Series 2022D, Rev., 5.00%, 7/1/2041 | 270 | 295 |
| Series 2017A, Rev., 4.00%, 7/1/2047 | 3000 | 2876 |
| Metropolitan Water District of Southern California Series <br> 2024B3, Rev., 5.00%, 7/1/2031 (c)<br>| 1000 | 1118 |
| Metropolitan Water District of Southern California, <br> Waterworks Series 2024B-2, Rev., 5.00%, <br> 7/1/2029 (c)<br>| 2240 | 2385 |
| San Francisco City and County Public Utilities <br> Commission Wastewater<br>|  |  |
| Series 2018B, Rev., 5.00%, 10/1/2026 (e) | 440 | 448 |
| Series 2018B, Rev., 5.00%, 10/1/2026 | 635 | 647 |
| Series 2018B, Rev., 5.00%, 10/1/2036 | 1675 | 1769 |
| Southern California Water Replenishment District , Rev., <br> 5.00%, 8/1/2038<br>| 1250 | 1321 |
| State of California Department of Water Resources, <br> Central Valley Project Series BF, Rev., 5.00%, <br> 12/1/2035<br>| 2000 | 2361 |
| State of California Department of Water Resources, <br> Central Valley Project, Water System Series 2023A, <br> Rev., 5.00%, 6/1/2042<br>| 1665 | 1856 |
|  |  | 43651 |
| Total California |  | 407783 |
| **Florida—0.1%** | **Florida—0.1%** | **Florida—0.1%** |
| **Transportation—0.1%** | **Transportation—0.1%** | **Transportation—0.1%** |
| Florida Development Finance Corp., Brightline Florida <br> Passenger Rail Project , Rev., AMT, 5.50%, 7/1/2053<br>| 250 | 186 |
| **Georgia—1.4%** | **Georgia—1.4%** | **Georgia—1.4%** |
| **Utility—1.4%** | **Utility—1.4%** | **Utility—1.4%** |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 2000 | 2178 |
| Series 2024A, Rev., 5.00%, 9/1/2031 (c) | 1150 | 1255 |
| Series 2024E, Rev., 5.00%, 12/1/2032 (c) | 2940 | 3215 |
|  |  | 6648 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Guam—0.3%** | **Guam—0.3%** | **Guam—0.3%** |
| **Other Revenue—0.3%** | **Other Revenue—0.3%** | **Other Revenue—0.3%** |
| Territory of Guam Series 2025G, Rev., 5.00%, <br> 1/1/2036<br>| 1250 | 1412 |
| **Idaho—0.2%** | **Idaho—0.2%** | **Idaho—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| Idaho Housing and Finance Association, Single Family <br> Mortgage Series 2025C, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2056<br>| 995 | 1152 |
| **Iowa—0.2%** | **Iowa—0.2%** | **Iowa—0.2%** |
| **Other Revenue—0.2%** | **Other Revenue—0.2%** | **Other Revenue—0.2%** |
| Iowa Tobacco Settlement Authority, Subordinate Senior <br> Capital Appreciation Asset Backed Series 2021-B-2, <br> Rev., Zero Coupon, 6/1/2065<br>| 6265 | 926 |
| **Kentucky—0.2%** | **Kentucky—0.2%** | **Kentucky—0.2%** |
| **Utility—0.2%** | **Utility—0.2%** | **Utility—0.2%** |
| Kentucky Public Energy Authority, Gas Supply Series <br> 2025B, Rev., 5.00%, 12/1/2033<br>| 950 | 1012 |
| **Ohio—1.1%** | **Ohio—1.1%** | **Ohio—1.1%** |
| **Other Revenue—0.9%** | **Other Revenue—0.9%** | **Other Revenue—0.9%** |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 4655 | 3844 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 6180 | 479 |
|  |  | 4323 |
| **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 1000 | 1026 |
| Total Ohio |  | 5349 |
| **Pennsylvania—0.2%** | **Pennsylvania—0.2%** | **Pennsylvania—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage Series 2024-146A, Rev., 6.25%, <br> 10/1/2054<br>| 980 | 1088 |
| **Puerto Rico—1.5%** | **Puerto Rico—1.5%** | **Puerto Rico—1.5%** |
| **General Obligation—0.4%** | **General Obligation—0.4%** | **General Obligation—0.4%** |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 2000 | 2046 |
| **Other Revenue—1.1%** | **Other Revenue—1.1%** | **Other Revenue—1.1%** |
| Children's Trust Fund, Tobacco Settlement Asset-Backed <br> Series 2005A, Rev., Zero Coupon, 5/15/2050<br>| 3275 | 688 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2029 | 1000 | 901 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Puerto Rico — continued** | **Puerto Rico — continued** | **Puerto Rico — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Series A-2, Rev., 4.33%, 7/1/2040 | 250 | 251 |
| Series A-1, Rev., Zero Coupon, 7/1/2046 | 2935 | 1050 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 2400 | 2351 |
|  |  | 5241 |
| Total Puerto Rico |  | 7287 |
| **South Dakota—0.4%** | **South Dakota—0.4%** | **South Dakota—0.4%** |
| **Housing—0.4%** | **Housing—0.4%** | **Housing—0.4%** |
| South Dakota Housing Development Authority |  |  |
| Series 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 11/1/2055<br>| 490 | 558 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 11/1/2055<br>| 995 | 1153 |
|  |  | 1711 |
| **Utah—0.2%** | **Utah—0.2%** | **Utah—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| Utah Housing Corp., Single Family Mortgage Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055<br>| 970 | 1100 |
| **Wisconsin—0.6%** | **Wisconsin—0.6%** | **Wisconsin—0.6%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership Series 2024A, Rev., <br> GNMA / FNMA / FHLMC, 6.00%, 9/1/2054<br>| 920 | 1006 |
| **Transportation—0.4%** | **Transportation—0.4%** | **Transportation—0.4%** |
| Public Finance Authority, Senior Lien |  |  |
| Rev., AMT, 5.50%, 7/1/2044 | 1000 | 1057 |
| Rev., AMT, 5.75%, 7/1/2049 | 1000 | 1055 |
|  |  | 2112 |
| Total Wisconsin |  | 3118 |
| Total Municipal Bonds <br>(Cost $436,888)<br>|  | 448432 |
|  | <br> **Shares** <br>**(000)**<br>|  |
| **Short-Term Investments—8.9%** | **Short-Term Investments—8.9%** | **Short-Term Investments—8.9%** |
| **Investment Companies—8.9%** | **Investment Companies—8.9%** | **Investment Companies—8.9%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 1.78% (f) (g)(Cost $43,457)<br>| 43454 | 43458 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 7

------

JPMorgan California Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS** <br>| <br> **No. of** <br>**Contracts**<br>| <br> **Value** <br>**($000)**<br>|
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| U.S. Treasury 30 Year Bond |  |  |
| 4/24/2026 at USD 128.00, American Style |  |  |
| Notional Amount: USD 150,000 |  |  |
| Counterparty: Exchange-Traded \* <br>(Cost $117)<br>| 1500 | 199 |
| **Total Investments—100.7%** <br>**(Cost $480,462)**<br>|  | **492089** |
| **Liabilities in Excess of Other Assets—(0.7)%** |  | **(3346)**<br>|
| **Net Assets—100.0%** |  | **488743** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| NATL | Insured by National Public Finance Guarantee Corp. |
| RE | Reinsured |
| Rev. | Revenue |
| TRAN | Tax & Revenue Anticipation Note |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (d) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (e) | Security is prerefunded or escrowed to maturity. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The rate shown is the current yield as of February 28, 2026.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8 J.P. Morgan Municipal Bond Funds February 28, 2026

------

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9899 | &nbsp;&nbsp;&nbsp;&nbsp; 43 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 1500.00 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 150,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 131.00<br>| 4/24/2026 | &nbsp;&nbsp; (117)<br>|
| Total Written Options Contracts (Premiums Received $(70)) | Total Written Options Contracts (Premiums Received $(70)) | Total Written Options Contracts (Premiums Received $(70)) | Total Written Options Contracts (Premiums Received $(70)) | Total Written Options Contracts (Premiums Received $(70)) | Total Written Options Contracts (Premiums Received $(70)) | &nbsp;&nbsp; (117)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 9

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal** <br>**Amount** <br>**($000)**<br>| <br> **Value** <br>**($000)**<br>|
| **Municipal Bonds—92.3%** (a) | **Municipal Bonds—92.3%** (a) | **Municipal Bonds—92.3%** (a) |
| **Alabama—1.2%** | **Alabama—1.2%** | **Alabama—1.2%** |
| **Utility—1.2%** | **Utility—1.2%** | **Utility—1.2%** |
| Black Belt Energy Gas District, Gas Project Series <br> 2024D, Rev., 5.00%, 11/1/2034 (b)<br>| 2750 | 3034 |
| Lower Alabama Gas District (The), Gas Project Series <br> 2025A, Rev., 5.00%, 12/1/2033<br>| 1500 | 1612 |
| Southeast Alabama Gas Supply District (The), Project <br> No. 2 Series 2024B, Rev., 5.00%, 5/1/2032 (b)<br>| 1000 | 1092 |
|  |  | 5738 |
| **California—0.9%** | **California—0.9%** | **California—0.9%** |
| **Other Revenue—0.1%** | **Other Revenue—0.1%** | **Other Revenue—0.1%** |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement Series 2021B-2, Rev., Zero <br> Coupon, 6/1/2066<br>| 3650 | 389 |
| **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025B, Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 2240 | 1210 |
| **Utility—0.6%** | **Utility—0.6%** | **Utility—0.6%** |
| California Community Choice Financing Authority, Clean <br> Energy Project Series 2026B, Rev., 5.00%, <br> 3/1/2036<br>| 2500 | 2724 |
| Total California |  | 4323 |
| **Florida—0.0% ^** | **Florida—0.0% ^** | **Florida—0.0% ^** |
| **Transportation—0.0% ^** | **Transportation—0.0% ^** | **Transportation—0.0% ^** |
| Florida Development Finance Corp., Brightline Florida <br> Passenger Rail Project , Rev., AMT, 5.50%, 7/1/2053<br>| 250 | 186 |
| **Georgia—1.6%** | **Georgia—1.6%** | **Georgia—1.6%** |
| **Utility—1.6%** | **Utility—1.6%** | **Utility—1.6%** |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2021C, Rev., 4.00%, 12/1/2028 (b) | 2750 | 2831 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (b) | 2000 | 2178 |
| Series 2024A, Rev., 5.00%, 9/1/2031 (b) | 2360 | 2575 |
|  |  | 7584 |
| **Guam—0.3%** | **Guam—0.3%** | **Guam—0.3%** |
| **Other Revenue—0.3%** | **Other Revenue—0.3%** | **Other Revenue—0.3%** |
| Territory of Guam Series 2025G, Rev., 5.00%, <br> 1/1/2036<br>| 1250 | 1412 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Kentucky—0.6%** | **Kentucky—0.6%** | **Kentucky—0.6%** |
| **Utility—0.6%** | **Utility—0.6%** | **Utility—0.6%** |
| Kentucky Public Energy Authority, Gas Supply |  |  |
| Series 2024A, Rev., 5.00%, 7/1/2030 (b) | 1500 | 1607 |
| Series 2025B, Rev., 5.00%, 12/1/2033 | 950 | 1013 |
|  |  | 2620 |
| **Nevada—0.1%** | **Nevada—0.1%** | **Nevada—0.1%** |
| **Transportation—0.1%** | **Transportation—0.1%** | **Transportation—0.1%** |
| State of Nevada Department of Business and Industry, <br> Brighline West Passenger Rail Project Series 2025B, <br> Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 500 | 270 |
| **New York—84.3%** | **New York—84.3%** | **New York—84.3%** |
| **Education—6.8%** | **Education—6.8%** | **Education—6.8%** |
| Build NYC Resource Corp., Bay Ridge Preparatory School <br> Project Series 2024, Rev., 5.00%, 9/1/2044 (c)<br>| 1270 | 1272 |
| Build NYC Resource Corp., ERE425, LLC ZETA Charter <br> Schools, Inc., Project Series 2025A, Rev., 5.13%, <br> 10/15/2045 (c)<br>| 1000 | 1005 |
| Build NYC Resource Corp., Success Academy Charter <br> School Project Series 2025, Rev., 5.00%, 9/1/2033<br>| 1000 | 1108 |
| Clinton County Capital Resource Corp., CVCES Boces <br> Project Series 2025, Rev., 5.00%, 7/1/2046 (c)<br>| 750 | 780 |
| Madison County Capital Resource Corp., Colgate <br> University Refunding Project , Rev., 5.00%, <br> 7/1/2041<br>| 1150 | 1326 |
| Monroe County Industrial Development Corp., Eugenio <br> Maria De Hostos Charter School Project Series <br> 2024A, Rev., 5.00%, 7/1/2044 (c)<br>| 1320 | 1319 |
| New York State Dormitory Authority, Brooklyn Law <br> School Series 2019A, Rev., 5.00%, 7/1/2033<br>| 2400 | 2524 |
| New York State Dormitory Authority, Court Facilities <br> Lease Series 2005A, Rev., AMBAC, 5.50%, <br> 5/15/2026<br>| 5000 | 5034 |
| New York State Dormitory Authority, Master Boces <br> Program , Rev., 4.13%, 8/15/2046<br>| 1000 | 1001 |
| New York State Dormitory Authority, New York <br> University Series 2019A, Rev., 4.00%, 7/1/2045<br>| 2000 | 1981 |
| New York State Dormitory Authority, Orchard Park <br> CCRC, Inc. Obligate Series 2025A, Rev., 5.13%, <br> 11/15/2050<br>| 1850 | 1893 |
| New York State Dormitory Authority, Rockland Boces <br> Issue , Rev., 4.25%, 8/15/2050<br>| 2000 | 1951 |
| New York State Dormitory Authority, School Districts <br> Financing Program Series 2025A, Rev., A.G., 5.00%, <br> 10/1/2036<br>| 2110 | 2503 |
| Onondaga Civic Development Corp., Syracuse University <br> Project , Rev., 4.50%, 12/1/2050<br>| 2000 | 2002 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Education — continued** | **Education — continued** | **Education — continued** |
| Onondaga County Trust for Cultural Resources, Syracuse <br> University Project , Rev., 4.00%, 12/1/2047<br>| 3350 | 3205 |
| Saratoga County Capital Resource Corp., WSWHE Boces <br> Project<br>|  |  |
| Rev., 5.00%, 7/1/2033 | 470 | 563 |
| Rev., 5.00%, 7/1/2034 | 300 | 362 |
| Westchester County Local Development Corp., Purchase <br> Senior Learning Community, Inc., Project Series <br> 2021A, Rev., 5.00%, 7/1/2046 (c)<br>| 2000 | 1951 |
|  |  | 31780 |
| **General Obligation—13.1%** | **General Obligation—13.1%** | **General Obligation—13.1%** |
| Chappaqua Central School District , GO, 4.00%, <br> 7/15/2039<br>| 1015 | 1076 |
| City of Jamestown , GO, BAN, 4.25%, 5/15/2026 | 5670 | 5688 |
| City of New York, Fiscal Year 2008 Series 2008L-4, GO, <br> VRDO, 1.95%, 3/2/2026 (b)<br>| 2000 | 2000 |
| City of New York, Fiscal Year 2022 Series 2022D, <br> Subseries D-1, GO, 5.25%, 5/1/2039<br>| 1500 | 1679 |
| City of New York, Fiscal Year 2023 Series 2023A, <br> Subseries A-4, GO, VRDO, 1.90%, 3/2/2026 (b)<br>| 935 | 935 |
| City of New York, Fiscal Year 2024 Series 2024A, GO, <br> 5.00%, 8/1/2045<br>| 3850 | 4095 |
| City of New York, Fiscal Year 2025 |  |  |
| Series 2025G, Subseries G-1, GO, 5.00%, 2/1/2042 | 1000 | 1118 |
| Series 2025G, Subseries G-1, GO, 5.25%, 2/1/2050 | 1000 | 1067 |
| City of Yonkers |  |  |
| Series 2024A, GO, A.G., 5.00%, 2/15/2041 | 1000 | 1109 |
| Series 2024B, GO, A.G., 5.00%, 2/15/2041 | 1000 | 1109 |
| Series 2024A, GO, A.G., 5.00%, 2/15/2042 | 1505 | 1655 |
| Series 2024B, GO, A.G., 5.00%, 2/15/2042 | 1000 | 1100 |
| County of Albany Series 2022A, GO, 4.00%, 6/1/2036 | 1080 | 1134 |
| County of Erie, Buffalo Bills Stadium Project |  |  |
| Series 2024B, GO, 4.00%, 9/15/2047 | 1360 | 1349 |
| Series 2024B, GO, 5.25%, 9/15/2048 | 1500 | 1627 |
| County of Nassau |  |  |
| Series 2021A, GO, A.G., 4.00%, 4/1/2036 | 2000 | 2107 |
| Series 2022A, GO, 4.25%, 4/1/2052 | 2000 | 1945 |
| County of Nassau, General Improvement Series 2023A, <br> GO, A.G., 4.00%, 4/1/2042<br>| 1500 | 1530 |
| County of Onondaga Series 2022, GO, 4.00%, <br> 6/15/2037<br>| 2000 | 2092 |
| County of Suffolk Series 2017D, GO, 4.00%, <br> 10/15/2028<br>| 3375 | 3470 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| **General Obligation — continued** | **General Obligation — continued** | **General Obligation — continued** |
| State of New York Series 2023A, GO, 5.00%, <br> 3/15/2041<br>| 1000 | 1129 |
| Town of Clarkstown Series 2023, GO, 4.00%, <br> 11/15/2039<br>| 990 | 1027 |
| Town of Hempstead |  |  |
| Series 2025A, GO, 4.00%, 6/1/2041 | 2000 | 2090 |
| GO, 4.00%, 5/1/2043 | 1725 | 1762 |
| Town of Huntington, Public Improvement Series 2022A, <br> GO, 4.00%, 6/15/2037<br>| 1385 | 1424 |
| Town of Irondequoit Series 2025B, GO, BAN, 4.00%, <br> 12/11/2026<br>| 2000 | 2023 |
| Town of Oyster Bay , GO, BAN, 4.00%, 8/21/2026 | 6000 | 6049 |
| Town of Webster , GO, BAN, 4.00%, 8/25/2026 | 4000 | 4034 |
| Uniondale Union Free School District |  |  |
| GO, 4.00%, 1/15/2038 | 2000 | 2098 |
| GO, 4.00%, 1/15/2041 | 2000 | 2059 |
|  |  | 61580 |
| **Hospital—5.9%** | **Hospital—5.9%** | **Hospital—5.9%** |
| Albany Capital Resource Corp., Medical Center Hospital <br> Series 2025A, Rev., 5.25%, 5/1/2050<br>| 2000 | 2134 |
| Build NYC Resource Corp., Urban Resource Institute <br> Project Series 2025A, Rev., 5.00%, 12/1/2041<br>| 1000 | 1108 |
| Dutchess County Local Development Corp., Health Quest <br> System, Inc., Project Series 2016B, Rev., 5.00%, <br> 7/1/2046<br>| 1250 | 1250 |
| Genesee County Funding Corp. (The), Rochester <br> Regional Health Energy Projects Series 2025A, Rev., <br> 5.25%, 12/1/2050<br>| 1000 | 1030 |
| New York City Health and Hospitals Corp., Health System <br> Series 2025A, Rev., 5.00%, 2/15/2035<br>| 2500 | 2983 |
| New York State Dormitory Authority Series 2020A, Rev., <br> 4.00%, 7/1/2053<br>| 2000 | 1773 |
| New York State Dormitory Authority, Memorial Sloan <br> Kettering Cancer Center<br>|  |  |
| Series 2025 2-B, Rev., 5.00%, 7/1/2032 (b) | 1000 | 1118 |
| Series 2025 1, Rev., 5.00%, 7/1/2035 | 1655 | 2014 |
| Series 2022 1-B, Rev., 4.00%, 7/1/2051 | 1300 | 1209 |
| Series 2025 1, Rev., 5.25%, 7/1/2054 | 515 | 553 |
| New York State Dormitory Authority, Mount Sinai <br> Obligated Group , Rev., 5.00%, 7/1/2045<br>| 2000 | 2051 |
| New York State Dormitory Authority, Northwell Health <br> Obligated Group<br>|  |  |
| Series 2025A, Rev., 5.00%, 5/1/2035 | 1000 | 1161 |
| Series 2022A, Rev., 5.00%, 5/1/2052 | 3465 | 3528 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 11

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Hospital — continued** | **Hospital — continued** | **Hospital — continued** |
| New York State Dormitory Authority, Rosewell Park <br> Cancer Institute Obligated Group<br>|  |  |
| Series 2025A, Rev., A.G., 5.25%, 7/1/2043 | 500 | 560 |
| Series 2025A, Rev., A.G., 5.50%, 7/1/2050 | 1250 | 1361 |
| New York State Dormitory Authority, White Plains <br> Hospital , Rev., A.G., 5.50%, 10/1/2054<br>| 2000 | 2140 |
| Oneida County Local Development Corp., Mohawk Valley <br> Health System Project Series 2019A, Rev., A.G., <br> 4.00%, 12/1/2049<br>| 1785 | 1638 |
|  |  | 27611 |
| **Housing—8.0%** | **Housing—8.0%** | **Housing—8.0%** |
| New York City Housing Development Corp. |  |  |
| Series 2023A, Rev., 4.80%, 2/1/2053 | 3500 | 3521 |
| Series 2025A, Rev., FHLMC COLL, 5.20%, 2/1/2055 | 1170 | 1198 |
| New York City Housing Development Corp., Multi-Family <br> Mortgage, 8 Spruce Street Project , Rev., 5.25%, <br> 12/15/2031<br>| 3900 | 4058 |
| New York State Housing Finance Agency, 160 Madison <br> Avenue LLC Series 2013A, Rev., VRDO, 1.90%, <br> 3/2/2026 (b)<br>| 4225 | 4225 |
| New York State Housing Finance Agency, 160 West <br> 62nd Street Housing Series 2011A-2, Rev., FHLMC <br> COLL, 3.60%, 4/1/2032 (b)<br>| 2000 | 2058 |
| New York State Housing Finance Agency, Liberty Street <br> Realty LLC Series 2003A, Rev., VRDO, 2.14%, <br> 3/6/2026 (b)<br>| 8000 | 8000 |
| State of New York Mortgage Agency Homeowner <br> Mortgage<br>|  |  |
| Series 207, Rev., VRDO, 1.75%, 3/11/2026 (b) | 8000 | 8000 |
| Series 227, Rev., 3.25%, 10/1/2050 | 2000 | 1999 |
| Series 273, Rev., 6.00%, 10/1/2055 | 3850 | 4355 |
|  |  | 37414 |
| **Industrial Development Revenue/Pollution Control Revenue—1.8%** | **Industrial Development Revenue/Pollution Control Revenue—1.8%** | **Industrial Development Revenue/Pollution Control Revenue—1.8%** |
| New York City Industrial Development Agency, Queens <br> Baseball Stadium Project Series 2021A, Rev., A.G., <br> 5.00%, 1/1/2031<br>| 1250 | 1388 |
| New York City Industrial Development Agency, Yankee <br> Stadium Project Series 2020A, Rev., A.G., 5.00%, <br> 3/1/2029<br>| 2500 | 2690 |
| New York Liberty Development Corp., Goldman Sachs <br> Headquarters LLC Series 2005, Rev., 5.25%, <br> 10/1/2035<br>| 1260 | 1510 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** | **Industrial Development Revenue/Pollution Control Revenue — continued** |
| New York State Environmental Facilities Corp., State <br> Revolving Funds, Master Financing Program Series <br> 2021B, Rev., 4.00%, 8/15/2039<br>| 1380 | 1435 |
| New York State Environmental Facilities Corp.,Solid <br> Waste Disposal, Waste Management, Inc., Project , <br> Rev., AMT, 3.00%, 5/1/2026 (b)<br>| 1500 | 1500 |
|  |  | 8523 |
| **Other Revenue—22.2%** | **Other Revenue—22.2%** | **Other Revenue—22.2%** |
| Battery Park City Authority |  |  |
| Series 2019D-1, Rev., VRDO, 1.93%, 3/2/2026 (b) | 13600 | 13600 |
| Series 2019B, Rev., 5.00%, 11/1/2040 | 2000 | 2133 |
| Rev., 5.00%, 11/1/2044 | 1700 | 1915 |
| Series 2023A, Rev., 5.00%, 11/1/2044 | 4500 | 4966 |
| Rev., 5.00%, 11/1/2046 | 2700 | 2950 |
| Series 2023A, Rev., 5.00%, 11/1/2053 | 1335 | 1400 |
| Build NYC Resource Corp., The Young Men's and <br> Women's Hebrew Association Project<br>|  |  |
| Series 2024, Rev., 5.00%, 12/1/2027 | 1000 | 1044 |
| Series 2024, Rev., 5.00%, 12/1/2032 | 3620 | 4145 |
| Chautauqua Tobacco Asset Securitization Corp. Series <br> 2014, Rev., 5.00%, 6/1/2048<br>| 3200 | 2516 |
| Empire State Development Corp., State Sales Tax Series <br> 2021A, Rev., 4.00%, 3/15/2044<br>| 5000 | 4951 |
| New York City Transitional Finance Authority Building <br> Aid Series 2026, S-1, Rev., 5.00%, 7/15/2037<br>| 1000 | 1195 |
| New York City Transitional Finance Authority Future Tax <br> Secured Fiscal Year 2026<br>|  |  |
| Series 2026B, Rev., 5.00%, 5/1/2042 | 2500 | 2814 |
| Series 2026, Subseries F-1, Rev., 5.00%, 2/1/2044 | 2000 | 2203 |
| Series 2026B, Rev., 5.00%, 5/1/2051 | 1000 | 1047 |
| New York City Transitional Finance Authority, Building <br> Aid, Fiscal Year 2019<br>|  |  |
| Series 2019S-2A, Rev., 5.00%, 7/15/2034 | 2000 | 2123 |
| Series 2019S-3A, Rev., 5.00%, 7/15/2034 | 4000 | 4246 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2011 Series 2011A-4, Rev., <br> VRDO, 2.00%, 3/2/2026 (b)<br>| 2000 | 2000 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2017 Series 2017E1, Rev., <br> 5.00%, 2/1/2035<br>| 2000 | 2045 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2019 Series 2019C-4, Rev., <br> VRDO, 2.00%, 3/2/2026 (b)<br>| 1100 | 1100 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2022 Series 2022F, Subseries <br> F-1, Rev., 4.00%, 2/1/2038<br>| 2000 | 2079 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2023 Series 2023F, Rev., <br> 5.00%, 2/1/2042<br>| 2000 | 2188 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2024<br>|  |  |
| Series 2024B, Rev., 5.00%, 5/1/2042 | 1000 | 1103 |
| Series 2024F, Subseries F-1, Rev., 4.25%, 2/1/2054 | 1000 | 961 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Fiscal Year 2025 Series 2025D, Rev., <br> 5.00%, 5/1/2044<br>| 1000 | 1091 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Subordinate, Fiscal Year 2019 Series B-1, <br> Rev., 5.00%, 8/1/2034<br>| 1535 | 1627 |
| New York City Transitional Finance Authority, Future Tax <br> Secured, Subordinate, Fiscal Year 2025 Series <br> 2025J, Subseries J-1, Rev., 5.50%, 5/1/2053<br>| 2000 | 2172 |
| New York Convention Center Development Corp., Hotel <br> Unit Fee Secured , Rev., 5.00%, 11/15/2045<br>| 2170 | 2171 |
| New York Convention Center Development Corp., Senior <br> Lien, Hotel Unit Fee Secured Series A, Rev., Zero <br> Coupon, 11/15/2047<br>| 1600 | 602 |
| New York Convention Center Development Corp., <br> Subordinate Lien, Hotel Unit Fee Secured Series B, <br> Rev., Zero Coupon, 11/15/2033<br>| 4090 | 3154 |
| New York Liberty Development Corp. Series <br> 1WTC-2021, Rev., 4.00%, 2/15/2043<br>| 2500 | 2501 |
| New York Liberty Development Corp., World Trade <br> Centre , Rev., 5.00%, 11/15/2044 (c)<br>| 1000 | 1002 |
| New York State Dormitory Authority, Sales Tax Series <br> 2025A, Rev., 4.25%, 3/15/2048<br>| 1500 | 1475 |
| New York State Dormitory Authority, State Sales Tax |  |  |
| Series 2016A, Rev., 5.00%, 3/15/2031 | 2000 | 2030 |
| Series 2018E-2, Rev., 5.00%, 3/15/2033 | 2000 | 2140 |
| Series 2017A, Rev., 5.00%, 3/15/2034 | 2000 | 2056 |
| Series 2023A-1, Rev., 4.00%, 3/15/2043 | 1110 | 1119 |
| Suffolk Regional Off-Track Betting Corp. Series 2024, <br> Rev., 5.75%, 12/1/2044<br>| 1000 | 1033 |
| Suffolk Tobacco Asset Securitization Corp. |  |  |
| Series 2021A-2, Rev., 4.00%, 6/1/2039 | 2640 | 2580 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 7000 | 644 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, TBTA Capital Lockbox Series 2023A, <br> Rev., 4.25%, 5/15/2058<br>| 1000 | 949 |
| Trust for Cultural Resources of The City of New York <br> (The), Alvin Ailey Dance Foundation Series 2016A, <br> Rev., 4.00%, 7/1/2046<br>| 1000 | 926 |
| TSASC, Inc. |  |  |
| Series A, Rev., 5.00%, 6/1/2035 | 2000 | 2031 |
| Series A, Rev., 5.00%, 6/1/2036 | 2000 | 2028 |
| Series B, Rev., 5.00%, 6/1/2048 | 2350 | 2163 |
| Westchester County Local Development Corp., Kendal on <br> Hudson Project Series 2022B, Rev., 5.00%, <br> 1/1/2032<br>| 240 | 255 |
| Westchester Tobacco Asset Securitization Corp., Tobacco <br> Settlement<br>|  |  |
| Series B, Rev., 5.00%, 6/1/2033 | 1775 | 1817 |
| Series B, Rev., 5.00%, 6/1/2034 | 2000 | 2041 |
|  |  | 104331 |
| **Special Tax—2.9%** | **Special Tax—2.9%** | **Special Tax—2.9%** |
| Empire State Development Corp., State Personal Income <br> Tax, General Purpose<br>|  |  |
| Series 2020C, Rev., 4.00%, 3/15/2037 | 1000 | 1036 |
| Series 2020A, Rev., 4.00%, 3/15/2040 | 3000 | 3045 |
| Series 2020E, Rev., 4.00%, 3/15/2045 | 1500 | 1466 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose Series 2020A, Rev., <br> 4.00%, 3/15/2047<br>| 1700 | 1621 |
| New York State Housing Finance Agency, State Personal <br> Income Tax<br>|  |  |
| Series 2024B-2, Rev., 3.30%, 12/15/2028 (b) | 1500 | 1506 |
| Series 2024C, Rev., 4.55%, 12/15/2054 | 1000 | 1000 |
| New York State Thruway Authority, Personal Income Tax |  |  |
| Series 2021A-1, Rev., 4.00%, 3/15/2038 | 1500 | 1537 |
| Series 2021A-1, Rev., 4.00%, 3/15/2042 | 2500 | 2522 |
|  |  | 13733 |
| **Transportation—13.2%** | **Transportation—13.2%** | **Transportation—13.2%** |
| Hudson Yards Infrastructure Corp., Second Indenture |  |  |
| Series 2017A, Rev., 5.00%, 2/15/2031 | 1585 | 1628 |
| Series 2017A, Rev., 5.00%, 2/15/2037 | 2500 | 2555 |
| Series 2017A, Rev., 5.00%, 2/15/2038 | 2125 | 2174 |
| Series 2022A, Rev., 4.00%, 2/15/2040 | 1730 | 1781 |
| Series 2022A, Rev., 4.00%, 2/15/2043 | 2100 | 2127 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 13

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| Metropolitan Transportation Authority |  |  |
| Series 2024A, Rev., 5.00%, 11/15/2040 | 1000 | 1110 |
| Series 2024B, Rev., 5.00%, 11/15/2041 | 3000 | 3334 |
| Series 2020 A-1, Rev., A.G., 4.00%, 11/15/2043 | 2590 | 2550 |
| Series 2020C-1, Rev., 5.25%, 11/15/2055 | 2200 | 2258 |
| Metropolitan Transportation Authority Dedicated Tax <br> Fund<br>|  |  |
| Series 2012A, Rev., Zero Coupon, 11/15/2030 | 4000 | 3560 |
| Series 2016A, Rev., 5.25%, 11/15/2034 | 1020 | 1039 |
| Series 2026B-2, Rev., 5.00%, 11/15/2048 | 1685 | 1777 |
| MTA Hudson Rail Yards Trust Obligations Series 2016A, <br> Rev., 5.00%, 11/15/2051<br>| 1000 | 1000 |
| New York State Thruway Authority |  |  |
| Series L, Rev., 5.00%, 1/1/2032 | 2250 | 2363 |
| Series N, Rev., 4.00%, 1/1/2041 | 2500 | 2536 |
| New York Transportation Development Corp., Delta Air <br> Lines, Inc., LaGuardia Airport Terminals C&D <br> Redevelopment Project<br>|  |  |
| Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 2155 | 2232 |
| Series 2018, Rev., AMT, 4.00%, 1/1/2036 | 2315 | 2322 |
| New York Transportation Development Corp., JFK <br> International Airport New Terminal One Project<br>|  |  |
| Rev., AMT, 3.00%, 8/1/2031 | 2000 | 1929 |
| Rev., AMT, A.G., 6.00%, 6/30/2045 | 1000 | 1122 |
| Rev., AMT, 5.50%, 6/30/2054 | 1500 | 1534 |
| Series 2024B, Rev., AMT, A.G., 0.0%, 12/31/2054 | 2000 | 1348 |
| Series 2024A, Rev., AMT, A.G., 5.25%, 12/31/2054 | 1000 | 1026 |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 221, Rev., AMT, 4.00%, 7/15/2039 | 1355 | 1366 |
| Series 244, Rev., 5.00%, 7/15/2042 | 2000 | 2254 |
| Series 248, Rev., 5.00%, 1/15/2050 | 2000 | 2121 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels<br>|  |  |
| Series 2013A, Rev., Zero Coupon, 11/15/2032 | 3000 | 2473 |
| Series B, Rev., 5.00%, 11/15/2033 | 1500 | 1550 |
| Series 2023A, Rev., 4.00%, 11/15/2037 | 1600 | 1692 |
| Series 2022A, Rev., 4.00%, 5/15/2041 | 2040 | 2077 |
| Series 2019C, Rev., 4.00%, 11/15/2042 | 1375 | 1384 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Transportation — continued** | **Transportation — continued** | **Transportation — continued** |
| Series 2025L-2, Rev., 5.00%, 11/15/2043 | 1250 | 1393 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, TBTA Capital Lockbox Series 2025A, <br> Rev., 5.25%, 12/1/2054<br>| 2000 | 2133 |
|  |  | 61748 |
| **Utility—5.8%** | **Utility—5.8%** | **Utility—5.8%** |
| Long Island Power Authority, Electric System |  |  |
| Series 2024B, Rev., 3.00%, 9/1/2029 (b) | 3500 | 3517 |
| Series 2019A, Rev., 4.00%, 9/1/2034 | 2725 | 2810 |
| Series 2018, Rev., 5.00%, 9/1/2035 | 2000 | 2125 |
| Series 2021A, Rev., 4.00%, 9/1/2041 | 2030 | 2085 |
| New York Power Authority |  |  |
| Series 2024A, Rev., 5.00%, 11/15/2041 | 1500 | 1698 |
| Series 2020A, Rev., 4.00%, 11/15/2045 | 3000 | 2964 |
| New York Power Authority, Green Transmission Project <br> Series 2022A, Rev., A.G., 5.00%, 11/15/2035<br>| 840 | 952 |
| New York State Energy Research and Development <br> Authority, Rochester Gas and Electric Corp., Project<br>|  |  |
| Series 2004B, Rev., AMT, 4.00%, 5/15/2032 | 1000 | 1039 |
| Series 1997B, Rev., 3.80%, 8/1/2032 | 4000 | 4192 |
| Utility Debt Securitization Authority, Restructuring Bond |  |  |
| Series 2016B, Rev., 5.00%, 12/15/2035 | 2450 | 2466 |
| Series 2025TE-1, Rev., 5.00%, 12/15/2046 | 3250 | 3557 |
|  |  | 27405 |
| **Water & Sewer—4.6%** | **Water & Sewer—4.6%** | **Water & Sewer—4.6%** |
| New York City Municipal Water Finance Authority, <br> Second General Resolution Series 2025BB, Rev., <br> 5.00%, 6/15/2048<br>| 1000 | 1063 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2025<br>|  |  |
| Series 2025DD, Rev., 5.50%, 6/15/2039 | 1000 | 1215 |
| Series 2025CC, Rev., 5.00%, 6/15/2046 | 2000 | 2148 |
| New York City Municipal Water Finance Authority, <br> Second General Resolution, Fiscal Year 2026 Series <br> 2026, Subseries AA-1, Rev., 5.00%, 6/15/2044<br>| 1000 | 1113 |
| New York City Municipal Water Finance Authority, Water <br> and Sewer System, Second General Resolution, Fiscal <br> Year 2018 Series 2018CC-1, Rev., 4.00%, <br> 6/15/2037<br>| 1150 | 1161 |
| New York City Municipal Water Finance Authority, Water <br> and Sewer System, Second General Resolution, Fiscal <br> Year 2020<br>|  |  |
| Series 2020CC-1, Rev., 4.00%, 6/15/2041 | 2000 | 2020 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

14 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| **Water & Sewer — continued** | **Water & Sewer — continued** | **Water & Sewer — continued** |
| Subseries 202DD-3, Rev., 4.00%, 6/15/2042 | 2500 | 2517 |
| New York City Municipal Water Finance Authority, Water <br> and Sewer System, Second General Resolution, Fiscal <br> Year 2025 Series 2025AA, Subseries AA-1, Rev., <br> 5.25%, 6/15/2053<br>| 1000 | 1063 |
| New York City Water and Sewer System, Second General <br> Resolution Series BB 1B, Rev., VRDO, 2.00%, <br> 3/2/2026 (b)<br>| 6000 | 6000 |
| New York State Environmental Facilities Corp., State <br> Clean Water and Drinking Water Revolving Funds, <br> Municipal Water Finance Authority Projects - Second <br> Resolution<br>|  |  |
| Series 2017E, Rev., 5.00%, 6/15/2038 | 1240 | 1276 |
| Series 2025C, Rev., 5.00%, 6/15/2050 | 1000 | 1074 |
| Series 2024A, Rev., 5.25%, 6/15/2053 | 1000 | 1080 |
|  |  | 21730 |
| Total New York |  | 395855 |
| **Ohio—1.1%** | **Ohio—1.1%** | **Ohio—1.1%** |
| **Other Revenue—0.9%** | **Other Revenue—0.9%** | **Other Revenue—0.9%** |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 4645 | 3835 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 6130 | 476 |
|  |  | 4311 |
| **Transportation—0.2%** | **Transportation—0.2%** | **Transportation—0.2%** |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 1000 | 1026 |
| Total Ohio |  | 5337 |
| **Pennsylvania—0.2%** | **Pennsylvania—0.2%** | **Pennsylvania—0.2%** |
| **Housing—0.2%** | **Housing—0.2%** | **Housing—0.2%** |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage Series 2024-146A, Rev., 6.25%, <br> 10/1/2054<br>| 980 | 1088 |
| **Puerto Rico—1.6%** | **Puerto Rico—1.6%** | **Puerto Rico—1.6%** |
| **General Obligation—0.4%** | **General Obligation—0.4%** | **General Obligation—0.4%** |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 2000 | 2047 |
| **Other Revenue—1.2%** | **Other Revenue—1.2%** | **Other Revenue—1.2%** |
| Children's Trust Fund, Tobacco Settlement Asset-Backed <br> Series 2005A, Rev., Zero Coupon, 5/15/2050<br>| 3750 | 788 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax |  |  |
| Series A-2, Rev., 4.33%, 7/1/2040 | 250 | 250 |

---

---

| | | |
|:---|:---|:---|
| <br> **INVESTMENTS**<br>| **Principal**<br> **Amount**<br> **($000)**<br>| <br> **Value**<br> **($000)**<br>|
| **Puerto Rico — continued** | **Puerto Rico — continued** | **Puerto Rico — continued** |
| **Other Revenue — continued** | **Other Revenue — continued** | **Other Revenue — continued** |
| Series A-1, Rev., Zero Coupon, 7/1/2046 | 4500 | 1611 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 2800 | 2742 |
|  |  | 5391 |
| Total Puerto Rico |  | 7438 |
| **Texas—0.4%** | **Texas—0.4%** | **Texas—0.4%** |
| **Utility—0.4%** | **Utility—0.4%** | **Utility—0.4%** |
| Texas Municipal Gas Acquisition and Supply Corp. V, Gas <br> Supply Series 2024, Rev., 5.00%, 1/1/2034 (b)<br>| 1500 | 1641 |
| Total Municipal Bonds <br>(Cost $424,070)<br>|  | 433492 |
|  | <br> **Shares** <br>**(000)**<br>|  |
| **Short-Term Investments—6.6%** | **Short-Term Investments—6.6%** | **Short-Term Investments—6.6%** |
| **Investment Companies—6.6%** | **Investment Companies—6.6%** | **Investment Companies—6.6%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 1.78% (d) (e)(Cost $31,040)<br>| 31037 | 31041 |
|  | <br> **No. of** <br>**Contracts**<br>|  |
| **Options Purchased — 0.1%** | **Options Purchased — 0.1%** | **Options Purchased — 0.1%** |
| **Call Options Purchased — 0.1%** | **Call Options Purchased — 0.1%** | **Call Options Purchased — 0.1%** |
| U.S. Treasury 30 Year Bond |  |  |
| 4/24/2026 at USD 128.00, American Style |  |  |
| Notional Amount: USD 142,500 |  |  |
| Counterparty: Exchange-Traded \* <br>(Cost $111)<br>| 1425 | 189 |
| **Total Investments—99.0%** <br>**(Cost $455,221)**<br>|  | **464722** |
| **Assets in Excess of Other Liabilities—1.0%** |  | **4929** |
| **Net Assets—100.0%** |  | **469651** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| CCRC | Congregate Care Retirement Center |
| COLL | Collateral |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 15

------

JPMorgan New York Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | |
|:---|:---|
| FHLMC | Federal Home Loan Mortgage Corp. |
| GO | General Obligation |
| MTA | Metropolitan Transportation Authority |
| Rev. | Revenue |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Securities exempt from registration under Rule 144A or section 4(a)(2), of the Securities Act of 1933, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown is the current yield as of February 28, 2026.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 84 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 9558 | &nbsp;&nbsp;&nbsp;&nbsp; 41 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 1425.00 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 142,500<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 131.00<br>| 4/24/2026 | &nbsp;&nbsp; (111)<br>|
| Total Written Options Contracts (Premiums Received $(67)) | Total Written Options Contracts (Premiums Received $(67)) | Total Written Options Contracts (Premiums Received $(67)) | Total Written Options Contracts (Premiums Received $(67)) | Total Written Options Contracts (Premiums Received $(67)) | Total Written Options Contracts (Premiums Received $(67)) | &nbsp;&nbsp; (111)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

16 J.P. Morgan Municipal Bond Funds February 28, 2026

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 94.2% (a)** | **Municipal Bonds — 94.2% (a)** | **Municipal Bonds — 94.2% (a)** |
| **Alabama — 1.8%** | **Alabama — 1.8%** | **Alabama — 1.8%** |
| Alabama Highway Authority |  |  |
| Rev., A.G., 5.00%, 9/1/2030 | 1470 | 1649 |
| Rev., A.G., 5.00%, 9/1/2031 | 1525 | 1746 |
| Baldwin County Industrial Development Authority, <br> Novelis Corp., Project<br>|  |  |
| Series 2026 A, Rev., AMT, 4.30%, 3/6/2026 (b) <br> (c)<br>| 195 | 196 |
| Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c) | 2500 | 2617 |
| Black Belt Energy Gas District, Gas Project Series <br> 2022B-1, Rev., 4.00%, 10/1/2027 (c)<br>| 2500 | 2547 |
| County of Jefferson Sewer Series 2024, Rev., 5.00%, <br> 10/1/2026<br>| 1095 | 1112 |
| Southeast Energy Authority A Cooperative District, <br> Project No. 4 Series 2022B-1, Rev., 5.00%, <br> 8/1/2028 (c)<br>| 5000 | 5255 |
| Total Alabama |  | 15122 |
| **Alaska — 0.4%** | **Alaska — 0.4%** | **Alaska — 0.4%** |
| Borough of Matanuska-Susitna, Goose Creek <br> Correctional Center Project Series 2025A, Rev., <br> 5.00%, 9/1/2029<br>| 1000 | 1088 |
| Borough of North Slope, GO, 5.00%, 6/30/2030 | 2000 | 2227 |
| Total Alaska |  | 3315 |
| **Arizona — 3.8%** | **Arizona — 3.8%** | **Arizona — 3.8%** |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC Series 2024A, Rev., <br> 5.00%, 11/1/2029<br>| 2500 | 2691 |
| Arizona Industrial Development Authority, National <br> Charter School Revolving Loan Fund Series 2023A, <br> Rev., 5.00%, 11/1/2028<br>| 6000 | 6320 |
| Arizona Sports and Tourism Authority, Senior Lien <br> Multipurpose Stadium Facility Project Series 2022, <br> Rev., 5.00%, 7/1/2030<br>| 5000 | 5514 |
| City of Glendale Excise Tax, Rev., 5.00%, 7/1/2028 | 2850 | 3038 |
| Maricopa County Industrial Development Authority, <br> Banner Health<br>|  |  |
| Series 2023A-1, Rev., 5.00%, 5/15/2026 (c) | 1235 | 1240 |
| Series 2023A-2, Rev., 5.00%, 5/15/2028 (c) | 1925 | 2013 |
| Series 2023A3, Rev., 5.00%, 11/1/2030 (c) | 3050 | 3340 |
| Maricopa County Pollution Control Corp., Palo Verde <br> Project<br>|  |  |
| Series 2010A, Rev., 0.88%, 10/1/2026 (c) | 4500 | 4450 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Series 2010B, Rev., 0.88%, 10/1/2026 (c) | 2150 | 2126 |
| Maricopa County Union High School District No. <br> 210-Phoenix, Project of 2023 Series 2025B, GO, <br> 5.00%, 7/1/2030<br>| 1000 | 1119 |
| Total Arizona |  | 31851 |
| **Arkansas — 0.1%** | **Arkansas — 0.1%** | **Arkansas — 0.1%** |
| Arkansas Development Finance Authority, Department <br> of Community Correction Project, Rev., 5.00%, <br> 11/1/2026<br>| 325 | 331 |
| University of Central Arkansas, Student Housing <br> System<br>|  |  |
| Series 2019C, Rev., A.G., 4.00%, 11/1/2026 | 240 | 241 |
| Series 2019C, Rev., A.G., 4.00%, 11/1/2027 | 180 | 180 |
| Total Arkansas |  | 752 |
| **California — 1.5%** | **California — 1.5%** | **California — 1.5%** |
| California Community Choice Financing Authority, <br> Clean Energy Project Series 2023E-1, Rev., 5.00%, <br> 3/1/2031 (c)<br>| 2500 | 2704 |
| California Statewide Communities Development <br> Authority, Marin General Hospital Project Series <br> 2018A, Rev., 5.00%, 8/1/2028<br>| 250 | 260 |
| City of Los Angeles Department of Airports, <br> International Airport Subordinate Series 2018B, <br> Rev., AMT, 5.00%, 5/15/2030<br>| 2950 | 3114 |
| Los Angeles Community College District, Election of <br> 2016 Series C-1, GO, 5.00%, 8/1/2026<br>| 150 | 152 |
| Los Angeles Department of Water and Power, Power <br> System Series 2025A, Rev., 5.00%, 7/1/2028<br>| 2000 | 2097 |
| State of California, Various Purpose, GO, 4.00%, <br> 8/1/2029<br>| 4180 | 4209 |
| Total California |  | 12536 |
| **Colorado — 1.8%** | **Colorado — 1.8%** | **Colorado — 1.8%** |
| Colorado Health Facilities Authority, Adventist Health <br> System<br>|  |  |
| Series 2024A-1, Rev., 5.00%, 11/15/2029 (c) | 1000 | 1091 |
| Series 2025A, Rev., 5.00%, 11/15/2030 (c) | 2000 | 2203 |
| Colorado Health Facilities Authority, Intermountain <br> Healthcare Series 2022C, Rev., 5.00%, <br> 8/15/2028 (c)<br>| 3700 | 3921 |
| Colorado Housing and Finance Authority, Single Family <br> Mortgage Series 2023L, Class III, Rev., GNMA COLL, <br> 5.75%, 11/1/2053<br>| 2700 | 2922 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 17

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Southern Ute Indian Tribe of the Southern Ute <br> Reservation of Colorado Series 2025A, GO, 5.00%, <br> 4/1/2035 (b)<br>| 2500 | 2800 |
| State of Colorado Series 2018A, COP, 5.00%, <br> 12/15/2029<br>| 2140 | 2304 |
| Total Colorado |  | 15241 |
| **Connecticut — 1.4%** | **Connecticut — 1.4%** | **Connecticut — 1.4%** |
| State of Connecticut |  |  |
| Series 2020A, GO, 5.00%, 1/15/2028 | 725 | 764 |
| Series 2025B, GO, 5.00%, 12/1/2028 | 1000 | 1078 |
| Series 2025D, GO, 5.00%, 8/15/2029 | 5000 | 5477 |
| Series 2025B, GO, 5.00%, 12/1/2029 | 1000 | 1103 |
| State of Connecticut Special Tax, Transportation <br> Infrastructure Purpose Series 2025A, Rev., 5.00%, <br> 7/1/2029<br>| 3000 | 3277 |
| Total Connecticut |  | 11699 |
| **District of Columbia — 1.6%** | **District of Columbia — 1.6%** | **District of Columbia — 1.6%** |
| District of Columbia Series 2019A, GO, 5.00%, <br> 10/15/2028<br>| 1440 | 1548 |
| District of Columbia, Georgetown University Issue <br> Series 2025A, Rev., 5.00%, 4/3/2035 (c)<br>| 3750 | 4333 |
| Metropolitan Washington Airports Authority Aviation |  |  |
| Series 2021A, Rev., AMT, 5.00%, 10/1/2028 | 5000 | 5324 |
| Series 2024A, Rev., AMT, 5.00%, 10/1/2030 | 1000 | 1108 |
| Washington Metropolitan Area Transit Authority Series <br> 2017B, Rev., 5.00%, 7/1/2029<br>| 1120 | 1160 |
| Total District of Columbia |  | 13473 |
| **Florida — 4.8%** | **Florida — 4.8%** | **Florida — 4.8%** |
| City of Lakeland, Department of Electric Utilities <br> Series 2010A, Rev., A.G., 5.25%, 10/1/2028<br>| 1000 | 1076 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South Series 2025B, Rev., 5.00%, <br> 8/15/2030 (c)<br>| 1970 | 2163 |
| County of Lee, Airport Series 2026 A-2, Rev., AMT, <br> 5.00%, 3/12/2026 (c) (d)<br>| 1000 | 1101 |
| County of Miami-Dade, Water and Sewer System |  |  |
| Series 2025B, Rev., 5.00%, 10/1/2028 | 4000 | 4286 |
| Series 2017B, Rev., 5.00%, 10/1/2029 | 1815 | 1894 |
| Series 2025B, Rev., 5.00%, 10/1/2029 | 4000 | 4391 |
| Florida Development Finance Corp., GFL Solid Waste <br> Southeast LLC Project Series 2024A, Rev., AMT, <br> 4.38%, 10/1/2031 (b) (c)<br>| 1000 | 1015 |
| Florida Development Finance Corp., Waste <br> Management, Inc., Project Series 2025A, Rev., AMT, <br> 3.40%, 9/1/2028 (c)<br>| 1000 | 1006 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Florida Housing Finance Corp., Homeowner Mortgage <br> Series 2025 1, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 1/1/2056<br>| 1975 | 2216 |
| Florida Local Government Finance Commission, Fleet <br> Landing at Nocatee Project Series 2025B-3, Rev., <br> 4.20%, 11/15/2030 (b)<br>| 1200 | 1213 |
| Florida Municipal Power Agency, St. Lucie Project <br> Series 2021B, Rev., 5.00%, 10/1/2030<br>| 2540 | 2725 |
| Fort Pierce Utilities Authority |  |  |
| Series 2022A, Rev., A.G., 5.00%, 10/1/2028 | 400 | 426 |
| Series 2022A, Rev., A.G., 5.00%, 10/1/2029 | 475 | 517 |
| Highlands County Health Facilities Authority, <br> Adventhealth Obligated Group Series 2024C, Rev., <br> 5.00%, 11/15/2031 (c)<br>| 1000 | 1123 |
| Polk County School District, Sales Tax, Rev., 5.00%, <br> 10/1/2030<br>| 1020 | 1114 |
| State of Florida Board of Education, Public Education <br> Capital Outlay Series 2020B, GO, 5.00%, <br> 6/1/2028<br>| 500 | 532 |
| State of Florida Department of Transportation <br> Turnpike System<br>|  |  |
| Series 2025A, Rev., 5.00%, 7/1/2029 | 1000 | 1093 |
| Series 2024A, Rev., 6.00%, 7/1/2029 | 3000 | 3374 |
| Tampa Bay Water, Utility System Series 2001A, Rev., <br> NATL - RE, 6.00%, 10/1/2029 (e)<br>| 8000 | 8991 |
| Total Florida |  | 40256 |
| **Georgia — 2.7%** | **Georgia — 2.7%** | **Georgia — 2.7%** |
| Columbia County Hospital Authority, Wellstart Health <br> System Inc., Project<br>|  |  |
| Series 2023B, Rev., 5.00%, 4/1/2026 | 400 | 401 |
| Series 2023B, Rev., 5.00%, 4/1/2027 | 350 | 360 |
| Series 2023B, Rev., 5.00%, 4/1/2028 | 750 | 792 |
| Columbus Medical Center Hospital Authority, Piedmont <br> Healthcare Inc., Project Series 2019B, Rev., 5.00%, <br> 7/1/2029 (c)<br>| 1480 | 1579 |
| Dahlonega Downtown Development Authority, North <br> Georgia MAC, LLC Project<br>|  |  |
| Rev., 5.00%, 7/1/2026 | 275 | 277 |
| Rev., 5.00%, 7/1/2028 | 375 | 388 |
| Development Authority of Burke County (The), <br> Georgia Power Co. Plant Vogtle Project Series <br> 2012-2, Rev., 3.30%, 8/21/2029 (c)<br>| 1000 | 1014 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2024C, Rev., 5.00%, 12/1/2027 | 1000 | 1035 |
| Series 2024C, Rev., 5.00%, 12/1/2028 | 1000 | 1054 |
| Series 2024C, Rev., 5.00%, 12/1/2029 | 1500 | 1605 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

