N-CSR 1 d483972dncsr.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, 2022 through February 28, 2023

 

 

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, 2023
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

CONTENTS
 
 
1
 
2
3
4
5
6
7
8
9
10
11
12
13
14
93
128
162
180
181
184
185
191
 
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 11, 2023 (Unaudited)
Dear Shareholder,
Financial markets have been more resilient in recent months following challenges from sharply rising interest rates and the outbreak of war in Ukraine in 2022. Overall, asset prices have yet to fully rebound from last year’s selloff but financial market volatility has generally receded and investors may find that certain asset valuations have become more attractive.

“In the wake of the financial market
dislocations that marked 2022, we
believe some investors may find
potential opportunities revealed by
changes in relative asset valuations.”
— John T. Donohue

However, the elements that pressured financial markets last year continued to present challenges in early 2023. Additionally, this year’s collapse of two U.S. regional banks and the takeover of troubled Credit Suisse Group AG by UBS Group AG emerged as a new factor that jolted the broader financial services sector. Notably, regulators rapidly attempted to contain the risk of contagion and overall U.S. bank capitalization rates generally remained healthy.
Throughout 2022 and early 2023, investor demand for short-term U.S. debt securities surged as investors sought assets of lower perceived risk and greater liquidity. Estimated net inflows to all U.S. mutual funds reached more than half of a trillion dollars by mid-April 2023.1
In its most recent global economic forecast, the International Monetary Fund (the “IMF”) trimmed its outlook for economic growth in 2023 and warned that potential stress in the financial system could further slow economic activity. The IMF noted that it believes many countries have yet to reach peak inflationary pressure, despite recent moderation in energy and food prices. Notably, the IMF slightly increased its forecast for U.S. economic growth and lowered its economic growth forecast for both Germany and Japan.
In the wake of the financial market dislocations that marked 2022, we believe some investors may find potential opportunities revealed by changes in relative asset valuations. Regardless of the market environment, JPMorgan Global Liquidity will strive to continue to provide investors with quality short-term fixed income solutions, supported by our global expertise and resources. On behalf of JPMorgan Global Liquidity, we thank you for your continued partnership and trust in our company and our product.
1 Bloomberg L.P., April 12, 2023.
Sincerely yours,
John T. Donohue
CEO Asset Management Americas & Head of Global Liquidity
J.P. Morgan Asset Management
February 28, 2023
J.P. Morgan Money Market Funds
1

JPMorgan Prime Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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, Empower, IM, Institutional Class, Morgan,
Premier and Reserve
Net Assets as of February 28, 2023
$69.9 Billion
Weighted Average Maturity(a)
25 calendar days
Weighted Average Life(b)
51 calendar days
MATURITY SCHEDULE(a) (c)
 
1 calendar day
69.8%
2–7 calendar days
8.6
8–30 calendar days
6.7
31–60 calendar days
1.7
61–90 calendar days
4.1
91–180 calendar days
4.1
181+ calendar days
5.0
7-DAY SEC YIELD AS OF February 28, 2023(d)
 
Academy Shares
4.79%
Agency Shares
4.71
Capital Shares
4.79
Empower Shares
4.79
IM Shares
4.83
Institutional Class Shares
4.76
Morgan Shares
4.44
Premier Shares
4.51
Reserve Shares
4.25
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.
(a)
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.
(b)
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.
(c)
Percentages indicated are based upon total investments as of February 28, 2023.
(d)
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 4.78%, 4.67%, 4.78%, 4.76%, 4.83%, 4.72%, 4.44%, 4.51% and 3.75% 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 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, 2023

JPMorgan Institutional Tax Free Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (Unaudited)
Objective
Aims to provide current income, while seeking to maintain liquidity
and a low volatility of principal(a)
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, 2023
$1.5 Billion
Weighted Average Maturity(b)
17 calendar days
Weighted Average Life(c)
17 calendar days
MATURITY SCHEDULE(b) (d)
 
1 calendar day
19.3%
2–7 calendar days
55.4
8–30 calendar days
10.2
31–60 calendar days
3.4
61–90 calendar days
7.5
91–180 calendar days
4.2
7-DAY SEC YIELD AS OF February 28, 2023(e)
 
Agency Shares
2.96%
Capital Shares
3.05
IM Shares
3.07
Institutional Class Shares
3.02
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.
(a)
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.
(b)
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.
(c)
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.
(d)
Percentages indicated are based upon total investments as of February 28, 2023.
(e)
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 2.91%, 3.02%, 3.05% and 2.97% 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, 2023
J.P. Morgan Money Market Funds
3

JPMorgan Securities Lending Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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, 2023
$2.1 Billion
Weighted Average Maturity(a)
7 calendar days
Weighted Average Life(b)
55 calendar days
MATURITY SCHEDULE(a) (c)
 
1 calendar day
81.3%
2–7 calendar days
9.8
8–30 calendar days
7.0
91–180 calendar days
1.0
181+ calendar days
0.9
7-DAY SEC YIELD AS OF February 28, 2023(d)
 
Agency SL Shares
4.91%
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.
(a)
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.
(b)
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.
(c)
Percentages indicated are based upon total investments as of February 28, 2023.
(d)
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 4.83% 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, 2023

JPMorgan Liquid Assets Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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, E*Trade(a), Institutional Class, Investor, Morgan,
Premier and Reserve
Net Assets as of February 28, 2023
$35.5 Billion
Weighted Average Maturity(b)
21 calendar days
Weighted Average Life(c)
41 calendar days
MATURITY SCHEDULE(b) (d)
 
1 calendar day
71.7%
2–7 calendar days
7.7
8–30 calendar days
8.2
31–60 calendar days
1.8
61–90 calendar days
3.1
91–180 calendar days
3.6
181+ calendar days
3.9
7-DAY SEC YIELD AS OF February 28, 2023(e)
 
Agency Shares
4.64%
Capital Shares
4.72
Institutional Class Shares
4.69
Investor Shares
4.39
Morgan Shares
4.29
Premier Shares
4.44
Reserve Shares
4.18
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. 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.
(a)
E*Trade Shares had no assets from the close of business on October 19, 2016.
(b)
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.
(c)
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.
(d)
Percentages indicated are based upon total investments as of February 28, 2023.
(e)
The yields for Agency Shares, Capital 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
4.60%, 4.70%, 4.65%, 4.39%, 4.28%, 4.44% and 4.18% for Agency Shares, Capital 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, 2023
J.P. Morgan Money Market Funds
5

JPMorgan U.S. Government Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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, E*Trade, Empower, IM, Institutional Class,
Investor, Morgan, Premier, Reserve and Service
Net Assets as of February 28, 2023
$195.6 Billion
Weighted Average Maturity(a)
9 calendar days
Weighted Average Life(b)
67 calendar days
MATURITY SCHEDULE(a) (c)
 
1 calendar day
84.7%
2–7 calendar days
7.2
8–30 calendar days
3.3
31–60 calendar days
0.2
61–90 calendar days
2.4
91–180 calendar days
0.8
181+ calendar days
1.4
7-DAY SEC YIELD AS OF February 28, 2023(d)
 
Academy Shares
4.48%
Agency Shares
4.40
Capital Shares
4.48
E*Trade Shares
3.63
Empower Shares
4.48
IM Shares
4.51
Institutional Class Shares
4.45
Investor Shares
4.15
Morgan Shares
4.05
Premier Shares
4.20
Reserve Shares
3.94
Service Shares
3.58
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. 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.
(a)
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.
(b)
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.
(c)
Percentages indicated are based upon total investments as of February 28, 2023.
(d)
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 4.46%, 4.36%, 4.46%, 3.58%, 4.46%, 4.51%, 4.41%, 4.15%, 4.04%,
4.20%, 3.94% and 3.58% 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, 2023

JPMorgan U.S. Treasury Plus Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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, Empower, IM, Institutional Class,
Investor, Morgan, Premier and Reserve
Net Assets as of February 28, 2023
$27.7 Billion
Weighted Average Maturity(a)
2 calendar days
Weighted Average Life(b)
27 calendar days
MATURITY SCHEDULE(a) (c)
 
