j.p. morgan money market funds - chicago - cme group · pdf fileprospectus j.p. morgan money...

Prospectus

J.P. Morgan Money Market FundsCapital Shares

July 1, 2017

INSTITUTIONAL FUNDJPMorgan Prime Money Market Fund

Ticker: CJPXXGOVERNMENT FUNDS

JPMorgan U.S. Government Money Market FundTicker: OGVXX

JPMorgan U.S. Treasury Plus Money Market FundTicker: JTCXX*

JPMorgan Federal Money Market FundTicker: JFCXX*

JPMorgan 100% U.S. Treasury Securities Money Market FundTicker: CJTXX

RETAIL FUNDJPMorgan Liquid Assets Money Market Fund

Ticker: CJLXX

* The share class currently is not offered to the public.

The Securities and Exchange Commission has not approvedor disapproved of these securities or determined if thisprospectus is truthful or complete. Any representation tothe contrary is a criminal offense.

J.P. MORGAN MONEY MARKET FUNDS

JPMorgan U.S. Treasury Plus Money Market Fund(Capital Shares)

(a series of JPMorgan Trust II)

Supplement dated September 22, 2017to the Prospectus and Statement

of Additional Information dated July 1, 2017

Effective September 22, 2017, Capital Shares of the JPMorgan U.S. Treasury Plus Money Market Fund will be offeredto the public. Statements that the Capital Shares are not offered to the public, as they relate to the JPMorgan U.S.Treasury Plus Money Market Fund, are hereby removed.

INVESTORS SHOULD RETAIN THIS SUPPLEMENTWITH THE PROSPECTUS AND STATEMENT

OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

SUP-USTP-917

J.P. MORGAN MONEY MARKET FUNDS

JPMorgan 100% U.S. Treasury Securities Money Market Fund(All Share Classes)

(a series of JPMorgan Trust I)

Supplement dated August 21, 2017to the Prospectuses, Summary Prospectuses and Statement

of Additional Information dated July 1, 2017

Effective immediately, in order to reflect a change to the disclosure relating to the 100% U.S. Treasury SecuritiesMoney Market Fund, the section under “TEMPORARY DEFENSIVE POSITIONS” in “More About the Funds” for theU.S. Treasury Plus Money Market Fund and 100% U.S. Treasury Securities Money Market Fund is hereby replacedby the following:

U.S. Treasury Plus Money Market FundAs a temporary defensive measure, the Fund may invest up to 20% of its total assets in (1) debt securitiesissued or guaranteed by the U.S. government or its agencies or instrumentalities, and (2) repurchase agree-ments that are secured with collateral issued or guaranteed by the U.S. government or its agencies orinstrumentalities.

100% U.S. Treasury Securities Money Market FundAs a temporary defensive measure, the Fund may invest up to 20% of its total assets in debt securities issuedor guaranteed by the U.S. government or its agencies or instrumentalities.

In addition, the “Temporary Defensive Position Risk” section for the 100% U.S. Treasury Securities Money MarketFund under “TEMPORARY DEFENSIVE POSITIONS” in “More About the Funds” is hereby replaced by the following:

100% U.S. Treasury Securities Money Market FundIf the Fund departs from its investment policies during temporary defensive periods or to meet redemptions,it may not achieve its investment objective.

Investments in the securities enumerated as investments permissible as a temporary defensive measureabove pose additional risks. Investments in securities issued or guaranteed by the U.S. government or itsagencies and instrumentalities or Government-Sponsored Enterprises (“GSEs”) may include Ginnie Mae, Fan-nie Mae, or Freddie Mac securities. Securities issued or guaranteed by Ginnie Mae, Fannie Mae or Freddie Macare not issued directly by the U.S. government. Ginnie Mae is a wholly-owned U.S. corporation that isauthorized to guarantee, with the full faith and credit of the U.S. government, the timely payment of principaland interest of its securities. By contrast, securities issued or guaranteed by U.S. government-related orga-nizations such as Fannie Mae and Freddie Mac are not backed by the full faith and credit of the U.S. govern-ment. No assurance can be given that the U.S. government would provide financial support to its agencies andinstrumentalities if not required to do so by law.

Investments in securities issued or guaranteed by the U.S. government or its agencies and instrumentalitiesmay also be subject to prepayment and call risk. The issuers of mortgage-backed and asset-backed securitiesand other callable securities may be able to repay principal in advance, especially when interest rates fall.Changes in prepayment rates can affect the return on investment and yield of these securities. When mort-gages and other obligations are prepaid and when securities are called, the Fund may have to reinvest insecurities with a lower yield. Additionally, for securities issued by agencies and instrumentalities that are notbacked by the full faith and credit of the U.S. government, the Fund may fail to recover additional amounts(i.e., premiums) paid for securities with higher interest rates, resulting in an unexpected capital loss.Mortgage-related and asset-backed securities are subject to certain other risks. The value of these securitieswill be influenced by the factors affecting the housing market and the assets underlying such securities. As aresult, during periods of declining asset value, difficult or frozen credit markets, swings in interest rates, ordeteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, facevaluation difficulties, become more volatile and/or become illiquid. Furthermore, some asset-backed secu-rities may have additional risk because they may receive little or no collateral protection from the underlyingassets, and are also subject to the risk of default.

SUP-100UST-817

Finally, the corresponding lines on page 9 of the “INVESTMENT PRACTICES” table in the Part I SAI are replaced withthe below:

Instrument Fund CodePart II

Section Reference

Repurchase Agreements: The purchase of a security and thesimultaneous commitment to return the security to the seller at anagreed upon price on an agreed upon date. This is treated as a loan.

1-5, 7-10 RepurchaseAgreements

Reverse Repurchase Agreements: The sale of a security and thesimultaneous commitment to buy the security back at an agreed uponprice on an agreed upon date. This is treated as a borrowing by aFund.

1-5, 7-10 Reverse RepurchaseAgreements

INVESTORS SHOULD RETAIN THIS SUPPLEMENTWITH THE PROSPECTUS, SUMMARY PROSPECTUS AND STATEMENT

OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

CONTENTS

Risk/Return Summaries:

JPMorgan Prime Money Market Fund . . . . . . . . . . . . . . . . . 1

JPMorgan Liquid Assets Money Market Fund . . . . . . . . . . . 6

JPMorgan U.S. Government Money Market Fund . . . . . . . . 11

JPMorgan U.S. Treasury Plus Money Market Fund . . . . . . . 15

JPMorgan Federal Money Market Fund . . . . . . . . . . . . . . . 19

JPMorgan 100% U.S. Treasury Securities Money MarketFund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

More About the Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Additional Information about the Funds’ InvestmentStrategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26

Investment Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30

Conflicts of Interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35

Temporary Defensive Positions . . . . . . . . . . . . . . . . . . . 35

Additional Fee Waiver and/or ExpenseReimbursement . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37

Additional Historical Performance Information . . . . . . . 37

The Funds’ Management and Administration . . . . . . . . . . . 38

How Your Account Works . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Buying Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . 40

Selling Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44

Exchanging Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . 47

Other Information Concerning the Funds . . . . . . . . . . . 48

Shareholder Information . . . . . . . . . . . . . . . . . . . . . . . . . . 49

Distributions and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . 49

Shareholder Statements and Reports . . . . . . . . . . . . . . 50

Availability of Proxy Voting Record . . . . . . . . . . . . . . . . 50

Portfolio Holdings Disclosure . . . . . . . . . . . . . . . . . . . . . 50

Disclosure of Market-Based Net Asset Value . . . . . . . . . 51

What the Terms Mean . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 54

Additional Fee and Expense Information . . . . . . . . . . . . . . 60

How to Reach Us . . . . . . . . . . . . . . . . . . . . . . . . . Back cover

JPMorgan Prime Money Market Fund

Class/Ticker: Capital/CJPXX

The Fund’s Objective

The Fund seeks current income while seeking to maintain liquid-ity and a low volatility of principal.

Fees and Expenses of the Fund

The following table describes the fees and expenses that youmay pay if you buy and hold shares of the Fund.

ANNUAL FUND OPERATING EXPENSES(Expenses that you pay each year as a percentage of the valueof your investment)

Capital

Management Fees 0.08%Other Expenses 0.13

Service Fees 0.05

Remainder of Other Expenses 0.08

Total Annual Fund Operating Expenses 0.21

Fee Waivers and ExpenseReimbursements1 (0.03)

Total Annual Fund Operating ExpensesAfter Fee Waivers and ExpenseReimbursements1 0.18

1 The Fund’s adviser and/or its affiliates have contractually agreed to waivefees and/or reimburse expenses to the extent Total Annual Fund OperatingExpenses of Capital Shares (excluding acquired fund fees and expenses, divi-dend and interest expenses related to short sales, interest, taxes, expensesrelated to litigation and potential litigation, and extraordinary expenses)exceed 0.18% of their average daily net assets. This waiver is in effectthrough 6/30/18, at which time the adviser and/or its affiliates willdetermine whether to renew or revise it.

Example

This Example is intended to help you compare the cost of inves-ting in the Fund with the cost of investing in other mutualfunds. The Example assumes that you invest $10,000 in theFund for the time periods indicated. The Example also assumesthat your investment has a 5% return each year and that theFund’s operating expenses are equal to the total annual fundoperating expenses after fee waivers and expense reimburse-ments shown in the fee table through 6/30/18 and total annualfund operating expenses thereafter. Your actual costs may behigher or lower.

WHETHER OR NOT YOU SELL YOUR SHARES, YOURCOST WOULD BE:

1 Year 3 Years 5 Years 10 Years

CAPITAL SHARES ($) 18 65 115 265

The Fund’s Main Investment Strategy

The Fund invests in high quality, short-term money marketinstruments which are issued and payable in U.S. dollars. TheFund principally invests in:

‰ high quality commercial paper and other short-term debtsecurities, including floating and variable rate demand notesof U.S. and foreign corporations,

‰ debt securities issued or guaranteed by qualified U.S. andforeign banks, including certificates of deposit, time depositsand other short-term securities,

‰ securities issued or guaranteed by the U.S. government, itsagencies or instrumentalities or Government-SponsoredEnterprises (“GSEs”),

‰ asset-backed securities,

‰ repurchase agreements, and

‰ taxable municipal obligations.

The Fund is a money market fund managed in the followingmanner:

‰ The Fund calculates its net asset value to four decimals(e.g., $1.0000) using market-based pricing and operates witha floating net asset value.

‰ The dollar-weighted average maturity of the Fund will be60 days or less and the dollar-weighted average life tomaturity will be 120 days or less.

‰ The Fund will only buy securities that have remaining matur-ities of 397 days or less or securities otherwise permitted tobe purchased because of maturity shortening provisionsunder applicable regulation.

‰ The Fund invests only in U.S. dollar-denominated securities.

‰ The Fund seeks to invest in securities that present minimalcredit risk.

The Fund may invest significantly in securities with floating orvariable rates of interest. Their yields will vary as interest rateschange. The securities in which the Fund may invest includeprivately placed securities. The Fund will generally hold a por-tion of its assets in cash, primarily to meet redemptions.

The Fund will concentrate its investments in the bankingindustry. Therefore, under normal conditions, the Fund willinvest at least 25% of its total assets in securities issued bycompanies in the banking industry. The Fund may, however,invest less than 25% of its total assets in this industry as atemporary defensive measure.

The Fund may trade securities on a when-issued, delayedsettlement or forward commitment basis. The Fund’s adviserseeks to develop an appropriate portfolio by considering thedifferences in yields among securities of different maturities,market sectors and issuers.

JULY 1, 2017 1

JPMorgan Prime Money Market Fund (continued)

Liquidity Fees and Redemption Gates

The Fund’s policies and procedures permit the Board to imposeliquidity fees on redemptions and/or redemption gates in theevent that the Fund’s weekly liquid assets were to fall below adesignated threshold.

If the Fund’s weekly liquid assets fall below 30% of its totalassets, the Board, in its discretion, may impose liquidity fees ofup to 2% of the value of the shares redeemed and/or gates onredemptions. In addition, if the Fund’s weekly liquid assets fallbelow 10% of its total assets at the end of any business day, theFund must impose a 1% liquidity fee on shareholderredemptions unless the Board determines that not doing so isin the best interests of the Fund.

The Fund’s Main Investment Risks

The Fund is subject to management risk and the Fund may notachieve its objective if the adviser’s expectations regardingparticular instruments or interest rates are not met.

You could lose money by investing in the Fund. Because theshare price of the Fund will fluctuate, when you sell your sharesthey may be worth more or less than what you originally paidfor them. The Fund may impose a fee upon the sale of yourshares or may temporarily suspend your ability to sell shares ifthe Fund’s liquidity falls below required minimums because ofmarket conditions or other factors. An investment in the Fundis not insured or guaranteed by the Federal Deposit InsuranceCorporation or any other government agency. The Fund’ssponsor has no legal obligation to provide financial support tothe Fund, and you should not expect that the sponsor will pro-vide financial support to the Fund at any time.

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

An investment in this Fund or any other fund may not pro-vide a complete investment program. The suitability of aninvestment in the Fund should be considered based on theinvestment objective, strategies and risks described in thisprospectus, considered in light of all of the other invest-ments in your portfolio, as well as your risk tolerance, finan-cial goals and time horizons. You may want to consult with afinancial advisor to determine if this Fund is suitable for you.

The Fund is subject to the main risks noted below, any of whichmay adversely affect the Fund’s performance and ability tomeet its investment objective.

Interest Rate Risk. The Fund’s investments in bonds and otherdebt securities will change in value based on changes in inter-est rates. If rates increase, the value of these investmentsgenerally declines. Securities with greater interest rate sensi-

tivity and longer maturities generally are subject to greaterfluctuations in value. The Fund may invest in variable and float-ing rate securities. Although these instruments are generallyless sensitive to interest rate changes than fixed rate instru-ments, the value of floating rate and variable securities maydecline if their interest rates do not rise as quickly, or as much,as general interest rates. Given that the Federal Reserve hasbegun to raise interest rates, the Fund may face a heightenedlevel of interest rate risk.

Credit Risk. The Fund’s investments are subject to the risk thatissuers and/or counterparties will fail to make payments whendue or default completely. Prices of the Fund’s investments maybe adversely affected if any of the issuers or counterparties it isinvested in are subject to an actual or perceived deterioration intheir credit quality. Credit spreads may increase, which mayreduce the market values of the Fund’s securities. Credit spreadrisk is the risk that economic and market conditions or any actualor perceived credit deterioration may lead to an increase in thecredit spreads (i.e., the difference in yield between two securitiesof similar maturity but different credit quality) and a decline inprice of the issuer’s securities.

General Market Risk. Economies and financial markets through-out the world are becoming increasingly interconnected, whichincreases the likelihood that events or conditions in one coun-try or region will adversely impact markets or issuers in othercountries or regions. Securities in the Fund’s portfolio mayunderperform in comparison to securities in general financialmarkets, a particular financial market or other asset classes,due to a number of factors, including inflation (or expectationsfor inflation), interest rates, global demand for particular prod-ucts or resources, natural disasters or events, terrorism, regu-latory events and government controls.

Mortgage-Related and Other Asset-Backed Securities Risk.Mortgage-related and asset-backed securities are subject tocertain other risks, including prepayment and call risks. Duringperiods of difficult or frozen credit markets, significant changesin interest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities may decline invalue, face valuation difficulties, become more volatile and/orbecome illiquid. When mortgages and other obligations areprepaid and when securities are called, the Fund may have toreinvest in securities with a lower yield or fail to recover addi-tional amounts (i.e., premiums) paid for securities with higherinterest rates, resulting in an unexpected capital loss and/or adecrease in the amount of dividends and yield. In periods ofrising interest rates, the Fund may be subject to extension risk,and may receive principal later than expected. As a result, inperiods of rising interest rates, the Fund may exhibit additionalvolatility.

Government Securities Risk. The Fund invests in securitiesissued or guaranteed by the U.S. government or its agencies

2 J.P. MORGAN MONEY MARKET FUNDS

and instrumentalities (such as securities issued by the Govern-ment National Mortgage Association (Ginnie Mae), the FederalNational Mortgage Association (Fannie Mae), the Federal HomeLoan Mortgage Corporation (Freddie Mac) or otherGovernment-Sponsored Enterprises (GSEs)). U.S. governmentsecurities are subject to market risk, interest rate risk andcredit risk. Securities, such as those issued or guaranteed byGinnie Mae or the U.S. Treasury, that are backed by the fullfaith and credit of the United States are guaranteed only as tothe timely payment of interest and principal when held tomaturity and the market prices for such securities will fluc-tuate. Notwithstanding that these securities are backed by thefull faith and credit of the United States, circumstances couldarise that would prevent the payment of interest or principal.This would result in losses to the Fund. Securities issued orguaranteed by U.S. government related organizations, such asFannie Mae and Freddie Mac, are not backed by the full faithand credit of the U.S. government and no assurance can begiven that the U.S. government will provide financial support.Therefore, U.S. government related organizations may not havethe funds to meet their payment obligations in the future. U.S.government securities include zero coupon securities, whichtend to be subject to greater market risk than interest-payingsecurities of similar maturities.

Municipal Obligations Risk. The risk of a municipal obligationgenerally depends on the financial and credit status of theissuer. Changes in a municipality’s financial health may make itdifficult for the municipality to make interest and principalpayments when due. This could decrease the Fund’s income orhurt the ability to preserve capital and liquidity.

Under some circumstances, municipal obligations might notpay interest unless the state legislature or municipality author-izes money for that purpose. Some obligations, includingmunicipal lease obligations, carry additional risks.

Municipal obligations may be more susceptible to downgradesor defaults during recessions or similar periods of economicstress. In addition, since some municipal obligations may besecured or guaranteed by banks and other institutions, the riskto the Fund could increase if the banking or financial sectorsuffers an economic downturn and/or if the credit ratings ofthe institutions issuing the guarantee are downgraded or at riskof being downgraded by a national rating organization. Such adownward revision or risk of being downgraded may have anadverse effect on the market prices of the obligations and thusthe value of the Fund’s investments. To the extent that thefinancial institutions securing the municipal obligations arelocated outside the U.S., these securities could be riskier thanthose backed by U.S. institutions because of possible political,social or economic instability, higher transaction costs, cur-rency fluctuations, and possible delayed settlement.

In addition to being downgraded, an insolvent municipality mayfile for bankruptcy. The reorganization of a municipality’s debtsmay significantly affect the rights of creditors and the value ofthe obligations issued by the municipality and the value of theFund’s investments.

When-Issued, Delayed Settlement and Forward CommitmentTransactions Risk. The Fund may purchase or sell securitieswhich it is eligible to purchase or sell on a when-issued basis,may purchase and sell such securities for delayed delivery andmay make contracts to purchase or sell such securities for afixed price at a future date beyond normal settlement time(forward commitments). When-issued transactions, delayeddelivery purchases and forward commitments involve the riskthat the security the Fund buys will lose value prior to its deliv-ery. There also is the risk that the security will not be issued orthat the other party to the transaction will not meet its obliga-tion. If this occurs, the Fund loses both the investment oppor-tunity for the assets it set aside to pay for the security and anygain in the security’s price.

Transactions Risk. The Fund could experience a loss and its liq-uidity may be negatively impacted when selling securities tomeet redemption requests by shareholders. The risk of lossincreases if the redemption requests are unusually large orfrequent or occur in times of overall market turmoil or declin-ing prices. Similarly, large purchases of Fund shares mayadversely affect the Fund’s performance to the extent that theFund is delayed in investing new cash and is required to main-tain a larger cash position than it ordinarily would.

Concentration Risk. Because the Fund will, under ordinary cir-cumstances, invest a significant portion of its assets in secu-rities of companies in the banking industry, developmentsaffecting the banking industry may have a disproportionateimpact on the Fund. These risks generally include interest raterisk, credit risk and risk associated with regulatory changes inthe banking industry. The profitability of banks depends largelyon the availability and cost of funds, which can change depend-ing on economic conditions.

Foreign Securities Risk. Because the Fund may invest in foreignsecurities, it is subject to special risks in addition to those appli-cable to U.S. investments. These risks include political andeconomic risks, civil conflicts and war, greater volatility,expropriation and nationalization risks, sanctions or othermeasures by the United States or other governments, currencyfluctuations, higher transaction costs, delayed settlement,possible foreign controls on investment, and less stringentinvestor protection and disclosure standards of foreign markets.The securities markets of many foreign countries are relativelysmall, with a limited number of companies representing a smallnumber of industries. In certain markets where securities andother instruments are not traded “delivery versus payment,” theFund may not receive timely payment for securities or other

JULY 1, 2017 3

JPMorgan Prime Money Market Fund (continued)

instruments it has delivered or receive delivery of securitiespaid for and may be subject to increased risk that the counter-party will fail to make payments or delivery when due or defaultcompletely. Events and evolving conditions in certain economiesor markets may alter the risks associated with investments tiedto countries or regions that historically were perceived ascomparatively stable becoming riskier and more volatile.

Industry and Sector Focus Risk. At times the Fund may increasethe relative emphasis of its investments in a particular industryor sector. The prices of securities of issuers in a particularindustry or sector may be more susceptible to fluctuations dueto changes in economic or business conditions, governmentregulations, availability of basic resources or supplies, or otherevents that affect that industry or sector more than securitiesof issuers in other industries and sectors. To the extent that theFund increases the relative emphasis of its investments in aparticular industry or sector, its shares’ values may fluctuate inresponse to events affecting that industry or sector.

Floating and Variable Rate Securities Risk. Floating and variablerate securities provide for a periodic adjustment in the interestrate paid on the securities. The rate adjustment intervals maybe regular and range from daily up to annually, or may bebased on an event, such as a change in the prime rate. Floatingand variable rate securities may be subject to greater liquidityrisk than other debt securities, meaning that there may be limi-tations on the Fund’s ability to sell the securities at any giventime. Such securities also may lose value.