18 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| Series 2023B, Rev., 5.00%, 3/1/2030 (c) | 3250 | 3489 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 4000 | 4356 |
| Series 2024C, Rev., 5.00%, 12/1/2031 (c) | 3745 | 4075 |
| State of Georgia Series 2016F, GO, 5.00%, 7/1/2028 | 2000 | 2049 |
| Total Georgia |  | 22474 |
| **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |
| Territory of Guam Series 2025G, Rev., 5.00%, <br> 1/1/2030<br>| 905 | 975 |
| **Illinois — 7.8%** | **Illinois — 7.8%** | **Illinois — 7.8%** |
| Champaign County Community Unit School District No. <br> 4 Champaign<br>|  |  |
| GO, 4.00%, 6/1/2029 | 1000 | 1047 |
| GO, 4.00%, 6/1/2030 | 180 | 189 |
| Series 2019, GO, 4.00%, 6/1/2034 | 1160 | 1199 |
| Chicago Midway International Airport, Senior Lien |  |  |
| Series 2023A, Rev., AMT, 5.00%, 1/1/2027 | 1000 | 1019 |
| Series 2023A, Rev., AMT, 5.00%, 1/1/2028 | 3400 | 3541 |
| Series 2023C, Rev., AMT, 5.00%, 1/1/2028 | 7115 | 7425 |
| Chicago O'Hare International Airport, General Airport, <br> Senior Lien Series 2025D, Rev., 5.00%, 1/1/2029<br>| 2000 | 2153 |
| Chicago Transit Authority Capital Grant Receipts Series <br> 2021, Rev., 5.00%, 6/1/2027<br>| 2085 | 2139 |
| City of Chicago, Capital Appreciation City College <br> Series 1999, GO, NATL - RE, Zero Coupon, <br> 1/1/2028 (e)<br>| 1000 | 954 |
| City of Springfield Electric, Senior Lien |  |  |
| Rev., 5.00%, 3/1/2030 | 5000 | 5464 |
| Rev., 5.00%, 3/1/2031 | 2000 | 2223 |
| City of Waukegan, First Lien, Water and Sewer System |  |  |
| Series 2018C, Rev., A.G., 5.00%, 12/30/2026 | 680 | 694 |
| Series 2018C, Rev., A.G., 5.00%, 12/30/2027 | 710 | 726 |
| Cook County Community Unit School District No. 401 <br> Elmwood Park Series 2021A, GO, A.G., 4.00%, <br> 12/1/2030<br>| 1220 | 1299 |
| Effingham Community Unit School District No. 40 <br> Series 2019A, GO, 4.00%, 12/1/2028<br>| 565 | 583 |
| Glenview Park District |  |  |
| GO, 5.00%, 12/1/2026 | 300 | 306 |
| GO, 5.00%, 12/1/2029 | 350 | 357 |
| Grundy and Kendall Counties Consolidated Grade <br> School District No. 60-C, GO, 4.00%, 2/1/2030<br>| 1145 | 1202 |
| Illinois Finance Authority, Lake Zurich Community Unit <br> School District No. 95 Project, Rev., 4.00%, <br> 1/15/2032<br>| 2120 | 2175 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Illinois Finance Authority, University of Chicago <br> Medical Center (The) Series 2025A-1, Rev., 5.00%, <br> 8/15/2030 (c)<br>| 3500 | 3767 |
| Illinois Housing Development Authority |  |  |
| Series 2022E, Rev., GNMA / FNMA / FHLMC COLL, <br> 5.25%, 10/1/2052<br>| 1405 | 1480 |
| Series 2024E, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 4705 | 5226 |
| Kane and DeKalb Counties Community Unit School <br> District No. 301 Burlington, GO, 5.00%, 1/1/2027<br>| 355 | 363 |
| Madison-Macoupin Etc. Counties Community College <br> District No. 536, Lewis and Clark Community, GO, <br> A.G., 4.00%, 5/1/2029<br>| 2000 | 2031 |
| Peoria County Community Unit School District No. 309 <br> Brimfield<br>|  |  |
| GO, A.G., 4.00%, 4/1/2028 | 410 | 421 |
| GO, A.G., 4.00%, 4/1/2029 | 240 | 248 |
| GO, A.G., 4.00%, 4/1/2030 | 375 | 388 |
| Peoria Public Building Commission Series 2019A, <br> Rev., A.G., 5.00%, 12/1/2028<br>| 1455 | 1518 |
| State of Illinois |  |  |
| Series 2017A, GO, 5.00%, 12/1/2026 | 2000 | 2039 |
| Series 2017D, GO, 5.00%, 11/1/2027 | 1000 | 1043 |
| Series 2023B, GO, 5.00%, 5/1/2028 | 1025 | 1082 |
| Series 2024B, GO, 5.00%, 5/1/2028 | 1500 | 1583 |
| Series 2018A, GO, 5.00%, 10/1/2028 | 25 | 27 |
| Series 2024B, GO, 5.00%, 5/1/2029 | 4095 | 4419 |
| Series 2017C, GO, 5.00%, 11/1/2029 | 1000 | 1041 |
| GO, 5.50%, 5/1/2030 | 1525 | 1644 |
| Village of Skokie, GO, 5.00%, 12/1/2028 | 1550 | 1663 |
| Will County Forest Preservation District, Limited Tax, <br> GO, 5.00%, 12/15/2027<br>| 805 | 843 |
| Total Illinois |  | 65521 |
| **Indiana — 1.9%** | **Indiana — 1.9%** | **Indiana — 1.9%** |
| Indiana Finance Authority, Ascension Senior Credit <br> Group Series 2025A-1, Rev., 5.00%, 11/15/2029<br>| 2000 | 2188 |
| Indiana Finance Authority, Community Foundation of <br> Northern Indiana Obligated Group, Rev., 5.00%, <br> 9/1/2028<br>| 1000 | 1013 |
| Indiana Finance Authority, Indiana University Health <br> Obligated Group<br>|  |  |
| Series 2023B1, Rev., 5.00%, 7/1/2028 (c) | 1000 | 1052 |
| Series 2025D-1, Rev., 5.00%, 10/1/2029 (c) | 2500 | 2698 |
| Series 2023B-2, Rev., 5.00%, 7/1/2030 (c) | 2000 | 2188 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 19

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| Indiana Finance Authority, Indianapolis Power and <br> Light Co. Project Series 2021A, Rev., 1.40%, <br> 8/1/2029<br>| 7000 | 6536 |
| Indiana Finance Authority, State Revolving Fund <br> Program Series 2021A, Rev., 5.00%, 2/1/2031<br>| 180 | 204 |
| Total Indiana |  | 15879 |
| **Kansas — 1.1%** | **Kansas — 1.1%** | **Kansas — 1.1%** |
| City of Wichita, Sales Tax, River District Stadium Star <br> Bond Project Series 2018, Rev., 5.00%, 9/1/2026<br>| 465 | 471 |
| State of Kansas Department of Transportation |  |  |
| Series 2024A, Rev., 5.00%, 9/1/2028 | 3500 | 3745 |
| Series 2025A, Rev., 5.00%, 9/1/2029 | 3725 | 4083 |
| Wyandotte County Unified School District No. 202 <br> Turner<br>|  |  |
| Series 2019A, GO, A.G., 5.00%, 9/1/2026 | 320 | 324 |
| Series 2019A, GO, A.G., 5.00%, 9/1/2028 | 400 | 418 |
| Total Kansas |  | 9041 |
| **Kentucky — 1.1%** | **Kentucky — 1.1%** | **Kentucky — 1.1%** |
| Kentucky Public Energy Authority, Gas Supply Series <br> 2023A-1, Rev., 5.25%, 2/1/2032 (c)<br>| 3335 | 3669 |
| Kentucky State Property and Building Commission, <br> Project No. 113 Series 2024B, Rev., 5.00%, <br> 11/1/2027<br>| 2005 | 2099 |
| Kentucky State Property and Building Commission, <br> Project No. 124 Series A, Rev., A.G., 5.00%, <br> 11/1/2030<br>| 500 | 562 |
| Kentucky State Property and Building Commission, <br> Project No. 130 Series 2024B, Rev., 5.00%, <br> 11/1/2028<br>| 1510 | 1620 |
| Kentucky State Property and Building Commission, <br> Project No. 131 Series A, Rev., 5.00%, 10/1/2029<br>| 685 | 751 |
| Total Kentucky |  | 8701 |
| **Louisiana — 0.8%** | **Louisiana — 0.8%** | **Louisiana — 0.8%** |
| Louisiana Public Facilities Authority, Tulane University <br> of Louisiana Project<br>|  |  |
| Series 2023A, Rev., 5.00%, 10/15/2028 | 175 | 187 |
| Series 2023A, Rev., 5.00%, 10/15/2029 | 175 | 191 |
| Series 2023A, Rev., 5.00%, 10/15/2030 | 200 | 223 |
| Parish of St. John the Baptist, Marathon Oil Corp., <br> Project Series 2017C, Rev., 3.30%, 7/3/2028 (c)<br>| 4000 | 4069 |
| State of Louisiana |  |  |
| Series 2024E, GO, 5.00%, 9/1/2029 | 700 | 768 |
| Series 2023A, GO, 5.00%, 2/1/2031 | 1085 | 1225 |
| Total Louisiana |  | 6663 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Maine — 0.1%** | **Maine — 0.1%** | **Maine — 0.1%** |
| Maine Turnpike Authority, Rev., 5.00%, 7/1/2029 | 1000 | 1091 |
| **Maryland — 0.6%** | **Maryland — 0.6%** | **Maryland — 0.6%** |
| County of Prince George's, Consolidated Public <br> Improvement Series 2020A, GO, 5.00%, <br> 7/15/2032<br>| 1000 | 1064 |
| Maryland Community Development Administration, <br> Multi- Family, Villages At Marley Station Series <br> 2024D-2, Rev., 3.30%, 1/1/2029<br>| 1500 | 1528 |
| State of Maryland Series 2021-2, GO, 5.00%, <br> 8/1/2030<br>| 2000 | 2243 |
| Total Maryland |  | 4835 |
| **Massachusetts — 1.2%** | **Massachusetts — 1.2%** | **Massachusetts — 1.2%** |
| Commonwealth of Massachusetts, Consolidated Loan <br> of 2025 Series 2025G, GO, 5.00%, 12/1/2028<br>| 2500 | 2700 |
| Massachusetts Department of Transportation Series <br> 1997A, Rev., NATL - RE, Zero Coupon, 1/1/2029<br>| 1560 | 1457 |
| Massachusetts Development Finance Agency, Atrius <br> Health Issue Series 2019A, Rev., 5.00%, <br> 6/1/2029 (e)<br>| 5500 | 5979 |
| Total Massachusetts |  | 10136 |
| **Michigan — 0.5%** | **Michigan — 0.5%** | **Michigan — 0.5%** |
| City of Royal Oak, Limited Tax, Capital Improvement |  |  |
| GO, 5.00%, 4/1/2027 | 625 | 643 |
| GO, 5.00%, 4/1/2028 | 245 | 259 |
| Michigan State Hospital Finance Authority, Ascension <br> Senior Credit Group Series 2010F-4, Rev., 5.00%, <br> 5/15/2030 (e)<br>| 700 | 778 |
| Michigan State Hospital Finance Authority, Trinity <br> Health Credit Group Series 2008C, Rev., 5.00%, <br> 12/1/2029<br>| 1525 | 1598 |
| Northville Public Schools, School Building and Site |  |  |
| Series 2019-II, GO, 5.00%, 5/1/2028 | 600 | 634 |
| Series 2019-II, GO, 5.00%, 5/1/2029 | 250 | 271 |
| Total Michigan |  | 4183 |
| **Minnesota — 0.7%** | **Minnesota — 0.7%** | **Minnesota — 0.7%** |
| Duluth Independent School District No. 709 |  |  |
| Series 2019B, COP, 5.00%, 2/1/2027 | 185 | 189 |
| Series 2019B, COP, 5.00%, 2/1/2028 | 175 | 183 |
| Series 2019C, COP, 5.00%, 2/1/2028 | 350 | 367 |
| Metropolitan Council, GO, GAN, 5.00%, 12/1/2028 | 3995 | 4304 |
| State of Minnesota, Various Purpose Series 2018A, <br> GO, 5.00%, 8/1/2030<br>| 1000 | 1067 |
| Total Minnesota |  | 6110 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

20 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Mississippi — 1.0%** | **Mississippi — 1.0%** | **Mississippi — 1.0%** |
| County of Warren, Gulf Opportunity Zone, <br> International Paper Co., Project, Rev., 4.00%, <br> 9/1/2032<br>| 1000 | 1057 |
| Jackson State University Educational Building Corp. <br> Series 2021A, Rev., 1.40%, 3/1/2034<br>| 1000 | 890 |
| Mississippi Business Finance Corp., Pollution Control, <br> Power Co., Project, Rev., 3.20%, 9/1/2028<br>| 4000 | 4002 |
| Mississippi Development Bank, Desoto County <br> Mississippi Highway Project Series 2024A, Rev., <br> 5.00%, 1/1/2029<br>| 1000 | 1076 |
| State of Mississippi, Gaming Tax Series 2019A, Rev., <br> 5.00%, 10/15/2028<br>| 1400 | 1489 |
| Total Mississippi |  | 8514 |
| **Missouri — 2.7%** | **Missouri — 2.7%** | **Missouri — 2.7%** |
| City of St. Louis Airport Series 2007A, Rev., A.G., <br> 5.25%, 7/1/2026<br>| 2635 | 2661 |
| Curators of the University of Missouri (The) |  |  |
| Series 2024, Rev., 5.00%, 11/1/2029 | 1000 | 1101 |
| Series 2020B, Rev., 5.00%, 11/1/2030 | 5705 | 6419 |
| Health and Educational Facilities Authority of the State <br> of Missouri Series 2021C, Rev., 5.00%, <br> 5/1/2028 (c)<br>| 7500 | 7916 |
| Jackson County School District No. R-IV Blue Springs, <br> Missouri Direct Deposit Program Series 2019, GO, <br> 5.50%, 3/1/2029<br>| 1280 | 1398 |
| Missouri Highway and Transportation Commission <br> Series 2022A, Rev., 4.00%, 5/1/2033<br>| 2685 | 2975 |
| Total Missouri |  | 22470 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| Montana Board of Housing, Single Family Mortgage <br> Series 2024A, Rev., 6.00%, 12/1/2054<br>| 835 | 916 |
| **Nebraska — 0.8%** | **Nebraska — 0.8%** | **Nebraska — 0.8%** |
| Nebraska Investment Finance Authority, Single Family <br> Housing Series 2023C, Rev., GNMA / FNMA / <br> FHLMC COLL, 5.50%, 9/1/2053<br>| 3885 | 4130 |
| Omaha School District Series 2016, GO, 5.00%, <br> 12/15/2028<br>| 1000 | 1021 |
| Southeast Community College Area, Tax Supported |  |  |
| COP, 5.00%, 12/15/2026 | 275 | 281 |
| COP, 5.00%, 12/15/2027 | 495 | 518 |
| COP, 5.00%, 12/15/2028 | 540 | 572 |
| Total Nebraska |  | 6522 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** |
| State of Nevada Department of Business and Industry, <br> Brighline West Passenger Rail Project Series <br> 2025B, Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 1385 | 748 |
| **New Hampshire — 0.3%** | **New Hampshire — 0.3%** | **New Hampshire — 0.3%** |
| New Hampshire Municipal Bond Bank Series 2020A, <br> Rev., 5.00%, 2/15/2029<br>| 1870 | 2023 |
| **New Jersey — 2.3%** | **New Jersey — 2.3%** | **New Jersey — 2.3%** |
| New Jersey Housing and Mortgage Finance Agency, <br> Multi- Family Series 2024B, Rev., 3.50%, <br> 5/1/2029<br>| 1000 | 1023 |
| New Jersey Transportation Trust Fund Authority, <br> Federal Highway Reimbursement<br>|  |  |
| Series A, Rev., 5.00%, 6/15/2028 | 3000 | 3023 |
| Series A, Rev., 5.00%, 6/15/2029 | 5350 | 5390 |
| Series A, Rev., 5.00%, 6/15/2031 | 4750 | 4784 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation System Series 2006C, Rev., NATL - <br> RE, Zero Coupon, 12/15/2030<br>| 3000 | 2652 |
| Tobacco Settlement Financing Corp. Series 2018A, <br> Rev., 5.00%, 6/1/2028<br>| 2230 | 2347 |
| Total New Jersey |  | 19219 |
| **New Mexico — 1.2%** | **New Mexico — 1.2%** | **New Mexico — 1.2%** |
| City of Farmington, San Juan Project Series 2010A, <br> Rev., 0.88%, 10/1/2026 (c)<br>| 4000 | 3955 |
| County of Sandoval, GO, 5.00%, 8/1/2026 | 650 | 657 |
| New Mexico Finance Authority, State Transportation, <br> Subordinate Lien Series 2018A, Rev., 5.00%, <br> 6/15/2029<br>| 5080 | 5406 |
| Total New Mexico |  | 10018 |
| **New York — 8.0%** | **New York — 8.0%** | **New York — 8.0%** |
| City of New York, Fiscal Year 2026 Series 2026B, <br> Subseries B-1, GO, 5.00%, 8/1/2031<br>| 1800 | 2048 |
| Empire State Development Corp., State Personal <br> Income Tax Series 2017C, Rev., 5.00%, <br> 3/15/2032<br>| 1115 | 1160 |
| Long Island Power Authority, Electric System |  |  |
| Rev., 5.00%, 9/1/2027 | 500 | 522 |
| Series 2025B, Rev., 3.00%, 9/1/2028 (c) | 2000 | 2017 |
| Metropolitan Transportation Authority Dedicated Tax <br> Fund Series B-2, Rev., 4.00%, 11/15/2032<br>| 4000 | 4071 |
| Metropolitan Transportation Authority, Green Bond |  |  |
| Series 2017C-1, Rev., 5.00%, 11/15/2026 | 2610 | 2661 |
| Series 2018B, Rev., 5.00%, 11/15/2026 | 1000 | 1020 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 21

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Industrial Development Agency, Yankee <br> Stadium LLC Project Series 2020A, Rev., A.G., <br> 5.00%, 3/1/2030<br>| 1600 | 1756 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2021 Series 2021, <br> Subseries CC-2, Rev., 5.00%, 6/15/2028<br>| 3410 | 3488 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2025 Series 2025A, <br> Subseries A-1, Rev., 5.00%, 11/1/2030<br>| 2250 | 2527 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2024 Series <br> 2024G, Subseries G-1, Rev., 5.00%, 5/1/2027<br>| 405 | 419 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025<br>|  |  |
| Series 2025-J, Subseries J-1, Rev., 5.00%, <br> 11/1/2029<br>| 3000 | 3298 |
| Series 2025F, Subseries F-1, Rev., 5.00%, <br> 11/1/2030<br>| 1000 | 1123 |
| Series 2025H, Sub H-1, Rev., 5.00%, 11/1/2030 | 1000 | 1123 |
| New York State Dormitory Authority Series 2024A, <br> Rev., A.G., 5.00%, 10/1/2028<br>| 5800 | 6236 |
| New York State Dormitory Authority, Personal Income <br> Tax Series 2017B-2, Rev., 5.00%, 2/15/2030<br>| 1875 | 1951 |
| New York State Dormitory Authority, Sales Tax Series <br> 2024B, Rev., 5.00%, 3/15/2030<br>| 6140 | 6849 |
| New York State Dormitory Authority, School Districts <br> Financing Program<br>|  |  |
| Series 2025A, Rev., A.G., 5.00%, 10/1/2029 | 2000 | 2205 |
| Series 2020A, Rev., A.G., 5.00%, 10/1/2031 | 5065 | 5414 |
| New York State Dormitory Authority, St. John's <br> University Series 2021A, Rev., 4.00%, 7/1/2030<br>| 875 | 929 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose<br>|  |  |
| Series 2021A, Rev., 5.00%, 3/15/2031 | 535 | 609 |
| Series 2025C, Rev., 5.00%, 3/15/2031 | 1000 | 1138 |
| New York State Housing Finance Agency, State <br> Personal Income Tax Series 2024B-2, Rev., 3.35%, <br> 12/15/2029 (c)<br>| 1500 | 1517 |
| Port Authority of New York and New Jersey, <br> Consolidated Series 246, Rev., AMT, 5.00%, <br> 9/1/2027<br>| 5000 | 5182 |
| Triborough Bridge and Tunnel Authority, Payroll <br> Mobility Tax Series 2024B, Rev., BAN, 5.00%, <br> 3/15/2027<br>| 7000 | 7214 |
| Total New York |  | 66477 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **North Carolina — 1.7%** | **North Carolina — 1.7%** | **North Carolina — 1.7%** |
| North Carolina Housing Finance Agency Series 2024, <br> Rev., 5.00%, 4/1/2028 (c)<br>| 4025 | 4222 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2056<br>| 1495 | 1716 |
| Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 1/1/2056<br>| 7000 | 8174 |
| Total North Carolina |  | 14112 |
| **North Dakota — 0.1%** | **North Dakota — 0.1%** | **North Dakota — 0.1%** |
| North Dakota Housing Finance Agency, Home <br> Mortgage Finance Program Series 2025A, Rev., <br> 6.00%, 1/1/2056<br>| 1000 | 1119 |
| **Ohio — 3.5%** | **Ohio — 3.5%** | **Ohio — 3.5%** |
| City of Cleveland, Income Tax, Subordinate Lien, Public <br> Facilities Improvements<br>|  |  |
| Series 2018A, Rev., 5.00%, 10/1/2027 | 250 | 261 |
| Series 2018A, Rev., 5.00%, 10/1/2028 | 250 | 264 |
| Series 2017B-1, Rev., 5.00%, 10/1/2030 | 2510 | 2648 |
| City of Columbus, Unlimited Tax Series 2024-1, GO, <br> 5.00%, 2/15/2030<br>| 1500 | 1663 |
| City of Toledo Series 2023, GO, 5.00%, 12/1/2026 | 445 | 454 |
| County of Van Wert, Ohio Hospital Facilities, Rev., <br> 6.13%, 12/1/2029 (e)<br>| 3000 | 3363 |
| Cuyahoga Community College District, Facilities <br> Construction Improvement, Unlimited Tax, GO, <br> 5.00%, 12/1/2028<br>| 2300 | 2315 |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 2790 | 2862 |
| Ohio Turnpike and Infrastructure Commission Series <br> 2018A, Rev., 5.00%, 2/15/2032<br>| 1000 | 1052 |
| State of Ohio, Capital Facilities Lease Appropriation, <br> Park and Recreation Improvement Fund Project <br> Series 2025A, Rev., 5.00%, 12/1/2029<br>| 3720 | 4101 |
| State of Ohio, Common School Series 2023A, GO, <br> 5.00%, 3/15/2027<br>| 7920 | 8161 |
| State of Ohio, Infrastructure Improvement |  |  |
| Series 2025A, GO, 5.00%, 3/1/2029 | 1000 | 1084 |
| Series 2025A, GO, 5.00%, 3/1/2030 | 1000 | 1110 |
| Total Ohio |  | 29338 |
| **Oklahoma — 2.0%** | **Oklahoma — 2.0%** | **Oklahoma — 2.0%** |
| Carter County Public Facilities Authority, Educational <br> Facilities Lease, Ardmore City Schools Project<br>|  |  |
| Rev., 5.00%, 9/1/2026 | 820 | 828 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

22 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| Rev., 5.00%, 9/1/2027 | 1250 | 1288 |
| Cleveland County Educational Facilities Authority, <br> Moore Public School Project Series 2021, Rev., <br> 4.00%, 6/1/2028<br>| 5080 | 5246 |
| Cleveland County Educational Facilities Authority, <br> Norman Public Schools Project Series 2023A, Rev., <br> 5.00%, 6/1/2028<br>| 2000 | 2110 |
| Grady County School Finance Authority, Educational <br> Facilities Lease, Minco Public Schools Project<br>|  |  |
| Rev., 5.00%, 9/1/2028 | 375 | 395 |
| Rev., 5.00%, 9/1/2029 | 1175 | 1242 |
| Oklahoma County Independent School District No. 52 <br> Midwest City-Del City Series 2024, GO, 4.00%, <br> 7/1/2028<br>| 2000 | 2077 |
| Tulsa County Independent School District No. 1 Tulsa <br> Series 2025A, GO, 4.00%, 4/1/2030<br>| 1000 | 1065 |
| Tulsa County Industrial Authority, Educational Facilities <br> Lease Owasso Public School Project, Rev., 5.00%, <br> 9/1/2031<br>| 2000 | 2253 |
| Total Oklahoma |  | 16504 |
| **Oregon — 0.0% ^** | **Oregon — 0.0% ^** | **Oregon — 0.0% ^** |
| Port of Portland, International Airport Series 26A, <br> Rev., 5.00%, 7/1/2026<br>| 335 | 338 |
| **Pennsylvania — 7.4%** | **Pennsylvania — 7.4%** | **Pennsylvania — 7.4%** |
| Allegheny County Airport Authority, Pittsburgh <br> International Airport Series 2023A, Rev., AMT, A.G., <br> 5.00%, 1/1/2027<br>| 850 | 869 |
| Allegheny County Higher Education Building Authority, <br> Carnegie Mellon University Series 2022A, Rev., <br> (SOFR + 0.29%), 2.86%, 3/5/2026 (f)<br>| 2500 | 2495 |
| City of Philadelphia Series 2025C, GO, 5.00%, <br> 8/1/2030<br>| 1000 | 1112 |
| Commonwealth Financing Authority Series 2019B, <br> Rev., 5.00%, 6/1/2029<br>| 500 | 541 |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment<br>|  |  |
| Rev., 5.00%, 6/1/2029 | 2680 | 2833 |
| Rev., 5.00%, 6/1/2030 | 3900 | 4117 |
| Rev., 5.00%, 6/1/2031 | 1100 | 1158 |
| Commonwealth of Pennsylvania |  |  |
| Series 2025A, GO, 5.00%, 8/15/2028 | 1000 | 1068 |
| Series 2023, GO, 5.00%, 9/1/2029 | 650 | 712 |
| Series 2024-1, GO, 5.00%, 8/15/2030 | 5875 | 6552 |
| Series 2024-1, GO, 5.00%, 8/15/2031 | 4000 | 4539 |
| County of Northampton Series 2019A, GO, 4.00%, <br> 10/1/2028<br>| 920 | 921 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Geisinger Authority, Health System Series 2020C, <br> Rev., 5.00%, 4/1/2030 (c)<br>| 1000 | 1078 |
| General Authority of Southcentral Pennsylvania, <br> Hanover Hospital, Inc., Rev., 5.00%, 12/1/2026<br>| 1400 | 1402 |
| General Authority of Southcentral Pennsylvania, <br> Wellspan Health Obligated Group Series 2025A, <br> Rev., 5.00%, 6/1/2029<br>| 5000 | 5415 |
| Montgomery County Industrial Development Authority, <br> Constellation Energy Generation Series 2023B, <br> Rev., 4.10%, 6/1/2029<br>| 5200 | 5455 |
| Panther Valley School District |  |  |
| GO, 2.00%, 10/15/2026 | 750 | 746 |
| GO, 2.00%, 10/15/2027 | 680 | 670 |
| GO, 2.00%, 10/15/2028 | 300 | 292 |
| GO, 2.00%, 10/15/2029 | 300 | 290 |
| Pennsylvania Economic Development Financing <br> Authority, Waste Management, Inc., Project Series <br> 2021A-2, Rev., 4.60%, 10/1/2026 (c)<br>| 5000 | 5027 |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage<br>|  |  |
| Series 2023-141A, Rev., 5.75%, 10/1/2053 | 1135 | 1212 |
| Series 2024 -147A, Rev., 6.25%, 10/1/2054 | 988 | 1104 |
| Series 2024-146A, Rev., 6.25%, 10/1/2054 | 2940 | 3262 |
| Series 2025-150A, Rev., 6.25%, 10/1/2055 | 1000 | 1162 |
| Pennsylvania Turnpike Commission Series 2019, Rev., <br> 5.00%, 12/1/2030<br>| 3900 | 4201 |
| Pennsylvania Turnpike Commission, Motor License <br> Fund, Enhanced, Subordinate Series 2017-3, Rev., <br> 5.00%, 12/1/2028<br>| 1370 | 1436 |
| Pennsylvania Turnpike Commission, Subordinate <br> Series 2021B, Rev., 5.00%, 12/1/2027<br>| 1025 | 1075 |
| Southeastern Pennsylvania Transportation Authority, <br> Asset Improvement Program, Rev., 5.00%, <br> 6/1/2032<br>| 100 | 116 |
| Upper St. Clair Township School District |  |  |
| Series 2019B, GO, 4.00%, 10/1/2028 | 575 | 581 |
| Series 2019B, GO, 4.00%, 10/1/2029 | 420 | 424 |
| Total Pennsylvania |  | 61865 |
| **Puerto Rico — 0.6%** | **Puerto Rico — 0.6%** | **Puerto Rico — 0.6%** |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 1045 | 1069 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax Series <br> A-1, Rev., Zero Coupon, 7/1/2029<br>| 4500 | 4054 |
| Total Puerto Rico |  | 5123 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 23

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Rhode Island — 0.1%** | **Rhode Island — 0.1%** | **Rhode Island — 0.1%** |
| Rhode Island Commerce Corp., Department of <br> Transportation Series 2016B, Rev., 5.00%, <br> 6/15/2026<br>| 50 | 50 |
| Rhode Island Health and Educational Building Corp., <br> Brown university Health Series 2026B, Rev., <br> 5.00%, 5/15/2031<br>| 1000 | 1108 |
| Total Rhode Island |  | 1158 |
| **South Carolina — 1.7%** | **South Carolina — 1.7%** | **South Carolina — 1.7%** |
| Charleston Educational Excellence Finance Corp., <br> Installment Purchase, Charleston County School <br> District, South Carolina Project Series 2024, Rev., <br> 5.00%, 12/1/2029<br>| 1025 | 1129 |
| County Square Redevelopment Corp., Greenville South <br> Carolina Project, Rev., 5.00%, 4/1/2030<br>| 2100 | 2336 |
| Patriots Energy Group Financing Agency Series 2023 <br> Subseries B-1, Rev., 5.25%, 3/1/2031 (c)<br>| 3665 | 4012 |
| South Carolina Jobs-Economic Development Authority, <br> Bon Secours Mercy Health, Inc. Series 2025B-1, <br> Rev., 5.00%, 11/1/2030 (c)<br>| 3000 | 3311 |
| South Carolina Jobs-Economic Development Authority, <br> Mcleod Health Projects, Rev., 5.00%, 11/1/2031<br>| 1030 | 1084 |
| South Carolina Public Service Authority, Santee <br> Cooper Series 2022B, Rev., A.G. - CR, 4.00%, <br> 12/1/2029<br>| 1000 | 1053 |
| South Carolina State Housing Finance and <br> Development Authority Series 2026A, Rev., GNMA / <br> FNMA / FHLMC, 6.00%, 7/1/2031 (d)<br>| 1265 | 1481 |
| Total South Carolina |  | 14406 |
| **South Dakota — 0.2%** | **South Dakota — 0.2%** | **South Dakota — 0.2%** |
| South Dakota Housing Development Authority Series <br> 2024C, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 11/1/2055<br>| 1475 | 1680 |
| **Tennessee — 2.2%** | **Tennessee — 2.2%** | **Tennessee — 2.2%** |
| City of Chattanooga Electric, Rev., 5.00%, 9/1/2028 | 2000 | 2140 |
| Health Educational and Housing Facility Board of the <br> City of Memphis (The), Arbors Hickory Ridge Project <br> Series 2012, Rev., 6.25%, 1/1/2029 (e)<br>| 4903 | 5440 |
| Metropolitan Government Nashville and Davidson <br> County, Health and Educational Facilities Board, <br> Northview Project Series 2023B, Rev., 3.60%, <br> 2/1/2028 (c)<br>| 1000 | 1018 |
| Metropolitan Government of Nashville and Davidson <br> County Water and Sewer, Rev., 5.00%, 7/1/2045<br>| 1875 | 2038 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Shelby County Health Educational and Housing <br> Facilities Board, Baptism Memorial Health Obligated <br> Group Series 2025B, Rev., 5.00%, 9/1/2030 (c)<br>| 1000 | 1087 |
| Tennergy Corp., Gas Supply Series 2021A, Rev., <br> 4.00%, 9/1/2028 (c)<br>| 6500 | 6701 |
| Total Tennessee |  | 18424 |
| **Texas — 17.2%** | **Texas — 17.2%** | **Texas — 17.2%** |
| Abilene Independent School District, Unlimited Tax <br> School Building, GO, PSF-GTD, 4.00%, 2/15/2029<br>| 2000 | 2061 |
| Arlington Higher Education Finance Corp., Uplift <br> Education Series 2017A, Rev., PSF-GTD, 4.00%, <br> 12/1/2029<br>| 1000 | 1016 |
| Austin Community College District Public Facility <br> Corp., Lease, Highland Campus Parking Garage <br> Project<br>|  |  |
| Series 2018C, Rev., 5.00%, 8/1/2026 | 250 | 253 |
| Series 2018C, Rev., 5.00%, 8/1/2027 | 200 | 208 |
| Series 2018C, Rev., 5.00%, 8/1/2029 | 325 | 337 |
| Bastrop Independent School District, Unlimited Tax <br> Series 2024, GO, PSF-GTD, 5.00%, 2/15/2030<br>| 3530 | 3896 |
| Bridge City Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/15/2033<br>| 520 | 583 |
| City of Arlington Series 2020A, GO, 5.00%, <br> 8/15/2032<br>| 1685 | 1828 |
| City of Austin Water and Wastewater System Series <br> 2024, Rev., 5.00%, 11/15/2028<br>| 2500 | 2690 |
| City of Austin, Airport System Series 2017A, Rev., <br> 5.00%, 11/15/2028<br>| 1130 | 1152 |
| City of Austin, Public Property Finance Contractual <br> Obligation, GO, 5.00%, 5/1/2030<br>| 2190 | 2439 |
| City of Houston Series 2024A, GO, 5.00%, 3/1/2030 | 500 | 553 |
| City of Houston Combined Utility System, First Lien |  |  |
| Series 2016B, Rev., 5.00%, 11/15/2027 | 940 | 958 |
| Series 2024A, Rev., 5.00%, 11/15/2027 | 4150 | 4349 |
| City of Lubbock, Electric Light and Power System <br> Series 2022, Rev., A.G., 5.00%, 4/15/2028<br>| 1120 | 1186 |
| City of San Antonio Series 2024, GO, 5.00%, <br> 2/1/2030<br>| 600 | 664 |
| City of San Antonio Electric and Gas Systems |  |  |
| Series 2025B, Rev., 5.00%, 2/1/2029 | 6000 | 6490 |
| Series 2026A, Rev., 3.00%, 12/1/2029 (c) | 2000 | 2018 |
| Series 2024D, Rev., 5.00%, 2/1/2030 | 1000 | 1107 |
| City of Waco, Combination Tax |  |  |
| Series 2024A, GO, 5.00%, 2/1/2028 | 1920 | 2021 |
| Series 2024A, GO, 5.00%, 2/1/2029 | 2000 | 2157 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

24 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Comal Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 5.00%, 2/1/2029<br>| 7010 | 7567 |
| Conroe Independent School District, Unlimited Tax <br> Series 2019, GO, PSF-GTD, 5.00%, 8/15/2028<br>| 1000 | 1068 |
| County of Bastrop, Combination Tax, GO, 5.00%, <br> 8/1/2030<br>| 1145 | 1277 |
| County of Ector, GO, 5.00%, 2/15/2029 | 1975 | 2119 |
| County of Montgomery Series 2025A, GO, 5.00%, <br> 3/1/2029<br>| 1000 | 1081 |
| Cypress-Fairbanks Independent School District, <br> Unlimited Tax<br>|  |  |
| GO, PSF-GTD, 5.00%, 2/15/2029 | 5120 | 5543 |
| Series 2023A, GO, PSF-GTD, 5.00%, 2/15/2030 | 1000 | 1108 |
| GO, PSF-GTD, 5.00%, 2/15/2031 | 4750 | 5371 |
| Dallas County Utility and Reclamation District, <br> Unlimited Tax Series 2016, GO, 5.00%, 2/15/2028<br>| 1100 | 1153 |
| Dallas Fort Worth International Airport Series <br> 2025A-2, Rev., AMT, 5.00%, 11/1/2029 (c)<br>| 7000 | 7510 |
| Fort Worth Independent School District, GO, PSF-GTD, <br> 5.00%, 2/15/2029<br>| 1950 | 2108 |
| Grand Parkway Transportation Corp. Series 2023, <br> Rev., 5.00%, 4/1/2028 (c)<br>| 6000 | 6256 |
| Harris County Cultural Education Facilities Finance <br> Corp., Memorial Hermann Health System<br>|  |  |
| Series 2022B, Rev., 5.00%, 12/1/2028 (c) | 1475 | 1559 |
| Series 2024C, Rev., 5.00%, 7/1/2029 (c) | 2000 | 2139 |
| Series 2024B, Rev., 5.00%, 7/1/2031 | 1250 | 1408 |
| Harris County-Houston Sports Authority Series <br> 2001H, Rev., NATL - RE, Zero Coupon, <br> 11/15/2031 (e)<br>| 1335 | 615 |
| Harris County-Houston Sports Authority, Second Lien <br> Series 2024B, Rev., A.G., 5.00%, 11/15/2028<br>| 1770 | 1883 |
| Hereford Independent School District, School Building, <br> Unlimited Tax<br>|  |  |
| GO, PSF-GTD, 4.00%, 2/15/2028 | 1420 | 1441 |
| GO, PSF-GTD, 4.00%, 2/15/2029 | 1480 | 1502 |
| Irving Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 5.00%, 2/15/2028 | 3170 | 3346 |
| GO, PSF-GTD, 5.00%, 2/15/2031 | 3745 | 4231 |
| Legacy Denton Public Facility Corp., Multifamily <br> Housing Roselawn Village, Rev., 3.15%, <br> 5/1/2029 (c)<br>| 1500 | 1511 |
| Lewisville Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 8/15/2030<br>| 1750 | 1962 |
| Lone Star College System, Limited Tax Series 2016, <br> GO, 4.00%, 2/15/2032<br>| 1125 | 1126 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Lower Colorado River Authority Series 2023B, Rev., <br> 5.00%, 5/15/2028 (c)<br>| 1840 | 1926 |
| Lower Colorado River Authority, LCRA Transmission <br> Services Corp., Project<br>|  |  |
| Series 2022A, Rev., 5.00%, 5/15/2030 | 805 | 893 |
| Series 2023A, Rev., A.G., 5.00%, 5/15/2030 | 2380 | 2645 |
| Metropolitan Transit Authority of Harris County Sales <br> and Use Tax<br>|  |  |
| Series A, Rev., 5.00%, 11/1/2028 | 1000 | 1018 |
| Rev., 5.00%, 11/1/2029 | 1530 | 1644 |
| North Texas Tollway Authority, First Tier Series A, Rev., <br> 4.00%, 1/1/2033<br>| 2500 | 2524 |
| Northwest Independent School District, Unlimited Tax <br> Series 2024A, GO, PSF-GTD, 5.00%, 2/15/2029<br>| 1000 | 1080 |
| Plano Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 5.00%, 2/15/2029<br>| 1000 | 1083 |
| Round Rock Independent School District, Unlimited <br> Tax Series 2025A, GO, PSF-GTD, 5.00%, <br> 8/1/2030 (c)<br>| 1500 | 1668 |
| S&S Consolidated Independent School District, GO, <br> PSF-GTD, 4.00%, 2/15/2028<br>| 580 | 597 |
| Spring Independent School District, Unlimited Tax <br> Series 2024B, GO, 5.00%, 8/15/2030<br>| 1575 | 1752 |
| State of Texas, College Student Loan Series 2023A, <br> GO, AMT, 5.25%, 8/1/2029<br>| 2470 | 2688 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Baylor Scott & White Health Project<br>|  |  |
| Series 2026F, Rev., 5.00%, 5/1/2030 (c) | 1000 | 1096 |
| Series 2022F, Rev., 5.00%, 11/15/2030 (c) | 1000 | 1096 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System<br>|  |  |
| Series 2025B, Rev., 5.00%, 11/15/2029 (c) | 3100 | 3354 |
| Series 2025C, Rev., 5.00%, 11/15/2032 (c) | 960 | 1084 |
| Temple Independent School District, GO, PSF-GTD, <br> 5.00%, 2/1/2032<br>| 1560 | 1751 |
| Texas A&M University, Financing System Series <br> 2017E, Rev., 5.00%, 5/15/2027<br>| 1435 | 1485 |
| Texas Municipal Gas Acquisition and Supply Corp. I, <br> Gas Supply, Senior Lien Series 2008D, Rev., 6.25%, <br> 12/15/2026<br>| 315 | 324 |
| Texas Municipal Gas Acquisition and Supply Corp. IV, <br> Gas Supply Series 2023A, Rev., 5.50%, <br> 1/1/2030 (c)<br>| 7800 | 8391 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 25

------

JPMorgan Short-Intermediate Municipal Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Texas State University System Series 2024, Rev., <br> 5.00%, 3/15/2029<br>| 2000 | 2162 |
| West Travis County Public Utility Agency, Rev., 5.00%, <br> 8/15/2027<br>| 350 | 363 |
| Total Texas |  | 143474 |
| **Utah — 0.5%** | **Utah — 0.5%** | **Utah — 0.5%** |
| Intermountain Power Agency, Utah Power Supply |  |  |
| Series 2023A, Rev., 5.00%, 7/1/2030 | 1080 | 1201 |
| Series 2022A, Rev., 5.00%, 7/1/2031 | 320 | 363 |
| University of Utah (The) Series 2022B, Rev., 5.00%, <br> 8/1/2028<br>| 1000 | 1066 |
| West Valley City Municipal Building Authority |  |  |
| Rev., A.G., 5.00%, 2/1/2027 | 720 | 737 |
| Rev., A.G., 5.00%, 2/1/2029 | 1070 | 1096 |
| Total Utah |  | 4463 |
| **Virginia — 0.6%** | **Virginia — 0.6%** | **Virginia — 0.6%** |
| Louisa Industrial Development Authority, Electric and <br> Power Co. Project Series 2008A, Rev., 3.13%, <br> 10/1/2030 (c)<br>| 2500 | 2547 |
| Norfolk Economic Development Authority, Sentara <br> Healthcare Series 2018A, Rev., 5.00%, <br> 11/1/2028 (c)<br>| 2190 | 2336 |
| Total Virginia |  | 4883 |
| **Washington — 2.8%** | **Washington — 2.8%** | **Washington — 2.8%** |
| Central Puget Sound Regional Transit Authority, Sales <br> Tax and Motor Vehicle Excise Tax Series 2021S-1, <br> Rev., 5.00%, 11/1/2030<br>| 1555 | 1755 |
| Energy Northwest, Project 1 Series 2024B, Rev., <br> 5.00%, 7/1/2027<br>| 2500 | 2596 |
| Port of Seattle, Intermediate Lien Series C, Rev., AMT, <br> 5.00%, 4/1/2027<br>| 500 | 501 |
| State of Washington, Various Purpose Series 2024C, <br> GO, 5.00%, 2/1/2027<br>| 3000 | 3079 |
| Washington Health Care Facilities Authority, <br> Commonspirit Health Series 2019B-3, Rev., 5.00%, <br> 8/1/2026 (c)<br>| 15000 | 15016 |
| Total Washington |  | 22947 |
| **Wisconsin — 1.3%** | **Wisconsin — 1.3%** | **Wisconsin — 1.3%** |
| Public Finance Authority, Astro Texas Land Projects, <br> Rev., 5.00%, 12/15/2036 (b)<br>| 491 | 492 |
| Public Finance Authority, Maniilaq Association <br> Employee Housing Project<br>|  |  |
| Rev., 5.00%, 12/1/2030 | 1555 | 1695 |
| Rev., 5.00%, 12/1/2031 | 750 | 827 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| State of Wisconsin Series 2025A, GO, 5.00%, <br> 5/1/2030<br>| 1000 | 1114 |
| Sun Prairie Area School District, GO, 4.00%, <br> 3/1/2028<br>| 2500 | 2544 |
| Wisconsin Health and Educational Facilities Authority, <br> Advocate Aurora Health Credit Group<br>|  |  |
| Series 2018B-1, Rev., 5.00%, 7/1/2027 (c) | 1280 | 1291 |
| Series 2018C-4, Rev., 5.00%, 6/22/2029 (c) | 1000 | 1075 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership Series 2024C, Rev., <br> GNMA / FNMA / FHLMC, 6.00%, 3/1/2055<br>| 1435 | 1590 |
| Total Wisconsin |  | 10628 |
| Total Municipal Bonds <br>(Cost $772,684)<br>|  | 787223 |
| **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** | **Collateralized Mortgage Obligations — 0.0% ^** |
| FNMA, REMIC Series 2002-36, Class FS, 4.28%, <br> 6/25/2032 (c)(Cost $2)<br>| 2 | 2 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 5.3%** | **Short-Term Investments — 5.3%** | **Short-Term Investments — 5.3%** |
| **Investment Companies — 5.3%** | **Investment Companies — 5.3%** | **Investment Companies — 5.3%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 1.78% (g) (h) <br>(Cost $44,214)<br>| 44211 | 44215 |
| **Total Investments — 99.5%** <br>**(Cost $816,900)**<br>|  | **831440** |
| **Other Assets in Excess of Liabilities — 0.5%** |  | **4373** |
| **NET ASSETS — 100.0%** |  | **835813** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COLL | Collateral |
| COP | Certificate of Participation |
| CR | Custodial Receipts |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

26 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | |
|:---|:---|
| RE | Reinsured |
| REMIC | Real Estate Mortgage Investment Conduit |
| Rev. | Revenue |
| SOFR | Secured Overnight Financing Rate |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All or a portion of the security is a when-issued security, delayed delivery security, or forward commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Security is prerefunded or escrowed to maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The rate shown is the current yield as of February 28, 2026.

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 8761 | &nbsp;&nbsp;&nbsp;&nbsp; 38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 27

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 95.1% (a)** | **Municipal Bonds — 95.1% (a)** | **Municipal Bonds — 95.1% (a)** |
| **Alabama — 2.5%** | **Alabama — 2.5%** | **Alabama — 2.5%** |
| Baldwin County Industrial Development Authority, <br> Novelis Corp., Project<br>|  |  |
| Series 2026 A, Rev., AMT, 4.30%, 3/6/2026 (b) <br> (c)<br>| 205 | 207 |
| Series 2025A, Rev., AMT, 5.00%, 6/1/2032 (b) (c) | 2500 | 2617 |
| Black Belt Energy Gas District, Gas Project Series <br> 2024D, Rev., 5.00%, 11/1/2034 (c)<br>| 7250 | 7998 |
| Lower Alabama Gas District (The), Gas Project Series <br> 2025A, Rev., 5.00%, 12/1/2033<br>| 3215 | 3454 |
| Mobile County Industrial Development Authority, <br> Calvert LLC Project Series 2024B, Rev., AMT, <br> 4.75%, 12/1/2054<br>| 1000 | 956 |
| Southeast Energy Authority A Cooperative District <br> Project No.06 Series 2023B, Rev., LIQ : Royal Bank <br> of Canada, 5.00%, 6/1/2030 (c)<br>| 5530 | 5949 |
| Total Alabama |  | 21181 |
| **Alaska — 0.6%** | **Alaska — 0.6%** | **Alaska — 0.6%** |
| Alaska Industrial Development and Export Authority, <br> Tanana Chiefs Conference Project Series 2019A, <br> Rev., 4.00%, 10/1/2049<br>| 1250 | 1123 |
| Municipality of Anchorage Series 2024A, Rev., AMT, <br> 4.50%, 2/1/2060<br>| 2250 | 2065 |
| Northern Tobacco Securitization Corp., Senior Lien <br> Series 2021A, Class 1, Rev., 5.00%, 6/1/2029<br>| 1000 | 1070 |
| Northern Tobacco Securitization Corp., Tobacco <br> Settlement Asset-Backed Senior Capital <br> Appreciation Series 2021B-2, Class 2, Rev., Zero <br> Coupon, 6/1/2066<br>| 7355 | 835 |
| Total Alaska |  | 5093 |
| **Arizona — 1.4%** | **Arizona — 1.4%** | **Arizona — 1.4%** |
| Arizona Board of Regents, State University Series <br> 2026A, Rev., 5.00%, 7/1/2041 (d)<br>| 1000 | 1149 |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC<br>|  |  |
| Series 2021A, Rev., 4.00%, 11/1/2051 | 2810 | 2490 |
| Series 2023A, Rev., 5.25%, 11/1/2053 | 2000 | 2066 |
| Arizona Industrial Development Authority, Great Lakes <br> Senior Living Communities LLC Project Series <br> 2025A-2, Rev., 5.13%, 1/1/2059<br>| 1000 | 939 |
| City of Buckeye, GO, 5.25%, 7/1/2050 | 1210 | 1298 |
| City of Lake Havasu City Wastewater System, Senior <br> Lien, GO, 5.00%, 7/1/2037<br>| 1600 | 1890 |
| City of Mesa Utility System, Rev., A.G., 5.00%, <br> 7/1/2030<br>| 1625 | 1809 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| Industrial Development Authority of The City of <br> Phoenix, Downtown Phoenix Student Housing LLC - <br> Arizona State University Project<br>|  |  |
| Series 2018A, Rev., 5.00%, 7/1/2032 | 350 | 361 |
| Series 2018A, Rev., 5.00%, 7/1/2037 | 200 | 204 |
| Total Arizona |  | 12206 |
| **California — 7.0%** | **California — 7.0%** | **California — 7.0%** |
| California Community Choice Financing Authority, <br> Clean Energy Project<br>|  |  |
| Series 2023B-1, Rev., 5.00%, 8/1/2029 (c) | 2565 | 2728 |
| Series 2023G-1, Rev., 5.25%, 4/1/2030 (c) | 2500 | 2696 |
| Series 2025E, Rev., 5.00%, 5/1/2035 (c) | 4300 | 4816 |
| Series 2026B, Rev., 5.00%, 3/1/2036 | 4750 | 5176 |
| California County Tobacco Securitization Agency Series <br> 2006A, Rev., Zero Coupon, 6/1/2046<br>| 3000 | 712 |
| California County Tobacco Securitization Agency, Los <br> Angeles County Securitization Corp.<br>|  |  |
| Series 2020A, Rev., 5.00%, 6/1/2029 | 110 | 118 |
| Series 2020A, Rev., 4.00%, 6/1/2034 | 510 | 515 |
| Series 2020B-2, Rev., Zero Coupon, 6/1/2055 | 6250 | 1211 |
| California Health Facilities Financing Authority, <br> Cedars-Sinai Medical Center Series 2021A, Rev., <br> 4.00%, 8/15/2048<br>| 2000 | 1911 |
| California Health Facilities Financing Authority, <br> CommonSpirit Health Series 2020A, Rev., 4.00%, <br> 4/1/2049<br>| 1450 | 1345 |
| California Health Facilities Financing Authority, PIH <br> Health Series 2020A, Rev., 4.00%, 6/1/2050<br>| 1000 | 902 |
| California Health Facilities Financing Authority, Sutter <br> Health<br>|  |  |
| Series 2016B, Rev., 4.00%, 11/15/2041 | 1725 | 1727 |
| Series 2017A, Rev., 4.00%, 11/15/2048 | 2000 | 1833 |
| California Infrastructure and Economic Development <br> Bank, Brightline West Passenger Rail Project Series <br> 2025B, Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 2610 | 1409 |
| California Infrastructure and Economic Development <br> Bank, California Academy of Science Series 2024A, <br> Rev., 3.25%, 8/1/2029<br>| 5000 | 5123 |
| California Statewide Communities Development <br> Authority, Loma Linda University Medical Center <br> Series 2016A, Rev., 5.25%, 12/1/2056 (b)<br>| 2875 | 2876 |
| California Statewide Communities Development <br> Authority, Southern California Edison Co. Series <br> 2006C, Rev., 4.50%, 11/1/2033<br>| 1100 | 1179 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