1 calendar day
96.6%
8–30 calendar days
3.2
31–60 calendar days
0.2
7-DAY SEC YIELD AS OF February 28, 2023(d)
 
Academy Shares
4.51%
Agency Shares
4.43
Capital Shares
4.51
Empower Shares
4.51
IM Shares
4.55
Institutional Class Shares
4.48
Investor Shares
4.18
Morgan Shares
4.09
Premier Shares
4.23
Reserve Shares
3.97
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. 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. 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.
(a)
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.
(b)
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.
(c)
Percentages indicated are based upon total investments as of February 28, 2023.
(d)
The yields for Academy Shares, Agency Shares, Capital 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 4.49%, 4.39%, 4.49%, 4.49%, 4.55%, 4.44%, 4.18%, 4.08%, 4.23% and 3.96% for Academy Shares,
Agency Shares, Capital 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, 2023
J.P. Morgan Money Market Funds
7

JPMorgan Federal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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
Net Assets as of February 28, 2023
$4.6 Billion
Weighted Average Maturity(a)
16 calendar days
Weighted Average Life(b)
67 calendar days
MATURITY SCHEDULE(a) (c)
 
1 calendar day
53.3%
2–7 calendar days
8.6
8–30 calendar days
14.8
31–60 calendar days
18.7
61–90 calendar days
2.1
91–180 calendar days
2.1
181+ calendar days
0.4
7-DAY SEC YIELD AS OF February 28, 2023(d)
 
Agency Shares
4.48%
Institutional Class Shares
4.53
Morgan Shares
4.13
Premier Shares
4.28
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. 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.
(a)
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.
(b)
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.
(c)
Percentages indicated are based upon total investments as of February 28, 2023.
(d)
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 4.44%, 4.49%, 4.09% and 4.28% 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, 2023

JPMorgan 100% U.S. Treasury Securities Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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
Net Assets as of February 28, 2023
$92 Billion
Weighted Average Maturity(a)
37 calendar days
Weighted Average Life(b)
78 calendar days
MATURITY SCHEDULE(a) (c)
 
1 calendar day
10.3%
2–7 calendar days
7.6
8–30 calendar days
33.8
31–60 calendar days
28.7
61–90 calendar days
14.6
91–180 calendar days
5.0
7-DAY SEC YIELD AS OF February 28, 2023(d)
 
Academy Shares
4.51%
Agency Shares
4.42
Capital Shares
4.51
Empower Shares
4.51
IM Shares
4.54
Institutional Class Shares
4.47
Morgan Shares
4.08
Premier Shares
4.23
Reserve Shares
3.97
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. 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. 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.
(a)
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.
(b)
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.
(c)
Percentages indicated are based upon total investments as of February 28, 2023.
(d)
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 4.48%, 4.38%, 4.50%, 4.50%, 4.54%, 4.43%, 4.07%, 4.23% and 3.97% 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, 2023
J.P. Morgan Money Market Funds
9

JPMorgan Tax Free Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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(a)
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
Net Assets as of February 28, 2023
$10.4 Billion
Weighted Average Maturity(b)
14 calendar days
Weighted Average Life(c)
14 calendar days
MATURITY SCHEDULE(b) (d)
 
1 calendar day
16.1%
2–7 calendar days
64.7
8–30 calendar days
8.3
31–60 calendar days
4.0
61–90 calendar days
3.4
91–180 calendar days
3.5
7-DAY SEC YIELD AS OF February 28, 2023(e)
 
Agency Shares
3.12%
Institutional Class Shares
3.17
Morgan Shares
2.78
Premier Shares
2.93
Reserve Shares
2.67
The performance quoted is past performance and is not a guarantee of future results. Mutual funds are subject to certain market risks. Investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be higher or lower than the performance data shown. 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. 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.
(a)
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.
(b)
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.
(c)
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.
(d)
Percentages indicated are based upon total investments as of February 28, 2023.
(e)
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 3.08%, 3.13%, 2.74%, 2.93% and 2.67%
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, 2023

JPMorgan Municipal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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(a)
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, E*Trade(b), Institutional Class, Morgan, Premier and Service
Net Assets as of February 28, 2023
$1.2 Billion
Weighted Average Maturity(c)
11 calendar days
Weighted Average Life(d)
11 calendar days
MATURITY SCHEDULE(c) (e)
 
1 calendar day
28.7%
2–7 calendar days
58.3
8–30 calendar days
5.0
31–60 calendar days
4.0
61–90 calendar days
1.9
91–180 calendar days
2.1
7-DAY SEC YIELD AS OF February 28, 2023(f)
 
Agency Shares
3.16%
Institutional Class Shares
3.21
Morgan Shares
2.82
Premier Shares
2.96
Service Shares
2.35
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. 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.
(a)
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.
(b)
E*Trade Shares had no assets from the close of business on September 21, 2016.
(c)
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.
(d)
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.
(e)
Percentages indicated are based upon total investments as of February 28, 2023.
(f)
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 3.06%, 3.12%, 2.76%, 2.91% and 2.30%
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, 2023
J.P. Morgan Money Market Funds
11

JPMorgan California Municipal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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(a)
Primary Investments
California short-term municipal obligations, the interest on which is
excluded from gross income for federal income tax purposes, exempt
from California personal income taxes and is not subject to the
federal alternative minimum tax on individuals.
Suggested investment time frame
Short-term
Share classes offered
Agency, E*Trade(b), Institutional Class, Morgan, Premier and Service
Net Assets as of February 28, 2023
$0.5 Billion
Weighted Average Maturity(c)
14 calendar days
Weighted Average Life(d)
15 calendar days
MATURITY SCHEDULE(c) (e)
 
1 calendar day
12.1%
2–7 calendar days
64.4
8–30 calendar days
8.8
31–60 calendar days
6.1
61–90 calendar days
8.5
91–180 calendar days
0.1
7-DAY SEC YIELD AS OF February 28, 2023(f)
 
Agency Shares
2.81%
Institutional Class Shares
2.86
Morgan Shares
2.47
Premier Shares
2.61
Service Shares
2.00
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. 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.
(a)
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.
(b)
E*Trade Shares had no assets from the close of business on September 21, 2016.
(c)
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.
(d)
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.
(e)
Percentages indicated are based upon total investments as of February 28, 2023.
(f)
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 2.73%, 2.80%, 2.44%, 2.59% and 1.98%
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, 2023

JPMorgan New York Municipal Money Market Fund
FUND FACTS
TWELVE MONTHS ENDED February 28, 2023 (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(a)
Primary Investments
New York short-term municipal obligations, the interest on which is
excluded from gross income for federal income tax purposes, exempt
from New York personal income taxes and is not subject to the
federal alternative minimum tax on individuals.
Suggested investment time frame
Short-term
Share classes offered
Agency, E*Trade(b), Institutional Class, Morgan, Premier, Reserve
and Service
Net Assets as of February 28, 2023
$2.6 Billion
Weighted Average Maturity(c)
8 calendar days
Weighted Average Life(d)
9 calendar days
MATURITY SCHEDULE(c) (e)
 
1 calendar day
36.3%
2–7 calendar days
58.2
8–30 calendar days
2.4
31–60 calendar days
0.3
61–90 calendar days
0.2
91–180 calendar days
2.6
7-DAY SEC YIELD AS OF February 28, 2023(f)
 
Agency Shares
3.04%
Institutional Class Shares
3.09
Morgan Shares
2.70
Premier Shares
2.85
Reserve Shares
2.59
Service Shares
2.23
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. 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.
(a)
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.
(b)
E*Trade Shares had no assets from the close of business on September 21, 2016.
(c)
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.
(d)
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.
(e)
Percentages indicated are based upon total investments as of February 28, 2023.
(f)
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 2.98%, 3.03%,
2.68%, 2.84%, 2.58% and 2.22% 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, 2023
J.P. Morgan Money Market Funds
13

JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Repurchase Agreements — 31.8%
Barclays Capital, Inc., 4.82%, dated 2/28/2023,
due 4/4/2023, repurchase price $401,874,
collateralized by Collateralized Mortgage
Obligations, 0.00% - 12.06%, due
11/15/2027 - 12/25/2066 and FNMA,
6.97% - 15.81%, due 8/25/2033 -
1/25/2051, with a value of $432,000.
   400,000
   400,000
Barclays Capital, Inc., 4.87%, dated 2/28/2023,
due 4/4/2023, repurchase price $150,710,
collateralized by Collateralized Mortgage
Obligations, 0.00% - 7.39%, due
12/15/2031 - 4/25/2066 and FNMA,
8.62%, due 5/27/2025, with a value of
$162,000.
   150,000
   150,000
BMO Capital Markets Corp., 4.67%, dated
2/28/2023, due 3/3/2023, repurchase price
$80,031, collateralized by Asset-Backed
Securities, 2.03% - 13.06%, due 7/25/2026
- 11/25/2062, Collateralized Mortgage
Obligations, 0.00% - 7.35%, due
11/25/2032 - 4/25/2052, Corporate Notes
and Bonds, 1.05% - 11.13%, due 4/1/2023
- 6/1/2033, FNMA, 9.83% - 12.98%, due
2/25/2042 - 8/25/2042 and Sovereign
Government Securities, 0.50% - 4.13%, due
9/16/2024 - 1/22/2025, with a value of
$86,518.
    80,000
    80,000
BMO Capital Markets Corp., 4.67%, dated
2/28/2023, due 3/3/2023, repurchase price
$80,031, collateralized by Asset-Backed
Securities, 0.70% - 7.47%, due 2/20/2025 -
8/19/2038, Collateralized Mortgage
Obligations, 4.15% - 5.89%, due 7/25/2049
- 8/25/2067, Corporate Notes and Bonds,
3.50% - 11.13%, due 4/1/2023 -
5/13/2040, FNMA, 8.98% - 9.83%, due
1/27/2042 - 8/25/2042, GNMA, 2.00%, due
2/16/2064 and Sovereign Government
Securities, 0.88% - 3.00%, due 6/13/2024 -
9/9/2026, with a value of $84,758.
    80,000
    80,000
BMO Capital Markets Corp., 4.65%, dated
2/28/2023, due 3/7/2023, repurchase price
$100,090, collateralized by Asset-Backed
Securities, 0.00% - 11.67%, due 7/25/2026
- 11/25/2062, Collateralized Mortgage
Obligations, 0.00% - 7.35%, due 4/25/2032
- 5/11/2063, Corporate Notes and Bonds,
1.88% - 11.13%, due 4/1/2023 -
6/15/2032, FNMA, 12.22% - 15.31%, due
3/25/2042 - 3/25/2050 and Sovereign
Government Securities, 1.63%, due
1/22/2025, with a value of $109,220.
   100,000
   100,000
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
BNP Paribas SA, 4.65%, dated 2/28/2023, due
3/2/2023, repurchase price $400,103,
collateralized by Asset-Backed Securities,
5.80% - 8.04%, due 4/10/2026 -
10/20/2034, Corporate Notes and Bonds,
0.96% - 7.40%, due 4/1/2023 - 2/10/2063
and Sovereign Government Securities, 0.40%
- 7.63%, due 3/9/2024 - 1/17/2053, with a
value of $420,596.
   400,000
   400,000
BNP Paribas SA, 4.72%, dated 2/28/2023, due
3/2/2023, repurchase price $355,093,
collateralized by Asset-Backed Securities,
4.94% - 13.48%, due 12/10/2027 -
1/25/2046, Collateralized Mortgage
Obligations, 1.26% - 5.89%, due 9/25/2035
- 8/25/2067, Corporate Notes and Bonds,
0.00% - 11.75%, due 10/1/2024 -
2/27/2063^^, FNMA, 8.03%, due
8/25/2042 and Sovereign Government
Securities, 0.75% - 6.70%, due 4/6/2023 -
2/16/2032, with a value of $378,141.
   355,000
   355,000
BNP Paribas SA, 4.85%, dated 2/28/2023, due
3/14/2023, repurchase price $250,472,
collateralized by Asset-Backed Securities,
3.48% - 13.79%, due 5/30/2025 -
12/27/2066 and Corporate Notes and Bonds,
0.00% - 13.50%, due 6/15/2026 -
6/15/2076^^, with a value of $280,464.
   250,000
   250,000
BNP Paribas SA, 4.84%, dated 2/28/2023, due
4/4/2023, repurchase price $165,776,
collateralized by Asset-Backed Securities,
3.70% - 12.32%, due 7/15/2026 -
11/1/2055, Collateralized Mortgage
Obligations, 6.91%, due 2/25/2068,
Corporate Notes and Bonds, 0.00% -
13.50%, due 9/15/2023 - 12/31/2079^^,
FNMA, 9.48%, due 9/25/2042 and Sovereign
Government Securities, 3.50%, due
7/9/2041, with a value of $184,150.
   165,000
   165,000
BofA Securities, Inc., 4.60%, dated 2/28/2023,
due 3/1/2023, repurchase price $300,038,
collateralized by Certificates of Deposit,
4.80%, due 2/23/2024 and Commercial
Paper, 0.00%, due 3/1/2023 - 11/28/2023,
with a value of $315,000.
   300,000
   300,000
BofA Securities, Inc., 4.64%, dated 2/28/2023,
due 3/1/2023, repurchase price $150,019,
collateralized by Collateralized Mortgage
Obligations, 3.64% - 9.59%, due 4/17/2034
- 11/26/2055 and Corporate Notes and
Bonds, 0.70% - 7.50%, due 6/15/2023 -
5/15/2058, with a value of $158,508.
   150,000
   150,000
SEE NOTES TO FINANCIAL STATEMENTS.
14
J.P. Morgan Money Market Funds
February 28, 2023

INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Repurchase Agreements — continued
BofA Securities, Inc., 4.62%, dated 2/28/2023,
due 3/2/2023, repurchase price $150,039,
collateralized by Corporate Notes and Bonds,
0.50% - 6.40%, due 3/1/2023 -
12/31/2079, with a value of $157,500.
  150,000
   150,000
BofA Securities, Inc., 4.62%, dated 2/28/2023,
due 3/3/2023, repurchase price $100,039,
collateralized by Corporate Notes and Bonds,
0.60% - 6.50%, due 1/15/2024 -
4/15/2058, with a value of $105,000.
  100,000
   100,000
BofA Securities, Inc., 4.64%, dated 2/28/2023,
due 3/3/2023, repurchase price $100,039,
collateralized by Corporate Notes and Bonds,
0.00% - 8.50%, due 10/15/2024 -
9/15/2037^^, with a value of $108,001.
  100,000
   100,000
BofA Securities, Inc., 4.62%, dated 2/28/2023,
due 3/7/2023, repurchase price $100,090,
collateralized by Corporate Notes and Bonds,
1.65% - 6.63%, due 3/15/2025 -
12/31/2079, with a value of $105,000.
  100,000
   100,000
BofA Securities, Inc., 4.64%, dated 2/28/2023,
due 3/7/2023, repurchase price $100,090,
collateralized by Corporate Notes and Bonds,
0.00% - 9.25%, due 4/15/2023 -
1/31/2032, with a value of $108,001.
  100,000
   100,000
BofA Securities, Inc., 4.93%, dated 2/28/2023,
due 4/4/2023, repurchase price $346,654,
collateralized by Collateralized Mortgage
Obligations, 0.76% - 9.26%, due
12/16/2030 - 8/25/2067 and Sovereign
Government Securities, 0.50% - 9.50%, due
6/24/2024 - 7/15/2052, with a value of
$372,600.
  345,000
   345,000
Credit Agricole Corporate and Investment Bank,
4.82%, dated 2/28/2023, due 5/2/2023,
repurchase price $126,054, collateralized by
Asset-Backed Securities, 3.93% - 8.73%, due
5/25/2027 - 1/15/2071, Collateralized
Mortgage Obligations, 3.95% - 7.74%, due
9/15/2033 - 3/12/2049, Corporate Notes
and Bonds, 0.86% - 13.00%, due 6/9/2023
- 4/1/2050^^ and Sovereign Government
Securities, 0.88%, due 5/6/2024, with a
value of $133,256.
  125,000
   125,000
Federal Reserve Bank of New York, 4.55%,
dated 2/28/2023, due 3/1/2023, repurchase
price $13,001,643, collateralized by
U.S. Treasury Securities, 1.25% - 3.13%, due
4/30/2023 - 5/15/2032, with a value of
$13,001,643.
13,000,000
13,000,000
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
HSBC Securities USA, Inc., 4.67%, dated
2/28/2023, due 3/1/2023, repurchase price
$20,003, collateralized by Asset-Backed
Securities, 1.78% - 3.59%, due 12/20/2025
- 1/25/2048, with a value of $21,203.
   20,000
    20,000
HSBC Securities USA, Inc., 4.67%, dated
2/28/2023, due 3/1/2023, repurchase price
$375,049, collateralized by Corporate Notes
and Bonds, 0.99% - 9.02%, due 7/3/2023 -
12/31/2079^^ and Sovereign Government
Securities, 1.00% - 6.13%, due 11/7/2023 -
7/7/2052, with a value of $393,837.
  375,000
   375,000
ING Financial Markets LLC, 4.65%, dated
2/28/2023, due 3/1/2023, repurchase price
$86,011, collateralized by Corporate Notes
and Bonds, 0.25% - 5.25%, due 7/10/2023
- 2/8/2061, with a value of $90,312.
   86,000
    86,000
ING Financial Markets LLC, 4.67%, dated
2/28/2023, due 3/1/2023, repurchase price
$97,013, collateralized by Corporate Notes
and Bonds, 0.25% - 13.25%, due
4/24/2023 - 12/31/2079, with a value of
$102,024.
   97,000
    97,000
ING Financial Markets LLC, 4.80%, dated
2/28/2023, due 4/3/2023, repurchase price
$60,272, collateralized by Common Stocks,
with a value of $65,310.
   60,000
    60,000
ING Financial Markets LLC, 4.85%, dated
2/28/2023, due 4/10/2023, repurchase
price $482,651, collateralized by Common
Stocks, with a value of $522,590.
  480,000
   480,000
Mitsubishi UFJ Trust & Banking Corp., 4.70%,
dated 2/28/2023, due 3/2/2023, repurchase
price $1,000,261, collateralized by Corporate
Notes and Bonds, 0.00% - 4.15%, due
3/15/2023 - 2/25/2032, with a value of
$1,050,823.
1,000,000
1,000,000
RBC Capital Markets LLC, 4.67%, dated
2/28/2023, due 3/2/2023, repurchase price
$150,039, collateralized by Certificates of
Deposit, 0.75% - 5.21%, due 3/1/2023 -
1/24/2024, Commercial Paper, 0.00%, due
3/2/2023 and Corporate Notes and Bonds,
1.88% - 8.13%, due 3/26/2025 -
10/31/2082, with a value of $157,500.
  150,000
   150,000
SEE NOTES TO FINANCIAL STATEMENTS.
February 28, 2023
J.P. Morgan Money Market Funds
15

JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023 (continued)
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Repurchase Agreements — continued
Societe Generale SA, 4.64%, dated 2/28/2023,
due 3/1/2023, repurchase price $345,045,
collateralized by Asset-Backed Securities,
2.70% - 5.67%, due 4/15/2026 -
8/25/2035, Collateralized Mortgage
Obligations, 0.88% - 4.50%, due 1/15/2049
- 6/25/2058, Corporate Notes and Bonds,
0.00% - 8.25%, due 5/1/2023 -
11/15/2079^^, FNMA, 7.81% - 9.48%, due
3/25/2042 - 9/25/2042, Sovereign
Government Securities, 2.75% - 7.88%, due
1/22/2024 - 3/21/2036^^ and U.S. Treasury
Securities, 0.00%, due 8/15/2034 -
2/15/2052, with a value of $362,516.
   345,000
   345,000
Societe Generale SA, 4.71%, dated 2/28/2023,
due 3/1/2023, repurchase price $140,018,
collateralized by Asset-Backed Securities,
3.95% - 7.13%, due 4/22/2025 -
1/25/2037, Collateralized Mortgage
Obligations, 3.57% - 4.50%, due
12/25/2046 - 6/25/2058, Corporate Notes
and Bonds, 0.00% - 11.13%, due 4/1/2023
- 12/31/2079^^, FNMA, 8.23% - 9.56%,
due 2/25/2042 - 9/25/2048 and Sovereign
Government Securities, 2.63% - 7.63%, due
3/15/2023 - 2/12/2048, with a value of
$151,085.
   140,000
   140,000
Societe Generale SA, 4.73%, dated 2/28/2023,
due 3/1/2023, repurchase price $475,062,
collateralized by Asset-Backed Securities,
3.95% - 8.73%, due 4/22/2025 -
2/28/2041, Collateralized Mortgage
Obligations, 4.21% - 8.29%, due
11/25/2025 - 1/18/2039, Corporate Notes
and Bonds, 0.00% - 11.75%, due
6/27/2023 - 9/24/2073^^, FNMA, 8.18% -
10.23%, due 2/25/2042 - 9/25/2048 and
Sovereign Government Securities, 3.23% -
7.63%, due 12/23/2023 - 1/28/2060^^,
with a value of $510,293.
   475,000
   475,000
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Societe Generale SA, 4.60%, dated 2/28/2023,
due 3/2/2023, repurchase price $140,036,
collateralized by Asset-Backed Securities,
2.70% - 4.72%, due 4/15/2026 -
11/1/2033, Collateralized Mortgage
Obligations, 2.90% - 4.50%, due
10/17/2050 - 6/25/2058, Corporate Notes
and Bonds, 0.63% - 9.00%, due 6/27/2023
- 6/3/2060^^, FNMA, 7.81% - 9.48%, due
3/25/2042 - 9/25/2042, Sovereign
Government Securities, 2.38% - 7.88%, due
8/22/2023 - 6/10/2044^^ and U.S. Treasury
Securities, 0.00%, due 8/15/2034, with a
value of $147,579.
   140,000
   140,000
Societe Generale SA, 4.70%, dated 2/28/2023,
due 3/17/2023, repurchase price $75,166,
collateralized by Collateralized Mortgage
Obligations, 2.90%, due 10/17/2050,
Corporate Notes and Bonds, 0.00% - 7.88%,
due 6/27/2023 - 3/20/2060^^, FNMA,
7.81% - 7.83%, due 3/25/2042 -
5/27/2042, Sovereign Government
Securities, 3.23% - 7.63%, due 3/21/2036 -
3/10/2051^^ and U.S. Treasury Securities,
0.00% - 2.50%, due 5/18/2023 -
8/15/2051, with a value of $78,852.
    75,000
    75,000
Societe Generale SA, 4.82%, dated 2/28/2023,
due 3/31/2023, repurchase price $321,328,
collateralized by Asset-Backed Securities,
4.92% - 8.73%, due 5/25/2027 -
7/25/2036, Collateralized Mortgage
Obligations, 3.52% - 8.67%, due 5/11/2035
- 12/25/2046, Corporate Notes and Bonds,
1.57% - 11.25%, due 4/1/2023 -
3/17/2062^^, FNMA, 7.81% - 10.23%, due
2/25/2042 - 9/25/2042 and Sovereign
Government Securities, 2.63% - 8.75%, due
3/15/2023 - 3/21/2036^^, with a value of
$348,119.
   320,000
   320,000
Societe Generale SA, 4.71%, dated 2/28/2023,
due 4/10/2023, repurchase price $60,322,
collateralized by Corporate Notes and Bonds,
3.80% - 4.05%, due 3/11/2025 -
11/21/2039 and Sovereign Government
Securities, 0.75%, due 10/26/2024, with a
value of $63,346.
    60,000
    60,000
Societe Generale SA, 4.71%, dated 2/28/2023,
due 4/10/2023, repurchase price $75,402,
collateralized by Corporate Notes and Bonds,
1.95% - 5.63%, due 5/1/2025 -
12/31/2079^^ and U.S. Treasury Securities,
0.00%, due 4/11/2023, with a value of
$76,922.
    75,000
    75,000
SEE NOTES TO FINANCIAL STATEMENTS.
16
J.P. Morgan Money Market Funds
February 28, 2023

INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Repurchase Agreements — continued
Societe Generale SA, 4.91%, dated 2/28/2023,
due 4/28/2023, repurchase price $201,609,
collateralized by Asset-Backed Securities,
3.95% - 8.73%, due 5/15/2027 -
1/25/2037, Collateralized Mortgage
Obligations, 4.21% - 8.09%, due
11/25/2025 - 11/15/2038, Corporate Notes
and Bonds, 0.00% - 11.13%, due 4/1/2023
- 12/31/2079^^, FHLB, 4.44%, due
5/26/2032, FNMA, 7.98% - 9.56%, due
2/25/2042 - 9/25/2048, Sovereign
Government Securities, 2.88% - 7.88%, due
6/6/2025 - 9/21/2047 and U.S. Treasury
Securities, 0.00%, due 5/15/2026 -
8/15/2051, with a value of $216,365.
   200,000
   200,000
TD Securities (USA) LLC, 4.68%, dated
2/28/2023, due 3/1/2023, repurchase price
$35,005, collateralized by Corporate Notes
and Bonds, 2.94% - 6.00%, due 12/3/2025
- 11/1/2056, with a value of $36,755.
    35,000
    35,000
TD Securities (USA) LLC, 4.65%, dated
2/28/2023, due 3/2/2023, repurchase price
$390,101, collateralized by Asset-Backed
Securities, 0.50% - 6.20%, due 12/20/2024
- 8/15/2035, Corporate Notes and Bonds,
4.10%, due 4/15/2050 and Municipal Debt
Securities, 2.09% - 7.55%, due 5/15/2027 -
4/1/2057, with a value of $412,097.
   390,000
   390,000
TD Securities (USA) LLC, 4.68%, dated
2/28/2023, due 3/2/2023, repurchase price
$390,101, collateralized by Corporate Notes
and Bonds, 1.60% - 11.75%, due
3/15/2024 - 2/1/2050, with a value of
$421,584.
   390,000
   390,000
TD Securities (USA) LLC, 4.92%, dated
2/28/2023, due 4/11/2023, repurchase
price $528,014, collateralized by
Asset-Backed Securities, 0.50% - 5.75%, due
4/15/2027 - 4/15/2033 and Corporate
Notes and Bonds, 0.80% - 9.70%, due
3/15/2023 - 6/1/2077, with a value of
$561,938.
   525,000
   525,000
UBS Securities LLC, 4.74%, dated 2/28/2023,
due 3/7/2023, repurchase price $300,277,
collateralized by Commercial Paper, 0.00%,
due 4/20/2023 and Corporate Notes and
Bonds, 0.38% - 10.75%, due 5/5/2023 -
9/24/2080^^, with a value of $315,910.
   300,000
   300,000
Total Repurchase Agreements
(Cost $22,188,000)
 
22,188,000
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Corporate Notes — 0.6%
Banks — 0.6%
Bank of America NA (SOFR + 0.34%), 4.89%,
3/1/2023(a)
    50,000
    50,036
Bank of America NA 5.25%, 5/8/2023
    60,000
    60,015
Barclays Bank plc (OBFR + 0.20%), 4.77%,
3/1/2023(a) (b)
   225,000
   225,000
Barclays Bank plc (OBFR + 0.20%), 4.77%,
3/1/2023(a) (b)
   120,000
   120,000
Total Corporate Notes
(Cost $455,000)
 
455,051
U.S. Government Agency Securities — 0.4%
FHLB, DN, 4.59%, 3/23/2023(c)(Cost
$299,160)
   300,000
   299,176
Municipal Bonds — 0.2%
Alaska — 0.1%
Alaska Housing Finance Corp., State Capital
Project Series 2022A, Rev., VRDO, LOC :
Barclays Bank plc, 4.57%, 3/7/2023(d)
    73,000
    73,000
Georgia — 0.1%
Macon-Bibb County Industrial Authority, Kumho
Tire Georgia Inc. Project, Rev., VRDO, LOC :
Korea Development Bank, 4.62%,
3/7/2023(b) (d)
    55,000
    55,000
Total Municipal Bonds
(Cost $128,000)
 
128,000
Short Term Investments — 66.5%
Certificates of Deposits — 26.0%
Bank of China Ltd. (China)
 
 
4.70%, 3/22/2023
   220,000
   219,999
4.70%, 3/23/2023
   298,000
   297,998
Bank of Montreal (Canada)
 
 
(SOFR + 0.65%), 5.20%, 3/1/2023(a)
   150,000
   150,250
(SOFR + 0.70%), 5.25%, 3/1/2023(a)
   223,000
   223,228
(SOFR + 0.75%), 5.30%, 3/1/2023(a)
   118,000
   118,445
(US Federal Funds Effective Rate (continuous
series) + 0.73%), 5.31%, 3/1/2023(a)
    50,000
    50,117
Bank of Nova Scotia (The) (Canada)
 
 
(SOFR + 0.35%), 4.90%, 3/1/2023(a)
   140,000
   140,031
(SOFR + 0.58%), 5.13%, 3/1/2023(a)
    25,000
    25,036
(SOFR + 0.70%), 5.25%, 3/1/2023(a)
   160,000
   160,202
(SOFR + 0.72%), 5.27%, 3/1/2023(a)
   224,000
   224,307
Barclays Bank plc (United Kingdom)
 
 
(SOFR + 0.40%), 4.95%, 3/1/2023(a)
   125,000
   125,082
(SOFR + 0.78%), 5.33%, 3/1/2023(a)
   242,000
   242,252
SEE NOTES TO FINANCIAL STATEMENTS.
February 28, 2023
J.P. Morgan Money Market Funds
17

JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023 (continued)
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short Term Investments — continued
Certificates of Deposits — continued
5.35%, 5/23/2023
   280,000
   280,309
5.17%, 7/5/2023
   156,000
   156,082
BNP Paribas SA (France)
 
 
(SOFR + 0.38%), 4.93%, 3/1/2023(a)
   152,000
   152,127
(SOFR + 0.69%), 5.24%, 3/1/2023(a)
   164,000
   164,249
(SOFR + 0.70%), 5.25%, 3/1/2023(a)
   189,000
   189,208
Canadian Imperial Bank of Commerce (Canada)
 
 
(SOFR + 0.65%), 5.20%, 3/1/2023(a)
   110,000
   110,212
(SOFR + 0.81%), 5.36%, 3/1/2023(a)
   120,000
   120,569
Citibank NA
 
 
(SOFR + 0.38%), 4.93%, 3/1/2023(a)
    75,000
    75,013
(SOFR + 0.42%), 4.97%, 3/1/2023(a)
   785,000
   785,321
(SOFR + 0.73%), 5.28%, 3/1/2023(a)
   135,000
   135,138
5.15%, 6/16/2023
    70,000
    70,020
Cooperatieve Rabobank UA (Netherlands)
 
 
5.40%, 12/18/2023(c)
   320,000
   306,551
5.26%, 12/18/2023
    90,000
    89,886
5.30%, 2/13/2024
    90,000
    89,895
Credit Agricole Corporate and Investment Bank
(France)
 
 
(SOFR + 0.59%), 5.14%, 3/1/2023(a)
   100,000
   100,009
(SOFR + 0.68%), 5.23%, 3/1/2023(a)
   170,000
   170,164
Credit Industriel et Commercial (France)
 