Repurchase Agreement Risk. There is a risk that the counter-party to a repurchase agreement will default or otherwisebecome unable to honor a financial obligation and the value ofyour investment could decline as a result.

Risk Associated with the Fund Holding Cash. The Fund will gen-erally hold a portion of its assets in cash, primarily to meetredemptions. Cash positions may hurt performance and maysubject the Fund to additional risks and costs, such asincreased exposure to the custodian bank holding the assetsand any fees imposed for large cash balances.

Prepayment Risk. The issuer of certain securities may repayprincipal in advance, especially when yields fall. Changes in therate at which prepayments occur can affect the return oninvestment of these securities. When debt obligations are pre-paid or when securities are called, the Fund may have toreinvest in securities with a lower yield. The Fund also may failto recover additional amounts (i.e., premiums) paid for secu-rities with higher coupons, resulting in an unexpected capitalloss.

Privately Placed Securities Risk. Privately placed securitiesgenerally are less liquid than publicly traded securities and theFund may not always be able to sell such securities withoutexperiencing delays in finding buyers or reducing the sale price

for such securities. The disposition of some of the securitiesheld by the Fund may be restricted under federal securitieslaws. As a result, the Fund may not be able to dispose of suchinvestments at a time when, or at a price at which, it desires todo so and may have to bear expenses of registering thesesecurities, if necessary. These securities may also be difficult tovalue.

Investments in the Fund are not deposits or obligations of, orguaranteed or endorsed by, any bank and are not insured orguaranteed by the FDIC, the Federal Reserve Board or anyother government agency. It is possible to lose money byinvesting in the Fund.

The Fund’s Past Performance

This section provides some indication of the risks of investing inthe Fund. The bar chart shows how the performance of theFund’s Capital Shares has varied from year to year for the pastten calendar years. The table shows the average annual totalreturns over the past one year, five years and ten years.

To obtain current yield information call 1-800-766-7722. Pastperformance is not necessarily an indication of how the Fundwill perform in the future.

YEAR-BY-YEAR RETURNS

6.00%

5.00%

4.00%

0.00%

1.00%

2.00%

3.00%

200920082007 2011 20122010

2.95%

5.27%

0.54%0.14% 0.10%

0.51%0.11%

2016201520142013

0.17% 0.07%0.04%

Best Quarter 3Q 2007 1.33%

Worst Quarter 4Q 2013 0.01%

1Q, 2Q, 3Q and 4Q 2014

The Fund’s year-to-date total return as of 3/31/17 was 0.22%.


AVERAGE ANNUAL TOTAL RETURNS(For periods ended December 31, 2016)

Past1 Year

Past5 Years

Past10 Years

CAPITAL SHARES 0.51% 0.18% 0.98%

Management

J.P. Morgan Investment Management Inc.

Purchase and Sale of Fund Shares

Purchase minimums

For Capital SharesTo establish an account $50,000,000To add to an account No minimum levels

Certain institutional investors may meet the minimum throughthe total amount of Capital Shares of the Fund for all suchinstitutional investors with the financial intermediary.

You may purchase or redeem shares on any business day thatthe Fund is open:

‰ Through your financial intermediary‰ By writing to J.P. Morgan Institutional Funds Service Center

500 Stanton Christiana Road, 3-OPS3, Newark DE 19713‰ After you open an account, by calling J.P. Morgan Institu-

tional Funds Service Center at 1-800-766-7722

Tax Information

The Fund intends to make distributions that may be taxed asordinary income or capital gains, except when your investmentis in an IRA, 401(k) plan or other tax-advantaged investmentplan, in which case you may be subject to federal income taxupon withdrawal from the tax-advantaged investment plan.

Payments to Broker-Dealers and Other FinancialIntermediaries

If you purchase shares of the Fund through a broker-dealer orother financial intermediary (such as a bank), the Fund and itsrelated companies may pay the financial intermediary for thesale of Fund shares and related services. These payments maycreate a conflict of interest by influencing the broker-dealer orfinancial intermediary and your salesperson to recommend theFund over another investment. Ask your salesperson or visityour financial intermediary’s website for more information.

JULY 1, 2017 5

JPMorgan Liquid Assets Money Market Fund

Class/Ticker: Capital/CJLXX


The Fund seeks current income with liquidity and stability ofprincipal.




Capital

Management Fees 0.08%

Other Expenses 0.14

Service Fees 0.05






Example














‰ The Fund seeks to maintain a net asset value (“NAV”) of$1.00 per share.






The Fund will concentrate its investments in the financial serv-ices industry, including asset-backed commercial paper pro-grams. Therefore, under normal conditions, the Fund will investat least 25% of its total assets in securities issued by companiesin the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backedsecurities. The Fund may, however, invest less than 25% of itstotal assets in this industry if warranted due to adverseeconomic conditions or if investing less than 25% appears to bein the best interest of shareholders.


The Fund may enter into lending agreements under which theFund would lend money for temporary purposes directly toanother J.P. Morgan Fund through a credit facility, subject tomeeting the conditions of an SEC exemptive order granted tothe Fund permitting such interfund lending.


Money Market Fund Reform

Under the amendments to the Securities and Exchange Commis-sion (“SEC”) rules that govern the operation of registeredmoney market funds (“MMFs”), MMFs that qualify as “retail”(“Retail MMFs”) or “government” (“Government MMFs”) arepermitted to continue to utilize amortized cost to value theirportfolio securities and to transact at their existing $1.00 shareprice. MMFs that do not qualify as Retail MMFs or GovernmentMMFs (collectively, “Institutional MMFs”) are required to priceand transact in their shares at NAV reflecting current market-based values of their portfolio securities (i.e., at a “floatingNAV”). The Fund intends to continue to qualify as a RetailMMF.




Further Developments

The determination that the Fund will continue to qualify as aRetail MMF remains subject to future change. Shareholders willbe given notice of further developments, as appropriate.

In order to separate retail and non-retail investors, pursuant torelief granted by the SEC, the Fund may redeem investors thatdo not satisfy the eligibility requirements for Retail MMFinvestors. The Fund will provide advance written notification ofits intent to make any such involuntary redemptions to theapplicable shareholders, which will include more specificinformation about timing. Neither the Fund nor the adviser willbe responsible for any loss in an investor’s account or taxliability resulting from an involuntary redemption.



You could lose money by investing in the Fund. Although theFund seeks to preserve the value of your investment at $1.00per share, it cannot guarantee it will do so. The Fund mayimpose a fee upon the sale of your shares or may temporarilysuspend your ability to sell shares if the Fund’s liquidity fallsbelow required minimums because of market conditions orother factors. An investment in the Fund is not insured orguaranteed by the Federal Deposit Insurance Corporation orany other government agency. The Fund’s sponsor has no legalobligation to provide financial support to the Fund, and youshould not expect that the sponsor will provide financial sup-port to the Fund at any time.



Interest Rate Risk. The Fund’s investments in bonds and otherdebt securities will change in value based on changes in inter-est rates. If rates increase, the value of these investmentsgenerally declines. Securities with greater interest rate sensi-tivity and longer maturities generally are subject to greaterfluctuations in value. The Fund may invest in variable and float-ing rate securities. Although these instruments are generallyless sensitive to interest rate changes than fixed rate instru-ments, the value of floating rate and variable securities maydecline if their interest rates do not rise as quickly, or as much,as general interest rates. Given that the Federal Reserve hasbegun to raise interest rates, the Fund may face a heightenedlevel of interest rate risk.

Credit Risk. The Fund’s investments are subject to the risk thatissuers and/or counterparties will fail to make payments whendue or default completely. Prices of the Fund’s investments maybe adversely affected if any of the issuers or counterparties it isinvested in are subject to an actual or perceived deterioration intheir credit quality. Credit spreads may increase, which mayreduce the market values of the Fund’s securities. Credit spreadrisk is the risk that economic and market conditions or any actualor perceived credit deterioration may lead to an increase in the

JULY 1, 2017 7

JPMorgan Liquid Assets Money Market Fund (continued)

credit spreads (i.e., the difference in yield between two securitiesof similar maturity but different credit quality) and a decline inprice of the issuer’s securities.

General Market Risk. Economies and financial markets through-out the world are becoming increasingly interconnected, whichincreases the likelihood that events or conditions in one coun-try or region will adversely impact markets or issuers in othercountries or regions. Securities in the Fund’s portfolio mayunderperform in comparison to securities in general financialmarkets, a particular financial market or other assetclasses, due to a number of factors, including inflation (orexpectations for inflation), interest rates, global demand forparticular products or resources, natural disasters or events,terrorism, regulatory events and government controls.

Mortgage-Related and Other Asset-Backed Securities Risk.Mortgage-related and asset-backed securities are subject tocertain other risks, including prepayment and call risks. Duringperiods of difficult or frozen credit markets, significant changesin interest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities may decline invalue, face valuation difficulties, become more volatile and/orbecome illiquid. When mortgages and other obligations areprepaid and when securities are called, the Fund may have toreinvest in securities with a lower yield or fail to recover addi-tional amounts (i.e., premiums) paid for securities with higherinterest rates, resulting in an unexpected capital loss and/or adecrease in the amount of dividends and yield. In periods ofrising interest rates, the Fund may be subject to extension risk,and may receive principal later than expected. As a result, inperiods of rising interest rates, the Fund may exhibit additionalvolatility.

Government Securities Risk. The Fund invests in securitiesissued or guaranteed by the U.S. government or its agenciesand instrumentalities (such as securities issued by the Govern-ment National Mortgage Association (Ginnie Mae), the FederalNational Mortgage Association (Fannie Mae), the Federal HomeLoan Mortgage Corporation (Freddie Mac) or otherGovernment-Sponsored Enterprises (GSEs)). U.S. governmentsecurities are subject to market risk, interest rate risk andcredit risk. Securities, such as those issued or guaranteed byGinnie Mae or the U.S. Treasury, that are backed by the fullfaith and credit of the United States are guaranteed only as tothe timely payment of interest and principal when held tomaturity and the market prices for such securities will fluc-tuate. Notwithstanding that these securities are backed by thefull faith and credit of the United States, circumstances couldarise that would prevent the payment of interest or principal.This would result in losses to the Fund. Securities issued orguaranteed by U.S. government related organizations, such asFannie Mae and Freddie Mac, are not backed by the full faithand credit of the U.S. government and no assurance can be

given that the U.S. government will provide financial support.Therefore, U.S. government related organizations may not havethe funds to meet their payment obligations in the future. U.S.government securities include zero coupon securities, whichtend to be subject to greater market risk than interest-payingsecurities of similar maturities.

Municipal Obligations Risk. The risk of a municipal obligationgenerally depends on the financial and credit status of theissuer. Changes in a municipality’s financial health may make itdifficult for the municipality to make interest and principalpayments when due. This could decrease the Fund’s income orhurt the ability to preserve capital and liquidity.

Under some circumstances, municipal obligations might notpay interest unless the state legislature or municipality author-izes money for that purpose. Some obligations, includingmunicipal lease obligations, carry additional risks.

Municipal obligations may be more susceptible to downgradesor defaults during recessions or similar periods of economicstress. In addition, since some municipal obligations may besecured or guaranteed by banks and other institutions, the riskto the Fund could increase if the banking or financial sectorsuffers an economic downturn and/or if the credit ratings ofthe institutions issuing the guarantee are downgraded or at riskof being downgraded by a national rating organization. Such adownward revision or risk of being downgraded may have anadverse effect on the market prices of the obligations and thusthe value of the Fund’s investments. To the extent that thefinancial institutions securing the municipal obligations arelocated outside the U.S., these securities could be riskier thanthose backed by U.S. institutions because of possible political,social or economic instability, higher transaction costs, cur-rency fluctuations, and possible delayed settlement.

In addition to being downgraded, an insolvent municipality mayfile for bankruptcy. The reorganization of a municipality’s debtsmay significantly affect the rights of creditors and the value ofthe obligations issued by the municipality and the value of theFund’s investments.




Concentration Risk. Because the Fund will, under ordinary cir-cumstances, invest a significant portion of its assets in secu-rities of companies in the financial services industry,developments affecting the financial services industry mayhave a disproportionate impact on the Fund. These risks gen-erally include interest rate risk, credit risk and risk associatedwith regulatory changes in the financial services industry. Inaddition, financial services companies are highly dependent onthe supply of short-term financing.

Foreign Securities Risk. Because the Fund may invest in foreignsecurities, it is subject to special risks in addition to thoseapplicable to U.S. investments. These risks include political andeconomic risks, civil conflicts and war, greater volatility,expropriation and nationalization risks, sanctions or othermeasures by the United States or other governments, currencyfluctuations, higher transaction costs, delayed settlement,possible foreign controls on investment, and less stringentinvestor protection and disclosure standards of foreign mar-kets. The securities markets of many foreign countries are rela-tively small, with a limited number of companies representing asmall number of industries. In certain markets where securitiesand other instruments are not traded “delivery versuspayment,” the Fund may not receive timely payment for secu-rities or other instruments it has delivered or receive deliveryof securities paid for and may be subject to increased risk thatthe counterparty will fail to make payments or delivery whendue or default completely. Events and evolving conditions incertain economies or markets may alter the risks associatedwith investments tied to countries or regions that historicallywere perceived as comparatively stable becoming riskier andmore volatile.

Industry and Sector Focus Risk. At times the Fund may increasethe relative emphasis of its investments in a particular industryor sector. The prices of securities of issuers in a particularindustry or sector may be more susceptible to fluctuations dueto changes in economic or business conditions, governmentregulations, availability of basic resources or supplies, or otherevents that affect that industry or sector more than securitiesof issuers in other industries and sectors. To the extent that theFund increases the relative emphasis of its investments in aparticular industry or sector, its shares’ values may fluctuate inresponse to events affecting that industry or sector.


Net Asset Value Risk. There is no assurance that the Fund willmeet its investment objective of maintaining a net asset valueof $1.00 per share on a continuous basis. Furthermore, therecan be no assurance that the Fund’s affiliates will purchasedistressed assets from the Fund, make capital infusions, enterinto capital support agreements or take other actions to ensurethat the Fund maintains a net asset value of $1.00 per share. Inthe event any money market fund fails to maintain a stable netasset value, other money market funds, including the Fund,could face a universal risk of increased redemption pressures,potentially jeopardizing the stability of their net asset values. Ingeneral, certain other money market funds have in the pastfailed to maintain stable net asset values and there can be noassurance that such failures and resulting redemptionpressures will not occur in the future.



Interfund Lending Risk. A delay in repayment to the Fund froma borrowing fund could result in lost opportunity costs. Inter-fund loans are subject to the risk that the borrowing fund couldbe unable to repay the loan when due. In the case of a defaultby a borrowing fund and to the extent that the loan iscollateralized, the Fund could take possession of collateral thatthe Fund is not permitted to hold and, therefore, would berequired to dispose of such collateral as soon as possible,which could result in a loss to the Fund.

Prepayment Risk. The issuer of certain securities may repayprincipal in advance, especially when yields fall. Changes in therate at which prepayments occur can affect the return oninvestment of these securities. When debt obligations are pre-paid or when securities are called, the Fund may have to reinvestin securities with a lower yield. The Fund also may fail to recoveradditional amounts (i.e., premiums) paid for securities withhigher coupons, resulting in an unexpected capital loss.

JULY 1, 2017 9

JPMorgan Liquid Assets Money Market Fund (continued)

Privately Placed Securities Risk. Privately placed securities gen-erally are less liquid than publicly traded securities and the Fundmay not always be able to sell such securities without experienc-ing delays in finding buyers or reducing the sale price for suchsecurities. The disposition of some of the securities held by theFund may be restricted under federal securities laws. As a result,the Fund may not be able to dispose of such investments at atime when, or at a price at which, it desires to do so and mayhave to bear expenses of registering these securities, if neces-sary. These securities may also be difficult to value.

Investments in the Fund are not deposits or obligations of, orguaranteed or endorsed by, any bank and are not insured orguaranteed by the FDIC, the Federal Reserve Board or anyother government agency. Although the Fund seeks to pre-serve the value of your investment at $1.00 per share, it ispossible to lose money by investing in the Fund.





6.00%

5.00%

4.00%

0.00%

1.00%

2.00%

3.00%

2010200920082007 2012 20162015201420132011

3.03%

5.30%

0.59%0.17% 0.12%

0.44%0.18%0.12% 0.08%0.06%


Worst Quarter 1Q and 2Q 2014 0.01%



Past1 Year

Past5 Years

Past10 Years


Management



Purchase minimums







Investments in the Fund are limited to accounts beneficiallyowned by natural persons.

Tax Information





JPMorgan U.S. Government Money Market Fund

Class/Ticker: Capital/OGVXX


The Fund seeks high current income with liquidity and stabilityof principal.




Capital


Other Expenses 0.13

Service Fees 0.05






Example






Under normal conditions, the Fund invests its assets exclusivelyin:

‰ debt securities issued or guaranteed by the U.S. government,or by U.S. government agencies or instrumentalities orGovernment-Sponsored Enterprises (“GSEs”), and

‰ repurchase agreements fully collateralized by U.S. Treasuryand U.S. government securities.







The Fund may invest significantly in securities with floating orvariable rates of interest. Their yields will vary as interest rateschange. The Fund will generally hold a portion of its assets incash, primarily to meet redemptions.

The Fund intends to continue to qualify as a “governmentmoney market fund,” as such term is defined in or interpretedunder Rule 2a-7 under the Investment Company Act of 1940, asamended (“Investment Company Act”). “Government moneymarket funds” are required to invest at least 99.5% of theirassets in (i) cash, (ii) securities issued or guaranteed by theUnited States or certain U.S. government agencies orinstrumentalities and/or (iii) repurchase agreements that arecollateralized fully, and are exempt from requirements thatpermit money market funds to impose a liquidity fee and/ortemporary redemption gates. While the J.P. Morgan Funds’Board of Trustees (the “Board”) may elect to subject the Fundto liquidity fee and gate requirements in the future, the Boardhas not elected to do so at this time. A government moneymarket fund may also include investments in other governmentmoney market funds as an eligible investment for purposes ofthe 99.5% requirement above.


JULY 1, 2017 11

JPMorgan U.S. Government Money Market Fund (continued)




You could lose money by investing in the Fund. Although theFund seeks to preserve the value of your investment at $1.00per share, it cannot guarantee it will do so. An investment inthe Fund is not insured or guaranteed by the Federal DepositInsurance Corporation or any other government agency. TheFund’s sponsor has no legal obligation to provide financialsupport to the Fund, and you should not expect that the spon-sor will provide financial support to the Fund at any time.




Credit Risk. The Fund’s investments are subject to the risk thatissuers and/or counterparties will fail to make payments whendue or default completely. Prices of the Fund’s investmentsmay be adversely affected if any of the issuers or counter-parties it is invested in are subject to an actual or perceiveddeterioration in their credit quality. Credit spreads mayincrease, which may reduce the market values of the Fund’s

securities. Credit spread risk is the risk that economic andmarket conditions or any actual or perceived credit deterio-ration may lead to an increase in the credit spreads (i.e., thedifference in yield between two securities of similar maturitybut different credit quality) and a decline in price of the issuer’ssecurities.


Mortgage-Related Securities Risk. Mortgage-related securitiesare subject to certain other risks, including prepayment andcall risks. During periods of difficult or frozen credit markets,significant changes in interest rates, or deteriorating economicconditions, mortgage-related securities may decline in value,face valuation difficulties, become more volatile and/orbecome illiquid. When mortgages and other obligations areprepaid and when securities are called, the Fund may have toreinvest in securities with a lower yield or fail to recover addi-tional amounts (i.e., premiums) paid for securities with higherinterest rates, resulting in an unexpected capital loss and/or adecrease in the amount of dividends and yield. In periods ofrising interest rates, the Fund may be subject to extension risk,and may receive principal later than expected. As a result, inperiods of rising interest rates, the Fund may exhibit additionalvolatility.

Government Securities Risk. The Fund invests in securitiesissued or guaranteed by the U.S. government or its agenciesand instrumentalities (such as securities issued by the Govern-ment National Mortgage Association (Ginnie Mae), the FederalNational Mortgage Association (Fannie Mae), the Federal HomeLoan Mortgage Corporation (Freddie Mac) or otherGovernment-Sponsored Enterprises (GSEs)). U.S. governmentsecurities are subject to market risk, interest rate risk andcredit risk. Securities, such as those issued or guaranteed byGinnie Mae or the U.S. Treasury, that are backed by the fullfaith and credit of the United States are guaranteed only as tothe timely payment of interest and principal when held tomaturity and the market prices for such securities will fluc-tuate. Notwithstanding that these securities are backed by thefull faith and credit of the United States, circumstances couldarise that would prevent the payment of interest or principal.This would result in losses to the Fund. Securities issued orguaranteed by U.S. government related organizations, such asFannie Mae and Freddie Mac, are not backed by the full faith


and credit of the U.S. government and no assurance can begiven that the U.S. government will provide financial support.Therefore, U.S. government related organizations may not havethe funds to meet their payment obligations in the future.U.S. government securities include zero coupon securities,which tend to be subject to greater market risk than interest-paying securities of similar maturities.




Net Asset Value Risk. There is no assurance that the Fund willmeet its investment objective of maintaining a net asset valueof $1.00 per share on a continuous basis. Furthermore, therecan be no assurance that the Fund’s affiliates will purchasedistressed assets from the Fund, make capital infusions, enterinto capital support agreements or take other actions to ensurethat the Fund maintains a net asset value of $1.00 per share. Inthe event any money market fund fails to maintain a stable netasset value, other money market funds, including the Fund,could face a universal risk of increased redemption pressures,potentially jeopardizing the stability of their net asset values. Ingeneral, certain other money market funds have in the past

failed to maintain stable net asset values and there can be noassurance that such failures and resulting redemption pres-sures will not occur in the future.