28 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — continued** | **California — continued** | **California — continued** |
| Golden State Tobacco Securitization Corp., Enhanced <br> Tobacco Settlement<br>|  |  |
| Series 2021B, Rev., 3.00%, 6/1/2046 | 980 | 902 |
| Series 2021B-2, Rev., Zero Coupon, 6/1/2066 | 17000 | 1812 |
| Los Angeles Department of Water and Power System <br> Series 2024C, Rev., 5.00%, 7/1/2026<br>| 1000 | 1010 |
| Los Angeles Department of Water and Power, Power <br> System Series 2025A, Rev., 5.00%, 7/1/2055<br>| 3445 | 3608 |
| Los Angeles Department of Water and Power, Water <br> System Series 2017A, Rev., 4.00%, 7/1/2047<br>| 500 | 479 |
| Mt San Antonio Community College District Series <br> 2013A, GO, 0.00%, 8/1/2043<br>| 7150 | 7476 |
| San Diego County Regional Airport Authority, Senior <br> Private Activity<br>|  |  |
| Series 2023B, Rev., AMT, 5.00%, 7/1/2048 | 5540 | 5750 |
| Series 2023B, Rev., AMT, 5.00%, 7/1/2053 | 2500 | 2559 |
| Total California |  | 59873 |
| **Colorado — 2.7%** | **Colorado — 2.7%** | **Colorado — 2.7%** |
| City and County of Broomfield |  |  |
| COP, 5.00%, 2/1/2044 | 900 | 993 |
| COP, 5.00%, 2/1/2045 | 750 | 818 |
| City and County of Denver, Airport System Series <br> 2018A, Rev., AMT, 4.00%, 12/1/2043<br>| 1000 | 975 |
| Colorado Educational and Cultural Facilities Authority, <br> James Irwin Educational Foundation, Rev., 5.00%, <br> 9/1/2062<br>| 2000 | 1921 |
| Colorado Health Facilities Authority, Adventist Health <br> System<br>|  |  |
| Series 2024A-1, Rev., 5.00%, 11/15/2029 (c) | 2000 | 2182 |
| Series 2021A, Rev., 4.00%, 11/15/2050 | 1630 | 1482 |
| Colorado Health Facilities Authority, Covenant Living <br> Communities and Services<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2030 | 1070 | 1160 |
| Series 2025A, Rev., 5.00%, 12/1/2032 | 1180 | 1311 |
| Series 2025A, Rev., 5.00%, 12/1/2035 | 1000 | 1107 |
| Colorado Health Facilities Authority, Vail Valley <br> Medical Centre Project, Rev., 4.00%, 1/15/2045<br>| 1095 | 1068 |
| Denver Health and Hospital Authority |  |  |
| Series A, Rev., 5.25%, 12/1/2045 | 1000 | 1001 |
| Series 2025A, Rev., 6.00%, 12/1/2055 | 1500 | 1616 |
| Fort Collins-Loveland Water District |  |  |
| Rev., 5.00%, 12/1/2039 | 1000 | 1168 |
| Rev., 5.00%, 12/1/2044 | 400 | 443 |
| Rev., 5.00%, 12/1/2045 | 245 | 269 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| Raindance Metropolitan District No. 1, Non-Potable <br> Water System, Rev., 5.25%, 12/1/2050<br>| 1000 | 984 |
| Southern Ute Indian Tribe of the Southern Ute <br> Reservation of Colorado Series 2025A, GO, 5.00%, <br> 4/1/2035 (b)<br>| 2250 | 2520 |
| St Vrain Lakes Metropolitan District No. 4 Series <br> 2024A, GO, 0.00%, 9/20/2054 (b)<br>| 1000 | 736 |
| Verve Metropolitan District No. 1, GO, 6.75%, <br> 12/1/2052<br>| 1500 | 1530 |
| Total Colorado |  | 23284 |
| **Connecticut — 0.2%** | **Connecticut — 0.2%** | **Connecticut — 0.2%** |
| Connecticut State Health and Educational Facilities <br> Authority, Hartford Healthcare Issue Series 2026A, <br> Rev., A.G., 5.50%, 7/1/2051<br>| 1000 | 1101 |
| State of Connecticut Series A, GO, 5.00%, 4/15/2029 | 150 | 155 |
| Total Connecticut |  | 1256 |
| **Delaware — 0.2%** | **Delaware — 0.2%** | **Delaware — 0.2%** |
| Delaware State Economic Development Authority, Acts <br> Retirement-Life Communities, Inc., Obligated Group <br> Series 2018B, Rev., 5.00%, 11/15/2048<br>| 1000 | 1005 |
| Delaware State Economic Development Authority, <br> Newark Charter School, Inc., Project Series A, Rev., <br> 5.00%, 9/1/2046<br>| 500 | 500 |
| Total Delaware |  | 1505 |
| **District of Columbia — 2.0%** | **District of Columbia — 2.0%** | **District of Columbia — 2.0%** |
| District of Columbia, Georgetown University Issue <br> Series 2025A, Rev., 5.00%, 4/3/2035 (c)<br>| 3750 | 4333 |
| District of Columbia, Kipp DC Project, Rev., 4.00%, <br> 7/1/2039<br>| 1925 | 1908 |
| Metropolitan Washington Airports Authority Aviation <br> Series 2021A, Rev., AMT, 4.00%, 10/1/2040<br>| 3250 | 3271 |
| Washington Metropolitan Area Transit Authority Series <br> 2018, Rev., 5.00%, 7/1/2043<br>| 5010 | 5093 |
| Washington Metropolitan Area Transit Authority <br> Dedicated, Second Lien Series 2025A, Rev., <br> 5.25%, 7/15/2055<br>| 2000 | 2116 |
| Total District of Columbia |  | 16721 |
| **Florida — 2.8%** | **Florida — 2.8%** | **Florida — 2.8%** |
| Capital Projects Finance Authority, Student Housing, <br> Program Unionwest Properties LLC Project Series <br> 2024A-1, Rev., 5.00%, 6/1/2049 (b)<br>| 1000 | 938 |
| City of Pompano Beach, John Knox Village Project <br> Series 2021A, Rev., 4.00%, 9/1/2051<br>| 3400 | 2849 |
| County of Miami-Dade Water and Sewer System |  |  |
| Series 2025B, Rev., 4.00%, 10/1/2042 | 2055 | 2093 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 29

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Series 2025A, Rev., 4.50%, 10/1/2051 | 980 | 968 |
| County of Miami-Dade, Jackson Health System, Rev., <br> 5.50%, 6/1/2055<br>| 2000 | 2150 |
| Florida Development Finance Corp., Brightline Florida <br> Passenger Rail Project, Rev., AMT, 5.50%, <br> 7/1/2053<br>| 4000 | 2980 |
| Florida Gulf Coast University Financing Corp., Housing <br> Project Series 2020A, Rev., 4.00%, 2/1/2037<br>| 225 | 232 |
| Florida Local Government Finance Commission, <br> Bridgeprep Academy Project Series 2025A, Rev., <br> 6.25%, 6/15/2055 (b)<br>| 1000 | 1032 |
| Florida Local Government Finance Commission, Fleet <br> Landing at Nocatee Project Series 2025A, Rev., <br> 6.75%, 11/15/2055 (b)<br>| 2000 | 2104 |
| Hillsborough County Housing Finance Authority, Multi- <br> Family Tampa 47th Street Apartments Series <br> 2025A, Rev., FNMA COLL, 5.00%, 12/1/2042<br>| 1000 | 1090 |
| Hillsborough County Industrial Development Authority, <br> Baycare Health System Series 2024E, Rev., VRDO, <br> LIQ : Royal Bank of Canada, 1.95%, 3/2/2026 (c)<br>| 1000 | 1000 |
| Middleton Community Development District A, City of <br> Wildwood, Florida Special Assessment Series 2022, <br> 6.10%, 5/1/2042<br>| 1000 | 1074 |
| Palm Beach County Health Facilities Authority, Acts <br> Retirement Life Communities, Inc., Obligated Group <br> Series 2025B, Rev., 5.00%, 11/15/2049<br>| 2000 | 2022 |
| Peace River Manasota Regional Water Supply <br> Authority, Utility System Series 2025A, Rev., <br> 5.25%, 10/1/2050<br>| 2000 | 2138 |
| Seminole County Industrial Development Authority, <br> Legacy Pointe at UCF Project Series 2019A, Rev., <br> 5.75%, 11/15/2054<br>| 1500 | 1449 |
| Total Florida |  | 24119 |
| **Georgia — 5.4%** | **Georgia — 5.4%** | **Georgia — 5.4%** |
| Atlanta Urban Residential Finance Authority, <br> Multi-Family Housing North Block Series 2025, <br> Rev., FHA, 3.40%, 2/1/2028 (c)<br>| 1000 | 1012 |
| Brookhaven Development Authority, Children's <br> Healthcare of Atlan Series 2019A, Rev., 4.00%, <br> 7/1/2049<br>| 2500 | 2344 |
| Carroll City-County Hospital Authority, Tanner Medical <br> Center Project, Rev., GTD, 4.00%, 7/1/2045<br>| 1250 | 1251 |
| City of Gainesville Water and Sewerage, Rev., 5.00%, <br> 11/15/2043<br>| 1000 | 1130 |
| Cobb-Marietta Coliseum and Exhibit Hall Authority, <br> Galleria Center Project, Rev., 5.50%, 10/1/2050<br>| 1000 | 1100 |
| College Park Housing Authority, Rev., 3.45%, <br> 4/1/2028 (c)<br>| 2000 | 2025 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Georgia — continued** | **Georgia — continued** | **Georgia — continued** |
| Development Authority of Burke County (The), <br> Georgia Power Co. Plant Vogtle Project Series <br> 2013-1, Rev., 3.38%, 3/12/2027 (c)<br>| 1000 | 1008 |
| Douglas County School District, GO, 5.00%, <br> 4/1/2037<br>| 775 | 929 |
| Douglasville-Douglas County Water and Sewer <br> Authority, Rev., 5.00%, 6/1/2041<br>| 3025 | 3457 |
| Downtown Development Authority of The City of <br> Dalton, Hamilton Health Care System, Rev., NATL - <br> RE, 5.50%, 8/15/2026<br>| 285 | 288 |
| Main Street Natural Gas, Inc., Gas Supply |  |  |
| Series 2021C, Rev., 4.00%, 12/1/2028 (c) | 6500 | 6692 |
| Series 2024D, Rev., 5.00%, 4/1/2031 (c) | 3000 | 3267 |
| Series 2023E, Subseries E-1, Rev., 5.00%, <br> 6/1/2031 (c)<br>| 6770 | 7362 |
| Series 2024E, Rev., 5.00%, 12/1/2032 (c) | 3195 | 3494 |
| Series 2025B, Rev., 5.00%, 12/1/2035 (c) | 1500 | 1635 |
| Municipal Electric Authority of Georgia, Plant Vogtle <br> Units 3 and 4 Project Series 2019B, Rev., 5.00%, <br> 1/1/2059<br>| 5000 | 5005 |
| Roswell Development Authority, Wellsatar Healthcare, <br> Inc. Series 2025A, Rev., VRDO, LOC : Truist Bank, <br> 1.90%, 3/2/2026 (c)<br>| 3300 | 3300 |
| Savannah Georgia Convention Center Authority |  |  |
| Series 2025C, Rev., A.G., 5.00%, 6/1/2035 | 300 | 351 |
| Series 2025C, Rev., A.G., 5.00%, 6/1/2036 | 250 | 290 |
| Series 2025C, Rev., A.G., 5.00%, 6/1/2037 | 235 | 270 |
| Total Georgia |  | 46210 |
| **Guam — 0.1%** | **Guam — 0.1%** | **Guam — 0.1%** |
| Territory of Guam Series 2025G, Rev., 5.25%, <br> 1/1/2037<br>| 1000 | 1139 |
| **Idaho — 0.4%** | **Idaho — 0.4%** | **Idaho — 0.4%** |
| Idaho Housing and Finance Association, Single Family <br> Mortgage Series 2025C, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2056<br>| 1000 | 1158 |
| Idaho Housing and Finance Association, Transporation <br> Expansion and Congestion, Sales Tax Series 2023A, <br> Rev., 5.00%, 8/15/2037<br>| 1650 | 1895 |
| Total Idaho |  | 3053 |
| **Illinois — 5.3%** | **Illinois — 5.3%** | **Illinois — 5.3%** |
| Chicago Midway International Airport, Senior Lien |  |  |
| Series 2023A, Rev., AMT, 5.75%, 1/1/2048 | 1665 | 1786 |
| Series 2023A, Rev., AMT, 5.50%, 1/1/2053 | 2195 | 2302 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

30 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Chicago O'Hare International Airport, General Airport, <br> Senior Lien<br>|  |  |
| Series 2026A, Rev., 5.00%, 1/1/2046 (d) | 1415 | 1516 |
| Series 2018B, Rev., 5.00%, 1/1/2053 | 3000 | 3035 |
| Chicago O'Hare International Airport, Senior Lien <br> Series 2024A, Rev., AMT, 5.25%, 1/1/2040<br>| 3560 | 3958 |
| Chicago Transit Authority Sales Tax Receipts Fund <br> Series 2024A, Rev., 5.00%, 12/1/2049<br>| 2500 | 2578 |
| City of Chicago |  |  |
| Series 2025B, GO, 5.50%, 1/1/2041 | 1000 | 1095 |
| Series 2025A, GO, 6.00%, 1/1/2050 | 1000 | 1052 |
| City of Chicago, Waterworks, Second Lien |  |  |
| Series 2001, Rev., AMBAC, 5.75%, 11/1/2030 | 1445 | 1558 |
| Series 2023A, Rev., A.G., 5.25%, 11/1/2053 | 635 | 664 |
| Illinois Finance Authority, Centerpointjoliet Terminal |  |  |
| Series 2020, Rev., AMT, 4.13%, 12/31/2034 (b) <br> (c)<br>| 1000 | 1015 |
| Rev., AMT, 4.80%, 7/2/2035 (b) (c) | 1500 | 1575 |
| Illinois Finance Authority, Mercy Health System, Rev., <br> 5.00%, 6/1/2026<br>| 305 | 307 |
| Illinois Finance Authority, Navy Pier, Inc. Series <br> 2024B, Rev., 5.00%, 10/1/2049 (b)<br>| 1000 | 968 |
| Illinois Finance Authority, Northwestern Memorial <br> Healthcare<br>|  |  |
| Series 2021B, Rev., VRDO, LIQ : Royal Bank of <br> Canada, 1.95%, 3/2/2026 (c)<br>| 500 | 500 |
| Series 2017A, Rev., 4.00%, 7/15/2047 | 1500 | 1375 |
| Illinois Finance Authority, University of Chicago <br> Medical Center (The) Series 2025A-2, Rev., 5.00%, <br> 8/15/2032 (c)<br>| 1000 | 1099 |
| Illinois Housing Development Authority |  |  |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 10/1/2054<br>| 885 | 970 |
| Series 2025A, Rev., GNMA / FNMA / FHLMC, <br> 6.25%, 10/1/2055<br>| 995 | 1145 |
| Metropolitan Pier and Exposition Authority, Mccormick <br> Place Expansion Project Series 2022B, Rev., <br> 5.00%, 12/15/2027<br>| 3345 | 3353 |
| Sales Tax Securitization Corp. Series 2018C, Rev., <br> 5.25%, 1/1/2043<br>| 765 | 791 |
| State of Illinois |  |  |
| Series 2024B, GO, 5.00%, 5/1/2026 | 1500 | 1506 |
| Series 2022B, GO, 5.00%, 3/1/2033 | 6000 | 6753 |
| GO, 4.00%, 6/1/2037 | 45 | 45 |
| Series 2025D, GO, 5.00%, 9/1/2039 | 2000 | 2216 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Series 2023B, GO, 5.50%, 5/1/2047 | 1000 | 1054 |
| Village of Bolingbrook Series 2018A, GO, A.G., <br> 5.00%, 1/1/2033<br>| 1000 | 1043 |
| Total Illinois |  | 45259 |
| **Indiana — 1.2%** | **Indiana — 1.2%** | **Indiana — 1.2%** |
| City of Goshen, Multi-Family, Green Oaks of Goshen <br> Project Series 2021A, Rev., 5.00%, 8/1/2041 (b)<br>| 500 | 451 |
| City of Rockport, Indiana Michigan Power Co. Project <br> Series 2025A, Rev., 3.70%, 6/1/2029 (c)<br>| 2000 | 2049 |
| Indiana Finance Authority, BHI Senior Living Series <br> 2018A, Rev., 5.00%, 11/15/2048<br>| 1000 | 997 |
| Indiana Finance Authority, State Revolving Fund <br> Program Series 2025C, Rev., 5.00%, 2/1/2036<br>| 1250 | 1491 |
| Indiana Housing and Community Development <br> Authority, Single Family Mortgage Series 2017C-3, <br> Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (c)<br>| 3825 | 3825 |
| Indiana Municipal Power Agency, Power Supply <br> System Series 2025A, Rev., A.G., 5.00%, <br> 1/1/2031<br>| 1350 | 1518 |
| Total Indiana |  | 10331 |
| **Iowa — 0.3%** | **Iowa — 0.3%** | **Iowa — 0.3%** |
| Iowa Tobacco Settlement Authority, Subordinate <br> Senior Capital Appreciation Asset Backed<br>|  |  |
| Series 2021A-2, Rev., 4.00%, 6/1/2049 | 1000 | 856 |
| Series 2021-B-2, Rev., Zero Coupon, 6/1/2065 | 11805 | 1745 |
| Total Iowa |  | 2601 |
| **Kentucky — 0.8%** | **Kentucky — 0.8%** | **Kentucky — 0.8%** |
| Kentucky Public Energy Authority, Gas Supply Series <br> 2025B, Rev., 5.00%, 12/1/2033<br>| 1900 | 2025 |
| Kentucky State Property and Building Commission, <br> Project No. 131 Series A, Rev., 5.00%, 10/1/2043<br>| 1265 | 1399 |
| Kentucky State Property and Building Commission, <br> Project No. 132 Series A, Rev., 5.00%, 4/1/2032<br>| 1000 | 1149 |
| Kentucky State Property and Building Commission, <br> Project No. 133 Series A, Rev., 4.25%, 9/1/2045<br>| 1750 | 1751 |
| Total Kentucky |  | 6324 |
| **Louisiana — 2.2%** | **Louisiana — 2.2%** | **Louisiana — 2.2%** |
| Louisiana Local Government Environmental Facilities <br> and Community Development Authority, City of <br> Bossier City, Louisiana Project, Rev., 5.00%, <br> 6/1/2035<br>| 800 | 945 |
| Louisiana Public Facilities Authority, Lincoln <br> Preparatory School Project Series 2021A, Rev., <br> 5.25%, 6/1/2060 (b)<br>| 1140 | 871 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 31

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| Louisiana Public Facilities Authority, Mentorship Steam <br> Academy Project Series 2021A, Rev., 5.00%, <br> 6/1/2056 (b)<br>| 740 | 598 |
| Louisiana Public Facilities Authority, Ochsner Clinic <br> Foundation Project<br>|  |  |
| Series 2025B, Rev., 5.00%, 5/15/2030 | 1500 | 1642 |
| Series 2025A, Rev., 5.25%, 5/15/2055 | 1500 | 1571 |
| Series 2025A, Rev., 5.50%, 5/15/2055 | 1000 | 1067 |
| State of Louisiana Gasoline and Fuels Tax, Second Lien |  |  |
| Series 2023A-1, Rev., VRDO, LOC : TD Bank NA, <br> 1.90%, 3/2/2026 (c)<br>| 10000 | 10000 |
| Series 2025A, Rev., 5.00%, 5/1/2039 | 2000 | 2297 |
| Total Louisiana |  | 18991 |
| **Maine — 0.2%** | **Maine — 0.2%** | **Maine — 0.2%** |
| Maine Municipal Bond Bank Series 2025A, Rev., <br> 5.00%, 11/1/2031<br>| 1100 | 1262 |
| **Maryland — 0.3%** | **Maryland — 0.3%** | **Maryland — 0.3%** |
| County of Howard Series 2025A, GO, 4.00%, <br> 8/15/2042<br>| 1605 | 1662 |
| Maryland Health and Higher Educational Facilities <br> Authority, Medstar Health, Inc. Series 2026A, Rev., <br> 5.25%, 8/15/2054<br>| 1000 | 1051 |
| Total Maryland |  | 2713 |
| **Massachusetts — 2.4%** | **Massachusetts — 2.4%** | **Massachusetts — 2.4%** |
| Commonwealth of Massachusetts Series 2025A, GO, <br> 5.00%, 4/1/2046<br>| 4000 | 4342 |
| Commonwealth of Massachusetts, Consolidated Loan <br> of 2025<br>|  |  |
| Series 2025F, GO, 5.00%, 8/1/2050 | 5000 | 5309 |
| Series 2025G, GO, 5.00%, 12/1/2050 | 1245 | 1324 |
| Massachusetts Bay Transportation Authority, Sales Tax <br> Series 2020B-1, Rev., 5.00%, 7/1/2050<br>| 1000 | 1018 |
| Massachusetts Development Finance Agency, Lasell <br> Village, Inc. Issue, Rev., 5.00%, 7/1/2029<br>| 1000 | 1064 |
| Massachusetts Development Finance Agency, PRG <br> Medford Properties, Inc. Issue Tufts University <br> Student Housing Program, Rev., 5.25%, 6/1/2060<br>| 2500 | 2614 |
| Massachusetts Port Authority, Bosfuel Project Series <br> 2019A, Rev., AMT, 5.00%, 7/1/2049<br>| 4675 | 4730 |
| Total Massachusetts |  | 20401 |
| **Michigan — 2.0%** | **Michigan — 2.0%** | **Michigan — 2.0%** |
| City of Detroit, Unlimited Tax |  |  |
| Series 2021A, GO, 4.00%, 4/1/2041 | 300 | 301 |
| Series 2021A, GO, 4.00%, 4/1/2042 | 350 | 347 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Great Lakes Water Authority Sewage Disposal System, <br> Second Lien Series 2025C, Rev., 5.50%, 7/1/2050<br>| 2125 | 2305 |
| Michigan Finance Authority, Henry Ford Health System |  |  |
| Rev., 4.00%, 11/15/2046 | 2075 | 1902 |
| Series 2019A, Rev., 4.00%, 11/15/2050 | 4890 | 4321 |
| Michigan Finance Authority, Tobacco Settlement Asset <br> Backed Series 2020A, Class 1, Rev., 4.00%, <br> 6/1/2049<br>| 1000 | 873 |
| Michigan State University Series 2025A, Rev., 5.00%, <br> 2/15/2055<br>| 1650 | 1736 |
| Michigan Strategic Fund, Graphic Packaging <br> International, LLC Coated Recycled Board Machine <br> Project, Rev., AMT, 4.00%, 10/1/2026 (c)<br>| 5000 | 5007 |
| Total Michigan |  | 16792 |
| **Minnesota — 0.1%** | **Minnesota — 0.1%** | **Minnesota — 0.1%** |
| Minneapolis-St. Paul Housing Finance Board, Single <br> Family Mortgage, City Living Home Programs Series <br> 2007A-2, Rev., GNMA / FNMA / FHLMC, 5.52%, <br> 3/1/2041<br>| 20 | 20 |
| Minnesota Housing Finance Agency, Residential <br> Housing Series 2024O, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 1/1/2055<br>| 960 | 1093 |
| Minnesota Housing Finance Agency, Residential <br> Housing Finance Series C, Rev., AMT, GNMA / FNMA <br> / FHLMC, 4.00%, 1/1/2045<br>| 50 | 50 |
| Total Minnesota |  | 1163 |
| **Mississippi — 0.4%** | **Mississippi — 0.4%** | **Mississippi — 0.4%** |
| Jackson State University Educational Building Corp. <br> Series 2021A, Rev., 1.40%, 3/1/2034<br>| 1000 | 890 |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project Series 2009F, Rev., VRDO, 2.07%, <br> 3/2/2026 (c)<br>| 1050 | 1050 |
| Mississippi Development Bank, Special Obligation, <br> Water and Sewer System Project, Rev., A.G., 6.88%, <br> 12/1/2040<br>| 1000 | 1017 |
| Total Mississippi |  | 2957 |
| **Missouri — 1.2%** | **Missouri — 1.2%** | **Missouri — 1.2%** |
| Health and Educational Facilities Authority of the State <br> of Missouri, Lutheran Senior Services Projects<br>|  |  |
| Series 2019A, Rev., 5.00%, 2/1/2034 | 1000 | 1021 |
| Series 2019A, Rev., 5.00%, 2/1/2042 | 1000 | 1020 |
| Health and Educational Facilities Authority of the State <br> of Missouri, St. Louis University Series 2008B, Rev., <br> VRDO, LOC : Wells Fargo Bank NA, 2.00%, <br> 3/2/2026 (c)<br>| 250 | 250 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

32 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — continued** | **Missouri — continued** | **Missouri — continued** |
| Kansas City Industrial Development Authority, Historic <br> Northeast Redevelopment Plan Series 2024A-1, <br> Rev., 5.00%, 6/1/2054 (b)<br>| 675 | 662 |
| Metropolitan St. Louis Sewer District, Wastewater <br> System Improvement Series 2025C, Rev., 5.00%, <br> 5/1/2038<br>| 2000 | 2329 |
| Missouri Housing Development Commission, Single <br> Family, First Place Homeownership Loan Program <br> Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 5.75%, 5/1/2055<br>| 875 | 975 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Union Improvement <br> Co. Project Series 1998C, Rev., 2.75%, 9/1/2033<br>| 1250 | 1202 |
| Missouri State Environmental Improvement and <br> Energy Resources Authority, Water Pollution Control <br> and Drinking Water Series 2015B, Rev., 5.00%, <br> 7/1/2026<br>| 2890 | 2894 |
| Total Missouri |  | 10353 |
| **Montana — 0.1%** | **Montana — 0.1%** | **Montana — 0.1%** |
| City of Forsyth, Northwestern Corp, Colstrip Projects, <br> Rev., 3.88%, 7/1/2028<br>| 1000 | 1023 |
| **Nebraska — 0.7%** | **Nebraska — 0.7%** | **Nebraska — 0.7%** |
| Central Plains Energy Project, Gas Project No. 3 Series <br> 2017A, Rev., 5.00%, 9/1/2035<br>| 1000 | 1136 |
| Central Plains Energy Project, Gas Project No. 5 Series <br> 2022-1, Rev., 5.00%, 10/1/2029 (c)<br>| 4625 | 4922 |
| Total Nebraska |  | 6058 |
| **Nevada — 0.1%** | **Nevada — 0.1%** | **Nevada — 0.1%** |
| State of Nevada Department of Business and Industry, <br> Brighline West Passenger Rail Project Series <br> 2025B, Rev., AMT, 12.00%, 11/2/2026 (b) (c)<br>| 1725 | 932 |
| **New Hampshire — 0.6%** | **New Hampshire — 0.6%** | **New Hampshire — 0.6%** |
| New Hampshire Business Finance Authority Series <br> 2025-1, Class A-1, Rev., 4.17%, 1/20/2041 (c)<br>| 1736 | 1754 |
| New Hampshire Business Finance Authority, Tamarron <br> Project Series 2024, Rev., 5.25%, 12/1/2035 (b)<br>| 351 | 351 |
| New Hampshire Business Finance Authority, University <br> of Nevada Reno Project Series 2023A, Rev., <br> 4.50%, 6/1/2053<br>| 1075 | 1046 |
| New Hampshire Business Finance Authority, Winston <br> Salem Sustainable Energy Partners<br>|  |  |
| Series 2025A, Rev., 5.00%, 12/1/2035 | 1000 | 1149 |
| Series 2025A, Rev., 5.50%, 6/1/2050 | 1000 | 1056 |
| Total New Hampshire |  | 5356 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — 3.9%** | **New Jersey — 3.9%** | **New Jersey — 3.9%** |
| Bergen County Improvement Authority (The), <br> Guaranteed Government Pooled Project Series <br> 2025A, Rev., GTD, 4.00%, 5/21/2026<br>| 2000 | 2007 |
| New Jersey Economic Development Authority, <br> Biomedical Research Facilities Series 2016A, Rev., <br> 5.00%, 7/15/2027<br>| 240 | 242 |
| New Jersey Economic Development Authority, State <br> House Project Series 2017B, Rev., 4.13%, <br> 6/15/2039<br>| 2800 | 2853 |
| New Jersey Transportation Trust Fund Authority Series <br> 2020AA, Rev., 4.00%, 6/15/2039<br>| 2250 | 2303 |
| New Jersey Transportation Trust Fund Authority, <br> Federal Highway Reimbursement Series A-1, Rev., <br> 5.00%, 6/15/2027<br>| 2670 | 2690 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation Program<br>|  |  |
| Series 2022BB, Rev., 4.00%, 6/15/2038 | 2500 | 2580 |
| Series 2024CC, Rev., 5.00%, 6/15/2044 | 2000 | 2179 |
| Series 2024CC, Rev., 4.13%, 6/15/2050 | 1000 | 963 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation System Series 2008A, Rev., Zero <br> Coupon, 12/15/2036<br>| 10355 | 7313 |
| New Jersey Turnpike Authority Series 2017G, Rev., <br> 4.00%, 1/1/2043<br>| 1000 | 1003 |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2036 | 2000 | 2078 |
| Series 2018A, Rev., 4.00%, 6/1/2037 | 1000 | 1005 |
| Series 2018A, Rev., 5.00%, 6/1/2046 | 2500 | 2504 |
| Series 2018B, Rev., 5.00%, 6/1/2046 | 3770 | 3730 |
| Total New Jersey |  | 33450 |
| **New Mexico — 0.4%** | **New Mexico — 0.4%** | **New Mexico — 0.4%** |
| City of Farmington, San Juan Project Series 2010B, <br> Rev., 3.88%, 6/1/2029 (c)<br>| 1550 | 1594 |
| County of Santa Fe, Cresta Ranch Apartments Series <br> 2024, Rev., 3.29%, 6/1/2028 (c)<br>| 2000 | 2018 |
| Total New Mexico |  | 3612 |
| **New York — 12.6%** | **New York — 12.6%** | **New York — 12.6%** |
| Build NYC Resource Corp., Grand Concourse Academy <br> Charter School Series 2022A, Rev., 5.00%, <br> 7/1/2052<br>| 350 | 339 |
| Build NYC Resource Corp., Urban Resource Institute <br> Project Series 2025A, Rev., 5.50%, 12/1/2056<br>| 1000 | 1061 |
| City of New York, Fiscal Year 2020 Series 2020D-1, <br> GO, 4.00%, 3/1/2050<br>| 530 | 493 |
| City of New York, Fiscal Year 2025 Series 2025G, <br> Subseries G-1, GO, 5.00%, 2/1/2035<br>| 1915 | 2270 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 33

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Dutchess County Local Development Corp., Millbrook <br> School Project Series 2021, Rev., 4.00%, <br> 9/1/2051<br>| 1030 | 900 |
| Long Island Power Authority, Electric System |  |  |
| Series 2025B, Rev., 3.00%, 9/1/2028 (c) | 2000 | 2017 |
| Series 2024B, Rev., 3.00%, 9/1/2029 (c) | 6000 | 6028 |
| Metropolitan Transportation Authority Series <br> 2020C-1, Rev., 5.25%, 11/15/2055<br>| 1800 | 1848 |
| Metropolitan Transportation Authority, Climate Bond |  |  |
| Series 2025B, Rev., 5.00%, 11/15/2035 | 1000 | 1192 |
| Series 2025A, Rev., 5.25%, 11/15/2045 | 1000 | 1087 |
| New York City Housing Development Corp. |  |  |
| Series 2023A, Rev., 4.80%, 2/1/2053 | 2000 | 2012 |
| Series 2025A, Rev., FHLMC COLL, 5.20%, <br> 2/1/2055<br>| 2010 | 2058 |
| New York City Housing Development Corp., <br> Multi-Family Mortgage, 8 Spruce Street Project, <br> Class F, Rev., 5.25%, 12/15/2031<br>| 1300 | 1353 |
| New York City Industrial Development Agency, Yankee <br> Stadium Project Series 2020A, Rev., A.G., 5.00%, <br> 3/1/2029<br>| 2100 | 2260 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution Series 2009BB-2, Rev., VRDO, LIQ : UBS <br> AG, 2.00%, 3/2/2026 (c)<br>| 750 | 750 |
| New York City Transitional Finance Authority Building <br> Aid Series 2026, S-1, Rev., 5.00%, 7/15/2037<br>| 2000 | 2390 |
| New York City Transitional Finance Authority Building <br> Aid, Fiscal Year 2026 Series 2026S-1, Rev., <br> 5.00%, 7/15/2043<br>| 4000 | 4492 |
| New York City Transitional Finance Authority Future <br> Tax Secured Fiscal Year 2026 Series 2026, <br> Subseries F-1, Rev., 5.50%, 2/1/2050<br>| 1000 | 1100 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2019 Series 2019A-1, <br> Rev., 5.00%, 8/1/2040<br>| 5000 | 5242 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2023 Series 2023F, <br> Subseries F-1, Rev., 4.00%, 2/1/2051<br>| 1250 | 1138 |
| New York Liberty Development Corp., Secured by Port <br> Authority Series 1WTC-2021, Rev., 2.75%, <br> 2/15/2044<br>| 1900 | 1496 |
| New York Power Authority, Green Transmission Project <br> Series 2023A, Rev., A.G., 5.13%, 11/15/2058<br>| 5000 | 5283 |
| New York State Dormitory Authority Series 2020A, <br> Rev., 4.00%, 7/1/2053<br>| 2500 | 2216 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York State Dormitory Authority, Mount Sinai <br> Obligated Group<br>|  |  |
| Rev., 5.00%, 7/1/2045 | 2000 | 2051 |
| Rev., 5.25%, 7/1/2050 | 2250 | 2268 |
| New York State Dormitory Authority, New York <br> University Series 2025A, Rev., 5.00%, 7/1/2048<br>| 1000 | 1062 |
| New York State Dormitory Authority, Rockland Boces <br> Issue, Rev., 4.25%, 8/15/2050<br>| 2000 | 1952 |
| New York State Dormitory Authority, Sales Tax |  |  |
| Series 2025A, Rev., 4.25%, 3/15/2048 | 1750 | 1721 |
| Series 2025A, Rev., 5.25%, 3/15/2050 | 4195 | 4519 |
| New York State Dormitory Authority, School Districts <br> Financing Program Series 2025A, Rev., A.G., <br> 5.00%, 10/1/2036<br>| 2000 | 2373 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose Series 2025C, Rev., <br> 5.00%, 3/15/2037<br>| 1300 | 1553 |
| New York State Dormitory Authority, State Sales Tax |  |  |
| Series 2018A, Rev., 5.00%, 3/15/2037 | 40 | 42 |
| Series 2024B, Rev., 5.00%, 3/15/2049 | 5000 | 5287 |
| New York State Energy Research and Development <br> Authority, Rochester Gas and Electric Corp., Project <br> Series 1997B, Rev., 3.80%, 8/1/2032<br>| 1970 | 2065 |
| New York Transportation Development Corp., Delta Air <br> Lines, Inc., LaGuardia Airport Terminals C&D <br> Redevelopment Project<br>|  |  |
| Rev., AMT, 4.00%, 10/1/2030 | 4255 | 4367 |
| Series 2018, Rev., AMT, 5.00%, 1/1/2031 | 2000 | 2071 |
| Rev., AMT, 5.00%, 1/1/2034 | 1125 | 1161 |
| Series 2018, Rev., AMT, 4.00%, 1/1/2036 | 1500 | 1504 |
| Rev., AMT, 4.38%, 10/1/2045 | 1200 | 1156 |
| New York Transportation Development Corp., JFK <br> International Airport New Terminal One Project<br>|  |  |
| Rev., AMT, 3.00%, 8/1/2031 | 1000 | 964 |
| Series 2023, Rev., AMT, A.G., 5.00%, 6/30/2049 | 2800 | 2831 |
| Rev., AMT, A.G., 5.50%, 6/30/2059 | 1000 | 1047 |
| New York Transportation Development Corp., <br> Laguardia Airport Terminal Redevelopment Project<br>|  |  |
| Series 2016A, Rev., AMT, 4.00%, 7/1/2041 | 1100 | 1079 |
| Series 2016A, Rev., AMT, 5.25%, 1/1/2050 | 1500 | 1501 |
| Onondaga Civic Development Corp., Syracuse <br> University Project, Rev., 4.50%, 12/1/2050<br>| 1000 | 1001 |
| Port Authority of New York and New Jersey, <br> Consolidated Series 93, Rev., 6.13%, 6/1/2094<br>| 7320 | 7335 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

34 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels Series 2025A-1, Rev., 5.00%, <br> 11/15/2037<br>| 1500 | 1769 |
| Triborough Bridge and Tunnel Authority, MTA Bridges <br> and Tunnels, TBTA Capital Lockbox<br>|  |  |
| Series 2025A, Rev., 5.25%, 12/1/2054 | 2000 | 2133 |
| Series 2023A, Rev., 4.25%, 5/15/2058 | 1000 | 949 |
| Triborough Bridge and Tunnel Authority, Payroll <br> Mobility Tax Series 2021A-1, Rev., 4.00%, <br> 5/15/2046<br>| 1000 | 976 |
| Westchester County Local Development Corp., <br> Purchase Senior Learning Community, Inc., Project <br> Series 2021A, Rev., 4.50%, 7/1/2056 (b)<br>| 2000 | 1687 |
| Total New York |  | 107449 |
| **North Carolina — 2.9%** | **North Carolina — 2.9%** | **North Carolina — 2.9%** |
| Columbus County Industrial Facilities and Pollution <br> Control Financing Authority, International Paper Co. <br> Recover Project Series 2020A, Rev., 4.20%, <br> 5/1/2034<br>| 2000 | 2151 |
| County of Harnett, Limited Tax, Rev., 5.00%, <br> 4/1/2033<br>| 930 | 1079 |
| County of Wake Series 2025A, Rev., 5.00%, <br> 5/1/2040<br>| 1250 | 1440 |
| Cumberland County Industrial Facilities and Pollution <br> Control Financing Authority, Solid Waste Disposal <br> Project Hero, Rev., AMT, 3.13%, 12/1/2026 (c)<br>| 2105 | 2107 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust<br>|  |  |
| Series 53-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2055<br>| 1170 | 1284 |
| Series 57-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2056<br>| 1990 | 2284 |
| Series 58-A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 1/1/2056<br>| 1000 | 1168 |
| Series 59-A, Rev., GNMA / FNMA / FHLMC, 6.25%, <br> 1/1/2057<br>| 1000 | 1165 |
| North Carolina Medical Care Commission, Twin Lakes <br> Community Series 2025A, Rev., 5.25%, 1/1/2055<br>| 250 | 253 |
| North Carolina Turnpike Authority, Triangle <br> Expressway System, Senior Lien, Rev., 5.00%, <br> 1/1/2049<br>| 2310 | 2352 |
| State of North Carolina Series 2025A, Rev., 5.00%, <br> 5/1/2039<br>| 1500 | 1745 |
| University of North Carolina, Hospital at Chapel Hill <br> Series A, Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (c)<br>| 8000 | 8000 |
| Total North Carolina |  | 25028 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **North Dakota — 0.2%** | **North Dakota — 0.2%** | **North Dakota — 0.2%** |
| North Dakota Housing Finance Agency, Home <br> Mortgage Finance Program Series 2024C, Rev., <br> 5.00%, 7/1/2042<br>| 1375 | 1511 |
| **Ohio — 3.1%** | **Ohio — 3.1%** | **Ohio — 3.1%** |
| American Municipal Power, Inc., GreenUp <br> Hydroelectric Project Series 2025A, Rev., 5.00%, <br> 2/15/2039<br>| 1000 | 1145 |
| Buckeye Tobacco Settlement Financing Authority |  |  |
| Series 2020A-2, Rev., 5.00%, 6/1/2030 | 3295 | 3595 |
| Series 2020B-2, Rev., 5.00%, 6/1/2055 | 6750 | 5574 |
| Series 2020B-3, Rev., Zero Coupon, 6/1/2057 | 11770 | 913 |
| Butler County Port Authority, Community First <br> Solutions Series 2021A, Rev., 4.00%, 5/15/2046<br>| 250 | 222 |
| County of Allen, Hospital Facilities, Bon Secours Mercy <br> Health, Inc. Series 2015A, Rev., 4.25%, <br> 11/1/2045<br>| 2000 | 1944 |
| Grandview Heights City School District, GO, 5.00%, <br> 12/1/2054<br>| 2700 | 2826 |
| Jefferson County Port Authority, JSW Steel USA Ohio, <br> Inc., Project Series 2023, Rev., 5.00%, <br> 12/1/2028 (b) (c)<br>| 2655 | 2723 |
| Northeast Ohio Medical University Series 2021A, Rev., <br> 3.00%, 12/1/2040<br>| 250 | 215 |
| Ohio Air Quality Development Authority, Ohio Valley <br> Electric Corp. Project Series 2026B, Rev., 4.35%, <br> 6/30/2040<br>| 2000 | 2035 |
| Ohio Water Development Authority Water Pollution <br> Control Loan Fund Series 2024C, Rev., VRDO, LIQ : <br> TD Bank NA, 1.90%, 3/2/2026 (c)<br>| 500 | 500 |
| Ohio Water Development Authority, Drinking Water <br> Assistance Series 2025A, Rev., 5.00%, 12/1/2041<br>| 1000 | 1150 |
| Olentangy Local School District, Unlimited Tax Various <br> Purpose, GO, 5.00%, 12/1/2044 (d)<br>| 1350 | 1502 |
| Olmsted Falls City School District Series 2017A, GO, <br> 4.00%, 12/1/2051<br>| 1000 | 943 |
| Port of Greater Cincinnati Development Authority, <br> 3CDC Obligated Group Parking Facilities Series <br> 2025A, Rev., A.G., 5.00%, 12/1/2055<br>| 250 | 258 |
| Port of Greater Cincinnati Development Authority, <br> Duke Energy Convention Center Project Series <br> 2024B, Rev., 5.00%, 12/1/2043<br>| 1000 | 1080 |
| Total Ohio |  | 26625 |
| **Oklahoma — 0.9%** | **Oklahoma — 0.9%** | **Oklahoma — 0.9%** |
| Oklahoma Development Finance Authority Health <br> System, OU Medicine Project Series 2018B, Rev., <br> 5.50%, 8/15/2052<br>| 2865 | 2873 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 35

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oklahoma — continued** | **Oklahoma — continued** | **Oklahoma — continued** |
| Oklahoma Housing Finance Agency, Home Ownership <br> Loan Program Series 2025A, Rev., GNMA / FNMA / <br> FHLMC, 6.25%, 9/1/2056<br>| 990 | 1136 |
| Oklahoma Water Resources Board, Clean Water <br> Program Series 2025A, Rev., 5.25%, 4/1/2050<br>| 3400 | 3651 |
| Total Oklahoma |  | 7660 |
| **Oregon — 1.5%** | **Oregon — 1.5%** | **Oregon — 1.5%** |
| City of Portland Sewer System, Second Lien Series <br> 2023A, Rev., 5.00%, 12/1/2040<br>| 6000 | 6743 |
| Multnomah and Clackamas Counties School District <br> No. 10JT Gresham-Barlow Series B, GO, Zero <br> Coupon, 6/15/2035<br>| 3425 | 2314 |
| Oregon State Facilities Authority, Peacehealth Series <br> 2018A, Rev., VRDO, LOC : US Bank NA, 1.90%, <br> 3/2/2026 (c)<br>| 3250 | 3250 |
| Total Oregon |  | 12307 |
| **Other — 0.2%** | **Other — 0.2%** | **Other — 0.2%** |
| FHLMC Multifamily VRD Certificates Series ML-3, Rev., <br> 0.00%, 4/1/2026 (c) (d)<br>| 1500 | 1602 |
| **Pennsylvania — 3.2%** | **Pennsylvania — 3.2%** | **Pennsylvania — 3.2%** |
| Chester County Industrial Development Authority, <br> Longwood Gardens Project Series 2021, Rev., <br> 4.00%, 12/1/2046<br>| 1250 | 1213 |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment, Rev., 5.00%, 6/1/2029<br>| 110 | 116 |
| Commonwealth of Pennsylvania Series 2024-1, GO, <br> 4.00%, 8/15/2042<br>| 5000 | 5141 |
| Delaware River Port Authority, Rev., 5.00%, <br> 1/1/2037<br>| 1500 | 1751 |
| Geisinger Authority, Health System Series 2020A, <br> Rev., 5.00%, 4/1/2050<br>| 2500 | 2541 |
| Montgomery County Industrial Development Authority, <br> Waverly Heights Ltd., Project, Rev., 5.00%, <br> 12/1/2044<br>| 350 | 353 |
| Mount Lebanon Hospital Authority, St. Clair Memorial <br> Hospital Project, Rev., 4.00%, 7/1/2048<br>| 3000 | 2704 |
| Pennsylvania Economic Development Financing <br> Authority, The Penndot Major Bridges, Rev., AMT, <br> A.G., 5.00%, 12/31/2057<br>| 2825 | 2863 |
| Pennsylvania Higher Educational Facilities Authority, <br> Thomas Jefferson University Series 2024B-2, Rev., <br> 4.38%, 11/1/2054<br>| 2750 | 2546 |
| Pennsylvania Housing Finance Agency, Single Family <br> Mortgage<br>|  |  |
| Series 2023-141A, Rev., 5.75%, 10/1/2053 | 855 | 913 |
| Series 2024-145A, Rev., 6.00%, 10/1/2054 | 1450 | 1593 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Series 2024 -147A, Rev., 6.25%, 10/1/2054 | 1482 | 1657 |
| Series 2025-150A, Rev., 6.25%, 10/1/2055 | 1000 | 1162 |
| Pennsylvania Turnpike Commission Oil Franchise Tax <br> Series 2021B, Rev., 4.00%, 12/1/2041<br>| 2330 | 2388 |
| Total Pennsylvania |  | 26941 |
| **Puerto Rico — 1.4%** | **Puerto Rico — 1.4%** | **Puerto Rico — 1.4%** |
| Children's Trust Fund, Tobacco Settlement <br> Asset-Backed Series 2005A, Rev., Zero Coupon, <br> 5/15/2050<br>| 6300 | 1324 |
| Commonwealth of Puerto Rico Series 2022A-1, GO, <br> 5.63%, 7/1/2027<br>| 2000 | 2047 |
| Puerto Rico Sales Tax Financing Corp. Sales Tax <br> (Puerto Rico)<br>|  |  |
| Series A-1, Rev., Zero Coupon, 7/1/2029 | 1000 | 901 |
| Series A-2, Rev., 4.33%, 7/1/2040 | 250 | 250 |
| Series A-1, Rev., Zero Coupon, 7/1/2051 | 5985 | 1567 |
| Series A-1, Rev., 5.00%, 7/1/2058 | 6150 | 6023 |
| Total Puerto Rico |  | 12112 |
| **Rhode Island — 0.5%** | **Rhode Island — 0.5%** | **Rhode Island — 0.5%** |
| Rhode Island Health and Educational Building Corp., <br> Brown university Health Series 2026B, Rev., <br> 5.50%, 5/15/2056<br>| 1000 | 1047 |
| State of Rhode Island Series 2025A, GO, 5.00%, <br> 5/1/2045<br>| 2020 | 2191 |
| Tobacco Settlement Financing Corp. Series B, Rev., <br> 5.00%, 6/1/2050<br>| 1000 | 1000 |
| Total Rhode Island |  | 4238 |
| **South Carolina — 0.7%** | **South Carolina — 0.7%** | **South Carolina — 0.7%** |
| Medical University Hospital Authority, An Agency of <br> The State of south Carolina FHA Insured Hospital <br> Mortgage, Indian Land Project, Rev., FHA, 5.25%, <br> 11/15/2050<br>| 2000 | 2083 |
| Patriots Energy Group Financing Agency Series 2023 <br> Subseries B-1, Rev., 5.25%, 3/1/2031 (c)<br>| 2665 | 2917 |
| South Carolina Jobs-Economic Development Authority, <br> Foothill Affordable Housing Series 2025, Rev., <br> 4.00%, 3/1/2035 (c)<br>| 1000 | 1043 |
| Total South Carolina |  | 6043 |
| **South Dakota — 0.1%** | **South Dakota — 0.1%** | **South Dakota — 0.1%** |
| South Dakota Health and Educational Facilities <br> Authority, Monument Health, Rev., 5.25%, <br> 9/1/2051<br>| 1000 | 1054 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

36 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — 3.3%** | **Tennessee — 3.3%** | **Tennessee — 3.3%** |
| Knox County Health Educational and Housing Facility <br> Board, University of Tennessee Project Series <br> 2024A-1, Rev., 5.50%, 7/1/2059<br>| 1000 | 1058 |
| Metropolitan Government Nashville and Davidson <br> County Health and Educational Facilities Board, <br> Multi-Family Housing, Burning Tree Apartments <br> Project, Rev., FHA, 5.00%, 10/1/2027 (c)<br>| 3000 | 3104 |
| Metropolitan Government Nashville and Davidson <br> County, Health and Educational Facilities Board, <br> Blakeford at Green Hills Series 2020A, Rev., <br> 4.00%, 11/1/2038<br>| 1265 | 1265 |
| Metropolitan Government of Nashville and Davidson <br> County Series 2024C, GO, 5.00%, 1/1/2040<br>| 1340 | 1516 |
| Metropolitan Nashville Airport Authority (The) Series <br> 2022B, Rev., AMT, 5.00%, 7/1/2052<br>| 1975 | 2007 |
| Metropolitan Nashville Airport Authority (The), <br> Subordinate Airport Series 2019A, Rev., 5.00%, <br> 7/1/2049<br>| 4500 | 4610 |
| Shelby County Health Educational and Housing <br> Facilities Board, Baptism Memorial Health Obligated <br> Group Series 2024B, Rev., 5.00%, 9/1/2029 (c)<br>| 1335 | 1422 |
| Shelby County Health Educational and Housing <br> Facilities Board, The Farms at Bailey Station Project <br> Series 2019A, Rev., 5.75%, 10/1/2059<br>| 2500 | 1674 |
| Tennergy Corp., Gas Supply Series 2021A, Rev., <br> 4.00%, 9/1/2028 (c)<br>| 10110 | 10423 |
| Tennessee Housing Development Agency Series <br> 2025-1A, Rev., GNMA / FNMA / FHLMC, 6.00%, <br> 1/1/2056<br>| 995 | 1113 |
| Total Tennessee |  | 28192 |
| **Texas — 8.5%** | **Texas — 8.5%** | **Texas — 8.5%** |
| Austin Community College District, Unlimited Tax, GO, <br> 5.00%, 8/1/2037<br>| 2000 | 2309 |
| Carrollton-Farmers Branch Independent School <br> District, Unlimited Tax, GO, PSF-GTD, 4.75%, <br> 2/15/2050<br>| 3600 | 3684 |
| Central Texas Turnpike System, First Tier Series <br> 2024B, Rev., 5.00%, 5/15/2030 (c)<br>| 1000 | 1092 |
| Central Texas Turnpike System, Second Tier Series <br> 2024C, Rev., 5.00%, 8/15/2040<br>| 1500 | 1678 |
| City of Austin, GO, 5.00%, 9/1/2042 | 2250 | 2533 |
| City of Houston Airport System, United Airlines, Inc., <br> Terminal Improvement Projects<br>|  |  |
| Series 2024B, Rev., AMT, 5.25%, 7/15/2034 | 1850 | 2049 |
| Series 2025B, Rev., AMT, 5.50%, 7/15/2036 | 1700 | 1869 |
| Series 2025B, Rev., AMT, 5.50%, 7/15/2037 | 2000 | 2190 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of Houston, Airport System, United Airlines, Inc., <br> Terminal E Project, Rev., AMT, 5.00%, 7/1/2029<br>| 2100 | 2104 |
| City of Houston, Combined Utility System, Junior Lien <br> Series 2002A, Rev., A.G., 5.75%, 12/1/2032 (e)<br>| 2500 | 3032 |
| City of San Antonio Series 2024C, Rev., 5.50%, <br> 2/1/2049<br>| 1000 | 1102 |
| City of San Antonio Electric and Gas Systems Series <br> 2026A, Rev., 3.00%, 12/1/2029 (c)<br>| 3500 | 3531 |
| Collin County Community College District, Rev., <br> 4.00%, 8/15/2042<br>| 2000 | 2052 |
| County of Fort Bend Toll Road, Senior Lien, Rev., A.G., <br> 5.25%, 3/1/2050<br>| 1250 | 1334 |
| County of Harris Toll Road, First Lien Series 2025A, <br> Rev., 4.50%, 8/15/2055<br>| 2500 | 2505 |
| County of Harris, Unlimited Tax Series 2023A, GO, <br> 4.25%, 9/15/2048<br>| 2000 | 1988 |
| Crandall Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 4.25%, 2/1/2053<br>| 375 | 357 |
| Crowley Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 5.00%, 2/1/2046 | 1000 | 1080 |
| GO, PSF-GTD, 4.25%, 2/1/2047 | 1000 | 990 |
| Dallas Independent School District, Unlimited Tax <br> Series 2026A, GO, PSF-GTD, 4.25%, 2/15/2046<br>| 990 | 991 |
| Grand Parkway Transportation Corp., Grand Parkway <br> System Subordinate Tier Series 2018A, Rev., <br> 5.00%, 10/1/2043<br>| 1500 | 1550 |
| Johnson City Independent School District Series 2023, <br> GO, PSF-GTD, 4.13%, 2/15/2052<br>| 3405 | 3184 |
| Marshall Independent School District, Unlimited Tax <br> Series 2023, GO, PSF-GTD, 4.00%, 2/15/2045<br>| 2525 | 2489 |
| Melissa Independent School District, Unlimited Tax <br> Series 2023, GO, PSF-GTD, 4.25%, 2/1/2053<br>| 2225 | 2123 |
| Midland Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 4.00%, 2/15/2040<br>| 3170 | 3266 |
| Mount Vernon Independent School District, Unlimited <br> Tax Series 2023, GO, PSF-GTD, 5.00%, 8/15/2048<br>| 3500 | 3719 |
| Permanent University Fund - University of Texas <br> System Series 2025A, Rev., 5.00%, 7/1/2036<br>| 1000 | 1208 |
| Plano Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 4.00%, 2/15/2045<br>| 2220 | 2194 |
| Round Rock Independent School District Series <br> 2025B, GO, PSF-GTD, 5.00%, 8/1/2039<br>| 1000 | 1159 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Ascension Senior Credit Series 2025C1, Rev., <br> 5.00%, 11/15/2032 (c)<br>| 1000 | 1136 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Cook Children's Medical Center, Rev., 4.13%, <br> 12/1/2054<br>| 2000 | 1828 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 37