 
(SOFR + 0.35%), 4.90%, 3/1/2023(a)
   104,000
   104,023
(SOFR + 0.39%), 4.94%, 3/1/2023(a)
   100,000
   100,092
(SOFR + 0.42%), 4.97%, 3/1/2023(a)
   136,000
   136,130
(SOFR + 0.55%), 5.10%, 3/1/2023(a)
   150,000
   150,169
(SOFR + 0.65%), 5.20%, 3/1/2023(a)
   100,000
   100,095
5.08%, 7/18/2023
   150,000
   150,071
5.22%, 8/9/2023(c)
   282,000
   275,619
5.20%, 10/17/2023(c)
   385,000
   372,318
5.23%, 10/19/2023(c)
   362,000
   349,967
5.20%, 11/1/2023(c)
   309,000
   298,126
5.25%, 2/6/2024(c)
   212,000
   201,419
DZ Bank AG (United Kingdom) , 5.04%,
7/24/2023(c)
   400,000
   392,040
ING Bank NV
 
 
5.23%, 8/7/2023
   355,000
   355,109
5.35%, 9/19/2023
162,000
162,055
5.32%, 1/17/2024
449,000
448,629
KBC Bank NV (Belgium) , 4.57%, 3/23/2023
302,000
301,996
Keb Hana Bank (South Korea) (SOFR + 0.50%),
5.05%, 3/1/2023(a)
80,000
80,001
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Certificates of Deposits — continued
Korea Development Bank (South Korea) (SOFR +
0.70%), 5.25%, 3/1/2023(a)
    50,000
    50,054
Mitsubishi UFJ Trust & Banking Corp. (Japan)
 
 
(SOFR + 0.24%), 4.79%, 3/1/2023(a)
    89,000
    89,018
(SOFR + 0.26%), 4.81%, 3/1/2023(a)
   150,000
   150,042
(SOFR + 0.49%), 5.04%, 3/1/2023(a)
   150,000
   150,001
5.20%, 5/16/2023
   162,000
   162,107
Mizuho Bank Ltd. (Japan)
 
 
4.80%, 3/13/2023
   160,000
   160,009
4.81%, 5/4/2023
   540,000
   540,063
MUFG Bank Ltd. (Japan)
 
 
(SOFR + 0.18%), 4.73%, 3/1/2023(a)
   267,000
   266,962
(SOFR + 0.35%), 4.90%, 3/1/2023(a)
   156,000
   156,083
(SOFR + 0.43%), 4.98%, 3/1/2023(a)
   160,000
   160,003
(SOFR + 0.60%), 5.15%, 3/1/2023(a)
   100,000
   100,107
National Australia Bank Ltd. (United Kingdom) ,
5.30%, 2/13/2024(c)
    60,000
    56,994
Natixis SA (France)
 
 
(SOFR + 0.45%), 5.00%, 3/1/2023(a)
    75,000
    75,049
(SOFR + 0.60%), 5.15%, 3/1/2023(a)
   105,000
   105,005
(SOFR + 0.67%), 5.22%, 3/1/2023(a)
   164,000
   164,161
(SOFR + 0.70%), 5.25%, 3/1/2023(a)
    64,000
    64,095
5.35%, 9/15/2023
   145,000
   145,038
5.22%, 10/13/2023
   105,000
   104,913
5.32%, 11/7/2023
   209,000
   208,878
Nordea Bank Abp (Finland)
 
 
(SOFR + 0.24%), 4.79%, 3/1/2023(a)
    88,000
    88,023
(SOFR + 0.30%), 4.85%, 3/1/2023(a)
   169,000
   169,109
(SOFR + 0.58%), 5.13%, 3/1/2023(a)
   100,000
   100,214
Norinchukin Bank (The) (Japan)
 
 
4.57%, 3/6/2023
   150,000
   150,000
4.55%, 3/13/2023
   149,000
   148,998
4.55%, 3/14/2023
   323,000
   322,996
4.55%, 3/16/2023
    50,000
    49,999
4.57%, 3/22/2023
   350,000
   349,991
4.57%, 3/23/2023
   155,000
   154,995
Oversea-Chinese Banking Corp., Ltd. (Singapore)
 
 
(SOFR + 0.31%), 4.86%, 3/1/2023(a)
    55,000
    55,024
(SOFR + 0.32%), 4.87%, 3/1/2023(a)
85,000
85,040
(SOFR + 0.40%), 4.95%, 3/1/2023(a)
70,000
70,018
Royal Bank of Canada (Canada) (SOFR +
0.57%), 5.12%, 3/1/2023(a)
65,000
65,118
Standard Chartered Bank (United Kingdom)
 
 
(SOFR + 0.38%), 4.93%, 3/1/2023(a)
80,000
80,070
SEE NOTES TO FINANCIAL STATEMENTS.
18
J.P. Morgan Money Market Funds
February 28, 2023

INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short Term Investments — continued
Certificates of Deposits — continued
(SOFR + 0.44%), 4.99%, 3/1/2023(a)
    90,000
    90,089
5.29%, 5/4/2023
   164,000
   164,162
5.29%, 6/7/2023
   190,000
   190,241
5.11%, 6/22/2023
    50,000
    50,045
State Street Bank and Trust Co.
 
 
(SOFR + 0.55%), 5.10%, 3/1/2023(a)
    92,000
    92,071
(SOFR + 0.64%), 5.19%, 3/1/2023(a)
    10,000
    10,006
Sumitomo Mitsui Banking Corp. (Japan)
 
 
(SOFR + 0.18%), 1.00%, 3/1/2023(a)
   122,000
   121,988
(SOFR + 0.29%), 4.84%, 3/1/2023(a)
   165,000
   165,068
(SOFR + 0.30%), 4.85%, 3/1/2023(a)
   117,000
   117,051
(SOFR + 0.32%), 4.87%, 3/1/2023(a)
    60,000
    60,030
(SOFR + 0.40%), 4.95%, 3/1/2023(a)
   100,000
   100,006
(SOFR + 0.43%), 4.98%, 3/1/2023(a)
    80,000
    80,004
(SOFR + 0.72%), 5.27%, 3/1/2023(a)
   242,000
   242,214
(SOFR + 0.75%), 5.30%, 3/1/2023(a)
   162,000
   162,135
(SOFR + 0.78%), 5.33%, 3/1/2023(a)
   175,000
   175,162
(SOFR + 0.80%), 5.35%, 3/1/2023(a)
   150,000
   150,164
Sumitomo Mitsui Trust Bank Ltd. (Japan)
 
 
(SOFR + 0.28%), 4.83%, 3/1/2023(a)
   315,000
   315,137
4.55%, 3/7/2023
   250,000
   250,000
4.80%, 3/9/2023
   200,000
   200,008
4.85%, 3/22/2023
   190,000
   190,024
Svenska Handelsbanken AB (Sweden)
 
 
(SOFR + 0.67%), 5.22%, 3/1/2023(a)
   115,000
   115,095
5.05%, 7/11/2023
     7,000
     7,003
Toronto-Dominion Bank (The) (Canada)
 
 
4.40%, 3/1/2023(d)
   107,000
   107,245
(SOFR + 0.63%), 5.18%, 3/1/2023(a)
    65,000
    65,073
(SOFR + 0.65%), 5.20%, 3/1/2023(a)
   203,000
   203,268
(SOFR + 0.70%), 5.25%, 3/1/2023(a)
   165,000
   165,300
(SOFR + 0.72%), 5.27%, 3/1/2023(a)
   138,000
   138,198
(SOFR + 0.75%), 5.30%, 3/1/2023(a)
    65,000
    65,160
4.02%, 8/21/2023
   165,000
   164,009
4.02%, 8/22/2023
   100,000
    99,392
5.13%, 11/7/2023(c)
   150,000
   144,561
5.23%, 11/8/2023(c)
100,000
96,358
Wells Fargo Bank NA (SOFR + 0.35%), 4.90%,
3/1/2023(a)
70,000
70,011
Westpac Banking Corp. (Australia)
 
 
5.30%, 2/9/2024
43,000
42,901
5.30%, 2/13/2024
50,000
49,883
Total Certificates of Deposit
(Cost $18,201,772)
 
18,206,798
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Commercial Paper — 25.3%
Antalis SA (France)
 
 
4.60%, 3/23/2023
   175,000
   174,483
ANZ New Zealand Int'l Ltd. (New Zealand)
 
