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0.0266 N-1A JPMORGAN TRUST II 2026-07-01 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: Academy/JGAXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0009 0.0005 0.0004 0.0017 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 17 55 96 217 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Academy Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Academy Shares is based on the performance of Capital Shares (which are not offered in this prospectus) prior to the inception of the Academy Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Academy Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Academy Shares is based on the performance of Capital Shares (which are not offered in this prospectus) prior to the inception of the Academy Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.58pt;">1.32%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4th quarter, 2020</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.58pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.88%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0132 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-12-31 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0088 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0421 0.0316 0.0210 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Academy/JPCXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0009 0.0005 0.0004 0.0017 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 17 55 96 217 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Academy Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Academy Shares is based on the performance of Institutional Shares (which are not offered in this prospectus) prior to the inception of the Academy Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-646-341-6869</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or visit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorgan.com/academy</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Academy Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Academy Shares is based on the performance of Institutional Shares (which are not offered in this prospectus) prior to the inception of the Academy Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-646-341-6869</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorgan.com/academy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:a922a120-f440-4b07-be79-206d1d5727dd">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.32%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_2fcf72a1-e82f-42e0-8c11-ab8e095917f7">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.88%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0132 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0088 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0419 0.0315 0.0207 2026-07-01 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Agency/OGAXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0019 0.0015 0.0004 0.0027 -0.0001 0.0026 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund </span><span style="font-family:Arial Narrow;font-size:10pt;">operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 27 86 151 342 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_9fb0ff07-0e97-440c-93f6-757c0cdb6b56">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.30%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:f84f18f0-7820-42bd-94f9-da3a28f277b7">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.86%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0130 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0086 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0411 0.0309 0.0202 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Agency/AJTXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0019 0.0015 0.0004 0.0027 -0.0001 0.0026 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund </span><span style="font-family:Arial Narrow;font-size:10pt;">operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 27 86 151 342 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:bb1eae5e-5db7-468a-89b0-37c6125913d7">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.30%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_705671c2-9cdf-41ba-9c48-288f9b351a35">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.86%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0130 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0086 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0409 0.0308 0.0201 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Agency/AJLXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0019 0.0015 0.0004 0.0027 -0.0001 0.0026 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund </span><span style="font-family:Arial Narrow;font-size:10pt;">operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 27 86 151 342 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises ("GSEs"), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The securities in which the Fund may invest include privately placed securities. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, invest less </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into lending agreements under which the Fund would lend money for temporary purposes directly to another J.P. Morgan Fund through a credit facility, subject to meeting the conditions of an SEC exemptive order granted to the Fund permitting such interfund lending. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises ("GSEs"), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or </span><span style="font-family:Arial Narrow;font-size:10pt;">expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a </span><span style="font-family:Arial Narrow;font-size:10pt;">downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund will, under ordinary circumstances, invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry may have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">including political and economic risks, unstable governments, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction </span><span style="font-family:Arial Narrow;font-size:10pt;">costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:a44e65a0-62c1-4d4a-b7b8-a64301190237">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.35%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:f55aabed-f4f7-4d6e-89fb-3880d9b9e44f">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.89%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0135 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0089 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0423 0.0321 0.0220 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Agency/JMAXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0020 0.0015 0.0005 0.0028 -0.0002 0.0026 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund </span><span style="font-family:Arial Narrow;font-size:10pt;">operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 27 88 155 354 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 20% of the Fund’s total assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will at times hold some of its assets in cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;"> The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or </span><span style="font-family:Arial Narrow;font-size:10pt;">expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a </span><span style="font-family:Arial Narrow;font-size:10pt;">downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Tax Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Structured Product Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, the Fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund will at times hold some of its assets in cash, which may hurt the Fund’s performance. Cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Agency Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:a82617a7-6da7-47d0-8b0b-c9d5442a5de5">2Q, 2024</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.85%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_69d148b7-b4ef-4625-9135-c19e7bd3e6ae">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.49%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0085 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0049 