Interfund Lending Risk. A delay in repayment to the Fund froma borrowing fund could result in lost opportunity costs. Inter-fund loans are subject to the risk that the borrowing fund couldbe unable to repay the loan when due. In the case of a defaultby a borrowing fund and to the extent that the loan iscollateralized, the Fund could take possession of collateral thatthe Fund is not permitted to hold and, therefore, would berequired to dispose of such collateral as soon as possible,which could result in a loss to the Fund.


State and Local Taxation Risk. The Fund may invest in securitieswhose interest is subject to state and local income taxes. Con-sult your tax professional for more information.


The Fund’s Past PerformanceThis section provides some indication of the risks of investing inthe Fund. The bar chart shows how the performance of theFund’s Capital Shares has varied from year to year for the pastten calendar years. The table shows the average annual totalreturns over the past one year, five years and ten years.


JULY 1, 2017 13

JPMorgan U.S. Government Money Market Fund (continued)


6.00%

5.00%

4.00%

0.00%

1.00%

2.00%

3.00%

2007

5.13%

2008

2.45%

0.02%0.28%

2009

0.32%

2010

0.08%

2012

0.01%

2016201520142013

0.01% 0.01%

2011

0.02%

Best Quarter 2Q and 3Q 2007 1.29%

Worst Quarter 2Q, 3Q, and 4Q 2011 0.00%

1Q, 2Q, 3Q and 4Q 2012

1Q, 2Q, 3Q and 4Q 2013

1Q, 2Q, 3Q and 4Q 2014

1Q, 2Q and 3Q 2015



Past1 Year

Past5 Years

Past10 Years


Management



Purchase minimums







Tax Information





JPMorgan U.S. Treasury Plus Money Market Fund

Class/Ticker: Capital/JTCXX** The share class currently is not offered to the public.


The Fund seeks current income with liquidity and stability ofprincipal.




Capital


Service Fees 0.05Remainder of Other Expenses1 0.08

Total Annual Fund Operating Expenses 0.21Fee Waivers and Expense Reimbursements2 (0.03)

Total Annual Fund Operating Expenses After FeeWaivers and Expense Reimbursements2 0.18

1 “Remainder of Other Expenses” are based on estimated amounts for thecurrent fiscal year.


Example







‰ obligations of the U.S. Treasury, including Treasury bills,bonds and notes and other obligations issued or guaranteedby the U.S. Treasury, and

‰ repurchase agreements fully collateralized by U.S. Treasurysecurities.

The debt securities described above carry different interestrates, maturities and issue dates.







The Fund will generally hold a portion of its assets in cash,primarily to meet redemptions.


The Fund’s adviser seeks to develop an appropriate portfolio byconsidering the differences in yields among securities of differ-ent maturities and issue dates.

JULY 1, 2017 15

JPMorgan U.S. Treasury Plus Money Market Fund (continued)









Government Securities Risk. The Fund invests in securities issuedor guaranteed by the U.S. government or its agencies or otherGovernment-Sponsored Enterprises (“GSEs”). U.S. governmentsecurities are subject to market risk, interest rate risk and creditrisk. Securities, such as those issued or guaranteed by the U.S.Treasury, that are backed by the full faith and credit of theUnited States are guaranteed only as to the timely payment ofinterest and principal when held to maturity and the marketprices for such securities will fluctuate. Notwithstanding thatthese securities are backed by the full faith and credit of theUnited States, circumstances could arise that would prevent thepayment of interest or principal. This would result in losses to theFund. U.S. government securities include zero coupon securities,which tend to be subject to greater market risk than interest-paying securities of similar maturities.


Net Asset Value Risk. There is no assurance that the Fund willmeet its investment objective of maintaining a net asset valueof $1.00 per share on a continuous basis. Furthermore, therecan be no assurance that the Fund’s affiliates will purchasedistressed assets from the Fund, make capital infusions, enterinto capital support agreements or take other actions to ensurethat the Fund maintains a net asset value of $1.00 per share. Inthe event any money market fund fails to maintain a stable netasset value, other money market funds, including the Fund,could face a universal risk of increased redemption pressures,potentially jeopardizing the stability of their net asset values. Ingeneral, certain other money market funds have in the pastfailed to maintain stable net asset values and there can be noassurance that such failures and resulting redemption pres-sures will not occur in the future.







This section provides some indication of the risks of investing inthe Fund. Because Capital Shares have not yet commencedoperations as of the date of this prospectus, the bar chartshows how the performance of the Fund’s Institutional ClassShares (which are not offered in this prospectus) has variedfrom year to year for the past ten calendar years. The tableshows the average annual total returns over the past one year,five years and ten years. Returns for Capital Shares would besimilar to the returns shown because the shares are invested inthe same portfolio of securities and the returns would differonly to the extent that the classes do not have the sameexpenses.


YEAR-BY-YEAR RETURNS — INSTITUTIONAL CLASS SHARES

6.00%

5.00%

4.00%

3.00%

2.00%

0.00%

1.00%

4.81%

1.54%

0.12% 0.19%0.00%0.00%0.00%0.00%0.00%0.02%

2007 2008 2009 2010 2012 20162015201420132011


Worst Quarter 4Q 2009 0.00%

1Q 2010

1Q, 2Q, 3Q and 4Q 2011

1Q, 2Q, 3Q and 4Q 2012

1Q, 2Q, 3Q and 4Q 2013

1Q, 2Q, 3Q and 4Q 2014

1Q, 2Q, 3Q and 4Q 2015



Past1 Year

Past5 Years

Past10 Years

INSTITUTIONAL CLASS SHARES 0.19% 0.04% 0.66%

Management



Purchase minimums



JULY 1, 2017 17

JPMorgan U.S. Treasury Plus Money Market Fund (continued)





Tax Information

The Fund intends to make distributions that may be taxed asordinary income or capital gains, except when your investmentis in an IRA, 401(k) plan or other tax-advantaged investment

plan, in which case you may be subject to federal income taxupon withdrawal from the tax-advantaged investment plan.




JPMorgan Federal Money Market Fund

Class/Ticker: Capital/JFCXX** The share class currently is not offered to the public.


The Fund aims to provide current income while still preservingcapital and maintaining liquidity.




Capital


Other Expenses 0.17

Service Fees 0.05

Remainder of Other Expenses1 0.12

Total Annual Fund Operating Expenses 0.25Fee Waivers and Expense Reimbursements2 (0.07)

Total Annual Fund Operating Expenses After FeeWaivers and Expense Reimbursements2 0.18

1 “Remainder of Other Expenses” is based on estimated amounts for the cur-rent fiscal year.

2 The Fund’s adviser and/or its affiliates have contractually agreed to waive feesand/or reimburse expenses to the extent Total Annual Fund Operating Expensesof Capital Shares (excluding acquired fund fees and expenses, dividend andinterest expenses related to short sales, interest, taxes, expenses related to liti-gation and potential litigation, and extraordinary expenses) exceed 0.18% oftheir average daily net assets. This waiver is in effect through 6/30/18, at whichtime the adviser and/or its affiliates will determine whether to renew or revise it.

Example







‰ obligations of the U.S. Treasury, including Treasury bills,bonds and notes, and

‰ debt securities that certain U.S. government agencies orinstrumentalities have either issued or guaranteed as toprincipal and interest.

The interest on these securities is generally exempt from stateand local income taxes.









The Fund may trade securities on a when-issued, delayedsettlement or forward commitment basis. The Fund’s adviserseeks to develop an appropriate portfolio by considering the

JULY 1, 2017 19

JPMorgan Federal Money Market Fund (continued)

differences in yields among securities of different maturities,market sectors and issuers.

The Fund’s Main Investment RisksThe Fund is subject to management risk and the Fund may notachieve its objective if the adviser’s expectations regardingparticular instruments or interest rates are not met.





Credit Risk. The Fund’s investments are subject to the risk thatissuers and/or counterparties will fail to make payments whendue or default completely. Prices of the Fund’s investmentsmay be adversely affected if any of the issuers or counter-parties it is invested in are subject to an actual or perceiveddeterioration in their credit quality. Credit spreads mayincrease, which may reduce the market values of the Fund’ssecurities. Credit spread risk is the risk that economic andmarket conditions or any actual or perceived credit deterio-ration may lead to an increase in the credit spreads (i.e., thedifference in yield between two securities of similar maturity

but different credit quality) and a decline in price of the issuer’ssecurities.

General Market Risk. Economies and financial markets through-out the world are becoming increasingly interconnected, whichincreases the likelihood that events or conditions in one coun-try or region will adversely impact markets or issuers in othercountries or regions. Securities in the Fund’s portfolio mayunderperform in comparison to securities in general financialmarkets, a particular financial market or other assetclasses, due to a number of factors, including inflation (orexpectations for inflation), interest rates, global demand forparticular products or resources, natural disasters or events,terrorism, regulatory events and government controls.

Mortgage-Related Securities Risk. Mortgage-related securities aresubject to certain other risks, including prepayment and callrisks. During periods of difficult or frozen credit markets,significant changes in interest rates, or deteriorating economicconditions, mortgage-related securities may decline in value,face valuation difficulties, become more volatile and/or becomeilliquid. When mortgages and other obligations are prepaid andwhen securities are called, the Fund may have to reinvest insecurities with a lower yield or fail to recover additional amounts(i.e., premiums) paid for securities with higher interest rates,resulting in an unexpected capital loss and/or a decrease in theamount of dividends and yield. In periods of rising interest rates,the Fund may be subject to extension risk, and may receive prin-cipal later than expected. As a result, in periods of rising interestrates, the Fund may exhibit additional volatility.

Government Securities Risk. The Fund invests in securitiesissued or guaranteed by the U.S. government or its agenciesand instrumentalities (such as securities issued by the Govern-ment National Mortgage Association (Ginnie Mae), the FederalNational Mortgage Association (Fannie Mae), the Federal HomeLoan Mortgage Corporation (Freddie Mac) or otherGovernment-Sponsored Enterprises (GSEs)). U.S. governmentsecurities are subject to market risk, interest rate risk andcredit risk. Securities, such as those issued or guaranteed byGinnie Mae or the U.S. Treasury, that are backed by the fullfaith and credit of the United States are guaranteed only as tothe timely payment of interest and principal when held tomaturity and the market prices for such securities will fluc-tuate. Notwithstanding that these securities are backed by thefull faith and credit of the United States, circumstances couldarise that would prevent the payment of interest or principal.This would result in losses to the Fund. Securities issued orguaranteed by U.S. government related organizations, such asFannie Mae and Freddie Mac, are not backed by the full faithand credit of the U.S. government and no assurance can begiven that the U.S. government will provide financial support.Therefore, U.S. government related organizations may not havethe funds to meet their payment obligations in the future. U.S.


government securities include zero coupon securities, whichtend to be subject to greater market risk than interest-payingsecurities of similar maturities.




Net Asset Value Risk. There is no assurance that the Fund willmeet its investment objective of maintaining a net asset valueof $1.00 per share on a continuous basis. Furthermore, therecan be no assurance that the Fund’s affiliates will purchasedistressed assets from the Fund, make capital infusions, enterinto capital support agreements or take other actions to ensurethat the Fund maintains a net asset value of $1.00 per share. Inthe event any money market fund fails to maintain a stable netasset value, other money market funds, including the Fund,could face a universal risk of increased redemption pressures,potentially jeopardizing the stability of their net asset values. In

general, certain other money market funds have in the pastfailed to maintain stable net asset values and there can be noassurance that such failures and resulting redemption pres-sures will not occur in the future.



State and Local Taxation Risk. The Fund may invest in securitieswhose interest is subject to state and local income taxes. Con-sult your tax professional for more information.



This section provides some indication of the risks of investing inthe Fund. Because Capital Shares have not yet commencedoperations as of the date of this prospectus, the bar chartshows how the performance of the Fund’s Institutional ClassShares (which are not offered in this prospectus) has variedfrom year to year for the past ten calendar years. The tableshows the average annual total returns over the past one year,five years and ten years. Returns for Capital Shares would besimilar to the returns shown because the shares are invested inthe same portfolio of securities and the returns would differonly to the extent that the classes do not have the sameexpenses.


JULY 1, 2017 21

JPMorgan Federal Money Market Fund (continued)

YEAR-BY-YEAR RETURNS — INSTITUTIONAL CLASS SHARES

6.00%

5.00%

4.00%

3.00%

2.00%

0.00%

1.00%

5.04%

2.36%

0.25%0.04% 0.01% 0.01% 0.01% 0.01% 0.20%0.00%

201620152014200920082007 201220112010 2013

Best Quarter 2Q and 3Q 2007 1.27%

Worst Quarter 1Q, 2Q, 3Q and 4Q 2011 0.00%

1Q, 2Q, 3Q and 4Q 2012

1Q, 2Q, 3Q and 4Q 2013

1Q, 2Q and 3Q 2014

1Q, 2Q, 3Q and 4Q 2015



Past1 Year

Past5 Years

Past10 Years

INSTITUTIONAL CLASS SHARES 0.20% 0.05% 0.78%

Management



Purchase minimums







Tax Information





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

Class/Ticker: Capital/CJTXX


The Fund aims to provide the highest possible level of currentincome while still maintaining liquidity and providing maximumsafety of principal.




Capital


Service Fees 0.05


Total Annual Fund Operating Expenses 0.21Fee Waivers and ExpenseReimbursements1 (0.03)



Example






Under normal conditions, the Fund invests its assets exclusivelyin obligations of the U.S. Treasury, including Treasury bills,bonds and notes.

These investments carry different interest rates, maturities andissue dates. The interest on these securities is generally exemptfrom state and local income taxes. Ordinarily, the Fund doesnot buy securities issued or guaranteed by agencies of the U.S.government.











JULY 1, 2017 23

JPMorgan 100% U.S. Treasury Securities Money Market Fund (continued)






General Market Risk. Economies and financial markets through-out the world are becoming increasingly interconnected, whichincreases the likelihood that events or conditions in one coun-try or region will adversely impact markets or issuers in othercountries or regions. Securities in the Fund’s portfolio may

underperform in comparison to securities in general financialmarkets, a particular financial market or other asset classes,due to a number of factors, including inflation (or expectationsof inflation), interest rates, global demand for particular prod-ucts or resources, natural disasters or events, terrorism, regu-latory events and government controls.

Government Securities Risk. The Fund invests in securitiesissued or guaranteed by the U.S. government or its agencies orother Government-Sponsored Enterprises (“GSEs”). U.S.government securities are subject to market risk, interest raterisk and credit risk. Securities, such as those issued or guaran-teed by the U.S. Treasury, that are backed by the full faith andcredit of the United States are guaranteed only as to the timelypayment of interest and principal when held to maturity andthe market prices for such securities will fluctuate. Notwith-standing that these securities are backed by the full faith andcredit of the United States, circumstances could arise thatwould prevent the payment of interest or principal. This wouldresult in losses to the Fund. U.S. government securities includezero coupon securities, which tend to be subject to greatermarket risk than interest-paying securities of similar maturities.


Net Asset Value Risk. There is no assurance that the Fund willmeet its investment objective of maintaining a net asset valueof $1.00 per share on a continuous basis. Furthermore, therecan be no assurance that the Fund’s affiliates will purchasedistressed assets from the Fund, make capital infusions, enterinto capital support agreements or take other actions to ensurethat the Fund maintains a net asset value of $1.00 per share. Inthe event any money market fund fails to maintain a stable netasset value, other money market funds, including the Fund,could face a universal risk of increased redemption pressures,potentially jeopardizing the stability of their net asset values. Ingeneral, certain other money market funds have in the pastfailed to maintain stable net asset values and there can be noassurance that such failures and resulting redemption pres-sures will not occur in the future.









6.00%

5.00%

4.00%

0.00%

1.00%

2.00%

3.00%

2012

0.00%

2016201520142013

0.00%0.00%0.00%

2011

0.00%

2007

4.55%

2008

1.61%

2009

0.06% 0.18%

2010

0.01%

Best Quarter 1Q and 2Q 2007 1.22%Worst Quarter 4Q 2009 0.00%

1Q, 2Q and 3Q 20101Q, 2Q, 3Q and 4Q 20111Q, 2Q, 3Q and 4Q 20121Q, 2Q, 3Q and 4Q 20131Q, 2Q, 3Q and 4Q 20141Q, 2Q, 3Q and 4Q 2015



Past1 Year

Past5 Years

Past10 Years


Management



Purchase minimums







Tax Information




JULY 1, 2017 25

More About the Funds

ADDITIONAL INFORMATION ABOUT THE FUNDS’INVESTMENT STRATEGIES

Prime Money Market Fund









‰ The Fund calculates its net asset value to four decimals (e.g.,$1.0000) using market-based pricing and operates with afloating net asset value.

‰ The dollar-weighted average maturity of the Fund will be 60days or less and the dollar-weighted average life to maturitywill be 120 days or less.





The Fund will concentrate its investments in the bankingindustry. Therefore, under normal conditions, the Fund willinvest at least 25% of its total assets in securities issued bycompanies in the banking industry. The Fund may, however,invest less than 25% of its total assets in this industry as atemporary defensive measure.

The Fund may trade securities on a when-issued, delayedsettlement or forward commitment basis. The Fund’s adviser

seeks to develop an appropriate portfolio by considering thedifferences in yields among securities of different maturities,market sectors and issuers.




Liquid Assets Money Market Fund









‰ The Fund seeks to maintain a NAV of $1.00 per share.


‰ The Fund will only buy securities that have remainingmaturities of 397 days or less or securities otherwisepermitted to be purchased because of maturity shorteningprovisions under applicable regulation.





The Fund will concentrate its investments in the financialservices industry, including asset-backed commercial paperprograms. Therefore, under normal conditions, the Fund willinvest at least 25% of its total assets in securities issued bycompanies in the financial services industry, which includesbanks, broker-dealers, finance companies and other issuers ofasset-backed securities. The Fund may, however, invest lessthan 25% of its total assets in this industry if warranted due toadverse economic conditions or if investing less than 25%appears to be in the best interest of shareholders.



Money Market Fund Reform

Under the amendments to the Securities and Exchange Commis-sion (“SEC”) rules that govern the operation of registeredmoney market funds (“MMFs”), MMFs that qualify as “retail”(“Retail MMFs”) or “government” (“Government MMFs”) arepermitted to continue to utilize amortized cost to value theirportfolio securities and to transact at their existing $1.00 shareprice. MMFs that do not qualify as Retail MMFs or GovernmentMMFs (collectively, “Institutional MMFs”) are required to priceand transact in their shares at NAV reflecting current market-based values of their portfolio securities (i.e., at a “floatingNAV”). The Fund intends to continue to qualify as a RetailMMF.



If the Fund’s weekly liquid assets fall below 30% of its totalassets, the Board, in its discretion, may impose liquidity fees ofup to 2% of the value of the shares redeemed and/or gates onredemptions. In addition, if the Fund’s weekly liquid assets fallbelow 10% of its total assets at the end of any business day, the

Fund must impose a 1% liquidity fee on shareholderredemptions unless the Board determines that not doing so isin the best interests of the Fund.

Further Developments

The determination that the Fund will continue to qualify as aRetail MMF remains subject to future change. Shareholders willbe given notice of further developments, as appropriate.

In order to separate retail and non-retail investors, pursuant torelief granted by the SEC, the Fund may redeem investors thatdo not satisfy the eligibility requirements for Retail MMFinvestors. The Fund will provide advance written notification ofits intent to make any such involuntary redemptions to theapplicable shareholders, which will include more specificinformation about timing. Neither the Fund nor the adviser willbe responsible for any loss in an investor’s account or taxliability resulting from an involuntary redemption.

U.S. Government Money Market Fund

Under normal conditions, the Fund invests its assets exclusively in:

‰ debt securities issued or guaranteed by the U.S. government,or by U.S. government agencies or instrumentalities orGovernment-Sponsored Enterprises (“GSEs”), and

‰ repurchase agreements fully collateralized by U.S. Treasuryand U.S. government securities.








The Fund intends to continue to qualify as a “governmentmoney market fund,” as such term is defined in or interpretedunder Rule 2a-7 under the Investment Company Act of 1940, asamended (“Investment Company Act”). “Government moneymarket funds” are required to invest at least 99.5% of theirassets in (i) cash, (ii) securities issued or guaranteed by the

JULY 1, 2017 27

More About the Funds (continued)

United States or certain U.S. government agencies orinstrumentalities and/or (iii) repurchase agreements that arecollateralized fully, and are exempt from requirements thatpermit money market funds to impose a liquidity fee and/ortemporary redemption gates. While the J.P. Morgan Funds’Board of Trustees (the “Board”) may elect to subject the Fundto liquidity fee and gate requirements in the future, the Boardhas not elected to do so at this time. A government moneymarket fund may also include investments in other governmentmoney market funds as an eligible investment for purposes ofthe 99.5% requirement above.



U.S. Treasury Plus Money Market Fund


‰ obligations of the U.S. Treasury, including Treasury bills,bonds and notes and other obligations issued or guaranteedby the U.S. Treasury, and

‰ repurchase agreements fully collateralized by U.S. Treasurysecurities.

The debt securities described above carry different interestrates, maturities and issue dates.










Federal Money Market Fund


‰ obligations of the U.S. Treasury, including Treasury bills,bonds and notes, and

‰ debt securities that certain U.S. government agencies orinstrumentalities have either issued or guaranteed as toprincipal and interest.

The interest on these securities is generally exempt from stateand local income taxes.