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System Series 2025C, Rev., <br> 5.00%, 11/15/2032 (c)<br>| 3500 | 3952 |
| Texas Municipal Gas Acquisition and Supply Corp. V, <br> Gas Supply Series 2024, Rev., 5.00%, <br> 1/1/2034 (c)<br>| 3000 | 3283 |
| Texas Private Activity Bond Surface Transportation <br> Corp., NTE Mobility Partners Segments 3 LLC <br> Project, Rev., AMT, 5.00%, 6/30/2058<br>| 2250 | 2248 |
| Texas Water Development Board, State Water <br> Implementation Fund Series 2024A, Rev., 4.25%, <br> 10/15/2051<br>| 1000 | 973 |
| Total Texas |  | 72782 |
| **Utah — 0.8%** | **Utah — 0.8%** | **Utah — 0.8%** |
| Downtown Revitalization Public Infrastructure District, <br> Second Lien Sales Tax SEG Redevelopment Project <br> Series 2025B, Rev., A.G., 5.50%, 6/1/2050<br>| 1000 | 1096 |
| Intermountain Power Agency, Utah Power Supply |  |  |
| Series 2023A, Rev., 5.00%, 7/1/2035 | 1130 | 1283 |
| Series 2023A, Rev., 5.00%, 7/1/2036 | 1000 | 1128 |
| Mida Mountain Village Public Infrastructure District, <br> Utah Subordinate Tax Allocation Series 2024-2, <br> Rev., 6.00%, 6/15/2054 (b)<br>| 2000 | 2062 |
| Utah Housing Corp., Single Family Mortgage Series <br> 2025A, Rev., GNMA / FNMA / FHLMC, 6.50%, <br> 7/1/2055<br>| 975 | 1105 |
| Total Utah |  | 6674 |
| **Vermont — 0.1%** | **Vermont — 0.1%** | **Vermont — 0.1%** |
| Vermont Student Assistance Corp., Education Loan <br> Series 2018A, Rev., AMT, 3.75%, 6/15/2030<br>| 360 | 361 |
| **Virginia — 0.9%** | **Virginia — 0.9%** | **Virginia — 0.9%** |
| Virginia Port Authority, Rev., 5.00%, 7/1/2045 | 1200 | 1297 |
| Virginia Public Building Authority Series 2015A, Rev., <br> 4.00%, 8/1/2031<br>| 5000 | 5006 |
| Virginia Small Business Financing Authority, Senior <br> Lien, Transform 66 P3 Project, Rev., AMT, 5.00%, <br> 12/31/2056<br>| 1000 | 984 |
| Total Virginia |  | 7287 |
| **Washington — 2.2%** | **Washington — 2.2%** | **Washington — 2.2%** |
| Central Puget Sound Regional Transit Authority Series <br> 2021S-1, Rev., 4.00%, 11/1/2046<br>| 2005 | 1993 |
| State of Washington |  |  |
| Series 2026A, GO, 5.00%, 8/1/2037 | 3000 | 3540 |
| Series 2024C, GO, 5.00%, 2/1/2049 | 2000 | 2115 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| State of Washington Motor Vehicle Fuel Tax Series <br> 2025C, GO, 5.00%, 7/1/2030<br>| 2000 | 2237 |
| State of Washington, Various Purpose Series 2025A, <br> GO, 5.00%, 8/1/2046<br>| 2500 | 2690 |
| Vancouver Housing Authority Series 2025, Rev., <br> 4.25%, 2/1/2038<br>| 2000 | 2117 |
| Washington Health Care Facilities Authority, Seattle <br> Cancer Care Alliance<br>|  |  |
| Rev., 4.00%, 12/1/2040 (b) | 860 | 866 |
| Rev., 4.00%, 12/1/2048 (b) | 1190 | 1089 |
| Washington State Housing Finance Commission, <br> Rockwood Retirement Communities Project Series <br> 2020A, Rev., 5.00%, 1/1/2041 (b)<br>| 2000 | 2010 |
| Total Washington |  | 18657 |
| **West Virginia — 0.1%** | **West Virginia — 0.1%** | **West Virginia — 0.1%** |
| West Virginia Economic Development Authority, Solid <br> Waste Disposal Facilities, Commercial Metal Co. <br> Project, Rev., AMT, 4.63%, 5/15/2032 (c)<br>| 1000 | 1029 |
| **Wisconsin — 4.2%** | **Wisconsin — 4.2%** | **Wisconsin — 4.2%** |
| Public Finance Authority, Acts Retirement Life <br> Communities, Inc., Obligated Group Series 2020A, <br> Rev., 5.00%, 11/15/2041<br>| 1395 | 1460 |
| Public Finance Authority, Astro Texas Land Projects, <br> Rev., 5.00%, 12/15/2036 (b)<br>| 982 | 984 |
| Public Finance Authority, Georgia SR 400 Express <br> Lanes Project, Rev., AMT, 5.75%, 12/31/2065<br>| 3500 | 3660 |
| Public Finance Authority, KSU Bixby Real Estate <br> Foundation LLC Project Series 2025B, Rev., 5.50%, <br> 6/15/2055<br>| 750 | 760 |
| Public Finance Authority, Maniilaq Association <br> Employee Housing Project, Rev., 5.25%, <br> 12/1/2048<br>| 2500 | 2578 |
| Public Finance Authority, Presbyterian Villages of <br> Michigan Obligated Group Series 2020A, Rev., <br> 4.75%, 11/15/2053 (b)<br>| 2686 | 1934 |
| Public Finance Authority, Senior Lien |  |  |
| Rev., AMT, 5.50%, 7/1/2044 | 1000 | 1057 |
| Rev., AMT, 5.75%, 7/1/2049 | 2000 | 2110 |
| Public Finance Authority, Triad Educational Services, <br> Inc.<br>|  |  |
| Rev., 5.25%, 6/15/2052 | 1610 | 1524 |
| Rev., 5.38%, 6/15/2057 | 775 | 738 |
| University of Wisconsin Hospitals and Clinics Series <br> 2018C, Rev., VRDO, LIQ : BMO Harris Bank NA, <br> 2.00%, 3/2/2026 (c)<br>| 13600 | 13600 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

38 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Wisconsin Department of Transportation Series 2025 <br> 1, Rev., 5.00%, 7/1/2037<br>| 1500 | 1776 |
| Wisconsin Health and Educational Facilities Authority, <br> Aspirus, Inc., Obligated Group, Rev., 5.25%, <br> 8/15/2050<br>| 1000 | 1047 |
| Wisconsin Health and Educational Facilities Authority, <br> Forensic science and Protective Medicine <br> Collaboration, Inc., Project Series 2024, Rev., <br> 5.00%, 8/1/2027 (b)<br>| 1500 | 1510 |
| Wisconsin Housing and Economic Development <br> Authority, Home Ownership<br>|  |  |
| Series B, Rev., 4.00%, 3/1/2048 | 55 | 55 |
| Series 2024A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 9/1/2054<br>| 970 | 1061 |
| Total Wisconsin |  | 35854 |
| **Wyoming — 0.2%** | **Wyoming — 0.2%** | **Wyoming — 0.2%** |
| University of Wyoming Series 2021C, Rev., A.G., <br> 4.00%, 6/1/2041<br>| 600 | 609 |
| Wyoming Community Development Authority Series <br> 2024-1, Rev., 6.00%, 12/1/2054<br>| 950 | 1046 |
| Total Wyoming |  | 1655 |
| Total Municipal Bonds <br>(Cost $784,375)<br>|  | 810279 |
|  | **NO. OF** <br> **CONTRACTS**<br>|  |
| **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** | **Options Purchased — 0.0% ^** |
| **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** | **Call Options Purchased — 0.0% ^** |
| U.S. Treasury 30 Year Bond |  |  |
| 4/24/2026 at USD 128.00, American Style |  |  |
| Notional Amount: USD 265,000 |  |  |
| Counterparty: Exchange-Traded \* (Cost $207) | 2650 | 352 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 5.1%** | **Short-Term Investments — 5.1%** | **Short-Term Investments — 5.1%** |
| **Investment Companies — 5.1%** | **Investment Companies — 5.1%** | **Investment Companies — 5.1%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 1.78% (f) (g) <br>(Cost $43,224)<br>| 43223 | 43227 |
| **Total Investments — 100.2%** <br>**(Cost $827,806)**<br>|  | **853858** |
| **Liabilities in Excess of Other Assets — (0.2)%** |  | **(1691)**<br>|
| **NET ASSETS — 100.0%** |  | **852167** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| COLL | Collateral |
| COP | Certificate of Participation |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| MTA | Metropolitan Transportation Authority |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RE | Reinsured |
| Rev. | Revenue |
| USD | United States Dollar |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| \* | Non-income producing security.  |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (c) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (d) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (e) | Security is prerefunded or escrowed to maturity. |
| (f) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (g) | The rate shown is the current yield as of February 28, <br> 2026.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 39

------

JPMorgan Tax Free Bond Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

**Futures contracts outstanding as of February 28, 2026 (amounts in thousands, except number of contracts):**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **DESCRIPTION** | &nbsp;&nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| **EXPIRATION DATE** | **TRADING CURRENCY** | &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT ($)**<br>| &nbsp;&nbsp;&nbsp; **VALUE AND** <br>**UNREALIZED** <br>**APPRECIATION** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(DEPRECIATION) ($)**<br>|
| **Long Contracts** |  |  |  |  |  |
| U.S. Treasury 10 Year Note | &nbsp;&nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp;&nbsp; 06/18/2026 | &nbsp;&nbsp;&nbsp;&nbsp; USD | &nbsp;&nbsp;&nbsp;&nbsp; 17750 | &nbsp;&nbsp;&nbsp;&nbsp; 77 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** | **Written Call Options Contracts as of February 28, 2026 (amounts in thousands, except number of contracts):** |
| **DESCRIPTION** | **COUNTERPARTY** | &nbsp;&nbsp; **NUMBER OF** <br>**CONTRACTS**<br>| &nbsp;&nbsp;&nbsp; **NOTIONAL** <br>**AMOUNT**<br>| &nbsp;&nbsp;&nbsp; **EXERCISE** <br>**PRICE**<br>| &nbsp;&nbsp; **EXPIRATION** <br>**DATE**<br>| **VALUE ($)** |
| U.S. Treasury 30 Year Bond | Exchange-Traded | 2650 | &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 265,000<br>| &nbsp;&nbsp;&nbsp;&nbsp; USD<br> 131.00<br>| 4/24/2026 | &nbsp;&nbsp; (207)<br>|
| Total Written Options Contracts (Premiums Received $(124)) | Total Written Options Contracts (Premiums Received $(124)) | Total Written Options Contracts (Premiums Received $(124)) | Total Written Options Contracts (Premiums Received $(124)) | Total Written Options Contracts (Premiums Received $(124)) | Total Written Options Contracts (Premiums Received $(124)) | &nbsp;&nbsp; (207)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| USD | United States Dollar |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

40 J.P. Morgan Municipal Bond Funds February 28, 2026

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL** <br>**AMOUNT** <br>**($000)**<br>| **VALUE** <br>**($000)**<br>|
| **Municipal Bonds — 85.1% (a)** | **Municipal Bonds — 85.1% (a)** | **Municipal Bonds — 85.1% (a)** |
| **Alabama — 2.0%** | **Alabama — 2.0%** | **Alabama — 2.0%** |
| Alabama Federal Aid Highway Finance Authority |  |  |
| Series 2016A, Rev., 5.00%, 9/1/2026 (b) | 1695 | 1719 |
| Series A, Rev., 5.00%, 9/1/2027 (b) | 2705 | 2820 |
| Birmingham Airport Authority, Rev., 5.00%, <br> 7/1/2026<br>| 225 | 227 |
| Black Belt Energy Gas District, Gas Project Series <br> 2025E, Rev., 5.00%, 5/1/2029<br>| 1775 | 1882 |
| Black Belt Energy Gas District, Gas Supply Series <br> 2022D-2, Rev., LIQ : Royal Bank of Canada, <br> (SOFR + 1.40%), 3.86%, 3/6/2026 (c)<br>| 25450 | 25593 |
| County of Jefferson sewer Series 2024, Rev., <br> 5.00%, 10/1/2027<br>| 1250 | 1300 |
| Foley Utilities Board, Rev., 5.00%, 5/1/2027 (b) | 35 | 36 |
| Southeast Energy Authority A Cooperative District, <br> Project No. 4 Series 2022B-2, Rev., (SOFR + <br> 1.79%), 4.25%, 3/6/2026 (c)<br>| 10000 | 10154 |
| State of Alabama Series 2016C, GO, 5.00%, <br> 8/1/2026<br>| 25 | 25 |
| West Jefferson Industrial Development Board, <br> Alabama Power Co. Miller Plant Project, Rev., <br> VRDO, 2.05%, 3/2/2026 (d)<br>| 7500 | 7500 |
| Total Alabama |  | 51256 |
| **Alaska — 1.1%** | **Alaska — 1.1%** | **Alaska — 1.1%** |
| Alaska Municipal Bond Bank Authority Series 3, <br> Rev., 5.00%, 12/1/2026<br>| 25 | 25 |
| Borough of Matanuska-Susitna, Alaska School <br> General Obligation Series 2025B, GO, 5.00%, <br> 11/1/2026<br>| 1000 | 1019 |
| Borough of Matanuska-Susitna, Goose Creek <br> Correctional Center Project Series 2025A, Rev., <br> 5.00%, 9/1/2027<br>| 1655 | 1722 |
| Borough of North Slope, GO, 5.00%, 6/30/2027 | 2875 | 2982 |
| City of Valdez, Phillips Trans Alaska Project Series <br> 1994A, Rev., VRDO, 2.17%, 3/11/2026 (d)<br>| 20000 | 20000 |
| State of Alaska Series 2024B, GO, 5.00%, <br> 8/1/2028<br>| 1000 | 1067 |
| Total Alaska |  | 26815 |
| **Arizona — 0.9%** | **Arizona — 0.9%** | **Arizona — 0.9%** |
| Arizona Industrial Development Authority, Equitable <br> School Revolving Fund LLC Series 2024A, Rev., <br> 5.00%, 11/1/2029<br>| 1300 | 1399 |
| Arizona Sports and Tourism Authority, Senior Lien <br> Multipurpose Stadium Facility Project, Rev., <br> 5.00%, 7/1/2027<br>| 750 | 778 |
| Arizona Water Infrastructure Finance Authority <br> Series 2024, Rev., 5.00%, 10/1/2027<br>| 4000 | 4180 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Arizona — continued** | **Arizona — continued** | **Arizona — continued** |
| City of Chandler Series 2016, GO, 5.00%, <br> 7/1/2027<br>| 1000 | 1039 |
| City of Mesa Utility System Series 2017, Rev., <br> 4.00%, 7/1/2027<br>| 1000 | 1024 |
| City of Phoenix Civic Improvement Corp., Rev., <br> 5.00%, 7/1/2027<br>| 1200 | 1246 |
| City of Phoenix Civic Improvement Corp., Junior <br> Lien, Airport System Series 2017D, Rev., 5.00%, <br> 7/1/2029<br>| 55 | 57 |
| City of Phoenix Civic Improvement Corp., Junior <br> Lien, Water System Series 2014B, Rev., 5.00%, <br> 7/1/2027<br>| 170 | 171 |
| City of Tucson Series 2018A, GO, 5.00%, 7/1/2026 | 325 | 328 |
| County of Pima Sewer System Series 2020B, COP, <br> 5.00%, 7/1/2027<br>| 40 | 41 |
| Maricopa County High School District No. 214 <br> Tolleson Union High School, GO, 5.00%, <br> 7/1/2026<br>| 315 | 318 |
| Maricopa County Industrial Development Authority, <br> Banner Health<br>|  |  |
| Series 2019D, Rev., 5.00%, 5/15/2026 (d) | 1150 | 1156 |
| Series 2023A-1, Rev., 5.00%, 5/15/2026 (d) | 7530 | 7559 |
| Series 2023A-2, Rev., 5.00%, 5/15/2028 (d) | 250 | 261 |
| Maricopa County Union High School District No <br> 210-Phoenix, Project 2023 Series 2024A, GO, <br> 5.00%, 7/1/2027<br>| 1200 | 1246 |
| Maricopa County Union High School District No. <br> 210-Phoenix, Project of 2023 Series 2025B, GO, <br> 5.00%, 7/1/2027<br>| 1500 | 1558 |
| Salt River Project Agricultural Improvement and <br> Power District, Arizona Electric System Series <br> 2019A, Rev., 5.00%, 1/1/2027<br>| 385 | 394 |
| Scottsdale Municipal Property Corp. Series 2017, <br> Rev., 5.00%, 7/1/2027 (b)<br>| 55 | 57 |
| Town of Queen Creek Excise Tax, Rev., 5.00%, <br> 8/1/2026 (b)<br>| 1240 | 1252 |
| Total Arizona |  | 24064 |
| **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** | **Arkansas — 0.0% ^** |
| University of Arkansas, Various Facility UAMS <br> Campus Series 2019A, Rev., 5.00%, 3/1/2027<br>| 25 | 26 |
| University of Central Arkansas, Student Fee |  |  |
| Series 2020A, Rev., 5.00%, 11/1/2026 | 220 | 224 |
| Series 2020A, Rev., 5.00%, 11/1/2027 | 200 | 208 |
| Total Arkansas |  | 458 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 41

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **California — 0.7%** | **California — 0.7%** | **California — 0.7%** |
| California Community Choice Financing Authority, <br> Green Bond Series 2022A-2, Rev., (SOFR + <br> 1.70%), 4.16%, 3/6/2026 (c)<br>| 5000 | 5037 |
| California Housing Finance Agency, Multi- Family <br> Housing Symphony at DEL Sur Series 2023V, <br> Rev., 5.00%, 11/1/2026 (d)<br>| 350 | 354 |
| California Infrastructure and Economic Development <br> Bank, Bay Area Toll Bridge First Lien Series <br> 2003A, Rev., AMBAC, 5.00%, 1/1/2028 (b)<br>| 25 | 26 |
| California Municipal Finance Authority, Waste <br> Management, Inc., Project Series 2020, Rev., <br> AMT, VRDO, 3.45%, 6/1/2026 (d)<br>| 2000 | 2000 |
| California Pollution Control Financing Authority, <br> Solid Waste Disposal, Republic Services, Inc., <br> Project, Rev., AMT, 2.88%, 8/17/2026 (d) (e)<br>| 5000 | 5001 |
| City of Vernon, Electric System |  |  |
| Series 2021A, Rev., 5.00%, 10/1/2027 | 25 | 26 |
| Series 2021A, Rev., 5.00%, 4/1/2028 | 75 | 79 |
| Golden State Tobacco Securitization Corp. Series <br> 2017A-1, Rev., 5.00%, 6/1/2026 (b)<br>| 90 | 91 |
| Los Angeles County Development Authority, West LA <br> Building 156 and 157 Apartments Series 2023C, <br> Rev., 3.75%, 12/1/2026 (d)<br>| 120 | 120 |
| Los Angeles Department of Water and Power System |  |  |
| Series 2020A, Rev., 5.00%, 7/1/2026 | 500 | 505 |
| Series 2022E, Rev., 5.00%, 7/1/2026 | 1350 | 1363 |
| Series 2017B, Rev., 5.00%, 7/1/2030 | 515 | 527 |
| Series 2024C, Rev., 5.00%, 7/1/2030 | 400 | 444 |
| San Diego Community College District, GO, 5.00%, <br> 8/1/2026 (b)<br>| 25 | 25 |
| Southern California Public Power Authority Series <br> 2023-1, Rev., 5.00%, 7/1/2026<br>| 800 | 807 |
| State of California, Various Purpose, GO, 5.00%, <br> 12/1/2027<br>| 2205 | 2323 |
| Total California |  | 18728 |
| **Colorado — 1.5%** | **Colorado — 1.5%** | **Colorado — 1.5%** |
| Adams and Arapahoe Counties Joint School District <br> 28J Aurora, GO, 5.50%, 12/1/2026<br>| 2000 | 2051 |
| City and County of Denver |  |  |
| Series 2024A, GO, 5.00%, 8/1/2026 | 700 | 709 |
| Series 2024B, GO, 5.00%, 8/1/2026 | 600 | 608 |
| City and County of Denver, Airport System |  |  |
| Series 2023B, Rev., AMT, 5.00%, 11/15/2027 | 1500 | 1563 |
| Series 2023B, Rev., AMT, 5.00%, 11/15/2028 | 5000 | 5317 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Colorado — continued** | **Colorado — continued** | **Colorado — continued** |
| City and County of Denver, Wellington E. Webb <br> Municipal Office Building, COP, 5.00%, <br> 12/1/2026<br>| 30 | 31 |
| Colorado Health Facilities Authority, Adventhealth <br> Obligated Group Series 2019B, Rev., 5.00%, <br> 11/19/2026 (d)<br>| 1260 | 1284 |
| Colorado Health Facilities Authority, Adventist <br> Health System<br>|  |  |
| Series 2016C, Rev., 5.00%, 11/15/2026 (d) | 3260 | 3321 |
| Series 2025A, Rev., 5.00%, 11/15/2030 (d) | 2000 | 2203 |
| Colorado Health Facilities Authority, CommonSpirit <br> Health<br>|  |  |
| Series 2019B-2, Rev., 5.00%, 8/1/2026 (d) | 115 | 115 |
| Series 2019A-2, Rev., 5.00%, 8/1/2028 | 25 | 26 |
| Colorado Health Facilities Authority, Intermountain <br> Healthcare<br>|  |  |
| Series 2022B, Rev., 5.00%, 8/17/2026 (d) | 1700 | 1720 |
| Series 2022C, Rev., 5.00%, 8/15/2028 (d) | 1300 | 1378 |
| Colorado Health Facilities Authority, Parkview <br> Medical Center, Inc., Project Series 2020A, Rev., <br> 4.00%, 9/1/2030 (b)<br>| 1650 | 1777 |
| Colorado Health Facilities Authority, The Evangelical <br> Lutheran Good Samaritan Society Project Series <br> 2017, Rev., 5.00%, 6/1/2027 (b)<br>| 320 | 330 |
| Denver City and County School District No. 1 |  |  |
| Series 2025D, GO, 5.00%, 12/1/2026 | 1600 | 1635 |
| Series 2025D, GO, 5.00%, 12/1/2027 | 1600 | 1681 |
| Regional Transportation District Sales Tax Series <br> 2023A, Rev., 5.00%, 11/1/2026<br>| 60 | 61 |
| Regional Transportation District, Denver Transit <br> Partners Series 2020A, Rev., 5.00%, 7/15/2026<br>| 225 | 227 |
| State of Colorado |  |  |
| Series 2017K, COP, 5.00%, 3/15/2026 | 30 | 30 |
| Series 2018L, COP, 5.00%, 3/15/2026 | 120 | 120 |
| Series 2020A, COP, 5.00%, 9/1/2027 | 25 | 26 |
| Series 2018A, COP, 5.00%, 12/15/2027 | 20 | 21 |
| Series 2018L, COP, 4.00%, 3/15/2029 | 50 | 52 |
| State of Colorado, Building Excellent Schools Today <br> Series 2025T, COP, 5.00%, 3/15/2026<br>| 1000 | 1001 |
| University of Colorado, Enterprise System Series <br> 2017A-2, Rev., 5.00%, 6/1/2027<br>| 50 | 52 |
| University of Colorado, Hospital Authority Series <br> 2018C, Rev., VRDO, LIQ : TD Bank NA, 1.90%, <br> 3/2/2026 (d)<br>| 10000 | 10000 |
| Total Colorado |  | 37339 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

42 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Connecticut — 2.5%** | **Connecticut — 2.5%** | **Connecticut — 2.5%** |
| City of Bristol, GO, BAN, 4.00%, 11/5/2026 | 17400 | 17607 |
| City of Milford, GO, BAN, 4.00%, 10/27/2026 | 5000 | 5060 |
| Connecticut State Health and Educational Facilities <br> Authority, Stamford Hospital Series L-1, Rev., <br> 4.00%, 7/1/2026<br>| 350 | 351 |
| State of Connecticut |  |  |
| Series 2025B, GO, 5.00%, 12/1/2026 | 9200 | 9399 |
| Series 2025B, GO, 5.00%, 12/1/2027 | 4225 | 4438 |
| Series 2018F, GO, 5.00%, 9/15/2028 | 755 | 809 |
| Series 2025D, GO, 5.00%, 8/15/2030 | 6000 | 6718 |
| State of Connecticut Clean Water Fund, State <br> Revolving Fund Series 2015A, Rev., 5.00%, <br> 3/1/2026<br>| 40 | 40 |
| State of Connecticut Special Tax |  |  |
| Series 2021A, Rev., 5.00%, 5/1/2026 | 1000 | 1005 |
| Series 2021D, Rev., 5.00%, 11/1/2026 | 100 | 102 |
| Series B, Rev., 5.00%, 9/1/2028 | 140 | 142 |
| State of Connecticut Special Tax, Transportation <br> Infrastructure Purpose<br>|  |  |
| Series 2025A, Rev., 5.00%, 7/1/2027 | 2000 | 2077 |
| Series B, Rev., 5.00%, 9/1/2027 | 50 | 51 |
| Series 2025A, Rev., 5.00%, 7/1/2028 | 4000 | 4264 |
| Town of Groton, GO, BAN, 4.25%, 4/23/2026 | 4300 | 4309 |
| Town of Madison, GO, BAN, 4.00%, 12/17/2026 | 7500 | 7604 |
| Total Connecticut |  | 63976 |
| **Delaware — 0.1%** | **Delaware — 0.1%** | **Delaware — 0.1%** |
| University of Delaware Series 2025A, Rev., 5.00%, <br> 11/1/2028<br>| 2750 | 2954 |
| **District of Columbia — 1.4%** | **District of Columbia — 1.4%** | **District of Columbia — 1.4%** |
| District of Columbia |  |  |
| Series 2026C, GO, VRDO, 1.72%, 3/2/2026 (d) | 17500 | 17500 |
| Series 2024C, GO, 5.00%, 12/1/2027 | 5000 | 5252 |
| Series 2024C, GO, 5.00%, 12/1/2028 | 2000 | 2157 |
| Series 2017D, GO, 5.00%, 6/1/2029 | 2000 | 2070 |
| District of Columbia Housing Finance Agency, Multi <br> Family Housing Edgewood Apartments Project <br> Series 2023, Rev., FHA, 5.00%, 6/1/2026 (d)<br>| 5100 | 5106 |
| District of Columbia, Children's Hospital Obligated <br> Group<br>|  |  |
| Series 2015, Rev., 5.00%, 7/15/2026 | 100 | 100 |
| Series 2015, Rev., 5.00%, 7/15/2027 | 50 | 50 |
| Series 2015, Rev., 5.00%, 7/15/2028 | 170 | 170 |
| Series 2015, Rev., 5.00%, 7/15/2029 | 20 | 20 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **District of Columbia — continued** | **District of Columbia — continued** | **District of Columbia — continued** |
| District of Columbia, Gallaudet University Project <br> Series 2021A, Rev., 5.00%, 4/1/2026<br>| 100 | 100 |
| District of Columbia, National Public Radio, Inc., <br> Issue<br>|  |  |
| Rev., 4.00%, 4/1/2026 (b) | 25 | 25 |
| Series 2016, Rev., 5.00%, 4/1/2026 (b) | 25 | 25 |
| Metropolitan Washington Airports Authority Aviation <br> Series 2024A, Rev., AMT, 5.00%, 10/1/2030<br>| 2000 | 2216 |
| Washington Metropolitan Area Transit Authority |  |  |
| Series 2017B, Rev., 5.00%, 7/1/2027 | 170 | 177 |
| Series A-1, Rev., 5.00%, 7/1/2028 | 375 | 389 |
| Total District of Columbia |  | 35357 |
| **Florida — 2.4%** | **Florida — 2.4%** | **Florida — 2.4%** |
| Alachua County School Board Series 2020, COP, <br> A.G., 5.00%, 7/1/2027<br>| 65 | 67 |
| Central Florida Expressway Authority, Senior Lien |  |  |
| Series 2019B, Rev., 5.00%, 7/1/2026 | 40 | 40 |
| Series 2017, Rev., 5.00%, 7/1/2027 (b) | 90 | 93 |
| Series 2016B, Rev., 5.00%, 7/1/2028 | 685 | 691 |
| City of Gainesville, Utilities System |  |  |
| Series 2017A, Rev., 5.00%, 10/1/2028 | 765 | 799 |
| Series B, Rev., 5.00%, 10/1/2029 | 225 | 225 |
| City of Jacksonville |  |  |
| Series 2015, Rev., 5.00%, 10/1/2027 | 325 | 326 |
| Series 2019A, Rev., 5.00%, 10/1/2027 | 100 | 105 |
| City of Lakeland, Department of Electric Utilities <br> Series 2010A, Rev., A.G., 5.25%, 10/1/2028<br>| 500 | 538 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South Series 2025B, Rev., 5.00%, <br> 8/15/2030 (d)<br>| 1000 | 1098 |
| City of South Miami Health Facilities Authority, Inc., <br> Baptist Health South Florida Obligated Group, <br> Rev., 5.00%, 8/15/2028<br>| 65 | 67 |
| County of Broward, Airport System |  |  |
| Series 2013C, Rev., 5.25%, 10/1/2026 | 50 | 50 |
| Series A, Rev., AMT, 5.00%, 10/1/2029 | 1000 | 1002 |
| County of Lee, Airport Series 2021A, Rev., AMT, <br> 5.00%, 10/1/2028<br>| 1500 | 1586 |
| County of Miami-Dade |  |  |
| Series 2020, GO, 5.00%, 7/1/2027 | 20 | 21 |
| Series 2016, Rev., 5.00%, 10/1/2029 | 125 | 127 |
| County of Miami-Dade, Aviation System |  |  |
| Series B, Rev., 5.00%, 10/1/2026 | 35 | 35 |
| Series A, Rev., 5.00%, 10/1/2027 | 175 | 177 |
| Series A, Rev., 5.00%, 10/1/2028 | 1340 | 1361 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 43

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Series A, Rev., 5.00%, 10/1/2029 | 155 | 157 |
| County of Miami-Dade, Building Better Communities <br> Program Series 2016A, GO, 5.00%, 7/1/2027<br>| 20 | 21 |
| County of Miami-Dade, Water and Sewer System <br> Series 2021, Rev., 5.00%, 10/1/2027<br>| 735 | 766 |
| County of St. Lucie, Power and Light Co., Project, <br> Rev., VRDO, 1.90%, 3/6/2026 (d)<br>| 10000 | 10000 |
| Duval County Public Schools |  |  |
| Series 2022A, COP, A.G., 5.00%, 7/1/2027 | 235 | 244 |
| Series 2022A, COP, A.G., 5.00%, 7/1/2028 | 95 | 101 |
| Florida Department of Environmental Protection |  |  |
| Series 2017A, Rev., 5.00%, 7/1/2027 (b) | 100 | 104 |
| Series 2019B, Rev., 5.00%, 7/1/2027 (b) | 45 | 47 |
| Florida Department of Management Services |  |  |
| Series 2017A, Rev., 5.00%, 9/1/2026 | 115 | 117 |
| Series 2018A, COP, 5.00%, 11/1/2026 | 630 | 642 |
| Series 2018A, COP, 5.00%, 11/1/2027 | 1805 | 1889 |
| Series 2021A, COP, 5.00%, 11/1/2029 | 1350 | 1485 |
| Florida Development Finance Corp., Waste <br> Management, Inc., Project Series 2025A, Rev., <br> AMT, 3.40%, 9/1/2028 (d)<br>| 2600 | 2615 |
| Florida Local Government Finance Commission, <br> Fleet Landing at Nocatee Project Series 2025B-3, <br> Rev., 4.20%, 11/15/2030 (e)<br>| 3500 | 3538 |
| Florida Municipal Power Agency, All-Requirements <br> Power Supply Project<br>|  |  |
| Series 2016A, Rev., 5.00%, 10/1/2026 | 55 | 56 |
| Series 2017A, Rev., 5.00%, 10/1/2026 | 70 | 71 |
| Series 2016A, Rev., 5.00%, 10/1/2027 | 70 | 71 |
| Series 2017A, Rev., 5.00%, 10/1/2027 | 1345 | 1401 |
| Series 2019A, Rev., 5.00%, 10/1/2027 | 215 | 224 |
| Series 2018A, Rev., 4.00%, 10/1/2028 | 2820 | 2872 |
| Series 2016A, Rev., 5.00%, 10/1/2028 | 900 | 914 |
| Greater Orlando Aviation Authority Series 2017A, <br> Rev., AMT, 5.00%, 10/1/2027 (b)<br>| 750 | 779 |
| Hillsborough County Industrial Development <br> Authority, Baycare Health System Series 2024E, <br> Rev., VRDO, LIQ : Royal Bank of Canada, 1.95%, <br> 3/2/2026 (d)<br>| 10000 | 10000 |
| JEA Electric System |  |  |
| Series 2017B, Rev., 5.00%, 10/1/2027 | 75 | 78 |
| Series 2017B, Rev., 5.00%, 10/1/2029 | 25 | 26 |
| Lee County School Board (The) Series 2020A, COP, <br> 5.00%, 8/1/2026<br>| 260 | 263 |
| Manatee County School District Series 2017, Rev., <br> A.G., 5.00%, 10/1/2029<br>| 45 | 46 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| Miami-Dade County Expressway Authority, Toll <br> System<br>|  |  |
| Series 2014A, Rev., 5.00%, 7/1/2027 | 210 | 211 |
| Series 2016A, Rev., 5.00%, 7/1/2028 | 100 | 101 |
| Orange County Convention Center Series 2017, <br> Rev., 5.00%, 10/1/2026<br>| 510 | 518 |
| Orange County Health Facilities Authority, Orlando <br> Health Obligated Group Series 2019B, Rev., <br> 5.00%, 10/1/2026<br>| 50 | 51 |
| Orange County School Board |  |  |
| Series 2016B, COP, 5.00%, 8/1/2026 | 50 | 51 |
| Series 2016C, COP, 5.00%, 8/1/2026 (b) | 4225 | 4274 |
| Series 2016B, COP, 5.00%, 8/1/2027 | 55 | 56 |
| Series 2017B, COP, 5.00%, 8/1/2027 | 2190 | 2272 |
| Series 2017C, COP, 5.00%, 8/1/2028 | 85 | 90 |
| Orlando Utilities Commission Series 2020A, Rev., <br> 5.00%, 10/1/2027<br>| 25 | 26 |
| Palm Beach County School District |  |  |
| Series 2018A, COP, 5.00%, 8/1/2026 | 630 | 637 |
| Series 2022B, COP, 5.00%, 8/1/2026 | 190 | 192 |
| Series 2017A, COP, 5.00%, 8/1/2027 | 180 | 187 |
| Series 2018B, COP, 5.00%, 8/1/2027 | 400 | 416 |
| Series 2018C, COP, 5.00%, 8/1/2029 | 115 | 123 |
| Palm Beach County Solid Waste Authority Series <br> 2015, Rev., 5.00%, 10/1/2026<br>| 80 | 81 |
| Pasco County School Board Series 2022A, COP, <br> 5.00%, 8/1/2027<br>| 80 | 83 |
| School Board of Miami-Dade County (The), Florida <br> Certificates of Participation<br>|  |  |
| Series 2015D, COP, 5.00%, 2/1/2027 | 1325 | 1328 |
| Series 2012A, COP, 4.00%, 8/1/2028 | 150 | 150 |
| School District of Broward County, Florida <br> Certificates of Participation Series A, COP, <br> 5.00%, 7/1/2028<br>| 75 | 76 |
| South Broward Hospital District, Memorial <br> Healthcare System, Rev., 4.00%, 5/1/2026<br>| 110 | 110 |
| State of Florida Board of Education, Public <br> Education Capital Outlay<br>|  |  |
| Series 2016B, GO, 5.00%, 6/1/2026 | 85 | 86 |
| Series 2023A, GO, 5.00%, 6/1/2026 | 200 | 201 |
| State of Florida Department of Education Series <br> 2018A, Rev., 5.00%, 7/1/2027<br>| 50 | 52 |
| State of Florida Department of Transportation |  |  |
| Series 2019A, Rev., 5.00%, 7/1/2027 | 20 | 21 |
| Series 2019A, Rev., 5.00%, 7/1/2028 | 105 | 112 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

44 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Florida — continued** | **Florida — continued** | **Florida — continued** |
| State of Florida Department of Transportation <br> Turnpike System Series 2025A, Rev., 5.00%, <br> 7/1/2029<br>| 1900 | 2077 |
| State of Florida Lottery Series 2017A, Rev., 5.00%, <br> 7/1/2027<br>| 20 | 21 |
| State of Florida, Public Education Capital Outlay <br> Series 2020A, GO, 5.00%, 6/1/2027<br>| 105 | 109 |
| State of Florida, State Board of Education, Lottery <br> Series 2016A, Rev., 5.00%, 7/1/2026<br>| 125 | 126 |
| Tampa Bay Water, Regional Water Supply Authority, <br> Utility System Series 2016C, Rev., 5.00%, <br> 10/1/2027<br>| 225 | 235 |
| Total Florida |  | 61008 |
| **Georgia — 0.3%** | **Georgia — 0.3%** | **Georgia — 0.3%** |
| Albany-Dougherty Payroll Development Authority, <br> Procter & Gamble Paper Products Series 1999, <br> Rev., 5.20%, 5/15/2028<br>| 25 | 26 |
| Atlanta Development Authority, Georgia State <br> University Research Foundation Science Park LLC <br> Project Series 2016, Rev., 4.00%, 7/1/2026 (b)<br>| 1555 | 1563 |
| Bartow County Development Authority, Georgia <br> Power Co. Plant Series 2009-1, Rev., 3.95%, <br> 3/8/2028 (d)<br>| 210 | 215 |
| Cedartown Polk County Hospital Authority, Polk <br> Medical Center Project, Rev., 5.00%, <br> 7/1/2026 (b)<br>| 110 | 111 |
| City of Atlanta Water and Wastewater Series 2004, <br> Rev., A.G., 5.75%, 11/1/2027<br>| 1000 | 1061 |
| Clarke County Hospital Authority, Pidemont <br> Healthcare Series 2016A, Rev., 5.00%, <br> 7/1/2029<br>| 25 | 25 |
| County of DeKalb, Water and Sewerage Series <br> 2006B, Rev., 5.25%, 10/1/2026<br>| 30 | 31 |
| Development Authority of Burke County (The), <br> Georgia Power Co. Plant Vogtle Project Series <br> 2012-2, Rev., 3.30%, 8/21/2029 (d)<br>| 2250 | 2282 |
| Henry County Hospital Authority, Piedmont Henry <br> Hospital Project Series 2014A, Rev., 5.00%, <br> 7/1/2027<br>| 1390 | 1392 |
| Metropolitan Atlanta Rapid Transit Authority, Sales <br> Tax Series 2017D, Rev., 4.00%, 7/1/2029<br>| 1000 | 1024 |
| Total Georgia |  | 7730 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Guam — 0.0% ^** | **Guam — 0.0% ^** | **Guam — 0.0% ^** |
| Territory of Guam (Guam) |  |  |
| Series 2025G, Rev., 5.00%, 1/1/2028 | 275 | 285 |
| Series 2025G, Rev., 5.00%, 1/1/2029 | 475 | 503 |
| Total Guam |  | 788 |
| **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** | **Hawaii — 0.0% ^** |
| City and County Honolulu Series D, GO, 5.00%, <br> 9/1/2026<br>| 70 | 71 |
| City and County Honolulu Wastewater System Series <br> A, Rev., 4.00%, 7/1/2026<br>| 20 | 20 |
| City and County of Honolulu Series 2022A, GO, <br> 5.00%, 11/1/2026<br>| 120 | 122 |
| County of Hawaii Series A, GO, 5.00%, 9/1/2027 | 50 | 50 |
| State of Hawaii |  |  |
| Series FK, GO, 5.00%, 5/1/2027 | 75 | 78 |
| Series FH, GO, 5.00%, 10/1/2028 | 70 | 71 |
| Total Hawaii |  | 412 |
| **Illinois — 1.7%** | **Illinois — 1.7%** | **Illinois — 1.7%** |
| Board of Trustees of the University of Illinois (The) |  |  |
| Series 2023A, Rev., 5.00%, 4/1/2026 | 1550 | 1553 |
| Series 2023A, Rev., 5.00%, 4/1/2027 | 205 | 211 |
| Carol Stream Park District Series 2020C, GO, <br> 4.00%, 11/1/2026<br>| 1020 | 1029 |
| Chicago O'Hare International Airport, General <br> Airport, Senior Lien<br>|  |  |
| Series A, Rev., 5.00%, 1/1/2027 | 20 | 20 |
| Series C, Rev., 5.00%, 1/1/2028 | 40 | 41 |
| City of Springfield Electric, Senior Lien, Rev., <br> 5.00%, 3/1/2030<br>| 1870 | 2044 |
| County of Cook |  |  |
| Series 2021B, GO, 4.00%, 11/15/2026 | 230 | 233 |
| Series 2021A, GO, 5.00%, 11/15/2026 | 205 | 209 |
| Series 2016A, GO, 5.00%, 11/15/2027 | 2800 | 2851 |
| Series 2016A, GO, 5.00%, 11/15/2028 | 45 | 46 |
| DuPage County Community High School District No. <br> 94 West Chicago, GO, 4.00%, 1/1/2033<br>| 10 | 10 |
| Illinois Finance Authority, Clean Water Initiative <br> Revolving Fund<br>|  |  |
| Series 2019, Rev., 5.00%, 1/1/2027 | 240 | 246 |
| Series 2019, Rev., 5.00%, 7/1/2027 | 250 | 260 |
| Series 2020, Rev., 5.00%, 7/1/2027 | 40 | 42 |
| Illinois Finance Authority, Edward Elmhurst <br> Healthcare Series 2018A, Rev., 5.00%, <br> 1/1/2028 (b)<br>| 20 | 21 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 45

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Illinois Finance Authority, Northwestern Memorial <br> Healthcare Series 2017A, Rev., 5.00%, <br> 7/15/2027<br>| 80 | 83 |
| Illinois Finance Authority, Northwestern University <br> Series 2017A, Rev., 5.00%, 7/15/2026<br>| 270 | 273 |
| Illinois Finance Authority, Presbyterian Homes <br> Obligated Group Series 2021B, Rev., (SIFMA <br> Municipal Swap Index Yield + 0.70%), 2.58%, <br> 3/12/2026 (c)<br>| 2375 | 2372 |
| Illinois Finance Authority, Presence Health Network <br> Series 2016C, Rev., 5.00%, 2/15/2027<br>| 145 | 148 |
| Illinois Finance Authority, State Clean Water <br> Initiative Series 2017, Rev., 5.00%, 7/1/2027<br>| 20 | 20 |
| Illinois Finance Authority, Swedish Covenant Hospital <br> Series 2016A, Rev., 5.00%, 8/15/2026 (b)<br>| 1145 | 1159 |
| Illinois Finance Authority, The Carle Foundation <br> Series 2021A, Rev., 5.00%, 8/15/2028<br>| 100 | 106 |
| Illinois Finance Authority, Uchicago Medicine Series <br> 2022B-2, Rev., 5.00%, 8/15/2027 (d)<br>| 2065 | 2124 |
| Illinois State Toll Highway Authority |  |  |
| Series 2018A, Rev., 5.00%, 1/1/2027 | 45 | 46 |
| Series 2019B, Rev., 5.00%, 1/1/2027 | 555 | 568 |
| Series 2019C, Rev., 5.00%, 1/1/2027 | 165 | 169 |
| Series 2016B, Rev., 5.00%, 1/1/2028 | 25 | 25 |
| Series 2018A, Rev., 5.00%, 1/1/2028 | 75 | 79 |
| Series 2019C, Rev., 5.00%, 1/1/2029 | 400 | 431 |
| Kane McHenry Cook and De Kalb Counties Unit <br> School District No. 300 Series 2015, GO, 5.00%, <br> 1/1/2027<br>| 20 | 20 |
| Northern Illinois Municipal Power Agency |  |  |
| Series 2016A, Rev., 5.00%, 12/1/2026 | 175 | 178 |
| Series 2016A, Rev., 5.00%, 12/1/2029 | 1185 | 1206 |
| Regional Transportation Authority |  |  |
| Series 2017A, Rev., 5.00%, 7/1/2028 | 285 | 294 |
| Series 2017A, Rev., 5.00%, 7/1/2029 | 1700 | 1756 |
| State of Illinois |  |  |
| GO, 5.50%, 5/1/2026 | 5000 | 5026 |
| Series 2023D, GO, 5.00%, 7/1/2026 | 8000 | 8069 |
| Series 2017D, GO, 5.00%, 11/1/2026 | 1170 | 1190 |
| Series 2016, GO, 5.00%, 2/1/2027 | 150 | 154 |
| Series 2021B, GO, 5.00%, 3/1/2027 | 125 | 128 |
| Series 2022A, GO, 5.00%, 3/1/2027 | 20 | 21 |
| Series 2023D, GO, 5.00%, 7/1/2027 | 90 | 93 |
| Series 2018A, GO, 5.00%, 10/1/2027 | 200 | 208 |
| Series 2017D, GO, 5.00%, 11/1/2027 | 1160 | 1210 |
| Series 2022B, GO, 5.00%, 3/1/2028 | 50 | 53 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Illinois — continued** | **Illinois — continued** | **Illinois — continued** |
| Series 2016, GO, 5.00%, 6/1/2028 | 1345 | 1353 |
| Series 2017D, GO, 5.00%, 11/1/2028 | 2965 | 3090 |
| Series 2017A, GO, 5.00%, 12/1/2028 | 90 | 94 |
| Series 2016, GO, 5.00%, 2/1/2029 | 35 | 36 |
| Series 2018A, GO, 5.00%, 5/1/2029 | 400 | 422 |
| Series 2017C, GO, 5.00%, 11/1/2029 | 30 | 31 |
| Series 2021A, GO, 5.00%, 12/1/2029 | 85 | 93 |
| State of Illinois, Sales Tax |  |  |
| Series 2013, Rev., 5.00%, 6/15/2026 | 1250 | 1252 |
| Series 2021A, Rev., 4.00%, 6/15/2027 | 40 | 41 |
| Series 2016, Rev., 5.00%, 6/15/2029 | 25 | 25 |
| Total Illinois |  | 42462 |
| **Indiana — 1.2%** | **Indiana — 1.2%** | **Indiana — 1.2%** |
| City of Indianapolis, Department of Public Utilities <br> Water System<br>|  |  |
| Series 2016B, Rev., 5.00%, 10/1/2026 | 60 | 61 |
| Series 2018A, Rev., 5.00%, 10/1/2026 | 80 | 81 |
| City of Indianapolis, Department of Public Utilities <br> Water System, First Lien Series 2018A, Rev., <br> 5.00%, 10/1/2027<br>| 45 | 47 |
| Gary Community School Building Corp., Ad Valorem <br> Property Tax First Mortgage Series 2020B, Rev., <br> 4.00%, 7/15/2026<br>| 235 | 236 |
| Indiana Finance Authority Series 2017A, Rev., <br> 5.00%, 12/1/2027 (b)<br>| 20 | 21 |
| Indiana Finance Authority, Community Foundation <br> of Northern Indiana Obligated Group, Rev., <br> 5.00%, 9/1/2028<br>| 2065 | 2092 |
| Indiana Finance Authority, CWA Authority Project <br> Series 2021-2, Rev., 5.00%, 10/1/2027<br>| 105 | 110 |
| Indiana Finance Authority, Indiana University Health <br> Obligated Group<br>|  |  |
| Series 2023B1, Rev., 5.00%, 7/1/2028 (d) | 2100 | 2211 |
| Series 2025D-1, Rev., 5.00%, 10/1/2029 (d) | 1500 | 1619 |
| Series 2023B-2, Rev., 5.00%, 7/1/2030 (d) | 520 | 569 |
| Indiana Finance Authority, State Revolving Fund <br> Program Series 2017C, Rev., 5.00%, 2/1/2027<br>| 70 | 72 |
| Indiana Housing and Community Development <br> Authority, Single Family Series 2017B-3, Rev., <br> VRDO, LIQ : TD Bank NA, 1.90%, 3/2/2026 (d)<br>| 20000 | 20000 |
| Indiana Municipal Power Agency, Power Supply <br> System<br>|  |  |
| Series 2016C, Rev., 5.00%, 1/1/2027 | 40 | 40 |
| Series 2016C, Rev., 5.00%, 1/1/2028 | 30 | 30 |
| Series 2016C, Rev., 5.00%, 1/1/2029 | 185 | 187 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

46 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Indiana — continued** | **Indiana — continued** | **Indiana — continued** |
| Indianapolis Local Public Improvement Bond Bank, <br> Unlimited AD Valorem Property Tax Supported <br> Project Series 2025C, Rev., 5.00%, 1/15/2028<br>| 2305 | 2419 |
| Purdue University Series EE, Rev., 5.00%, <br> 7/1/2027<br>| 35 | 36 |
| Total Indiana |  | 29831 |
| **Iowa — 1.1%** | **Iowa — 1.1%** | **Iowa — 1.1%** |
| City of Shenandoah, Iowa Sewer Capital Loan <br> Project, Rev., 4.00%, 6/30/2026<br>| 11900 | 11947 |
| Iowa Finance Authority, Midwestern Disaster Area, <br> Archer-Daniels-Midland Co., Project, Rev., VRDO, <br> 1.90%, 3/11/2026 (d)<br>| 15200 | 15200 |
| Iowa Finance Authority, State Revolving Fund Series <br> 2016, Rev., 5.00%, 8/1/2026<br>| 95 | 96 |
| State of Iowa, Ijobs Program Series 2016A, Rev., <br> 5.00%, 6/1/2027<br>| 2000 | 2014 |
| Total Iowa |  | 29257 |
| **Kansas — 0.6%** | **Kansas — 0.6%** | **Kansas — 0.6%** |
| City of Derby Series 2024-1, GO, 4.00%, <br> 12/1/2026<br>| 2000 | 2002 |
| Kansas Development Finance Authority, <br> AdventHealth Series 2021B, Rev., 5.00%, <br> 11/15/2028 (d)<br>| 5600 | 5982 |
| Riley County Unified School District No. 383, <br> Manhattan-Ogden Series 2018A, GO, 5.00%, <br> 9/1/2027 (b)<br>| 60 | 63 |
| State of Kansas Department of Transportation |  |  |
| Series 2025A, Rev., 5.00%, 9/1/2027 | 2000 | 2086 |
| Series 2025A, Rev., 5.00%, 9/1/2028 | 3000 | 3210 |
| University of Kansas Hospital Authority, Health <br> System Series 2017A, Rev., 4.00%, <br> 3/1/2027 (b)<br>| 225 | 229 |
| Wyandotte County-Kansas City Unified Government <br> Utility System<br>|  |  |
| Series 2014A, Rev., 5.00%, 9/1/2028 | 1000 | 1001 |
| Series 2014A, Rev., 5.00%, 9/1/2029 | 1000 | 1001 |
| Total Kansas |  | 15574 |
| **Kentucky — 0.7%** | **Kentucky — 0.7%** | **Kentucky — 0.7%** |
| Commonwealth of Kentucky, State Office Building <br> Project Series 2018A, COP, 4.00%, 4/15/2027<br>| 1250 | 1271 |
| County of Trimble Series 2023A, Rev., AMT, 4.70%, <br> 6/1/2027 (d)<br>| 1000 | 1017 |
| Kentucky Asset Liability Commission Series 2021A, <br> Rev., 5.00%, 11/1/2027<br>| 25 | 26 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Kentucky — continued** | **Kentucky — continued** | **Kentucky — continued** |
| Kentucky State Property and Building Commission, <br> Project No. 112<br>|  |  |
| Series B, Rev., 5.00%, 11/1/2026 | 105 | 107 |
| Series B, Rev., 5.00%, 11/1/2027 | 1000 | 1018 |
| Series B, Rev., 5.00%, 11/1/2028 | 355 | 362 |
| Kentucky State Property and Building Commission, <br> Project No. 113 Series 2024B, Rev., 5.00%, <br> 11/1/2027<br>| 1000 | 1047 |
| Kentucky State Property and Building Commission, <br> Project No. 115, Rev., 5.00%, 4/1/2028<br>| 500 | 515 |
| Kentucky State Property and Building Commission, <br> Project No. 122 Series A, Rev., 5.00%, <br> 11/1/2027<br>| 260 | 272 |
| Kentucky State Property and Building Commission, <br> Project No. 130 Series 2024B, Rev., 5.00%, <br> 11/1/2029<br>| 80 | 88 |
| Kentucky State Property and Building Commission, <br> Project No. 131 Series A, Rev., 5.00%, <br> 10/1/2028<br>| 1000 | 1071 |
| Kentucky State Property and Building Commission, <br> Project No. 133 Series B, Rev., 5.00%, 9/1/2027<br>| 2250 | 2345 |
| Kentucky Turnpike Authority, Revitalization Projects |  |  |
| Series B, Rev., 5.00%, 7/1/2026 | 90 | 91 |
| Series B, Rev., 5.00%, 7/1/2027 | 125 | 130 |
| Louisville and Jefferson County Metropolitan <br> Government, Louisville Gas and Electric Co. <br> Project Series 2001A, Rev., 0.90%, 9/1/2026<br>| 5000 | 4945 |
| Louisville and Jefferson County Metropolitan <br> Government, Norton Healthcare, Inc.<br>|  |  |
| Series 2016A, Rev., 5.00%, 10/1/2027 | 75 | 76 |
| Series 2020D, Rev., 5.00%, 10/1/2029 (d) | 2000 | 2151 |
| University of Kentucky, General Receipts |  |  |
| Series 2015B, Rev., 5.00%, 10/1/2026 | 35 | 35 |
| Series 2015B, Rev., 5.00%, 10/1/2027 | 70 | 70 |
| Total Kentucky |  | 16637 |
| **Louisiana — 0.4%** | **Louisiana — 0.4%** | **Louisiana — 0.4%** |
| City of Shreveport, Water and Sewer, Junior Lien <br> Series 2018C, Rev., 5.00%, 12/1/2026<br>| 75 | 76 |
| Louisiana Public Facilities Authority, Ochsner Clinic <br> Foundation Project Series 2002B, Rev., 5.50%, <br> 5/15/2026 (b)<br>| 530 | 534 |
| Louisiana Public Facilities Authority, Tulane <br> University of Louisiana Project<br>|  |  |
| Series 2020A, Rev., 5.00%, 4/1/2026 (b) | 20 | 20 |
| Series 2020A, Rev., 5.00%, 4/1/2026 | 80 | 80 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 47

