JPMorgan Trust I

N-CSR 1 d291810dncsr.htm JPMORGAN TRUST I 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)

277 Park Avenue

New York, NY 10172

(Address of principal executive offices) (Zip code)

Gregory S. Samuels

277 Park Avenue

New York, NY 10172

(Name and Address of Agent for Service)

Registrant’s telephone number, including area code: (800) 480-4111

Date of fiscal year end: Last day of February

Date of reporting period: March 1, 2021 through February 28, 2022

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. Section 3507.

ITEM 1. REPORTS 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 Reports. Not Applicable. Notices do not incorporate disclosures from the

shareholder report.

Annual Report

J.P. Morgan Money Market Funds

February 28, 2022

JPMorgan Prime Money Market Fund

JPMorgan Institutional Tax Free Money Market Fund

JPMorgan Securities Lending Money Market Fund

JPMorgan Liquid Assets 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

LOGO

CONTENTS


Letter to Shareholders			1

Fund Facts:

JPMorgan Prime Money Market Fund			2

JPMorgan Institutional Tax Free Money Market Fund			3

JPMorgan Securities Lending Money Market Fund			4

JPMorgan Liquid Assets Money Market Fund			5

JPMorgan U.S. Government Money Market Fund			6

JPMorgan U.S. Treasury Plus Money Market Fund			7

JPMorgan Federal Money Market Fund			8

JPMorgan 100% U.S. Treasury Securities Money Market Fund			9

JPMorgan Tax Free Money Market Fund			10

JPMorgan Municipal Money Market Fund			11

JPMorgan California Municipal Money Market Fund			12

JPMorgan New York Municipal Money Market Fund			13

Schedules of Portfolio Investments			14

Financial Statements			76

Financial Highlights			108

Notes to Financial Statements			140

Report of Independent Registered Public Accounting Firm			156

Trustees			157

Officers			160

Schedule of Shareholder Expenses			161

Tax Letter			167

Special Shareholder Meeting Results			168

Privacy Policy — Located at the back of this Annual Report

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 or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

The following disclosure applies to the JPMorgan Prime Money Market Fund, JPMorgan Institutional Tax Free Money Market Fund and JPMorgan Securities Lending 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 may impose a fee upon the sale of your shares or may temporarily suspend your ability to sell shares if the Fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in a Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Funds’ sponsor has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

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 and the JPMorgan 100% U.S. Treasury Securities 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 has no legal obligation to provide financial support to the Funds, and you should not expect that the sponsor will provide financial support to the Funds at any time.

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.

LETTER TO SHAREHOLDERS

April 5, 2022 (Unaudited)

Dear Shareholders,

Financial markets delivered a mixed performance amid low interest rates, surging inflationary pressure and fresh waves of pandemic resurgence during the twelve months ended February 28, 2022. While the U.S. Federal Reserve (the “Fed”) maintained historically low interest rates throughout the period, it began to taper off its monthly asset purchases in November 2021 and indicated it would raise interest rates in 2022 in response to strong job growth and persistent inflation.

LOGO

“Amid global market uncertainties, JPMorgan Global Liquidity will continue to apply our global expertise and resources in seeking to provide investors with quality short-term fixed income solutions.” —John T. Donohue

Within fixed income markets, only high yield bonds (also known as “junk bonds”) and lower rated investment grade bonds provided positive returns as investors largely sought higher returns in equity markets. Money market mutual funds generally benefitted from investor demand for short-term fixed income securities as nominal interest rates began to rise in the second half of the period.

Looking ahead, we believe the U.S. economy is likely to maintain its momentum as the pandemic recedes and consumers spend more of their accumulated savings and household wealth

on goods and services. Meanwhile, a tight U.S. labor market, rising wages and surging inflation prompted the Fed in March 2022 to raise interest rates for the first time since December 2018 and to signal up to six more rate increases this year, which is expected to bring the central bank’s policy rate to 2.5%.

Notably, Russia’s military invasion of Ukraine has jolted the energy sector and weighed on global financial markets, though it has had a limited impact on short-term debt markets. The duration and scope of the conflict will be a key factor in investment outcomes in 2022 and beyond. We believe the best defense for investors is a diversified portfolio, a patient approach to long-term investments and a focus on valuations and fundamentals.

Amid global market uncertainties, JPMorgan Global Liquidity will continue to apply our global expertise and resources in seeking to provide investors with quality short-term fixed income solutions. On behalf of JPMorgan Global Liquidity, we thank you for your continued partnership and trust in our company and our product.

Sincerely yours,

LOGO

John T. Donohue

CEO Asset Management Americas & Head of Global Liquidity

J.P. Morgan Asset Management



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	1

JPMorgan Prime Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)


Objective^†		Seeks current income while seeking to maintain liquidity and a low volatility of principal
Primary Investments		High quality, short-term, U.S. dollar-denominated money market instruments
Suggested investment time frame		Short-term
Share classes offered		Academy, Agency, Capital, Class C, Empower, IM, Institutional Class, Morgan, Premier and Reserve
Net Assets as of February 28, 2022		$69.6 Billion
Weighted Average Maturity^		22 calendar days
Weighted Average Life^^		44 calendar days


MATURITY SCHEDULE*^
1 calendar day	49.8	%
2–7 calendar days	18.2
8–30 calendar days	7.5
31–60 calendar days	9.1
61–90 calendar days	7.9
91–180 calendar days	6.4
181+ calendar days	1.1


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Academy Shares	0.07	%
Agency Shares	0.01
Capital Shares	0.07
Class C Shares	0.01
Empower Shares	0.07
IM Shares	0.07
Institutional Class Shares	0.05
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01

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. For up-to-date month-end performance information please call 1-800-480-4111 (retail investors) or 1-800-766-7722 (institutional investors).

An investment in a money market fund is not insured by the FDIC or any other government agency.

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made and may utilize the interest rate reset date for variable or floating rate securities.

^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.02)%, (0.12)%, (0.02)%, (5.97)%, (0.02)%, 0.03%, (0.07)%, (0.33)%, (0.27)% and (0.52)% for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Prime Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



2	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022

JPMorgan Institutional Tax Free Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)


Objective^†		Aims to provide current income, while seeking to maintain liquidity and a low volatility of principal*
Primary Investments		High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame		Short-term
Share classes offered		Agency, Capital, IM and Institutional Class
Net Assets as of February 28, 2022		$1.3 Billion
Weighted Average Maturity^		22 calendar days
Weighted Average Life^^		22 calendar days


MATURITY SCHEDULE**^
1 calendar day	22.7	%
2–7 calendar days	47.1
8–30 calendar days	11.0
31–60 calendar days	5.7
61–90 calendar days	3.5
91–180 calendar days	10.0


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Agency Shares	0.01	%
Capital Shares	0.02
IM Shares	0.04
Institutional Class Shares	0.01

An investment in a money market fund is not insured by the FDIC or any other government agency.

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes.

**	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.28)%, (0.04)%, (0.01)% and (0.10)% for Agency Shares, Capital Shares, IM Shares and Institutional Class Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Institutional Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	3

JPMorgan Securities Lending Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)


Objective^†		Seeks current income while seeking to maintain liquidity and a low volatility of principal
Primary Investments		High quality, short-term, U.S. dollar-denominated money market instruments
Suggested investment time frame		Short-term
Share classes offered		Agency SL
Net Assets as of February 28, 2022		$1.9 Billion
Weighted Average Maturity^		35 calendar days
Weighted Average Life^^		66 calendar days


MATURITY SCHEDULE*^
1 calendar day	55.2	%
2–7 calendar days	12.8
8–30 calendar days	4.6
31–60 calendar days	3.7
61–90 calendar days	8.3
91–180 calendar days	8.0
181+ calendar days	7.4


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Agency SL Shares	0.09	%

An investment in a money market fund is not insured by the FDIC or any other government agency.

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾	The yield for Agency SL Shares reflects the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yield would have been (0.01)% for Agency SL Shares.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Securities Lending Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



4	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022

JPMorgan Liquid Assets Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)


Objective^†		Seeks current income with liquidity and stability of principal
Primary Investments		High quality, short-term instruments including corporate notes, U.S. government securities, asset-backed securities, repurchase agreements, commercial paper, funding agreements, certificates of deposit, municipal obligations and bank obligations
Suggested investment time frame		Short-term
Share classes offered		*Agency, Capital, Class C, ETrade^, Institutional Class, Investor, Morgan, Premier and Reserve Shares**
Net Assets as of February 28, 2022		$6.3 Billion
Weighted Average Maturity^^		25 calendar days
Weighted Average Life^^^		49 calendar days


MATURITY SCHEDULE*^^
1 calendar day	47.3	%
2–7 calendar days	20.1
8–30 calendar days	6.7
31–60 calendar days	10.5
61–90 calendar days	4.8
91–180 calendar days	8.6
181+ calendar days	2.0


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Agency Shares	0.01	%
Capital Shares	0.04
Class C Shares	0.01
Institutional Class Shares	0.02
Investor Shares	0.01
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01

An investment in a money market fund is not insured by the FDIC or any other government agency. Although the Fund strives to preserve the value of the investment at $1.00 per share, it is possible to lose money by investing in the Fund.

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^	E*Trade Shares had no assets from the close of business on October 19, 2016.

^^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Agency Shares, Capital Shares, Class C Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.13)%, (0.03)%, (0.98)%, (0.08)%, (0.33)%, (0.43)%, (0.28)% and (0.53)% for Agency Shares, Capital Shares, Class C Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Liquid Assets Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	5

JPMorgan U.S. Government Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)


Objective^†		Seeks high current income with liquidity and stability of principal
Primary Investments		High quality, short-term securities issued or guaranteed by the U.S. government or by U.S. government agencies or instrumentalities and repurchase agreements collateralized by such obligations
Suggested investment time frame		Short-term
Share classes offered		*Academy, Agency, Capital, ETrade, Empower, IM, Institutional Class, Investor, Morgan, Premier, Reserve and Service Shares**
Net Assets as of February 28, 2022		$244.7 Billion
Weighted Average Maturity^		13 calendar days
Weighted Average Life^^		57 calendar days


MATURITY SCHEDULE*^
1 calendar day	74.3	%
2–7 calendar days	8.7
8–30 calendar days	3.5
31–60 calendar days	3.6
61–90 calendar days	7.0
91–180 calendar days	1.8
181+ calendar days	1.1


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Academy Shares	0.03	%
Agency Shares	0.01
Capital Shares	0.03
E*Trade Shares	0.01
Empower Shares	0.03
IM Shares	0.03
Institutional Class Shares	0.01
Investor Shares	0.00
Morgan Shares	0.00
Premier Shares	0.01
Reserve Shares	0.00
Service Shares	0.00

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Academy Shares, Agency Shares, Capital Shares, E*Trade Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.12)%, (0.22)%, (0.12)%, (0.97)%, (0.12)%, (0.07)%, (0.17)%, (0.42)%, (0.52)%, (0.37)%, (0.62)% and (0.97)% for Academy Shares, Agency Shares, Capital Shares, E*Trade Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Government Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



6	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022

JPMorgan U.S. Treasury Plus Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)


Objective^†		Seeks current income with liquidity and stability of principal
Primary Investments		Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury and repurchase agreements collateralized by U.S. Treasury securities
Suggested investment time frame		Short-term
Share classes offered		Academy, Agency, Capital, Class C, Empower, IM, Institutional Class, Investor, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2022		$22.9 Billion
Weighted Average Maturity^		31 calendar days
Weighted Average Life^^		48 calendar days


MATURITY SCHEDULE*^
1 calendar day	68.5	%
2–7 calendar days	3.4
31–60 calendar days	6.7
61–90 calendar days	10.5
91–180 calendar days	3.9
181+ calendar days	7.0


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Academy Shares	0.01	%
Agency Shares	0.01
Capital Shares	0.01
Class C Shares	0.00
Empower Shares	0.01
IM Shares	0.02
Institutional Class Shares	0.01
Investor Shares	0.00
Morgan Shares	0.00
Premier Shares	0.01
Reserve Shares	0.00

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.09)%, (0.19)%, (0.09)%, (1.04)%, (0.11)%, (0.03)%, (0.14)%, (0.39)%, (0.49)%, (0.34)%, and (0.59)% for Academy Shares, Agency Shares, Capital Shares, Class C Shares, Empower Shares, IM Shares, Institutional Class Shares, Investor Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan U.S. Treasury Plus Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	7

JPMorgan Federal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)


Objective^†		Aims to provide current income while still preserving capital and maintaining liquidity
Primary Investments		Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes as well as debt obligations issued or guaranteed by U.S. government agencies or instrumentalities
Suggested investment time frame		Short-term
Share classes offered		Agency, Institutional Class, Morgan and Premier Shares
Net Assets as of February 28, 2022		$1.7 Billion
Weighted Average Maturity^		25 calendar days
Weighted Average Life^^		49 calendar days