100% U.S. Treasury Securities Money Market Fund

Under normal conditions, the Fund invests its assets exclusivelyin obligations of the U.S. Treasury, including Treasury bills,bonds and notes.

These investments carry different interest rates, maturities andissue dates. The interest on these securities is generally exemptfrom state and local income taxes. Ordinarily, the Fund doesnot buy securities issued or guaranteed by agencies of the U.S.government.







The Fund intends to continue to qualify as a “governmentmoney market fund,” as such term is defined in or interpreted

under Rule 2a-7 under the Investment Company Act of 1940, asamended (“Investment Company Act”). “Government moneymarket funds” are required to invest at least 99.5% of theirassets in (i) cash, (ii) securities issued or guaranteed by theUnited States or certain U.S. government agencies orinstrumentalities and/or (iii) repurchase agreements that arecollateralized fully, and are exempt from requirements thatpermit money market funds to impose a liquidity fee and/ortemporary redemption gates. While the J.P. Morgan Funds’Board of Trustees (the “Board”) may elect to subject the Fundto liquidity fee and gate requirements in the future, the Boardhas not elected to do so at this time. A government moneymarket fund may also include investments in other governmentmoney market funds as an eligible investment for purposes ofthe 99.5% requirement above.


Each of the Funds

Each Fund may utilize these investment strategies to a greateror lesser degree.

Each Fund is a money market fund managed to meet therequirements of Rule 2a-7 under the Investment Company Actof 1940. Within these requirements, each Fund is managed inthe following manner:

‰ The dollar-weighted average maturity of each Fund will be60 days or less, and the dollar-weighted average life tomaturity will be 120 days or less. For a discussion of dollarweighted average maturity and dollar-weighted average lifeto maturity, please see page 52.

‰ Each Fund will only buy securities that have remaining matur-ities of 397 days or less as determined under Rule 2a-7.

‰ Each Fund invests only in U.S. dollar-denominated securities.

‰ Each taxable Fund will not acquire any security other than adaily liquid asset unless, immediately following such pur-chase, at least 10% of its total assets would be invested indaily liquid assets and each Fund will not acquire any secu-rity other than a weekly liquid asset unless, immediately fol-lowing such purchase, at least 30% of its total assets wouldbe invested in weekly liquid assets. “Daily liquid assets”means (i) cash; (ii) direct obligations of the U.S. Government;(iii) securities that will mature or are subject to a demandfeature that is exercisable and payable within one businessday and (iv) amounts receivable and due unconditionallywithin one business day on pending sales of portfoliosecurities. “Weekly liquid assets” means (i) cash; (ii) directobligations of the U.S. Government; (iii) Governmentsecurities issued by a person controlled or supervised by andacting as an instrumentality of the Government of the

JULY 1, 2017 29


United States pursuant to authority granted by the Congressof the United States, that are issued at a discount to theprincipal amount to be repaid at maturity without the provi-sion for the payment of interest and have a remainingmaturity of 60 days or less; (iv) securities that will mature orare subject to a demand feature that is exercisable andpayable within five business days and (v) amounts receivableand due unconditionally within five business days on pendingsales of portfolio securities.

Each Fund seeks to invest in securities that present minimalcredit risk. With regard to Prime Money Market Fund and LiquidAssets Money Market Fund, these securities will:

‰ have one of the two highest short-term ratings from at leasttwo of Standard & Poor’s Corporation, Moody’s InvestorsService, Inc. and Fitch Ratings, or one such rating if only oneof these rating organizations rates that security;

‰ have an additional third party guarantee in order to meet therating requirements; or

‰ be considered of comparable quality by J.P. Morgan Invest-ment Management Inc. (JPMIM), the Funds’ adviser, if thesecurity is not rated by Standard & Poor’s Corporation,Moody’s Investors Service, Inc., or Fitch Ratings.

All of the Funds that are permitted to invest in repurchaseagreements may engage in repurchase agreement transactionsthat are collateralized by cash or government securities. Therepurchase agreements in which the Funds invest may be withcounterparties with varying degrees of credit quality. The Liq-uid Assets Money Market Fund and Prime Money Market Fundmay, in addition, engage in repurchase agreement transactionsthat are collateralized by money market instruments, debtsecurities, loan participations or other securities, includingequity securities and securities that are rated below investmentgrade by nationally recognized statistical rating organizationsor unrated securities of comparable quality. High yield secu-rities (known as junk bonds) are considered to be speculativeand are subject to greater risk of loss, greater sensitivity tointerest rate and economic changes, valuation difficulties andpotential illiquidity.

The 100% U.S. Treasury Securities Money Market Fund willprovide shareholders with at least 60 days’ prior notice of anychange to its policy to, under normal conditions, invest itsassets exclusively in obligations of the U.S. Treasury, includingTreasury bills, bonds and notes. The Federal Money MarketFund will provide shareholders with at least 60 days’ priornotice of any changes to its policy to, under normal conditions,invest its assets exclusively in obligations of the U.S. Treasury,including Treasury bills, bonds and notes, and debt securitiesthat certain U.S. government agencies or instrumentalities haveeither issued or guaranteed as to principal and interest.

FUNDAMENTAL INVESTMENT OBJECTIVES

An investment objective is fundamental if it cannot be changedwithout the consent of a majority of the outstanding shares ofthe Fund. The investment objective for each of the LiquidAssets Money Market Fund, U.S. Government Money MarketFund and U.S. Treasury Plus Money Market Fund is funda-mental. The investment objective for each of the Prime MoneyMarket Fund, Federal Money Market Fund and 100% U.S.Treasury Securities Money Market Fund is non-fundamentaland may be changed without the consent of a majority of theoutstanding shares of that Fund.

Please note that the Funds also may use strategies that are notdescribed in this section, but which are described in the State-ment of Additional Information.

INVESTMENT RISKS

There can be no assurance that a Fund will achieve its invest-ment objective.

An investment in a Fund or any other fund may not provide acomplete investment program. The suitability of aninvestment in a Fund should be considered based on theinvestment objective, strategies and risks described in thisprospectus, considered in light of all of the other invest-ments in your portfolio, as well as your risk tolerance, finan-cial goals and time horizons. You may want to consult with afinancial advisor to determine if a Fund is suitable for you.

The main risks associated with investing in the Funds aresummarized in “Risk/Return Summaries” at the front of thisprospectus. More detailed descriptions of the main risks andadditional risks of the Funds are described below.

Interest Rate Risk. The Funds invest in debt securities thatincrease or decrease in value based on changes in interestrates. If rates increase, the value of these investments gen-erally declines. On the other hand, if rates fall, the value ofthese investments generally increases. Your investment willdecline in value if the value of these investments decreases.Securities with greater interest rate sensitivity and longermaturities generally are subject to greater fluctuations in value.Usually, changes in the value of fixed income securities will notaffect cash income generated, but may affect the value of yourinvestment. Each Fund may invest in variable and floating ratesecurities. Although these instruments are generally less sensi-tive to interest rate changes than fixed rate instruments, thevalue of variable and floating rate securities may decline iftheir interest rates do not rise as quickly, or as much, as gen-eral interest rates. Many factors can cause interest rates torise. Some examples include central bank monetary policy, ris-ing inflation rates and general economic conditions. Given that


the Federal Reserve has begun to raise interest rates, theFunds may face a heightened level of interest rate risk.

Credit Risk. There is a risk that the issuer and/or a counter-party of a security, or the counterparty to a contract,repurchase agreement or other investment, will default orotherwise become unable to honor a financial obligation. Theprice and liquidity of a security can also be adversely affected ifeither its credit status or the market environment generallydeteriorates and the probability of default rises. The value ofyour investment could decline as a result of these events.Prices of a Fund’s investments may be adversely affected if anyof the issuers or counterparties it is invested in are subject toan actual or perceived deterioration in their credit quality.Credit spreads may increase, which may reduce the marketvalues of the Fund’s securities. Credit spread risk is the riskthat economic and market conditions or any actual or per-ceived credit deterioration may lead to an increase in the creditspreads (i.e., the difference in yield between two securities ofsimilar maturity but different credit quality) and a decline inprice of the issuer’s securities.

General Market Risk. Economies and financial marketsthroughout the world are becoming increasingly inter-connected, which increases the likelihood that events or con-ditions in one country or region will adversely impact marketsor issuers in other countries or regions. Securities in the Fund’sportfolio may underperform in comparison to securities ingeneral financial markets, a particular financial market or otherasset classes, due to a number of factors, including inflation (orexpectations for inflation), interest rates, global demand forparticular products or resources, natural disasters or events,terrorism, regulatory events and government controls.

Mortgage-Related and Other Asset-Backed Securities Risk.(applicable to Prime Money Market Fund, Liquid Assets MoneyMarket Fund, U.S. Government Money Market Fund and FederalMoney Market Fund) Mortgage-related and asset-backed secu-rities are subject to certain other risks. The value of these secu-rities will be influenced by the factors affecting the housingmarket and the assets underlying such securities. As a result,during periods of difficult or frozen credit markets, significantchanges in interest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities may decline invalue, face valuation difficulties, become more volatile and/orbecome illiquid. Additionally, during such periods and alsounder normal conditions, these securities are also subject toprepayment and call risk. Gains and losses associated withprepayments will increase/decrease the income available fordistributions by a Fund and the Fund’s yield. When mortgagesand other obligations are prepaid and when securities arecalled, a Fund may have to reinvest in securities with a loweryield or fail to recover additional amounts (i.e., premiums) paidfor securities with higher interest rates, resulting in an

unexpected capital loss and/or a decrease in the amount ofdividends and yield. In periods of rising interest rates, a Fundmay be subject to extension risk, and may receive principallater than expected. As a result, in periods of rising interestrates, a Fund may exhibit additional volatility. Some of thesesecurities may receive little or no collateral protection from theunderlying assets and are thus subject to the risk of defaultdescribed under “Credit Risk”.

Government Securities Risk. The Funds invest in securitiesissued or guaranteed by the U.S. government or its agenciesand instrumentalities (such as securities issued by the Govern-ment National Mortgage Association (Ginnie Mae), the FederalNational Mortgage Association (Fannie Mae), the Federal HomeLoan Mortgage Corporation (Freddie Mac) or otherGovernment-Sponsored Enterprises (GSEs)). U.S. governmentsecurities are subject to market risk, interest rate risk andcredit risk. Securities, such as those issued or guaranteed byGinnie Mae or the U.S. Treasury, that are backed by the fullfaith and credit of the United States are guaranteed only as tothe timely payment of interest and principal when held tomaturity and the market prices for such securities will fluc-tuate. Notwithstanding that these securities are backed by thefull faith and credit of the United States, circumstances couldarise that would prevent the payment of interest or principal.This would result in losses to a Fund. Securities issued or guar-anteed by U.S. government related organizations, such asFannie Mae and Freddie Mac, are not backed by the full faithand credit of the U.S. government and no assurance can begiven that the U.S. government will provide financial support.Therefore, U.S. government related organizations may not havethe funds to meet their payment obligations in the future. U.S.government securities include zero coupon securities, whichtend to be subject to greater market risk than interest-payingsecurities of similar maturities.

Transactions Risk. A Fund could experience a loss when sell-ing securities to meet redemption requests by shareholdersand its liquidity may be negatively impacted. The risk of lossincreases if the redemption requests are large or frequent,occur in times of overall market turmoil or declining prices forthe securities sold, or when the securities a Fund wishes to or isrequired to sell are illiquid. A Fund may be unable to sell illi-quid securities at its desired time or price or the price at whichthe securities have been valued for purposes of the Fund’s netasset value. Illiquidity can be caused by a drop in overall mar-ket trading volume, an inability to find a ready buyer, or legalrestrictions on the securities’ resale. Other market participantsmay be attempting to sell debt securities at the same time as aFund, causing downward pricing pressure and contributing toilliquidity. The capacity for bond dealers to engage in trading or“make a market” in debt securities has not kept pace with thegrowth of bond markets. This could potentially lead todecreased liquidity and increased volatility in the debt markets.

JULY 1, 2017 31


Liquidity and valuation risk may be magnified in a rising inter-est rate environment, when credit quality is deteriorating or inother circumstances where investor redemptions from fixedincome mutual funds may be higher than normal. Certain secu-rities that were liquid when purchased may later become illi-quid, particularly in times of overall economic distress.Similarly, large purchases of Fund shares may adversely affectthe Fund’s performance to the extent that the Fund is delayedin investing new cash and is required to maintain a larger cashposition than it ordinarily would. Large redemptions also couldaccelerate the realization of capital gains, increase a Fund’stransaction costs and impact a Fund’s performance.

Repurchase Agreement Risk. (applicable to Prime MoneyMarket Fund, Liquid Assets Money Market Fund, U.S. Govern-ment Money Market Fund and U.S. Treasury Plus Money MarketFund) There is a risk that the counter-party to a repurchaseagreement will default or otherwise become unable to honor afinancial obligation and the value of your investment coulddecline as a result.

A repurchase agreement is subject to the risk that the sellermay fail to repurchase the security. In the event of default bythe seller under a repurchase agreement construed to be acollateralized loan, the underlying securities would not beowned by a Fund, but would only constitute collateral for theseller’s obligation to pay the repurchase price. Therefore, aFund may suffer time delays and incur costs in connection withthe disposition of the collateral. For example, certainrepurchase agreements a Fund may enter into may or may notbe subject to an automatic stay in bankruptcy proceedings. As aresult of the automatic stay, to the extent applicable, a Fundcould be prohibited from selling the collateral in the event of acounterparty’s bankruptcy unless the Fund is able to obtain theapproval of the bankruptcy court. In addition, to the extent thata repurchase agreement is secured by collateral other thancash and government securities (“Non-Traditional Collateral”),these risks may be magnified and the value of Non-TraditionalCollateral may be more volatile or less liquid thereby increasingthe risk that a Fund will be unable to recover fully in the eventof a counterparty’s default. High yield securities (known as junkbonds) are considered to be speculative and are subject togreater risk of loss, greater sensitivity to interest rate andeconomic changes, valuation difficulties and potentialilliquidity.

Concentration Risk. (applicable to Prime Money Market Fundand Liquid Assets Money Market Fund) Because the PrimeMoney Market Fund will, under ordinary circumstances, invest asignificant portion of its assets in securities of companies in thebanking industry, developments affecting the banking industrymay have a disproportionate impact on the Fund. Because theLiquid Assets Money Market Fund will, under ordinary circum-stances, invest a significant portion of its assets in securities ofcompanies in the financial services industry, developments

affecting the financial services industry may have a dispropor-tionate impact on the Fund. These risks generally include inter-est rate risk, credit risk and risk associated with regulatorychanges in the banking industry and financial services industry.The profitability of banks and companies in the financial serv-ices industry depends largely on the availability and cost offunds, which can change depending on economic conditions.

Foreign Securities Risk. (applicable to Prime Money MarketFund and Liquid Assets Money Market Fund) Because the Fundsmay invest in foreign securities, they are subject to special risksin addition to those applicable to U.S. investments. These risksinclude political and economic risks, civil conflicts and war,greater volatility, expropriation and nationalization risks, sanc-tions or other measures by the United States or other govern-ments, currency fluctuations, higher transaction costs, delayedsettlement, possible foreign controls on investment, and lessstringent investor protection and disclosure standards of for-eign markets. The securities markets of many foreign countriesare relatively small, with a limited number of companies repre-senting a small number of industries. In certain markets wheresecurities and other instruments are not traded “delivery ver-sus payment,” a Fund may not receive timely payment forsecurities or other instruments it has delivered or receivedelivery of securities paid for and may be subject to increasedrisk that the counterparty will fail to make payments or deliverywhen due or default completely. Events and evolving conditionsin certain economies or markets may alter the risks associatedwith investments tied to countries or regions that historicallywere perceived as comparatively stable becoming riskier andmore volatile.

Industry and Sector Focus Risk. (applicable to Prime MoneyMarket Fund and Liquid Assets Money Market Fund) At times aFund may increase the relative emphasis of its investments in aparticular industry or sector. The prices of securities of issuersin a particular industry or sector may be more susceptible tofluctuations due to changes in economic or business conditions,government regulations, availability of basic resources or sup-plies, or other events that affect that industry or sector morethan securities of issuers in other industries and sectors. To theextent that a Fund increases the relative emphasis of itsinvestments in a particular industry or sector, its shares’ valuesmay fluctuate in response to events affecting that industry orsector.

Floating and Variable Rate Securities Risk. Floating andvariable rate securities provide for a periodic adjustment in theinterest rate paid on the securities. The rate adjustment inter-vals may be regular and range from daily up to annually, ormay be based on an event, such as a change in the prime rate.Floating and variable rate securities may be subject to greaterliquidity risk than other debt securities, meaning that theremay be limitations on a Fund’s ability to sell the securities atany given time. Such securities also may lose value.


When-Issued, Delayed Settlement and Forward Commit-ment Transactions Risk. (applicable to Prime Money MarketFund, Liquid Assets Money Market Fund U.S. GovernmentMoney Market Fund and Federal Money Market Fund) A Fundmay purchase or sell securities which it is eligible to purchaseor sell on a when-issued basis, may purchase and sell suchsecurities for delayed delivery and may make contracts topurchase or sell such securities for a fixed price at a future datebeyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forwardcommitments involve the risk that the security a Fund buys willlose value prior to its delivery. There also is the risk that thesecurity will not be issued or that the other party to the trans-action will not meet its obligation. If this occurs, a Fund losesboth the investment opportunity for the assets it set aside topay for the security and any gain in the security’s price.

Risk Associated with the Fund Holding Cash. A Fund willgenerally hold a portion of its assets in cash, primarily to meetredemptions. Cash positions may hurt performance and maysubject a Fund to additional risks and costs, such as increasedexposure to the custodian bank holding the assets and any feesimposed for large cash balances.

Prepayment Risk. The issuer of certain securities may repayprincipal in advance, especially when yields fall. Changes in therate at which prepayments occur can affect the return oninvestment of these securities. When debt obligations are pre-paid or when securities are called, a Fund may have to reinvestin securities with a lower yield. A Fund also may fail to recoveradditional amounts (i.e., premiums) paid for securities withhigher coupons, resulting in an unexpected capital loss.

Interfund Lending Risk. (applicable to Liquid Assets MoneyMarket Fund and U.S. Government Money Market Fund) A delayin repayment to the Fund from a borrowing fund could result inlost opportunity costs. Interfund loans are subject to the riskthat the borrowing fund could be unable to repay the loanwhen due. In the case of a default by a borrowing fund and tothe extent that the loan is collateralized, the Fund could takepossession of collateral that the Fund is not permitted to holdand, therefore, would be required to dispose of such collateralas soon as possible, which could result in a loss to the Fund.The Fund’s interfund lending arrangements are subject to cer-tain conditions under an SEC exemptive order. Although theconditions of the SEC exemptive order are designed to mini-mize the risks associated with interfund lending, no lendingactivity is without risk.

Privately Placed Securities Risk. (applicable to Prime MoneyMarket Fund and Liquid Assets Money Market Fund) Privatelyplaced securities generally are less liquid than publicly tradedsecurities and a Fund may not always be able to sell such secu-rities without experiencing delays in finding buyers or reducingthe sale price for such securities. The disposition of some of the

securities held by a Fund may be restricted under federal secu-rities laws or by the relevant exchange or by a governmental orsupervisory authority. As a result, a Fund may not be able todispose of such investments at a time when, or at a price atwhich, it desires to do so and may have to bear expenses ofregistering these securities, if necessary. These securities mayalso be difficult to value.

Volcker Rule Risk. Pursuant to section 619 of the Dodd-FrankWall Street Reform and Consumer Protection Act and certainrules promulgated thereunder known as the Volcker Rule, if theadviser and/or its affiliates own 25% or more of the out-standing ownership interests of a Fund after the permittedseeding period from the implementation of a Fund’s investmentstrategy, a Fund could be subject to restrictions on trading thatwould adversely impact a Fund’s ability to execute its invest-ment strategy. Generally, the permitted seeding period is threeyears from the implementation of a Fund’s investment strategy.As a result, the adviser and/or its affiliates may be required toreduce their ownership interests in a Fund at a time that issooner than would otherwise be desirable, which may result ina Fund’s liquidation or, if a Fund is able to continue operating,may result in losses, increased transaction costs and adversetax consequences as a result of the sale of portfolio securities.

State and Local Taxation Risk. (applicable to U. S. Govern-ment Money Market Fund and Federal Money Market Fund) TheFund may invest in securities whose interest is subject to stateand local income taxes. Consult your tax professional for moreinformation.

Net Asset Value Risk. (applicable to Liquid Assets MoneyMarket Fund, U.S. Government Money Market Fund, U.S. Treas-ury Plus Money Market Fund, Federal Money Market Fund and100% U.S. Treasury Securities Money Market Fund) There is noassurance that a Fund will maintain a stable net asset value of$1.00 per share on a continuous basis. Furthermore, there canbe no assurance that a Fund’s affiliates will purchase distressedassets from a Fund, make capital infusions, enter into capitalsupport agreements or take other actions to ensure that a Fundmaintains a stable net asset value. In the event any moneymarket fund fails to maintain a stable net asset value, othermoney market funds, including a Fund, could face a universalrisk of increased redemption pressures, potentially jeopardizingthe stability of their net asset values. In general, certain othermoney market funds have in the past failed to maintain stablenet asset values and there can be no assurance that such fail-ures and resulting redemption pressures will not occur in thefuture. The Prime Money Market Fund will not maintain a stableNAV per share. The value of the Fund’s shares is calculated tofour decimal places and fluctuates with changes in the values ofthe Fund’s portfolio securities.