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Louisiana — continued** | **Louisiana — continued** | **Louisiana — continued** |
| Louisiana Public Facilities Authority, Willis Knighton <br> Medical Center Project Series 1997, Rev., 5.00%, <br> 9/1/2027 (b)<br>| 1700 | 1771 |
| State of Louisiana |  |  |
| Series 2023A, GO, 5.00%, 4/1/2027 | 680 | 701 |
| Series 2024E, GO, 5.00%, 9/1/2028 | 1600 | 1714 |
| Series 2024E, GO, 5.00%, 9/1/2029 | 1000 | 1096 |
| State of Louisiana Gasoline and Fuels Tax, Second <br> Lien Series 2023A-1, Rev., VRDO, LOC : TD Bank <br> NA, 1.90%, 3/2/2026 (d)<br>| 4000 | 4000 |
| Total Louisiana |  | 9992 |
| **Maine — 0.4%** | **Maine — 0.4%** | **Maine — 0.4%** |
| Maine Health and Higher Educational Facilities <br> Authority, Mainehealth Series 2020A, Rev., <br> 5.00%, 7/1/2026<br>| 250 | 252 |
| Maine Municipal Bond Bank Series 2020A, Rev., <br> 5.00%, 9/1/2027<br>| 20 | 21 |
| Maine School Administrative District No. 51 Series <br> 2025B, GO, BAN, 4.00%, 12/15/2026<br>| 7500 | 7597 |
| Maine Turnpike Authority |  |  |
| Rev., 5.00%, 7/1/2029 | 1000 | 1091 |
| Rev., 5.00%, 7/1/2030 | 1000 | 1116 |
| State of Maine Series 2022B, GO, 5.00%, <br> 6/1/2026<br>| 65 | 65 |
| Total Maine |  | 10142 |
| **Maryland — 0.6%** | **Maryland — 0.6%** | **Maryland — 0.6%** |
| County of Baltimore Series 2017, GO, 5.00%, <br> 3/1/2027<br>| 25 | 26 |
| County of Baltimore, Equipment Acquisition <br> Program, COP, 5.00%, 3/1/2027<br>| 85 | 87 |
| County of Howard Series 2017A, GO, 5.00%, <br> 2/15/2027<br>| 45 | 46 |
| County of Montgomery Series 2018A, GO, 5.00%, <br> 11/1/2026<br>| 75 | 77 |
| County of Prince George's Series 2025A, GO, <br> 5.00%, 8/1/2027<br>| 2240 | 2332 |
| Maryland Health and Higher Educational Facilities <br> Authority, The Johns Hopkins Health System <br> Series 2024A, Rev., VRDO, LOC : TD Bank NA, <br> 1.85%, 3/2/2026 (d)<br>| 5000 | 5000 |
| State of Maryland Series 2021A, GO, 5.00%, <br> 8/1/2026<br>| 1430 | 1447 |
| State of Maryland Department of Transportation <br> Series 2017, Rev., 5.00%, 5/1/2026<br>| 250 | 250 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Maryland — continued** | **Maryland — continued** | **Maryland — continued** |
| State of Maryland Department of Transportation, <br> Second Issue Series 2018, Rev., 5.00%, <br> 10/1/2027<br>| 50 | 51 |
| State of Maryland, State and Local Facilities Loan of <br> 2021 Series 2021A, GO, 5.00%, 3/1/2026<br>| 7000 | 7000 |
| University System of Maryland |  |  |
| Series 2017A, Rev., 5.00%, 4/1/2026 | 40 | 40 |
| Series 2019B, Rev., 5.00%, 4/1/2026 | 35 | 35 |
| Series 2019C, Rev., 5.00%, 4/1/2027 | 100 | 103 |
| Total Maryland |  | 16494 |
| **Massachusetts — 3.4%** | **Massachusetts — 3.4%** | **Massachusetts — 3.4%** |
| City of Boston Series 2015B, GO, 5.00%, 4/1/2026 | 50 | 50 |
| City of Brockton, GO, BAN, 5.00%, 10/8/2026 | 2075 | 2107 |
| City of Somerville Series 2025B, GO, BAN, 5.00%, <br> 7/1/2026<br>| 11500 | 11602 |
| City of Springfield, GO, BAN, 4.25%, 5/1/2026 | 6000 | 6017 |
| Commonwealth of Massachusetts Series C, GO, A.G., <br> 5.25%, 11/1/2026<br>| 50 | 51 |
| Commonwealth of Massachusetts, Consolidated <br> Loan of 2023 Series 2023B, GO, 5.00%, <br> 10/1/2026<br>| 40 | 41 |
| Commonwealth of Massachusetts, Consolidated <br> Loan of 2025 Series 2025G, GO, 5.00%, <br> 12/1/2029<br>| 2000 | 2215 |
| Cotuit Fire District, GO, BAN, 4.00%, 12/4/2026 | 3000 | 3038 |
| Massachusetts Development Finance Agency, <br> Children's Hospital Corp Obligated Group Series <br> 2024U-2, Rev., VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (d)<br>| 10000 | 10000 |
| Massachusetts Development Finance Agency, <br> Partners Healthcare System Issue<br>|  |  |
| Series O-2, Rev., 5.00%, 7/1/2026 | 50 | 50 |
| Series 2016Q, Rev., 5.00%, 7/1/2029 | 220 | 222 |
| Massachusetts School Building Authority, Dedicated <br> Sales Tax Series 2016B, Rev., 5.00%, <br> 11/15/2026 (b)<br>| 135 | 138 |
| Merrimack Valley Regional Transit Authority, Rev., <br> RAN, 4.25%, 6/18/2026<br>| 5000 | 5023 |
| North Middlesex Regional School District, GO, BAN, <br> 4.00%, 10/30/2026<br>| 5700 | 5764 |
| Town of Abington, GO, BAN, 4.50%, 4/23/2026 | 2000 | 2005 |
| Town of Charlton, GO, BAN, 4.25%, 4/16/2026 | 5500 | 5513 |
| Town of Hatfield, GO, BAN, 4.00%, 7/14/2026 | 4000 | 4025 |
| Town of Nahant, GO, BAN, 4.25%, 7/24/2026 | 2000 | 2013 |
| Town of Orange, GO, BAN, 4.00%, 12/17/2026 | 2900 | 2939 |
| Town of Oxford, GO, BAN, 4.00%, 3/5/2026 | 3000 | 3000 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

48 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Massachusetts — continued** | **Massachusetts — continued** | **Massachusetts — continued** |
| Town of Seekonk, GO, BAN, 4.25%, 4/16/2026 | 3400 | 3408 |
| Town of Westford, GO, BAN, 4.25%, 4/30/2026 | 11000 | 11033 |
| University of Massachusetts Building Authority <br> Series 2015-1, Rev., 5.00%, 11/1/2029<br>| 2000 | 2004 |
| Worcester Regional Transit Authority, Rev., RAN, <br> 4.25%, 6/18/2026<br>| 4000 | 4018 |
| Total Massachusetts |  | 86276 |
| **Michigan — 3.0%** | **Michigan — 3.0%** | **Michigan — 3.0%** |
| Fulton School District, Unlimited Tax |  |  |
| GO, A.G., 4.00%, 5/1/2026 | 220 | 221 |
| GO, A.G., 4.00%, 5/1/2027 | 210 | 214 |
| Great Lakes Water Authority, Water Supply System, <br> Second Lien<br>|  |  |
| Series 2018A, Rev., 5.00%, 7/1/2026 | 215 | 217 |
| Series 2018A, Rev., 5.00%, 7/1/2027 | 25 | 26 |
| Series 2018A, Rev., 5.00%, 7/1/2028 | 100 | 106 |
| Michigan Finance Authority, Henry Ford Health <br> System<br>|  |  |
| Series 2016, Rev., 5.00%, 11/15/2026 | 1280 | 1302 |
| Rev., 5.00%, 11/15/2027 | 760 | 772 |
| Michigan Finance Authority, Hospital Trinity Health <br> Credit Group<br>|  |  |
| Series 2017A-MI, Rev., 5.00%, 12/1/2027 | 140 | 146 |
| Series 2015MI, Rev., 5.50%, 12/1/2027 | 1140 | 1149 |
| Michigan Finance Authority, Trinity Health Credit <br> Group<br>|  |  |
| Series 2017A-MI, Rev., 5.00%, 12/1/2026 | 30 | 31 |
| Series 2017A-MI, Rev., 5.00%, 12/1/2028 | 45 | 47 |
| Michigan State Building Authority Series 2016I, <br> Rev., 5.00%, 10/15/2030<br>| 1000 | 1017 |
| Michigan State Building Authority, Facilities Program |  |  |
| Series 2023-I, Rev., VRDO, 1.98%, <br> 3/11/2026 (d)<br>| 17000 | 17000 |
| Series 2016I, Rev., 5.00%, 4/15/2026 | 75 | 75 |
| Michigan State Hospital Finance Authority, <br> Ascension Senior Credit Group Series 2010F-7, <br> Rev., 5.00%, 11/15/2026 (b)<br>| 2300 | 2344 |
| Michigan State Housing Development Authority, <br> Rental Housing<br>|  |  |
| Series 2024A, Rev., 3.63%, 10/1/2029 | 7750 | 7751 |
| Series 2024A, Rev., 3.70%, 4/1/2030 | 9000 | 9003 |
| Michigan State University Series 2020A, Rev., <br> 5.00%, 8/15/2027<br>| 80 | 83 |
| Michigan Strategic Fund, Consumers Co. Project <br> Series 2019, Rev., AMT, 3.35%, 10/1/2027 (d)<br>| 1300 | 1306 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Michigan — continued** | **Michigan — continued** | **Michigan — continued** |
| Portage Public Schools, Unlimited Tax School <br> Building and Site, GO, 5.00%, 11/1/2031<br>| 1395 | 1401 |
| RIB Floater Trust Various States Series 2022-046, <br> Rev., VRDO, LOC : Barclays Bank plc, 2.03%, <br> 3/2/2026 (d) (e)<br>| 31410 | 31410 |
| State of Michigan Series 2016, Rev., GAN, 5.00%, <br> 3/15/2026<br>| 55 | 55 |
| University of Michigan, Rev., 5.00%, 4/1/2026 (b) | 50 | 50 |
| Total Michigan |  | 75726 |
| **Minnesota — 0.3%** | **Minnesota — 0.3%** | **Minnesota — 0.3%** |
| City of St. Cloud, Centracare Health System Series <br> 2016A, Rev., 5.00%, 5/1/2026<br>| 140 | 141 |
| Duluth Independent School District No. 709 Series <br> 2019B, COP, 5.00%, 2/1/2028<br>| 300 | 314 |
| Minneapolis-St Paul Metropolitan Airports <br> Commission<br>|  |  |
| Series 2023A, Rev., 5.00%, 1/1/2027 | 50 | 51 |
| Series A, Rev., 5.00%, 1/1/2029 | 35 | 36 |
| Minneapolis-St. Paul Metropolitan Airports <br> Commission Series A, Rev., 5.00%, 1/1/2027<br>| 80 | 82 |
| Minnesota Health and Education Facilities Authority, <br> Carleton College Series 2017, Rev., 5.00%, <br> 3/1/2026<br>| 30 | 30 |
| State of Minnesota |  |  |
| Series 2022A, Rev., 5.00%, 3/1/2027 | 1285 | 1322 |
| Series 2019B, GO, 5.00%, 8/1/2027 | 35 | 36 |
| State of Minnesota, Various Purpose Series 2025D, <br> GO, 5.00%, 8/1/2027<br>| 5000 | 5206 |
| Total Minnesota |  | 7218 |
| **Mississippi — 0.8%** | **Mississippi — 0.8%** | **Mississippi — 0.8%** |
| Mississippi Business Finance Corp., Gulf Opportunity <br> Zone Industrial Development, Chevron USA, Inc., <br> Project Series 2010H, Rev., VRDO, 2.00%, <br> 3/2/2026 (d)<br>| 15000 | 15000 |
| Mississippi Development Bank, Department of <br> Corrections Walnut Grove Correctional Facility <br> Refunding Bonds Project Series A, Rev., 5.00%, <br> 8/1/2027<br>| 2500 | 2592 |
| Mississippi Development Bank, Desoto County <br> Mississippi Highway Project Series 2024A, Rev., <br> 5.00%, 1/1/2029<br>| 1500 | 1615 |
| State of Mississippi Series 2016B, GO, 5.00%, <br> 12/1/2026 (b)<br>| 500 | 511 |
| Total Mississippi |  | 19718 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 49

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Missouri — 1.7%** | **Missouri — 1.7%** | **Missouri — 1.7%** |
| City of Kansas City |  |  |
| Series 2018A, GO, 5.00%, 2/1/2027 | 20 | 21 |
| Series 2017C, Rev., 5.00%, 9/1/2027 | 40 | 42 |
| Series 2017C, Rev., 5.00%, 9/1/2028 | 175 | 181 |
| City of St Louis Airport, Lambert St. Louis <br> International Airport Series 2005, Rev., NATL - <br> RE, 5.50%, 7/1/2028<br>| 20 | 22 |
| City of St. Louis Airport Series 2005, Rev., NATL - <br> RE, 5.50%, 7/1/2027<br>| 235 | 245 |
| County of Jackson, Harry S. Truman Sports Complex <br> Project Series 2014, Rev., 5.00%, 12/1/2026<br>| 20 | 20 |
| Curators of the University of Missouri (The) |  |  |
| Series 2024, Rev., 5.00%, 11/1/2028 | 1000 | 1074 |
| Series 2024, Rev., 5.00%, 11/1/2029 | 2500 | 2751 |
| Health and Educational Facilities Authority of the <br> State of Missouri Series 2021C, Rev., 5.00%, <br> 5/1/2028 (d)<br>| 1000 | 1056 |
| Health and Educational Facilities Authority of the <br> State of Missouri, BJC Health System Series <br> 2021B, Rev., 4.03%, 5/1/2026 (d)<br>| 5500 | 5514 |
| Health and Educational Facilities Authority of the <br> State of Missouri, Mercy Health<br>|  |  |
| Series 2018A, Rev., 5.00%, 6/1/2028 | 20 | 21 |
| Series 2018A, Rev., 5.00%, 6/1/2029 | 40 | 43 |
| Health and Educational Facilities Authority of the <br> State of Missouri, SSM Health Care Obligated <br> Group Series 2018F, Rev., VRDO, 2.00%, <br> 3/2/2026 (d)<br>| 14700 | 14700 |
| Health and Educational Facilities Authority of the <br> State of Missouri, St. Louis University, Rev., <br> 5.00%, 11/15/2028<br>| 70 | 70 |
| Missouri Development Finance Board, Procter & <br> Gamble Co. Project Series 1999, Rev., 5.20%, <br> 3/15/2029<br>| 700 | 748 |
| Missouri Highway and Transportation Commission, <br> State Appropriations Mega Projects State Road <br> Series 2025A, Rev., 5.00%, 5/1/2028<br>| 9100 | 9660 |
| Missouri Public Utilities Commission, Rev., 4.00%, <br> 5/1/2026<br>| 7250 | 7255 |
| Total Missouri |  | 43423 |
| **Nebraska — 0.1%** | **Nebraska — 0.1%** | **Nebraska — 0.1%** |
| Nebraska Public Power District |  |  |
| Series 2016A, Rev., 5.00%, 1/1/2027 | 60 | 60 |
| Series A-1, Rev., 5.00%, 1/1/2027 | 35 | 35 |
| Series C, Rev., 5.00%, 1/1/2028 | 125 | 125 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Nebraska — continued** | **Nebraska — continued** | **Nebraska — continued** |
| Series A-1, Rev., 5.00%, 1/1/2029 | 65 | 65 |
| Omaha School District Series 2016, GO, 5.00%, <br> 12/15/2028<br>| 1900 | 1940 |
| Total Nebraska |  | 2225 |
| **Nevada — 0.5%** | **Nevada — 0.5%** | **Nevada — 0.5%** |
| Carson City Nevada Hospital, Carson Tahoe Regional <br> Healthcare Project, Rev., 5.00%, 9/1/2027<br>| 685 | 705 |
| Clark County School District, Limited Tax |  |  |
| Series 2021C, GO, 5.00%, 6/15/2026 | 75 | 76 |
| Series 2016B, GO, 5.00%, 6/15/2027 | 80 | 82 |
| Series 2017A, GO, 5.00%, 6/15/2027 | 190 | 197 |
| Series 2018A, GO, 5.00%, 6/15/2027 | 150 | 155 |
| Series 2025B, GO, 5.00%, 6/15/2027 | 7680 | 7956 |
| Series 2015D, GO, 5.00%, 6/15/2028 | 140 | 140 |
| Series 2017A, GO, 5.00%, 6/15/2028 | 115 | 119 |
| Series 2018A, GO, 5.00%, 6/15/2029 | 60 | 64 |
| County of Clark |  |  |
| Series 2018, GO, 5.00%, 12/1/2026 | 1000 | 1021 |
| Series 2018B, GO, 5.00%, 12/1/2026 | 50 | 51 |
| Series 2017, Rev., 5.00%, 7/1/2027 | 20 | 21 |
| County of Clark, Motor Vehicle Fuel Tax Series <br> 2020C, Rev., 5.00%, 7/1/2027<br>| 165 | 171 |
| Las Vegas Valley Water District Series 2016B, GO, <br> 5.00%, 6/1/2026<br>| 50 | 50 |
| State of Nevada Series 2025A, GO, 5.00%, <br> 10/1/2026<br>| 1500 | 1525 |
| State of Nevada, Capital Improvement and Cultural <br> Affairs Series 2019A, GO, 5.00%, 5/1/2027<br>| 85 | 88 |
| State of Nevada, Water Pollution Control Series <br> 2019E, GO, 5.00%, 8/1/2027<br>| 30 | 31 |
| Total Nevada |  | 12452 |
| **New Hampshire — 0.1%** | **New Hampshire — 0.1%** | **New Hampshire — 0.1%** |
| New Hampshire Health and Education Facilities <br> Authority Act Series 2015B, Rev., 3.30%, <br> 8/3/2027 (d)<br>| 2500 | 2518 |
| New Hampshire Municipal Bond Bank Series 2022C, <br> Rev., 5.00%, 8/15/2027<br>| 30 | 31 |
| Total New Hampshire |  | 2549 |
| **New Jersey — 11.8%** | **New Jersey — 11.8%** | **New Jersey — 11.8%** |
| Atlantic County Improvement Authority (The), <br> Atlantic City Campus Phase II Project Series <br> 2021A, Rev., A.G., 5.00%, 7/1/2026<br>| 100 | 101 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

50 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Bergen County Improvement Authority (The), <br> Guaranteed Government Pooled Project<br>|  |  |
| Series 2025A, Rev., GTD, 4.00%, 5/21/2026 | 14000 | 14051 |
| Rev., GTD, 4.00%, 10/14/2026 | 7000 | 7071 |
| Borough of Carlstadt, GO, BAN, 4.50%, 5/1/2026 | 8500 | 8526 |
| Borough of East Rutherford, GO, BAN, 4.00%, <br> 4/2/2026<br>| 8500 | 8511 |
| Borough of Palisades Park, Swimming Pool Utility, <br> GO, BAN, 4.25%, 3/11/2026<br>| 2000 | 2001 |
| Borough of Point Pleasant Beach, GO, BAN, 4.00%, <br> 11/6/2026<br>| 4000 | 4044 |
| Borough of South River, Water Utility Series 2025A, <br> GO, BAN, 4.00%, 12/8/2026<br>| 3900 | 3947 |
| Burlington County Bridge Commission, Government <br> Leasing Program Series 2025D, Rev., 4.00%, <br> 12/9/2026<br>| 9885 | 10010 |
| City of Asbury Park, Transportation Sewer Utility <br> Series 2026A, GO, BAN, 4.00%, 1/12/2027<br>| 5000 | 5066 |
| City of East Orange, GO, BAN, 4.00%, 10/14/2026 | 8400 | 8487 |
| City of Jersey City |  |  |
| Series 2025A, GO, BAN, 4.00%, 7/8/2026 | 6500 | 6538 |
| Series 2025C, GO, BAN, 4.00%, 10/20/2026 | 13400 | 13540 |
| City of Sea Isle City, GO, BAN, 4.00%, 10/15/2026 | 5000 | 5055 |
| City of Wildwood Series 2025A, GO, BAN, 4.00%, <br> 10/2/2026<br>| 4800 | 4846 |
| Essex County Improvement Authority, Family Court <br> Building Project, Rev., GTD, 5.00%, 3/17/2026<br>| 5500 | 5505 |
| Hudson County Improvement Authority, Local Unit <br> Loan Program Series B-1, Rev., GTD, 4.00%, <br> 6/24/2026<br>| 10000 | 10050 |
| Jersey City Municipal Utilities Authority, Water <br> Project Series 2025A, Rev., GTD, 5.00%, <br> 5/1/2026<br>| 4500 | 4519 |
| Jersey City Redevelopment Agency, Bayfront <br> Redevelopment Project Series 2025A, Rev., GTD, <br> 5.00%, 12/9/2026<br>| 2000 | 2035 |
| Monmouth County Improvement Authority (The), <br> Rev., GTD, 4.00%, 3/13/2026<br>| 15525 | 15532 |
| New Jersey Building Authority Series 2016A, Rev., <br> 5.00%, 6/15/2026 (b)<br>| 900 | 907 |
| New Jersey Economic Development Authority |  |  |
| Series 2017DDD, Rev., 5.00%, 6/15/2027 (b) | 45 | 47 |
| Series A, Rev., 4.00%, 11/1/2027 | 25 | 26 |
| New Jersey Economic Development Authority, <br> School Facilities Construction<br>|  |  |
| Series 2024SSS, Rev., 5.00%, 6/15/2026 | 2450 | 2469 |
| Series 2019GGG, Rev., 5.25%, 9/1/2026 (e) | 2500 | 2537 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Series 2024SSS, Rev., 5.00%, 6/15/2027 | 1400 | 1450 |
| Series WW, Rev., 5.25%, 6/15/2028 | 150 | 150 |
| New Jersey Health Care Facilities Financing <br> Authority, Barnabas Health Obligated Group <br> Series 2019B-3, Rev., 5.00%, 7/1/2026 (d)<br>| 4535 | 4575 |
| New Jersey Higher Education Student Assistance <br> Authority, Senior Student Loan Immediate <br> Delivery Series 2025-2, Rev., AMT, 4.95%, <br> 6/2/2026 (d)<br>| 9000 | 9047 |
| New Jersey Transportation Trust Fund Authority, <br> Capital Appreciation Series 2010A, Rev., Zero <br> Coupon, 12/15/2028<br>| 2485 | 2320 |
| New Jersey Transportation Trust Fund Authority, <br> Federal Highway Reimbursement Series <br> 2016A-1, Rev., 5.00%, 6/15/2028<br>| 460 | 463 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation Program Series 2023AA, Rev., <br> 5.00%, 6/15/2026<br>| 1875 | 1890 |
| New Jersey Transportation Trust Fund Authority, <br> Transportation System Series 2006C, Rev., NATL - <br> RE, Zero Coupon, 12/15/2030<br>| 3500 | 3094 |
| New Jersey Turnpike Authority |  |  |
| Series 2014A, Rev., 5.00%, 1/1/2027 | 220 | 220 |
| Series 2017E, Rev., 5.00%, 1/1/2027 | 1000 | 1024 |
| Passaic County Improvement Authority (The), City of <br> Paterson Project, Rev., GTD, 5.00%, 8/15/2026<br>| 350 | 355 |
| State of New Jersey, COVID-19 Emergency Bonds |  |  |
| Series 2020A, GO, 5.00%, 6/1/2026 | 2000 | 2015 |
| Series 2020A, GO, 5.00%, 6/1/2027 | 110 | 114 |
| Tobacco Settlement Financing Corp. |  |  |
| Series 2018A, Rev., 5.00%, 6/1/2026 | 335 | 337 |
| Series 2018A, Rev., 5.00%, 6/1/2028 | 1045 | 1100 |
| Series 2018A, Rev., 5.00%, 6/1/2029 | 280 | 295 |
| Township of Boonton, GO, BAN, 4.00%, 8/28/2026 | 4300 | 4328 |
| Township of Edison, GO, BAN, 4.00%, 11/5/2026 | 10000 | 10117 |
| Township of Hamilton, GO, BAN, 4.00%, 10/7/2026 | 18000 | 18183 |
| Township of Hillside, GO, BAN, 4.00%, 12/15/2026 | 3700 | 3743 |
| Township of Livingston, GO, BAN, 4.00%, <br> 12/3/2026<br>| 5000 | 5068 |
| Township of Logan, GO, BAN, 4.00%, 10/2/2026 | 7900 | 7976 |
| Township of Manchester Series 2025A, GO, BAN, <br> 4.50%, 5/6/2026<br>| 6000 | 6020 |
| Township of Maple Shade Series 2025A, GO, BAN, <br> 4.00%, 11/4/2026<br>| 4000 | 4042 |
| Township of Montville, GO, BAN, 4.00%, <br> 11/3/2026<br>| 6000 | 6070 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 51

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New Jersey — continued** | **New Jersey — continued** | **New Jersey — continued** |
| Township of Parsippany-Troy Hills, GO, BAN, 4.00%, <br> 10/27/2026<br>| 12000 | 12139 |
| Township of Piscataway, GO, BAN, 4.00%, <br> 10/29/2026<br>| 10000 | 10118 |
| Township of Washington, GO, BAN, 4.25%, <br> 7/2/2026<br>| 2500 | 2514 |
| Township of Wayne, GO, 4.00%, 10/28/2026 | 2500 | 2529 |
| Township of West Windsor, GO, BAN, 4.00%, <br> 10/27/2026<br>| 10000 | 10117 |
| Township of Woodbridge, GO, BAN, 4.00%, <br> 10/9/2026<br>| 22000 | 22226 |
| Total New Jersey |  | 299060 |
| **New Mexico — 0.1%** | **New Mexico — 0.1%** | **New Mexico — 0.1%** |
| Albuquerque Bernalillo County Water Utility <br> Authority Series 2018, Rev., 5.00%, 7/1/2026<br>| 50 | 51 |
| New Mexico Finance Authority, State Transportation, <br> Subordinate Lien<br>|  |  |
| Series 2021A, Rev., 5.00%, 6/15/2026 | 1000 | 1008 |
| Series 2018A, Rev., 5.00%, 6/15/2027 | 70 | 73 |
| New Mexico Mortgage Finance Authority, Mountain <br> View II & III Apartments Project, Rev., 2.92%, <br> 9/1/2026 (d) (f)<br>| 1075 | 1075 |
| State of New Mexico Severance Tax Permanent Fund |  |  |
| Series 2018A, Rev., 5.00%, 7/1/2027 | 45 | 47 |
| Series 2021A, Rev., 5.00%, 7/1/2028 | 65 | 69 |
| State of New Mexico, Capital Projects, GO, 5.00%, <br> 3/1/2026<br>| 45 | 45 |
| Total New Mexico |  | 2368 |
| **New York — 12.8%** | **New York — 12.8%** | **New York — 12.8%** |
| Altmar-Parish-Williamstown Central School District <br> Series 2025B, GO, BAN, 4.25%, 6/25/2026<br>| 10000 | 10050 |
| Ausable Valley Central School District, GO, BAN, <br> 4.25%, 7/10/2026<br>| 3000 | 3017 |
| Brasher Falls Central School District, GO, BAN, <br> 4.25%, 7/16/2026<br>| 3500 | 3518 |
| Brocton Central School District, GO, BAN, 4.25%, <br> 6/25/2026<br>| 6000 | 6030 |
| Build NYC Resource Corp., The Young Men's and <br> Women's Hebrew Association Project Series <br> 2024, Rev., 5.00%, 12/1/2027<br>| 5000 | 5221 |
| Canisteo-Greenwood Central School District, GO, <br> BAN, 4.25%, 6/26/2026<br>| 3000 | 3014 |
| City of New York, Fiscal Year 2008 Series 2018 <br> J-11, GO, 5.00%, 8/1/2026<br>| 85 | 86 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| City of New York, Fiscal Year 2014 Series 2014I, <br> Subseries I-3, GO, VRDO, LIQ : US Bank NA, <br> 1.95%, 3/2/2026 (d)<br>| 25000 | 25000 |
| City of New York, Fiscal Year 2017 Series 2014I, <br> Subseries I-3, GO, 5.00%, 8/1/2028<br>| 745 | 763 |
| City of New York, Fiscal Year 2019 |  |  |
| Series A, GO, 5.00%, 8/1/2026 | 120 | 121 |
| Series 2019E, GO, 5.00%, 8/1/2027 | 135 | 141 |
| City of New York, Fiscal Year 2023 |  |  |
| Series 2023, Subseries F-1, GO, 5.00%, <br> 8/1/2026<br>| 200 | 202 |
| Series 2024, Subseries A-1, GO, 5.00%, <br> 9/1/2026<br>| 180 | 183 |
| City of New York, Fiscal Year 2024 Series 2024E, <br> GO, 5.00%, 8/1/2029<br>| 800 | 876 |
| City of New York, Fiscal Year 2025 |  |  |
| Series 2025F, GO, 5.00%, 8/1/2026 | 1065 | 1078 |
| Series 2025A, GO, 5.00%, 8/1/2028 | 1000 | 1068 |
| City of New York, Fiscal Year 2026 Series 2026B, <br> Subseries B-1, GO, 5.00%, 8/1/2030<br>| 3500 | 3909 |
| City of Utica, GO, BAN, 4.00%, 1/22/2027 | 10000 | 10117 |
| Clinton Central School District, GO, BAN, 4.25%, <br> 6/25/2026<br>| 5000 | 5025 |
| Croton-Harmon Union Free School District Series <br> 2025A, GO, BAN, 4.00%, 6/26/2026<br>| 20000 | 20105 |
| Delaware Academy Central School District at Delhi, <br> GO, BAN, 4.25%, 7/22/2026<br>| 6000 | 6031 |
| Depew Union Free School District, GO, BAN, 4.00%, <br> 10/28/2026<br>| 9000 | 9106 |
| Empire State Development Corp., State Personal <br> Income Tax Series 2022A, Rev., 5.00%, <br> 9/15/2027 (b)<br>| 20 | 21 |
| Empire State Development Corp., State Personal <br> Income Tax, General Purpose Series 2016A, Rev., <br> 5.00%, 3/15/2026 (b)<br>| 25 | 25 |
| Geneseo Central School District, GO, BAN, 4.25%, <br> 6/25/2026<br>| 3000 | 3015 |
| Gouverneur Central School District, GO, BAN, <br> 4.25%, 7/16/2026<br>| 10800 | 10854 |
| Hornell City School District, GO, BAN, 4.25%, <br> 6/24/2026<br>| 5000 | 5024 |
| Hudson Falls Central School District, GO, BAN, <br> 4.25%, 6/24/2026<br>| 4000 | 4020 |
| Johnstown City School District, GO, BAN, 4.25%, <br> 6/26/2026<br>| 3000 | 3014 |
| Lansingburgh Central School District at Troy, GO, <br> BAN, 4.25%, 7/10/2026<br>| 5000 | 5022 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

52 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Long Island Power Authority, Electric System Series <br> 2023F, Rev., 5.00%, 9/1/2027<br>| 20 | 21 |
| Lyons Central School District, GO, BAN, 4.25%, <br> 6/26/2026<br>| 3000 | 3014 |
| Madrid-Waddington Central School District, GO, BAN, <br> 4.00%, 7/24/2026<br>| 2000 | 2009 |
| Metropolitan Transportation Authority Series <br> 2002G-1F, Rev., (SOFR + 0.43%), 2.89%, <br> 3/2/2026 (c)<br>| 200 | 199 |
| Monticello Central School District, GO, BAN, 4.00%, <br> 6/26/2026<br>| 1800 | 1808 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2015 Series 2015BB-4, <br> Rev., VRDO, LIQ : Barclays Bank plc, 2.00%, <br> 3/2/2026 (d)<br>| 17000 | 17000 |
| New York City Municipal Water Finance Authority, <br> Water and Sewer System, Second General <br> Resolution, Fiscal Year 2023 Series 2023, <br> Subseries B-1, Rev., VRDO, LIQ : Mizuho Bank <br> Ltd., 2.00%, 3/2/2026 (d)<br>| 10000 | 10000 |
| New York City Transitional Finance Authority <br> Building Aid Series 2019S-2A, Rev., 5.00%, <br> 7/15/2027<br>| 25 | 26 |
| New York City Transitional Finance Authority Future <br> Tax Secured<br>|  |  |
| Series 2023A, Subseries A-1, Rev., 5.00%, <br> 8/1/2026<br>| 95 | 96 |
| Series 2017A-1, Rev., 5.00%, 5/1/2029 | 25 | 25 |
| New York City Transitional Finance Authority Future <br> Tax Secured Fiscal Year 2022 Series 2020B-1, <br> Rev., 5.00%, 11/1/2026<br>| 80 | 82 |
| New York City Transitional Finance Authority Future <br> Tax Secured, Fiscal Year 2018 Series 2018B-1, <br> Rev., 5.00%, 8/1/2028<br>| 20 | 21 |
| New York City Transitional Finance Authority, <br> Building Aid, Fiscal Year 2018 Series S-1, Rev., <br> 5.00%, 7/15/2028<br>| 105 | 109 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2019 Series B-5, Rev., <br> VRDO, LIQ : US Bank NA, 1.95%, 3/2/2026 (d)<br>| 25000 | 25000 |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Fiscal Year 2025<br>|  |  |
| Series 2021 Subseries A-1, Rev., 5.00%, <br> 11/1/2026<br>| 40 | 41 |
| Series 2025C, Subseries C-1, Rev., 5.00%, <br> 5/1/2028<br>| 3265 | 3461 |
| Series 2025C, Subseries C-1, Rev., 5.00%, <br> 5/1/2029<br>| 2000 | 2173 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **New York — continued** | **New York — continued** | **New York — continued** |
| New York City Transitional Finance Authority, Future <br> Tax Secured, Subordinate, Fiscal Year 2025<br>|  |  |
| Series 2025-J, Subseries J-1, Rev., 5.00%, <br> 11/1/2027<br>| 2000 | 2097 |
| Series 2025F, Subseries F-1, Rev., 5.00%, <br> 11/1/2029<br>| 2000 | 2199 |
| Series 2025H, Sub H-1, Rev., 5.00%, 11/1/2029 | 1750 | 1924 |
| Series 2025F, Subseries F-1, Rev., 5.00%, <br> 11/1/2030<br>| 1400 | 1572 |
| New York City Water and Sewer System, Second <br> General Resolution Series BB 1B, Rev., VRDO, LIQ <br> : State Street Bank & Trust Co., 2.00%, <br> 3/2/2026 (d)<br>| 10000 | 10000 |
| New York State Dormitory Authority Series 2024A, <br> Rev., A.G., 5.00%, 10/1/2026<br>| 1000 | 1017 |
| New York State Dormitory Authority, New York <br> University Series 2017A, Rev., 5.00%, 7/1/2028<br>| 25 | 26 |
| New York State Dormitory Authority, Sales Tax <br> Series 2024A, Rev., A.G., 5.00%, 10/1/2027<br>| 1100 | 1151 |
| New York State Dormitory Authority, School Districts <br> Financing Program<br>|  |  |
| Series 2025A, Rev., A.G., 5.00%, 10/1/2027 | 2500 | 2616 |
| Series 2025A, Rev., A.G., 5.00%, 10/1/2028 | 1000 | 1074 |
| New York State Dormitory Authority, State Personal <br> Income Tax<br>|  |  |
| Series 2021A, Rev., 5.00%, 3/15/2027 (b) | 180 | 185 |
| Series 2021E, Rev., 5.00%, 3/15/2028 | 205 | 217 |
| New York State Dormitory Authority, State Personal <br> Income Tax, General Purpose<br>|  |  |
| Series 2018A, Rev., 5.00%, 3/15/2026 (b) | 20 | 20 |
| Series 2025C, Rev., 5.00%, 3/15/2031 | 3100 | 3528 |
| New York State Dormitory Authority, State Sales Tax |  |  |
| Series 2016A, Rev., 5.00%, 9/15/2026 (b) | 85 | 86 |
| Series 2016A, Rev., 5.00%, 3/15/2028 | 35 | 36 |
| New York State Dormitory Authority, Touro College <br> and University System, Rev., 5.00%, <br> 1/3/2028 (b)<br>| 615 | 646 |
| New York State Housing Finance Agency, State <br> Personal Income Tax Series 2024A-2, Rev., <br> 3.35%, 6/15/2029 (d)<br>| 2000 | 2014 |
| Owego Apalachin Central School District |  |  |
| Series 2025A, GO, BAN, 4.25%, 7/2/2026 | 2500 | 2513 |
| Series 2025B, GO, BAN, 4.25%, 7/17/2026 | 2500 | 2515 |
| Pembroke Central School District, GO, BAN, 3.75%, <br> 12/11/2026<br>| 5000 | 5054 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 53

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **New York — continued** | **New York — continued** | **New York — continued** |
| Port Authority of New York and New Jersey, <br> Consolidated<br>|  |  |
| Series 246, Rev., AMT, 5.00%, 9/1/2026 | 8250 | 8350 |
| Series 177TH, Rev., AMT, 4.00%, 7/15/2030 | 400 | 400 |
| Randolph Central School District, GO, BAN, 4.25%, <br> 6/26/2026<br>| 5000 | 5024 |
| Ridge Road Fire District, GO, BAN, 4.00%, <br> 10/21/2026<br>| 2300 | 2322 |
| Sherman Central School District, GO, BAN, 4.25%, <br> 6/24/2026<br>| 5400 | 5426 |
| Town of Amherst, GO, BAN, 4.00%, 10/28/2026 | 6100 | 6171 |
| Town of Irondequoit Series 2025B, GO, BAN, <br> 4.00%, 12/11/2026<br>| 3800 | 3844 |
| Town of Milton, GO, BAN, 4.00%, 7/24/2026 | 3500 | 3513 |
| Triborough Bridge and Tunnel Authority |  |  |
| Series 2025A, Rev., BAN, 5.00%, 5/15/2026 | 21900 | 22027 |
| Series A, Rev., 5.00%, 11/15/2026 | 75 | 77 |
| Series A, Rev., 5.00%, 11/15/2027 | 50 | 52 |
| Triborough Bridge and Tunnel Authority, Payroll <br> Mobility Tax Series 2024B, Rev., BAN, 5.00%, <br> 3/15/2027<br>| 2000 | 2061 |
| Webb Union Free School District, GO, BAN, 4.25%, <br> 7/16/2026<br>| 3000 | 3013 |
| West Seneca Central School District, GO, BAN, <br> 4.00%, 6/26/2026<br>| 10000 | 10050 |
| Wheatland Chili Central School District Series <br> 2025A, GO, BAN, 4.25%, 7/9/2026<br>| 1500 | 1508 |
| Total New York |  | 325069 |
| **North Carolina — 0.6%** | **North Carolina — 0.6%** | **North Carolina — 0.6%** |
| Charlotte-Mecklenburg Hospital Authority (The), <br> Atrium Health Care System Series 2021C, Rev., <br> 5.00%, 12/1/2028 (d)<br>| 1000 | 1070 |
| County of Durham Series 2023A, Rev., 5.00%, <br> 6/1/2026<br>| 85 | 86 |
| County of Guilford Series 2017, GO, 4.00%, <br> 3/1/2026<br>| 115 | 115 |
| County of Harnett Series 2020, Rev., 5.00%, <br> 12/1/2026<br>| 200 | 204 |
| County of New Hanover, New Hanover Regional <br> Medical Center Series 2017, Rev., 5.00%, <br> 10/1/2027 (b)<br>| 1580 | 1650 |
| County of Union Enterprise System Series 2021, <br> Rev., 5.00%, 6/1/2026<br>| 35 | 35 |
| North Carolina Housing Finance Agency, <br> Homeownership-1998 Trust Series 52-C, Rev., <br> VRDO, GNMA / FNMA / FHLMC, LIQ : TD Bank NA, <br> 1.90%, 3/2/2026 (d)<br>| 9500 | 9500 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **North Carolina — continued** | **North Carolina — continued** | **North Carolina — continued** |
| North Carolina Municipal Power Agency No. 1 |  |  |
| Series 2016A, Rev., 5.00%, 1/1/2028 | 265 | 268 |
| Series 2016A, Rev., 5.00%, 1/1/2029 | 250 | 252 |
| Orange County Public Facilities Co., Rev., 5.00%, <br> 10/1/2026<br>| 175 | 178 |
| Raleigh Durham Airport Authority Series 2020B, <br> Rev., 5.00%, 5/1/2026<br>| 135 | 136 |
| State of North Carolina |  |  |
| Series 2016A, GO, 5.00%, 6/1/2026 | 50 | 50 |
| Series 2018A, GO, 5.00%, 6/1/2026 | 50 | 50 |
| State of North Carolina, Limited Obligation Series <br> 2017B, Rev., 5.00%, 5/1/2029<br>| 525 | 542 |
| Total North Carolina |  | 14136 |
| **Ohio — 6.5%** | **Ohio — 6.5%** | **Ohio — 6.5%** |
| American Municipal Power, Inc., AMP Fremont <br> Energy Center Project Series 2017A, Rev., <br> 5.00%, 2/15/2028<br>| 100 | 105 |
| American Municipal Power, Inc., Combined <br> Hydroelectric Projects Series 2020A, Rev., <br> 5.00%, 2/15/2027<br>| 330 | 338 |
| Central Ohio Solid Waste Authority, GO, BAN, <br> 4.00%, 10/28/2026<br>| 3000 | 3032 |
| City of Cleveland, various Purpose, GO, BAN, 4.00%, <br> 12/9/2026<br>| 3000 | 3039 |
| City of Columbus, Various Purpose, Unlimited Tax |  |  |
| Series 2025A, GO, 5.00%, 10/1/2026 | 3450 | 3508 |
| Series 2025A, GO, 5.00%, 10/1/2027 | 1100 | 1150 |
| Series 2022B, GO, 5.00%, 4/1/2028 | 1745 | 1849 |
| Series 2017-1, GO, 5.00%, 4/1/2029 | 4000 | 4179 |
| City of Hamilton, Limited Tax Various Purpose, GO, <br> BAN, 4.00%, 12/15/2026<br>| 3600 | 3648 |
| City of Huber Heights, Various Purpose, GO, BAN, <br> 5.00%, 6/25/2026<br>| 6000 | 6043 |
| City of Hudson, Limited Tax, GO, BAN, 4.00%, <br> 12/11/2026<br>| 15300 | 15509 |
| City of Strongsville, First Station Construction, GO, <br> 4.00%, 12/9/2026<br>| 1500 | 1519 |
| Cleveland-Cuyahoga County Port Authority, The <br> Cleveland Museum of Natural History Project, <br> Rev., 5.00%, 7/1/2026<br>| 125 | 126 |
| County of Allen Hospital Facilities Series 2017A, <br> Rev., 5.00%, 8/1/2027<br>| 300 | 311 |
| County of Cuyahoga Series 2020D, Rev., 5.00%, <br> 12/1/2026<br>| 40 | 41 |
| County of Cuyahoga, Convention Hotel Project |  |  |
| COP, 5.00%, 12/1/2026 | 4220 | 4299 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

54 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| COP, 5.00%, 12/1/2027 | 575 | 600 |
| County of Franklin, CHE Trinity Health Credit Group <br> Series 2013OH, Rev., 2.62%, 5/1/2026 (d)<br>| 1750 | 1750 |
| County of Hamilton Sales Tax |  |  |
| Rev., BAN, 5.00%, 12/1/2026 | 18200 | 18548 |
| Series 2016A, Rev., 5.00%, 12/1/2029 | 110 | 112 |
| County of Hamilton Sewer System Series 2020A, <br> Rev., 5.00%, 12/1/2026<br>| 20 | 20 |
| County of Hamilton, Trihealth, Inc. Group Project <br> Series 2020A, Rev., 5.00%, 8/15/2027<br>| 305 | 317 |
| County of Mahoning, Limited Tax Various Tax, GO, <br> 4.00%, 10/12/2026<br>| 3200 | 3221 |
| County of Montgomery, Dayton Children's Hospital <br> Series 2021, Rev., 5.00%, 8/1/2026<br>| 425 | 429 |
| Kings Local School District, Unlimited Tax, GO, BAN, <br> 5.00%, 7/9/2026<br>| 2000 | 2017 |
| Monroe Local School District, GO, BAN, 4.00%, <br> 12/2/2026<br>| 3200 | 3237 |
| Ohio Air Quality Development Authority, American <br> Electric Power Co. Project Series 2014D, Rev., <br> 3.20%, 5/1/2026<br>| 2000 | 2000 |
| Ohio Higher Educational Facility Commission, Case <br> Western Reserve University Project<br>|  |  |
| Series 2018, Rev., 5.00%, 12/1/2026 | 120 | 122 |
| Series 2018, Rev., 5.00%, 12/1/2029 | 40 | 42 |
| Ohio State University (The) |  |  |
| Series 2023A-1, Rev., VRDO, 1.70%, <br> 3/11/2026 (d)<br>| 25000 | 25000 |
| Series 2021A, Rev., 5.00%, 12/1/2026 | 225 | 230 |
| State of Ohio Series 2017V, GO, 5.00%, <br> 10/1/2026<br>| 100 | 102 |
| State of Ohio, Capital Facilities Lease Appropriation, <br> Park and Recreation Improvement Fund Project<br>|  |  |
| Series 2016C, Rev., 5.00%, 12/1/2026 | 45 | 46 |
| Series 2025A, Rev., 5.00%, 12/1/2027 | 1000 | 1050 |
| Series 2025A, Rev., 5.00%, 12/1/2028 | 2700 | 2906 |
| State of Ohio, Cleveland Clinic Health System Series <br> 2019F, Rev., VRDO, LIQ : US Bank NA, 2.00%, <br> 3/2/2026 (d)<br>| 15000 | 15000 |
| State of Ohio, Common School |  |  |
| Series 2015A, GO, 5.00%, 9/15/2026 | 115 | 117 |
| Series 2017B, GO, 5.00%, 9/15/2026 | 50 | 51 |
| Series 2025A, GO, 5.00%, 6/15/2029 | 8130 | 8873 |
| Series 2025A, GO, 5.00%, 6/15/2030 | 7500 | 8375 |
| State of Ohio, Higher Education |  |  |
| Series 2025C, GO, 5.00%, 11/1/2027 | 7560 | 7927 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Ohio — continued** | **Ohio — continued** | **Ohio — continued** |
| Series 2025B, GO, 5.00%, 11/1/2030 | 1485 | 1671 |
| State of Ohio, Infrastructure Improvement |  |  |
| Series 2020B, GO, 5.00%, 8/1/2026 | 4000 | 4048 |
| Series 2025A, GO, 5.00%, 3/1/2030 | 4000 | 4439 |
| State of Ohio, Major New State Infrastructure Project <br> Series 2024-1, Rev., 5.00%, 12/15/2027<br>| 1235 | 1298 |
| State of Ohio, Mental Health Facilities Improvement <br> Fund Projects<br>|  |  |
| Series 2025A, Rev., 5.00%, 2/1/2028 | 2000 | 2105 |
| Series 2025A, Rev., 5.00%, 2/1/2029 | 1100 | 1187 |
| State of Ohio, State Infrastructure Improvement <br> Series 2016-1, Rev., 5.00%, 12/15/2028<br>| 1000 | 1008 |
| State of Ohio, Voting System Acquisition Project, <br> COP, 5.00%, 9/1/2026<br>| 20 | 20 |
| University of Cincinnati |  |  |
| Series 2016A, Rev., 5.00%, 6/1/2026 | 25 | 25 |
| Series 2019A, Rev., 5.00%, 6/1/2027 | 85 | 88 |
| Total Ohio |  | 166677 |
| **Oklahoma — 0.7%** | **Oklahoma — 0.7%** | **Oklahoma — 0.7%** |
| Canadian County Independent School District No. 69 <br> Mustang Series 2024A, GO, 4.00%, 6/1/2027<br>| 1555 | 1587 |
| City of Oklahoma City |  |  |
| GO, 5.00%, 3/1/2027 | 2600 | 2672 |
| Series 2016, GO, 5.00%, 3/1/2027 | 1000 | 1028 |
| GO, 5.00%, 3/1/2028 | 1470 | 1554 |
| Cleveland County Educational Facilities Authority, <br> Norman Public Schools Project Series 2023A, <br> Rev., 5.00%, 6/1/2028<br>| 1300 | 1372 |
| Grand River Dam Authority |  |  |
| Series 2014A, Rev., 5.00%, 6/1/2026 | 405 | 406 |
| Series 2016A, Rev., 5.00%, 6/1/2026 | 65 | 65 |
| Series 2016A, Rev., 5.00%, 6/1/2027 | 60 | 61 |
| Series 2016A, Rev., 5.00%, 6/1/2029 | 30 | 30 |
| Oklahoma Municipal Power Authority, Power Supply <br> System Series 2021A, Rev., A.G., 5.00%, <br> 1/1/2027<br>| 65 | 66 |
| Pittsburg County Educational Facilities Authority, <br> McAlester Public Schools Project, Rev., 4.00%, <br> 12/1/2026<br>| 250 | 253 |
| Tulsa County Independent School District No. 1 Tulsa <br> Series 2025A, GO, 4.00%, 4/1/2028<br>| 2800 | 2896 |
| Tulsa County Independent School District No. 4 <br> Bixby, GO, 5.00%, 6/1/2027<br>| 5400 | 5574 |
| Total Oklahoma |  | 17564 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 55

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Oregon — 0.2%** | **Oregon — 0.2%** | **Oregon — 0.2%** |
| Clackamas County School District No. 46 Oregon <br> Trail Series 2017, GO, 5.00%, 6/15/2029<br>| 1500 | 1556 |
| State of Oregon Department of Transportation <br> Series A, Rev., 5.00%, 11/15/2026<br>| 225 | 230 |
| State of Oregon, Article XI-G Project Series 2025G, <br> GO, 5.00%, 8/1/2027<br>| 3400 | 3540 |
| State of Oregon, Article XI-M Seismic Project & <br> Article XI-Q State Project Series F, GO, 5.00%, <br> 5/1/2028<br>| 30 | 30 |
| Tri-County Metropolitan Transportation District of <br> Oregon Series 2018A, Rev., 5.00%, 10/1/2029<br>| 100 | 105 |
| Total Oregon |  | 5461 |
| **Pennsylvania — 4.5%** | **Pennsylvania — 4.5%** | **Pennsylvania — 4.5%** |
| Allegheny County Higher Education Building <br> Authority, Robert Morris University, Rev., 5.00%, <br> 10/15/2027 (b)<br>| 570 | 595 |
| Allegheny County Higher Education Building <br> Authority, University Refunding Duquesne <br> University Series 2016, Rev., 5.00%, 3/1/2026<br>| 90 | 90 |
| Allegheny County Hospital Development Authority, <br> Allegheny Health Network Obligated Group Series <br> 2018A, Rev., 5.00%, 4/1/2026<br>| 2500 | 2504 |
| Allegheny County Hospital Development Authority, <br> Pittsburgh Medical Center Series 2019A, Rev., <br> 5.00%, 7/15/2026<br>| 45 | 45 |
| Allegheny County Hospital Development Authority, <br> UPMC Health Center Series 1997B, Rev., NATL - <br> RE, 6.00%, 7/1/2027<br>| 75 | 79 |
| Allegheny County Sanitary Authority, Sewer Series <br> 2020A, Rev., 5.00%, 6/1/2026<br>| 675 | 680 |
| City of Philadelphia |  |  |
| Series 2021A, GO, 5.00%, 5/1/2026 | 50 | 50 |
| Series 2019B, GO, 5.00%, 2/1/2028 | 40 | 42 |
| City of Philadelphia Water and Wastewater |  |  |
| Series 2014A, Rev., 5.00%, 7/1/2026 | 1800 | 1803 |
| Series 2017, GO, A.G., 5.00%, 8/1/2027 | 55 | 57 |
| Series 1997A, Rev., AMBAC, 5.13%, <br> 8/1/2027 (b)<br>| 40 | 42 |
| City of Pittsburgh Series 2020A, GO, 5.00%, <br> 9/1/2026<br>| 300 | 304 |
| Commonwealth Financing Authority |  |  |
| Series 2019B, Rev., 5.00%, 6/1/2027 | 365 | 377 |
| Series 2020A, Rev., 5.00%, 6/1/2027 | 20 | 21 |
| Commonwealth Financing Authority, Tobacco Master <br> Settlement Payment<br>|  |  |
| Rev., 5.00%, 6/1/2027 | 1000 | 1034 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Rev., 5.00%, 6/1/2028 | 1825 | 1933 |
| Rev., 5.00%, 6/1/2029 | 3550 | 3753 |
| Rev., 5.00%, 6/1/2030 | 2200 | 2322 |
| Commonwealth of Pennsylvania |  |  |
| Series 2025B, GO, 5.00%, 8/15/2026 | 1925 | 1951 |
| Series 1ST, GO, 5.00%, 9/15/2026 | 825 | 838 |
| Series 2018A, COP, 5.00%, 7/1/2027 | 405 | 419 |
| Series 2016, GO, 5.00%, 9/15/2027 | 775 | 787 |
| Series 2025A, GO, 5.00%, 8/15/2028 | 11000 | 11752 |
| Series 2025B, GO, 5.00%, 8/15/2028 | 3750 | 4006 |
| County of Dauphin |  |  |
| Series 2020A, GO, 5.00%, 11/15/2026 (b) | 20 | 20 |
| Series 2020A, GO, 5.00%, 11/15/2027 (b) | 25 | 26 |
| County of Indiana, GO, 3.00%, 12/15/2026 | 435 | 437 |
| County of Luzerne |  |  |
| GO, A.G., 5.00%, 6/15/2026 | 1550 | 1562 |
| GO, A.G., 5.00%, 6/15/2027 | 1000 | 1034 |
| GO, A.G., 5.00%, 6/15/2028 | 1900 | 2021 |
| Delaware County Authority, Cabrini University, Rev., <br> 5.00%, 7/1/2027 (b)<br>| 1640 | 1694 |
| Delaware Valley Regional Finance Authority, Local <br> Government Series 1998A, Rev., AMBAC, 5.50%, <br> 8/1/2028<br>| 1240 | 1329 |
| Geisinger Authority, Health System |  |  |
| Series 2020B, Rev., 5.00%, 2/15/2027 (d) | 8700 | 8808 |
| Series 2017A-2, Rev., 5.00%, 2/15/2029 | 675 | 691 |
| Series 2020C, Rev., 5.00%, 4/1/2030 (d) | 1000 | 1078 |
| General Authority of Southcentral Pennsylvania, <br> Wellspan Health Obligated Group Series 2025A, <br> Rev., 5.00%, 6/1/2029<br>| 1600 | 1733 |
| Lancaster County Hospital Authority, University of <br> Pennsylvania Health System Series 2016A, Rev., <br> 5.00%, 8/15/2026<br>| 20 | 20 |
| Pennsylvania Economic Development Financing <br> Authority, University of Pittsburgh Medical Center<br>|  |  |
| Series 2017A, Rev., 5.00%, 11/15/2026 | 65 | 66 |
| Series 2016, Rev., 5.00%, 3/15/2027 | 55 | 56 |
| Pennsylvania Economic Development Financing <br> Authority, Waste Management, Inc., Project<br>|  |  |
| Rev., AMT, 3.00%, 5/1/2026 (d) | 1500 | 1500 |
| Series 2021A, Rev., AMT, 4.00%, 7/1/2026 (d) | 7000 | 7005 |
| Series 2017A, Rev., AMT, 3.88%, 8/3/2026 (d) | 2900 | 2909 |
| Pennsylvania Higher Educational Facilities Authority <br> Series 2017AU-2, Rev., 5.00%, 6/15/2027 (b)<br>| 15 | 15 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