MATURITY SCHEDULE*^
1 calendar day	7.6	%
2-7 calendar days	6.0
8–30 calendar days	54.8
31–60 calendar days	27.1
91–180 calendar days	4.5


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Agency Shares	0.01	%
Institutional Class Shares	0.01
Morgan Shares	0.00
Premier Shares	0.01

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.29)%, (0.24)%, (0.59)% and (0.44)% for Agency Shares, Institutional Class Shares, Morgan Shares and Premier Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Federal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



8	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022

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

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)


Objective^†		Aims to provide the highest possible level of current income while still maintaining liquidity and providing maximum safety of principal
Primary Investments		Direct obligations of the U.S. Treasury including Treasury bills, bonds and notes
Suggested investment time frame		Short-term
Share classes offered		Academy, Agency, Capital, Empower, IM, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2022		$91.8 Billion
Weighted Average Maturity^		34 calendar days
Weighted Average Life^^		62 calendar days


MATURITY SCHEDULE*^
1 calendar day	7.8	%
2–7 calendar days	0.1
8–30 calendar days	42.5
31–60 calendar days	36.1
61–90 calendar days	8.0
91–180 calendar days	5.5


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Academy Shares	0.01	%
Agency Shares	0.01
Capital Shares	0.01
Empower Shares	0.01
IM Shares	0.01
Institutional Class Shares	0.01
Morgan Shares	0.00
Premier Shares	0.01
Reserve Shares	0.00

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.07)%, (0.17)%, (0.07)%, (0.10)%, (0.02)%, (0.12)%, (0.47)%, (0.32)%, and (0.57)% for Academy Shares, Agency Shares, Capital Shares, Empower Shares, IM Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan 100% U.S. Treasury Securities Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	9

JPMorgan Tax Free Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)


Objective^†		Aims to provide the highest possible level of current income which is excluded from gross income, while still preserving capital and maintaining liquidity*
Primary Investments		High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame		Short-term
Share classes offered		Agency, Institutional Class, Morgan, Premier and Reserve Shares
Net Assets as of February 28, 2022		$7.6 Billion
Weighted Average Maturity^		19 calendar days
Weighted Average Life^^		19 calendar days


MATURITY SCHEDULE**^
1 calendar day	6.4	%
2-7 calendar days	63.8
8–30 calendar days	14.4
31–60 calendar days	4.9
61–90 calendar days	3.2
91–180 calendar days	7.2
181+ calendar days	0.1


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Agency Shares	0.01	%
Institutional Class Shares	0.02
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes.

**	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.07)%, (0.02)%, (0.37)%, (0.22)% and (0.47)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Reserve Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Tax Free Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



10	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022

JPMorgan Municipal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)


Objective^†		Seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal*
Primary Investments		High quality short-term municipal securities, the interest on which is excluded from federal income taxes
Suggested investment time frame		Short-term
Share classes offered		*Agency, ETrade^, Institutional Class, Morgan, Premier and Service Shares**
Net Assets as of February 28, 2022		$999.4 Million
Weighted Average Maturity^^		20 calendar days
Weighted Average Life^^^		20 calendar days


MATURITY SCHEDULE**^^
1 calendar day	16.5	%
2–7 calendar days	55.8
8–30 calendar days	10.4
31–60 calendar days	8.3
61–90 calendar days	0.8
91–180 calendar days	8.2


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Agency Shares	0.01	%
Institutional Class Shares	0.02
Morgan Shares	0.01
Premier Shares	0.01
Service Shares	0.01

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^	E*Trade Shares had no assets from the close of business on September 21, 2016.

^^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes.

**	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.07)%, (0.03)%, (0.37)%, (0.22)% and (0.82)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	11

JPMorgan California Municipal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)



Objective^†		Aims to provide the highest possible level of current income which is exempt from federal and California personal income taxes, while still preserving capital and maintaining liquidity*
Primary Investment		California short-term municipal obligations
Suggested investment time frame		Short-term
Share classes offered		Agency, E*Trade^, Institutional Class, Morgan, Premier and Service
Net Assets as of February 28, 2022		$229.3 Million
Weighted Average Maturity^^		18 calendar days
Weighted Average Life^^^		18 calendar days


MATURITY SCHEDULE**^^
1 calendar day	11.4	%
2–7 calendar days	60.0
8–30 calendar days	13.5
31–60 calendar days	6.5
61–90 calendar days	1.1
91–180 calendar days	7.3
181+ calendar days	0.2


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Agency Shares	0.01	%
Institutional Class Shares	0.02
Morgan Shares	0.01
Premier Shares	0.01
Service Shares	0.01

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^	E*Trade Shares had no assets from the close of business on September 21, 2016.

^^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes.

**	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.19)%, (0.14)%, (0.49)%, (0.34)% and (0.94)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares and Service Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan California Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



12	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022

JPMorgan New York Municipal Money Market Fund

FUND FACTS

TWELVE MONTHS ENDED FEBRUARY 28, 2022 (Unaudited)



Objective^†		Aims to provide the highest possible level of current income which is excluded from gross income and exempt from New York State and New York City personal income taxes, while still preserving capital and maintaining liquidity*
Primary Investment		New York short-term municipal obligations
Suggested investment time frame.		Short-term
Share classes offered		Agency, E*Trade^, Institutional Class, Morgan, Premier, Reserve and Service
Net Assets as of February 28, 2022		$627.4 Million
Weighted Average Maturity^^		24 calendar days
Weighted Average Life^^^		24 calendar days


MATURITY SCHEDULE**^^
1 calendar day	10.6	%
2–7 calendar day	71.8
8–30 calendar days	1.1
31–60 calendar days	2.4
61–90 calendar days	1.3
91–180 calendar days	12.8


7-DAY SEC YIELD AS OF FEBRUARY 28, 2022⁽¹⁾
Agency Shares	0.01	%
Institutional Class Shares	0.02
Morgan Shares	0.01
Premier Shares	0.01
Reserve Shares	0.01
Service Shares	0.01

^†	The adviser seeks to achieve the Fund’s objective. There can be no guarantee it will be achieved.

^	E*Trade Shares had no assets from the close of business on September 21, 2016.

^^^	The calculation takes into account the period remaining until the date on which, in accordance with the terms of the security, the principal amount must unconditionally be paid, or in the case of a security called for redemption, the date on which the redemption payment must be made.

*	A portion of the Fund’s income distributions may be subject to the Alternative Minimum Tax (AMT), and some investors may be subject to certain state and local taxes.

**	Percentages indicated are based upon total investments as of February 28, 2022.

⁽¹⁾

The yields for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares reflect the reimbursements and/or waivers of certain expenses. Without these reimbursements and/or waivers, the yields would have been (0.11)%, (0.07)%, (0.41)%, (0.26)%, (0.51)% and (0.86)% for Agency Shares, Institutional Class Shares, Morgan Shares, Premier Shares, Reserve Shares and Service Shares, respectively.

An unaudited, uncertified list of prior-day portfolio holdings of the JPMorgan New York Municipal Money Market Fund is available upon request. Please contact your J.P. Morgan representative to obtain further information regarding this facility and information on holdings.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	13

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 13.2%

Barclays Capital, Inc., 0.26%, dated 2/28/2022, due 4/4/2022, repurchase price $80,020, collateralized by Collateralized Mortgage Obligations, 0.00% - 4.69%, due 5/15/2031 - 1/16/2054, with a value of $86,400.		80,000		80,000

Barclays Capital, Inc., 0.26%, dated 2/28/2022, due 4/4/2022, repurchase price $100,025, collateralized by Collateralized Mortgage Obligations, 0.00% - 7.01%, due 5/15/2028 - 12/16/2072, with a value of $108,000.		100,000		100,000

Barclays Capital, Inc., 0.26%, dated 2/28/2022, due 4/4/2022, repurchase price $400,101, collateralized by Collateralized Mortgage Obligations, 0.00% - 8.98%, due 2/25/2026 - 1/18/2063 and FNMA, 2.39% - 12.94%, due 3/26/2029 - 12/27/2050, with a value of $432,000.		400,000		400,000

BMO Capital Markets Corp., 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $100,000, collateralized by Asset-Backed Securities, 1.35% - 3.72%, due 7/15/2027 - 2/25/2047, Collateralized Mortgage Obligations, 3.25% - 3.57%, due 9/17/2058 - 10/25/2059 and Corporate Notes and Bonds, 3.50% -8.25%, due 4/30/2028 - 3/1/2032, with a value of $108,026.		100,000		100,000

BMO Capital Markets Corp., 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $110,001, collateralized by Asset-Backed Securities, 0.00% - 4.19%, due 10/15/2024 - 7/25/2056, Collateralized Mortgage Obligations, 0.00% - 3.43%, due 7/25/2036 -6/14/2052, Corporate Notes and Bonds, 1.25% - 15.50%, due 4/1/2022 - 1/15/2051^ and U.S. Treasury Securities, 1.38%, due 11/15/2031, with a value of $117,855.		110,000		110,000

BMO Capital Markets Corp., 0.19%, dated 2/28/2022, due 3/7/2022, repurchase price $175,006, collateralized by Asset-Backed Securities, 0.00% - 4.19%, due 5/20/2024 - 1/25/2047, Collateralized Mortgage Obligations, 0.00% - 3.93%, due 1/19/2035 - 5/10/2058, Corporate Notes and Bonds, 1.00% - 9.81%, due 12/7/2022 - 12/15/2061^, FHLMC, 3.48%, due 9/25/2028 and Sovereign Government Securities, 0.75% - 1.25%, due 10/21/2022 -3/4/2025, with a value of $187,393.		175,000		175,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


BMO Capital Markets Corp., 0.24%, dated 2/28/2022, due 3/7/2022, repurchase price $50,002, collateralized by Corporate Notes and Bonds, 2.75% - 9.46%, due 11/15/2022 - 11/23/2081^, with a value of $53,592.		50,000		50,000

BNP Paribas SA, 0.24%, dated 2/28/2022, due 3/1/2022, repurchase price $150,001, collateralized by Asset-Backed Securities, 0.31% - 6.91%, due 2/15/2023 - 4/25/2047, Collateralized Mortgage Obligations, 0.38% - 6.37%, due 2/27/2026 - 3/25/2067, Corporate Notes and Bonds, 0.86% - 9.88%, due 4/30/2022 - 6/4/2081^, FNMA, 3.74% -7.05%, due 7/25/2029 - 12/26/2041 and Sovereign Government Securities, 2.84% -7.50%, due 1/31/2027 - 6/20/2030, with a value of $161,563.		150,000		150,000

BNP Paribas SA, 0.20%, dated 2/28/2022, due 3/16/2022, repurchase price $115,010, collateralized by Asset-Backed Securities, 2.19% - 5.34%, due 4/14/2025 - 1/26/2032, Collateralized Mortgage Obligations, 0.41% - 6.37%, due 2/27/2026 - 11/25/2068, Corporate Notes and Bonds, 2.25% - 5.88%, due 4/6/2027 - 7/15/2080^, FNMA, 2.80% - 10.69%, due 7/25/2023 -12/27/2050 and Sovereign Government Securities, 8.30%, due 8/15/2031, with a value of $124,161.		115,000		115,000

BNP Paribas SA, 0.30%, dated 2/28/2022, due 4/4/2022, repurchase price $100,029, collateralized by Asset-Backed Securities, 0.50% - 7.48%, due 10/1/2023 - 1/25/2059, with a value of $110,083.		100,000		100,000

BNP Paribas SA, 0.34%, dated 2/28/2022, due 4/4/2022, repurchase price $185,061, collateralized by Asset-Backed Securities, 2.75% - 8.01%, due 1/14/2028 - 1/25/2059, with a value of $203,788.		185,000		185,000

BofA Securities, Inc., 0.10%, dated 2/28/2022, due 3/1/2022, repurchase price $100,000, collateralized by Commercial Paper, 0.00%, due 3/1/2022 - 3/28/2022, with a value of $105,000.		100,000		100,000

BofA Securities, Inc., 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $100,000, collateralized by Common Stocks and Preferred Stocks, 4.45% - 8.00%, due 8/1/2042^, with a value of $108,000.		100,000		100,000

SEE NOTES TO FINANCIAL STATEMENTS.