Municipal Obligations Risk. (applicable to Prime Money Mar-ket Fund and Liquid Assets Money Market Fund) The risk of a

JULY 1, 2017 33


municipal obligation generally depends on the financial andcredit status of the issuer. Changes in a municipality’s financialhealth may make it difficult for the municipality to make inter-est and principal payments when due. A number of municipal-ities have had significant financial problems recently, and theseand other municipalities could, potentially, continue to experi-ence significant financial problems resulting from lower taxrevenues and/or decreased aid from state and local govern-ments in the event of an economic downturn. This coulddecrease a Fund’s income or hurt the ability to preserve capitaland liquidity.

Under some circumstances, municipal obligations might notpay interest unless the state legislature or municipality author-izes money for that purpose. Some obligations, includingmunicipal lease obligations, carry additional risks. For example,they may be difficult to trade or interest payments may be tiedonly to a specific stream of revenue.

Municipal obligations may be more susceptible to downgradesor defaults during recessions or similar periods of economicstress. Factors contributing to the economic stress on munici-palities may include lower property tax collections as a result oflower home values, lower sales tax revenue as a result of con-sumers cutting back spending, and lower income tax revenueas a result of a higher unemployment rate. In addition, sincesome municipal obligations may be secured or guaranteed bybanks and other institutions, the risk to a Fund could increase ifthe banking or financial sector suffers an economic downturnand/or if the credit ratings of the institutions issuing theguarantee are downgraded or at risk of being downgraded by anational rating organization. If such events were to occur, thevalue of the security could decrease or the value could be lostentirely, and it may be difficult or impossible for a Fund to sellthe security at the time and the price that normally prevails inthe market. Such a downward revision or risk of being down-graded may have an adverse effect on the market prices of theobligations and thus the value of a Fund’s investments. To theextent that the financial institutions securing the municipalobligations are located outside the U.S., these obligations couldbe riskier than those backed by U.S. institutions because ofpossible political, social or economic instability, higher trans-action costs, currency fluctuations, and possible delayedsettlement.

In addition to being downgraded, an insolvent municipality mayfile for bankruptcy. For example, Chapter 9 of the BankruptcyCode provides a financially distressed municipality protectionfrom its creditors while it develops and negotiates a plan forreorganizing its debts. “Municipality” is defined broadly by theBankruptcy Code as a “political subdivision or public agency orinstrumentality of a state” and may include various issuers ofobligations in which a Fund invests. The reorganization of amunicipality’s debts may include extending debt maturities,reducing the amount of principal or interest, refinancing the

debt or taking other measures, which may significantly affectthe rights of creditors and the value of the obligations issuedby the municipality and the value of a Fund’s investments.

For some Funds, there may be times that, in the opinion of theadviser, municipal money market securities of sufficient qualityare not available for a Fund to be able to invest in accordancewith its normal investment policies.

Interest on municipal obligations, while generally exempt fromfederal income tax, may not be exempt from federal alternativeminimum tax.

Geographic Focus Risk. (applicable to Prime Money MarketFund and Liquid Assets Money Market Fund) The Fund mayfocus its investments in one or more regions or small groups ofcountries. As a result, the Fund’s performance may be subjectto greater volatility than a more geographically diversifiedfund.

Asia Pacific Market Risk. (applicable to Prime Money MarketFund and Liquid Assets Money Market Fund) The economies inthe Asia Pacific region are in all stages of economic develop-ment and may be intertwined. The small size of securitiesmarkets and the low trading volume in some countries in theAsia Pacific region may lead to a lack of liquidity. The shareprices of companies in the region tend to be volatile and thereis a significant possibility of loss. Many of the countries in theregion are developing, both politically and economically, and asa result companies in the region may be subject to risks likenationalization or other forms of government interference,and/or may be heavily reliant on only a few industries orcommodities. Investments in the region may also be subject tocurrency risks, such as restrictions on the flow of money in andout of the country, extreme volatility relative to the U.S. dollar,and devaluation, all of which could decrease the value of aFund.

European Market Risk. (applicable to Prime Money MarketFund and Liquid Assets Money Market Fund) A Fund’s perform-ance will be affected by political, social and economic con-ditions in Europe, such as growth of the economic output (thegross national product), the rate of inflation, the rate at whichcapital is reinvested into European economies, the success ofgovernmental actions to reduce budget deficits, the resourceself-sufficiency of European countries and interest andmonetary exchange rates between European countries.European financial markets may experience volatility due toconcerns about high government debt levels, credit ratingdowngrades, rising unemployment, the future of the euro as acommon currency, possible restructuring of government debtand other government measures responding to those concerns,and fiscal and monetary controls imposed on member coun-tries of the European Union. The risk of investing in Europemay be heightened due to steps being taken by the UnitedKingdom to exit the European Union. In addition, if one or more


countries were to exit the European Union or abandon the useof the euro as a currency, the value of investments tied tothose countries or the euro could decline significantly andunpredictably.

Japan Risk. (applicable to Prime Money Market Fund and Liq-uid Assets Money Market Fund) The Japanese economy may besubject to economic, political and social instability, which couldhave a negative impact on Japanese securities. In the past,Japan’s economic growth rate has remained relatively low, andit may remain low in the future. At times, the Japaneseeconomy has been adversely impacted by government inter-vention and protectionism, changes in its labor market, and anunstable financial services sector. International trade, govern-ment support of the financial services sector and other trou-bled sectors, government policy, natural disasters and/orgeopolitical developments could significantly affect the Japa-nese economy. A significant portion of Japan’s trade is con-ducted with developing nations and can be affected byconditions in these nations or by currency fluctuations. Japan isan island state with few natural resources and limited land areaand is reliant on imports for its commodity needs. Any fluctua-tions or shortages in the commodity markets could have anegative impact on the Japanese economy.

For more information about risks associated with the types ofinvestments that the Funds purchase, please read the State-ment of Additional Information.

CONFLICTS OF INTEREST

An investment in a Fund is subject to a number of actual orpotential conflicts of interest. For example, the Adviser and/or its affiliates provide a variety of different services to aFund, for which the Fund compensates them. As a result, theAdviser and/or its affiliates have an incentive to enter intoarrangements with a Fund, and face conflicts of interest whenbalancing that incentive against the best interests of a Fund.The Adviser and/or its affiliates also face conflicts of interestin their service as investment adviser to other clients, and,from time to time, make investment decisions that differ fromand/or negatively impact those made by the Adviser on behalfof a Fund. In addition, affiliates of the Adviser provide a broadrange of services and products to their clients and are majorparticipants in the global currency, equity, commodity, fixed-income and other markets in which a Fund invests or willinvest. In certain circumstances by providing services andproducts to their clients, these affiliates’ activities will dis-advantage or restrict the Funds and/or benefit these affili-ates. The Adviser may also acquire material non-publicinformation which would negatively affect the Adviser’s abilityto transact in securities for a Fund. JPMorgan and the Fundshave adopted policies and procedures reasonably designed toappropriately prevent, limit or mitigate conflicts of interest. Inaddition, many of the activities that create these conflicts of

interest are limited and/or prohibited by law, unless anexception is available. For more information about conflicts ofinterest, see the Potential Conflicts of Interest section in theSAI.

TEMPORARY DEFENSIVE POSITIONS

For liquidity and to respond to unusual market conditions, theFunds may hold all or most of their total assets in cash fortemporary defensive purposes. These investments may beinconsistent with a Fund’s main investment strategies. This mayresult in a lower yield.

U.S. Treasury Plus Money Market Fund and 100% U.S.Treasury Securities Money Market Fund

As a temporary defensive measure, each Fund may invest up to20% of its total assets in (1) debt securities issued or guaran-teed by the U.S. government or its agencies orinstrumentalities, and (2) repurchase agreements that aresecured with collateral issued or guaranteed by the U.S.government or its agencies or instrumentalities.


As a temporary defensive measure, the Fund may invest up to20% of its total assets in (1) repurchase agreements that aresecured by U.S. Treasury securities, and (2) repurchase agree-ments that are secured with collateral issued or guaranteed bythe U.S. government or its agencies or instrumentalities.

Temporary Defensive Position Risk

Prime Money Market Fund, Liquid Assets MoneyMarket Fund and U.S. Government Money Market Fund

If a Fund departs from its investment policies during temporarydefensive periods or to meet redemptions, it may not achieveits investment objective.

U.S. Treasury Plus Money Market Fund

If the Fund departs from its investment policies during tempo-rary defensive periods or to meet redemptions, it may notachieve its investment objective.

Investments in the securities enumerated as investmentspermissible as a temporary defensive measure above poseadditional risks. Investments in securities issued or guaranteedby the U.S. government or its agencies and instrumentalities orGovernment-Sponsored Enterprises (“GSEs”) may includeGinnie Mae, Fannie Mae, or Freddie Mac securities. Securitiesissued or guaranteed by Ginnie Mae, Fannie Mae or FreddieMac are not issued directly by the U.S. government. Ginnie Maeis a wholly-owned U.S. corporation that is authorized toguarantee, with the full faith and credit of the U.S. government,the timely payment of principal and interest of its securities. By

JULY 1, 2017 35


contrast, securities issued or guaranteed by U.S. government-related organizations such as Fannie Mae and Freddie Mac arenot backed by the full faith and credit of the U.S. government.No assurance can be given that the U.S. government wouldprovide financial support to its agencies and instrumentalities ifnot required to do so by law.

Investments in securities issued or guaranteed by the U.S.government or its agencies and instrumentalities orGovernment-Sponsored Enterprises (“GSEs”) may also be sub-ject to prepayment and call risk. The issuers of mortgage-backed and asset-backed securities and other callablesecurities may be able to repay principal in advance, especiallywhen interest rates fall. Changes in prepayment rates canaffect the return on investment and yield of these securities.When mortgages and other obligations are prepaid and whensecurities are called, the Fund may have to reinvest in secu-rities with a lower yield. Additionally, for securities issued byagencies and instrumentalities that are not backed by the fullfaith and credit of the U.S. government, the Fund may fail torecover additional amounts (i.e., premiums) paid for securitieswith higher interest rates, resulting in an unexpected capitalloss. Mortgage-related and asset-backed securities are subjectto certain other risks. The value of these securities will beinfluenced by the factors affecting the housing market and theassets underlying such securities. As a result, during periods ofdeclining asset value, difficult or frozen credit markets, swingsin interest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities may decline invalue, face valuation difficulties, become more volatile and/orbecome illiquid. Furthermore, some asset-backed securitiesmay have additional risk because they may receive little or nocollateral protection from the underlying assets, and are alsosubject to the risk of default.

The addition of repurchase agreements will cause additionalstate tax consequences to shareholders of the Fund. Consultyour tax professional for more information.



Investments in the securities enumerated as investments per-missible as a temporary defensive measure above pose addi-tional risks. Investments in securities issued or guaranteed bythe U.S. government or its agencies and instrumentalities orGovernment-Sponsored Enterprises (“GSEs”) may includeGinnie Mae, Fannie Mae, or Freddie Mac securities. Securitiesissued or guaranteed by Ginnie Mae, Fannie Mae orFreddie Mac are not issued directly by the U.S. government.Ginnie Mae is a wholly-owned U.S. corporation that isauthorized to guarantee, with the full faith and credit of the

U.S. government, the timely payment of principal and interestof its securities. By contrast, securities issued or guaranteed byU.S. government-related organizations such as Fannie Mae andFreddie Mac are not backed by the full faith and credit of theU.S. government. No assurance can be given that the U.S. gov-ernment would provide financial support to its agencies andinstrumentalities if not required to do so by law.

Investments in securities issued or guaranteed by the U.S.government or its agencies and instrumentalities orGovernment-Sponsored Enterprises (“GSEs”) may also be sub-ject to prepayment and call risk. The issuers of mortgage-backed and asset-backed securities and other callablesecurities may be able to repay principal in advance, especiallywhen interest rates fall. Changes in prepayment rates canaffect the return on investment and yield of these securities.When mortgages and other obligations are prepaid and whensecurities are called, the Fund may have to reinvest in secu-rities with a lower yield. Additionally, for securities issued byagencies and instrumentalities that are not backed by the fullfaith and credit of the U.S. government, the Fund may fail torecover additional amounts (i.e., premiums) paid for securitieswith higher interest rates, resulting in an unexpected capitalloss. Mortgage-related and asset-backed securities are subjectto certain other risks. The value of these securities will beinfluenced by the factors affecting the housing market and theassets underlying such securities. As a result, during periods ofdeclining asset value, difficult or frozen credit markets, swingsin interest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities may decline invalue, face valuation difficulties, become more volatile and/orbecome illiquid. Furthermore, some asset-backed securitiesmay have additional risk because they may receive little or nocollateral protection from the underlying assets, and are alsosubject to the risk of default.

There is a risk that the counterparty to a repurchase agreementwill default or otherwise become unable to honor a financialobligation and the value of your investment could decline as aresult.

100% U.S. Treasury Securities Money Market Fund


Investments in the securities enumerated as investments per-missible as a temporary defensive measure above poseadditional risks. Investments in securities issued or guaranteedby the U.S. government or its agencies and instrumentalities orGovernment-Sponsored Enterprises (“GSEs”) may includeGinnie Mae, Fannie Mae, or Freddie Mac securities. Securitiesissued or guaranteed by Ginnie Mae, Fannie Mae or FreddieMac are not issued directly by the U.S. government. Ginnie Mae


is a wholly-owned U.S. corporation that is authorized to guaran-tee, with the full faith and credit of the U.S. government, thetimely payment of principal and interest of its securities. Bycontrast, securities issued or guaranteed by U.S. government-related organizations such as Fannie Mae and Freddie Mac arenot backed by the full faith and credit of the U.S. government.No assurance can be given that the U.S. government wouldprovide financial support to its agencies and instrumentalities ifnot required to do so by law.

Investments in securities issued or guaranteed by the U.S.government or its agencies and instrumentalities or GSEs mayalso be subject to prepayment and call risk. The issuers ofmortgage-backed and asset-backed securities and other call-able securities may be able to repay principal in advance,especially when interest rates fall. Changes in prepaymentrates can affect the return on investment and yield of thesesecurities. When mortgages and other obligations are prepaidand when securities are called, the Fund may have to reinvestin securities with a lower yield. Additionally, for securitiesissued by agencies and instrumentalities that are not backed bythe full faith and credit of the U.S. government, the Fund mayfail to recover additional amounts (i.e., premiums) paid forsecurities with higher interest rates, resulting in an unexpectedcapital loss. Mortgage-related and asset-backed securities aresubject to certain other risks. The value of these securities willbe influenced by the factors affecting the housing market andthe assets underlying such securities. As a result, during peri-ods of declining asset value, difficult or frozen credit markets,swings in interest rates, or deteriorating economic conditions,mortgage-related and asset-backed securities may decline invalue, face valuation difficulties, become more volatile and/orbecome illiquid. Furthermore, some asset-backed securitiesmay have additional risk because they may receive little or nocollateral protection from the underlying assets, and are alsosubject to the risk of default.

There is a risk that the counterparty to a repurchase agreementwill default or otherwise become unable to honor a financial

obligation and the value of your investment could decline as aresult.

The addition of repurchase agreements will cause additionalstate tax consequences to shareholders of the Fund. Consultyour tax professional for more information.

ADDITIONAL FEE WAIVER AND/OR EXPENSEREIMBURSEMENT

Service providers to a Fund including the Fund’s adviser and/orits affiliates may, from time to time, voluntarily waive all or aportion of any fees to which they are entitled and/or reimbursecertain expenses as they may determine from time to time. AFund’s service providers may discontinue or modify thesevoluntary actions at any time without notice. Performance forthe Funds reflect the voluntary waiver of fees and/or thereimbursement of expenses, if any. Without these voluntarywaivers and/or expense reimbursements, performance wouldhave been less favorable.

ADDITIONAL HISTORICAL PERFORMANCEINFORMATION

Some of the companies that provide services to the Funds havein the past agreed not to collect some expenses and toreimburse others. Without these agreements, the performancefigures would have been lower than those shown.

Each Fund is a money market fund managed to meet therequirements of Rule 2a-7 under the Investment Company Actof 1940. Effective May 28, 2010, Rule 2a-7 was amended toimpose new liquidity, credit quality, and maturity requirementson all money market funds. Effective October 14, 2014,Rule 2a-7 was amended to reflect various other changes. Fundperformance shown prior to the effective date of such changesis based on SEC rules then in-effect and is not an indication offuture returns.

JULY 1, 2017 37

The Funds’ Management and Administration

The following Funds are series of JPMorgan Trust I (JPMT I), aDelaware statutory trust:

Prime Money Market FundFederal Money Market Fund100% U.S. Treasury Securities Money Market Fund

The following Funds are series of JPMorgan Trust II (JPMT II), aDelaware statutory trust:

Liquid Assets Money Market FundU.S. Government Money Market FundU.S. Treasury Plus Money Market Fund

Each Trust is governed by Trustees who are responsible foroverseeing all business activities of the Funds. In addition tothe Funds, each Trust consists of other series representingseparate investment funds (each, a “J.P. Morgan Fund”).

Each of the Funds operates in a multiple class structure. Amultiple class fund is an open-end investment company thatissues two or more classes of shares representing interests inthe same investment portfolio.

Each class in a multiple class fund can set its own transactionminimums and may vary with respect to expenses for dis-tribution, administration and shareholder services. This meansthat one class could offer access to a Fund on different termsthan another class. Certain classes may be more appropriatefor a particular investor.

Each Fund may issue other classes of shares that have differentexpense levels and performance and different requirements forwho may invest. Call 1-800-766-7722 to obtain moreinformation concerning all of the Funds’ other share classes. AFinancial Intermediary (as described below) who receivescompensation for selling Fund shares may receive a differentamount of compensation for sales of different classes ofshares.

The Funds’ Investment Adviser

J.P. Morgan Investment Management Inc. (JPMIM) acts asinvestment adviser to the Funds and makes the day-to-dayinvestment decisions for the Funds.

JPMIM is a wholly-owned subsidiary of JPMorgan AssetManagement Holdings Inc., which is a wholly-owned subsidiaryof JPMorgan Chase & Co. (JPMorgan Chase), a bank holdingcompany. JPMIM is located at 270 Park Avenue, New York,NY 10017.

During the most recent fiscal period ended 2/28/17, JPMIM waspaid management fees (net of waivers, if any), as shown below,as a percentage of average daily net assets:

Prime Money Market Fund 0.08%

Liquid Assets Money Market Fund 0.06

U.S. Government Money Market Fund 0.06

U.S. Treasury Plus Money Market Fund 0.08

Federal Money Market Fund 0.05

100% U.S. Treasury Securities Money Market Fund 0.08

A discussion of the basis the Board of Trustees of each Trustused in reapproving the investment advisory agreements forthe Funds is available in the semi-annual report for the mostrecent fiscal period ended August 31.

The Funds’ Administrator

JPMIM (the Administrator) provides administrative services andoversees the other service providers of the Funds. The Admin-istrator receives a pro-rata portion of the following annual feeon behalf of each Fund for administrative services: 0.10% ofthe first $100 billion of average daily net assets of all moneymarket funds in the J.P. Morgan Funds Complex plus 0.05% ofaverage daily net assets of such Funds over $100 billion.

The Funds’ Shareholder Servicing Agent

JPMT I and JPMT II, on behalf of the Funds, have entered into ashareholder servicing agreement with JPMorgan DistributionServices, Inc. (JPMDS) under which JPMDS has agreed to pro-vide certain support services to the Funds’ shareholders. Forperforming these services, JPMDS, as shareholder servicingagent, receives an annual fee of 0.05% of the average daily netassets of Capital Shares of each Fund. JPMDS may enter intoservice agreements with Financial Intermediaries under whichit will pay all or a portion of the annual fee to such entities forperforming shareholder and administrative services.

The Funds’ Distributor

JPMDS (the Distributor) is the distributor for the Funds. TheDistributor is an affiliate of JPMIM.

Additional Compensation to Financial Intermediaries

JPMIM, JPMDS and, from time to time, other affiliates ofJPMorgan Chase may also, at their own expense and out oftheir own legitimate profits, provide additional cash paymentsto Financial Intermediaries whose customers invest in shares ofthe J.P. Morgan Funds. For this purpose, Financial Inter-mediaries include financial advisors, investment advisers,brokers, financial planners, banks, insurance companies,retirement or 401(k) plan administrators and others, includingvarious affiliates of JPMorgan Chase, that have entered intoagreements with JPMDS. These additional cash payments arepayments over and above any sales charges (including Rule12b-1 fees) and service fees (including sub-transfer agency andnetworking fees) that are paid to such Financial Intermediaries,


as described elsewhere in this prospectus. These additionalcash payments are generally made to Financial Intermediariesthat provide shareholder, sub-transfer agency or administrativeservices or marketing support. Marketing support may includeaccess to sales meetings, sales representatives and FinancialIntermediary management representatives, inclusion of theJ.P. Morgan Funds on a sales list, or other sales programsand/or for training and educating a Financial Intermediary’semployees. These additional cash payments also may be madeas an expense reimbursement in cases where the Financial

Intermediary provides shareholder services to J.P. MorganFund shareholders. JPMIM and JPMDS may also pay cashcompensation in the form of finders’ fees that vary dependingon the J.P. Morgan Fund and the dollar amount of shares sold.Such additional compensation may provide such FinancialIntermediaries with an incentive to favor sales of shares of theJ.P. Morgan Funds over other investment options they makeavailable to their customers. See the Statement of AdditionalInformation for more information.

JULY 1, 2017 39

How Your Account Works

BUYING FUND SHARES

You do not pay any sales charge (sometimes called a load)when you buy Capital Shares of these Funds.