56 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Pennsylvania — continued** | **Pennsylvania — continued** | **Pennsylvania — continued** |
| Pennsylvania Higher Educational Facilities Authority, <br> State System Higher Education Series 2017AU-2, <br> Rev., 5.00%, 6/15/2027<br>| 35 | 36 |
| Pennsylvania State University (The) Series B, Rev., <br> 5.00%, 9/1/2028<br>| 40 | 41 |
| Pennsylvania Turnpike Commission |  |  |
| Rev., VRDO, LOC : TD Bank NA, 1.88%, <br> 3/11/2026 (d)<br>| 35000 | 35000 |
| Series 2020B, Rev., 5.00%, 12/1/2026 | 400 | 408 |
| Series 2021C, Rev., 5.00%, 12/1/2026 | 100 | 102 |
| Series 2019A, Rev., 4.00%, 12/1/2027 | 215 | 222 |
| Series 2016A-1, Rev., 5.00%, 12/1/2027 | 100 | 101 |
| Series 2016A-3, Rev., 5.00%, 12/1/2027 | 1355 | 1381 |
| Series 2016B, Rev., 5.00%, 6/1/2029 | 75 | 76 |
| Series 2017, Rev., 5.00%, 12/1/2029 | 50 | 52 |
| Pennsylvania Turnpike Commission Oil Franchise Tax <br> Series B, Rev., 5.00%, 12/1/2028<br>| 485 | 495 |
| Pennsylvania Turnpike Commission, Subordinate <br> Series A-2, Rev., 5.00%, 6/1/2027<br>| 2000 | 2013 |
| Philadelphia Authority for Industrial Development |  |  |
| Series 2019, Rev., 5.00%, 10/1/2028 | 200 | 214 |
| Series 2019, Rev., 5.00%, 10/1/2029 | 75 | 82 |
| Philadelphia Gas Works Co., 1998 General <br> Ordinance<br>|  |  |
| Series 14TH, Rev., 5.00%, 10/1/2026 | 30 | 31 |
| Series 14TH, Rev., 5.00%, 10/1/2028 | 300 | 305 |
| Series 14TH, Rev., 5.00%, 10/1/2029 | 325 | 330 |
| School District of Philadelphia (The) |  |  |
| Series 2019B, GO, 5.00%, 9/1/2026 | 1000 | 1014 |
| Series 2019A, GO, 5.00%, 9/1/2028 | 70 | 74 |
| Series F, GO, 5.00%, 9/1/2028 | 5000 | 5068 |
| Southeastern Pennsylvania Transportation Authority |  |  |
| Series 2017, Rev., 5.00%, 6/1/2027 | 80 | 83 |
| Series 2017, Rev., 5.00%, 6/1/2029 | 300 | 310 |
| Township of East Coventry, GO, 3.00%, 12/1/2026 | 275 | 276 |
| Wyalusing Area School District, GO, 3.00%, <br> 4/1/2026<br>| 300 | 300 |
| Total Pennsylvania |  | 115502 |
| **Rhode Island — 0.6%** | **Rhode Island — 0.6%** | **Rhode Island — 0.6%** |
| Rhode Island Commerce Corp., Department of <br> Transportation<br>|  |  |
| Series 2016B, Rev., 5.00%, 6/15/2026 | 115 | 116 |
| Series 2016B, Rev., 5.00%, 6/15/2027 | 340 | 343 |
| Series 2020A, Rev., 5.00%, 5/15/2028 | 280 | 296 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Rhode Island — continued** | **Rhode Island — continued** | **Rhode Island — continued** |
| Series 2016B, Rev., 5.00%, 6/15/2029 | 440 | 443 |
| Town of South Kingstown Series 2025-1, GO, BAN, <br> 4.00%, 6/25/2026<br>| 15000 | 15076 |
| Total Rhode Island |  | 16274 |
| **South Carolina — 1.7%** | **South Carolina — 1.7%** | **South Carolina — 1.7%** |
| County Square Redevelopment Corp., Greenville <br> South Carolina Project, Rev., 5.00%, 4/1/2030<br>| 5900 | 6562 |
| Fort Mill School District No. 4 Series 2025A, GO, <br> BAN, SCSDE, 4.25%, 3/2/2026<br>| 6200 | 6200 |
| Horry County School District, GO, SCSDE, 5.00%, <br> 3/1/2026<br>| 3500 | 3500 |
| South Carolina Jobs-Economic Development <br> Authority, Bon Secours Mercy Health, Inc. Series <br> 2025B-1, Rev., 5.00%, 11/1/2030 (d)<br>| 2000 | 2207 |
| South Carolina Jobs-Economic Development <br> Authority, Custodial Receipts CR 086, Rev., <br> 5.00%, 8/15/2026 (b) (e)<br>| 1000 | 1011 |
| South Carolina Jobs-Economic Development <br> Authority, Enerra South Carolina Project Series <br> 2024, Rev., AMT, 3.70%, 12/1/2026 (d) (e)<br>| 2500 | 2507 |
| South Carolina Public Service Authority, Santee <br> Cooper Series 2022B, Rev., A.G. - CR, 4.00%, <br> 12/1/2029<br>| 2500 | 2632 |
| South Carolina State Housing Finance and <br> Development Authority<br>|  |  |
| Series 2026A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 1/1/2028 (f)<br>| 1055 | 1123 |
| Series 2026A, Rev., GNMA / FNMA / FHLMC, <br> 6.00%, 7/1/2028 (f)<br>| 1085 | 1173 |
| Spartanburg County School District No. 7, GO, BAN, <br> SCSDE, 4.00%, 10/15/2026<br>| 16000 | 16168 |
| Total South Carolina |  | 43083 |
| **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** | **South Dakota — 0.0% ^** |
| City of Sioux Falls Sales Tax Series 2017A, Rev., <br> 5.00%, 11/15/2026<br>| 130 | 133 |
| **Tennessee — 0.8%** | **Tennessee — 0.8%** | **Tennessee — 0.8%** |
| City of Chattanooga Electric, Rev., 5.00%, <br> 9/1/2028<br>| 6000 | 6421 |
| Health Educational and Housing Facility Board of the <br> City of Memphis (The), Arbors Hickory Ridge <br> Project Series 2012, Rev., 6.25%, 1/1/2029 (b)<br>| 3562 | 3953 |
| Lewisburg Industrial Development Board, Solid <br> Waste Disposal Waste Management, Inc. of <br> Tennessee Project, Rev., AMT, 3.00%, <br> 5/1/2026 (d)<br>| 1750 | 1750 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 57

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Tennessee — continued** | **Tennessee — continued** | **Tennessee — continued** |
| Metropolitan Government Nashville and Davidson <br> County Health and Educational Facilities Board, <br> Multi-Family Housing, HV Land Co. Apartments, <br> Rev., 3.35%, 12/1/2026 (d)<br>| 3450 | 3456 |
| Metropolitan Government Nashville and Davidson <br> County Health and Educational Facilities Board, <br> Multi-Family Housing, Stone Bridge Lofts Project <br> Series 2022C, Rev., 3.35%, 4/1/2026<br>| 1700 | 1701 |
| Metropolitan Government Nashville and Davidson <br> County, Health and Educational Facilities Board, <br> Northview Project Series 2023B, Rev., 3.60%, <br> 2/1/2028 (d)<br>| 1000 | 1018 |
| Metropolitan Government Nashville and Davidson <br> County, Health and Educational Facilities Board, <br> Vanderbilt University Medical Center Series <br> 2023A, Rev., 5.00%, 7/1/2028<br>| 25 | 26 |
| Metropolitan Government of Nashville and Davidson <br> County Series 2016, GO, 5.00%, 1/1/2027<br>| 300 | 303 |
| Shelby County Health Educational and Housing <br> Facilities Board, Baptism Memorial Health <br> Obligated Group Series 2025B, Rev., 5.00%, <br> 9/1/2030 (d)<br>| 2000 | 2173 |
| Tennessee Energy Acquisition Corp., Commodity <br> Project Series 2021A, Rev., 5.00%, 11/1/2026<br>| 350 | 354 |
| Tennessee State School Bond Authority, Higher <br> Educational Facilities Second Program Series A, <br> Rev., 5.00%, 11/1/2026<br>| 65 | 66 |
| Total Tennessee |  | 21221 |
| **Texas — 8.4%** | **Texas — 8.4%** | **Texas — 8.4%** |
| Alamo Community College District, Limited Tax <br> Series 2017, GO, 5.00%, 8/15/2027<br>| 25 | 26 |
| Alamo Community College District, Maintenance Tax, <br> GO, 5.00%, 2/15/2027<br>| 75 | 77 |
| Arlington Housing Finance Corp., Multi Family <br> Housing 6900 Matlock Road Series 2023, Rev., <br> 4.50%, 4/1/2027 (d)<br>| 1580 | 1582 |
| Austin Independent School District, Unlimited Tax <br> Series 2019, GO, PSF-GTD, 5.00%, 8/1/2029<br>| 35 | 37 |
| Board of Regents of the University of Texas System |  |  |
| Series 2016B, Rev., 5.00%, 8/15/2026 | 45 | 46 |
| Series 2016D, Rev., 5.00%, 8/15/2026 | 300 | 304 |
| Series 2016J, Rev., 5.00%, 8/15/2026 | 25 | 25 |
| Series 2021A, Rev., 5.00%, 8/15/2027 | 95 | 99 |
| Burleson Independent School District, GO, PSF-GTD, <br> 5.00%, 8/1/2027<br>| 2375 | 2471 |
| Central Texas Regional Mobility Authority, <br> Subordinate Lien Series 2021C, Rev., BAN, <br> 5.00%, 1/1/2027<br>| 3355 | 3374 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of Austin Water and Wastewater System |  |  |
| Rev., 5.00%, 11/15/2026 (b) | 180 | 183 |
| Rev., 5.00%, 11/15/2026 | 250 | 255 |
| Series 2022, Rev., 5.00%, 11/15/2026 | 300 | 306 |
| Rev., 5.00%, 11/15/2027 (b) | 15 | 16 |
| Rev., 5.00%, 11/15/2028 | 265 | 278 |
| Series 2024, Rev., 5.00%, 11/15/2028 | 1000 | 1076 |
| City of Austin, Airport System Series 2017A, Rev., <br> 5.00%, 11/15/2028<br>| 50 | 51 |
| City of Denton, Utility System |  |  |
| Series 2017, Rev., 5.00%, 12/1/2027 | 225 | 230 |
| Series 2017, Rev., 5.00%, 12/1/2028 | 125 | 128 |
| City of Fort Worth |  |  |
| Series 2015A, GO, 5.00%, 3/1/2026 | 45 | 45 |
| Series 2016, GO, 5.00%, 3/1/2026 | 90 | 90 |
| GO, 5.00%, 3/1/2027 | 1000 | 1029 |
| GO, 5.00%, 3/1/2029 | 3000 | 3249 |
| City of Fort Worth Water and Sewer System Series <br> 2020A, Rev., 5.00%, 2/15/2027<br>| 165 | 170 |
| City of Fort Worth, General Obligation, GO, 5.00%, <br> 3/1/2026<br>| 30 | 30 |
| City of Garland Series 2018, GO, 5.00%, <br> 2/15/2027<br>| 75 | 77 |
| City of Garland, Electric Utility System Series <br> 2019A, Rev., 5.00%, 3/1/2026<br>| 1650 | 1650 |
| City of Georgetown, Utilities System Series 2022, <br> Rev., A.G., 5.00%, 8/15/2027<br>| 70 | 73 |
| City of Houston |  |  |
| Series 2017A, GO, 5.00%, 3/1/2026 | 30 | 30 |
| Rev., TRAN, 5.00%, 6/30/2026 | 11700 | 11805 |
| Series 2017A, GO, 5.00%, 3/1/2028 | 265 | 272 |
| City of Houston Airport System, Subordinate Lien <br> Series 2018D, Rev., 5.00%, 7/1/2027<br>| 65 | 67 |
| City of Houston Airport System, United Airlines, Inc., <br> Terminal Improvement Projects<br>|  |  |
| Series 2025B, Rev., AMT, 5.25%, 7/15/2027 | 1250 | 1281 |
| Series 2025B, Rev., AMT, 5.25%, 7/15/2028 | 1000 | 1043 |
| City of Houston Combined Utility System, First Lien <br> Series 2021A, Rev., 5.00%, 11/15/2027<br>| 25 | 26 |
| City of Houston, Airport System, Subordinate Lien |  |  |
| Series 2020B, Rev., 5.00%, 7/1/2026 | 35 | 35 |
| Series 2020B, Rev., 5.00%, 7/1/2027 | 25 | 26 |
| Series 2023B, Rev., A.G., 5.00%, 7/1/2028 | 30 | 32 |
| Series 2018B, Rev., 5.00%, 7/1/2030 | 85 | 90 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

58 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| City of Houston, Combined Utility System, First Lien |  |  |
| Series 2014D, Rev., 5.00%, 11/15/2026 | 20 | 20 |
| Series 2024A, Rev., 5.00%, 11/15/2026 | 1000 | 1020 |
| Series 2014D, Rev., 5.00%, 11/15/2027 | 20 | 20 |
| Series 2015D, Rev., 5.00%, 11/15/2027 | 1015 | 1017 |
| City of Houston, Public Improvement Series 2019A, <br> GO, 5.00%, 3/1/2027<br>| 105 | 108 |
| City of Lubbock, Electric Light and Power System |  |  |
| Series 2018, Rev., 5.00%, 4/15/2026 | 250 | 251 |
| Series 2018, Rev., 5.00%, 4/15/2027 | 480 | 495 |
| Series 2021, Rev., 5.00%, 4/15/2028 | 50 | 53 |
| City of San Antonio, GO, 5.00%, 2/1/2027 | 2120 | 2177 |
| City of San Antonio Electric and Gas Systems |  |  |
| Series 2016, Rev., 5.00%, 2/1/2027 | 1925 | 1947 |
| Series 2025B, Rev., 5.00%, 2/1/2027 | 2000 | 2052 |
| Rev., 5.00%, 2/1/2030 | 1355 | 1369 |
| City of San Antonio, Combination Tax, GO, 5.00%, <br> 2/1/2029<br>| 1125 | 1216 |
| City of San Antonio, Electric and Gas Systems Series <br> 2018, Rev., 5.00%, 2/1/2027<br>| 505 | 518 |
| City of San Antonio, General Improvement, GO, <br> 5.00%, 8/1/2027<br>| 145 | 151 |
| Comal Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/1/2027<br>| 2000 | 2052 |
| County of Bastrop, Combination Tax, GO, 5.00%, <br> 8/1/2029<br>| 985 | 1075 |
| County of Bexar, Limited Tax |  |  |
| GO, 5.00%, 6/15/2026 (b) | 1050 | 1058 |
| Series 2017, GO, 5.00%, 6/15/2027 | 2000 | 2015 |
| County of Dallas, GO, 5.00%, 8/15/2026 | 35 | 35 |
| County of Fort Bend, Unlimited Tax |  |  |
| Series A, GO, 5.00%, 3/1/2027 | 90 | 90 |
| Series A, GO, 5.00%, 3/1/2028 | 95 | 95 |
| County of Harris Toll Road Series 2023A, Rev., <br> 5.00%, 8/15/2029<br>| 865 | 947 |
| County of Harris Toll Road, First Lien Series 2022A, <br> Rev., 5.00%, 8/15/2026<br>| 270 | 274 |
| County of Harris, First Lien Series 2022A, Rev., <br> 5.00%, 8/15/2027<br>| 120 | 125 |
| County of Harris, Senior Lien Series 2016A, Rev., <br> 5.00%, 8/15/2026<br>| 30 | 30 |
| County of Harris, Toll Road, Senior Lien |  |  |
| Series 2016A, Rev., 5.00%, 8/15/2028 | 80 | 81 |
| Series 2016A, Rev., 5.00%, 8/15/2029 | 1145 | 1159 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| County of Hays Series 2017, GO, 5.00%, <br> 2/15/2028<br>| 25 | 26 |
| County of Montgomery Series 2025A, GO, 5.00%, <br> 3/1/2028<br>| 3600 | 3798 |
| Cypress-Fairbanks Independent School District, <br> Unlimited Tax, GO, PSF-GTD, 5.00%, 2/15/2028<br>| 3350 | 3538 |
| Dallas Area Rapid Transit, Sales Tax, Senior Lien <br> Series 2019, Rev., 5.00%, 12/1/2026<br>| 75 | 77 |
| Dallas County Utility and Reclamation District, <br> Unlimited Tax Series 2016, GO, 5.00%, <br> 2/15/2028<br>| 300 | 315 |
| Dallas Fort Worth International Airport |  |  |
| Series 2021B, Rev., 5.00%, 11/1/2026 | 35 | 36 |
| Series 2020A, Rev., 5.00%, 11/1/2027 | 65 | 68 |
| Series 2020B, Rev., 5.00%, 11/1/2027 | 25 | 26 |
| Series 2023B, Rev., 5.00%, 11/1/2027 | 1000 | 1047 |
| Series 2023B, Rev., 5.00%, 11/1/2028 | 1250 | 1340 |
| Series 2025A-1, Rev., AMT, 5.00%, 11/1/2029 | 3000 | 3266 |
| Florence Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 3.00%, 8/15/2026 | 230 | 230 |
| GO, PSF-GTD, 3.00%, 8/15/2027 | 115 | 115 |
| Frisco Independent School District, Unlimited Tax <br> Series 2017, GO, PSF-GTD, 4.00%, 8/15/2028<br>| 3495 | 3547 |
| Harris County Cultural Education Facilities Finance <br> Corp., Memorial Hermann Health System<br>|  |  |
| Series 2020C-3, Rev., 5.00%, 12/1/2026 (d) | 2345 | 2389 |
| Series 2019A, Rev., 5.00%, 12/1/2027 | 20 | 21 |
| Series 2024C, Rev., 5.00%, 7/1/2029 (d) | 5250 | 5615 |
| Houston Independent School District, Limited Tax <br> Series 2025B, GO, PSF-GTD, 5.00%, 2/15/2027<br>| 4250 | 4368 |
| Irving Independent School District Series 2015, GO, <br> PSF-GTD, 5.00%, 3/23/2026<br>| 25 | 25 |
| Irving Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 5.00%, 2/15/2027 | 2850 | 2929 |
| GO, PSF-GTD, 5.00%, 2/15/2029 | 2000 | 2163 |
| Keller Independent School District, Unlimited Tax |  |  |
| Series 2014A, GO, PSF-GTD, 5.00%, 8/15/2026 | 25 | 25 |
| Series 2015, GO, PSF-GTD, 5.00%, 8/15/2026 | 1000 | 1002 |
| Lake Travis Independent School District, GO, <br> PSF-GTD, 5.00%, 2/15/2028<br>| 2000 | 2111 |
| Lewisville Independent School District, Unlimited Tax |  |  |
| Series 2023, GO, PSF-GTD, 5.00%, 8/15/2026 | 825 | 836 |
| GO, PSF-GTD, 5.00%, 8/15/2027 | 2000 | 2083 |
| GO, PSF-GTD, 5.00%, 8/15/2028 | 2250 | 2406 |
| GO, PSF-GTD, 5.00%, 8/15/2029 | 1750 | 1916 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 59

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Lower Colorado River Authority, LCRA Transmission <br> Services Corp., Project<br>|  |  |
| Series 2023A, Rev., A.G., 5.00%, 5/15/2026 | 890 | 895 |
| Series 2019, Rev., 5.00%, 5/15/2027 | 245 | 253 |
| Series 2021, Rev., 5.00%, 5/15/2027 | 75 | 78 |
| Series 2022, Rev., 5.00%, 5/15/2027 | 85 | 88 |
| Series 2023, Rev., A.G., 5.00%, 5/15/2027 | 20 | 21 |
| Series 2023A, Rev., A.G., 5.00%, 5/15/2027 | 60 | 62 |
| Series 2019, Rev., 5.00%, 5/15/2028 | 80 | 85 |
| Series 2022, Rev., 5.00%, 5/15/2028 | 275 | 292 |
| Series 2023, Rev., A.G., 5.00%, 5/15/2028 | 20 | 21 |
| Lytle Independent School District, Unlimited Tax, GO, <br> PSF-GTD, 4.00%, 2/15/2028<br>| 255 | 263 |
| Metropolitan Transit Authority of Harris County <br> Sales and Use Tax, Rev., 5.00%, 11/1/2029<br>| 1000 | 1074 |
| Mission Economic Development Corp., Republic <br> Services, Inc., Project Series 2020A, Rev., AMT, <br> 3.00%, 5/1/2026 (d)<br>| 1750 | 1750 |
| New Hope Cultural Education Facilities Finance <br> Corp., Children's Health System of Texas Project <br> Series 2017A, Rev., 5.00%, 8/15/2029<br>| 1750 | 1815 |
| North Harris County Regional Water Authority, <br> Senior Lien<br>|  |  |
| Series 2016, Rev., 5.00%, 12/15/2027 | 75 | 77 |
| Series 2016, Rev., 5.00%, 12/15/2028 | 530 | 541 |
| Series 2016, Rev., 5.00%, 12/15/2029 | 190 | 194 |
| North Texas Tollway Authority, Second Tier |  |  |
| Series 2019B, Rev., 5.00%, 1/1/2027 | 75 | 77 |
| Series 2019B, Rev., 5.00%, 1/1/2029 | 215 | 232 |
| Permanent University Fund - Texas A&M University <br> System Series 2017A, Rev., 5.00%, 7/1/2027<br>| 80 | 83 |
| Plano Independent School District, Unlimited Tax |  |  |
| GO, PSF-GTD, 5.00%, 2/15/2027 | 3500 | 3597 |
| GO, PSF-GTD, 5.00%, 2/15/2029 | 1800 | 1949 |
| San Antonio Public Facilities Corp., Convention <br> Center Facility Project Series 2022, Rev., 5.00%, <br> 9/15/2028<br>| 20 | 21 |
| Southwest Higher Education Authority, Inc., <br> Southern Methodist University Project Series <br> 2016A, Rev., 5.00%, 10/1/2026<br>| 325 | 330 |
| Spring Independent School District, Unlimited Tax <br> Series 2024B, GO, 5.00%, 8/15/2029<br>| 500 | 545 |
| State of Texas, GO, 5.00%, 10/1/2026 | 750 | 763 |
| State of Texas, College Student Loan Series 2013B, <br> GO, AMT, 4.13%, 8/1/2030<br>| 1500 | 1501 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| State of Texas, Public Finance Authority Series <br> 2017A, GO, 5.00%, 10/1/2027<br>| 1500 | 1568 |
| State of Texas, Transportation Commission Mobility <br> Fund<br>|  |  |
| Series 2024, GO, 5.00%, 10/1/2027 | 2585 | 2703 |
| Series 2024, GO, 5.00%, 10/1/2028 | 4000 | 4290 |
| GO, 5.00%, 10/1/2030 | 1200 | 1347 |
| State of Texas, Veterans Series 2011A, GO, VRDO, <br> LIQ : State Street Bank & Trust Co., 1.95%, <br> 3/11/2026 (d)<br>| 9020 | 9020 |
| State of Texas, Veterans Housing Assistance <br> Program Series 2008B, GO, VRDO, LIQ : State <br> Street Bank & Trust Co., 1.95%, 3/11/2026 (d)<br>| 4155 | 4155 |
| State of Texas, Water Financial Assistance |  |  |
| Series 2018B-3, GO, 5.00%, 8/1/2026 (b) | 50 | 51 |
| Series 2021B, GO, 4.00%, 8/1/2029 | 410 | 410 |
| Tarrant County College District Series 2020, GO, <br> 5.00%, 8/15/2026<br>| 105 | 106 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Baylor Scott & White Health Project<br>|  |  |
| Series 2016 A, Rev., 5.00%, 5/15/2026 | 1000 | 1005 |
| Series 2026F, Rev., 5.00%, 5/1/2030 (d) | 3000 | 3289 |
| Series 2022F, Rev., 5.00%, 11/15/2030 (d) | 1100 | 1205 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Baylor Scott and White Health Project <br> Series 2024B, Rev., VRDO, LOC : Barclays Bank <br> plc, 1.60%, 3/2/2026 (d)<br>| 25000 | 25000 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Health Resources System Series 2025B, <br> Rev., 5.00%, 11/15/2029 (d)<br>| 8835 | 9558 |
| Tarrant County Cultural Education Facilities Finance <br> Corp., Methodist Hospitals of Dallas Project Series <br> 2008-A, Rev., VRDO, LOC : TD Bank NA, 1.90%, <br> 3/2/2026 (d)<br>| 15000 | 15000 |
| Tarrant Regional Water District Water Supply System <br> Series 2015, Rev., 5.00%, 3/1/2028<br>| 25 | 25 |
| Texas Department of Transportation State Highway <br> Fund Series 2016-A, Rev., 5.00%, 10/1/2026<br>| 100 | 102 |
| Texas Department of Transportation State Highway <br> Fund, First Tier<br>|  |  |
| Rev., 5.25%, 4/1/2026 | 25 | 25 |
| Series 2015, Rev., 5.00%, 10/1/2026 | 55 | 56 |
| Texas Home Collaborative, 1518 Apartments Series <br> 2023, Rev., 5.00%, 10/1/2026 (d)<br>| 3325 | 3341 |
| Texas Municipal Gas Acquisition and Supply Corp. IV, <br> Gas Supply Series 2023A, Rev., 5.50%, <br> 1/1/2030 (d)<br>| 12260 | 13190 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

60 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Texas — continued** | **Texas — continued** | **Texas — continued** |
| Texas Public Finance Authority, Rev., 5.00%, <br> 2/1/2027<br>| 25 | 26 |
| Texas State Technical College Series 2022A, Rev., <br> A.G., 5.00%, 8/1/2028<br>| 385 | 409 |
| Texas State University System Series 2017A, Rev., <br> 5.00%, 3/15/2026<br>| 150 | 150 |
| Texas Water Development Board, State Revolving <br> Fund Series 2020, Rev., 5.00%, 8/1/2026<br>| 140 | 142 |
| Tomball Independent School District, Unlimited Tax, <br> GO, PSF-GTD, 5.00%, 2/15/2028 (b)<br>| 600 | 632 |
| Travis County Water Control and Improvement <br> District No. 17, Texas Steiner Ranch Defined Area <br> Unlimited Tax, GO, 4.00%, 5/1/2026<br>| 280 | 281 |
| Trinity River Authority, Central Regional Wastewater <br> System<br>|  |  |
| Series 2016, Rev., 5.00%, 8/1/2026 | 205 | 207 |
| Series 2019, Rev., 5.00%, 8/1/2026 | 100 | 101 |
| Series 2017, Rev., 5.00%, 8/1/2029 | 25 | 26 |
| University of Houston |  |  |
| Series 2016A, Rev., 4.00%, 2/15/2027 | 25 | 25 |
| Series 2017C, Rev., 5.00%, 2/15/2028 | 40 | 40 |
| University of North Texas System Series 2017A, <br> Rev., 5.00%, 4/15/2028<br>| 200 | 206 |
| Total Texas |  | 212750 |
| **Utah — 0.1%** | **Utah — 0.1%** | **Utah — 0.1%** |
| Alpine School District, Utah School Bond Guaranty <br> Program Series 2017, GO, 5.00%, 3/15/2026<br>| 25 | 25 |
| City of Salt Lake City Series 2021A, Rev., AMT, <br> 5.00%, 7/1/2031<br>| 1710 | 1904 |
| Provo City School District Municipal Building <br> Authority Series 2022, Rev., 5.00%, 3/15/2027<br>| 195 | 201 |
| University of Utah (The) Series 2017A, Rev., <br> 5.00%, 8/1/2026<br>| 75 | 76 |
| Total Utah |  | 2206 |
| **Virginia — 2.4%** | **Virginia — 2.4%** | **Virginia — 2.4%** |
| City of Portsmouth Series 2017A, GO, 5.00%, <br> 7/15/2026<br>| 70 | 71 |
| City of Richmond |  |  |
| Series 2017D, GO, 5.00%, 3/1/2026 | 25 | 25 |
| Series 2017D, GO, 5.00%, 3/1/2027 | 30 | 31 |
| County of Fairfax Series 2016A, GO, 5.00%, <br> 4/1/2026 (b)<br>| 40 | 40 |
| County of Henrico Water and Sewer, Rev., 5.00%, <br> 5/1/2026 (b)<br>| 1000 | 1005 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Virginia — continued** | **Virginia — continued** | **Virginia — continued** |
| Fairfax County Industrial Development Authority, <br> Virginia Health Care, Inova Health System Project <br> Series 2018C, Rev., VRDO, 1.92%, <br> 3/11/2026 (d)<br>| 22000 | 22000 |
| Hampton Roads Sanitation District Series 2016A, <br> Rev., 5.00%, 8/1/2026 (b)<br>| 50 | 51 |
| Hampton Roads Transportation Accountability <br> Commission, Transportation Fund, Senior Lien <br> Series 2021A, Rev., BAN, 5.00%, 7/1/2026 (b)<br>| 9000 | 9085 |
| Louisa Industrial Development Authority, Electric <br> and Power Co. Project Series 2008A, Rev., <br> 3.13%, 10/1/2030 (d)<br>| 1000 | 1019 |
| Lynchburg Economic Development Authority, Centra <br> Health Obligated Group Series 2017B, Rev., <br> VRDO, LOC : Truist Bank, 2.00%, 3/2/2026 (d)<br>| 15000 | 15000 |
| Virginia College Building Authority Series 2023A, <br> Rev., 5.00%, 2/1/2028<br>| 50 | 53 |
| Virginia College Building Authority Educational <br> Facilities, 21St Century College and Equipment <br> Programs<br>|  |  |
| Series 2020A, Rev., 5.00%, 2/1/2027 | 125 | 128 |
| Series 2017A, Rev., 5.00%, 9/1/2027 | 50 | 52 |
| Virginia Commonwealth Transportation Board, Rev., <br> GAN, 5.00%, 3/15/2027<br>| 70 | 72 |
| Virginia Commonwealth Transportation Board, <br> Capital Projects Series 2017A, Rev., 5.00%, <br> 5/15/2026<br>| 75 | 75 |
| Virginia Commonwealth Transportation Board, <br> Federal Transportation<br>|  |  |
| Rev., GAN, 5.00%, 9/15/2026 | 20 | 20 |
| Rev., GAN, 5.00%, 9/15/2028 | 750 | 783 |
| Virginia Port Authority Series 2016B, Rev., AMT, <br> 5.00%, 7/1/2026 (b)<br>| 4700 | 4735 |
| Virginia Public Building Authority |  |  |
| Series 2017A, Rev., 4.00%, 8/1/2027 | 830 | 852 |
| Series 2020B, Rev., 5.00%, 8/1/2027 | 25 | 26 |
| Winchester Economic Development Authority, Valley <br> Health System Obligated Group Series 2024B-2, <br> Rev., VRDO, LOC : Truist Bank, 1.95%, <br> 3/2/2026 (d)<br>| 5000 | 5000 |
| Total Virginia |  | 60123 |
| **Washington — 1.3%** | **Washington — 1.3%** | **Washington — 1.3%** |
| Clark County Public Utility District No. 1 Electric <br> Series 2024, Rev., 5.00%, 1/1/2027<br>| 1600 | 1637 |
| County of King Sewer Series 2025A, Rev., 5.00%, <br> 7/1/2027<br>| 1600 | 1662 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 61

------

JPMorgan Ultra-Short Municipal Fund

**SCHEDULE OF PORTFOLIO INVESTMENTS**

AS OF February 28, 2026 (continued)

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| County of King, Limited Tax Series 2025B, GO, <br> 5.00%, 6/1/2028<br>| 3075 | 3269 |
| Energy Northwest, Columbia Generating Station <br> Series 2025A, Rev., 5.00%, 7/1/2029<br>| 2400 | 2622 |
| Energy Northwest, Project 1 |  |  |
| Series 2024B, Rev., 5.00%, 7/1/2026 | 2420 | 2443 |
| Series 2017-A, Rev., 5.00%, 7/1/2027 | 250 | 260 |
| Series 2020A, Rev., 5.00%, 7/1/2027 | 85 | 88 |
| Series 2024B, Rev., 5.00%, 7/1/2027 | 1000 | 1038 |
| Series 2025A, Rev., 5.00%, 7/1/2027 | 1810 | 1880 |
| Series 2025A, Rev., 5.00%, 7/1/2028 | 2500 | 2664 |
| Energy Northwest, Project 3 Electric Series 2024B, <br> Rev., 5.00%, 7/1/2028<br>| 130 | 139 |
| FYI Properties, State of Washington District Project <br> Series 2019, Rev., 5.00%, 6/1/2027<br>| 45 | 47 |
| Port of Seattle, Intermediate Lien |  |  |
| Series 2022A, Rev., 5.00%, 8/1/2026 | 60 | 61 |
| Series 2016, Rev., 5.00%, 2/1/2027 | 465 | 467 |
| Series C, Rev., AMT, 5.00%, 4/1/2027 | 1400 | 1402 |
| Series A, Rev., 5.00%, 5/1/2027 | 45 | 46 |
| Series 2022A, Rev., 5.00%, 8/1/2027 | 250 | 260 |
| Rev., 5.00%, 2/1/2028 | 165 | 165 |
| Series 2022A, Rev., 5.00%, 8/1/2028 | 145 | 155 |
| Series 2016, Rev., 5.00%, 2/1/2029 | 155 | 155 |
| State of Washington |  |  |
| Series R-2022B, GO, 5.00%, 2/1/2029 | 2745 | 2970 |
| Series 2024A, GO, 5.00%, 8/1/2029 | 1000 | 1095 |
| State of Washington Motor Vehicle Fuel Tax |  |  |
| Series R-2021A, GO, 5.00%, 6/1/2027 | 125 | 129 |
| Series R-2026B, GO, 5.00%, 7/1/2027 | 4000 | 4154 |
| State of Washington, Various Purpose |  |  |
| Series R-2017A, GO, 5.00%, 8/1/2026 | 110 | 111 |
| Series R-2018C, GO, 5.00%, 8/1/2026 | 50 | 51 |
| Series 2020C, GO, 5.00%, 2/1/2027 | 55 | 56 |
| Series 2021C, GO, 5.00%, 2/1/2027 | 30 | 31 |
| Series 2024C, GO, 5.00%, 2/1/2027 | 1320 | 1355 |
| Series 2018A, GO, 5.00%, 8/1/2027 | 40 | 42 |
| Series 2020A, GO, 5.00%, 8/1/2027 | 85 | 88 |
| Series R-2017A, GO, 5.00%, 8/1/2027 | 40 | 40 |
| Series R-2018 D, GO, 5.00%, 8/1/2027 | 135 | 141 |

---

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Washington — continued** | **Washington — continued** | **Washington — continued** |
| Washington Health Care Facilities Authority, <br> Commonspirit Health Series 2019B-3, Rev., <br> 5.00%, 8/1/2026 (d)<br>| 1000 | 1001 |
| Washington Health Care Facilities Authority, Yakima <br> Valley Memorial Hospital Association Rev., <br> 5.00%, 12/1/2026 (b)<br>| 1705 | 1738 |
| Total Washington |  | 33462 |
| **West Virginia — 0.4%** | **West Virginia — 0.4%** | **West Virginia — 0.4%** |
| West Virginia Commissioner of Highways |  |  |
| Series 2017A, Rev., 5.00%, 9/1/2027 | 120 | 125 |
| Series 2017A, Rev., 5.00%, 9/1/2028 | 375 | 390 |
| Series 2017A, Rev., 5.00%, 9/1/2029 | 30 | 31 |
| West Virginia Economic Development Authority, <br> Solid Waste Disposal Facilities, Nucor Steel <br> Project Series 2025B-1, Rev., AMT, VRDO, <br> 2.15%, 3/11/2026 (d)<br>| 9100 | 9100 |
| West Virginia Parkways Authority, Senior Lien, Rev., <br> 5.00%, 6/1/2026<br>| 20 | 20 |
| Total West Virginia |  | 9666 |
| **Wisconsin — 2.7%** | **Wisconsin — 2.7%** | **Wisconsin — 2.7%** |
| County of Dane Series 2023A, GO, 5.00%, <br> 6/1/2027<br>| 405 | 420 |
| PMA Levy and Aid Anticipation Notes Program <br> Series 2025B, Rev., 5.00%, 9/24/2026<br>| 3000 | 3039 |
| Public Finance Authority Series 2021C, Rev., <br> 4.00%, 10/1/2030 (b) (d)<br>| 1970 | 2111 |
| Public Finance Authority, Duke Energy Progress <br> Project Series 2022B, Rev., AMT, 4.00%, <br> 10/1/2030 (d)<br>| 1000 | 1037 |
| Public Finance Authority, KU Campus Development <br> Corp., Center District Development Project Series <br> 2016, Rev., 5.00%, 3/1/2026<br>| 170 | 170 |
| State of Wisconsin |  |  |
| Series 2016-2, GO, 5.00%, 5/1/2026 | 50 | 50 |
| Series 2017-2, GO, 5.00%, 11/1/2026 | 1440 | 1468 |
| Series 2025-2, GO, 5.00%, 5/1/2027 | 2000 | 2067 |
| Series 2025-2, GO, 5.00%, 5/1/2029 | 1000 | 1088 |
| Series 2025A, GO, 5.00%, 5/1/2030 | 1000 | 1114 |
| State of Wisconsin, Annual Appropriation Series <br> 2019A, Rev., 5.00%, 5/1/2026 (b)<br>| 25 | 25 |
| Wisconsin Department of Transportation |  |  |
| Series 2017-1, Rev., 5.00%, 7/1/2026 | 45 | 45 |
| Series 2017-2, Rev., 5.00%, 7/1/2026 | 100 | 101 |
| Series 2021A, Rev., 5.00%, 7/1/2026 | 20 | 20 |
| Series 2025-1, Rev., 5.00%, 7/1/2029 | 2000 | 2186 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

62 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
| **INVESTMENTS** | **PRINCIPAL**<br> **AMOUNT**<br> **($000)**<br>| **VALUE**<br> **($000)**<br>|
| **Municipal Bonds — continued** | **Municipal Bonds — continued** | **Municipal Bonds — continued** |
| **Wisconsin — continued** | **Wisconsin — continued** | **Wisconsin — continued** |
| Series 2025 1, Rev., 5.00%, 7/1/2030 | 1000 | 1118 |
| Wisconsin Health and Educational Facilities <br> Authority, Advocate Aurora Health Credit Group <br> Series 2018C-4, Rev., 5.00%, 6/22/2029 (d)<br>| 2700 | 2902 |
| Wisconsin Health and Educational Facilities <br> Authority, Ascension Health Credit Group Series <br> 2016A, Rev., 5.00%, 11/15/2027<br>| 515 | 517 |
| Wisconsin Health and Educational Facilities <br> Authority, Ascension Senior Credit Group<br>|  |  |
| Series 2016A, Rev., 4.00%, 5/15/2026 (b) | 4605 | 4623 |
| Series 2016A, Rev., 5.00%, 11/15/2026 | 350 | 352 |
| Series 2016A, Rev., 5.00%, 11/15/2028 | 595 | 598 |
| Wisconsin Health and Educational Facilities <br> Authority, Froedtert Health, Inc., Obligated Group <br> Series 2021B, Rev., VRDO, LIQ : US Bank NA, <br> 2.05%, 3/2/2026 (d)<br>| 20000 | 20000 |
| Wisconsin Health and Educational Facilities <br> Authority, Froedtert Thedacare Health Series <br> 2025D, Rev., VRDO, 1.75%, 3/11/2026 (d)<br>| 20000 | 20000 |
| Wisconsin Health and Educational Facilities <br> Authority, Marshfield Clinic Health, Inc. Series <br> B-2, Rev., 5.00%, 8/15/2026 (b) (d)<br>| 2800 | 2836 |
| Total Wisconsin |  | 67887 |
| Total Municipal Bonds <br>(Cost $2,153,209)<br>|  | 2163503 |
|  | **SHARES** <br>**(000)**<br>|  |
| **Short-Term Investments — 14.9%** | **Short-Term Investments — 14.9%** | **Short-Term Investments — 14.9%** |
| **Investment Companies — 14.9%** | **Investment Companies — 14.9%** | **Investment Companies — 14.9%** |
| JPMorgan Institutional Tax Free Money Market Fund <br> Class IM Shares, 1.78% (g) (h) <br>(Cost $379,885)<br>| 379854 | 379892 |
| **Total Investments — 100.0%** <br>**(Cost $2,533,094)**<br>|  | **2543395** |
| **Other Assets in Excess of Liabilities — 0.0% ^** |  | **139** |
| **NET ASSETS — 100.0%** |  | **2543534** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<br>Percentages indicated are based on net assets.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **Abbreviations** |  |
| A.G. | Insured by Assured Guaranty Inc. |
| AMBAC | Insured by American Municipal Bond Assurance Corp. |
| AMT | Alternative Minimum Tax |
| BAN | Bond Anticipation Note |
| COP | Certificate of Participation |

---

---

| | |
|:---|:---|
| CR | Custodial Receipts |
| FHA | Federal Housing Administration |
| FHLMC | Federal Home Loan Mortgage Corp. |
| FNMA | Federal National Mortgage Association |
| GAN | Grant Anticipation Notes |
| GNMA | Government National Mortgage Association |
| GO | General Obligation |
| GTD | Guaranteed |
| LIQ | Liquidity Agreement |
| LOC | Letter of Credit |
| NATL | Insured by National Public Finance Guarantee Corp. |
| PSF-GTD | Permanent School Fund Guaranteed |
| RAN | Revenue Anticipation Note |
| RE | Reinsured |
| Rev. | Revenue |
| SCSDE | South Carolina School District Enhancement |
| SIFMA | The Securities Industry and Financial Markets Association |
| SOFR | Secured Overnight Financing Rate |
| TRAN | Tax & Revenue Anticipation Note |
| VRDO | Variable Rate Demand Obligation |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| ^ | Amount rounds to less than 0.1% of net assets. |
| (a) | The date shown represents the earliest of the <br> prerefunded date, next put date or final maturity date.<br>|
| (b) | Security is prerefunded or escrowed to maturity. |
| (c) | Variable or floating rate security, linked to the <br> referenced benchmark. The interest rate shown is the <br> current rate as of February 28, 2026.<br>|
| (d) | Variable or floating rate security, the interest rate of <br> which adjusts periodically based on changes in current <br> interest rates and prepayments on the underlying <br> pool of assets. The interest rate shown is the current <br> rate as of February 28, 2026. <br>|
| (e) | Securities exempt from registration under Rule 144A <br> or section 4(a)(2), of the Securities Act of 1933, as <br> amended.<br>|
| (f) | All or a portion of the security is a when-issued <br> security, delayed delivery security, or forward <br> commitment.<br>|
| (g) | Investment in an affiliated fund, which is registered <br> under the Investment Company Act of 1940, as <br> amended, and is advised by J.P. Morgan Investment <br> Management Inc.<br>|
| (h) | The rate shown is the current yield as of February 28, <br> 2026.<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 63

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**California** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**New York** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Short-** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund**  |
| **ASSETS:** |  |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $448432 | &nbsp;&nbsp;&nbsp; $433492 | &nbsp;&nbsp;&nbsp; $787225 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 43458 | &nbsp;&nbsp;&nbsp; 31041 | &nbsp;&nbsp;&nbsp; 44215 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 267 | &nbsp;&nbsp;&nbsp; 263 | &nbsp;&nbsp;&nbsp; 279 |
| Receivables: |  |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 116 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 201 |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 1084 | &nbsp;&nbsp;&nbsp; 501 |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 282 | &nbsp;&nbsp;&nbsp; 704 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 4382 | &nbsp;&nbsp;&nbsp; 4697 | &nbsp;&nbsp;&nbsp; 9510 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 69 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 75 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 37 | &nbsp;&nbsp;&nbsp; 36 | &nbsp;&nbsp;&nbsp; 33 |
| Total Assets | &nbsp;&nbsp;&nbsp; 497277 | &nbsp;&nbsp;&nbsp; 471139 | &nbsp;&nbsp;&nbsp; 842743 |
| **LIABILITIES:** |  |  |  |
| Payables: |  |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 230 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 2917 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 7946 | &nbsp;&nbsp;&nbsp; 1080 | &nbsp;&nbsp;&nbsp; 2575 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 107 | &nbsp;&nbsp;&nbsp; 1219 |
| Options written, at value | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 79 | &nbsp;&nbsp;&nbsp; 97 |
| Administration fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 8 |
| Distribution fees | &nbsp;&nbsp;&nbsp; 24 | &nbsp;&nbsp;&nbsp; 28 | &nbsp;&nbsp;&nbsp; 23 |
| Service fees | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 38 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 11 | &nbsp;&nbsp;&nbsp; 17 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 48 | &nbsp;&nbsp;&nbsp; 45 | &nbsp;&nbsp;&nbsp; 36 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 8534 | &nbsp;&nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp; 6930 |
| Net Assets | &nbsp;&nbsp;&nbsp; $488743 | &nbsp;&nbsp;&nbsp; $469651 | &nbsp;&nbsp;&nbsp; $835813 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

64 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **California**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **New York**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Short-**<br> **Intermediate**<br> **Municipal**<br>**Bond Fund**  |
| **NET ASSETS:** |  |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $497705 | &nbsp;&nbsp;&nbsp; $475413 | &nbsp;&nbsp;&nbsp; $886106 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (8962)<br>| &nbsp;&nbsp;&nbsp; (5762)<br>| &nbsp;&nbsp;&nbsp; (50293)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $488743 | &nbsp;&nbsp;&nbsp; $469651 | &nbsp;&nbsp;&nbsp; $835813 |
| Net Assets: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $110674 | &nbsp;&nbsp;&nbsp; $132708 | &nbsp;&nbsp;&nbsp; $113098 |
| Class C | &nbsp;&nbsp;&nbsp; 4834 | &nbsp;&nbsp;&nbsp; 9002 | &nbsp;&nbsp;&nbsp; 1437 |
| Class I | &nbsp;&nbsp;&nbsp; 197100 | &nbsp;&nbsp;&nbsp; 165392 | &nbsp;&nbsp;&nbsp; 402502 |
| Class R6 | &nbsp;&nbsp;&nbsp; 176135 | &nbsp;&nbsp;&nbsp; 162549 | &nbsp;&nbsp;&nbsp; 318776 |
| Total | &nbsp;&nbsp;&nbsp; $488743 | &nbsp;&nbsp;&nbsp; $469651 | &nbsp;&nbsp;&nbsp; $835813 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 10629 | &nbsp;&nbsp;&nbsp; 20567 | &nbsp;&nbsp;&nbsp; 11000 |
| Class C | &nbsp;&nbsp;&nbsp; 468 | &nbsp;&nbsp;&nbsp; 1394 | &nbsp;&nbsp;&nbsp; 138 |
| Class I | &nbsp;&nbsp;&nbsp; 19434 | &nbsp;&nbsp;&nbsp; 25480 | &nbsp;&nbsp;&nbsp; 38896 |
| Class R6 | &nbsp;&nbsp;&nbsp; 17373 | &nbsp;&nbsp;&nbsp; 25055 | &nbsp;&nbsp;&nbsp; 30821 |
| Net Asset Value (a): |  |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp; $6.45 | &nbsp;&nbsp;&nbsp; $10.28 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;10.40 |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;10.35 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;10.34 |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 2.25<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $10.82 | &nbsp;&nbsp;&nbsp; $6.70 | &nbsp;&nbsp;&nbsp; $10.52 |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $436888 | &nbsp;&nbsp;&nbsp; $424070 | &nbsp;&nbsp;&nbsp; $772686 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 43457 | &nbsp;&nbsp;&nbsp; 31040 | &nbsp;&nbsp;&nbsp; 44214 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; 117 | &nbsp;&nbsp;&nbsp; 111 | &nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; 70 | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 65

------

**STATEMENTS OF ASSETS AND LIABILITIES**

AS OF February 28, 2026 (continued)

(Amounts in thousands, except per share amounts)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Ultra-Short** <br>**Municipal** <br>**Fund**  |
| **ASSETS:** |  |  |
| Investments in non-affiliates, at value | &nbsp;&nbsp;&nbsp; $810279 | &nbsp;&nbsp;&nbsp; $2163503 |
| Investments in affiliates, at value | &nbsp;&nbsp;&nbsp; 43227 | &nbsp;&nbsp;&nbsp; 379892 |
| Options purchased, at value | &nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp; — |
| Cash | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 15 |
| Deposits at broker for futures contracts | &nbsp;&nbsp;&nbsp; 490 | &nbsp;&nbsp;&nbsp; — |
| Receivables: |  |  |
| Investment securities sold | &nbsp;&nbsp;&nbsp; 201 | &nbsp;&nbsp;&nbsp; — |
| Investment securities sold — delayed delivery securities | &nbsp;&nbsp;&nbsp; 2523 | &nbsp;&nbsp;&nbsp; — |
| Fund shares sold | &nbsp;&nbsp;&nbsp; 836 | &nbsp;&nbsp;&nbsp; 5280 |
| Interest from non-affiliates | &nbsp;&nbsp;&nbsp; 8478 | &nbsp;&nbsp;&nbsp; 26816 |
| Dividends from affiliates | &nbsp;&nbsp;&nbsp; 87 | &nbsp;&nbsp;&nbsp; 621 |
| Variation margin on futures contracts | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; — |
| Due from adviser | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 32 |
| Total Assets | &nbsp;&nbsp;&nbsp; 866539 | &nbsp;&nbsp;&nbsp; 2576159 |
| **LIABILITIES:** |  |  |
| Payables: |  |  |
| Due to custodian | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; — |
| Investment securities purchased | &nbsp;&nbsp;&nbsp; 5297 | &nbsp;&nbsp;&nbsp; 17500 |
| Investment securities purchased — delayed delivery securities | &nbsp;&nbsp;&nbsp; 7871 | &nbsp;&nbsp;&nbsp; 3368 |
| Fund shares redeemed | &nbsp;&nbsp;&nbsp; 597 | &nbsp;&nbsp;&nbsp; 11039 |
| Options written, at value | &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; — |
| Accrued liabilities: |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 181 | &nbsp;&nbsp;&nbsp; — |
| Administration fees | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; — |
| Distribution fees | &nbsp;&nbsp;&nbsp; 53 | &nbsp;&nbsp;&nbsp; 29 |
| Service fees | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; 332 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 48 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Other | &nbsp;&nbsp;&nbsp; 93 | &nbsp;&nbsp;&nbsp; 309 |
| Total Liabilities | &nbsp;&nbsp;&nbsp; 14372 | &nbsp;&nbsp;&nbsp; 32625 |
| Net Assets | &nbsp;&nbsp;&nbsp; $852167 | &nbsp;&nbsp;&nbsp; $2543534 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

66 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Ultra-Short**<br> **Municipal**<br>**Fund**  |
| **NET ASSETS:** |  |  |
| Paid-in-Capital | &nbsp;&nbsp;&nbsp; $903883 | &nbsp;&nbsp;&nbsp; $2573896 |
| Total distributable earnings (loss) | &nbsp;&nbsp;&nbsp; (51716)<br>| &nbsp;&nbsp;&nbsp; (30362)<br>|
| Total Net Assets | &nbsp;&nbsp;&nbsp; $852167 | &nbsp;&nbsp;&nbsp; $2543534 |
| Net Assets: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; $262952 | &nbsp;&nbsp;&nbsp; $152789 |
| Class C | &nbsp;&nbsp;&nbsp; 5171 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 273843 | &nbsp;&nbsp;&nbsp; 2390745 |
| Class R6 | &nbsp;&nbsp;&nbsp; 310201 | &nbsp;&nbsp;&nbsp; — |
| Total | &nbsp;&nbsp;&nbsp; $852167 | &nbsp;&nbsp;&nbsp; $2543534 |
| Outstanding units of beneficial interest (shares) <br>($0.0001 par value; unlimited number of shares authorized):<br>|  |  |
| Class A | &nbsp;&nbsp;&nbsp; 24086 | &nbsp;&nbsp;&nbsp; 15198 |
| Class C | &nbsp;&nbsp;&nbsp; 479 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 25215 | &nbsp;&nbsp;&nbsp; 238074 |
| Class R6 | &nbsp;&nbsp;&nbsp; 28565 | &nbsp;&nbsp;&nbsp; — |
| Net Asset Value (a): |  |  |
| Class A — Redemption price per share | &nbsp;&nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp; $10.05 |
| Class C — Offering price per share (b) | &nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp; — |
| Class I — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;10.04 |
| Class R6 — Offering and redemption price per share | &nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp; — |
| Class A maximum sales charge | &nbsp;&nbsp;&nbsp;&nbsp; 3.75<br> %<br>| &nbsp;&nbsp;&nbsp; —<br> %<br>|
| Class A maximum public offering price per share <br>[net asset value per share/(100% – maximum sales charge)]<br>| &nbsp;&nbsp;&nbsp; $11.35 | &nbsp;&nbsp;&nbsp; $— |
| Cost of investments in non-affiliates | &nbsp;&nbsp;&nbsp; $784375 | &nbsp;&nbsp;&nbsp; $2153209 |
| Cost of investments in affiliates | &nbsp;&nbsp;&nbsp; 43224 | &nbsp;&nbsp;&nbsp; 379885 |
| Cost of options purchased | &nbsp;&nbsp;&nbsp; 207 | &nbsp;&nbsp;&nbsp; — |
| Premiums received from options written | &nbsp;&nbsp;&nbsp; 124 | &nbsp;&nbsp;&nbsp; — |

---

------

(a) Per share amounts may not recalculate due to rounding of net assets and/or shares outstanding.