14	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

BofA Securities, Inc., 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $100,000, collateralized by Common Stocks and Preferred Stocks, 4.45% - 8.00%, due 8/1/2042^, with a value of $108,000.		100,000		100,000

BofA Securities, Inc., 0.44%, dated 2/28/2022, due 4/4/2022, repurchase price $345,148, collateralized by Corporate Notes and Bonds, 0.75% - 6.13%, due 4/1/2023 -9/15/2055, with a value of $362,251.		345,000		345,000

Credit Suisse Securities USA LLC, 0.20%, dated 2/28/2022, due 3/1/2022, repurchase price $140,001, collateralized by Asset-Backed Securities, 0.00% -19.95%, due 8/28/2023 - 2/15/2068 and Collateralized Mortgage Obligations, 1.91% - 7.09%, due 4/15/2026 -2/15/2041, with a value of $153,333.		140,000		140,000

Credit Suisse Securities USA LLC, 0.47%, dated 2/28/2022, due 4/4/2022, repurchase price $160,073, collateralized by Asset-Backed Securities, 0.00% -10.00%, due 4/12/2024 - 8/25/2060 and Collateralized Mortgage Obligations, 0.00% - 4.14%, due 3/29/2022 -5/25/2056, with a value of $174,956.		160,000		160,000

Goldman Sachs & Co. LLC, 0.44%, dated 2/28/2022, due 4/29/2022, repurchase price $500,367, collateralized by Asset-Backed Securities, 0.00% - 8.22%, due 12/10/2024 - 2/25/2063 and Corporate Notes and Bonds, 0.00%, due 3/15/2023, with a value of $535,000.		500,000		500,000

HSBC Securities USA, Inc., 0.18%, dated 2/28/2022, due 3/1/2022, repurchase price $20,000, collateralized by Corporate Notes and Bonds, 0.40% - 4.88%, due 10/10/2023 - 5/15/2048, Municipal Debt Securities, 0.00% - 3.00%, due 8/1/2031 - 2/1/2037 and Sovereign Government Securities, 4.38%, due 1/23/2031, with a value of $21,000.		20,000		20,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


HSBC Securities USA, Inc., 0.18%, dated 2/28/2022, due 3/1/2022, repurchase price $225,001, collateralized by Corporate Notes and Bonds, 0.95% -5.80%, due 6/1/2022 - 2/4/2061, FHLMC, 2.50% - 4.00%, due 5/1/2045 -12/1/2051, FNMA, 3.50%, due 11/1/2046, GNMA, 2.50% - 3.50%, due 11/20/2044 - 5/20/2051, Sovereign Government Securities, 2.50% - 5.25%, due 4/11/2022 - 4/20/2055 and U.S. Treasury Securities, 0.00%, due 5/26/2022 - 1/26/2023, with a value of $234,887.		225,000		225,000

ING Financial Markets LLC, 0.15%, dated 2/28/2022, due 3/1/2022, repurchase price $66,000, collateralized by Corporate Notes and Bonds, 1.45% - 6.50%, due 11/15/2022 - 4/15/2048 and Sovereign Government Securities, 4.25%, due 3/13/2025, with a value of $69,510.		66,000		66,000

ING Financial Markets LLC, 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $37,000, collateralized by Corporate Notes and Bonds, 4.13% - 9.25%, due 7/6/2024 - 1/15/2042^ and Sovereign Government Securities, 6.25%, due 9/26/2022, with a value of $39,961.		37,000		37,000

ING Financial Markets LLC, 0.30%, dated 2/28/2022, due 3/30/2022, repurchase price $175,044, collateralized by Common Stocks, with a value of $189,090.		175,000		175,000

ING Financial Markets LLC, 0.30%, dated 2/28/2022, due 4/22/2022, repurchase price $100,044, collateralized by Common Stocks, with a value of $108,053.		100,000		100,000

Mitsubishi UFJ Trust & Banking Corp., 0.20%, dated 2/28/2022, due 3/3/2022, repurchase price $1,000,017, collateralized by Corporate Notes and Bonds, 0.00% - 4.15%, due 5/13/2022 -2/25/2032, with a value of $1,042,334.		1,000,000		1,000,000

Royal Bank of Canada, 0.17%, dated 2/28/2022, due 3/1/2022, repurchase price $125,001, collateralized by Asset-Backed Securities, 1.90%, due 2/23/2039, Certificates of Deposit, 0.00% - 0.20%, due 3/3/2022 - 7/1/2022, Commercial Paper, 0.00%, due 3/1/2022 - 3/2/2022 and Corporate Notes and Bonds, 0.30% -6.50%, due 5/15/2022 - 6/1/2060^, with a value of $131,261.		125,000		125,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	15

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

Societe Generale SA, 0.14%, dated 2/28/2022, due 3/1/2022, repurchase price $600,002, collateralized by Asset-Backed Securities, 2.70% - 8.00%, due 5/17/2027 - 5/28/2069, Collateralized Mortgage Obligations, 0.98% - 3.33%, due 11/18/2049 - 1/18/2052, Corporate Notes and Bonds, 0.00% - 8.38%, due 3/30/2022 - 10/27/2081^, FNMA, 2.14%, due 10/25/2049, Sovereign Government Securities, 1.25% - 7.35%, due 7/21/2025 - 6/9/2051 and U.S. Treasury Securities, 4.25%, due 11/15/2040, with a value of $630,753.		600,000		600,000

Societe Generale SA, 0.21%, dated 2/28/2022, due 3/1/2022, repurchase price $475,003, collateralized by Asset-Backed Securities, 0.25% - 7.13%, due 1/2/2024 - 2/28/2041, Collateralized Mortgage Obligations, 0.38% - 5.40%, due 6/15/2034 - 5/25/2060, Corporate Notes and Bonds, 1.09% -13.00%, due 3/17/2022 - 10/22/2090^, FNMA, 2.34% - 4.39%, due 2/25/2030 -9/25/2048 and Sovereign Government Securities, 3.50% - 8.88%, due 1/30/2023 - 6/15/2045, with a value of $512,497.		475,000		475,000

Societe Generale SA, 0.23%, dated 2/28/2022, due 3/1/2022, repurchase price $200,001, collateralized by Asset-Backed Securities, 0.42% - 7.13%, due 1/2/2024 - 5/25/2037, Collateralized Mortgage Obligations, 0.38% - 4.50%, due 6/15/2035 - 6/25/2058, Corporate Notes and Bonds, 1.16% - 13.00%, due 3/15/2022 - 6/4/2081^, FNMA, 2.99% -4.39%, due 2/25/2030 - 2/25/2047 and Sovereign Government Securities, 0.40% -10.13%, due 1/5/2023 - 6/15/2045, with a value of $215,328.		200,000		200,000

Societe Generale SA, 0.23%, dated 2/28/2022, due 3/2/2022, repurchase price $370,005, collateralized by Asset-Backed Securities, 0.25% - 6.64%, due 1/2/2024 - 2/25/2037, Collateralized Mortgage Obligations, 0.59% - 5.45%, due 6/15/2034 - 5/25/2065, Corporate Notes and Bonds, 1.16% - 13.00%, due 3/15/2022 - 11/1/2051^, FNMA, 2.14% -4.39%, due 2/25/2030 - 8/25/2050 and Sovereign Government Securities, 1.25% -10.13%, due 7/26/2022 - 9/30/2049, with a value of $399,163.		370,000		370,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Societe Generale SA, 0.20%, dated 2/28/2022, due 3/31/2022, repurchase price $160,028, collateralized by Asset-Backed Securities, 3.06% - 5.88%, due 5/17/2027 - 5/28/2069, Collateralized Mortgage Obligations, 3.06%, due 11/18/2049, Corporate Notes and Bonds, 0.00% - 8.04%, due 7/15/2022 -12/10/2061, FNMA, 2.14%, due 10/25/2049 and Sovereign Government Securities, 1.25% - 5.10%, due 10/26/2026 - 4/23/2048, with a value of $168,290.		160,000		160,000

Societe Generale SA, 0.60%, dated 2/28/2022, due 5/16/2022, repurchase price $200,255, collateralized by Asset-Backed Securities, 0.25% - 7.13%, due 1/2/2024 - 10/25/2037, Collateralized Mortgage Obligations, 0.41% - 4.37%, due 6/15/2035 - 4/15/2050, Corporate Notes and Bonds, 0.20% - 13.00%, due 3/15/2022 - 8/6/2061^, FNMA, 2.14% -4.39%, due 10/25/2030 - 10/25/2049 and Sovereign Government Securities, 2.78% - 10.13%, due 7/26/2022 -9/21/2047, with a value of $215,530.		200,000		200,000

Societe Generale SA, 0.31%, dated 2/28/2022, due 5/31/2022, repurchase price $500,396, collateralized by Asset-Backed Securities, 0.34% - 7.13%, due 1/2/2024 - 10/25/2037, Collateralized Mortgage Obligations, 0.53% - 4.50%, due 11/15/2032 - 9/17/2058, Corporate Notes and Bonds, 1.15% - 13.00%, due 3/15/2022 - 6/1/2042^, FNMA, 3.45% -4.39%, due 10/25/2030 - 2/25/2047 and Sovereign Government Securities, 2.63% -10.13%, due 6/27/2022 - 2/16/2061, with a value of $539,607.		500,000		500,000

TD Securities (USA) LLC, 0.14%, dated 2/28/2022, due 3/1/2022, repurchase price $380,001, collateralized by Corporate Notes and Bonds, 0.65% -6.50%, due 12/1/2023 - 8/23/2051, with a value of $399,012.		380,000		380,000

TD Securities (USA) LLC, 0.18%, dated 2/28/2022, due 3/1/2022, repurchase price $100,001, collateralized by Corporate Notes and Bonds, 1.61% -5.95%, due 3/30/2028 - 4/1/2049, with a value of $105,001.		100,000		100,000

SEE NOTES TO FINANCIAL STATEMENTS.



16	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — continued

TD Securities (USA) LLC, 0.18%, dated 2/28/2022, due 3/4/2022, repurchase price $1,040,021, collateralized by Asset-Backed Securities, 0.39% - 5.88%, due 7/20/2024 - 1/11/2036, Corporate Notes and Bonds, 0.50% - 10.75%, due 4/5/2022 - 8/1/2069^ and Municipal Debt Securities, 1.85% - 7.62%, due 8/1/2029 - 4/1/2057, with a value of $1,094,825.		1,040,000		1,040,000

UBS Securities LLC, 0.25%, dated 2/28/2022, due 3/7/2022, repurchase price $300,015, collateralized by Certificates of Deposit, 0.00% - 1.85%, due 3/11/2022 - 12/15/2022, Commercial Paper, 0.00%, due 6/30/2022, Corporate Notes and Bonds, 0.45% - 11.50%, due 8/15/2022 - 12/15/2066^, FNMA, 0.00% - 2.63%, due 10/5/2022 - 6/17/2025, Tennessee Valley Authority, 0.00%, due 11/1/2025 - 7/15/2026 and U.S. Treasury Securities, 0.00% - 2.50%, due 9/8/2022 - 2/15/2045, with a value of $318,509.		300,000		300,000

Wells Fargo Securities LLC, 0.44%, dated 2/28/2022, due 4/18/2022, repurchase price $125,075, collateralized by Certificates of Deposit, 0.00% - 2.65%, due 3/10/2022 - 3/4/2026, with a value of $131,403.		125,000		125,000


Total Repurchase Agreements (Cost $9,208,000)				9,208,000


Corporate Notes — 0.4%

Banks — 0.4%

Barclays Bank plc (United Kingdom) (OBFR + 0.16%), 0.23%, 3/1/2022 (b) (c) (Cost $300,000)		300,000		300,000


Municipal Bonds — 0.2%

Alaska — 0.1%

Alaska Housing Finance Corp., State Capital Project Series 2018A, Rev., VRDO, 0.18%, 3/7/2022 (d)		75,000		75,000


California — 0.1%

Metropolitan Water District of Southern California, Waterworks Series 2021A, Rev., VRDO, LIQ: Bank of America NA, 0.18%, 3/7/2022 (d)		62,520		62,520


Total Municipal Bonds (Cost $137,520)				137,520


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — 85.6%

Time Deposits — 31.4%

Agricultural Bank of China Ltd.

0.09%, 3/1/2022		475,000		475,000

0.09%, 3/2/2022		465,000		465,000

0.09%, 3/4/2022		300,000		300,000

Australia & New Zealand Banking Group Ltd.