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0261 0.0198 0.0137 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Capital/OGVXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0009 0.0005 0.0004 0.0017 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 17 55 96 217 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_713492ff-5796-43a8-8841-7af50cc92578">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.32%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.01%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_96dab5e8-a9ed-47c5-9d5b-edfa2ce2f6ef">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.88%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0132 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0001 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0088 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0421 0.0316 0.0210 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Capital/JTCXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0009 0.0005 0.0004 0.0017 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 17 55 96 217 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund's Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of Capital Shares is based on the performance of Institutional Shares (which are not offered in this prospectus) prior to the inception of the Capital Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund's Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years. The performance of Capital Shares is based on the performance of Institutional Shares (which are not offered in this prospectus) prior to the inception of the Capital Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:f0bb168c-1192-48c0-b681-a9239cab799e">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.32%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:a5e89deb-df5d-4253-a7e3-ff08af80bc99">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.88%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0132 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0088 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0419 0.0315 0.0208 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Capital/CJLXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0009 0.0005 0.0004 0.0017 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 17 55 96 217 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The securities in which the Fund may invest include privately placed securities. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, invest less </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into lending agreements under which the Fund would lend money for temporary purposes directly to another J.P. Morgan Fund through a credit facility, subject to meeting the conditions of an SEC exemptive order granted to the Fund permitting such interfund lending. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate </span><span style="font-family:Arial Narrow;font-size:10pt;">securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments </span><span style="font-family:Arial Narrow;font-size:10pt;">when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund will, under ordinary circumstances, invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry may have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">including political and economic risks, unstable governments, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Capital Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_6ebd8eb4-2756-49c9-a71d-d6c07337360d">4Q, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.37%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_9a3b02a0-f358-4bf3-a9c4-6e4a60e2384b">4Q 2021</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.01%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.92%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0137 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0001 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0092 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0432 0.0328 0.0228 2026-07-01 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Digital/MGDXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0009 0.0005 0.0004 0.0017 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> 17 55 96 217 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Blockchain Technology Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Although the Fund does not currently employ blockchain technology or invest in crypto assets, the financial intermediaries through whom shareholders purchase and redeem Digital Shares intend to employ blockchain technology to maintain a record of share ownership for their customers. A blockchain is an open, distributed ledger that records transactions between two parties in a verifiable and append-only manner using cryptography. Transactions on the blockchain are verified and authenticated by computers on the network. The process of authenticating a transaction before it is recorded seeks to ensure that only valid and authorized transactions are permanently recorded on the blockchain in collections of transactions called “blocks.” Blockchain networks are based upon software source code that establishes and governs their respective cryptographic systems for verifying transactions. Complex information technology and communications systems, such as blockchain networks, are subject to a number of different threats or risks (including operational, information security, cyber-attacks and related risks) that could adversely affect the Fund, its shareholders and intermediaries through whom shareholders purchase and redeem shares of the Fund. The use of blockchain technology is relatively new and still evolving. The Fund, the adviser and/or its affiliates will not be responsible for any loss in connection with the use of blockchain technology by the financial intermediaries. Shareholders should contact their financial intermediaries about whether or how they use blockchain technology and the associated risks.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Capital Shares (which are not offered in this prospectus) has varied from year to year for the past ten calendar years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The table shows the average annual total returns over the past one year, five years and ten years. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Returns for Digital Shares </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would be similar to the returns shown because the Shares are invested in the same portfolio of securities and the returns would differ only to the extent that the classes do not have the same expenses. To obtain current yield information call 1-800-766-7722. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Updated performance information is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">available by visiting </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or by calling </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Capital Shares (which are not offered in this prospectus) has varied from year to year for the past ten calendar years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The table shows the average annual total returns over the past one year, five years and ten years. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Capital Shares (which are not offered in this prospectus) has varied from year to year for the past ten calendar years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:ba4ab03b-aa4e-4a1f-8fea-a04b73b9417c">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.32%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.01%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:fc368208-332b-43ef-8594-132fcca64b11">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.88%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0132 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0001 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0088 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0421 0.0316 0.0210 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Ticker: Empower/EJGXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0009 0.0005 0.0004 0.0017 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 17 55 96 217 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Empower Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Empower Shares is based on the performance of Capital Shares (which are not offered in this prospectus) prior to the inception of the Empower Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Empower Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Empower Shares is based on the performance of Capital Shares (which are not offered in this prospectus) prior to the inception of the Empower Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_19359676-1cb6-498d-a30e-9ef71bb314bb">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.32%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.01%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:c8cda72c-dfbb-41b2-b4e4-f1bd6ffea149">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.88%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0132 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0001 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0088 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0421 0.0316 0.0210 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Empower/EJUXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0009 0.0005 0.0004 0.0017 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 17 55 96 217 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Empower Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Empower Shares is based on the performance of Institutional Shares (which are not offered in this prospectus) prior to the inception of the Empower Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Empower Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns for the past one year, five years and ten years. The performance of Empower Shares is based on the performance of Institutional Shares (which are not offered in this prospectus) prior to the inception of the Empower Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_069b8146-69ee-48bf-8aee-472242e2a046">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.32%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_9186fb8c-de01-41f1-bc25-5a066a61fd66">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.88%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0132 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0088 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0419 0.0315 0.0207 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: IM/MGMXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0004 0.0004 0.0012 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 12 39 68 154 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s IM Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s IM Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_36121383-9f42-4eb8-83f0-bd5b2b2d2add">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.34%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.01%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_47da40f5-f157-4707-bc6e-ecec9ffbadb4">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.90%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0134 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0001 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0090 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0426 0.0320 0.0213 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: IM/MJPXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0004 0.0004 0.0012 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 12 39 68 154 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s IM Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s IM Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:ff8d56af-f19a-4568-b248-88bcc9d3ee3d">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.33%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:f0ad7ce8-26f5-4056-85a5-c0153795fb6a">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.90%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0133 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0090 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0424 0.0317 0.0211 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Institutional/IJGXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0014 0.0010 0.0004 0.0022 -0.0001 0.0021 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund </span><span style="font-family:Arial Narrow;font-size:10pt;">operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 22 70 123 279 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:bd33937f-8a08-4521-a0fe-5563f5bb0c51">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.32%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_36b99b7a-a1aa-46d2-81f5-f36eaf4c0547">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.87%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0132 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0087 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0416 0.0313 0.0207 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Institutional/IJTXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0014 0.0010 0.0004 0.0022 -0.0001 0.0021 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund </span><span style="font-family:Arial Narrow;font-size:10pt;">operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 22 70 123 279 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_3e92c508-5dda-4769-9da8-b4f26bd1fd4b">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.31%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_596aef6a-56d0-42c4-bcbe-bb53a9aad62e">4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.87%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0131 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0087 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0414 0.0312 0.0205 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Institutional/IJLXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0014 0.0010 0.0004 0.0022 -0.0001 0.0021 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund </span><span style="font-family:Arial Narrow;font-size:10pt;">operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 22 70 123 279 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises ("GSEs"), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The securities in which the Fund may invest include privately placed securities. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, invest less </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into lending agreements under which the Fund would lend money for temporary purposes directly to another J.P. Morgan Fund through a credit facility, subject to meeting the conditions of an SEC exemptive order granted to the Fund permitting such interfund lending. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises ("GSEs"), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or </span><span style="font-family:Arial Narrow;font-size:10pt;">expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a </span><span style="font-family:Arial Narrow;font-size:10pt;">downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund will, under ordinary circumstances, invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry may have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">including political and economic risks, unstable governments, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction </span><span style="font-family:Arial Narrow;font-size:10pt;">costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">LIBOR Discontinuance Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The London Interbank Offering Rate (“LIBOR”) was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should be reformed based on a number of factors, including that LIBOR and other interbank offering rates (“IBORs”) may no longer be representative of the underlying markets and, as a result, publication of all LIBOR settings has ceased. New or alternative reference rates have since been used in place of LIBOR.