(b) Redemption price for Class C Shares varies based upon length of time the shares are held.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 67

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**California** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**New York** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Short-** <br>**Intermediate** <br>**Municipal** <br>**Bond Fund**  |
| **INVESTMENT INCOME:** |  |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $14553 | &nbsp;&nbsp;&nbsp; $15544 | &nbsp;&nbsp;&nbsp; $25198 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 1 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 900 | &nbsp;&nbsp;&nbsp; 578 | &nbsp;&nbsp;&nbsp; 1127 |
| Total investment income | &nbsp;&nbsp;&nbsp; 15454 | &nbsp;&nbsp;&nbsp; 16122 | &nbsp;&nbsp;&nbsp; 26326 |
| **EXPENSES:** |  |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 1241 | &nbsp;&nbsp;&nbsp; 1231 | &nbsp;&nbsp;&nbsp; 2012 |
| Administration fees | &nbsp;&nbsp;&nbsp; 310 | &nbsp;&nbsp;&nbsp; 308 | &nbsp;&nbsp;&nbsp; 604 |
| Distribution fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 255 |
| Class C | &nbsp;&nbsp;&nbsp; 40 | &nbsp;&nbsp;&nbsp; 51 | &nbsp;&nbsp;&nbsp; 11 |
| Service fees: |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 255 | &nbsp;&nbsp;&nbsp; 293 | &nbsp;&nbsp;&nbsp; 255 |
| Class C | &nbsp;&nbsp;&nbsp; 13 | &nbsp;&nbsp;&nbsp; 17 | &nbsp;&nbsp;&nbsp; 4 |
| Class I | &nbsp;&nbsp;&nbsp; 361 | &nbsp;&nbsp;&nbsp; 393 | &nbsp;&nbsp;&nbsp; 959 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 67 | &nbsp;&nbsp;&nbsp; 55 | &nbsp;&nbsp;&nbsp; 91 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp; 1 |
| Professional fees | &nbsp;&nbsp;&nbsp; 61 | &nbsp;&nbsp;&nbsp; 64 | &nbsp;&nbsp;&nbsp; 67 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 26 | &nbsp;&nbsp;&nbsp; 27 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 25 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp; 62 | &nbsp;&nbsp;&nbsp; 47 |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 15 | &nbsp;&nbsp;&nbsp; 13 |
| Other | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 25 | &nbsp;&nbsp;&nbsp; 15 |
| Total expenses | &nbsp;&nbsp;&nbsp; 2745 | &nbsp;&nbsp;&nbsp; 2862 | &nbsp;&nbsp;&nbsp; 4386 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (888)<br>| &nbsp;&nbsp;&nbsp; (928)<br>| &nbsp;&nbsp;&nbsp; (2108)<br>|
| Less expense reimbursements | &nbsp;&nbsp;&nbsp; (58)<br>| &nbsp;&nbsp;&nbsp; (71)<br>| &nbsp;&nbsp;&nbsp; — |
| Net expenses | &nbsp;&nbsp;&nbsp; 1799 | &nbsp;&nbsp;&nbsp; 1863 | &nbsp;&nbsp;&nbsp; 2278 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 13655 | &nbsp;&nbsp;&nbsp; 14259 | &nbsp;&nbsp;&nbsp; 24048 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

68 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **California**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **New York**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Short-**<br> **Intermediate**<br> **Municipal**<br>**Bond Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $(2494)<br>| &nbsp;&nbsp;&nbsp; $(4026)<br>| &nbsp;&nbsp;&nbsp; $(541)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; (225)<br>| &nbsp;&nbsp;&nbsp; (225)<br>| &nbsp;&nbsp;&nbsp; (7)<br>|
| Futures contracts | &nbsp;&nbsp;&nbsp; 250 | &nbsp;&nbsp;&nbsp; 252 | &nbsp;&nbsp;&nbsp; 391 |
| Options written | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; 156 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (2313)<br>| &nbsp;&nbsp;&nbsp; (3843)<br>| &nbsp;&nbsp;&nbsp; (157)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 8516 | &nbsp;&nbsp;&nbsp; 6290 | &nbsp;&nbsp;&nbsp; 11265 |
| Investments in affiliates | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1)<br>| &nbsp;&nbsp;&nbsp; — |
| Options purchased | &nbsp;&nbsp;&nbsp; 85 | &nbsp;&nbsp;&nbsp; 82 | &nbsp;&nbsp;&nbsp; 4 |
| Futures contracts | &nbsp;&nbsp;&nbsp; 43 | &nbsp;&nbsp;&nbsp; 41 | &nbsp;&nbsp;&nbsp; 38 |
| Options written | &nbsp;&nbsp;&nbsp; (47)<br>| &nbsp;&nbsp;&nbsp; (44)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 8597 | &nbsp;&nbsp;&nbsp; 6368 | &nbsp;&nbsp;&nbsp; 11307 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 6284 | &nbsp;&nbsp;&nbsp; 2525 | &nbsp;&nbsp;&nbsp; 11150 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $19939 | &nbsp;&nbsp;&nbsp; $16784 | &nbsp;&nbsp;&nbsp; $35198 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 69

------

**STATEMENTS OF OPERATIONS**

FOR THE YEAR ENDED February 28, 2026 (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan** <br>**Tax Free** <br>**Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan** <br>**Ultra-Short** <br>**Municipal** <br>**Fund**  |
| **INVESTMENT INCOME:** |  |  |
| Interest income from non-affiliates | &nbsp;&nbsp;&nbsp; $32899 | &nbsp;&nbsp;&nbsp; $63791 |
| Interest income from affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 2 |
| Dividend income from affiliates | &nbsp;&nbsp;&nbsp; 1137 | &nbsp;&nbsp;&nbsp; 6639 |
| Total investment income | &nbsp;&nbsp;&nbsp; 34036 | &nbsp;&nbsp;&nbsp; 70432 |
| **EXPENSES:** |  |  |
| Investment advisory fees | &nbsp;&nbsp;&nbsp; 2379 | &nbsp;&nbsp;&nbsp; 3549 |
| Administration fees | &nbsp;&nbsp;&nbsp; 595 | &nbsp;&nbsp;&nbsp; 1775 |
| Distribution fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp; 463 |
| Class C | &nbsp;&nbsp;&nbsp; 49 | &nbsp;&nbsp;&nbsp; — |
| Service fees: |  |  |
| Class A | &nbsp;&nbsp;&nbsp; 626 | &nbsp;&nbsp;&nbsp; 463 |
| Class C | &nbsp;&nbsp;&nbsp; 16 | &nbsp;&nbsp;&nbsp; — |
| Class I | &nbsp;&nbsp;&nbsp; 665 | &nbsp;&nbsp;&nbsp; 5453 |
| Custodian and accounting fees | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 250 |
| Interest expense to affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; 19 |
| Professional fees | &nbsp;&nbsp;&nbsp; 74 | &nbsp;&nbsp;&nbsp; 71 |
| Trustees' and Chief Compliance Officer's fees | &nbsp;&nbsp;&nbsp; 27 | &nbsp;&nbsp;&nbsp; 30 |
| Printing and mailing costs | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 15 |
| Registration and filing fees | &nbsp;&nbsp;&nbsp; 127 | &nbsp;&nbsp;&nbsp; — |
| Transfer agency fees (See Note 2.I.) | &nbsp;&nbsp;&nbsp; 20 | &nbsp;&nbsp;&nbsp; 20 |
| Other | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 33 |
| Total expenses | &nbsp;&nbsp;&nbsp; 5338 | &nbsp;&nbsp;&nbsp; 12141 |
| Less fees waived | &nbsp;&nbsp;&nbsp; (1336)<br>| &nbsp;&nbsp;&nbsp; (7580)<br>|
| Net expenses | &nbsp;&nbsp;&nbsp; 4002 | &nbsp;&nbsp;&nbsp; 4561 |
| Net investment income (loss) | &nbsp;&nbsp;&nbsp; 30034 | &nbsp;&nbsp;&nbsp; 65871 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

70 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp; **JPMorgan**<br> **Tax Free**<br> **Bond Fund** <br>| &nbsp;&nbsp; **JPMorgan**<br> **Ultra-Short**<br> **Municipal**<br>**Fund**  |
| **REALIZED/UNREALIZED GAINS (LOSSES):** |  |  |
| Net realized gain (loss) on transactions from: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; $(8853)<br>| &nbsp;&nbsp;&nbsp; $(252)<br>|
| Investments in affiliates | &nbsp;&nbsp;&nbsp; —<br> (a)<br>| &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Options purchased | &nbsp;&nbsp;&nbsp; (427)<br>| &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 413 | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; 297 | &nbsp;&nbsp;&nbsp; — |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; (8570)<br>| &nbsp;&nbsp;&nbsp; (252)<br>|
| Change in net unrealized appreciation/depreciation on: |  |  |
| Investments in non-affiliates | &nbsp;&nbsp;&nbsp; 12501 | &nbsp;&nbsp;&nbsp; 8346 |
| Options purchased | &nbsp;&nbsp;&nbsp; 151 | &nbsp;&nbsp;&nbsp; — |
| Futures contracts | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; — |
| Options written | &nbsp;&nbsp;&nbsp; (83)<br>| &nbsp;&nbsp;&nbsp; — |
| Change in net unrealized appreciation/depreciation | &nbsp;&nbsp;&nbsp; 12646 | &nbsp;&nbsp;&nbsp; 8346 |
| Net realized/unrealized gains (losses) | &nbsp;&nbsp;&nbsp; 4076 | &nbsp;&nbsp;&nbsp; 8094 |
| Change in net assets resulting from operations | &nbsp;&nbsp;&nbsp; $34110 | &nbsp;&nbsp;&nbsp; $73965 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 71

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Tax Free Bond Fund**  | **JPMorgan California Tax Free Bond Fund**  | **JPMorgan New York Tax Free Bond Fund**  | **JPMorgan New York Tax Free Bond Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $13655 | &nbsp;&nbsp;&nbsp; $10062 | &nbsp;&nbsp;&nbsp; $14259 | &nbsp;&nbsp;&nbsp; $12248 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (2313)<br>| &nbsp;&nbsp;&nbsp; (557)<br>| &nbsp;&nbsp;&nbsp; (3843)<br>| &nbsp;&nbsp;&nbsp; (149)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 8597 | &nbsp;&nbsp;&nbsp; (1588)<br>| &nbsp;&nbsp;&nbsp; 6368 | &nbsp;&nbsp;&nbsp; (2430)<br>|
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 19939 | &nbsp;&nbsp;&nbsp; 7917 | &nbsp;&nbsp;&nbsp; 16784 | &nbsp;&nbsp;&nbsp; 9669 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (3159)<br>| &nbsp;&nbsp;&nbsp; (3002)<br>| &nbsp;&nbsp;&nbsp; (3990)<br>| &nbsp;&nbsp;&nbsp; (3722)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (138)<br>| &nbsp;&nbsp;&nbsp; (189)<br>| &nbsp;&nbsp;&nbsp; (195)<br>| &nbsp;&nbsp;&nbsp; (245)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (4831)<br>| &nbsp;&nbsp;&nbsp; (2601)<br>| &nbsp;&nbsp;&nbsp; (5422)<br>| &nbsp;&nbsp;&nbsp; (4188)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (5487)<br>| &nbsp;&nbsp;&nbsp; (4265)<br>| &nbsp;&nbsp;&nbsp; (4618)<br>| &nbsp;&nbsp;&nbsp; (4088)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (13615)<br>| &nbsp;&nbsp;&nbsp; (10057)<br>| &nbsp;&nbsp;&nbsp; (14225)<br>| &nbsp;&nbsp;&nbsp; (12243)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 105065 | &nbsp;&nbsp;&nbsp; 72833 | &nbsp;&nbsp;&nbsp; 74490 | &nbsp;&nbsp;&nbsp; 21474 |
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 111389 | &nbsp;&nbsp;&nbsp; 70693 | &nbsp;&nbsp;&nbsp; 77049 | &nbsp;&nbsp;&nbsp; 18900 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 377354 | &nbsp;&nbsp;&nbsp; 306661 | &nbsp;&nbsp;&nbsp; 392602 | &nbsp;&nbsp;&nbsp; 373702 |
| End of period | &nbsp;&nbsp;&nbsp; $488743 | &nbsp;&nbsp;&nbsp; $377354 | &nbsp;&nbsp;&nbsp; $469651 | &nbsp;&nbsp;&nbsp; $392602 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

72 J.P. Morgan Municipal Bond Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund**  | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund**  | **JPMorgan Tax Free Bond Fund**  | **JPMorgan Tax Free Bond Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| &nbsp;&nbsp; **Year Ended** <br>**February 28, 2025** <br>|
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $24048 | &nbsp;&nbsp;&nbsp; $22794 | &nbsp;&nbsp;&nbsp; $30034 | &nbsp;&nbsp;&nbsp; $24437 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (157)<br>| &nbsp;&nbsp;&nbsp; (6902)<br>| &nbsp;&nbsp;&nbsp; (8570)<br>| &nbsp;&nbsp;&nbsp; (6087)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 11307 | &nbsp;&nbsp;&nbsp; 8759 | &nbsp;&nbsp;&nbsp; 12646 | &nbsp;&nbsp;&nbsp; 4128 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 35198 | &nbsp;&nbsp;&nbsp; 24651 | &nbsp;&nbsp;&nbsp; 34110 | &nbsp;&nbsp;&nbsp; 22478 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (2664)<br>| &nbsp;&nbsp;&nbsp; (2126)<br>| &nbsp;&nbsp;&nbsp; (8978)<br>| &nbsp;&nbsp;&nbsp; (8593)<br>|
| Class C | &nbsp;&nbsp;&nbsp; (30)<br>| &nbsp;&nbsp;&nbsp; (35)<br>| &nbsp;&nbsp;&nbsp; (194)<br>| &nbsp;&nbsp;&nbsp; (216)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (11574)<br>| &nbsp;&nbsp;&nbsp; (10524)<br>| &nbsp;&nbsp;&nbsp; (10175)<br>| &nbsp;&nbsp;&nbsp; (9178)<br>|
| Class R6 | &nbsp;&nbsp;&nbsp; (9792)<br>| &nbsp;&nbsp;&nbsp; (10088)<br>| &nbsp;&nbsp;&nbsp; (10581)<br>| &nbsp;&nbsp;&nbsp; (6415)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (24060)<br>| &nbsp;&nbsp;&nbsp; (22773)<br>| &nbsp;&nbsp;&nbsp; (29928)<br>| &nbsp;&nbsp;&nbsp; (24402)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 30227 | &nbsp;&nbsp;&nbsp; (22828)<br>| &nbsp;&nbsp;&nbsp; 169021 | &nbsp;&nbsp;&nbsp; (152130)<br>|
| **NET ASSETS:** |  |  |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 41365 | &nbsp;&nbsp;&nbsp; (20950)<br>| &nbsp;&nbsp;&nbsp; 173203 | &nbsp;&nbsp;&nbsp; (154054)<br>|
| Beginning of period | &nbsp;&nbsp;&nbsp; 794448 | &nbsp;&nbsp;&nbsp; 815398 | &nbsp;&nbsp;&nbsp; 678964 | &nbsp;&nbsp;&nbsp; 833018 |
| End of period | &nbsp;&nbsp;&nbsp; $835813 | &nbsp;&nbsp;&nbsp; $794448 | &nbsp;&nbsp;&nbsp; $852167 | &nbsp;&nbsp;&nbsp; $678964 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 73

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Ultra-Short Municipal Fund**  | **JPMorgan Ultra-Short Municipal Fund**  |
|  | &nbsp;&nbsp; **Year Ended** <br>**February 28, 2026** <br>| **Year Ended** <br>**February 28, 2025**  |
| **CHANGE IN NET ASSETS RESULTING FROM OPERATIONS:**  |  |  |
| Net investment income (loss)  | &nbsp;&nbsp;&nbsp; $65871 | &nbsp;&nbsp;&nbsp; $57673 |
| Net realized gain (loss)  | &nbsp;&nbsp;&nbsp; (252)<br>| &nbsp;&nbsp;&nbsp; (1316)<br>|
| Distributions of capital gains received from investment company affiliates  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —<br> (a)<br>|
| Change in net unrealized appreciation/depreciation  | &nbsp;&nbsp;&nbsp; 8346 | &nbsp;&nbsp;&nbsp; 9017 |
| Change in net assets resulting from operations  | &nbsp;&nbsp;&nbsp; 73965 | &nbsp;&nbsp;&nbsp; 65374 |
| **DISTRIBUTIONS TO SHAREHOLDERS:**  |  |  |
| Class A | &nbsp;&nbsp;&nbsp; (4735)<br>| &nbsp;&nbsp;&nbsp; (4968)<br>|
| Class I | &nbsp;&nbsp;&nbsp; (61006)<br>| &nbsp;&nbsp;&nbsp; (52742)<br>|
| Total distributions to shareholders | &nbsp;&nbsp;&nbsp; (65741)<br>| &nbsp;&nbsp;&nbsp; (57710)<br>|
| **CAPITAL TRANSACTIONS:**  |  |  |
| Change in net assets resulting from capital transactions  | &nbsp;&nbsp;&nbsp; 353737 | &nbsp;&nbsp;&nbsp; 433407 |
| **NET ASSETS:** |  |  |
| Change in net assets | &nbsp;&nbsp;&nbsp; 361961 | &nbsp;&nbsp;&nbsp; 441071 |
| Beginning of period | &nbsp;&nbsp;&nbsp; 2181573 | &nbsp;&nbsp;&nbsp; 1740502 |
| End of period | &nbsp;&nbsp;&nbsp; $2543534 | &nbsp;&nbsp;&nbsp; $2181573 |

---

------

(a) Amount rounds to less than one thousand.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

74 J.P. Morgan Municipal Bond Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Tax Free Bond Fund** | **JPMorgan California Tax Free Bond Fund** | **JPMorgan New York Tax Free Bond Fund** | **JPMorgan New York Tax Free Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $32357 | &nbsp;&nbsp;&nbsp; $18394 | &nbsp;&nbsp;&nbsp; $41832 | &nbsp;&nbsp;&nbsp; $16865 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 3093 | &nbsp;&nbsp;&nbsp; 2944 | &nbsp;&nbsp;&nbsp; 3920 | &nbsp;&nbsp;&nbsp; 3651 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (27585)<br>| &nbsp;&nbsp;&nbsp; (27186)<br>| &nbsp;&nbsp;&nbsp; (30220)<br>| &nbsp;&nbsp;&nbsp; (26472)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 7865 | &nbsp;&nbsp;&nbsp; (5848)<br>| &nbsp;&nbsp;&nbsp; 15532 | &nbsp;&nbsp;&nbsp; (5956)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1211 | &nbsp;&nbsp;&nbsp; 786 | &nbsp;&nbsp;&nbsp; 4634 | &nbsp;&nbsp;&nbsp; 1487 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 138 | &nbsp;&nbsp;&nbsp; 189 | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 243 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (3471)<br>| &nbsp;&nbsp;&nbsp; (3481)<br>| &nbsp;&nbsp;&nbsp; (3394)<br>| &nbsp;&nbsp;&nbsp; (4990)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2122)<br>| &nbsp;&nbsp;&nbsp; (2506)<br>| &nbsp;&nbsp;&nbsp; 1434 | &nbsp;&nbsp;&nbsp; (3260)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 129412 | &nbsp;&nbsp;&nbsp; 106616 | &nbsp;&nbsp;&nbsp; 107879 | &nbsp;&nbsp;&nbsp; 52748 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4826 | &nbsp;&nbsp;&nbsp; 2592 | &nbsp;&nbsp;&nbsp; 5342 | &nbsp;&nbsp;&nbsp; 4140 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (45158)<br>| &nbsp;&nbsp;&nbsp; (68795)<br>| &nbsp;&nbsp;&nbsp; (89667)<br>| &nbsp;&nbsp;&nbsp; (27980)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 89080 | &nbsp;&nbsp;&nbsp; 40413 | &nbsp;&nbsp;&nbsp; 23554 | &nbsp;&nbsp;&nbsp; 28908 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 49575 | &nbsp;&nbsp;&nbsp; 104792 | &nbsp;&nbsp;&nbsp; 63596 | &nbsp;&nbsp;&nbsp; 27912 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 5471 | &nbsp;&nbsp;&nbsp; 4250 | &nbsp;&nbsp;&nbsp; 4611 | &nbsp;&nbsp;&nbsp; 4080 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (44804)<br>| &nbsp;&nbsp;&nbsp; (68268)<br>| &nbsp;&nbsp;&nbsp; (34237)<br>| &nbsp;&nbsp;&nbsp; (30210)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 10242 | &nbsp;&nbsp;&nbsp; 40774 | &nbsp;&nbsp;&nbsp; 33970 | &nbsp;&nbsp;&nbsp; 1782 |
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $105065 | &nbsp;&nbsp;&nbsp; $72833 | &nbsp;&nbsp;&nbsp; $74490 | &nbsp;&nbsp;&nbsp; $21474 |
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 3185 | &nbsp;&nbsp;&nbsp; 1786 | &nbsp;&nbsp;&nbsp; 6575 | &nbsp;&nbsp;&nbsp; 2618 |
| Reinvested | &nbsp;&nbsp;&nbsp; 304 | &nbsp;&nbsp;&nbsp; 287 | &nbsp;&nbsp;&nbsp; 621 | &nbsp;&nbsp;&nbsp; 569 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2721)<br>| &nbsp;&nbsp;&nbsp; (2644)<br>| &nbsp;&nbsp;&nbsp; (4767)<br>| &nbsp;&nbsp;&nbsp; (4120)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 768 | &nbsp;&nbsp;&nbsp; (571)<br>| &nbsp;&nbsp;&nbsp; 2429 | &nbsp;&nbsp;&nbsp; (933)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 120 | &nbsp;&nbsp;&nbsp; 77 | &nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 230 |
| Reinvested | &nbsp;&nbsp;&nbsp; 14 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 31 | &nbsp;&nbsp;&nbsp; 38 |
| Redeemed | &nbsp;&nbsp;&nbsp; (345)<br>| &nbsp;&nbsp;&nbsp; (342)<br>| &nbsp;&nbsp;&nbsp; (537)<br>| &nbsp;&nbsp;&nbsp; (777)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; (211)<br>| &nbsp;&nbsp;&nbsp; (247)<br>| &nbsp;&nbsp;&nbsp; 220 | &nbsp;&nbsp;&nbsp; (509)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 75

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan California Tax Free Bond Fund** | **JPMorgan California Tax Free Bond Fund** | **JPMorgan New York Tax Free Bond Fund** | **JPMorgan New York Tax Free Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 13030 | &nbsp;&nbsp;&nbsp; 10597 | &nbsp;&nbsp;&nbsp; 16946 | &nbsp;&nbsp;&nbsp; 8122 |
| Reinvested | &nbsp;&nbsp;&nbsp; 486 | &nbsp;&nbsp;&nbsp; 259 | &nbsp;&nbsp;&nbsp; 840 | &nbsp;&nbsp;&nbsp; 642 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4562)<br>| &nbsp;&nbsp;&nbsp; (6847)<br>| &nbsp;&nbsp;&nbsp; (14058)<br>| &nbsp;&nbsp;&nbsp; (4334)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 8954 | &nbsp;&nbsp;&nbsp; 4009 | &nbsp;&nbsp;&nbsp; 3728 | &nbsp;&nbsp;&nbsp; 4430 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5016 | &nbsp;&nbsp;&nbsp; 10449 | &nbsp;&nbsp;&nbsp; 9948 | &nbsp;&nbsp;&nbsp; 4312 |
| Reinvested | &nbsp;&nbsp;&nbsp; 553 | &nbsp;&nbsp;&nbsp; 425 | &nbsp;&nbsp;&nbsp; 726 | &nbsp;&nbsp;&nbsp; 632 |
| Redeemed | &nbsp;&nbsp;&nbsp; (4546)<br>| &nbsp;&nbsp;&nbsp; (6821)<br>| &nbsp;&nbsp;&nbsp; (5410)<br>| &nbsp;&nbsp;&nbsp; (4678)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; 1023 | &nbsp;&nbsp;&nbsp; 4053 | &nbsp;&nbsp;&nbsp; 5264 | &nbsp;&nbsp;&nbsp; 266 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

76 J.P. Morgan Municipal Bond Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund** | **JPMorgan Short-Intermediate** <br>**Municipal Bond Fund** | **JPMorgan Tax Free Bond Fund** | **JPMorgan Tax Free Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $50951 | &nbsp;&nbsp;&nbsp; $28352 | &nbsp;&nbsp;&nbsp; $75388 | &nbsp;&nbsp;&nbsp; $60267 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 2652 | &nbsp;&nbsp;&nbsp; 2112 | &nbsp;&nbsp;&nbsp; 8893 | &nbsp;&nbsp;&nbsp; 8466 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (26443)<br>| &nbsp;&nbsp;&nbsp; (32272)<br>| &nbsp;&nbsp;&nbsp; (68509)<br>| &nbsp;&nbsp;&nbsp; (71196)<br>|
| Change in net assets resulting from Class A capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 27160 | &nbsp;&nbsp;&nbsp; (1808)<br>| &nbsp;&nbsp;&nbsp; 15772 | &nbsp;&nbsp;&nbsp; (2463)<br>|
| **Class C** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 787 | &nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp; 2893 | &nbsp;&nbsp;&nbsp; 2051 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp; 35 | &nbsp;&nbsp;&nbsp; 194 | &nbsp;&nbsp;&nbsp; 216 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (729)<br>| &nbsp;&nbsp;&nbsp; (833)<br>| &nbsp;&nbsp;&nbsp; (5151)<br>| &nbsp;&nbsp;&nbsp; (2756)<br>|
| Change in net assets resulting from Class C capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 88 | &nbsp;&nbsp;&nbsp; (698)<br>| &nbsp;&nbsp;&nbsp; (2064)<br>| &nbsp;&nbsp;&nbsp; (489)<br>|
| **Class I** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 154677 | &nbsp;&nbsp;&nbsp; 166645 | &nbsp;&nbsp;&nbsp; 89668 | &nbsp;&nbsp;&nbsp; 119095 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 11506 | &nbsp;&nbsp;&nbsp; 10466 | &nbsp;&nbsp;&nbsp; 10020 | &nbsp;&nbsp;&nbsp; 8949 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (160869)<br>| &nbsp;&nbsp;&nbsp; (143171)<br>| &nbsp;&nbsp;&nbsp; (90728)<br>| &nbsp;&nbsp;&nbsp; (88511)<br>|
| Change in net assets resulting from Class I capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; 5314 | &nbsp;&nbsp;&nbsp; 33940 | &nbsp;&nbsp;&nbsp; 8960 | &nbsp;&nbsp;&nbsp; 39533 |
| **Class R6** |  |  |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 47510 | &nbsp;&nbsp;&nbsp; 24701 | &nbsp;&nbsp;&nbsp; 168840 | &nbsp;&nbsp;&nbsp; 28066 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 9694 | &nbsp;&nbsp;&nbsp; 9939 | &nbsp;&nbsp;&nbsp; 10575 | &nbsp;&nbsp;&nbsp; 6411 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (59539)<br>| &nbsp;&nbsp;&nbsp; (88902)<br>| &nbsp;&nbsp;&nbsp; (33062)<br>| &nbsp;&nbsp;&nbsp; (223188)<br>|
| Change in net assets resulting from Class R6 capital <br> transactions<br>| &nbsp;&nbsp;&nbsp; (2335)<br>| &nbsp;&nbsp;&nbsp; (54262)<br>| &nbsp;&nbsp;&nbsp; 146353 | &nbsp;&nbsp;&nbsp; (188711)<br>|
| **Total change in net assets resulting from capital** <br> **transactions**<br>| &nbsp;&nbsp;&nbsp; $30227 | &nbsp;&nbsp;&nbsp; $(22828)<br>| &nbsp;&nbsp;&nbsp; $169021 | &nbsp;&nbsp;&nbsp; $(152130)<br>|
| **SHARE TRANSACTIONS:** |  |  |  |  |
| **Class A** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 5027 | &nbsp;&nbsp;&nbsp; 2800 | &nbsp;&nbsp;&nbsp; 7061 | &nbsp;&nbsp;&nbsp; 5544 |
| Reinvested | &nbsp;&nbsp;&nbsp; 261 | &nbsp;&nbsp;&nbsp; 209 | &nbsp;&nbsp;&nbsp; 832 | &nbsp;&nbsp;&nbsp; 781 |
| Redeemed | &nbsp;&nbsp;&nbsp; (2607)<br>| &nbsp;&nbsp;&nbsp; (3189)<br>| &nbsp;&nbsp;&nbsp; (6405)<br>| &nbsp;&nbsp;&nbsp; (6554)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; 2681 | &nbsp;&nbsp;&nbsp; (180)<br>| &nbsp;&nbsp;&nbsp; 1488 | &nbsp;&nbsp;&nbsp; (229)<br>|
| **Class C** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 76 | &nbsp;&nbsp;&nbsp; 10 | &nbsp;&nbsp;&nbsp; 276 | &nbsp;&nbsp;&nbsp; 189 |
| Reinvested | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp; 20 |
| Redeemed | &nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp; (82)<br>| &nbsp;&nbsp;&nbsp; (486)<br>| &nbsp;&nbsp;&nbsp; (256)<br>|
| Change in Class C Shares | &nbsp;&nbsp;&nbsp; 9 | &nbsp;&nbsp;&nbsp; (69)<br>| &nbsp;&nbsp;&nbsp; (192)<br>| &nbsp;&nbsp;&nbsp; (47)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 77

------

**STATEMENTS OF CHANGES IN NET ASSETS**

FOR THE PERIODS INDICATED (continued)

(Amounts in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **JPMorgan Short-Intermediate**<br> **Municipal Bond Fund** | **JPMorgan Short-Intermediate**<br> **Municipal Bond Fund** | **JPMorgan Tax Free Bond Fund** | **JPMorgan Tax Free Bond Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **SHARE TRANSACTIONS: (continued)** |  |  |  |  |
| **Class I** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 15116 | &nbsp;&nbsp;&nbsp; 16342 | &nbsp;&nbsp;&nbsp; 8446 | &nbsp;&nbsp;&nbsp; 10962 |
| Reinvested | &nbsp;&nbsp;&nbsp; 1125 | &nbsp;&nbsp;&nbsp; 1031 | &nbsp;&nbsp;&nbsp; 943 | &nbsp;&nbsp;&nbsp; 830 |
| Redeemed | &nbsp;&nbsp;&nbsp; (15726)<br>| &nbsp;&nbsp;&nbsp; (14083)<br>| &nbsp;&nbsp;&nbsp; (8561)<br>| &nbsp;&nbsp;&nbsp; (8189)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 515 | &nbsp;&nbsp;&nbsp; 3290 | &nbsp;&nbsp;&nbsp; 828 | &nbsp;&nbsp;&nbsp; 3603 |
| **Class R6** |  |  |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4647 | &nbsp;&nbsp;&nbsp; 2428 | &nbsp;&nbsp;&nbsp; 15776 | &nbsp;&nbsp;&nbsp; 2594 |
| Reinvested | &nbsp;&nbsp;&nbsp; 949 | &nbsp;&nbsp;&nbsp; 979 | &nbsp;&nbsp;&nbsp; 994 | &nbsp;&nbsp;&nbsp; 595 |
| Redeemed | &nbsp;&nbsp;&nbsp; (5820)<br>| &nbsp;&nbsp;&nbsp; (8735)<br>| &nbsp;&nbsp;&nbsp; (3115)<br>| &nbsp;&nbsp;&nbsp; (20653)<br>|
| Change in Class R6 Shares | &nbsp;&nbsp;&nbsp; (224)<br>| &nbsp;&nbsp;&nbsp; (5328)<br>| &nbsp;&nbsp;&nbsp; 13655 | &nbsp;&nbsp;&nbsp; (17464)<br>|

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

78 J.P. Morgan Municipal Bond Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | **JPMorgan Ultra-Short Municipal Fund** | **JPMorgan Ultra-Short Municipal Fund** |
|  | &nbsp;&nbsp; **Year Ended**<br> **February 28, 2026**<br>| &nbsp;&nbsp; **Year Ended**<br> **February 28, 2025**<br>|
| **CAPITAL TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; $41662 | &nbsp;&nbsp;&nbsp; $174409 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 4533 | &nbsp;&nbsp;&nbsp; 4825 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (103079)<br>| &nbsp;&nbsp;&nbsp; (137636)<br>|
| Change in net assets resulting from Class A capital transactions | &nbsp;&nbsp;&nbsp; (56884)<br>| &nbsp;&nbsp;&nbsp; 41598 |
| **Class I** |  |  |
| Proceeds from shares issued | &nbsp;&nbsp;&nbsp; 1481577 | &nbsp;&nbsp;&nbsp; 1314901 |
| Distributions reinvested | &nbsp;&nbsp;&nbsp; 60928 | &nbsp;&nbsp;&nbsp; 52618 |
| Cost of shares redeemed | &nbsp;&nbsp;&nbsp; (1131884)<br>| &nbsp;&nbsp;&nbsp; (975710)<br>|
| Change in net assets resulting from Class I capital transactions | &nbsp;&nbsp;&nbsp; 410621 | &nbsp;&nbsp;&nbsp; 391809 |
| **Total change in net assets resulting from capital transactions** | &nbsp;&nbsp;&nbsp; $353737 | &nbsp;&nbsp;&nbsp; $433407 |
| **SHARE TRANSACTIONS:** |  |  |
| **Class A** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 4163 | &nbsp;&nbsp;&nbsp; 17427 |
| Reinvested | &nbsp;&nbsp;&nbsp; 452 | &nbsp;&nbsp;&nbsp; 483 |
| Redeemed | &nbsp;&nbsp;&nbsp; (10276)<br>| &nbsp;&nbsp;&nbsp; (13761)<br>|
| Change in Class A Shares | &nbsp;&nbsp;&nbsp; (5661)<br>| &nbsp;&nbsp;&nbsp; 4149 |
| **Class I** |  |  |
| Issued | &nbsp;&nbsp;&nbsp; 147779 | &nbsp;&nbsp;&nbsp; 131489 |
| Reinvested | &nbsp;&nbsp;&nbsp; 6084 | &nbsp;&nbsp;&nbsp; 5269 |
| Redeemed | &nbsp;&nbsp;&nbsp; (112892)<br>| &nbsp;&nbsp;&nbsp; (97581)<br>|
| Change in Class I Shares | &nbsp;&nbsp;&nbsp; 40971 | &nbsp;&nbsp;&nbsp; 39177 |

---

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 79

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan California Tax Free Bond Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.29 | &nbsp;&nbsp; $0.33 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; $0.43 | &nbsp;&nbsp; $(0.31)<br>|
| Year Ended February 28, 2025 | 10.34 | 0.30 | &nbsp;&nbsp; (0.06)<br>| 0.24 | &nbsp;&nbsp; (0.29)<br>|
| Year Ended February 29, 2024 | 10.15 | 0.26 | 0.18 | 0.44 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2023 | 10.68 | 0.20 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 28, 2022 | 11.06 | 0.16 | &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.19 | 0.27 | 0.11 | 0.38 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2025 | 10.25 | 0.25 | &nbsp;&nbsp; (0.07)<br>| 0.18 | &nbsp;&nbsp; (0.24)<br>|
| Year Ended February 29, 2024 | 10.06 | 0.20 | 0.19 | 0.39 | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 28, 2023 | 10.59 | 0.15 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year Ended February 28, 2022 | 10.96 | 0.10 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.10)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.03 | 0.33 | 0.11 | 0.44 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2025 | 10.09 | 0.30 | &nbsp;&nbsp; (0.06)<br>| 0.24 | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 29, 2024 | 9.90 | 0.26 | 0.19 | 0.45 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2023 | 10.43 | 0.21 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.21)<br>|
| Year Ended February 28, 2022 | 10.80 | 0.17 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.17)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.02 | 0.34 | 0.11 | 0.45 | &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2025 | 10.09 | 0.31 | &nbsp;&nbsp; (0.07)<br>| 0.24 | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 29, 2024 | 9.90 | 0.27 | 0.19 | 0.46 | &nbsp;&nbsp; (0.27)<br>|
| Year Ended February 28, 2023 | 10.43 | 0.22 | &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 28, 2022 | 10.80 | 0.18 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.18)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

80 J.P. Morgan Municipal Bond Funds February 28, 2026

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.34<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $110674 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.54<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.19<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.94<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 101429 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 107875 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104073 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 136939 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.31 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4834 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6928 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9492 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.56)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17015 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.47)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24442 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 197100 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 105090 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.01)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47695 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.90)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 80566 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 176135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 163907 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.77 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 124019 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.92)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111313 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.80)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144407 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.63 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 81

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan New York Tax Free Bond Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $6.43 | &nbsp;&nbsp; $0.21 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.23 | &nbsp;&nbsp; $(0.21)<br>|
| Year Ended February 28, 2025 | 6.47 | 0.20 | &nbsp;&nbsp; (0.04)<br>| 0.16 | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 29, 2024 | 6.37 | 0.17 | 0.10 | 0.27 | &nbsp;&nbsp; (0.17)<br>|
| Year Ended February 28, 2023 | 6.71 | 0.13 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.13)<br>|
| Year Ended February 28, 2022 | 6.93 | 0.11 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.12)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.43 | 0.18 | 0.02 | 0.20 | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2025 | 6.47 | 0.17 | &nbsp;&nbsp; (0.04)<br>| 0.13 | &nbsp;&nbsp; (0.17)<br>|
| Year Ended February 29, 2024 | 6.37 | 0.14 | 0.10 | 0.24 | &nbsp;&nbsp; (0.14)<br>|
| Year Ended February 28, 2023 | 6.71 | 0.10 | &nbsp;&nbsp; (0.34)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.10)<br>|
| Year Ended February 28, 2022 | 6.93 | 0.08 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.08)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.46 | 0.22 | 0.03 | 0.25 | &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 28, 2025 | 6.50 | 0.21 | &nbsp;&nbsp; (0.04)<br>| 0.17 | &nbsp;&nbsp; (0.21)<br>|
| Year Ended February 29, 2024 | 6.40 | 0.18 | 0.10 | 0.28 | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2023 | 6.75 | 0.15 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year Ended February 28, 2022 | 6.96 | 0.13 | &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.13)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 6.46 | 0.23 | 0.03 | 0.26 | &nbsp;&nbsp; (0.23)<br>|
| Year Ended February 28, 2025 | 6.50 | 0.22 | &nbsp;&nbsp; (0.04)<br>| 0.18 | &nbsp;&nbsp; (0.22)<br>|
| Year Ended February 29, 2024 | 6.40 | 0.18 | 0.10 | 0.28 | &nbsp;&nbsp; (0.18)<br>|
| Year Ended February 28, 2023 | 6.74 | 0.16 | &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.15)<br>|
| Year Ended February 28, 2022 | 6.96 | 0.14 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.14)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

82 J.P. Morgan Municipal Bond Funds February 28, 2026

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $6.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.76<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $132708 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.39<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 116584 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123310 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.96 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 123246 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.55)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 143940 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9002 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7551 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10882 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19364 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.05)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 165392 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112611 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.97)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89832 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.16)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76802 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 162549 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.59 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127867 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 126899 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.73)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.74 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.20)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 127964 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 83

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Short-Intermediate Municipal Bond Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.15 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.13 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $(0.26)<br>|
| Year Ended February 28, 2025 | 10.12 | 0.26 | 0.03 | 0.29 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 29, 2024 | 10.02 | 0.20 | 0.11 | 0.31 | &nbsp;&nbsp; (0.21)<br>|
| Year Ended February 28, 2023 | 10.46 | 0.14 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.14)<br>|
| Year Ended February 28, 2022 | 10.78 | 0.11 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.11)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.26 | 0.21 | 0.14 | 0.35 | &nbsp;&nbsp; (0.21)<br>|
| Year Ended February 28, 2025 | 10.22 | 0.21 | 0.03 | 0.24 | &nbsp;&nbsp; (0.20)<br>|
| Year Ended February 29, 2024 | 10.12 | 0.15 | 0.10 | 0.25 | &nbsp;&nbsp; (0.15)<br>|
| Year Ended February 28, 2023 | 10.56 | 0.09 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.09)<br>|
| Year Ended February 28, 2022 | 10.88 | 0.06 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.06)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.21 | 0.31 | 0.14 | 0.45 | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2025 | 10.18 | 0.30 | 0.03 | 0.33 | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 29, 2024 | 10.08 | 0.24 | 0.11 | 0.35 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2023 | 10.52 | 0.18 | &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>|
| Year Ended February 28, 2022 | 10.84 | 0.16 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.16)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.21 | 0.31 | 0.14 | 0.45 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 28, 2025 | 10.18 | 0.31 | 0.03 | 0.34 | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 29, 2024 | 10.08 | 0.25 | 0.11 | 0.36 | &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2023 | 10.52 | 0.19 | &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.19)<br>|
| Year Ended February 28, 2022 | 10.83 | 0.16 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.16)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

84 J.P. Morgan Municipal Bond Funds February 28, 2026

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.28 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.95<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $113098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.69<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.57<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.86<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 84416 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86007 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.86)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 95647 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.96)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 93976 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1437 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.07 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1326 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.22 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2020 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3.34)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2590 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.56 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.45)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3473 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 402502 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.03 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.33 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 391871 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.53 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 357230 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.62 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.41)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 472108 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.79 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.51)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 823600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.47 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 318776 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.21 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.38 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 316835 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.19 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.58 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 370141 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2.36)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 508403 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.37 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1.37)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 632795 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.52 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.35 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 85

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Tax Free Bond Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.89 | &nbsp;&nbsp; $0.39 | &nbsp;&nbsp; $0.02 | &nbsp;&nbsp; $0.41 | &nbsp;&nbsp; $(0.38)<br>|
| Year Ended February 28, 2025 | 10.90 | 0.38 | &nbsp;&nbsp; (0.01)<br>| 0.37 | &nbsp;&nbsp; (0.38)<br>|
| Year Ended February 29, 2024 | 10.70 | 0.38 | 0.19 | 0.57 | &nbsp;&nbsp; (0.37)<br>|
| Year Ended February 28, 2023 | 12.15 | 0.33 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.12)<br>| &nbsp;&nbsp; (0.33)<br>|
| Year Ended February 28, 2022 | 12.46 | 0.27 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.27)<br>|
| **Class C** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.78 | 0.32 | 0.03 | 0.35 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 28, 2025 | 10.80 | 0.31 | &nbsp;&nbsp; (0.01)<br>| 0.30 | &nbsp;&nbsp; (0.32)<br>|
| Year Ended February 29, 2024 | 10.60 | 0.31 | 0.20 | 0.51 | &nbsp;&nbsp; (0.31)<br>|
| Year Ended February 28, 2023 | 12.04 | 0.26 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (0.26)<br>|
| Year Ended February 28, 2022 | 12.35 | 0.19 | &nbsp;&nbsp; (0.31)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.19)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.83 | 0.41 | 0.03 | 0.44 | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2025 | 10.85 | 0.40 | &nbsp;&nbsp; (0.02)<br>| 0.38 | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 29, 2024 | 10.65 | 0.40 | 0.19 | 0.59 | &nbsp;&nbsp; (0.39)<br>|
| Year Ended February 28, 2023 | 12.09 | 0.35 | &nbsp;&nbsp; (1.44)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.35)<br>|
| Year Ended February 28, 2022 | 12.41 | 0.29 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.29)<br>|
| **Class R6** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.83 | 0.42 | 0.02 | 0.44 | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 28, 2025 | 10.84 | 0.40 | &nbsp;&nbsp; —(d)<br>| 0.40 | &nbsp;&nbsp; (0.41)<br>|
| Year Ended February 29, 2024 | 10.64 | 0.40 | 0.20 | 0.60 | &nbsp;&nbsp; (0.40)<br>|
| Year Ended February 28, 2023 | 12.09 | 0.36 | &nbsp;&nbsp; (1.45)<br>| &nbsp;&nbsp; (1.09)<br>| &nbsp;&nbsp; (0.36)<br>|
| Year Ended February 28, 2022 | 12.41 | 0.30 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.30)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

(d) Amount rounds to less than $0.005.

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

86 J.P. Morgan Municipal Bond Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total return <br>(excludes <br>sales charge)(b)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $262952 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.67<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.63<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.93<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 246032 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.93 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248803 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.24)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 254468 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.99 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.95 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.15 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 330640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.12 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.94 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.81 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.36 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5171 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.78 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7242 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.88 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7752 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.92 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.60 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.78)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8546 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.99)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12535 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.54 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 273843 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.61 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 264191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.67 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.68 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.85 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.71 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 225434 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.65 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.00)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 128202 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.20 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 173023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.34 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.69 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.86 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310201 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.42 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.83 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161499 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.73 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 71 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.84 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 351029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.43 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.64 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (9.04)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157191 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.29 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.09 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 153754 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.40 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.39 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**SEE NOTES TO FINANCIAL STATEMENTS.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 87

------

**FINANCIAL HIGHLIGHTS**

FOR THE PERIODS INDICATED

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** | **Per share operating performance** |
|  |  | **Investment operations** | **Investment operations** | **Investment operations** | **Distributions** |
|  | Net asset <br>value, <br>beginning <br>of period<br>| Net <br>investment <br>income <br>(loss)(a)<br>| Net realized <br>and unrealized <br>gains (losses) <br>on investments<br>| Total from <br>investment <br>operations<br>| Net <br>investment <br>income<br>|
| **JPMorgan Ultra-Short Municipal Fund** |  |  |  |  |  |
| **Class A** |  |  |  |  |  |
| Year Ended February 28, 2026 | $10.02 | &nbsp;&nbsp; $0.26 | &nbsp;&nbsp; $0.03 | &nbsp;&nbsp; $0.29 | &nbsp;&nbsp; $(0.26)<br>|
| Year Ended February 28, 2025 | 9.98 | 0.28 | 0.04 | 0.32 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 29, 2024 | 9.90 | 0.25 | 0.08 | 0.33 | &nbsp;&nbsp; (0.25)<br>|
| Year Ended February 28, 2023 | 9.98 | 0.13 | &nbsp;&nbsp; (0.11)<br>| 0.02 | &nbsp;&nbsp; (0.10)<br>|
| Year Ended February 28, 2022 | 10.07 | 0.01 | &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.01)<br>|
| **Class I** |  |  |  |  |  |
| Year Ended February 28, 2026 | 10.01 | 0.28 | 0.03 | 0.31 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 28, 2025 | 9.97 | 0.30 | 0.04 | 0.34 | &nbsp;&nbsp; (0.30)<br>|
| Year Ended February 29, 2024 | 9.89 | 0.27 | 0.09 | 0.36 | &nbsp;&nbsp; (0.28)<br>|
| Year Ended February 28, 2023 | 9.98 | 0.10 | &nbsp;&nbsp; (0.07)<br>| 0.03 | &nbsp;&nbsp; (0.12)<br>|
| Year Ended February 28, 2022 | 10.06 | 0.03 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.03)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Calculated based upon average shares outstanding.

(b) Includes adjustments in accordance with accounting principles generally accepted in the United States of America and as such, the net asset values for financial reporting purposes and the returns based upon those net asset values may differ from the net asset values and returns for shareholder transactions. 

(c) Includes interest expense, if applicable, which is less than 0.005% unless otherwise noted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

88 <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** | **Ratios/Supplemental data** |
|  |  |  | **Ratios to average net assets** | **Ratios to average net assets** | **Ratios to average net assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset <br>value, <br>end of <br>period<br>| Total return(b) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets, <br>end of <br>period <br>(000's)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>expenses(c)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net <br>investment <br>income <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(loss)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expenses without <br>waivers and <br>reimbursements<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Portfolio <br>turnover <br>rate<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $10.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.92<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $152789 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.62<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58<br> %<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 208973 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.41 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166704 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.48 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.90 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 263135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.44 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.76 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 72506 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.75 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.14 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2390745 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.80 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.49 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.01 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.46 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1972600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.00 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.97 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.66 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1573798 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.72 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.89 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.27 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2073626 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.51 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.98 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3984195 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.26 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.50 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

89 <br>

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**1. Organization**

JPMorgan Trust I ("JPM I"), JPMorgan Trust II ("JPM II") and JPMorgan Trust IV ("JPM IV") (collectively, the "Trusts") were formed on November 12, 2004 for JPM I and JPM II and November 11, 2015 for JPM IV, as Delaware statutory trusts, pursuant to Declarations of Trust dated November 5, 2004 and November 11, 2015, respectively, and are registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as open-end management investment companies.

The following are 5 separate funds of the Trusts (each, a "Fund" and collectively, the "Funds") covered by this report:

---

| | | | |
|:---|:---|:---|:---|
|  | **Classes Offered** | **Trust** | **Diversification Classification** |
| JPMorgan California Tax Free Bond Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan New York Tax Free Bond Fund | Class A, Class C, Class I and Class R6 | JPM I | Diversified |
| JPMorgan Short-Intermediate Municipal Bond Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified |
| JPMorgan Tax Free Bond Fund | Class A, Class C, Class I and Class R6 | JPM II | Diversified |
| JPMorgan Ultra-Short Municipal Fund | Class A and Class I | JPM IV | Diversified |

---

The investment objective of JPMorgan California Tax Free Bond Fund ("California Tax Free Bond Fund") is to seek to provide high after-tax total return for California residents consistent with moderate risk of capital.

The investment objective of JPMorgan New York Tax Free Bond Fund ("New York Tax Free Bond Fund") is to seek to provide monthly dividends that are excluded from gross income for federal income tax purposes and are exempt from New York State and New York City personal income taxes. It also seeks to protect the value of your investment.

The investment objective of JPMorgan Short-Intermediate Municipal Bond Fund ("Short-Intermediate Bond Fund"), JPMorgan Tax Free Bond Fund ("Tax Free Bond Fund") and JPMorgan Ultra-Short Municipal Fund ("Ultra-Short Municipal Fund") is to seek as high a level of current income exempt from federal income tax as is consistent with relative stability of principal.

Effective as of the close of business on April 22, 2025, Class A of the Ultra-Short Municipal Fund is publicly offered only on a limited basis. Investors are not eligible to purchase shares of the Class unless they meet certain requirements as described in the Class' prospectus.

Class A Shares generally provide for a front-end sales charge while Class C Shares provide for a contingent deferred sales charge ("CDSC"). No sales charges are assessed with respect to Class I and Class R6 Shares. Certain Class A Shares, for which front-end sales charges have been waived, may be subject to a CDSC as described in the Funds' prospectus. Class C Shares automatically convert to Class A Shares after eight years. All classes of shares have equal rights as to earnings, assets and voting privileges, except that each class may bear different transfer agency, distribution and service fees and each class has exclusive voting rights with respect to its distribution plan and shareholder servicing agreements.

J.P. Morgan Investment Management Inc. ("JPMIM"), an indirect, wholly-owned subsidiary of JPMorgan Chase & Co. ("JPMorgan"), acts as adviser (the "Adviser") and administrator (the "Administrator") to the Funds.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements. The Funds are investment companies and, accordingly, follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 — *Investment Companies*, which is part of U.S. generally accepted accounting principles ("GAAP"). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect (i) the reported amounts of assets and liabilities, (ii) disclosure of contingent assets and liabilities at the date of the financial statements, and (iii) the reported amounts of increases and decreases in net assets from operations during the reporting period. Actual results could differ from those estimates.

**A. Valuation of Investments**— Investments are valued in accordance with GAAP and the Funds' valuation policies set forth by, and under the supervision and responsibility of, the Boards of Trustees of the Trusts (the "Boards"), which established the following approach to valuation, as described more fully below: (i) investments for which market quotations are readily available shall be valued at their market value and (ii) all other investments for which market quotations are not readily available shall be valued at their fair value as determined in good faith by the Boards.

Under Section 2(a)(41) of the 1940 Act, the Boards are required to determine fair value for securities that do not have readily available market quotations. Pursuant to Rule 2a-5 under the 1940 Act (Good Faith Determinations of Fair Value), the Boards may designate the performance of these fair valuation determinations to a valuation designee. The Boards have designated the Adviser as the "Valuation Designee" to perform fair valuation determinations for the Funds on behalf of the Boards subject to appropriate oversight by the Boards. The Adviser, as Valuation Designee, leverages the J.P. Morgan Asset Management Americas Valuation Committee ("AVC") to help oversee and carry out the policies for the valuation of investments held in the Funds. The Adviser, as Valuation Designee, remains responsible for the valuation determinations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

90 J.P. Morgan Municipal Bond Funds February 28, 2026

------

This oversight by the AVC includes monitoring the appropriateness of fair values based on results of ongoing valuation oversight including, but not limited to, consideration of macro or security specific events, market events, and pricing vendor and broker due diligence. The Administrator is responsible for discussing and assessing the potential impacts to the fair values on an ongoing basis, and, at least on a quarterly basis, with the AVC and the Boards.

Fixed income instruments are valued based on prices received from Pricing Services. The Pricing Services use multiple valuation techniques to determine the valuation of fixed income instruments. In instances where sufficient market activity exists, the Pricing Services may utilize a market-based approach through which trades or quotes from market makers are used to determine the valuation of these instruments. In instances where sufficient market activity may not exist, the Pricing Services also utilize proprietary valuation models which may consider market transactions in comparable securities and the various relationships between securities in determining fair value and/or market characteristics in order to estimate the relevant cash flows, which are then discounted to calculate the fair values.

Investments in open-end investment companies ("Underlying Funds") are valued at each Underlying Fund's net asset value ("NAV") per share as of the report date.

Futures contracts and options are generally valued on the basis of available market quotations.

Valuations reflected in this report are as of the report date. As a result, changes in valuation due to market events and/or issuer-related events after the report date and prior to issuance of the report are not reflected herein.

The various inputs that are used in determining the valuation of the Funds' investments are summarized into the three broad levels listed below.

• Level 1 — Unadjusted inputs using quoted prices in active markets for identical investments.

• Level 2 — Other significant observable inputs including, but not limited to, quoted prices for similar investments, inputs other than quoted prices that are observable for investments (such as interest rates, prepayment speeds, credit risk, etc.) or other market corroborated inputs.

• Level 3 — Significant inputs based on the best information available in the circumstances, to the extent observable inputs are not available (including the Funds' assumptions in determining the fair value of investments).

A financial instrument's level within the fair value hierarchy is based on the lowest level of any input, both individually and in the aggregate, that is significant to the fair value measurement. The inputs or methodology used for valuing instruments are not necessarily an indication of the risk associated with investing in those instruments.

The following tables represent each valuation input as presented on the Schedules of Portfolio Investments ("SOIs"):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **California Tax Free Bond Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $448432 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $448432 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 199 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 199 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 43458 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43458 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $43657 | &nbsp;&nbsp;&nbsp;&nbsp; $448432 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $492089 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $43 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $43 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(117)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(117)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(74)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(74)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New York Tax Free Bond Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $433492 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $433492 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 91

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **New York Tax Free Bond Fund** (continued) |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1**<br> Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2**<br> Other significant<br> observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3**<br> Significant<br> unobservable inputs<br>| **Total** |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; $189 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $189 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 31041 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 31041 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $31230 | &nbsp;&nbsp;&nbsp;&nbsp; $433492 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $464722 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $41 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $41 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(111)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(111)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(70)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Short-Intermediate Municipal Bond Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Collateralized Mortgage Obligations | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2 |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 787223 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 787223 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 44215 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 44215 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $44215 | &nbsp;&nbsp;&nbsp;&nbsp; $787225 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $831440 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $38 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $38 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Tax Free Bond Fund**  |  |  |  |  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $810279 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $810279 |
| Options Purchased | &nbsp;&nbsp;&nbsp;&nbsp; 352 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 352 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 43227 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 43227 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $43579 | &nbsp;&nbsp;&nbsp;&nbsp; $810279 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $853858 |
| **Appreciation in Other Financial Instruments** |  |  |  |  |
| Futures Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $77 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $77 |
| **Depreciation in Other Financial Instruments** |  |  |  |  |
| Options Written |  |  |  |  |
| Call Options Written | &nbsp;&nbsp;&nbsp;&nbsp; $(207)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(207)<br>|
| **Total Net Appreciation/ Depreciation in Other** <br>**Financial Instruments**<br>| &nbsp;&nbsp;&nbsp;&nbsp; $(130)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $(130)<br>|

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

92 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  |
|  | &nbsp;&nbsp;&nbsp; **Level 1** <br>Quoted prices<br>| &nbsp;&nbsp;&nbsp; **Level 2** <br>Other significant <br>observable inputs<br>| &nbsp;&nbsp;&nbsp; **Level 3** <br>Significant <br>unobservable inputs<br>| **Total** |
| **Investments in Securities** |  |  |  |  |
| Municipal Bonds | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2163503 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2163503 |
| Short-Term Investments |  |  |  |  |
| Investment Companies | &nbsp;&nbsp;&nbsp;&nbsp; 379892 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 379892 |
| **Total Investments in Securities** | &nbsp;&nbsp;&nbsp;&nbsp; $379892 | &nbsp;&nbsp;&nbsp;&nbsp; $2163503 | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $2543395 |

---

**B. Restricted Securities**— Certain securities held by the Funds may be subject to legal or contractual restrictions on resale. Restricted securities generally are resold in transactions exempt from registration under the Securities Act of 1933, as amended (the "Securities Act"). Disposal of these securities may involve time-consuming negotiations and expense. Prompt sale at the current valuation may be difficult and could adversely affect the NAVs of the Funds.

As of February 28, 2026, the Funds had no investments in restricted securities other than securities sold to the Funds under Rule 144A and/or Regulation S under the Securities Act.

**C. When-Issued Securities, Delayed Delivery Securities and Forward Commitments**— The Funds purchased when-issued securities, including To-Be-Announced ("TBA") securities, and entered into contracts to purchase or sell securities for a fixed price that may be settled a month or more after the trade date, or purchased delayed delivery securities which generally settle seven days after the trade date. When-issued securities are securities that have been authorized, but not issued in the market. A forward commitment involves entering into a contract to purchase or sell securities for a fixed price at a future date that may be settled a month or more after the trade date. A delayed delivery security is agreed upon in advance between the buyer and the seller of the security and is generally delivered beyond seven days of the agreed upon date. The purchase of securities on a when-issued, delayed delivery or forward commitment basis involves the risk that the value of the security to be purchased declines before the settlement date. The sale of securities on a forward commitment basis involves the risk that the value of the securities sold may increase before the settlement date. The Funds may be exposed to credit risk if the counterparty fails to perform under the terms of the transaction. Interest income for securities purchased on a when-issued, delayed delivery or forward commitment basis is not accrued until the settlement date.