0.08%, 3/2/2022		360,000		360,000

0.08%, 3/3/2022		700,000		700,000

Canadian Imperial Bank of Commerce 0.07%, 3/1/2022		460,000		460,000

Cooperatieve Rabobank UA 0.07%, 3/4/2022		1,300,000		1,300,000

Credit Agricole Corporate and Investment Bank

0.07%, 3/1/2022		276,396		276,396

0.10%, 3/1/2022		340,000		340,000

0.10%, 3/1/2022		225,000		225,000

0.10%, 3/2/2022		150,000		150,000

0.10%, 3/3/2022		380,000		380,000

0.10%, 3/4/2022		250,000		250,000

0.10%, 3/7/2022		450,000		450,000

DBS Bank Ltd. 0.08%, 3/3/2022		200,000		200,000

DNB Bank ASA 0.07%, 3/1/2022		500,000		500,000

Erste Group Bank AG

0.07%, 3/1/2022		1,000,000		1,000,000

0.07%, 3/1/2022		360,000		360,000

First Abu Dhabi Bank USC NV

0.07%, 3/1/2022		500,000		500,000

0.07%, 3/1/2022		500,000		500,000

Industrial & Commercial Bank of China Ltd. 0.09%, 3/1/2022		250,000		250,000

ING Bank NV

0.08%, 3/2/2022		800,000		800,000

0.08%, 3/3/2022		800,000		800,000

KBC Bank NV 0.07%, 3/1/2022		2,300,000		2,300,000

Mizuho Bank Ltd.

0.07%, 3/1/2022		500,000		500,000

0.07%, 3/1/2022		950,000		950,000

National Bank of Canada (Canada)

0.10%, 3/1/2022 (d)		250,000		250,000

Nordea Bank Abp

0.07%, 3/1/2022		1,000,000		1,000,000

0.07%, 3/1/2022		1,400,000		1,400,000

Royal Bank of Canada

0.07%, 3/1/2022		700,000		700,000

0.07%, 3/1/2022		625,000		625,000

Skandinaviska Enskilda Banken AB

0.07%, 3/1/2022		1,000,000		1,000,000

0.07%, 3/1/2022		1,300,000		1,300,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	17

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Time Deposits — continued

Svenska Handelsbanken AB 0.07%, 3/1/2022		800,000		800,000


Total Time Deposits (Cost $21,866,396)				21,866,396


Certificates of Deposit — 28.7%

Bank of Montreal (Canada)

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		150,000		149,985

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		100,000		99,969

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		70,000		70,006

(SOFR + 0.25%), 0.30%, 3/1/2022 (b)		170,000		169,938

0.24%, 3/10/2022		100,000		100,004

(ICE LIBOR USD 3 Month + 0.05%), 0.26%, 3/16/2022 (b)		179,000		179,012

0.23%, 5/11/2022		100,000		99,960

0.22%, 5/18/2022		100,000		99,946

0.21%, 6/22/2022		177,000		176,782

0.20%, 7/13/2022		100,000		99,832

0.24%, 10/12/2022		165,000		164,338

Bank of Nova Scotia (The) (Canada)

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		70,000		69,973

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		25,000		25,001

(SOFR + 0.16%), 0.21%, 3/1/2022 (b)		100,000		99,991

(SOFR + 0.18%), 0.23%, 3/1/2022 (b)		100,000		100,021

0.23%, 5/10/2022		100,000		99,971

0.22%, 5/13/2022		28,860		28,850

Barclays Bank plc (United Kingdom) 0.26%, 4/1/2022		150,000		150,002

Canadian Imperial Bank of Commerce (Canada)

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		405,000		404,956

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		175,000		174,982

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		100,000		100,006

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		100,000		99,961

(SOFR + 0.25%), 0.30%, 3/1/2022 (b)		135,000		134,960

0.24%, 4/7/2022		175,000		175,011

0.24%, 10/12/2022		100,000		99,561

China Construction Bank Corp. (China)

0.10%, 3/2/2022		50,000		50,000

0.10%, 3/3/2022		100,000		100,000

Cooperatieve Rabobank UA (Netherlands)

(SOFR + 0.14%), 0.19%, 3/1/2022 (b)		100,000		100,000

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		185,000		184,982

(SOFR + 0.16%), 0.21%, 3/1/2022 (b)		100,000		100,000

0.20%, 6/27/2022		46,500		46,445

0.22%, 7/5/2022 (e)		100,000		99,790

0.23%, 10/14/2022		75,000		74,641


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates of Deposit — continued

Credit Agricole Corporate and Investment Bank (France)

(SOFR + 0.12%), 0.17%, 3/1/2022 (b)		100,000		99,992

0.15%, 3/7/2022		200,000		200,003

Credit Industriel et Commercial (France)

(SOFR + 0.12%), 0.17%, 3/1/2022 (b)		100,000		99,996

(SOFR + 0.13%), 0.18%, 3/1/2022 (b)		450,000		450,054

(SOFR + 0.21%), 0.26%, 3/1/2022 (b)		125,000		124,979

(SOFR + 0.22%), 0.27%, 3/1/2022 (b)		120,000		120,032

0.22%, 3/7/2022 (e)		400,000		399,993

0.24%, 4/7/2022 (e)		200,500		200,454

Credit Suisse AG (Switzerland) (SOFR + 0.18%), 0.23%, 3/1/2022 (b)		360,000		360,048

DZ Bank AG (United Kingdom) 0.12%, 3/17/2022 (e)		200,000		199,967

Goldman Sachs Bank USA (SOFR + 0.21%), 0.26%, 3/1/2022 (b)		129,000		128,993

Industrial & Commercial Bank of China Ltd. (China)

0.09%, 3/1/2022		250,000		250,000

0.09%, 3/2/2022		200,000		200,000

0.10%, 3/4/2022		700,000		699,999

ING Bank NV (Netherlands)

0.18%, 5/13/2022		275,000		275,000

0.21%, 7/13/2022		225,000		225,000

Kookmin Bank (South Korea)

(ICE LIBOR USD 1 Month + 0.21%), 0.39%, 3/29/2022 (b)		100,000		100,035

0.25%, 8/2/2022		38,000		37,935

Korea Development Bank (South Korea) 0.26%, 4/18/2022		50,000		49,999

Mitsubishi UFJ Trust & Banking Corp. (Japan)

0.18%, 3/1/2022 (e)		50,000		50,000

(SOFR + 0.16%), 0.21%, 3/1/2022 (b)		55,000		54,994

0.18%, 3/7/2022 (e)		75,000		74,996

0.18%, 3/15/2022		100,000		100,002

0.19%, 4/5/2022 (e)		50,000		49,985

0.20%, 4/27/2022		30,000		29,996

Mizuho Bank Ltd. (Japan)

(SOFR + 0.16%), 0.21%, 3/1/2022 (b)		265,000		264,994

0.15%, 3/15/2022		125,000		125,002

0.17%, 4/7/2022		525,000		524,974

0.17%, 4/8/2022		120,000		119,993

0.25%, 5/10/2022		250,000		249,922

0.30%, 6/1/2022		177,000		176,881

SEE NOTES TO FINANCIAL STATEMENTS.



18	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

MUFG Bank Ltd. (Japan)

(SOFR + 0.19%), 0.24%, 3/1/2022 (b)		162,000		161,990

(SOFR + 0.19%), 0.24%, 3/1/2022 (b)		150,000		150,011

0.17%, 3/14/2022		70,000		70,001

0.18%, 4/20/2022		175,000		174,927

0.25%, 5/6/2022		500,000		499,716

0.30%, 6/6/2022		165,000		164,866

National Australia Bank Ltd. (Australia)

0.17%, 4/20/2022 (e)		150,000		149,915

0.20%, 4/22/2022 (e)		150,000		149,910

0.25%, 4/28/2022 (e)		180,000		179,876

0.30%, 6/7/2022 (e)		100,000		99,854

Natixis SA (France)

(SOFR + 0.13%), 0.18%, 3/1/2022 (b)		300,000		300,027

(SOFR + 0.13%), 0.18%, 3/1/2022 (b)		175,000		175,022

0.20%, 7/13/2022		200,000		199,633

Nordea Bank Abp (Finland)

0.23%, 4/21/2022		78,250		78,244

0.20%, 6/29/2022		125,000		124,843

0.20%, 7/1/2022		200,000		199,741

Norinchukin Bank (The) (Japan)

0.12%, 3/3/2022		125,000		125,001

0.15%, 3/7/2022		100,000		100,001

0.12%, 3/11/2022		200,000		200,002

0.15%, 3/14/2022		150,000		150,002

Oversea-Chinese Banking Corp. Ltd. (Singapore)

0.25%, 3/15/2022		75,000		75,004

0.21%, 9/27/2022		150,000		149,356

Royal Bank of Canada (Canada)

(SOFR + 0.17%), 0.22%, 3/1/2022 (b)		70,000		69,989

(ICE LIBOR USD 3 Month + 0.03%), 0.22%, 3/7/2022 (b)		100,000		100,063

(ICE LIBOR USD 3 Month + 0.05%), 0.25%, 3/11/2022 (b)		70,000		70,003

Shinhan Bank (South Korea)

0.17%, 4/4/2022		50,000		49,998

0.20%, 7/6/2022		50,000		49,918

0.32%, 8/10/2022		15,000		14,971

Skandinaviska Enskilda Banken AB (Sweden)

0.24%, 4/28/2022		100,000		99,983

0.23%, 5/11/2022		100,000		99,966

Standard Chartered Bank (United Kingdom)

0.20%, 3/1/2022		100,000		100,000

(SOFR + 0.19%), 0.24%, 3/1/2022 (b)		175,000		174,994

0.17%, 3/24/2022		100,000		99,997


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Certificates of Deposit — continued

0.17%, 3/28/2022		100,000		99,995

0.18%, 4/8/2022		150,000		149,984

Sumitomo Mitsui Banking Corp. (Japan)

(SOFR + 0.19%), 0.24%, 3/1/2022 (b)		100,000		99,984

(SOFR + 0.22%), 0.27%, 3/1/2022 (b)		385,000		385,058

0.17%, 4/12/2022		300,000		299,979

0.17%, 4/14/2022		150,000		149,988

0.18%, 4/21/2022		200,000		199,978

0.20%, 4/27/2022		300,000		299,964

0.25%, 5/6/2022		412,000		411,928

0.25%, 5/9/2022		40,000		39,991

Sumitomo Mitsui Trust Bank Ltd. (Japan)

(SOFR + 0.15%), 0.20%, 3/1/2022 (b)		100,000		99,988

(SOFR + 0.19%), 0.24%, 3/1/2022 (b)		100,000		99,993

(SOFR + 0.20%), 0.25%, 3/1/2022 (b)		147,000		146,985

0.07%, 3/2/2022		50,000		50,000

0.14%, 3/3/2022		75,000		75,000

0.17%, 4/13/2022		100,000		99,992

0.17%, 4/14/2022		50,000		49,996

0.25%, 5/3/2022 (e)		100,000		99,931

0.25%, 5/10/2022		500,000		499,873

0.30%, 5/19/2022 (e)		170,000		169,822

0.30%, 5/23/2022 (e)		200,000		199,770

Svenska Handelsbanken AB (Sweden)

(ICE LIBOR USD 1 Month + 0.08%), 0.21%, 3/10/2022 (b)		200,000		200,062

(ICE LIBOR USD 3 Month + 0.04%), 0.25%, 3/16/2022 (b)		50,000		50,003

0.20%, 6/28/2022		100,000		99,880

Toronto-Dominion Bank (The) (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 3/1/2022 (b)		250,000		249,951

(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 3/1/2022 (b)		125,000		125,000

0.26%, 4/21/2022 (e)		125,000		124,958

0.24%, 4/27/2022		141,250		141,250

0.27%, 4/27/2022 (e)		175,000		174,928

0.21%, 6/23/2022		150,000		149,813

Westpac Banking Corp. (Australia) 0.20%, 6/24/2022		97,000		96,891

Woori Bank (South Korea)

0.19%, 3/1/2022 (c)		41,500		41,500

0.16%, 3/10/2022 (c)		20,000		20,001

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	19

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Certificates of Deposit — continued

0.17%, 4/1/2022 (c)		102,000		101,992

0.17%, 4/6/2022 (c)		25,000		24,997

0.17%, 4/7/2022 (c)		25,000		24,997


Total Certificates of Deposit (Cost $19,941,047)				19,935,340


Commercial Paper — 25.5%

Australia & New Zealand Banking Group Ltd. (Australia)

(SOFR + 0.19%), 0.24%, 3/1/2022 (b) (c)		70,000		69,990

(ICE LIBOR USD 3 Month + 0.03%), 0.21%, 3/2/2022 (b) (c)		70,000		70,000

Bank of Montreal (Canada) (SOFR + 0.26%), 0.31%, 3/1/2022 (b)		65,000		64,978

Bank of Nova Scotia (The) (Canada)

(SOFR + 0.15%), 0.20%, 3/1/2022 (b) (c)		200,000		200,008

0.23%, 4/8/2022 (c) (e)		100,000		99,979

0.21%, 6/22/2022 (c) (e)		170,000		169,702

0.20%, 9/15/2022 (c) (e)		100,000		99,527

0.21%, 10/6/2022 (c) (e)		75,000		74,584

Barclays Bank plc (United Kingdom)

(SOFR + 0.14%), 0.19%, 3/1/2022 (b) (c)		100,000		100,000

0.23%, 3/4/2022 (c) (e)		100,000		99,999

Bedford Row Funding Corp.