 
4.56%, 3/14/2023
   100,000
    99,823
ASB Bank Ltd. (New Zealand)
 
 
(SOFR + 0.35%), 4.90%, 3/1/2023(a) (b)
    41,000
    41,005
Australia & New Zealand Banking Group Ltd.
(Australia)
 
 
(SOFR + 0.35%), 4.90%, 3/1/2023(a) (b)
    64,000
    64,006
(SOFR + 0.37%), 4.92%, 3/1/2023(a) (b)
   200,000
   200,000
(SOFR + 0.58%), 5.13%, 3/1/2023(a) (b)
    77,000
    77,036
(SOFR + 0.66%), 5.21%, 3/1/2023(a) (b)
    50,000
    50,072
(SOFR + 0.67%), 5.22%, 3/1/2023(a) (b)
   175,000
   175,158
Bank of China Ltd. (China)
 
 
4.73%, 3/22/2023
    95,000
    94,731
Bank of Montreal (Canada)
 
 
(SOFR + 0.57%), 5.12%, 3/1/2023(a)
    97,000
    97,200
(SOFR + 0.65%), 5.20%, 3/1/2023(a)
    50,000
    50,084
(SOFR + 0.72%), 5.27%, 3/1/2023(a)
    80,000
    80,113
(SOFR + 0.75%), 5.30%, 3/1/2023(a)
    25,000
    25,094
Bank of Nova Scotia (The) (Canada)
 
 
(SOFR + 0.35%), 4.90%, 3/1/2023(a) (b)
    90,000
    89,974
(SOFR + 0.42%), 4.97%, 3/1/2023(a) (b)
    43,000
    43,017
(SOFR + 0.42%), 4.97%, 3/1/2023(a) (b)
    65,000
    65,026
(SOFR + 0.50%), 5.05%, 3/1/2023(a) (b)
    70,000
    70,080
(SOFR + 0.52%), 5.07%, 3/1/2023(a) (b)
    35,000
    35,046
(SOFR + 0.59%), 5.14%, 3/1/2023(a) (b)
   130,000
   130,007
(SOFR + 0.81%), 5.36%, 3/1/2023(a) (b)
    20,000
    20,070
Barclays Bank plc (United Kingdom)
 
 
4.61%, 3/1/2023
   635,879
   635,799
(SOFR + 0.25%), 4.80%, 3/1/2023(a) (b)
    50,000
    50,006
Bedford Row Funding Corp.
 
 
(SOFR + 0.50%), 5.05%, 3/1/2023(a) (b)
   155,000
   155,132
BNG Bank NV (Netherlands)
 
 
4.58%, 3/24/2023
   160,000
   159,511
BNZ International Funding Ltd. (New Zealand)
 
 
(SOFR + 0.21%), 4.76%, 3/1/2023(a) (b)
    25,000
    25,002
(SOFR + 0.46%), 5.01%, 3/1/2023(a) (b)
80,000
80,030
BPCE SA (France)
 
 
(SOFR + 0.45%), 5.00%, 3/1/2023(a) (b)
75,000
75,051
(SOFR + 0.58%), 5.13%, 3/1/2023(a) (b)
215,000
215,091
(SOFR + 0.59%), 5.14%, 3/1/2023(a) (b)
200,000
200,003
5.18%, 6/1/2023
148,000
146,154
5.15%, 7/5/2023
87,000
85,489
SEE NOTES TO FINANCIAL STATEMENTS.
February 28, 2023
J.P. Morgan Money Market Funds
19

JPMorgan Prime Money Market Fund
SCHEDULE OF PORTFOLIO INVESTMENTS
AS OF February 28, 2023 (continued)
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short Term Investments — continued
Commercial Paper — continued
Canadian Imperial Bank of Commerce (Canada)
 
 
(SOFR + 0.65%), 5.20%, 3/1/2023(a) (b)
   65,000
    65,132
5.12%, 10/12/2023
  120,000
   116,168
Cancara Asset Securitization LLC
 
 
4.63%, 3/14/2023(b)
  145,000
   144,741
Chesham Finance Ltd. (Cayman Islands)
 
 
Series 2, 4.64%, 3/6/2023(b)
  125,000
   124,905
Concord Minutemen Capital Co. LLC
 
 
Series A, 4.56%, 3/1/2023(b)
  155,000
   154,980
Cooperatieve Rabobank UA (Netherlands)
 
 
4.55%, 3/1/2023
1,176,800
1,176,652
Credit Agricole Corporate and Investment Bank
(France)
 
 
4.84%, 5/3/2023
  305,000
   302,466
DBS Bank Ltd. (Singapore)
 
 
4.61%, 3/14/2023
  162,000
   161,713
Dexia Credit Local SA (France)
 
 
4.76%, 4/20/2023(b)
   67,650
    67,205
DNB Bank ASA (Norway)
 
 
(SOFR + 0.48%), 5.03%, 3/1/2023(a) (b)
   72,000
    72,069
(SOFR + 0.50%), 5.05%, 3/1/2023(a) (b)
   20,000
    20,000
DZ Bank AG (Germany)
 
 
4.54%, 3/1/2023
  320,000
   319,960
4.55%, 3/3/2023
  200,000
   199,926
Fairway Finance Corp.
 
 
(SOFR + 0.55%), 5.10%, 3/1/2023(a) (b)
   70,000
    70,070
Federation des caisses Desjardins du Quebec
(The) (Canada)
 
 
(SOFR + 0.35%), 4.90%, 3/1/2023(a) (b)
   65,000
    65,008
(SOFR + 0.40%), 4.95%, 3/1/2023(a) (b)
  209,000
   209,000
4.58%, 3/13/2023
  100,000
    99,835
First Abu Dhabi Bank PJSC (United Arab
Emirates)
 
 
4.61%, 3/23/2023
  284,000
   283,171
4.80%, 4/27/2023
  435,000
   431,682
4.80%, 5/1/2023
  292,000
   289,606
5.25%, 11/6/2023
  140,000
   134,877
ING US Funding LLC (Netherlands)
 
 
(SOFR + 0.60%), 5.15%, 3/1/2023(a) (b)
  220,000
   220,307
(SOFR + 0.70%), 5.25%, 3/1/2023(a) (b)
37,000
37,094
5.05%, 8/22/2023
55,000
53,649
Lexington Parker Capital Co LLC
 
 
Series A, 4.58%, 3/1/2023
99,850
99,837
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Commercial Paper — continued
Liberty Street Funding LLC
 
 
4.90%, 5/18/2023
    15,000
    14,843
LMA-Americas LLC
 
 
4.97%, 4/27/2023
    50,000
    49,616
Macquarie Bank Ltd (Australia)
 
 
(SOFR + 0.75%), 5.30%, 3/1/2023(a) (b)
    85,000
    85,076
Macquarie Bank Ltd. (Australia)
 
 
(SOFR + 0.37%), 4.92%, 3/1/2023(a) (b)
    88,000
    88,012
(SOFR + 0.38%), 4.93%, 3/1/2023(a) (b)
    75,000
    75,016
(SOFR + 0.41%), 4.96%, 3/1/2023(a) (b)
   100,000
   100,043
(SOFR + 0.70%), 5.25%, 3/1/2023(a) (b)
   117,000
   117,135
5.22%, 6/5/2023
   340,000
   335,591
Matchpoint Finance plc (Ireland)
 
 
Series A, (SOFR + 0.38%), 4.93%,
3/1/2023(a) (b)
   100,000
   100,007
Series A, (SOFR + 0.42%), 4.97%,
3/1/2023(a) (b)
   100,000
   100,002
Series A, (SOFR + 0.71%), 5.26%,
3/1/2023(a) (b)
    80,000
    80,061
Series A, (SOFR + 0.75%), 5.30%,
3/1/2023(a) (b)
    85,000
    85,072
National Australia Bank Ltd. (Australia)
 
 
(SOFR + 0.37%), 4.92%, 3/1/2023(a) (b)
   162,000
   162,050
(SOFR + 0.50%), 5.05%, 3/1/2023(a) (b)
   100,000
   100,013
3.78%, 6/16/2023
   100,000
    98,544
National Bank of Canada (Canada)
 
 
5.18%, 5/25/2023
   109,000
   107,766
Nationwide Building Society (United Kingdom)
 
 
4.56%, 3/22/2023(b)
   381,000
   379,931
Natixis SA (France)
 
 
(SOFR + 0.58%), 5.13%, 3/1/2023(a)
   150,000
   150,171
5.30%, 9/1/2023
    33,069
    32,209
Nederlandse Waterschapsbank NV (Netherlands)
 
 
4.80%, 5/3/2023
   414,000
   410,537
Nordea Bank Abp (Finland)
 
 
(SOFR + 0.37%), 4.92%, 3/1/2023(a) (b)
   242,000
   242,239
(SOFR + 0.45%), 5.00%, 3/1/2023(a) (b)
    30,000
    30,057
NRW Bank (Germany)
 
 
4.55%, 3/21/2023(c)
   150,000
   149,603
Old Line Funding Corp.
 