The Funds had when-issued securities, delayed delivery securities or forward commitments outstanding as of February 28, 2026, which are shown as a Receivable for Investment securities sold — delayed delivery securities and/or a Payable for Investment securities purchased — delayed delivery securities, respectively, on the Statements of Assets and Liabilities. The values of these securities held at February 28, 2026 are detailed on the SOIs, if any.

**D. Securities Lending** — The Funds are authorized to engage in securities lending in order to generate additional income. The Funds are able to lend to approved borrowers. Citibank N.A. ("Citibank") serves as lending agent for the Funds, pursuant to a Securities Lending Agency Agreement (the "Securities Lending Agency Agreement"). Securities loaned are collateralized by cash equal to at least 100% of the market value plus accrued interest on the securities lent, which is invested in an affiliated money market fund. The Funds retain the interest earned on cash collateral investments but are required to pay the borrower a rebate for the use of the cash collateral. In cases where the lent security is of high value to borrowers, there may be a negative rebate (i.e., a net payment from the borrower to the Funds). Upon termination of a loan, the Funds are required to return to the borrower an amount equal to the cash collateral, plus any rebate owed to the borrower. The remaining maturities of the securities lending transactions are considered overnight and continuous. Loans are subject to termination by the Funds or the borrower at any time.

The net income earned on the securities lending (after payment of rebates and Citibank's fee) is included on the Statements of Operations as Income from securities lending (net). The Funds also receive payments from the borrower during the period of the loan, equivalent to dividends and interest earned on the securities loaned, which are recorded as Dividend or Interest income, respectively, on the Statements of Operations.

Under the Securities Lending Agency Agreement, Citibank marks to market the loaned securities on a daily basis. In the event the cash received from the borrower is less than 102% of the value of the loaned securities (105% for loans of non-U.S. securities), Citibank requests additional cash from the borrower so as to maintain a collateralization level of at least 102% of the value of the loaned securities plus accrued interest (105% for loans of non-U.S. securities), subject to certain de minimis amounts.

The value of securities out on loan is recorded as an asset on the Statements of Assets and Liabilities. The value of the cash collateral received is recorded as a liability on the Statements of Assets and Liabilities and details of collateral investments are disclosed on the SOIs.

The Funds bear the risk of loss associated with the collateral investments and are not entitled to additional collateral from the borrower to cover any such losses. To the extent that the value of the collateral investments declines below the amount owed to a borrower, the Funds may incur losses that exceed the amount they earned on lending the security. Upon termination of a loan, the Funds may use leverage (borrow money) to repay the borrower for cash collateral posted if the Adviser does not believe that it is prudent to sell the collateral investments to fund the payment of this liability. Securities lending activity is subject to master netting arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 93

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

Securities lending also involves counterparty risks, including the risk that the loaned securities may not be returned in a timely manner or at all. Subject to certain conditions, Citibank has agreed to indemnify the Funds from losses resulting from a borrower's failure to return a loaned security.

The Funds did not lend out any securities during the year ended February 28, 2026.

**E. Investment Transactions with Affiliates**— The Funds invested in Underlying Funds advised by the Adviser. An issuer which is under common control with a Fund may be considered an affiliate. For the purposes of the financial statements, the Funds assume the issuers listed in the tables below to be affiliated issuers. The Underlying Funds' distributions may be reinvested into such Underlying Funds Reinvestment amounts are included in the purchases at cost amounts in the tables below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  | **California Tax Free Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.78% (a) (b)<br>| $36833 | $220102 | $213477 | $—<br> (c)<br>| $— | $43458 | 43454 | $900 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  | **New York Tax Free Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025**<br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.78% (a) (b)<br>| $20688 | $218777 | $208423 | $—<br> (c)<br>| $(1)<br>| $31041 | 31037 | $578 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  | **Short-Intermediate Municipal Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.78% (a) (b)<br>| $21444 | $399417 | $376646 | $—<br> (c)<br>| $— | $44215 | 44211 | $1127 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

94 J.P. Morgan Municipal Bond Funds February 28, 2026

------

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  | **Tax Free Bond Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.78% (a) (b)<br>| $57116 | $382581 | $396470 | $—<br> (c)<br>| $— | $43227 | 43223 | $1137 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  | **Ultra-Short Municipal Fund**  |
| **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** | **For the year ended February 28, 2026** |
| **Security Description** | **Value at** <br>**February 28,** <br>**2025** <br>| **Purchases at** <br>**Cost**<br>| **Proceeds from** <br>**Sales**<br>| **Net Realized** <br>**Gain (Loss)**<br>| **Change in** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>| **Value at** <br>**February 28,** <br>**2026**<br>| **Shares at** <br>**February 28,** <br>**2026**<br>| **Dividend** <br>**Income**<br>| **Capital Gain** <br>**Distributions**<br>|
| JPMorgan Institutional Tax Free Money Market <br> Fund Class IM Shares, 1.78% (a) (b)<br>| $217364 | $1674632 | $1512104 | $—<br> (c)<br>| $— | $379892 | 379854 | $6639 | $— |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) Investment in an affiliated fund, which is registered under the Investment Company Act of 1940, as amended, and is advised by J.P. Morgan Investment Management Inc. 

(b) The rate shown is the current yield as of February 28, 2026.

(c) Amount rounds to less than one thousand.

**F. Options** —California Tax Free Bond, New York Tax Free Bond Fund, Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund purchased and sold ("wrote") put and call options on various instruments including futures, securities, currencies and interest rate swaps ("swaptions") to manage and hedge interest rate risks within its portfolio and also to gain long or short exposure to the underlying instrument, index, currency or rate. A purchaser of a put option has the right, but not the obligation, to sell the underlying instrument at an agreed upon price ("strike price") to the option seller. A purchaser of a call option has the right, but not the obligation, to purchase the underlying instrument at the strike price from the option seller. Swaptions and Eurodollar options are settled for cash.

*Options Purchased* — Premiums paid by the Funds for options purchased are included on the Statements of Assets and Liabilities as Options purchased. The option is adjusted daily to reflect the current market value of the option and the change is recorded as Change in net unrealized appreciation/depreciation on options purchased on the Statements of Operations. If the option is allowed to expire, the Funds will lose the entire premium it paid and records a realized loss for the premium amount. Premiums paid for options purchased which are exercised or closed are added to the amounts paid or will offset against the proceeds on the underlying investment transaction to determine the realized gain (loss) or cost basis of the underlying investment.

*Options Written*— Premiums received by the Funds for options written are included on the Statements of Assets and Liabilities as a liability. The amount of the liability is adjusted daily to reflect the current market value of the option written and the change in market value is recorded as Change in net unrealized appreciation/depreciation of options written on the Statements of Operations. Premiums received from options written that expire are treated as realized gains. If a written option is closed, the Funds record a realized gain or loss on options written based on whether the cost of the closing transaction exceeds the premium received. If a call option is exercised by the option buyer, the premium received by the Funds are added to the proceeds from the sale of the underlying security to the option buyer and compared to the cost of the closing transaction to determine whether there has been a realized gain or loss. If a put option is exercised by an option buyer, the premium received by the option seller reduces the cost basis of the purchased security.

The Funds pledge collateral to the counterparty in the form of securities for options written. Securities designated as collateral are denoted on the SOIs.

Written uncovered call options subject the Funds to unlimited risk of loss. Written covered call options limit the upside potential of a security above the strike price. Written put options subject the Funds to risk of loss if the value of the security declines below the exercise price minus the put premium.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 95

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

The Fund is not subject to credit risk on options written as the counterparty has already performed its obligation by paying the premium at the inception of the contract.

The Funds' exchange-traded option contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**G. Futures Contracts**— California Tax Free Bond, New York Tax Free Bond Fund, Short-Intermediate Municipal Bond Fund and Tax Free Bond Fund used interest rate and treasury futures contracts to manage and hedge interest rate risk associated with portfolio investments. The Funds also purchased futures contracts to invest incoming cash in the market or sold futures in response to cash outflows, thereby simulating an invested position in the underlying index while maintaining a cash balance for liquidity.

Futures contracts provide for the delayed delivery of the underlying instrument at a fixed price or are settled for a cash amount based on the change in the value of the underlying instrument at a specific date in the future. Upon entering into a futures contract, the Funds are required to deposit with the broker, cash or securities in an amount equal to a certain percentage of the contract amount, which is referred to as the initial margin deposit. Subsequent payments, referred to as variation margin, are made or received by the Funds periodically and are based on changes in the market value of open futures contracts. Changes in the market value of open futures contracts are recorded as Change in net unrealized appreciation/depreciation on futures contracts on the Statements of Operations. Realized gains or losses, representing the difference between the value of the contract at the time it was opened and the value at the time it was closed, are reported on the Statements of Operations at the closing or expiration of the futures contract. Securities deposited as initial margin are designated on the SOIs, while cash deposited, which is considered restricted, is recorded on the Statements of Assets and Liabilities. A receivable from and/or a payable to brokers for the daily variation margin is also recorded on the Statements of Assets and Liabilities.

The use of futures contracts exposes the Funds to interest rate risk. The Funds may be subject to the risk that the change in the value of the futures contract may not correlate perfectly with the underlying instrument. Use of long futures contracts subjects the Funds to risk of loss in excess of the amounts shown on the Statements of Assets and Liabilities, up to the notional amount of the futures contracts. Use of short futures contracts subjects the Funds to unlimited risk of loss. The Funds may enter into futures contracts only on exchanges or boards of trade. The exchange or board of trade acts as the counterparty to each futures transaction; therefore, the Funds' credit risk is limited to failure of the exchange or board of trade. Under some circumstances, futures exchanges may establish daily limits on the amount that the price of a futures contract can vary from the previous day's settlement price, which could effectively prevent liquidation of positions.

The Funds' futures contracts are not subject to master netting arrangements (the right to close out all transactions traded with a counterparty and net amounts owed or due across transactions).

**Derivatives Volume**

The table below discloses the volume of the Funds' options and futures contracts activity during the year ended February 28, 2026 (amounts in thousands, except for number of contracts):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **California** <br>**Tax Free** <br>**Bond Fund**<br>| **New York** <br>**Tax Free** <br>**Bond Fund**<br>| **Short-Intermediate** <br>**Municipal** <br>**Bond** <br>**Fund**<br>| **Tax Free** <br>**Bond Fund**<br>|
| **Futures Contracts:** |  |  |  |  |
| Average Notional Balance Long | &nbsp;&nbsp; $7911 | &nbsp;&nbsp; $7956 | &nbsp;&nbsp; $13194 | &nbsp;&nbsp; $20964 |
| Average Notional Balance Short | &nbsp;&nbsp; (3395)<br>| &nbsp;&nbsp; (3486)<br>| &nbsp;&nbsp; (3395)<br>| &nbsp;&nbsp; (6552)<br>|
| Ending Notional Balance Long | &nbsp;&nbsp; 9899 | &nbsp;&nbsp; 9558 | &nbsp;&nbsp; 8761 | &nbsp;&nbsp; 17750 |
| **Exchange-Traded Options:** |  |  |  |  |
| Average Number of Contracts Purchased | &nbsp;&nbsp; 708 | &nbsp;&nbsp; 697 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 1312 |
| Average Number of Contracts Written | &nbsp;&nbsp; (692)<br>| &nbsp;&nbsp; (681)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1285)<br>|
| Ending Number of Contracts Purchased | &nbsp;&nbsp; 1500 | &nbsp;&nbsp; 1425 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2650 |
| Ending Number of Contracts Written | &nbsp;&nbsp; (1500)<br>| &nbsp;&nbsp; (1425)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2650)<br>|

---

The Funds' derivatives contracts held at February 28, 2026 are not accounted for as hedging instruments under GAAP.

**H. Security Transactions and Investment Income**— Investment transactions are accounted for on the trade date (the date the order to buy or sell is executed). Securities gains and losses are calculated on a specifically identified cost basis. Dividend income, if any, is recorded on the ex-dividend date or when a Fund first learns of the dividend.

Interest income is determined on the basis of coupon interest accrued using the effective interest method, which adjusts for amortization of premiums and accretion of discounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

96 J.P. Morgan Municipal Bond Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**I. Allocation of Income and Expenses**— Expenses directly attributable to a Fund are charged directly to that Fund, while the expenses attributable to more than one fund of the Trusts are allocated among the applicable funds. Investment income, realized and unrealized gains and losses and expenses, other than class-specific expenses, are allocated daily to each class of shares based upon the proportion of net assets of each class at the beginning of each day.

Transfer agency fees are class-specific expenses. The amount of the transfer agency fees charged to each share class of the Funds for the year ended February 28, 2026, are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** | **Total** |
| **California Tax Free Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | $5 | $1 | $3 | $1 | $10 |
| **New York Tax Free Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | 10 | 1 | 3 | 1 | 15 |
| **Short-Intermediate Municipal Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | 3 | 1 | 4 | 5 | 13 |
| **Tax Free Bond Fund** |  |  |  |  |  |
| Transfer agency fees  | 12 | 1 | 4 | 3 | 20 |
| **Ultra-Short Municipal Fund** |  |  |  |  |  |
| Transfer agency fees  | 4 | n/a | 16 | n/a | 20 |

---

**J. Federal Income Taxes**— Each Fund is treated as a separate taxable entity for Federal income tax purposes. Each Fund's policy is to comply with the provisions of the Internal Revenue Code (the "Code") applicable to regulated investment companies and to distribute to shareholders all of its distributable net investment income and net realized capital gains on investments. Accordingly, no provision for Federal income tax is necessary. Management has reviewed the Funds' tax positions for all open tax years and has determined that as of February 28, 2026, no liability for Federal income tax is required in the Funds' financial statements for net unrecognized tax benefits. However, management's conclusions may be subject to future review based on changes in, or the interpretation of, the accounting standards or tax laws and regulations. Each Fund's Federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

For the year ended February 28, 2026, the Funds did not pay any significant foreign, federal or state and local income taxes.

**K. Distributions to Shareholders**— Distributions from net investment income, if any, are generally declared and paid at least monthly and are declared separately for each class. No class has preferential dividend rights; differences in per share rates are due to differences in separate class expenses. Net realized capital gains, if any, are distributed by each Fund at least annually. The amount of distributions from net investment income and net realized capital gains is determined in accordance with Federal income tax regulations, which may differ from GAAP. To the extent these "book/tax" differences are permanent in nature (i.e., that they result from other than timing of recognition — "temporary differences"), such amounts are reclassified within the capital accounts based on their Federal tax basis treatment.

The following amounts were reclassified within the capital accounts:

---

| | | | |
|:---|:---|:---|:---|
|  | **Paid-in-Capital** | &nbsp;&nbsp;&nbsp; **Accumulated** <br>**undistributed** <br>**(distributions in** <br>**excess of)** <br>**net investment** <br>**income**<br>| &nbsp;&nbsp;&nbsp; **Accumulated** <br>**net realized** <br>**gains (losses)**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp;&nbsp;&nbsp; $59 | &nbsp;&nbsp;&nbsp;&nbsp; $(59)<br>|
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 58 | &nbsp;&nbsp;&nbsp;&nbsp; (58)<br>|
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 135 | &nbsp;&nbsp;&nbsp;&nbsp; (135)<br>|
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 100 | &nbsp;&nbsp;&nbsp;&nbsp; (100)<br>|
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (70)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 70 |

---

The reclassifications for the Funds relate primarily to tax adjustments on certain investments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 97

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**L. Segment Reporting** — An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's Chief Operating Decision Maker ("CODM") to make decisions about resources to be allocated to the segment and to assess its performance, and has discrete financial information available. Executive committees of JPMorgan Asset Management, the named portfolio manager(s) of the Funds and the Funds' Principal Executive Officer and Principal Financial Officer act as the Funds' CODM. Each Fund is considered an operating segment, and its performance and operating results are reviewed daily to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**M. Recent Accounting Pronouncement** — In December 2023, FASB issued *Accounting Standards Update* ("ASU") *2023-09*, Income Taxes (Topic 740) ("ASU 2023-09") *Improvements to Income Tax Disclosures*, which enhances income tax disclosures, including providing specific categories in the rate reconciliation and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024; early adoption is permitted. Management has evaluated the implications of these changes and the amendments are included in the financial statements, which had no effect on the Funds' net assets or results of operations.

**3. Fees and Other Transactions with Affiliates**

**A. Investment Advisory Fee** — Pursuant to an Investment Advisory Agreement, the Adviser manages the investments of each Fund and for such services is paid a fee. The investment advisory fee is accrued daily and paid monthly at an annual rate based on each Fund's respective average daily net assets. The annual rate for each Fund is as follows:

---

| | |
|:---|:---|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.30<br> %<br>|
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.30 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.15 |

---

The Adviser waived investment advisory fees and/or reimbursed expenses as outlined in Note 3.F.

**B. Administration Fee**— Pursuant to an Administration Agreement, the Administrator provides certain administration services to each Fund. In consideration of these services, the Administrator receives a fee accrued daily and paid monthly at an annual rate of 0.075% of the first $10 billion of each Fund's respective average daily net assets, plus 0.050% of each Fund's respective average daily net assets between $10 billion and $20 billion, plus 0.025% of each Fund's respective average daily net assets between $20 billion and $25 billion, plus 0.010% of each Fund's respective average daily net assets in excess of $25 billion. For the year ended February 28, 2026, the effective rate was 0.075% of each Fund's average daily net assets, notwithstanding any fee waivers and/or expense reimbursements.

The Administrator waived administration fees as outlined in Note 3.F.

JPMorgan Chase Bank, N.A. ("JPMCB"), a wholly-owned subsidiary of JPMorgan, serves as the Funds' sub-administrator (the "Sub-administrator"). For its services as Sub-administrator, JPMCB receives a portion of the fees payable to the Administrator.

**C. Distribution Fees**— Pursuant to a Distribution Agreement, JPMorgan Distribution Services, Inc. ("JPMDS"), an indirect, wholly-owned subsidiary of JPMorgan, serves as each Fund's principal underwriter and promotes and arranges for the sale of each Fund's shares.

The Boards have adopted a Distribution Plan (the "Distribution Plan") for Class A and Class C Shares of the Funds, as applicable, pursuant to Rule 12b-1 under the 1940 Act. Class I and Class R6 Shares of the Funds do not charge a distribution fee. The Distribution Plan provides that each Fund shall pay, with respect to the applicable share classes, distribution fees, including payments to JPMDS, at annual rates of the average daily net assets as shown in the table below:

---

| | |
|:---|:---|
| **Class A** | **Class C** |
| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.75<br> %<br>|

---

In addition, JPMDS is entitled to receive the front-end sales charges from purchases of Class A Shares, except for Ultra-Short Municipal Fund which has no sales charge, and the CDSC from redemptions of Class C Shares and certain Class A Shares for which front-end sales charges have been waived. For the year ended February 28, 2026, JPMDS retained the following:

---

| | | |
|:---|:---|:---|
|  | **Front-End Sales Charge** | **CDSC** |
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $3 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp; 1 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 3 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 7 | &nbsp;&nbsp;&nbsp;&nbsp; — |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

98 J.P. Morgan Municipal Bond Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**D. Service Fees**— The Trusts, on behalf of the Funds, has entered into a Shareholder Servicing Agreement with JPMDS under which JPMDS provides certain support services to fund shareholders. For performing these services, JPMDS receives a fee with respect to all share classes, except Class R6 Shares which do not charge a service fee, that is accrued daily and paid monthly equal to a percentage of the average daily net assets as shown in the table below:

---

| | | | |
|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** |
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.25<br> %<br>|
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp;0.25 |

---

JPMDS has entered into shareholder services contracts with affiliated and unaffiliated financial intermediaries who provide shareholder services and other related services to their clients or customers who invest in the Funds. Pursuant to such contracts, JPMDS will pay all or a portion of such fees earned to financial intermediaries for performing such services.

JPMDS waived service fees as outlined in Note 3.F.

**E. Custodian and Accounting Fees**— JPMCB provides portfolio custody and accounting services to the Funds. For performing these services, the Funds pay JPMCB transaction and asset-based fees that vary according to the number of transactions and positions, plus out-of-pocket expenses. The amounts paid directly to JPMCB by the Funds for custody and accounting services are included in Custodian and accounting fees on the Statements of Operations.

Interest income earned on cash balances at the custodian, if any, is included in Interest income from affiliates on the Statements of Operations.

Interest expense paid to the custodian related to cash overdrafts, if any, is included in Interest expense to affiliates on the Statements of Operations.

**F. Waivers and Reimbursements**—The Adviser, Administrator and/or JPMDS have contractually agreed to waive fees and/or reimburse the Funds to the extent that total annual operating expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections and extraordinary expenses) exceed the percentages of the Funds' respective average daily net assets as shown in the table below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class I** | **Class R6** |
| California Tax Free Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.55<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1.05<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.45<br> %<br>| &nbsp;&nbsp;&nbsp;&nbsp; 0.35<br> %<br>|
| New York Tax Free Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.55 | &nbsp;&nbsp;&nbsp;&nbsp;1.05 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.35 |
| Short-Intermediate Municipal Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.70 | &nbsp;&nbsp;&nbsp;&nbsp;1.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.20 |
| Tax Free Bond Fund  | &nbsp;&nbsp;&nbsp;&nbsp;0.67 | &nbsp;&nbsp;&nbsp;&nbsp;1.25 | &nbsp;&nbsp;&nbsp;&nbsp;0.45 | &nbsp;&nbsp;&nbsp;&nbsp;0.40 |
| Ultra-Short Municipal Fund  | &nbsp;&nbsp;&nbsp;&nbsp; 0.38<br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a | &nbsp;&nbsp;&nbsp;&nbsp; 0.18<br> <sup>(1)</sup><br>| &nbsp;&nbsp;&nbsp;&nbsp; n/a |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>(1)</sup> Prior to April 16, 2025, the contractual expense limitations were 0.45% and 0.25% for Class A and Class I, respectively.

The expense limitation agreements were in effect for the year ended February 28, 2026 and the contractual expense limitation percentages in the table above are in place until at least June 30, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 99

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

For the year ended February 28, 2026, the Funds' service providers waived fees and/or reimbursed expenses for each of the Funds as follows. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** | **Contractual Waivers** |  |
|  | **Investment** <br>**Advisory Fees**<br>| **Administration** <br>**Fees**<br>| **Service** <br>**Fees**<br>| **Total** | **Contractual** <br>**Reimbursements**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp; $218 | &nbsp;&nbsp; $144 | &nbsp;&nbsp; $486 | &nbsp;&nbsp; $848 | &nbsp;&nbsp; $58 |
| New York Tax Free Bond Fund | &nbsp;&nbsp; 214 | &nbsp;&nbsp; 142 | &nbsp;&nbsp; 547 | &nbsp;&nbsp; 903 | &nbsp;&nbsp; 71 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp; 774 | &nbsp;&nbsp; 516 | &nbsp;&nbsp; 769 | &nbsp;&nbsp; 2059 | &nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 1130 | &nbsp;&nbsp; 1287 | &nbsp;&nbsp; — |
| Ultra-Short Municipal Fund | &nbsp;&nbsp; 3549 | &nbsp;&nbsp; 1775 | &nbsp;&nbsp; 1972 | &nbsp;&nbsp; 7296 | &nbsp;&nbsp; — |

---

Additionally, the Funds may invest in one or more money market funds advised by the Adviser ("Affiliated Money Market Funds"). The Adviser, Administrator and/or JPMDS, as shareholder servicing agent, have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the Affiliated Money Market Fund on the applicable Fund's investment in such Affiliated Money Market Fund, except for investments of securities lending cash collateral. None of these parties expect the Funds to repay any such waived fees and/or reimbursed expenses in future years.

The amounts of these waivers resulting from investments in these Affiliated Money Market Funds for the year ended February 28, 2026 were as follows:

---

| | |
|:---|:---|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $40 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 25 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 49 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 284 |

---

**G. Other**— Certain officers of the Trusts are affiliated with the Adviser, the Administrator and JPMDS. Such officers, with the exception of the Chief Compliance Officer, receive no compensation from the Funds for serving in their respective roles.

The Boards designated and appointed a Chief Compliance Officer to the Funds pursuant to Rule 38a-1 under the 1940 Act. Each Fund, along with affiliated funds, makes reimbursement payments, on a pro-rata basis, to the Administrator for a portion of the fees associated with the office of the Chief Compliance Officer. Such fees are included in Trustees' and Chief Compliance Officer's fees on the Statements of Operations.

The Trusts adopted a Trustee Deferred Compensation Plan (the "Plan") which allows the Boards' independent Trustees to defer the receipt of all or a portion of compensation related to performance of their duties as Trustees. The deferred fees are invested in various J.P. Morgan Funds until distribution in accordance with the Plan.

During the year ended February 28, 2026, the Funds purchased securities from an underwriting syndicate in which the principal underwriter or members of the syndicate were affiliated with the Adviser.

The Securities and Exchange Commission ("SEC") has granted an exemptive order permitting the Funds to engage in principal transactions with J.P. Morgan Securities LLC, an affiliated broker, involving taxable money market instruments, subject to certain conditions.

**4. Investment Transactions** 

During the year ended February 28, 2026, purchases and sales of investments (excluding short-term investments) were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**(excluding** <br>**U.S. Government)**<br>| **Sales** <br>**(excluding** <br>**U.S. Government)**<br>|
| California Tax Free Bond Fund | $250946 | $153559 |
| New York Tax Free Bond Fund | 260376 | 200616 |
| Short-Intermediate Municipal Bond Fund | 274186 | 247168 |
| Tax Free Bond Fund | 582500 | 399839 |
| Ultra-Short Municipal Fund | 1402226 | 1161955 |

---

During the year ended February 28, 2026, there were no purchases or sales of U.S. Government securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

100 J.P. Morgan Municipal Bond Funds February 28, 2026

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**5. Federal Income Tax Matters** 

For Federal income tax purposes, the estimated cost and unrealized appreciation (depreciation) in value of investments held at February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Aggregate** <br>**Cost**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Appreciation**<br>| &nbsp;&nbsp;&nbsp; **Gross** <br>**Unrealized** <br>**Depreciation**<br>| &nbsp;&nbsp;&nbsp; **Net Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $480456 | &nbsp;&nbsp;&nbsp;&nbsp; $14037 | &nbsp;&nbsp;&nbsp;&nbsp; $2478 | &nbsp;&nbsp;&nbsp;&nbsp; $11559 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 455189 | &nbsp;&nbsp;&nbsp;&nbsp; 11517 | &nbsp;&nbsp;&nbsp;&nbsp; 2054 | &nbsp;&nbsp;&nbsp;&nbsp; 9463 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 817042 | &nbsp;&nbsp;&nbsp;&nbsp; 15794 | &nbsp;&nbsp;&nbsp;&nbsp; 1358 | &nbsp;&nbsp;&nbsp;&nbsp; 14436 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 827623 | &nbsp;&nbsp;&nbsp;&nbsp; 31020 | &nbsp;&nbsp;&nbsp;&nbsp; 4915 | &nbsp;&nbsp;&nbsp;&nbsp; 26105 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 2533046 | &nbsp;&nbsp;&nbsp;&nbsp; 10682 | &nbsp;&nbsp;&nbsp;&nbsp; 333 | &nbsp;&nbsp;&nbsp;&nbsp; 10349 |

---

The difference between book and tax basis appreciation (depreciation) on investments is primarily attributed to tax adjustments on certain investments.

The tax character of distributions paid during the year ended February 28, 2026 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $160 | &nbsp;&nbsp;&nbsp;&nbsp; $13455 | &nbsp;&nbsp;&nbsp;&nbsp; $13615 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 179 | &nbsp;&nbsp;&nbsp;&nbsp; 14046 | &nbsp;&nbsp;&nbsp;&nbsp; 14225 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 29 | &nbsp;&nbsp;&nbsp;&nbsp; 24031 | &nbsp;&nbsp;&nbsp;&nbsp; 24060 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 113 | &nbsp;&nbsp;&nbsp;&nbsp; 29815 | &nbsp;&nbsp;&nbsp;&nbsp; 29928 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 30 | &nbsp;&nbsp;&nbsp;&nbsp; 65711 | &nbsp;&nbsp;&nbsp;&nbsp; 65741 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

The tax character of distributions paid during the year ended February 28, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Ordinary** <br>**Income\***<br>| &nbsp;&nbsp;&nbsp; **Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Total** <br>**Distributions** <br>**Paid**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $148 | &nbsp;&nbsp;&nbsp;&nbsp; $9909 | &nbsp;&nbsp;&nbsp;&nbsp; $10057 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 66 | &nbsp;&nbsp;&nbsp;&nbsp; 12177 | &nbsp;&nbsp;&nbsp;&nbsp; 12243 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 18 | &nbsp;&nbsp;&nbsp;&nbsp; 22755 | &nbsp;&nbsp;&nbsp;&nbsp; 22773 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 633 | &nbsp;&nbsp;&nbsp;&nbsp; 23769 | &nbsp;&nbsp;&nbsp;&nbsp; 24402 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 119 | &nbsp;&nbsp;&nbsp;&nbsp; 57591 | &nbsp;&nbsp;&nbsp;&nbsp; 57710 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

 <br> \* Short-term gain distributions are treated as ordinary income for income tax purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 101

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

As of February 28, 2026, the estimated components of net assets (excluding paid-in-capital) on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Long-Term** <br>**Capital Gain** <br>**(Tax Basis Capital** <br>**Loss Carryover)**<br>| &nbsp;&nbsp;&nbsp; **Current** <br>**Distributable** <br>**Tax Exempt** <br>**Income**<br>| &nbsp;&nbsp;&nbsp; **Unrealized** <br>**Appreciation** <br>&nbsp;&nbsp;&nbsp;&nbsp;**(Depreciation)**<br>|
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $(20558)<br>| &nbsp;&nbsp;&nbsp;&nbsp; $88 | &nbsp;&nbsp;&nbsp;&nbsp; $11559 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (15021)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 80 | &nbsp;&nbsp;&nbsp;&nbsp; 9463 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (64634)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 170 | &nbsp;&nbsp;&nbsp;&nbsp; 14436 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (76714)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 153 | &nbsp;&nbsp;&nbsp;&nbsp; 26105 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; (40592)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 103 | &nbsp;&nbsp;&nbsp;&nbsp; 10349 |

---

The cumulative timing differences primarily consist of tax adjustments on certain investments and post-October capital loss deferrals.

As of February 28, 2026, the following Funds had net capital loss carryforwards, which are available to offset future realized gains as follows:

---

| | | |
|:---|:---|:---|
|  | **Capital Loss Carryforward Character**  | **Capital Loss Carryforward Character**  |
|  | **Short-Term** | **Long-Term** |
| California Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $5622 | &nbsp;&nbsp;&nbsp;&nbsp; $14936 |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 6651 | &nbsp;&nbsp;&nbsp;&nbsp; 8370 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 16785 | &nbsp;&nbsp;&nbsp;&nbsp; 47849 |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 24842 | &nbsp;&nbsp;&nbsp;&nbsp; 51872 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 10712 | &nbsp;&nbsp;&nbsp;&nbsp; 29880 |

---

Net capital losses (gains) incurred after October 31, and within the taxable year are deemed to arise on the first business day of the Funds' next taxable year. For the year ended February 28, 2026, the Funds deferred to March 1, 2026 the following net capital losses (gains) of:

---

| | | |
|:---|:---|:---|
|  | **Net Capital Losses (Gains)** | **Net Capital Losses (Gains)** |
|  | **Short-Term** | **Long-Term** |
| New York Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; $151 | &nbsp;&nbsp;&nbsp;&nbsp; $67 |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; 185 | &nbsp;&nbsp;&nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp; (294)<br>| &nbsp;&nbsp;&nbsp;&nbsp; 1484 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp;&nbsp;&nbsp; 21 | &nbsp;&nbsp;&nbsp;&nbsp; 145 |

---

**6. Borrowings** 

The Funds rely upon an exemptive order granted by the SEC (the "Order") permitting the establishment and operation of an Interfund Lending Facility (the "Facility"). The Facility allows the Funds to directly lend and borrow money to or from any other fund relying upon the Order at rates beneficial to both the borrowing and lending funds. Advances under the Facility are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. The interfund loan rate is determined, as specified in the Order, by averaging the current repurchase agreement rate and the current bank loan rate. The Order was granted to JPM II and may be relied upon by the Funds because the Funds and the series of JPM II are all investment companies in the same "group of investment companies" (as defined in Section 12(d)(1)(G) of the 1940 Act).

The Funds had no borrowings outstanding from another fund, or loans outstanding to another fund, during the year ended February 28, 2026.

The Trusts and JPMCB have entered into a financing arrangement. Under this arrangement, JPMCB provides an unsecured, uncommitted credit facility in the aggregate amount of $100 million to certain of the J.P. Morgan Funds, including the Funds. Advances under the arrangement are taken primarily for temporary or emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities, and are subject to each Fund's borrowing restrictions. Interest on borrowings is payable at a rate determined by JPMCB at the time of borrowing. This agreement has been extended until October 27, 2026.

The Funds had no borrowings outstanding from the unsecured, uncommitted credit facility during the year ended February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

102 J.P. Morgan Municipal Bond Funds February 28, 2026

------

The Trusts, along with certain other trusts for J.P. Morgan Funds ("Borrowers"), have entered into a joint syndicated senior unsecured revolving credit facility totaling $1.5 billion ("Credit Facility") with various lenders and The Bank of New York Mellon, as administrative agent for the lenders. This Credit Facility provides a source of funds to the Borrowers for temporary and emergency purposes, including the meeting of redemption requests that otherwise might require the untimely disposition of securities. Under the terms of the Credit Facility, a borrowing fund must have a minimum of $25 million in adjusted NAV and not exceed certain adjusted net asset coverage ratios prior to and during the time in which any borrowings are outstanding. If a fund does not comply with the aforementioned requirements, the fund must remediate within three business days with respect to the $25 million minimum adjusted NAV or within one business day with respect to certain asset coverage ratios or the administrative agent at the request of, or with the consent of, the lenders may terminate the Credit Facility and declare any outstanding borrowings to be due and payable immediately.

Interest associated with any borrowing under the Credit Facility is charged to the borrowing fund at a rate of interest equal to 1.00%, plus the greater on the day of the borrowing, of the federal funds effective rate, or the Adjusted Secured Overnight Financing Rate. Effective August 5, 2025, the Credit Facility was amended and restated for a term of 364 days, unless extended.

The Funds did not utilize the Credit Facility during the year ended February 28, 2026.

**7. Risks, Concentrations and Indemnifications**

In the normal course of business, the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Each Fund's maximum exposure under these arrangements is unknown. The amount of exposure would depend on future claims that may be brought against each Fund. However, based on experience, the Funds expect the risk of loss to be remote.

As of February 28, 2026, the following Funds had individual shareholder and/or omnibus accounts each owning more than 10% of the respective Fund's outstanding shares as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** | &nbsp;&nbsp; **Number of** <br>**Individual Shareholder** <br>**and/or Non-Affiliated** <br>**Omnibus Accounts**<br>| **% of the Fund** |
| California Tax Free Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 74.0<br> %<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp; 10.3<br> %<br>|
| New York Tax Free Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;69.2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;77.3 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Tax Free Bond Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;54.4 | &nbsp;&nbsp; 2 | &nbsp;&nbsp;&nbsp;&nbsp;27.8 |
| Ultra-Short Municipal Fund | &nbsp;&nbsp; 1 | &nbsp;&nbsp;&nbsp;&nbsp;87.4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |

---

Significant shareholder transactions by these shareholders may impact the Funds' performance and liquidity.

The Funds are subject to interest rate risk. Investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Funds may invest in variable and floating rate loans and other variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Funds may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.

The Funds are subject to credit risk. The Funds' investments are subject to the risk that an issuer and/or a counterparty will not make payments when due or default completely. Prices of the Funds' investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Funds' securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer's securities.

The Funds invest primarily in a portfolio of debt obligations issued by states, territories and possessions of the United States and by the District of Columbia, and by their political subdivisions and duly constituted authorities. California Tax Free Bond Fund and New York Tax Free Bond Fund primarily invest in issuers in the states of California and New York, respectively. An issuer's ability to meet its payment obligations may be affected by economic or political developments in a specific state or region. These debt obligations may be insured by private insurers who guarantee the payment of principal and interest in the event of issuer default. The value of these investments may be impacted by changes to bond insurers' ratings and the Funds' ability to collect principal and interest, in the event of an issuer's default, may be limited if the private insurer does not have the wherewithal to satisfy its obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 103

------

**NOTES TO FINANCIAL STATEMENTS**

AS OF February 28, 2026 (continued)

(Dollar values in thousands)

Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in a Fund's portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, sanctions and other trade barriers, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of a Fund's investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.

**8. Reorganization**

At a meeting held on February 10-12, 2026, the JPM I's Board approved the reorganizations (the "Reorganizations") of California Tax Free Bond Fund and JPM New York Tax Free Bond Fund into newly created exchange-traded funds, JPMorgan California Tax Free Bond ETF ("JPM California Tax Free Bond ETF") and JPMorgan New York Tax Free Bond ETF ("JPM New York Tax Free Bond ETF"), respectively, each a series of J.P. Morgan Exchange-Traded Fund Trust. The Reorganization is expected to occur as of the close of business on or about June 11, 2026.

Following the Reorganizations, the California Tax Free Bond Fund's performance and financial history will be adopted by JPM California Tax Free Bond ETF and New York Tax Free Bond Fund's performance and financial history will be adopted by JPM New York Tax Free Bond ETF. JPM California Tax Free Bond ETF and JPM New York Tax Free Bond ETF will have the same objective and fundamental investment policies as California Tax Free Bond Fund and New York Tax Free Bond Fund, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

104 J.P. Morgan Municipal Bond Funds February 28, 2026

------

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Boards of Trustees of JPMorgan Trust I, JPMorgan Trust II and JPMorgan Trust IV and Shareholders of JPMorgan California Tax Free Bond Fund, JPMorgan New York Tax Free Bond Fund, JPMorgan Short-Intermediate Municipal Bond Fund, JPMorgan Tax Free Bond Fund and JPMorgan Ultra–Short Municipal Fund

***Opinions on the Financial Statements***

We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of JPMorgan California Tax Free Bond Fund and JPMorgan New York Tax Free Bond Fund (two of the funds constituting JPMorgan Trust I), JPMorgan Short-Intermediate Municipal Bond Fund and JPMorgan Tax Free Bond Fund (two of the funds constituting JPMorgan Trust II) and JPMorgan Ultra-Short Municipal Fund (one of the funds constituting JPMorgan Trust IV) (hereafter collectively referred to as the "Funds") as of February 28, 2026, the related statements of operations for the year ended February 28, 2026, the statements of changes in net assets for each of the two years in the period ended February 28, 2026, including the related notes, and the financial highlights for each of the five years in the period ended February 28, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of February 28, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended February 28, 2026 and each of the financial highlights for each of the five years in the period ended February 28, 2026 in conformity with accounting principles generally accepted in the United States of America.

***Basis for Opinions***

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of February 28, 2026 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

April 29, 2026

We have served as the auditor of one or more investment companies in the JPMorgan Funds complex since 1993.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

February 28, 2026 J.P. Morgan Municipal Bond Funds 105

------

**TAX LETTER**

(Unaudited)

(Dollar values in thousands)

Certain tax information for the J.P. Morgan Funds is required to be provided to shareholders based upon the Funds' income and distributions for the taxable year ended February 28, 2026. The information and distributions reported in this letter may differ from the information and taxable distributions reported to the shareholders for the calendar year ending December 31, 2026. The information necessary to complete your income tax returns for the calendar year ending December 31, 2026 will be provided under separate cover.

**Tax Exempt Income**

Each Fund listed below had the following amount, or maximum allowable amount, of dividends paid from investment income that are exempt from federal income tax for the fiscal year ended February 28, 2026:

---

| | |
|:---|:---|
|  | **Exempt** <br>**Distributions** <br>**Paid**<br>|
| JPMorgan California Tax Free Bond Fund | &nbsp;&nbsp; $13455 |
| JPMorgan New York Tax Free Bond Fund | &nbsp;&nbsp; 14046 |
| JPMorgan Short-Intermediate Municipal Bond Fund | &nbsp;&nbsp; 24031 |
| JPMorgan Tax Free Bond Fund | &nbsp;&nbsp; 29815 |
| JPMorgan Ultra-Short Municipal Fund | &nbsp;&nbsp; 65711 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

106 J.P. Morgan Municipal Bond Funds February 28, 2026

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THIS PAGE IS INTENTIONALLY LEFT BLANK

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J.P. Morgan Funds are distributed by JPMorgan Distribution Services, Inc., which is an affiliate of JPMorgan Chase & Co. Affiliates of JPMorgan Chase & Co. receive fees for providing various services to the Funds.

***Contact JPMorgan Distribution Services, Inc. at 1-800-480-4111 for a fund prospectus. You can also visit us at www.jpmorganfunds.com. Investors should carefully consider the investment objectives and risk as well as charges and expenses of the mutual fund before investing. The prospectus contains this and other information about the mutual fund. Read the prospectus carefully before investing.***

Investors may obtain information about the Securities Investor Protection Corporation (SIPC), including the SIPC brochure, by visiting www.sipc.org or by calling SIPC at 202-371-8300.

![](g117677imgfd1630532.jpg)

------

![](g117677imgc64a4d3c3.jpg)

J.P. Morgan Asset Management is the brand name for the asset management business of JPMorgan Chase & Co. and its affiliates worldwide.

<sup>©</sup> JPMorgan Chase & Co., 2026. All rights reserved. February 2026.

AN-MUNIBOND-226

------

**Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

Not applicable.

**Proxy Disclosures for Open-End Management Investment Companies**

Not applicable.

**Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies**

Included in the Statements of Operations within the Funds' Financial Statements.

**Statement Regarding Basis for Approval of Investment Advisory Agreements**

Not applicable.

------

ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

#### Refer to Item 7.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES.

------

ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT.

ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

Describe any material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR 240.14a-101), or this Item.

#### No material changes to report.
ITEM 16. CONTROLS AND PROCEDURES.

(a) Disclose the conclusions of the registrant's principal executive and principal financial officers, or persons performing similar functions, regarding the effectiveness of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act (17 CFR 270.30a-3(c))) as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Exchange Act (17 CFR 240.13a-15(b) or 240.15d-15(b)).

**The Registrant's principal executive and principal financial officers have concluded, based on their evaluation of the Registrant's disclosure controls and procedures as of a date within 90 days of the filing date of this report, that the Registrant's disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the Registrant on Form N-CSR is recorded, processed, summarized and reported within the required time periods and that information required to be disclosed by the Registrant in the reports that it files or submits on Form N-CSR is accumulated and communicated to the Registrant's management, including its principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.** 

(b) Disclose any change in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

**There were no changes in the Registrant's internal control over financial reporting that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.** 

ITEM 17. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

#### Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION.

------

ITEM 19. EXHIBITS.

(a) File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit.](d116290dex99code.htm)

#### Code of Ethics applicable to its Principal Executive and Principal Financial Officers pursuant to Section 406 of the Sarbanes-Oxley Act of 2002 attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2), exactly as set forth below:](d116290dex99cert.htm)

#### Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 are attached hereto.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.

**Not applicable.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period.

#### Not applicable.
(b) [A separate or combined certification for each principal executive officer and principal officer of the registrant as required by Rule 30a-2(b) under the Act of 1940.](d116290dex99906cert.htm)

#### Certifications pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 are attached hereto.

------

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| JPMorgan Trust I | JPMorgan Trust I |
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | May 7, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Matthew J. Kamburowski |
|  | Matthew J. Kamburowski |
|  | President and Principal Executive Officer |
|  | May 7, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Timothy J. Clemens |
|  | Timothy J. Clemens |
|  | Treasurer and Principal Financial Officer |
|  | May 7, 2026 |

---

## Ex-99.Code

EX-99 COD ETH 2

**JPMorgan Trust I** 

**JPMorgan Trust II** 

**JPMorgan Trust IV** 

**Undiscovered Managers Funds** 

**JPMorgan Institutional Trust** 

**J. P. Morgan Mutual Fund Investment Trust** 

**J. P. Morgan Fleming Mutual Fund Group, Inc.** 

**J.P. Morgan Exchange-Traded Fund Trust** 

**(collectively the "J.P. Morgan Funds")** 

**Code of Ethics for Principal Executive** 

**and Principal Financial Officers** 

**Persons covered by this Code of Ethics:** 

**Matthew J. Kamburowski Principal Executive Officer** 

**Timothy J. Clemens Principal Financial Officer** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Covered Officers/ Purpose of the Code** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **This Sarbanes-Oxley Code of Ethics for the J.P. Morgan Funds (the "Funds") applies to the Funds' Principal Executive Officer and Principal Financial Officer (the "Covered Officers") for the purpose of promoting** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the SEC and in other public communications made by the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Compliance with applicable laws and governmental rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The prompt internal reporting of violations of this Sarbanes-Oxley Code of Ethics to an appropriate person or persons identified herein; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Accountability for adherence to this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest.** 

**A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Funds.** 

**Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and already are subject to conflict of interest provisions in the Investment Company Act and the Advisers Act. For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Funds because of their status as "affiliated persons" of the Funds. The Funds and the investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Sarbanes-Oxley Code of Ethics does not, and is not intended to, repeat or replace these programs and procedures.** 

**Although typically not presenting an opportunity for improper personal benefit, conflicts may arise from, or as a result of, the contractual relationship between the Funds and the investment advisers, principal underwriters, administrators, and/or affiliated persons thereof (the "Funds Principal Service Providers") of which the Covered Officers are also officers or employees. As a result, the Sarbanes-Oxley Code of Ethics recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Company, the Funds Principal Service Providers, or for both) be involved in establishing policies and implementing decisions that will have different effects on the Funds Principal Service Providers and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the** 

------

 **Funds and the Funds Principal Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Fund's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.** 

**Other conflicts of interest are covered by the Sarbanes-Oxley Code of Ethics, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Advisers Act. The following list provides examples of conflicts of interest under the Sarbanes-Oxley Code of Ethics, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Funds.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Each Covered Officer must:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Not use his personal influence or personal relationships improperly to influence investment decisions and/or financial reporting by the Funds whereby the Covered Officer would benefit personally to the detriment of the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Not cause the Funds to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Funds;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **Complete on an annual basis the Funds' Trustee and Officer Questionnaire which requests information regarding other business affiliations and relationships** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **In furtherance of the above, below are some examples of conflict of interest situations that should be discussed with the Investment Adviser's Compliance department, which is responsible for the day-to-day monitoring of the Investment Adviser and/or the Funds Chief Compliance Officer. Examples of these include, but are not limited to:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Serving as a director on the board of any public, private company or not for profit organization;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **The receipt of any gifts in excess of $100;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The receipt of any entertainment from any company with which the Funds have current or prospective business dealings unless such entertainment is business related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety or other formulation as the Funds already use in another code of conduct;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **Any ownership interest in, or any consulting or employment relationship with, any of the Funds' service providers, other than the Funds Principal Service Providers;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**e.** **A direct or indirect financial interest in commissions, transaction charges or spreads paid by the Funds for effecting portfolio transactions or for selling or redeeming shares such as compensation or equity ownership other than an interest arising from the Covered Officer's employment with the Funds' Principal Service Providers.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Fund;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors and auditors, and/or to governmental regulators and self-regulatory organizations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Reporting and Accountability** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a.** **Each covered officer must:** 

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Upon adoption of this Sarbanes-Oxley Code of Ethics (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board that he has received, read, and understands the Code;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Annually thereafter affirm to the Board that he has complied with the requirements of this Sarbanes-Oxley Code of Ethics;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Not retaliate against any other Covered Officer and/or any employee of the Funds or affiliated persons for reports of potential violations that are made in good faith; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Notify the Funds' Chief Compliance Officer promptly if he knows of any violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b.** **Failure to take any of the actions specified in Section 6(a) above is itself a violation of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c.** **The Funds' Chief Compliance Officer is responsible for applying this Sarbanes-Oxley Code of Ethics to specific situations in which questions are presented relating to the Code. The Chief Compliance Officer has the authority to interpret this Sarbanes-Oxley Code of Ethics in any particular situation. However, any waivers sought by the Covered Officer will require prior review and approval by the Funds' Board.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**d.** **The Funds will follow these procedures in investigating and enforcing this Sarbanes-Oxley Code of Ethics:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **The Funds' Chief Compliance Officer (or his designee) will take all appropriate action to investigate any potential violations reported to him;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **If, after such investigation, the Funds' Chief Compliance Officer believes that no violation has occurred, the Chief Compliance Officer is not required to take any further action;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Any matter the Funds' Chief Compliance Officer believes to be a violation will be reported to the Funds' Board which will consider appropriate action, which may include review of, and/or appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; and/or a recommendation to dismiss the Covered Officer;** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **The Funds' Board will be responsible for granting waivers, as appropriate; and** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Any changes to, or waivers of this Sarbanes-Oxley Code of Ethics will, to the extent required, be disclosed to the Funds' Board as provided by SEC rules.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **This Sarbanes-Oxley Code of Ethics shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Funds, the Funds' adviser, principal underwriter, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Sarbanes-Oxley Code of Ethics, they are superseded by the Sarbanes-Oxley Code of Ethics to the extent that they overlap or conflict with the provisions of this Sarbanes-Oxley Code of Ethics. The Funds' and their investment adviser's codes of ethics under Rule 17j-l, under the Investment Company Act, the adviser's more detailed policies and procedures set forth in the Investment Adviser's Code of Ethics are separate requirements applying to the Covered Officers and others, and are not part of this Sarbanes-Oxley Code of Ethics.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Any amendments to the Sarbanes-Oxley Code of Ethics, other than amendments to the list of Covered Officers, must be approved or ratified by a majority vote of the Funds' Board, including a majority of independent directors or trustees.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **All reports and records prepared or maintained pursuant to this Sarbanes-Oxley Code of Ethics will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Sarbanes-Oxley Code of Ethics, such matters shall not be disclosed to anyone.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. All reports and records maintained under this Sarbanes-Oxley Code of Ethics are intended solely for
internal use by the Funds and does not constitute an admission, by or on behalf of any Company, as to any fact, circumstance, or legal conclusion **.**

## Ex-99.Cert

EXHIBIT ITEM 13 (b)1

CERTIFICATIONS

I, Matthew J. Kamburowski, certify that:

1. I have reviewed this report on Form N-CSR of the JPMorgan 100% U.S.
Treasury Securities Money Market Fund, JPMorgan California Municipal Money Market Fund, JPMorgan California Tax Free Bond Fund, JPMorgan Corporate Bond Fund, JPMorgan Emerging Markets Debt Fund, JPMorgan Federal Money Market Fund, JPMorgan Floating
Rate Income Fund, JPMorgan Global Bond Opportunities Fund, JPMorgan Income Fund, JPMorgan Managed Income Fund, JPMorgan New York Municipal Money Market Fund, JPMorgan New York Tax Free Bond Fund, JPMorgan Prime Money Market Fund, JPMorgan Short
Duration Core Plus Fund, JPMorgan Strategic Income Opportunities Fund and JPMorgan Tax Free Money Market Fund (the "Funds"), each a series of JPMorgan Trust I (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

Date: May 7, 2026

---

| |
|:---|
| /s/ Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

------

CERTIFICATIONS

I, Timothy J. Clemens, certify that:

1. I have reviewed this report on Form N-CSR of JPMorgan 100% U.S.
Treasury Securities Money Market Fund, JPMorgan California Municipal Money Market Fund, JPMorgan California Tax Free Bond Fund, JPMorgan Corporate Bond Fund, JPMorgan Emerging Markets Debt Fund, JPMorgan Federal Money Market Fund, JPMorgan Floating
Rate Income Fund, JPMorgan Global Bond Opportunities Fund, JPMorgan Income Fund, JPMorgan Managed Income Fund, JPMorgan New York Municipal Money Market Fund, JPMorgan New York Tax Free Bond Fund, JPMorgan Prime Money Market Fund, JPMorgan Short
Duration Core Plus Fund, JPMorgan Strategic Income Opportunities Fund and JPMorgan Tax Free Money Market Fund (the "Funds"), each a series of JPMorgan Trust I (the "Registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the Funds as of, and for, the periods
presented in this report;

4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Funds and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the Funds, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provided reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Funds' disclosure controls and procedures and presented in this report
our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Funds' internal control over financial reporting that occurred
during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and

5. The Registrant's other certifying officer and I have disclosed to the Funds' auditors and the audit
committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weakness in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Funds' ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the Funds' internal control over financial reporting.

Date: May 7, 2026

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

## Exhibit 99.906

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan California Municipal Money Market Fund, JPMorgan California Tax Free Bond Fund, JPMorgan Corporate Bond Fund, JPMorgan Emerging Markets Debt Fund, JPMorgan Federal Money Market Fund, JPMorgan Floating Rate Income Fund, JPMorgan Global Bond Opportunities Fund, JPMorgan Income Fund, JPMorgan Managed Income Fund, JPMorgan New York Municipal Money Market Fund, JPMorgan New York Tax Free Bond Fund, JPMorgan Prime Money Market Fund, JPMorgan Short Duration Core Plus Fund, JPMorgan Strategic Income Opportunities Fund and JPMorgan Tax Free Money Market Fund (the "Funds"), each a series of JPMorgan Trust I (the "Registrant");

I, Matthew J. Kamburowski, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ Matthew J. Kamburowski |
| Matthew J. Kamburowski |
| President and Principal Executive Officer |

---

May 7, 2026

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.

------

**Certification Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940** 

This certification is provided pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, and accompanies the report on Form N-CSR furnished to the Securities and Exchange Commission on the date hereof of the JPMorgan 100% U.S. Treasury Securities Money Market Fund, JPMorgan California Municipal Money Market Fund, JPMorgan California Tax Free Bond Fund, JPMorgan Corporate Bond Fund, JPMorgan Emerging Markets Debt Fund, JPMorgan Federal Money Market Fund, JPMorgan Floating Rate Income Fund, JPMorgan Global Bond Opportunities Fund, JPMorgan Income Fund, JPMorgan Managed Income Fund, JPMorgan New York Municipal Money Market Fund, JPMorgan New York Tax Free Bond Fund, JPMorgan Prime Money Market Fund, JPMorgan Short Duration Core Plus Fund, JPMorgan Strategic Income Opportunities Fund and JPMorgan Tax Free Money Market Fund (the "Funds"), each a series of JPMorgan Trust I (the "Registrant");

I, Timothy J. Clemens, certify that:

1. The Form N-CSR fully complies with the requirements of
Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable; and

2. The information contained in the Form N-CSR fairly presents, in all
material respects, the financial condition and results of the operations of the Funds.

---

| |
|:---|
| /s/ Timothy J. Clemens |
| Timothy J. Clemens |
| Treasurer and Principal Financial Officer |

---

May 7, 2026

This certificate is furnished pursuant to the requirements of Form N-CSR and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liability of that section, and shall not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934.