(US Federal Funds Effective Rate (continuous series) + 0.12%), 0.20%, 3/1/2022 (b) (c)		150,000		149,987

(US Federal Funds Effective Rate (continuous series) + 0.12%), 0.20%, 3/1/2022 (b) (c)		130,000		129,988

0.25%, 4/28/2022 (c) (e)		75,000		74,954

(ICE LIBOR USD 3 Month + 0.05%), 0.54%, 5/20/2022 (b) (c)		135,000		135,042

(ICE LIBOR USD 3 Month + 0.05%), 0.57%, 5/26/2022 (b) (c)		50,000		50,019

BNG Bank NV (Netherlands) 0.08%, 3/7/2022 (c) (e)		15,000		15,000

BNP Paribas SA (France)

0.08%, 3/1/2022 (e)		650,000		649,999

0.08%, 3/2/2022 (e)		300,000		299,999

0.08%, 3/3/2022 (e)		150,000		149,999

0.18%, 3/22/2022 (e)		500,000		499,959

0.18%, 3/22/2022 (e)		136,000		135,989

0.35%, 5/4/2022 (e)		262,000		261,830

BNZ International Funding Ltd. (New Zealand)

(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (c)		140,000		140,000

0.19%, 4/22/2022 (c) (e)		50,000		49,981


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

0.25%, 5/4/2022 (c) (e)		100,000		99,943

BofA Securities, Inc.

(SOFR + 0.22%), 0.27%, 3/1/2022 (b)		65,000		65,012

(SOFR + 0.22%), 0.27%, 3/1/2022 (b)		25,000		25,004

BPCE SA (France)

0.22%, 3/7/2022 (c) (e)		200,000		199,997

0.22%, 5/6/2022 (c) (e)		15,000		14,988

Caisse d’Amortissement de la Dette Sociale (France)

0.15%, 4/5/2022 (c) (e)		50,000		49,991

0.15%, 4/7/2022 (c) (e)		50,000		49,990

Caisse des Depots et Consignations (France)

0.14%, 3/15/2022 (c) (e)		100,000		99,997

0.14%, 3/16/2022 (c) (e)		350,000		349,983

Canadian Imperial Bank of Commerce (Canada)

0.07%, 3/1/2022 (c) (e)		70,000		70,000

0.24%, 5/6/2022 (c) (e)		200,000		199,872

CDP Financial, Inc. (Canada) 0.62%, 8/1/2022 (c) (e)		70,000		69,790

Commonwealth Bank of Australia (Australia) 0.27%, 10/20/2022 (c) (e)		25,000		24,844

Cooperatieve Rabobank UA (Netherlands) 0.07%, 3/1/2022 (e)		1,225,000		1,224,998

Credit Industriel et Commercial (France) (SOFR + 0.22%), 0.27%, 3/1/2022 (b) (c)		10,000		10,002

DZ Bank AG (Germany) 0.15%, 3/25/2022 (e)		100,000		99,992

Erste Finance (Delaware) LLC (Austria) 0.07%, 3/1/2022 (c) (e)		905,000		904,998

First Abu Dhabi Bank PJSC (United Arab Emirates)

0.18%, 4/12/2022 (c) (e)		125,000		124,968

0.23%, 5/5/2022 (c) (e)		488,000		487,701

0.35%, 6/6/2022 (c) (e)		500,000		499,269

Goldman Sachs International Bank (United Kingdom)

0.25%, 4/1/2022 (c) (e)		180,000		179,971

0.18%, 4/8/2022 (e)		300,000		299,929

Kookmin Bank (South Korea)

0.18%, 4/14/2022 (c) (e)		100,000		99,971

0.21%, 5/19/2022 (c) (e)		25,000		24,973

LMA-Americas LLC

0.16%, 3/21/2022 (c) (e)		50,300		50,295

0.18%, 4/12/2022 (c) (e)		50,500		50,482

0.20%, 4/20/2022 (c) (e)		68,900		68,864

0.18%, 5/3/2022 (c) (e)		75,000		74,939

SEE NOTES TO FINANCIAL STATEMENTS.



20	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

Macquarie Bank Ltd. (Australia)

(SOFR + 0.12%), 0.17%, 3/1/2022 (b) (c)		100,000		99,998

(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (c)		100,000		100,004

(SOFR + 0.23%), 0.28%, 3/1/2022 (b) (c)		170,000		170,000

0.17%, 4/6/2022 (c) (e)		115,000		114,978

0.25%, 5/2/2022 (c) (e)		85,000		84,936

0.30%, 5/23/2022 (c) (e)		245,000		244,665

Manhattan Asset Funding Co. LLC 0.25%, 5/3/2022 (e)		55,000		54,960

Matchpoint Finance plc (Ireland) Series A, 0.16%, 3/22/2022 (c) (e)		100,000		99,992

Mitsubishi UFJ Trust & Banking Corp. (Japan) 0.29%, 4/19/2022 (c) (e)		25,000		24,991

National Australia Bank Ltd. (Australia)

(US Federal Funds Effective Rate (continuous series) + 0.07%), 0.15%, 3/1/2022 (b) (c)		100,000		100,000

(US Federal Funds Effective Rate (continuous series) + 0.14%), 0.22%, 3/1/2022 (b) (c)		60,000		60,002

(SOFR + 0.12%), 0.17%, 3/1/2022 (b) (c)		147,000		147,000

(SOFR + 0.19%), 0.24%, 3/1/2022 (b) (c)		260,000		260,000

(ICE LIBOR USD 1 Month + 0.09%), 0.21%, 3/8/2022 (b) (c)		150,000		150,041

(ICE LIBOR USD 3 Month + 0.04%), 0.26%, 3/25/2022 (b) (c)		300,000		300,032

0.23%, 4/6/2022 (c) (e)		100,000		99,978

National Bank of Canada (Canada)

(SOFR + 0.15%), 0.20%, 3/1/2022 (b) (c)		35,000		34,996

0.25%, 3/24/2022 (c) (e)		220,000		219,983

Nationwide Building Society (United Kingdom)

0.13%, 3/1/2022 (c) (e)		250,000		249,999

0.13%, 3/14/2022 (e)		220,000		219,991

0.16%, 3/18/2022 (c) (e)		150,000		149,992

Nieuw Amsterdam Receivables Corp.

0.15%, 3/16/2022 (c) (e)		45,000		44,997

0.13%, 3/17/2022 (c) (e)		50,000		49,997

NRW Bank (Germany) 0.08%, 3/7/2022 (c) (e)		110,000		109,998

Old Line Funding LLC

(BSBY1M + 0.09%), 0.18%, 3/1/2022 (b) (c)		130,000		130,000

Pricoa Short Term Funding LLC 0.25%, 4/7/2022 (c) (e)		50,000		49,988

Royal Bank of Canada (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 3/1/2022 (b) (c)		100,000		99,986


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (c)		135,000		134,998

(ICE LIBOR USD 3 Month + 0.04%), 0.22%, 3/2/2022 (b) (c)		75,000		75,000

(ICE LIBOR USD 3 Month + 0.03%), 0.22%, 3/7/2022 (b) (c)		35,000		35,022

0.23%, 5/5/2022 (c) (e)		200,000		199,879

0.21%, 6/22/2022 (c) (e)		158,000		157,700

0.20%, 7/8/2022 (c) (e)		100,000		99,768

Sheffield Receivables Co. LLC (United Kingdom)

(SOFR + 0.16%), 0.21%, 3/1/2022 (b) (c)		109,000		109,000

(SOFR + 0.20%), 0.25%, 3/1/2022 (b) (c)		90,000		90,000

(SOFR + 0.21%), 0.26%, 3/1/2022 (b) (c)		50,000		50,000

Shinhan Bank (South Korea) Series A, 0.18%, 5/4/2022 (c) (e)		50,000		49,970

Skandinaviska Enskilda Banken AB (Sweden)

0.21%, 5/4/2022 (c) (e)		225,000		224,858

0.24%, 6/21/2022 (c) (e)		200,000		199,640

0.20%, 6/27/2022 (c) (e)		100,000		99,800

Societe Generale SA (France)

0.07%, 3/1/2022 (c) (e)		300,000		300,000

0.30%, 6/1/2022 (c) (e)		151,000		150,808

Sumitomo Mitsui Banking Corp. (Japan) 0.25%, 5/10/2022 (c) (e)		100,000		99,927

Sumitomo Mitsui Trust Bank Ltd. (Japan)

0.25%, 3/21/2022 (c) (e)		25,000		24,998

0.25%, 4/4/2022 (c) (e)		30,000		29,994

Svenska Handelsbanken AB (Sweden)

(SOFR + 0.20%), 0.25%, 3/1/2022 (b) (c)		50,000		50,000

0.20%, 6/24/2022 (c) (e)		100,000		99,823

0.24%, 7/1/2022 (c) (e)		150,000		149,713

Swedbank AB (Sweden) 0.10%, 3/2/2022 (e)		400,000		399,998

Toronto-Dominion Bank (The) (Canada)

(US Federal Funds Effective Rate (continuous series) + 0.11%), 0.19%, 3/1/2022 (b) (c)		100,000		99,981

0.23%, 4/12/2022 (c) (e)		133,000		132,968

0.23%, 5/19/2022 (c) (e)		100,000		99,891

0.20%, 7/8/2022 (c) (e)		100,000		99,767

UBS AG (Switzerland)

(SOFR + 0.22%), 0.27%, 3/1/2022 (b) (c)		50,000		50,000

(SOFR + 0.23%), 0.28%, 3/1/2022 (b) (c)		88,000		88,000

0.22%, 3/23/2022 (c) (e)		250,000		249,979

0.24%, 3/29/2022 (c) (e)		300,000		299,960

0.20%, 7/6/2022 (c) (e)		90,000		89,791

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	21

JPMorgan Prime Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

0.27%, 7/20/2022 (c) (e)		150,000		149,598

United Overseas Bank Ltd. (Singapore)

(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (c)		70,000		70,000

(SOFR + 0.18%), 0.23%, 3/1/2022 (b) (c)		25,000		25,000

(SOFR + 0.19%), 0.24%, 3/1/2022 (b) (c)		100,000		100,000

0.19%, 4/27/2022 (c) (e)		100,000		99,955

Westpac Banking Corp. (Australia)

0.23%, 4/1/2022 (c) (e)		75,000		74,989

0.20%, 6/17/2022 (c) (e)		200,000		199,663

0.20%, 7/1/2022 (c) (e)		27,400		27,347

0.20%, 7/15/2022 (c) (e)		124,250		123,961

0.20%, 9/8/2022 (c) (e)		57,000		56,733


Total Commercial Paper (Cost $17,756,307)				17,752,259


Total Short-Term Investments (Cost $59,563,750)				59,553,995

Total Investments — 99.4% (Cost $69,209,270) *				69,199,515
Other Assets Less Liabilities — 0.6%				402,041

NET ASSETS — 100.0%				69,601,556

Percentages indicated are based on net assets.

Abbreviations


BSBY		Bloomberg Short Term Bank Yield Index
FHLMC		Federal Home Loan Mortgage Corp.
FNMA		Federal National Mortgage Association
GNMA		Government National Mortgage Association
ICE		Intercontinental Exchange
LIBOR		London Interbank Offered Rate
LIQ		Liquidity Agreement
OBFR		Overnight Bank Funding Right
PJSC		Public Joint Stock Company
Rev.		Revenue
SOFR		Secured Overnight Financing Rate
USD		United States Dollar
VRDO		Variable Rate Demand Obligation

(a)		The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022.


(c)		Securities exempt from registration under Rule 144A or section 4 (a) (2), of the Securities Act of 1933, as amended.
(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, 2022.
(e)		The rate shown is the effective yield as of February 28, 2022.
*		The cost of securities is substantially the same for federal income tax purposes.
^		Certain securities are perpetual and thus, do not have predetermined maturity dates. The coupon rates for these securities are fixed for a period of time and may be structured to adjust thereafter. The coupon rates shown are the rates in effect as of February 28, 2022.

SEE NOTES TO FINANCIAL STATEMENTS.