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Replacement rates that have been identified include the Secured Overnight Financing Rate (“SOFR,” which is intended to replace U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">dollar LIBOR and measures the cost of U.S dollar overnight borrowings collateralized by treasuries) and the Sterling Overnight Index Average rate (“SONIA,”</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which is intended to replace pound sterling LIBOR and measures the overnight interest rate paid by banks in the sterling market). Markets are slowly developing in response to these new rates. As a result of the benchmark reforms, the Adviser, Sub-Advisers, and the Funds have generally transitioned to successor or alternative reference rates as necessary.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Although the transition process away</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">from IBORs for most instruments has been completed, there is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, which may affect the value, volatility, liquidity, or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions, and entering into new trades. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. Moreover,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">certain aspects of the transition from IBORs will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; no assurances can be given as to the impact of the transition away from LIBOR on</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">a Fund or its investments.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">These risks may also apply with respect to changes in connection with other IBORs (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_3917a7fb-dffa-4ff0-917b-436b15d681fd">4Q, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.36%</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:ab724715-fec3-4f68-b12a-0bf42a06fd82">4Q 2021</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.91%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0136 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0091 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0428 0.0325 0.0225 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Institutional/IJMXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0015 0.0010 0.0005 0.0023 -0.0002 0.0021 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund </span><span style="font-family:Arial Narrow;font-size:10pt;">operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 22 72 127 291 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 20% of the Fund’s total assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will at times hold some of its assets in cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;"> The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or </span><span style="font-family:Arial Narrow;font-size:10pt;">expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a </span><span style="font-family:Arial Narrow;font-size:10pt;">downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Tax Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Structured Product Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, the Fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund will at times hold some of its assets in cash, which may hurt the Fund’s performance. Cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Institutional Class Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:eacdee2c-0320-4102-a246-353245a97c44">2Q, 2024</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.87%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q and</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_41f2fa86-4deb-461d-b63a-a1cf7b5ae358">3Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.50%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0087 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0050 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0266 0.0202 0.0142 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Investor/JGMXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0039 0.0035 0.0004 0.0047 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 48 151 263 591 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Investor Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or visit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Investor Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_3a8f0e9d-6016-48d3-844f-e542b54a886b">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.25%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q and 3Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_84f953c5-f1af-4013-b0b2-3073b7ab3224">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.81%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0125 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0081 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0389 0.0292 0.0184 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Investor/HGOXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0039 0.0035 0.0004 0.0047 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 48 151 263 591 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Investor Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or visit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Investor Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:e1b87b1a-9464-408c-8142-e1007094f39f">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.24%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_05fcc521-4e23-4e66-9bd7-116230b71bce">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.81%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0124 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0081 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0388 0.0291 0.0183 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Investor/HLPXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0040 0.0035 0.0005 0.0048 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 49 154 269 604 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The securities in which the Fund may invest include privately placed securities. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, invest less </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into lending agreements under which the Fund would lend money for temporary purposes directly to another J.P. Morgan Fund through a credit facility, subject to meeting the conditions of an SEC exemptive order granted to the Fund permitting such interfund lending. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate </span><span style="font-family:Arial Narrow;font-size:10pt;">securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments </span><span style="font-family:Arial Narrow;font-size:10pt;">when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund will, under ordinary circumstances, invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry may have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">including political and economic risks, unstable governments, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Investor Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or visit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Investor Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:f1a3faff-fdf3-4e51-82ef-4caa8a507aee">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.29%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_0b68ee94-1b89-4a83-85a5-2935c006d403">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.84%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0129 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0084 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0400 0.0304 0.0200 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Morgan/MJGXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0010 0.0039 0.0035 0.0004 0.0057 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 58 183 318 714 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or visit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:e3293548-df25-4eab-b907-17de3f7b20cb">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.22%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:a5794f91-4488-47de-b429-339f36983d9e">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.78%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0122 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0078 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0379 0.0284 0.0177 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Morgan/MJTXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0010 0.0039 0.0035 0.0004 0.0057 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 58 183 318 714 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or visit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_06dbe180-cb77-4118-b130-7a3eb9dc275f">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.22%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_59ac030e-4563-4243-9259-5f0e18be8f11">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.78%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0122 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0078 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0377 0.0283 0.0176 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Morgan/MJLXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0010 0.0039 0.0035 0.0004 0.0057 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 58 183 318 714 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The securities in which the Fund may invest include privately placed securities. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, invest less </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into lending agreements under which the Fund would lend money for temporary purposes directly to another J.P. Morgan Fund through a credit facility, subject to meeting the conditions of an SEC exemptive order granted to the Fund permitting such interfund lending. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate </span><span style="font-family:Arial Narrow;font-size:10pt;">securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments </span><span style="font-family:Arial Narrow;font-size:10pt;">when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund will, under ordinary circumstances, invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry may have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">including political and economic risks, unstable governments, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or visit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:ad5b218c-6940-443a-9f5a-60f1dc02da9f">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.27%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q and 3Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_7dd11a3c-b655-43dc-a6e1-be84acb41f60">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.82%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0127 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0082 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0391 0.0297 0.0193 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Morgan/MJMXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0010 0.0041 0.0035 0.0006 0.0059 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 60 189 329 738 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 20% of the Fund’s total assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will at times hold some of its assets in cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;"> The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service </span><span style="font-family:Arial Narrow;font-size:10pt;">municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Tax Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Structured Product Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, the Fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund will at times hold some of its assets in cash, which may hurt the Fund’s performance. Cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-480-4111</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or visit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Morgan Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-480-4111</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_421190a0-1a4c-48a2-8a17-3c071e109e79">2Q, 2024</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.77%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q and 2Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_6c9acb86-c61a-47cc-9511-c2bb741e24c8">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.41%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0077 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0041 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0228 0.0173 0.0111 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Premier/OGSXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0034 0.0030 0.0004 0.0042 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 43 135 235 530 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_88afa2cf-7dce-4485-8736-c8d9e8addfb2">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.26%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q and 2Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:dc27011d-ad9d-40a0-bf8f-097d1afcab67">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.82%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0126 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0082 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0395 0.0296 0.0188 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Premier/PJTXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0034 0.0030 0.0004 0.0042 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 43 135 235 530 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_1573d5ba-13b0-4ece-b727-79aca0ffbf80">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.26%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q and 3Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:e03b0e46-4a46-49a2-988f-ef92f38502aa">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.82%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0126 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0082 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0393 0.0295 0.0187 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Premier/PJLXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0034 0.0030 0.0004 0.0042 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 43 135 235 530 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises ("GSEs"), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The securities in which the Fund may invest include privately placed securities. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, invest less </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into lending agreements under which the Fund would lend money for temporary purposes directly to another J.P. Morgan Fund through a credit facility, subject to meeting the conditions of an SEC exemptive order granted to the Fund permitting such interfund lending. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises ("GSEs"), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate </span><span style="font-family:Arial Narrow;font-size:10pt;">securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments </span><span style="font-family:Arial Narrow;font-size:10pt;">when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund will, under ordinary circumstances, invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry may have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">including political and economic risks, unstable governments, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">LIBOR Discontinuance Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The London Interbank Offering Rate (“LIBOR”) was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should be reformed based on a number of factors, including that LIBOR and other interbank offering rates (“IBORs”) may no longer be representative of the underlying markets and, as a result, publication of all LIBOR settings has ceased. New or alternative reference rates have since been used in place of LIBOR.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Replacement rates that have been identified include the Secured Overnight Financing Rate (“SOFR,” which is intended to replace U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">dollar LIBOR and measures the cost of U.S dollar overnight borrowings collateralized by treasuries) and the Sterling Overnight Index Average </span><span style="font-family:Arial Narrow;font-size:10pt;">rate (“SONIA,”</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which is intended to replace pound sterling LIBOR and measures the overnight interest rate paid by banks in the sterling market). Markets are slowly developing in response to these new rates. As a result of the benchmark reforms, the Adviser, Sub-Advisers, and the Funds have generally transitioned to successor or alternative reference rates as necessary.