The price you pay for your shares is the net asset value (NAV)per share of the class. NAV is the value of everything a class ofa Fund owns, minus everything the class owes, divided by thenumber of shares of that class held by investors. Each Fund,other than the Prime Money Market Fund, seeks to maintain astable NAV per share of $1.00 and each Fund uses the amor-tized cost method to value its portfolio of securities providedthat certain conditions are met, including that the Board con-tinues to believe that the amortized cost valuation fairlyreflects the market-based net asset value per share of theFund. This method provides more stability in valuations. How-ever, it may also result in periods during which the stated valueof a security is different than the price the Fund would receiveif it sold the investment.

The NAV of each class of shares is generally calculated as ofeach cut-off time each day the Funds are accepting orders. Youwill pay the next NAV per share calculated after the J.P. MorganInstitutional Funds Service Center accepts your order.

Capital Shares may be purchased by institutional investors suchas corporations, pension and profit sharing plans, financialinstitutions, states, municipalities and foundations.

You may purchase Fund shares through your Financial Interme-diary. Financial Intermediaries may include financial advisors,investment advisers, brokers, financial planners, banks,insurance companies, retirement or 401(k) plan administratorsand others, including various affiliates of JPMorgan Chase, thathave entered into agreements with JPMDS as Distributor and/or shareholder servicing agent. Shares purchased this way willtypically be held for you by the Financial Intermediary. Finan-cial Intermediaries or such other organizations may imposeeligibility requirements for each of their clients or customersinvesting in the Funds, including investment minimumrequirements, which may be the same as or different from therequirements for investors purchasing directly from the Funds.You may also purchase shares directly from the J.P. MorganInstitutional Funds Service Center.

Shares are available on any business day that the FederalReserve Bank of New York (Federal Reserve) is open, except asnoted below. In addition to weekends, the Federal Reserve isclosed on the following national holidays: New Year’s Day,Martin Luther King, Jr. Day, Presidents’ Day, Memorial Day,Independence Day, Labor Day, Columbus Day, Veterans Day,Thanksgiving Day and Christmas Day. A Fund may also close ondays when the Federal Reserve is open and the New York StockExchange (NYSE) is closed, such as Good Friday. On any busi-ness day when the Securities Industry and Financial Markets

Association (SIFMA) recommends that the securities marketsclose trading early, a Fund may close early.

On occasion, the NYSE closes before 4:00 p.m. Eastern Time(ET). When the NYSE closes early, a Fund may also elect toclose early and purchase orders accepted by the Fund after theearly closing will be effective the following business day. EachFund, however, may elect to remain open following an earlyclose of the NYSE. If your purchase order is accepted by theFund before the Fund’s close on a day when the NYSE closesearly but the Fund remains open, or on a day when the Fund isopen but the NYSE is not, it will become effective following theFund’s next calculation of its NAV. Purchase orders acceptedafter a Fund’s final calculation of NAV for the day will be effec-tive the following business day.

The NAV of each class of shares is generally calculated as ofthe following times each day the Funds are accepting purchaseorders and redemption requests (each such time, including thefinal of such times each day, a cut-off time): for each of LiquidAssets Money Market Fund, U.S. Government Money MarketFund and U.S. Treasury Plus Money Market Fund, 9:00 a.m.,10:00 a.m., 11:00 a.m., 12:00 p.m., 1:00 p.m., 2:00 p.m.,3:00 p.m., 4:00 p.m. and 5:00 p.m. ET; for each of the FederalMoney Market Fund and 100% U.S. Treasury Securities MoneyMarket Fund, 9:00 a.m., 10:00 a.m., 11:00 a.m., 12:00 p.m.,1:00 p.m., 2:00 p.m. and 3:00 p.m., ET.

The NAV of each class of shares of the JPMorgan Prime MoneyMarket Fund is generally calculated as of the following times oneach day the Fund accepts purchase orders and redemptionrequests:

JPMorgan Prime Money Market Fund — 8:00 a.m., 12:00 p.m.and 3:00 p.m. ET.

The NAV of each class of shares of the JPMorgan Prime MoneyMarket Fund is calculated using market-based values. The NAVper share of a class of the Fund is equal to the value of all theassets attributable to that class, minus the liabilities attribut-able to that class, divided by the number of outstanding sharesof that class. The following is a summary of the valuationprocedures generally used to value the J.P. Morgan Funds’investments for market-based NAVs.

Securities for which market quotations are readily available aregenerally valued at their current market value. Other securitiesand assets, including securities for which market quotations arenot readily available; market quotations are determined not tobe reliable; or, their value has been materially affected byevents occurring after the close of trading on the exchange ormarket on which the security is principally traded but beforethe Fund’s NAV is calculated, may be valued at fair value inaccordance with policies and procedures adopted by the Board.Fair value represents a good faith determination of the value ofa security or other asset based upon specifically applied


procedures. Fair valuation may require subjective determi-nations. There can be no assurance that the fair value of anasset is the price at which the asset could have been sold dur-ing the period in which the particular fair value was used indetermining the Fund’s NAV.

Fixed income securities are valued using prices supplied by anapproved independent third party or affiliated pricing servicesor broker/dealers. Those prices are determined using a varietyof inputs and factors as more fully described in the Statementof Additional Information.

Shares of mutual funds are valued at their respective NAVs.

If a Fund accepts your purchase order and receives paymentthe same day, as described below, your order will be processedat the price calculated at the next cut-off time and you will beentitled to all dividends declared on that day. If the Fundaccepts your purchase order after the final cut-off time for aday, it will be processed at the next day’s first calculated price.If the Fund does not receive payment on the same day thatyour order is placed, as described below, you will not be enti-tled to any dividends declared on that day.

The Funds have the right to refuse any purchase order or to stopoffering shares for sale at any time. In addition, in its discretion,the Board may elect to calculate the price of a Fund’s sharesonce per day. Under certain circumstances, the Board has dele-gated to management the ability to temporarily suspend one ormore cut-off times for a Fund, other than the last cut-off time ofthe day.

Share ownership is electronically recorded; therefore, no certifi-cate will be issued.

Shares of the Funds have not been registered for sale outsideof the United States. This prospectus is not intended for dis-tribution to prospective investors outside of the United States.The Funds generally do not market or sell shares to investorsdomiciled outside of the United States, even, with regard toindividuals, if they are citizens or lawful permanent residents ofthe United States.

The Funds reserve the right to change the manner in whichshares are offered at any time.

If a Financial Intermediary holds your shares, it is the responsi-bility of the Financial Intermediary to send your purchase orderand payment to a Fund by the applicable deadlines. YourFinancial Intermediary may have earlier cut-off times for pur-chase orders. In addition, your Financial Intermediary may beclosed at times when the Fund is open. Your order through aFinancial Intermediary will be processed at the NAV next calcu-lated following receipt of the order from the Financial Interme-diary and acceptance by a Fund. In the event that the order isaccepted by a Financial Intermediary that a Fund hasauthorized to accept orders on its behalf, as described herein,

the order will be priced at the Fund’s NAV next calculated afterit is accepted by the Financial Intermediary. In such cases, ifrequested by a Fund, a Financial Intermediary will be respon-sible for providing information with regard to the time thatsuch order for purchase, redemption or exchange was received.Orders submitted through a Financial Intermediary that has notreceived such authorization will be priced at the Fund’s NAVnext calculated after it receives the order from the FinancialIntermediary and accepts it, which may not occur on the daysubmitted to the Financial Intermediary.

In order to receive a dividend on the day that you submit yourorder, a Fund must receive “federal funds” or other immediatelyavailable funds by the close of the Federal Reserve wire transfersystem (normally, 6:00 p.m. ET) on the same business day thepurchase order is placed. In the event that an order is placed bya cut-off time specified above and payment through federalfunds or other immediately available funds is not received by theFund by the close of the Federal Reserve wire transfer system orother immediately available funds that same day, you will notaccrue a dividend on that day and the Fund reserves the right tocancel your purchase order and you will be liable for any result-ing losses or fees incurred by the Fund or the Fund’s transferagent. If you pay by other acceptable methods, before the finalcut-off time on a day, we will process your order that day, butyou will not receive any dividends declared on that day.Payments received electronically from Financial Intermediarieson your behalf for trades accepted by the Fund will begin toreceive dividends the day payment is received by the Fund.

To open an account, buy or sell shares or get fund information,call:

J.P. Morgan Institutional Funds Service Center1-800-766-7722

The JPMorgan Prime Money Market Fund does not permitFinancial Intermediaries to serve as its agent for the receiptof orders. All trades in the JPMorgan Prime Money MarketFund are priced at the NAV next calculated by the Fund fol-lowing its receipt of the trade in proper form from theFinancial Intermediary. Additionally, the Fund must receive“federal funds” or other immediately available funds by theclose of the Federal Reserve wire transfer system(normally, 6:00 p.m. ET) on the same business day thepurchase order is placed. In the event that payment is notreceived by the JPMorgan Prime Money Market Fund by theclose of the Federal Reserve wire transfer system orthrough other immediately available funds that same day,the Fund reserves the right to cancel your purchase orderand you will be liable for any resulting losses or feesincurred by the Fund or the Fund’s transfer agent. A share-holder that redeems shares of the JPMorgan Prime MoneyMarket Fund will not receive a dividend on the date ofredemption, regardless of the form of payment requested.

JULY 1, 2017 41

How Your Account Works (continued)

Minimum Investments and Shareholder Eligibility

Capital Shares are subject to a $50,000,000 minimum invest-ment requirement per Fund. Certain institutional investors maymeet the minimum through the total amount of Capital Sharesof the Fund for all such institutional investors with the FinancialIntermediary. There are no minimum levels for subsequentpurchases.

Former One Group accounts opened on or before October 28,2004 will be subject to a $1,000,000 minimum. FormerJ.P. Morgan accounts opened on or before February 18, 2005will be subject to a $20,000,000 minimum.

The Funds reserve the right to waive any initial or subsequentinvestment minimum. For further information on investmentminimum waivers, call 1-800-766-7722.

Each “retail” money market fund (“RMMF”) must adopt policiesand procedures reasonably designed to limit all beneficialowners of the Fund to natural persons. In order to separateretail and non-retail investors, a RMMF may redeem investorsthat do not satisfy the eligibility requirements for RMMFinvestors. Each of the RMMFs will provide advance writtennotice of its intent to make any such involuntary redemptions,which will include more specific information on timing. Neithera Fund nor its investment adviser will be responsible for anyloss in an investor’s account or tax liability resulting from aninvoluntary redemption.

Each RMMF will seek to continue to qualify as “retail” by requir-ing that investments in the Fund will be limited to accountsbeneficially owned by natural persons. Natural persons mayinvest in a RMMF through certain tax-advantaged savingsaccounts, trusts and other retirement and investment accounts,which may include, among others: participant-directed definedcontribution plans; individual retirement accounts; simplifiedemployee pension arrangements; simple retirement accounts;custodial accounts; deferred compensation plans for govern-ment or tax-exempt organization employees; Archer medicalsavings accounts; college savings plans; health savings accountplans; ordinary trusts and estates of natural persons; or certainother retirement and investment accounts with ultimateinvestment authority held by the natural person beneficialowner, notwithstanding having an institutional decision makermaking day to day decisions (e.g., a plan sponsor in certainretirement arrangements or an investment adviser managingdiscretionary investment accounts). Only accounts beneficiallyowned by natural persons are permitted to retain their shares.Financial Intermediaries are required to take steps to removeany shareholders on behalf of whom they hold shares in aRMMF that are not eligible to be invested in the RMMF andmust notify the RMMF of any ineligible shareholders that con-tinue to own shares of the RMMF. Further, Financial Inter-mediaries may only submit purchase orders in RMMFs if theyhave implemented policies and procedures reasonably

designed to limit all investors on behalf of whom they submitorders to accounts beneficially owned by natural persons.Financial Intermediaries may be required by a RMMF or itsshareholder servicing agent to provide a written statement orother representation that they have in place, and operate incompliance with, such policies and procedures prior to submit-ting purchase orders. The RMMFs reserve the right to redeemshares in any account that they cannot confirm to their sat-isfaction are beneficially owned by natural persons, afterproviding advance notice.

Financial Intermediaries are required, to the extent that theyhold investments in a Fund that operates as a RMMF to ensurethat all shareholders on behalf of whom they hold investmentscomply with the terms and conditions for investor eligibility asset forth above. Additionally, such Financial Intermediaries areexpected to have, and upon request may be asked to providesatisfactory evidence to each of those Funds or the shareholderservicing agent that they have policies and procedures in placethat are reasonably designed to limit all beneficial owners ofthe Fund on behalf of whom they place orders to natural per-sons and to provide to the Fund information or certification asto the adequacy of such procedures and the effectiveness oftheir implementation, in such form as may be reasonablyrequested by the Fund or the shareholder servicing agent.Financial Intermediaries are expected to promptly report to aRMMF or the shareholder servicing agent the identification ofany shareholder of the RMMF that does not qualify as a naturalperson of whom they are aware and promptly take steps toredeem any such shareholder’s shares of the Fund uponrequest by the RMMF or the shareholder servicing agent, insuch manner as it may reasonably request. Where, pursuant toauthorization from a Fund, a Financial Intermediary acceptstrade orders on the MMF’s behalf (which shall not include theJPMorgan Prime Money Market Fund), upon the Fund’s reason-able request, the Financial Intermediary is expected topromptly provide the Fund or the shareholder servicing agentwith information regarding the timing of its acceptance of suchtrade orders for purposes of, among other things, validatingwhich NAV calculation should be applied to such trades anddetermining whether the orders preceded or followed theeffective implementation time of a liquidity fee or redemptiongate, or a modification thereto.

The JPMorgan Prime Money Market Fund does not permit Finan-cial Intermediaries to serve as its agent for the receipt of orders.For all other MMFs, where a Financial Intermediary serves as aFund’s agent for the purpose of receiving orders, trades that arenot transmitted to the Fund by the Financial Intermediary beforethe time required by the Fund or the shareholder servicing agentmay, in the Fund’s discretion, be processed on an as-of basis,provided, however, that any cost or loss to the Fund or theshareholder servicing agent or their affiliates, from such trans-actions shall be borne exclusively by the Financial Intermediary.


General

The Funds are intended for short-term investment horizons,and do not monitor for market timers or prohibit short-termtrading activity. Although these Funds are managed in a man-ner that is consistent with their investment objectives, frequenttrading by shareholders may disrupt their management andincrease their expenses.

Federal law requires all financial institutions to obtain, verifyand record information that identifies each person who opensan account. When you open an account, we will ask for yourname, residential or business street address, date of birth (foran individual) and other information that will allow us toidentify you, including your social security number, tax identi-fication number or other identifying number. The Funds cannotwaive these requirements. The Funds are required by law toreject your Account Application if the required identifyinginformation is not provided.

We will attempt to collect any missing information required onthe Account Application, including any information that theFund or the Distributor, in its sole discretion, may require toconfirm Retail Fund eligibility, by contacting either you or yourFinancial Intermediary. If we cannot obtain this informationwithin the established time frame, your Account Application willbe rejected. Amounts received prior to receipt of the requiredinformation will be held uninvested and will be returned to youwithout interest if your Account Application is rejected. If therequired information is obtained, your investment will beaccepted and you will pay the NAV per share next calculatedafter all of the required information is received.

Once we have received all of the required information, federallaw requires us to verify your identity. After an account isopened, we may restrict your ability to purchase additionalshares until your identity is verified. If we are unable to verifyyour identity within a reasonable time, the Funds reserve theright to close your account at the current NAV per share. If youraccount is closed for this reason, your shares will be redeemedat the NAV per share next calculated after the account is closed.

Send the completed Account Application and a check to:

J.P. Morgan Institutional Funds Service Center500 Stanton Christiana Road, 3-OPS3Newark, DE 19713

All checks must be in U.S. dollars. The Funds do not acceptcredit cards, cash, starter checks, money orders or credit cardchecks. The Funds reserve the right to refuse “third-party”checks and checks drawn on non-U.S. financial institutions evenif payment may be effected through a U.S. financial institution.Checks made payable to any individual or company andendorsed to the J.P. Morgan Funds or a Fund are consideredthird-party checks. The redemption of shares purchasedthrough the J.P. Morgan Institutional Funds Service Center by

check or an Automated Clearing House (ACH) transaction issubject to certain limitations. See “Selling Fund Shares.”

In the event that payment is not received by the JPMorganPrime Money Market Fund by the close of the FederalReserve wire transfer system or through other immediatelyavailable funds that same day, the Fund reserves the rightto cancel your purchase order and you will be liable for anyresulting losses or fees incurred by the Fund or the Fund’stransfer agent.

All checks must be made payable to one of thefollowing:

‰ J.P. Morgan Funds; or

‰ The specific Fund in which you are investing.

Your purchase may be canceled if your check does not clearand you will be responsible for any expenses and losses to theFunds.

If you choose to pay by wire, please call 1-800-766-7722 tonotify the Funds of your purchase and authorize your financialinstitution to wire funds to:

JPMorgan Chase Bank, N.A.1 Chase Plaza, New York, NY 10005ATTN: J.P. Morgan Institutional Funds Service CenterABA: 021000021DDA: 323125832DDA NAME: BFDS as Agent for JPMorgan FundsFBO Your Fund Number & Account Number

(EX: FUND 123-ACCOUNT 123456789)Your Account Registration

(EX: EYX CORPORATION)Your J.P. Morgan Fund

(EX: JPMORGAN ABC FUND-CAPITAL)

Orders paid by wire may be canceled if the J.P. Morgan Institu-tional Funds Service Center does not receive payment by aFund’s final cut-off time on the day that you placed your order.You will be responsible for any expenses and losses to theFunds.

You can buy shares in one of two ways:

Through Your Financial Intermediary

Tell your Financial Intermediary which Funds you want to buyand they will contact us. Your Financial Intermediary maycharge you a fee and may offer additional services, such asspecial purchase and redemption programs, “sweep” programs,cash advances and redemption checks. Some Financial Inter-mediaries charge a single fee that covers all services.

Your purchase through a Financial Intermediary will be proc-essed at the NAV next calculated following receipt of the order

JULY 1, 2017 43


from the Financial Intermediary and acceptance by a Fund,which may not occur on the day submitted to the FinancialIntermediary. In addition, orders placed through a FinancialIntermediary are subject to the timing requirements relating topayment for shares described above. Your Financial Interme-diary may impose different minimum investments and earliercut-off times for the submission of orders.

Your Financial Intermediary may be paid by JPMDS to assistyou in establishing your account, executing transactions andmonitoring your investment. Financial Intermediaries may pro-vide the following services in connection with their customers’investments in the Funds:

‰ Acting directly or through an agent, as the sole shareholderof record.

‰ Maintaining account records for customers.

‰ Processing orders to purchase, redeem or exchange sharesfor customers.

‰ Responding to inquiries from shareholders.

‰ Assisting customers with investment procedures.

Certain Funds have authorized one or more Financial Inter-mediaries to accept purchase and redemption orders on theirbehalf. Such Financial Intermediaries are authorized to desig-nate other intermediaries to accept purchase and redemptionorders on a Fund’s behalf. The Funds will be deemed to havereceived a purchase order when such Financial Intermediary or,if applicable, such Financial Intermediary’s authorized desig-nee, accepts the order. Such orders will be priced at the Fund’sNAV next calculated after it is accepted by the Financial Inter-mediary. In such cases, if requested by a Fund, a FinancialIntermediary will be responsible for providing information withregard to the time that such order for purchase was received.

Orders submitted through a Financial Intermediary that has notreceived such authorization to accept orders on a Fund’s behalfwill be priced at the Fund’s NAV next calculated after itreceives the order from the Financial Intermediary and acceptsit, which may not occur on the day submitted to the FinancialIntermediary. Since not all Financial Intermediaries havereceived such authorization, you may wish to contact yourFinancial Intermediary to determine if it has received suchauthorization.

Through the J.P. Morgan Institutional Funds ServiceCenter

Call 1-800-766-7722OrComplete the Account Application and mail it along with acheck for the amount you want to invest to:


The J.P. Morgan Institutional Funds Service Center will acceptyour order when federal funds, a wire, a check or ACH trans-action is received together with a completed Account Applica-tion or other instructions in proper form.

If you purchase shares through a Financial Intermediary, youmay be required to complete additional forms or follow addi-tional procedures. You should contact your Financial Interme-diary regarding purchases, exchanges and redemptions.

Shares of the Funds have not been registered for sale outsideof the United States. This prospectus is not intended for dis-tribution to prospective investors outside of the United States.The Funds generally do not market or sell shares to investorsdomiciled outside of the United States, even, with regard toindividuals, if they are citizens or lawful permanent residents ofthe United States.


SELLING FUND SHARES

You can sell or redeem your shares on any day that the Fundsare open for business. You will receive the NAV per sharecalculated at the next cut-off time after the Fund receives yourorder.

A redemption order must be in good order and supported by allappropriate documentation and information in proper form(meaning that it includes the information required by, andcomplies with security requirements implemented by, theFunds’ transfer agent or the Funds), including the name of theregistered shareholder and your account number. The Fundsmay refuse to honor incomplete orders.

The length of time that the Funds typically expect to payredemption proceeds depends on whether payment is made byACH, wire or check. Under normal circumstances, if a Fundreceives your order before the Fund’s final daily cut-off time,the Fund typically expects to pay redemption proceeds to youby wire that same business day by wire. Proceeds may be madeavailable throughout the day following the calculation of NAVs.For payment by check or ACH, the Funds typically expect tomail the check or pay redemption proceeds by ACH on the next


business day following receipt of the redemption order by theFunds. For trades submitted through a Financial Intermediary,it is the responsibility of each Financial Intermediary to submitorders to the Fund by the final daily cut-off time in order toreceive proceeds that same business day by wire. Otherwise,except as set forth in the section “Suspension of Redemptions”below, your redemption proceeds will be paid within sevendays (one day for the JPMorgan Prime Money Market Fund,JPMorgan U.S. Treasury Plus Money Market Fund and JPMorganU.S. Government Money Market Fund) after the Fund receivesthe redemption order. Shareholders that redeem shares andpurchase additional shares on the same day will receive divi-dends as set forth above under ‘‘Buying Fund Shares’’. Divi-dends will not accrue on shares that are redeemed and paid ona same day basis or any shares of the JP Morgan Prime MoneyMarket Fund on the date of redemption. Other redeemingshareholders will accrue dividends on the redemption date.