22	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — 68.4%

Alaska — 3.6%

Alaska Housing Finance Corp., Home Mortgage Series 2007A, Rev., VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b)		31,000		31,000

City of Valdez, Exxon Pipeline Co. Project

Series 1993-A, Rev., VRDO, 0.08%, 3/1/2022 (b)		5,635		5,635

Series 1993-B, Rev., VRDO, 0.08%, 3/1/2022 (b)		2,235		2,235

Series 1993-C, Rev., VRDO, 0.08%, 3/1/2022 (b)		7,450		7,450


				46,320


Arizona — 0.7%

Salt River Pima-Maricopa Indian Community Rev., VRDO, LOC: Bank of America NA, 0.25%, 3/7/2022 (b)		1,030		1,030

Tender Option Bond Trust Receipts/Certificates

Series 2021-XG0312, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c)		2,560		2,560

Series 2021-XF2944, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		3,000		3,000

Series 2019-XG0231, Rev., VRDO, LIQ: Bank of America NA, 0.28%, 3/7/2022 (b) (c)		2,760		2,760


				9,350


California — 3.0%

City of Los Angeles Rev., TRAN, 4.00%, 6/23/2022		1,465		1,480

County of Los Angeles Rev., TRAN, 4.00%, 6/30/2022		1,935		1,957

RBC Municipal Products, Inc. Trust, Floater Certificates Series 2018-G-26, Rev., VRDO, LOC: Royal Bank of Canada, 0.35%, 6/1/2022 (b) (c)		5,000		5,000

San Diego Unified School District Series A, Rev., TRAN, 4.00%, 6/30/2022		185		187

Tender Option Bond Trust Receipts/Certificates

Series 2017-XG0121, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c)		6,515		6,515

Series 2018-ZF2771, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c)		1,670		1,670

Series 2020-XM0837, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c)		2,500		2,500

Series 2020-YX1149, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c)		1,000		1,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


California — continued

Series 2021-XF1244, GO, VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c)		400		400

Series 2021-XL0167, GO, VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c)		1,065		1,065

Series 2022-XX1175, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c)		11,250		11,250

Series 2021-XG0340, Rev., VRDO, LOC: Bank of America NA, 0.25%, 3/7/2022 (b) (c)		5,415		5,415


				38,439


Colorado — 1.0%

City of Colorado Springs, Utilities System Improvement Series 2009C, Rev., VRDO, LIQ: Sumitomo Mitsui Banking Corp., 0.20%, 3/7/2022 (b)		9,265		9,265

Colorado State Education Loan Program Series 2021A, Rev., TRAN, 4.00%, 6/29/2022		520		526

Tender Option Bond Trust Receipts/Certificates Series 2018-XG0195, COP, VRDO, LIQ: Bank of America NA, 0.29%, 3/7/2022 (b) (c)		3,615		3,615


				13,406


Connecticut — 2.9%

RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G-110, Rev., VRDO, LOC: Royal Bank of Canada, 0.38%, 4/1/2022 (b) (c)		10,000		10,000

Tender Option Bond Trust Receipts/Certificates

Series 2018-XG0204, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c)		2,630		2,630

Series 2022-ZF1275, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c)		7,500		7,500

Town of East Lyme GO, BAN, 0.75%, 8/11/2022		3,922		3,922

Town of North Branford GO, BAN, 2.00%, 8/4/2022		12,455		12,520


				36,572


Florida — 6.2%

City of Lakeland, Education Facilities, Florida Southern College Project Series 2012B, Rev., VRDO, LOC: TD Bank NA, 0.20%, 3/7/2022 (b)		1,205		1,205

County of St. Lucie, Power and Light Co. Project Rev., VRDO, 0.11%, 3/1/2022 (b)		33,600		33,600

Highlands County Health Facilities Authority, Adventist Health System Series 2012I-2, Rev., VRDO, 0.19%, 3/7/2022 (b)		7,150		7,150

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	23

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Florida — continued

RBC Municipal Products, Inc. Trust, Floater Certificates

Series 2018-G-41, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 3/1/2022 (b)		5,665		5,665

Series 2019-G113, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 7/1/2022 (b)		17,500		17,500

Tender Option Bond Trust Receipts/Certificates

Series 2021-XG0323, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c)		3,255		3,255

Series 2020-XF2882, Rev., VRDO, AGM-CR, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		2,800		2,800

Series 2020-XX1136, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		4,745		4,745

Series 2020-YX1128, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		3,870		3,870


				79,790


Georgia — 1.4%

Development Authority of Monroe County (The), Gulf Power Co. Plant Scherer Project Rev., VRDO, 0.11%, 3/1/2022 (b)		9,800		9,800

Tender Option Bond Trust Receipts/Certificates

Series 2021-XM0961, Rev., VRDO, GTD, LIQ: Wells Fargo Bank NA, 0.23%, 3/7/2022 (b) (c)		3,515		3,515

Series 2021-ZF1260, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c)		1,820		1,820

Series 2020-ZF0873, Rev., VRDO, LIQ: TD Bank NA, 0.25%, 3/7/2022 (b) (c)		3,000		3,000


				18,135


Idaho — 0.1%

State of Idaho GO, TAN, 3.00%, 6/30/2022		990		998


Illinois — 1.7%

Illinois Finance Authority, North Shore Country Day School Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.24%, 3/7/2022 (b)		9,500		9,500

Illinois Finance Authority, The University of Chicago Medical Center

Series 2009E-1, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.20%, 3/7/2022 (b)		1,100		1,100

Series 2011B, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 (b)		2,330		2,330


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Illinois — continued

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2535, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c)		3,840		3,840

Series 2020-XG0299, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		2,500		2,500

Series 2021-XM0938, GO, VRDO, LIQ: Bank of America NA, 0.25%, 3/7/2022 (b) (c)		2,550		2,550


				21,820


Indiana — 0.8%

Indiana Finance Authority, Parkview Health System, Inc. Series 2009B, Rev., VRDO, LOC: Wells Fargo Bank NA, 0.09%, 3/1/2022 (b)		9,835		9,835


Iowa — 3.3%

Iowa Finance Authority Economic Development Series 2009A, Rev., VRDO, 0.23%, 3/7/2022 (b)		4,000		4,000

Iowa Finance Authority, CJ Bio America, Inc., Project Rev., VRDO, LOC: Korea Development Bank, 0.24%, 3/7/2022 (b) (c)		20,000		20,000

Iowa Finance Authority, Single Family Mortgage-Backed Securities Program

Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.19%, 3/7/2022 (b)		500		500

Series 2020B, Rev., VRDO, GNMA/FNMA/FHLMC, LIQ: TD Bank NA, 0.20%, 3/7/2022 (b)		3,000		3,000

Iowa Finance Authority, Unity Point Health Series 2013B-1, Rev., VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b)		14,710		14,710


				42,210


Kentucky — 1.3%

RBC Municipal Products, Inc. Trust, Floater Certificates Series G-116, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 5/2/2022 (b) (c)		12,000		12,000

Tender Option Bond Trust Receipts/Certificates

Series 2020-XG0320, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		2,250		2,250

Series 2020-XM0881, Rev., VRDO, AGM, LIQ: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c)		2,800		2,800


				17,050

SEE NOTES TO FINANCIAL STATEMENTS.



24	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Louisiana — 0.1%

Tender Option Bond Trust Receipts/Certificates Series 2021-XG0338, Rev., VRDO, LOC: Bank of America NA, 0.27%, 3/7/2022 (b) (c)		1,525		1,525


Maine — 0.9%

City of South Portland, Middle School Project GO, BAN, 0.75%, 4/15/2022		10,000		10,001

Tender Option Bond Trust Receipts/Certificates Series 2021-XL0179, Rev., VRDO, LIQ: Barclays Bank plc, 0.23%, 3/7/2022 (b) (c)		1,670		1,670


				11,671


Maryland — 2.9%

City of Baltimore Series 2015-ZF2095, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c)		6,665		6,665

RBC Municipal Products, Inc. Trust, Floater Certificates

Series 2018-G-28, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 7/1/2022 (b) (c)		10,115		10,115

Series 2018-G-42, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 7/1/2022 (b)		5,000		5,000

Tender Option Bond Trust Receipts/Certificates

Series 2021-XG0332, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c)		6,940		6,940

Series 2021-XG0335, Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b) (c)		4,355		4,355

Series 2018-ZM0621, Rev., VRDO, LIQ: Morgan Stanley Bank, 0.25%, 3/7/2022 (b) (c)		4,000		4,000


				37,075


Massachusetts — 0.7%

City of Chicopee, Municipal Purpose Loan GO, 5.00%, 6/1/2022		275		278

City of Westfield GO, BAN, 1.50%, 6/10/2022		4,840		4,851

Tender Option Bond Trust Receipts/Certificates Series 2020-ZF0968, Rev., VRDO, FHA, LIQ: TD Bank NA, 0.24%, 3/7/2022 (b) (c)		3,335		3,335

Town of Grafton Series 2021A, GO, 5.00%, 4/1/2022		155		155


				8,619


Michigan — 0.7%

L’Anse Creuse Public Schools, School Building and Site GO, VRDO, Q-SBLF, LOC: TD Bank NA, 0.20%, 3/7/2022 (b)		8,815		8,815


Mississippi — 3.3%

County of Jackson, Chevron USA, Inc., Project Rev., VRDO, 0.08%, 3/1/2022 (b)		1,145		1,145


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Mississippi — continued

Mississippi Business Finance Corp., Gulf Opportunity Zone Industrial Development, Chevron USA, Inc. Project

Series 2007B, Rev., VRDO, 0.08%, 3/1/2022 (b)		2,405		2,405

Series 2009A, Rev., VRDO, 0.08%, 3/1/2022 (b)		410		410

Series 2009C, Rev., VRDO, 0.08%, 3/1/2022 (b)		865		865

Series 2009F, Rev., VRDO, 0.08%, 3/1/2022 (b)		4,825		4,825

Series 2010 H, Rev., VRDO, 0.08%, 3/1/2022 (b)		7,950		7,950

Series 2010 I, Rev., VRDO, 0.08%, 3/1/2022 (b)		2,810		2,810

Series 2010K, Rev., VRDO, 0.08%, 3/1/2022 (b)		4,480		4,480

Series 2010L, Rev., VRDO, 0.08%, 3/1/2022 (b)		6,330		6,330

Series 2011A, Rev., VRDO, 0.08%, 3/1/2022 (b)		2,475		2,475

Series 2011B, Rev., VRDO, 0.08%, 3/1/2022 (b)		4,975		4,975

Series 2011C, Rev., VRDO, 0.08%, 3/1/2022 (b)		3,200		3,200


				41,870


Missouri — 2.6%

Health and Educational Facilities Authority of the State of Missouri, BJC Health System Series C, Rev., VRDO, LIQ: BJC Health System, 0.19%, 3/7/2022 (b)		15,820		15,820

Industrial Development Authority of the City of St. Louis Missouri (The), Mid-America Transplant Services Project Rev., VRDO, LOC: BMO Harris Bank NA, 0.08%, 3/1/2022 (b)		1,780		1,780

Missouri Development Finance Board, Cultural Facilities, Kauffman Center for The Performing Arts Project Series 2007A, Rev., VRDO, LIQ: PNC Bank NA, 0.09%, 3/1/2022 (b)		10,725		10,725

RBC Municipal Products, Inc. Trust, Floater Certificates Series C-16, Rev., VRDO, LOC: Royal Bank of Canada, 0.25%, 3/7/2022 (b)		4,950		4,950


				33,275


Nevada — 0.1%

Tender Option Bond Trust Receipts/Certificates Series 2020-XM0866, Rev., VRDO, LOC: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c)		1,000		1,000

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	25

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

New Hampshire — 0.0% (d)

Town of Salem GO, 5.00%, 3/15/2022		135		135


New Jersey — 2.8%

Borough of Dumont GO, BAN, 2.00%, 6/2/2022		3,530		3,541

City of Ventnor City GO, BAN, 1.00%, 7/14/2022		19,500		19,508

Hudson County Improvement Authority, County Guaranteed Pooled Notes Series 2021B-1, Rev., GTD, 1.50%, 4/28/2022		3,080		3,084

Tender Option Bond Trust Receipts/Certificates Series 2021-XF1245, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b) (c)		1,330		1,330

Township of South Orange Village, Water Utility GO, BAN, 1.50%, 7/7/2022		9,000		9,020


				36,483


New York — 11.5%

City of New York, Fiscal Year 2014

Series D, Subseries D-4, GO, VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b)		2,900		2,900

Series 2014J, GO, 5.00%, 8/1/2022		570		580

City of New York, Fiscal Year 2019 Series D, Subseries D-4, GO, VRDO, LIQ: Barclays Bank plc, 0.10%, 3/1/2022 (b)		360		360

Metropolitan Transportation Authority, Dedicated Tax Fund Series 2008A-1, Rev., VRDO, LOC: TD Bank NA, 0.09%, 3/1/2022 (b)		6,675		6,675

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2011 Subseries 2011A-4, Rev., VRDO, LIQ: Barclays Bank plc, 0.10%, 3/1/2022 (b)		10,000		10,000

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2013 Subseries C-5, Rev., VRDO, LOC: Sumitomo Mitsui Banking Corp., 0.21%, 3/7/2022 (b)		22,000		22,000