 
(SOFR + 0.26%), 4.81%, 3/1/2023(a) (b)
110,000
110,003
(SOFR + 0.35%), 4.90%, 3/1/2023(a) (b)
230,000
230,069
(SOFR + 0.35%), 4.90%, 3/1/2023(a) (b)
125,000
125,037
(SOFR + 0.35%), 4.90%, 3/1/2023(a) (b)
200,000
200,114
SEE NOTES TO FINANCIAL STATEMENTS.
20
J.P. Morgan Money Market Funds
February 28, 2023

INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
Short Term Investments — continued
Commercial Paper — continued
(SOFR + 0.40%), 4.95%, 3/1/2023(a) (b)
    72,000
    72,026
5.21%, 8/14/2023
   100,000
    97,657
Podium Funding Trust (Canada)
 
 
5.16%, 7/14/2023
    25,000
    24,536
Royal Bank of Canada (Canada)
 
 
(SOFR + 0.65%), 5.20%, 3/1/2023(a) (b)
   138,000
   138,227
(SOFR + 0.65%), 5.20%, 3/1/2023(a) (b)
   120,000
   120,281
(SOFR + 0.65%), 5.20%, 3/1/2023(a) (b)
    94,000
    94,090
(SOFR + 0.65%), 5.20%, 3/1/2023(a) (b)
   195,000
   195,188
(SOFR + 0.70%), 5.25%, 3/1/2023(a) (b)
    62,000
    62,156
(SOFR + 0.70%), 5.25%, 3/1/2023(a) (b)
   155,000
   155,308
(SOFR + 0.71%), 5.26%, 3/1/2023(a) (b)
    60,000
    60,166
(SOFR + 0.81%), 5.36%, 3/1/2023(a) (b)
    32,000
    32,133
Sheffield Receivables Co. LLC (United Kingdom)
 
 
(SOFR + 0.39%), 4.94%, 3/1/2023(a) (b)
    50,000
    50,006
Skandinaviska Enskilda Banken AB (Sweden)
 
 
(SOFR + 0.66%), 5.21%, 3/1/2023(a) (b)
   109,000
   109,168
(SOFR + 0.67%), 5.22%, 3/1/2023(a) (b)
    75,000
    75,065
5.05%, 8/18/2023
    30,000
    29,284
Societe Generale SA (France)
 
 
4.56%, 3/1/2023(c)
   500,000
   499,937
4.71%, 3/31/2023
    66,000
    65,740
5.20%, 5/31/2023
    76,000
    75,067
Starbird Funding Corp.
 
 
(SOFR + 0.42%), 4.97%, 3/1/2023(a) (b)
    75,000
    75,002
(SOFR + 0.42%), 4.97%, 3/1/2023(a) (b)
    50,000
    50,002
(SOFR + 0.70%), 5.25%, 3/1/2023(a) (b)
   145,000
   145,156
(SOFR + 0.75%), 5.30%, 3/1/2023(a) (b)
   100,000
   100,093
Sumitomo Mitsui Trust Bank Ltd. (Japan)
 
 
4.57%, 3/23/2023
   185,000
   184,461
4.79%, 5/2/2023
   285,000
   282,642
Svenska Handelsbanken AB (Sweden)
 
 
(SOFR + 0.40%), 4.95%, 3/1/2023(a) (b)
   142,000
   142,034
(SOFR + 0.40%), 4.95%, 3/1/2023(a) (b)
    55,000
    55,061
(SOFR + 0.58%), 5.13%, 3/1/2023(a) (b)
   240,000
   240,254
(SOFR + 0.59%), 5.14%, 3/1/2023(a) (b)
   160,000
   160,000
(SOFR + 0.70%), 5.25%, 3/1/2023(a) (b)
40,000
40,082
Thunder Bay Funding LLC
 
 
(SOFR + 0.40%), 4.95%, 3/1/2023(a) (b)
35,000
35,015
Toronto-Dominion Bank (The) (Canada)
 
 
(SOFR + 0.70%), 5.25%, 3/1/2023(a)
222,000
222,206
(SOFR + 0.71%), 5.26%, 3/1/2023(a)
156,000
156,253
(SOFR + 0.72%), 5.27%, 3/1/2023(a)
120,000
120,391
5.43%, 2/13/2024
50,000
47,461
INVESTMENTS ††
PRINCIPAL
AMOUNT
($000)
VALUE
($000)
 
Commercial Paper — continued
UBS AG (Switzerland)
 
 
(SOFR + 0.20%), 4.75%, 3/1/2023(a) (b)
  111,000
   111,006
(SOFR + 0.23%), 4.78%, 3/1/2023(a) (b)
  125,000
   124,999
(SOFR + 0.28%), 4.83%, 3/1/2023(a) (b)
  194,000
   194,024
(SOFR + 0.36%), 4.91%, 3/1/2023(a) (b)
   50,000
    50,022
(SOFR + 0.37%), 4.92%, 3/1/2023(a) (b)
  117,000
   117,055
United Overseas Bank Ltd. (Singapore)
 
 
(SOFR + 0.40%), 4.95%, 3/1/2023(a) (b)
   85,000
    85,025
(SOFR + 0.40%), 4.95%, 3/1/2023(a) (b)
  145,000
   145,041
(SOFR + 0.40%), 4.95%, 3/1/2023(a) (b)
  250,000
   250,082
Versailles Commercial Paper LLC
 
 
(SOFR + 0.28%), 4.83%, 3/1/2023(a) (b)
  100,000
   100,028
5.09%, 5/1/2023(b)
  150,000
   148,773
Westpac Banking Corp. (Australia)
 
 
(SOFR + 0.45%), 5.00%, 3/1/2023(a) (b)
   64,000
    64,056
(SOFR + 0.54%), 5.09%, 3/1/2023(a) (b)
   65,000
    65,127
Total Commercial Paper
(Cost $17,649,471)
 
17,655,549
Time Deposits — 15.2%
Agricultural Bank of China Ltd.
 
 
4.60%, 3/1/2023
  500,000
   500,000
4.63%, 3/2/2023
  175,000
   175,000
4.63%, 3/3/2023
  170,000
   170,000
4.63%, 3/7/2023
  200,000
   200,000
Australia & New Zealand Banking Group Ltd.
4.57%, 3/3/2023
  300,000
   300,000
China Construction Bank Corp. 4.60%,
3/1/2023
  300,000
   300,000
Credit Agricole Corporate and Investment Bank
4.55%, 3/1/2023
  229,686
   229,686
DBS Bank Ltd. 4.57%, 3/6/2023
  180,000
   180,000
Erste Group Bank AG 4.57%, 3/1/2023
2,000,000
2,000,000
First Abu Dhabi Bank USA NV
 
 
4.57%, 3/1/2023
  800,000
   800,000
4.57%, 3/1/2023
  500,000
   500,000
4.57%, 3/1/2023
  370,000
   370,000
ING Bank NV
 
 
4.57%, 3/2/2023
  300,000
   300,000
4.57%, 3/7/2023
  165,000
   165,000