If you have changed your address of record within the previous15 days, the Funds will not mail your proceeds, but rather willwire them or send them by ACH to a pre-existing bank accounton record with the Funds.

The Funds may hold proceeds for shares purchased by ACH orcheck until the purchase amount has been collected, which maybe as long as five business days.

You may also need to have medallion signature guarantees forall registered owners or their legal representatives if:

‰ You want to redeem shares with a value of $50,000 or moreand you want to receive your proceeds in the form of acheck; or

‰ You want your payment sent to an address, bank account orpayee other than the one currently designated on your Fundaccount.

We may also need additional documents or a letter from a sur-viving joint owner before selling the shares. Contact theJ.P. Morgan Institutional Funds Service Center for more details.

You can sell your shares in one of two ways:


Tell your Financial Intermediary which Fund’s shares you wantto sell. Once the Fund accepts your order, which must be sub-mitted in good order to your Financial Intermediary, the Fundwill process it at the NAV calculated at the next cut-off time.Your Financial Intermediary will be responsible for sending thenecessary documents to the J.P. Morgan Institutional FundsService Center. This may not occur on the day that an order issubmitted to a Financial Intermediary. Your Financial Interme-diary may charge you for this service.

Your Financial Intermediary may have earlier cut-off times forredemption orders.

Certain Funds have authorized one or more Financial Inter-mediaries to accept purchase and redemption orders on theirbehalf. Such Financial Intermediaries are authorized to designateother intermediaries to accept purchase and redemption orderson a Fund’s behalf. The Funds will be deemed to have received aredemption order when a Financial Intermediary or, if applicable,that Financial Intermediary’s authorized designee, accepts theorder. Such orders will be priced at the Fund’s NAV next calcu-lated after it is accepted by the Financial Intermediary. In suchcases, if requested by a Fund, a Financial Intermediary will beresponsible for providing information with regard to the timethat such order for redemption was received.

Orders submitted through a Financial Intermediary that has notreceived such authorization to accept orders on a Fund’s behalfwill be priced at the Fund’s NAV next calculated after it receivesthe order from the Financial Intermediary and accepts it, whichmay not occur on the day submitted to the Financial Interme-diary. Since not all Financial Intermediaries have received suchauthorization, you may wish to contact your Financial Interme-diary to determine if it has received such authorization.

If you hold your Fund shares through a Financial Intermediary,the length of time that the Funds typically expect to payredemption proceeds depends on the method of payment andthe agreement between the Financial Intermediary and theFunds. For redemption proceeds that are paid directly to you bya Fund, the Fund typically expects to make payments by wire onthe same business day. For payments that are made to yourFinancial Intermediary for transmittal to you, the Funds expect topay redemption proceeds to the Financial Intermediary fortransmittal to you on the same business day or up to three busi-ness days following the Fund’s receipt of the redemption orderfrom the Financial Intermediary.

Except as set forth in the section “Suspension of Redemptions”below, payment of redemption proceeds may take longer thanthe time a Fund typically expects and may take up to sevendays (one day for the JPMorgan Prime Money Market Fund,JPMorgan U.S. Treasury Plus Money Market Fund and JPMorganU.S. Government Money Market Fund) after the Fund receivesthe redemption order as permitted by the Investment CompanyAct of 1940.


Call 1-800-766-7722. We will mail you a check or send the pro-ceeds via electronic transfer or wire to the bank account on ourrecords.OrSend a letter signed by an authorized signer with yourinstructions to:


JULY 1, 2017 45


The length of time that the Funds typically expect to payredemption proceeds depends on whether payment is made byACH, wire or check. The Funds typically expect to make pay-ments of redemption proceeds by wire on the same businessday if the Fund receives your order before the Fund’s final dailycut-off time. For payment by check or ACH, the Funds typicallyexpect to mail the check or pay redemption proceeds by ACHon the next business day following the business day on whichthe Fund receives your order before the Fund’s final daily cut-off time.

Redemptions-In-Kind

Generally, all redemptions will be for cash. The J.P. MorganFunds typically expect to satisfy redemption requests by sellingportfolio assets or by using holdings of cash or cash equiv-alents. On a less regular basis, the Funds may also satisfyredemption requests by borrowing from another Fund, bydrawing on a line of credit from a bank, or using other short-term borrowings from its custodian. These methods may beused during both normal and stressed market conditions. Inaddition to paying redemption proceeds in cash, if you redeemshares worth $250,000 or more, the Funds reserve the right topay part or all of your redemption proceeds in readily market-able securities instead of cash. If payment is made in securities,a Fund will value the securities selected in the same manner inwhich it computes its NAV. This process minimizes the effect oflarge redemptions on the Fund and its remaining shareholders.If you receive a redemption-in-kind, securities received by youmay be subject to market risk and you could incur taxable gainsand brokerage or other charges in converting the securities tocash. While the Funds do not routinely use redemptions-in-kind,the Funds reserve the right to use redemptions-in-kind tomanage the impact of large redemptions on the Funds. Exceptas set forth in the section “Suspension of Redemptions” below,redemption-in-kind proceeds will typically be made by deliver-ing a pro-rata amount of a Fund’s holdings that are readilymarketable securities to the redeeming shareholder withinseven days (one day for the JPMorgan Prime Money MarketFund, JPMorgan U.S. Treasury Plus Money Market Fund andJPMorgan U.S. Government Money Market Fund) after theFund’s receipt of the redemption order.



If a Retail Fund’s or the JPMorgan Prime Money Market Fund’sweekly liquid assets fall below 30% of its total assets, theBoard, in its discretion, may impose liquidity fees of up to 2%of the value of the shares redeemed and/or redemption gates.In addition, if one such Funds’ weekly liquid assets falls below10% of its total assets at the end of any business day, the Fundmust impose a 1% liquidity fee on shareholder redemptions

unless the Board determines that not doing so is in the bestinterests of the Fund.

Liquidity fees and redemption gates are most likely to beimposed, if at all, during times of extraordinary market stress.The Board generally expects that a redemption gate would beimposed prior to notification to shareholders and FinancialIntermediaries that a gate would be imposed. Additionally, theBoard generally expects that a liquidity fee would beimplemented, if at all, after a Fund has notified Financial Inter-mediaries and shareholders that a liquidity fee will be imposed(generally, applied to all redemption requests processed at thefirst net asset value calculation on the next business day follow-ing the announcement that the Fund will impose a liquidity fee),although the Board, in its discretion, may elect otherwise. In theevent that a liquidity fee or redemption gate is imposed, theBoard expects that for the duration of its implementation and theday after which such gate or fee is terminated, the Fund wouldstrike only one NAV per day, at a Fund’s last scheduled NAVcalculation time.

The imposition and termination of a liquidity fee or redemptiongate will be reported by a Fund to the SEC on Form N-CR. Suchinformation will also be available on the Fund’s website(www.jpmorganfunds.com). In addition, a Fund will communi-cate such action through a supplement to its registration state-ment and may further communicate such action through a pressrelease or by other means. If a liquidity fee is applied by theBoard, it will be charged on all redemption orders submittedafter the effective time of the imposition of the fee by theBoard. Liquidity fees would reduce the amount you receive uponredemption of your shares. In the event a Fund imposes aredemption gate, the Fund or any Financial Intermediary on itsbehalf will not accept redemption requests until the Fund pro-vides notice that the redemption gate has been terminated.

Redemption requests submitted while a redemption gate isimposed will be cancelled without further notice. If shareholdersstill wish to redeem their shares after a redemption gate hasbeen lifted, they will need to submit a new redemption request.

The Board may, in its discretion, terminate a liquidity fee orredemption gate at any time if it believes such action to be inthe best interest of a Fund and its shareholders. Also, liquidityfees and redemption gates will automatically terminate at thebeginning of the next business day once a Fund’s weekly liquidassets reach at least 30% of its total assets. Redemption gatesmay only last up to 10 business days in any 90-day period.When a fee or a gate is in place, the Fund may elect not topermit the purchase of shares or to subject the purchase ofshares to certain conditions, which may include affirmation ofthe purchaser’s knowledge that a fee or a gate is in effect.When a fee or a gate is in place, shareholders will not bepermitted to exchange into or out of a Fund. The Board may, inits discretion, permanently suspend redemptions and liquidate


if, among other things, a Fund, at the end of a business day,has less than 10% of its total assets invested in weekly liquidassets. With regard to the Retail Funds and the GovernmentFunds, the Board may suspend redemptions and liquidate theFund if the Board determines that the deviation between itsamortized cost price per share and its market-based NAV pershare may result in material dilution or other unfair results toinvestors or existing shareholders.

There is some degree of uncertainty with respect to the taxtreatment of liquidity fees received by Funds, and such taxtreatment may be the subject of future guidance issued by theInternal Revenue Service (“IRS”). If a Fund receives liquidityfees, it will consider the appropriate tax treatment of such feesto the Fund at such time.

Financial Intermediaries are required to promptly take the stepsrequested by the Retail Funds, the JPMorgan Prime Money Mar-ket Fund or their designees to impose or help to implement aliquidity fee or redemption gate as requested from time to time,including the rejection of orders due to the imposition of a fee orgate or the prompt re-confirmation of orders following anotification regarding the implementation of a fee or gate. If aliquidity fee is imposed, these steps are expected to include thesubmission of trades on a gross, rather than net, basis from thetime of the effectiveness of the liquidity fee or redemption gateand the submission of such order information to the Fund or itsdesignee prior to the next calculation of a Fund’s NAV. Unlessotherwise agreed to between a Fund and Financial Intermediary,the Fund will withhold liquidity fees on behalf of Financial Inter-mediaries. With regard to such orders, a redemption request thata Fund determines in its sole discretion has been received ingood order by the Fund or its designated agent prior to theimposition of a liquidity fee or redemption gate may be paid bythe Fund despite the imposition of a redemption gate or withoutthe deduction of a liquidity fee.

EXCHANGING FUND SHARES

Exchanges between the JPMorgan Prime Money Market Fundand other J.P. Morgan Funds are not permitted.

In general, the same rules and procedures that apply to salesand purchases apply to exchanges. An exchange order must bein good order and supported by all appropriate documentationand information in proper form. The Funds may refuse to honorincomplete orders. All exchanges are based upon the NAV thatis next calculated after the Fund receives your order, providedthe exchange out of one Fund must occur before the exchangeinto the other Fund. The redemption of your shares will beprocessed at the next calculated NAV by the Fund whose sharesyou are redeeming, and your purchase will be processed as ofthe same time if the Fund into which you wish to exchange alsocalculates a NAV at such time or if not, as of such Fund’s nextcalculated NAV. The exchange might not be completed on the

date on which the order is submitted and, in such case, theproceeds of the redemption may remain uninvested until theexchange is completed. A shareholder that exchanges out ofshares of a Fund that accrues a daily dividend, including amoney market fund, will accrue a dividend on the day of theredemption. A shareholder that exchanges into shares of aFund that accrues dividends daily will not accrue a dividend onthe day of the purchase. However, dividends will accrue ontransactions processed as a redemption order followed by apurchase order as set forth in the Sections “Buying FundShares” and “Selling Fund Shares” above.

For all Funds other than the Prime Money Market Fund:

Subject to meeting any investment minimum and eligibilityrequirements, Capital Shares may be exchanged for the sameclass of shares of another J.P. Morgan Fund, or any other classof the same Fund.

The J.P. Morgan Funds do not charge a fee for this privilege. Inaddition, the J.P. Morgan Funds will provide 60 days’ writtennotice of any termination of or material change to yourexchange privileges.

Generally, an exchange between J.P. Morgan Funds is consid-ered a sale and generally results in a capital gain or loss forfederal income tax purposes. An exchange between classes ofshares of the same Fund is generally not taxable for federalincome tax purposes. You should consult your tax advisorbefore making an exchange.

Before making an exchange request, you should read the pro-spectus of the J.P. Morgan Fund whose shares you would like topurchase by exchange. You can obtain a prospectus for anyJ.P. Morgan Fund by contacting your Financial Intermediary, byvisiting www.jpmorganfunds.com, or by calling 1-800-766-7722.

We reserve the right to limit the number of exchanges or torefuse an exchange. Your exchange privilege will be revoked ifthe exchange activity is considered excessive.

You can exchange your shares in one of two ways:


Tell your Financial Intermediary which Fund’s shares you wantto exchange. They will send the necessary documents to theJ.P. Morgan Institutional Funds Service Center. Your FinancialIntermediary may charge you for this service.

Certain Funds have authorized one or more Financial Inter-mediaries to accept purchase and redemption orders on theirbehalf. Such Financial Intermediaries are authorized to desig-nate other intermediaries to accept purchase and redemptionorders on a Fund’s behalf. A Fund will be deemed to havereceived an order when a Financial Intermediary or, if appli-cable, that Financial Intermediary’s authorized designee,accepts the order. Such orders will be priced at the Fund’s NAV

JULY 1, 2017 47


next calculated after it is accepted by the Financial Interme-diary. In such cases, if requested by a Fund, a FinancialIntermediary will be responsible for providing information withregard to the time that such order for exchange was received.

Orders submitted through a Financial Intermediary that has notreceived such authorization to accept orders on a Fund’s behalfwill be priced at the Fund’s NAV next calculated after itreceives the order from the Financial Intermediary and acceptsit, which may not occur on the day submitted to the FinancialIntermediary. Since not all Financial Intermediaries havereceived such authorization, you may wish to contact yourFinancial Intermediary to determine if it has received suchauthorization.


Call 1-800-766-7722 to ask for details.


OTHER INFORMATION CONCERNING THE FUNDS

The Funds use reasonable procedures to confirm thatinstructions given by telephone are genuine. These proceduresinclude recording telephone instructions and asking forpersonal identification. If these procedures are followed, theFunds will not be responsible for any loss, liability, cost orexpense of acting upon unauthorized or fraudulent instructions;you bear the risk of loss.

If your account value falls below the Funds’ minimum invest-ment requirement, the Funds reserve the right to redeem all ofthe remaining shares in your account and close your account.Before these actions are taken, you will be given 60 days’advance written notice in order to provide you with time toincrease your account balance to the required minimum, bypurchasing sufficient shares, in accordance with the terms ofthis prospectus.

You may not always reach the J.P. Morgan Institutional FundsService Center by telephone. This may be true at times ofunusual market changes and shareholder activity. You can mailus your instructions or contact your Financial Intermediary. Wemay modify or cancel the sale of shares by telephone withoutnotice.

You may write to:


Shares of the JPMorgan U.S. Government Money Market Fundare intended to qualify as eligible investments for federallychartered credit unions pursuant to Sections 107(7), 107(8) and107(15) of the Federal Credit Union Act, Part 703 of the NationalCredit Union Administration (NCUA) Rules and Regulations andNCUA Letter Number 155. A credit union should consult quali-fied legal counsel to determine whether the Fund is a permis-sible investment under the laws applicable to it.

Suspension of Redemptions

The Funds may suspend your ability to redeem or may post-pone payment for more than seven days (more than one dayfor the JPMorgan Prime Money Market Fund, JPMorgan U.S.Treasury Plus Money Market Fund and JPMorgan U.S. Govern-ment Money Market Fund) when:

1. Trading on the NYSE is restricted;

2. The NYSE is closed (other than weekend and holidayclosings);

3. Federal securities laws permit (with regard to JPMorganPrime Money Market Fund, JPMorgan U.S. Treasury PlusMoney Market Fund and JPMorgan U.S. Government MoneyMarket Fund, upon the occurrence of any of the conditionsset forth under Section 22(e) of the Investment Company Actof 1940);

4. The SEC has permitted a suspension;

5. An emergency exists, as determined by the SEC; or

6. The Board elects to implement a liquidity fee or redemptiongate on a Retail Fund or the JPMorgan Prime Money MarketFund.

See “Purchases, Redemptions and Exchanges” in the Statementof Additional Information for more details about this process.


Shareholder Information

DISTRIBUTIONS AND TAXES

Each Fund has elected to be treated and intends to qualify eachyear as a regulated investment company. A regulated invest-ment company is not subject to tax at the corporate level onincome and gains from investments that are distributed toshareholders. A Fund’s failure to qualify as a regulated invest-ment company would result in corporate-level taxation and,consequently, a reduction in income available for distributionto shareholders.

Each Fund can earn income and realize capital gain. Each Funddeducts any expenses and then pays out the earnings, if any, toshareholders as distributions.

Each Fund declares dividends of net investment income, if any,daily, so your shares can start earning dividends on the day youbuy them. Each Fund distributes such dividends monthly in theform of additional Fund shares of the same class, unless youtell us that you want distributions in cash or as a deposit in apre-assigned bank account. Such instruction must be receivedprior to the final calculation of the NAV on date of payment.Dividends on a dividend reinvestment begin to accrue on thedate following the purchase date. In the event that a liquidity orredemption gate is in place at the time that dividends are dis-tributed, all distributions will be made in form of cash. Thetaxation of dividends will not be affected by the form in whichyou receive them. For each taxable year, each Fund willdistribute substantially all of its net investment income andshort-term capital gain. Net short-term capital gains, if any,may be included in a Fund’s daily distribution. However, fromtime to time a Fund may not pay out all of the income and/orgains generated from its investments, including for the purposeof stabilizing its net asset value per share.

For federal income tax purposes, dividends of net investmentincome and any net short-term capital gain generally are tax-able as ordinary income. It is unlikely that dividends from anyof the Funds will qualify to any significant extent for thereduced tax rate applicable to qualified dividend income.

An additional 3.8% Medicare tax is imposed on certain netinvestment income (including ordinary dividends and capitalgain distributions received from a Fund and net gains fromredemptions or other taxable dispositions of Fund shares, butexcluding any exempt interest dividends from a Fund) of U.S.individuals, estates and trusts to the extent that such person’s“modified adjusted gross income” (in the case of an individual)or “adjusted gross income” (in the case of an estate or trust)exceed certain threshold amounts.

Dividends of interest earned on bonds issued by the U.S. gov-ernment and its agencies may be exempt from some types ofstate and local taxes.

A Fund’s investments in certain debt obligations and assetbacked securities may require a Fund to accrue and distribute

income not yet received. In order to generate sufficient cash tomake the requisite distributions, a Fund may be required toliquidate other investments in its portfolio that it otherwisewould have continued to hold, including when it is notadvantageous to do so.

If you receive distributions that are properly reported as capitalgain dividends, the tax rate will be based on how long the Fundheld a particular asset, not on how long you have owned yourshares. Each Fund expects substantially all of its distributions ofcapital gain to be attributable to short-term capital gain whichis taxed as ordinary income.

Regarding the Prime Money Market Fund and the Liquid AssetsMoney Market Fund, the Fund’s investment in foreign securitiesmay be subject to foreign withholding or other taxes. In thatcase, the Fund’s yield would be decreased.

Any gain resulting from the sale or exchange of Fund shareswill be taxable as long-term or short-term gain, dependingupon how long you have held your shares. There is somedegree of uncertainty with respect to the tax treatment of liq-uidity fees received by Funds, and such tax treatment may bethe subject of future guidance issued by the IRS. If a Fundreceives liquidity fees, it will consider the appropriate taxtreatment of such fees to the Fund at such time.

Regarding the Prime Money Market Fund, because the Fund isnot expected to maintain a stable share price, a sale orexchange of Fund shares may result in a capital gain or loss foryou. Unless you choose to adopt a simplified “NAV method” ofaccounting (described below), such capital gain or loss gen-erally will be treated either as short-term if you held your Fundshares for one year or less, or long-term if you held your Fundshares longer.

If you elect to adopt the NAV method of accounting, rather thancomputing gain or loss on every taxable disposition of Fundshares as described above, you would determine your gain orloss based on the change in the aggregate value of your Fundshares during a computation period (such as your taxableyear), reduced by your net investment (purchases minus sales)in those shares during that period. Under the NAV method, anyresulting net capital gain or loss would be treated as short-termcapital gain or loss.

Please see the Statement of Additional Information for addi-tional discussion of the tax consequences of these above-described and other investments to each Fund and itsshareholders.

The dates on which net investment income and capital gain, ifany, will be distributed are available online atwww.jpmorganfunds.com.

JULY 1, 2017 49

Shareholder Information (continued)

Early in each calendar year, each Fund will send you a noticeshowing the amount of distributions you received in thepreceding year and the tax status of those distributions.

Any investor for whom a Fund does not have a valid TaxpayerIdentification Number may be subject to backup withholding.

The Funds are not intended for foreign shareholders. Any for-eign shareholders would generally be subject to U.S. tax with-holding on distributions by the Funds, as discussed in theStatement of Additional Information.

Distributions by a Fund to retirement plans and other entitiesthat qualify for tax-exempt or tax-deferred treatment underfederal income tax laws will generally not be taxable. Specialtax rules apply to investments through such plans. The taxconsiderations described in this section do not apply to suchtax-exempt or tax-deferred entities or accounts. You shouldconsult your tax advisor to determine the suitability of a Fundas an investment and the tax treatment of distributions.

The above is a general summary of the tax implications of inves-ting in the Funds. Because each investor’s tax consequencesare unique, please consult your tax advisor to see how inves-ting in a Fund will affect your own tax situation.