New York City Transitional Finance Authority, Future Tax Secured, Fiscal Year 2014 Subseries D-3, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.11%, 3/1/2022 (b)		1,785		1,785

New York City Water and Sewer System, Fiscal Year 2003 Subseries F-1-A, Rev., VRDO, LIQ: Barclays Bank plc, 0.19%, 3/7/2022 (b)		9,405		9,405

New York City Water and Sewer System, Fiscal Year 2012 Subseries 2012A-2, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.07%, 3/1/2022 (b)		12,630		12,630

New York City Water and Sewer System, Second General Resolution

Series 2009-BB-2, Rev., VRDO, LIQ: UBS AG, 0.09%, 3/1/2022 (b)		4,160		4,160


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


New York — continued

Subseries CC-2, Rev., VRDO, LIQ: State Street Bank & Trust, 0.09%, 3/1/2022 (b)		400		400

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2008 Series 2008-BB-5, Rev., VRDO, LIQ: Bank of America NA, 0.07%, 3/1/2022 (b)		4,800		4,800

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2009 Series 2009BB-1, Rev., VRDO, LIQ: UBS AG, 0.09%, 3/1/2022 (b)		10,750		10,750

New York City Water and Sewer System, Second General Resolution, Fiscal Year 2014

Series AA, Subseries AA1, Rev., VRDO, LIQ: TD Bank NA, 0.09%, 3/1/2022 (b)		8,000		8,000

Series AA, Subseries AA-1, Rev., VRDO, LIQ: Mizuho Bank Ltd., 0.09%, 3/1/2022 (b)		10,375		10,375

Phoenix Central School District GO, BAN, 1.00%, 6/30/2022		6,000		6,006

RBC Municipal Products, Inc. Trust, Floater Certificates Series E-118, GO, VRDO, LOC: Royal Bank of Canada, 0.11%, 3/1/2022 (b)		13,425		13,425

Tender Option Bond Trust Receipts/Certificates

Series 2017-ZM0544, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c)		2,220		2,220

Series 2018-XF0635, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c)		6,185		6,185

Series 2018-XF2656, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b)		800		800

Series 2020-XF0947, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c)		500		500

Series 2021-XF1251, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c)		2,000		2,000

Series 2022-XF1286, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c)		2,500		2,500

Series 2017-XF2419, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		1,215		1,215

Series 2020-XF2917, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		2,475		2,475

Series 2021-XF2935, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		1,250		1,250

Series 2021-XG0311, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		1,430		1,430

Triborough Bridge and Tunnel Authority Subseries 2005 B-3, Rev., VRDO, LOC: State Street Bank & Trust, 0.08%, 3/1/2022 (b)		2,055		2,055


				146,881

SEE NOTES TO FINANCIAL STATEMENTS.



26	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

North Carolina — 0.3%

Tender Option Bond Trust Receipts/Certificates Series 2019-ZF2813, Rev., VRDO, LIQ: Barclays Bank plc, 0.25%, 3/7/2022 (b) (c)		3,415		3,415


North Dakota — 0.3%

Tender Option Bond Trust Receipts/Certificates Series 2021-XG0336, COP, VRDO, AGM, LOC: TD Bank NA, 0.24%, 3/7/2022 (b) (c)		3,200		3,200


Ohio — 0.2%

RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-E-132, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c)		2,065		2,065


Oklahoma — 0.1%

Tender Option Bond Trust Receipts/Certificates Series 2020-XF2884, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		1,370		1,370


Pennsylvania — 2.2%

Philadelphia Gas Works Co. Series D, Rev., VRDO, LOC: TD Bank NA, 0.20%, 3/7/2022 (b)		11,565		11,565

RBC Municipal Products, Inc. Trust, Floater Certificates Series E-101, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c)		10,000		10,000

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2654, Rev., VRDO, LIQ: Bank of America NA, 0.24%, 3/7/2022 (b)		4,420		4,420

Series 2020-XM0876, Rev., VRDO, LIQ: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c)		1,875		1,875


				27,860


Rhode Island — 1.9%

City of Cranston

Series 2021A, GO, 5.00%, 8/15/2022		260		265

Series 2021-1, GO, BAN, 1.00%, 8/23/2022		5,000		5,002

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2559, Rev., VRDO, LIQ: Citibank NA, 0.23%, 3/7/2022 (b)		9,000		9,000

Series 2018-ZM0631, Rev., VRDO, LIQ: Royal Bank of Canada, 0.25%, 3/7/2022 (b)		6,035		6,035

Series 2018-ZM0632, Rev., VRDO, LIQ: Royal Bank of Canada, 0.25%, 3/7/2022 (b)		4,050		4,050


				24,352


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


South Carolina — 1.1%

County Square Redevelopment Corp., Greenville County, South Carolina Project Rev., BAN, 2.00%, 3/3/2022		2,065		2,065

RBC Municipal Products, Inc. Trust, Floater Certificates Series 2019-G-109, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 4/1/2022 (b) (c)		5,000		5,000

South Carolina Public Service Authority Series 2019A, Rev., VRDO, LOC: Bank of America NA, 0.23%, 3/7/2022 (b)		7,645		7,645


				14,710


Tennessee — 0.5%

Tender Option Bond Trust Receipts/Certificates

Series 2018-XF2576, Rev., VRDO, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		2,000		2,000

Series 2018-XL0062, Rev., VRDO, LOC: Citibank NA, 0.25%, 3/7/2022 (b)		4,420		4,420


				6,420


Texas — 7.7%

Collin County Housing Finance Corp., Multi-Family Housing, Huntington Apartments Project Rev., VRDO, LOC: Northern Trust Co., 0.27%, 3/7/2022 (b)		12,305		12,305

Lower Neches Valley Authority Industrial Development Corp., ExxonMobil Project

Series 2001A-2, Rev., VRDO, 0.08%, 3/1/2022 (b)		5,350		5,350

Series 2002A, Rev., VRDO, 0.08%, 3/1/2022 (b)		11,470		11,470

Subseries A-3, Rev., VRDO, 0.08%, 3/1/2022 (b)		1,010		1,010

RBC Municipal Products, Inc. Trust, Floater Certificates

Series E-149, Rev., VRDO, LOC: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c)		5,500		5,500

Series 2019-G112, Rev., VRDO, LOC: Royal Bank of Canada, 0.40%, 7/1/2022 (b) (c)		9,000		9,000

State of Texas, Veterans

Series 2011A, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b)		3,870		3,870

Series 2012B, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b)		5,330		5,330

Series 2013B, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b)		7,900		7,900

Series 2015 A, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b)		3,725		3,725

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	27

JPMorgan Institutional Tax Free Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022 (continued)


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Municipal Bonds — continued

Texas — continued

State of Texas, Veterans Housing Assistance Program

Series 2008 B, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b)		19,005		19,005

Series 2010C, GO, VRDO, LIQ: State Street Bank & Trust, 0.20%, 3/7/2022 (b)		2,810		2,810

Tender Option Bond Trust Receipts/Certificates

Series 2018-ZF2721, GO, VRDO, LIQ: Morgan Stanley Bank, 0.23%, 3/7/2022 (b) (c)		3,335		3,335

Series 2022-XM0971, Rev., VRDO, LIQ: Royal Bank of Canada, 0.23%, 3/7/2022 (b) (c)		3,400		3,400

Series 2018-XF0645, Rev., VRDO, LIQ: TD Bank NA, 0.25%, 3/7/2022 (b) (c)		4,000		4,000


				98,010


Utah — 0.8%

City of Murray, IHC Health Services, Inc. Series 2005D, Rev., VRDO, LIQ: Wells Fargo Bank NA, 0.07%, 3/1/2022 (b)		1,885		1,885

County of Utah, IHC Health Services, Inc. Series 2018C, Rev., VRDO, LIQ: TD Bank NA, 0.07%, 3/1/2022 (b)		5,025		5,025

Tender Option Bond Trust Receipts/Certificates Series 2018-XG0171, Rev., VRDO, LIQ: Royal Bank of Canada, 0.24%, 3/7/2022 (b) (c)		3,000		3,000


				9,910


Virginia — 1.2%

Tender Option Bond Trust Receipts/Certificates

Series 2020-XF0955, Rev., VRDO, LIQ: TD Bank NA, 0.23%, 3/7/2022 (b) (c)		5,335		5,335

Series 2020-ZF0997, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c)		3,055		3,055

Series 2020-ZF0998, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c)		1,660		1,660

Series 2020-ZF0999, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c)		2,270		2,270

Series 2021-XM0932, Rev., VRDO, LIQ: Bank of America NA, 0.23%, 3/7/2022 (b) (c)		2,825		2,825


				15,145


Wisconsin — 0.5%

Tender Option Bond Trust Receipts/Certificates Series 2020-XL0148, Rev., VRDO, AGM, LOC: Barclays Bank plc, 0.24%, 3/7/2022 (b) (c)		6,745		6,745


Total Municipal Bonds (Cost $874,655)				874,476


INVESTMENTS (a)	SHARES (000)		VALUE ($000)
Variable Rate Demand Preferred Shares — 7.5%

New York — 1.7%

Nuveen New York AMT-Free Municipal Income Fund

Series 2, LIQ: Royal Bank of Canada, 0.25%, 3/7/2022 # (c)		6,600		6,600

Series 3, LIQ: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 # (c)		15,000		15,000


				21,600


Other — 5.8%

Nuveen AMT-Free Municipal Credit Income Fund Series 5, LIQ: Societe Generale, 0.25%, 3/7/2022 # (c)		17,400		17,400

Nuveen AMT-Free Municipal Income Fund

Series 3, LIQ: TD Bank NA, 0.25%, 3/7/2022 # (c)		5,000		5,000

Series 4-4895, LIQ: Barclays Bank plc, 0.25%, 3/7/2022 # (c)		30,000		30,000

Nuveen AMT-Free Quality Municipal Income Fund Series 5-1000, LOC: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 # (c)		5,000		5,000

Nuveen Enhanced AMT-Free Municipal Credit Opportunities Fund Series 6, LIQ: Sumitomo Mitsui Banking Corp., 0.25%, 3/7/2022 # (c)		16,700		16,700


				74,100


Total Variable Rate Demand Preferred Shares (Cost $95,700)				95,700


	PRINCIPAL AMOUNT ($000)
Short-Term Investments — 22.7%

Commercial Paper — 22.7%

Alachua County Health Facilities Authority Series 08-A, 0.12%, 3/3/2022		6,240		6,240

Board of Regents of the University of Texas System

Series A, 0.21%, 3/14/2022		10,000		10,000

Series A, 0.11%, 3/16/2022		10,000		9,999

Series A, 0.16%, 3/21/2022		3,000		3,000

Series A, 0.15%, 3/29/2022		5,000		4,999

California Statewide Communities Development Authority

Series 9B-4, 0.12%, 3/8/2022		5,000		5,000

Series 9B-1, 0.12%, 3/9/2022		10,000		10,000

Series 9B-3, 0.14%, 3/10/2022		5,000		5,000

Series D, 0.23%, 3/22/2022		5,000		5,000

Series 08-B, 0.16%, 4/1/2022		1,000		1,000

Series 9B-4, 0.14%, 5/3/2022		2,500		2,498

SEE NOTES TO FINANCIAL STATEMENTS.