IMPORTANT TAX REPORTING CONSIDERATIONS

Your Financial Intermediary or the Fund (if you hold yourshares in a Fund direct account) is required to report gainsand losses to the IRS in connection with redemptions ofshares by S corporations purchased after January 1, 2012. If ashareholder is a corporation and has not instructed the Fundthat it is a C corporation in its account application or by writ-ten instruction to J.P. Morgan Funds Services, P.O. Box 8528,Boston, MA 02266-8528, the Fund will treat the shareholderas an S corporation and file a Form 1099-B.

SHAREHOLDER STATEMENTS AND REPORTS

The Funds will send you transaction confirmation statementsand account statements at least quarterly. If your account isheld through a Financial Intermediary, you may receive yourstatements and confirmations from your Financial Intermediaryon a different schedule. Please review these statements care-fully. The Funds will correct errors if notified within 10 days ofthe date printed on the transaction confirmation or accountstatement. Your Financial Intermediary may have a differentcut-off time. J.P. Morgan Funds will charge a fee for requestsfor statements that are older than two years. Please retain allof your statements, as they could be needed for tax purposes.

After each fiscal half-year, you will receive a financial reportfrom the Funds. In addition, the Funds will periodically sendyou proxy statements and other reports.

If you have any questions or need additional information,please write to the J.P. Morgan Institutional Funds ServiceCenter at 500 Stanton Christiana Road, 3-OPS3, Newark,DE 19713 or call 1-800-766-7722.

AVAILABILITY OF PROXY VOTING RECORD

The Trustees have delegated the authority to vote proxies forsecurities owned by each Fund to JPMIM. A copy of each Fund’svoting record for the most recent 12-month period endedJune 30 is available on the SEC’s website at www.sec.gov or onthe J.P. Morgan Funds’ website at www.jpmorganfunds.com nolater than August 31 of each year. Each Fund’s proxy votingrecord will include, among other things, a brief description ofthe matter voted on for each portfolio security, and will statehow each vote was cast, for example, for or against theproposal.

PORTFOLIO HOLDINGS DISCLOSURE

Each business day, each Fund will make available upon requestan uncertified complete schedule of its portfolio holdings as ofthe prior business day.

Not later than 60 days after the end of each fiscal quarter, eachFund will make available, upon request, a complete schedule ofits portfolio holdings as of the last day of that quarter. In addi-tion to providing hard copies upon request, the Funds will postthese quarterly schedules on the J.P. Morgan Funds’ website atwww.jpmorganfunds.com and on the SEC’s website atwww.sec.gov.

Not later than five business days after the end of each calendarmonth, each Fund will post detailed information regarding itsportfolio holdings, as well as its dollar-weighted averagematurity and dollar-weighted average life, as of the last day ofthat month on the J.P. Morgan Funds’ website and provide alink to the SEC website where the most recent twelve months ofpublicly available information filed by the Fund may beobtained.

In addition, not later than five business days after the end ofeach calendar month, each Fund will file a schedule of detailedinformation regarding its portfolio holdings as of the last day ofthat month with the SEC. These filings will be publicly availableon the J.P. Morgan Funds’ website at www.jpmorganfunds.comand the SEC’s website upon filing.

Shareholders may request portfolio holdings schedules at nocharge by calling 1-800-766-7722. A description of the Funds’policies and procedures with respect to the disclosure of theFunds’ portfolio holdings is available in the Statement of Addi-tional Information.


In addition, each Fund may post portfolio holdings on theJ.P. Morgan Funds’ website at www.jpmorganfunds.com or onthe J.P. Morgan external websites.

On each business day, all Funds will post their levels of dailyand weekly liquid assets as of the final time that the net assetvalue was calculated for the Fund on the previous business dayand each business day during the preceding six months on theJ.P. Morgan Funds’ website.

On each business day, all Funds will post information regardingtheir net inflows/outflows and as of the final time that the netasset value was calculated for the Fund on the previous busi-ness day and each business day during the preceding sixmonths on the J.P. Morgan Funds’ website.

DISCLOSURE OF MARKET-BASED NET ASSET VALUE

On each business day, each of the Funds will post its market-based NAV per share (Market-Based NAV) to four decimalplaces shown as of the final time that the net asset value wascalculated for the Fund on the previous business day and eachbusiness day for the Fund during the preceding six months onthe J.P. Morgan Funds’ website.

The Market-Based NAV of the Retail Funds and GovernmentFunds will be provided for informational purposes only. Forpurposes of transactions in the shares of each Retail Fund orGovernment Fund, in accordance with Rule 2a-7, the price forshares will continue to be the NAV per share of the applicableshare class, calculated using the amortized cost method to twodecimals, as described under “How Your Account Works.”

JULY 1, 2017 51

What the Terms Mean

Asset-backed securities: Interests in a stream of paymentsfrom specific assets, such as auto or credit card receivables.

Commercial paper: Short-term securities with maturities of 1to 270 days which are issued by banks, corporations andothers.

Daily liquid assets: Means (i) cash; (ii) direct obligations of theU.S. Government; (iii) securities that will mature or are subjectto a demand feature that is exercisable and payable within onebusiness day and (iv) amounts receivable and due uncondition-ally within one business day on pending sales of portfoliosecurities.

Demand notes: Debt securities with no set maturity date. Theinvestor can generally demand payment of the principal at anytime.

Dollar-weighted average maturity: The average maturity of theFund is the average amount of time until the organization(s) thatissued the debt securities in the Fund’s portfolio must pay off theprincipal amount of the debt. This calculation may utilizematurity shortening provisions under applicable rules. “Dollar-weighted” means the larger the dollar value of debt security inthe Fund, the more weight it gets in calculating this average. Tocalculate the dollar-weighted average maturity, the Fund maytreat a variable or floating rate security as having a maturityequal to the time remaining to the security’s next interest ratereset date rather than the security’s actual maturity date.

Dollar-weighted average life: The dollar weighted averageportfolio maturity without reference to the exceptions used forvariable or floating rate securities regarding the use of the dateof interest rate resets in lieu of the security’s actual maturitydate.

Floating rate securities: Securities whose interest rates adjustautomatically whenever a particular interest rate changes.

GSE: A financial services corporation created by the UnitedStates Congress, such as Federal National Mortgage Associa-tion, or Fannie Mae, and the Federal Home Loan MortgageCorporation, or Freddie Mac. Certain securities issued by suchcorporations may be subject to mortgage-related securitiesrisk.

Liquidity: The ability to easily convert investments into cashwithout losing a significant amount of money in the process.

Management fee: A fee paid to the investment adviser tomanage the Fund and make decisions about buying and sellingthe Fund’s investments.

Municipal obligations: Debt securities issued by or on behalfof states, territories and possessions or by their agencies orother groups with authority to act for them. Interest on certainmunicipal obligations, generally issued as general obligationand revenue bonds, is exempt from federal taxation and stateand/or local taxes in the state where issued.

Other expenses: Miscellaneous items, including transferagency, administration, custody and registration fees.

Qualified U.S. and foreign banks: These include (i) U.S. bankswith more than $1 billion in total assets, and foreign branchesof these banks; or (ii) foreign banks with the equivalent of morethan $1 billion in total assets and which have branches or agen-cies in the U.S. or (iii) other U.S. or foreign commercial bankswhich the Fund’s adviser judges to have comparable creditstanding.

Repurchase agreement: A special type of a short-terminvestment. A dealer sells securities to a Fund and agrees tobuy them back later for a set price. This set price includesinterest. In effect, the dealer is borrowing the Fund’s money fora short time, using the securities as collateral.

Reverse repurchase agreement: Contract whereby the Fundsells a security and agrees to repurchase it from the buyer on aparticular date and at a specific price. Considered a form ofborrowing.

Service fee: A fee to cover the cost of paying Financial Inter-mediaries to provide certain support services for your account.

U.S. government securities: Debt instruments (Treasury bills,notes, and bonds) guaranteed by the U.S. government or itsagencies or instrumentalities for the timely payment of princi-pal and interest.

Variable rate securities: Securities whose interest rates areperiodically adjusted.

Weekly liquid assets: Means (i) cash; (ii) direct obligations ofthe U.S. Government; (iii) Government securities issued by aperson controlled or supervised by and acting as aninstrumentality of the Government of the United States pur-suant to authority granted by the Congress of the UnitedStates, that are issued at a discount to the principal amount tobe repaid at maturity without the provision for the payment ofinterest and have a remaining maturity of 60 days or less;(iv) securities that will mature or are subject to a demand fea-ture that is exercisable and payable within five business daysand (v) amounts receivable and due unconditionally within fivebusiness days on pending sales of portfolio securities.


This Page Intentionally Left Blank.

JULY 1, 2017 53

Financial Highlights

The financial highlights table is intended to help you understand a Fund’s financial performance for the past five fiscal years or theperiod of a Fund’s operations, as applicable. The returns shown for the U.S. Treasury Plus Money Market Fund and the Federal MoneyMarket Fund reflect the returns for each Fund’s Institutional Class Shares, which are not offered in this prospectus, as the CapitalShares have not commenced operations as of the date of this prospectus. Certain information reflects financial results for a singleFund share. The total returns in the tables represent the rate that an investor would have earned (or lost) on an investment in a Fund(assuming reinvestment of all dividends and distributions). This information has been audited by PricewaterhouseCoopers LLP, whosereports, along with each Fund’s financial statements, are included in the respective Fund’s annual report, which is available uponrequest.

To the extent that a Fund invests in other funds, the Total Annual Operating Expenses included in the Fee Table will not correlate tothe ratio of expenses to average net assets in the financial highlights below.

CapitalPer share operating performance

Investment operations Distributions

Net assetvalue,

beginningof period

Netinvestment

income(loss)

Net realizedand unrealized

gains(losses) oninvestments

Total frominvestmentoperations

Netinvestment

income

Netrealized

gainTotal

distributions

Prime Money Market Fund*Year Ended February 28, 2017 $1.0000 $0.0047(d) $0.0014 $0.0061 $(0.0057) $—(e) $(0.0057)Year Ended February 29, 2016 1.00 —(d)(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2015 1.00 —(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2014 1.00 —(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2013 1.00 —(f) —(f) —(f) —(f) —(f) —(f)

Liquid Assets Money Market FundYear Ended February 28, 2017 1.00 0.01(d) —(f) 0.01 (0.01) —(f) (0.01)Year Ended February 29, 2016 1.00 —(d)(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2015 1.00 —(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2014 1.00 —(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2013 1.00 —(f) —(f) —(f) —(f) —(f) —(f)

U.S. Government Money Market FundYear Ended February 28, 2017 1.00 —(d)(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 29, 2016 1.00 —(d)(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2015 1.00 —(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2014 1.00 —(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2013 1.00 —(f) —(f) —(f) —(f) —(f) —(f)

100% U.S. Treasury Securities Money Market FundYear Ended February 28, 2017 1.00 —(d)(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 29, 2016 1.00 —(d)(f) —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2015 1.00 — —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2014 1.00 — —(f) —(f) —(f) —(f) —(f)Year Ended February 28, 2013 1.00 — —(f) —(f) —(f) —(f) —(f)

(a) Annualized for periods less than one year, unless otherwise noted.(b) Not annualized for periods less than one year.(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.(d) Calculated based upon average shares outstanding.(e) Amount rounds to less than $0.00005.(f) Amount rounds to less than $0.005.(g) Amount rounds to less than 0.005%.* The Prime Money Market Fund began utilizing a floating NAV calculated to four decimal places during the year.


Ratios/Supplemental data

Ratios to average net assets (a)

Net assetvalue, endof period

Totalreturn

Net assets,end ofperiod

(000’s)Net

expenses (c)

Netinvestment

income(loss)

Expenseswithout waivers,reimbursements

and earnings credits

$1.0004 0.61%(b) $20,091,103 0.17% 0.47% 0.21%1.00 0.14(b) 64,690,852 0.18 0.14 0.211.00 0.05(b) 66,140,350 0.18 0.05 0.211.00 0.06(b) 68,193,741 0.18 0.06 0.211.00 0.16(b) 68,141,597 0.18 0.16 0.21

1.00 0.53(b) 105,366 0.18 0.38 0.221.00 0.16(b) 2,071,483 0.18 0.15 0.221.00 0.07(b) 2,889,536 0.18 0.06 0.221.00 0.07(b) 3,795,256 0.18 0.07 0.231.00 0.17(b) 2,806,226 0.18 0.17 0.22

1.00 0.33(b) 86,200,153 0.14 0.35 0.211.00 0.04(b) 28,046,995 0.14 0.04 0.211.00 0.01(b) 32,973,407 0.07 0.01 0.211.00 0.01(b) 25,817,838 0.09 0.01 0.211.00 0.01(b) 28,211,844 0.16 0.01 0.21

1.00 0.23 11,630,048 0.18 0.23 0.211.00 0.02 9,678,309 0.08 0.01 0.211.00 0.00(g) 8,717,551 0.04 0.00 0.211.00 0.00(g) 9,468,647 0.06 0.00 0.211.00 0.00(g) 9,726,191 0.10 0.00 0.21

JULY 1, 2017 55

Financial Highlights (continued)

Capital (continued)Per share operating performance


Net assetvalue,

beginningof period

Netinvestment

income(loss)




Netinvestment

income

Netrealized

gainTotal

distributions

U.S. Treasury Plus Money Market FundYear Ended February 28, 2017 $1.00 $—(d)(e) $—(e) $—(e) $—(e) $—(e) $—(e)Year Ended February 29, 2016 1.00 —(d)(e) —(e) —(e) —(e) —(e) —(e)Year Ended February 28, 2015 1.00 — —(e) —(e) —(e) —(e) —(e)Year Ended February 28, 2014 1.00 —(e) —(e) —(e) —(e) —(e) —(e)Year Ended February 28, 2013 1.00 —(e) —(e) —(e) —(e) —(e) —(e)

(a) Annualized for periods less than one year, unless otherwise noted.(b) Not annualized for periods less than one year.(c) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.(d) Calculated based upon average shares outstanding.(e) Amount rounds to less than $0.005.(f) Amount rounds to less than 0.005%.



Ratios to average net assets (a)

Net assetvalue,end ofperiod

Totalreturn (b)

Net assets,end of period

(000’s)Net

expenses (c)

Netinvestment

income(loss)

Expenseswithout waivers,

reimbursements andearnings credits

$1.00 0.23% $14,813,061 0.21% 0.24% 0.26%1.00 0.02 8,736,623 0.13 0.02 0.261.00 0.00(f) 6,516,731 0.07 0.00(f) 0.261.00 0.00(f) 7,296,339 0.08 0.00(f) 0.261.00 0.00(f) 7,555,937 0.15 0.00(f) 0.26

JULY 1, 2017 57

Financial Highlights (continued)

Capital (continued)Per share operating performance


Net assetvalue,

beginningof period

Netinvestment

income(loss)




Netinvestment

income

Netrealized

gainTotal

distributions

Federal Money Market FundYear Ended February 28, 2017 $1.00 $—(b)(c) $—(c) $—(c) $—(c) $—(c) $—(c)Year Ended February 29, 2016 1.00 —(b)(c) —(c) —(c) —(c) —(c) —(c)Year Ended February 28, 2015 1.00 —(c) —(c) —(c) —(c) —(c) —(c)Year Ended February 28, 2014 1.00 —(c) —(c) —(c) —(c) —(c) —(c)Year Ended February 28, 2013 1.00 —(c) —(c) —(c) —(c) —(c) —(c)

(a) Includes earnings credits and interest expense, if applicable, each of which is less than 0.005% unless otherwise noted.(b) Calculated based upon average shares outstanding.(c) Amount rounds to less than $0.005.



Ratios to average net assets

Net assetvalue,end ofperiod Total return

Net assets,end ofperiod

(000’s)Net

expenses (a)

Netinvestment

income(loss)

Expenseswithout waivers,

reimbursements andearnings credits

$1.00 0.25% $2,767,271 0.21% 0.25% 0.30%1.00 0.03 3,615,992 0.13 0.03 0.281.00 0.01 3,995,934 0.06 0.01 0.301.00 0.01 3,835,871 0.07 0.01 0.291.00 0.01 3,259,389 0.12 0.01 0.28

JULY 1, 2017 59

Additional Fee and Expense Information

ADDITIONAL FEE AND EXPENSE INFORMATIONFOR JPMT II FUNDS AND FORMER ONE GROUP MUTUAL FUNDS

In connection with the 2004 final settlement between Banc One Investment Advisors Corporation (BOIA), subsequently known asJPMorgan Investment Advisors Inc. (JPMIA), with the New York Attorney General arising out of market timing of certain mutual fundsadvised by BOIA, BOIA agreed, among other things, to disclose hypothetical information regarding investment and expenseinformation to Fund shareholders. The hypothetical examples are provided for JPMT II Funds or those Funds that have acquired theassets and liabilities of a JPMT II Fund or a series of One Group Mutual Funds.

The “Gross Expense Ratio” includes the contractual expenses that make up the investment advisory, administration and shareholderservicing fees, Rule 12b-1 distribution fees, fees paid to vendors not affiliated with JPMIM that provide services to the Funds and otherfees and expenses of the Funds. The “Net Expense Ratio” is Gross Expenses less any fee waivers or expense reimbursements memo-rialized in a written contract between the Funds and JPMIM and/or its affiliates, as applicable.

ClassNet Expense

RatioGross Expense

Ratio

JPMorgan Prime Money Market Fund Capital 0.18% 0.21%JPMorgan Liquid Assets Money Market Fund Capital 0.18 0.22JPMorgan U.S. Government Money Market Fund Capital 0.18 0.21JPMorgan U.S. Treasury Plus Money Market Fund Capital 0.18 0.21JPMorgan 100% U.S. Treasury Securities Money Market Fund Capital 0.18 0.21

A Fund’s annual return is reduced by its fees and expenses for that year. The examples below are intended to help you understandthe annual and cumulative impact of the Fund’s fees and expenses on your investment through a hypothetical investment of $10,000held for the next 10 years. The examples assume the following:

‰ On July 1, 2017, you invest $10,000 in the Fund and you will hold the shares for the entire 10 year period;

‰ Your investment has a 5% return each year;

‰ The Fund’s operating expenses remain at the levels discussed below and are not affected by increases or decreases in Fund assetsover time;

‰ At the time of purchase, any applicable initial sales charges (loads) are deducted; and

‰ There is no sales charge (load) on reinvested dividends.

‰ The annual costs are calculated using the Net Expense Ratios for the period through the expiration of any fee waivers or expensereimbursements memorialized in a written contract between the Funds and JPMIM and/or its affiliates; and the Gross ExpenseRatios thereafter.

“Gross Cumulative Return” shows what the cumulative return on your investment at the end of each 12-month period (year) endedJune 30 would be if Fund expenses are not deducted. “Net Cumulative Return” shows what the cumulative return on your investmentat the end of each year would be assuming Fund expenses are deducted each year in the amount shown under “Annual Costs.” “NetAnnual Return” shows what effect the “Annual Costs” will have on the assumed 5% annual return for each year.

Your actual costs may be higher or lower than those shown.


JPMorgan Prime Money Market FundCapital Shares

Period EndedAnnualCosts

GrossCumulative

Return

NetCumulative

Return

NetAnnualReturn

June 30, 2018 $18 5.00% 4.82% 4.82%June 30, 2019 23 10.25 9.84 4.79June 30, 2020 24 15.76 15.10 4.79June 30, 2021 25 21.55 20.62 4.79June 30, 2022 26 27.63 26.39 4.79June 30, 2023 27 34.01 32.45 4.79June 30, 2024 28 40.71 38.79 4.79June 30, 2025 30 47.75 45.44 4.79June 30, 2026 31 55.13 52.41 4.79June 30, 2027 33 62.89 59.71 4.79

JPMorgan Liquid Assets Money Market FundCapital Shares


GrossCumulative

Return

NetCumulative

Return

NetAnnualReturn


JPMorgan U.S. Government Money Market FundCapital Shares


GrossCumulative

Return

NetCumulative

Return

NetAnnualReturn


JULY 1, 2017 61

Additional Fee and Expense Information (continued)

JPMorgan U.S. Treasury Plus Money Market FundCapital Shares


GrossCumulative

Return

NetCumulative

Return

NetAnnualReturn


JPMorgan 100% U.S. Treasury Securities Money Market FundCapital Shares


GrossCumulative

Return

NetCumulative

Return

NetAnnualReturn



This Page Intentionally Left Blank.

HOW TO REACH US

MORE INFORMATIONFor investors who want more information on these Funds thefollowing documents are available free upon request:

ANNUAL AND SEMI-ANNUAL REPORTSOur annual and semi-annual reports contain more informationabout each Fund’s investments and performance.

STATEMENT OF ADDITIONAL INFORMATION (SAI)The SAI contains more detailed information about the Funds andtheir policies. It is incorporated by reference into this prospectus.This means, by law, it is considered to be part of this prospectus.

You can get a free copy of these documents and otherinformation, or ask us any questions, by calling us at1-800-766-7722 or writing to:


If you buy your shares through a Financial Intermediary, youshould contact that Financial Intermediary directly for moreinformation. You can also find information online atwww.jpmorganfunds.com.

You can write or e-mail the SEC’s Public Reference Room and askthem to mail you information about the Funds, including the SAI.They will charge you a copying fee for this service. You can alsovisit the Public Reference Room and copy the documents whileyou are there.

Public Reference Room of the SECWashington, DC 20549-15201-202-551-8090E-mail: [email protected]

Reports, a copy of the SAI and other information about the Fundsare also available on the EDGAR Database on the SEC’s website athttp://www.sec.gov.

Investment Company Act File Nos.

JPMorgan Trust I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 811-21295JPMorgan Trust II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 811-4236

©JPMorgan Chase & Co. 2017. All rights reserved. July 2017.

PR-MMC-717

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