28	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Short-Term Investments — continued

Commercial Paper — continued

Series 08-C, 0.14%, 5/4/2022		10,000		9,993

Series 08-B, 0.16%, 6/8/2022		5,000		4,994

0.17%, 6/14/2022		3,000		2,996

City of Dallas, Waterworks & Sewer System

Series G, 0.17%, 4/12/2022		15,600		15,595

Series G, 0.33%, 4/12/2022		1,300		1,300

City of Garland, Water & Sewer System Series 2015, 0.50%, 4/14/2022		5,000		5,000

City of Houston, Tax Exempt

Series G-2, 0.18%, 3/10/2022		5,000		5,000

Series H-2, 0.18%, 3/10/2022		5,000		5,000

City of Los Angeles, Wastewater System Tax Exempt Series A-2, 0.17%, 3/1/2022		10,000		10,000

City of Rochester, Tax Exempt Series 2011, 0.30%, 4/6/2022		8,000		7,999

City of Jacksonville, Tax Exempt

Series 92, 0.48%, 5/17/2022		10,000		9,999

Series 94, 0.48%, 5/17/2022		10,000		9,999

East Bay Municipal Utility District, Tax Exempt

Series A-2, 0.12%, 3/2/2022		3,000		3,000

Series A-1, 0.10%, 3/3/2022		10,000		10,000

Series A-2, 0.23%, 4/5/2022		6,200		6,199

Health and Educational Facilities Authority of the State of Missouri, Tax Exempt Series 14-C, 0.12%, 3/10/2022		10,000		10,000

Indiana Finance Authority, Tax Exempt Series D-2, 0.17%, 3/9/2022		9,000		9,000

Los Angeles County Metropolitan Transportation Authority Series A, 0.17%, 3/1/2022		9,800		9,800

Louisville and Jefferson County Metropolitan Sewer District, Tax Exempt

Series A-1, 0.12%, 3/11/2022		7,500		7,500

Series A-1, 0.13%, 3/14/2022		5,000		5,000

Lower Colorado River Authority, Tax Exempt

Series B, 0.12%, 3/3/2022		2,170		2,170

Series B, 0.13%, 3/3/2022		1,918		1,918

Series B, 0.13%, 4/5/2022		1,735		1,734

Maryland Health and Higher Educational Facilities Authority Series B, 0.11%, 3/7/2022		5,790		5,790

Municipal Improvement Corp. of Los Angeles

Series A-1, 0.19%, 3/16/2022		4,500		4,500

Series A-2, 0.20%, 3/16/2022		5,200		5,200

Omaha Public Power District, Tax Exempt

Series A, 0.25%, 3/15/2022		12,500		12,500

Series A, 0.12%, 3/16/2022		7,000		6,999

San Diego County Water Authority, Tax Exempt Series 10, 0.17%, 3/2/2022		8,000		8,000


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

San Francisco City & County Public Utilities Commission Wastewater, Tax Exempt Series A-1, 0.17%, 3/9/2022		10,000		10,000

Southwestern Illinois Development Authority, Tax Exempt Series 17-B, 0.30%, 4/5/2022		5,000		4,999

Stafford County & Staunton Industrial Development Authority, Tax Exempt Series 8-A1, 0.25%, 3/11/2022		1,465		1,465

State of California, Tax Exempt Series A-1, 0.17%, 3/1/2022		10,000		10,000

Texas Public Finance Authority, Tax Exempt Series 19, 0.26%, 3/16/2022		3,300		3,300


Total Commercial Paper (Cost $289,718)				289,685


Total Short-Term Investments (Cost $289,718)				289,685

Total Investments — 98.6% (Cost $1,260,073)				1,259,861
Other Assets Less Liabilities — 1.4%				18,052

NET ASSETS — 100.0%				1,277,913

Percentages indicated are based on net assets.

Abbreviations


AGM		Insured by Assured Guaranty Municipal 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
GNMA		Government National Mortgage Association
GO		General Obligation
GTD		Guaranteed
LIQ		Liquidity Agreement
LOC		Letter of Credit
Q-SBLF		Qualified School Bond Loan Fund
Rev.		Revenue
TAN		Tax Anticipation Note
TRAN		Tax & Revenue Anticipation Note
VRDO		Variable Rate Demand Obligation

(a)		The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022.
(c)		Securities exempt from registration under Rule 144A or section 4 (a) (2), of the Securities Act of 1933, as amended.
(d)		Amount rounds to less than 0.1% of net assets.
#		Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The interest rate shown is the rate in effect as of February 28, 2022.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	29

JPMorgan Securities Lending Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Municipal Bonds — 2.7%

Hawaii — 0.8%

State of Hawaii

Series 2021GG, GO, 0.25%, 8/1/2022		8,000		7,988

Series 2021GD, GO, 0.25%, 10/1/2022		4,000		3,987

Series 2021GE, GO, 0.25%, 10/1/2022		1,750		1,744


				13,719


Michigan — 1.9%

Michigan Finance Authority, School Loan Revolving Fund Series 2019C, Rev., VRDO, LOC: Bank of America NA, 0.17%, 3/7/2022 (b)		22,750		22,750

Michigan Finance Authority, School Loan Revolving Fund, Federally Taxable Series 2019D, Rev., VRDO, LOC: PNC Bank NA, 0.17%, 3/7/2022 (b)		14,700		14,700


				37,450


Total Municipal Bonds (Cost $51,200)				51,169


Repurchase Agreements — 0.5%

Societe Generale SA, 0.23%, dated 2/28/2022, due 3/2/2022, repurchase price $10,000, collateralized by Corporate Notes and Bonds, 0.20% - 8.20%, due 6/28/2022 - 3/22/2030, FNMA, 2.34% -4.39%, due 12/26/2030 - 2/25/2047 and Sovereign Government Securities, 2.63% -10.13%, due 7/26/2022 - 9/30/2049, with a value of $10,793. (Cost $10,000)		10,000		10,000


Short-Term Investments — 96.8%

Commercial Paper — 43.4%

Barclays Bank plc (United Kingdom) 0.09%, 3/1/2022 (c) (d)		75,000		75,000

BNP Paribas SA (France) 0.07%, 3/1/2022 (d)		36,265		36,265

China Construction Bank Corp. (China) 0.09%, 3/1/2022 (c) (d)		75,000		75,000

Commonwealth Bank of Australia (Australia) 0.27%, 10/14/2022 (c) (d)		50,000		49,701

Cooperatieve Rabobank UA (Netherlands) 0.07%, 3/1/2022 (d)		75,000		75,000

DBS Bank Ltd. (Singapore) 0.30%, 6/2/2022 (c) (d)		30,000		29,957

DNB Bank ASA (Norway)

0.07%, 3/2/2022 (c) (d)		43,000		43,000

0.23%, 5/4/2022 (c) (d)		16,500		16,490

Landesbank Baden-Wurttemberg (Germany) 0.09%, 3/2/2022 (d)		61,000		61,000

Macquarie Bank Ltd. (Australia) 0.25%, 5/2/2022 (c) (d)		1,500		1,499


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)


Commercial Paper — continued

National Australia Bank Ltd. (Australia) (US Federal Funds Effective Rate (continuous series) + 0.14%), 0.22%, 3/1/2022 (c) (e)		32,000		32,001

Nieuw Amsterdam Receivables Corp. 0.16%, 3/9/2022 (c) (d)		5,000		5,000

NRW Bank (Germany) 0.06%, 3/2/2022 (c) (d)		60,000		60,000

Royal Bank of Canada (Canada) 0.21%, 6/22/2022 (c) (d)		35,000		34,933

Skandinaviska Enskilda Banken AB (Sweden) 0.20%, 4/21/2022 (c) (d)		30,000		29,988

Svenska Handelsbanken AB (Sweden) 0.27%, 10/18/2022 (c) (d)		50,000		49,686

Toronto-Dominion Bank (The) (Canada) (US Federal Funds Effective Rate (continuous series) + 0.10%), 0.18%, 3/1/2022 (c) (e)		77,000		76,994

UBS AG (Switzerland) 0.27%, 7/20/2022 (c) (d)		30,000		29,919

United Overseas Bank Ltd. (Singapore)

0.23%, 5/5/2022 (c) (d)		35,000		34,978

0.23%, 5/10/2022 (c) (d)		18,000		17,987


Total Commercial Paper (Cost $834,976)				834,398


Certificates of Deposit — 35.2%

Bank of Nova Scotia (The) (Canada)

(SOFR + 0.14%), 0.19%, 3/1/2022 (e)		41,000		41,000

(SOFR + 0.14%), 0.19%, 3/1/2022 (e)		35,000		34,999

Canadian Imperial Bank of Commerce (Canada)

(SOFR + 0.14%), 0.19%, 3/1/2022 (e)		50,000		50,001

0.24%, 4/6/2022		42,000		42,003

KBC Bank NV (Belgium) 0.07%, 3/4/2022		35,000		35,000

Kookmin Bank (South Korea) 0.16%, 3/14/2022		63,000		63,002

Mizuho Bank Ltd. (Japan) 0.25%, 5/5/2022		37,000		36,992

MUFG Bank Ltd. (Japan) (SOFR + 0.19%), 0.24%, 3/1/2022 (e)		65,000		64,996

Shinhan Bank (South Korea) 0.25%, 10/6/2022		37,000		36,824

Standard Chartered Bank (United Kingdom) (SOFR + 0.19%), 0.24%, 3/1/2022 (e)		30,000		29,999

Sumitomo Mitsui Banking Corp. (Japan) 0.25%, 5/6/2022		25,000		24,996

Sumitomo Mitsui Trust Bank Ltd. (Japan)

0.07%, 3/1/2022		45,000		45,000

0.25%, 5/11/2022		26,000		25,993

Svenska Handelsbanken AB (Sweden) 0.20%, 6/21/2022		50,000		49,944

SEE NOTES TO FINANCIAL STATEMENTS.



30	J.P. MORGAN MONEY MARKET FUNDS	FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)

Short-Term Investments — continued

Certificates of Deposit — continued

Westpac Banking Corp. (Australia) (SOFR + 0.14%), 0.19%, 3/1/2022 (e)		75,000		74,980

Woori Bank (South Korea) 0.16%, 3/10/2022 (c)		20,000		20,000


Total Certificates of Deposit (Cost $676,000)				675,729


Time Deposits — 18.2%

Credit Agricole Corporate and Investment Bank 0.07%, 3/1/2022		75,582		75,582

Erste Group Bank AG 0.07%, 3/1/2022		85,000		85,000

First Abu Dhabi Bank USC NV 0.07%, 3/1/2022		85,000		85,000

Mizuho Bank Ltd. 0.07%, 3/1/2022		50,000		50,000

Skandinaviska Enskilda Banken AB 0.07%, 3/1/2022		55,000		55,000


Total Time Deposits (Cost $350,582)				350,582


Total Short-Term Investments (Cost $1,861,558)				1,860,709

Total Investments — 100.0% (Cost $1,922,758)				1,921,878
Other Assets Less Liabilities — 0.0% (f)				116

NET ASSETS — 100.0%				1,921,994

Percentages indicated are based on net assets.

Abbreviations


FNMA		Federal National Mortgage Association
GO		General Obligation
LOC		Letter of Credit
Rev.		Revenue
SOFR		Secured Overnight Financing Rate
VRDO		Variable Rate Demand Obligation

(a)		The date shown represents the earliest of the next put date, next demand date or final maturity date.
(b)		Variable or floating rate security, the interest rate of which adjusts periodically based on changes in current interest rates and prepayments on the underlying pool of assets. The interest rate shown is the current rate as of February 28, 2022.
(c)		Securities exempt from registration under Rule 144A or section 4 (a) (2), of the Securities Act of 1933, as amended.
(d)		The rate shown is the effective yield as of February 28, 2022.
(e)		Variable or floating rate security, linked to the referenced benchmark. The interest rate shown is the current rate as of February 28, 2022.
(f)		Amount rounds to less than 0.1% of net assets.

SEE NOTES TO FINANCIAL STATEMENTS.



FEBRUARY 28, 2022	J.P. MORGAN MONEY MARKET FUNDS	31

JPMorgan Liquid Assets Money Market Fund

SCHEDULE OF PORTFOLIO INVESTMENTS

AS OF FEBRUARY 28, 2022


INVESTMENTS (a)	PRINCIPAL AMOUNT ($000)		VALUE ($000)
Repurchase Agreements — 12.2%

Barclays Capital, Inc., 0.26%, dated 2/28/2022, due 4/4/2022, repurchase price $20,005, collateralized by Collateralized Mortgage Obligations, 0.84% - 3.04%, due 8/15/2036 - 10/18/2052, with a value of $21,600.		20,000		20,000

Barclays Capital, Inc., 0.26%, dated 2/28/2022, due 4/4/2022, repurchase price $30,008, collateralized by Collateralized Mortgage Obligations, 0.84% - 1.13%, due 8/15/2036 - 8/17/2057, with a value of $32,400.		30,000		30,000

BMO Capital Markets Corp., 0.19%, dated 2/28/2022, due 3/7/2022, repurchase price $50,002, collateralized by Asset-Backed Securities, 0.00% - 3.66%, due 5/20/2024 - 6/25/2038, Corporate Notes and Bonds, 0.90% - 11.88%, due 11/9/2022 - 8/15/2062^ and FHLMC, 0.25%, due 9/8/2023, with a value of $53,369.		50,000		50,000

BNP Paribas SA, 0.24%, dated 2/28/2022, due 3/1/2022, repurchase price $50,000, collateralized by Asset-Backed Securities, 6.91%, due 1/23/2029, Corporate Notes and Bonds, 0.00% - 10.75%, due 4/11/2024 - 3/1/2026 and Sovereign Government Securities, 7.25% - 8.50%, due 12/23/2023 - 1/31/2047, with a value of $54,007.		50,000		50,000

BNP Paribas SA, 0.20%, dated 2/28/2022, due 3/16/2022, repurchase price $10,001, collateralized by Asset-Backed Securities, 5.34%, due 8/15/2025 and FNMA, 3.70% -6.25%, due 2/26/2024 - 11/25/2041, with a value of $10,794.		10,000		10,000

BofA Securities, Inc., 0.44%, dated

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