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Although the transition process away</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">from IBORs for most instruments has been completed, there is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, which may affect the value, volatility, liquidity, or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions, and entering into new trades. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. Moreover,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">certain aspects of the transition from IBORs will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; no assurances can be given as to the impact of the transition away from LIBOR on</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">a Fund or its investments.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">These risks may also apply with respect to changes in connection with other IBORs (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_207f4f3b-d5b4-41c2-bf8b-a61179998755">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.30%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_7c816617-a7fc-41e9-b421-3d37aafbad86">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.85%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0130 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0085 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0406 0.0308 0.0204 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Premier/HTOXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0035 0.0030 0.0005 0.0043 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 44 138 241 542 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 20% of the Fund’s total assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will at times hold some of its assets in cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;"> The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service </span><span style="font-family:Arial Narrow;font-size:10pt;">municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Tax Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Structured Product Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, the Fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund will at times hold some of its assets in cash, which may hurt the Fund’s performance. Cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.0pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Premier Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_6f7249ad-5298-45f1-a577-8b975721501b">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.81%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q and 2Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_770117a1-ea9b-483a-a198-2826ca210b5b">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.44%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0081 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0044 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0244 0.0184 0.0122 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Reserve/RJGXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0025 0.0034 0.0030 0.0004 0.0067 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 68 214 373 835 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">LIBOR Discontinuance Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The London Interbank Offering Rate (“LIBOR”) was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should be reformed based on a number of factors, including that LIBOR and other interbank offering rates (“IBORs”) may no longer be representative of the underlying markets and, as a result, publication of all LIBOR settings has ceased. New or alternative reference rates have since been used in place of LIBOR.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Replacement rates that have been identified include the Secured Overnight Financing Rate (“SOFR,” which is intended to replace U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">dollar LIBOR and measures the cost of U.S dollar overnight borrowings collateralized by treasuries) and the Sterling Overnight Index Average rate (“SONIA,”</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which is intended to replace pound sterling LIBOR and measures the overnight interest rate paid by banks in the sterling market). Markets are slowly developing in response to these new rates. As a result of the benchmark reforms, the Adviser, Sub-Advisers, and the Funds have generally transitioned to successor or alternative reference rates as necessary.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Although the transition process away</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">from IBORs for most instruments has been completed, there is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, which may affect the value, volatility, liquidity, or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions, and entering into new trades. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. Moreover,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">certain aspects of the transition from IBORs will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; no assurances can be given as to the impact of the transition away from LIBOR on</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">a Fund or its investments.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">These risks may also apply with respect to changes in connection with other IBORs (e.g., Euribor) and a </span><span style="font-family:Arial Narrow;font-size:10pt;">wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_3e21d530-bcd8-4801-8397-681daf4a02c9">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.20%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_74a1538b-062a-4e21-8313-b6ac02661c52">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.76%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0120 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0076 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0369 0.0277 0.0170 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Reserve/HTIXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0025 0.0034 0.0030 0.0004 0.0067 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 68 214 373 835 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes and other obligations issued or guaranteed by the U.S. Treasury, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The debt securities described above carry different interest rates, maturities and issue dates.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”).“Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal (e.g., Congressional debt ceiling impasses). This would result in losses to the Fund. U.S. Government securities include zero coupon securities, which tend to be subject to greater market risk than interest-paying securities of similar maturities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_45dedbcc-c031-4cbb-8185-f362bbce75e3">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.19%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q 2017</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_543ccefe-8f74-473d-9b4f-9dcefc60ade8">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.76%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0119 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0076 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0367 0.0276 0.0169 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Reserve/HPIXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0025 0.0036 0.0030 0.0006 0.0069 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 70 221 384 859 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The securities in which the Fund may invest include privately placed securities. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, invest less </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">than 25% of its total assets in this industry if warranted due to adverse economic conditions or if investing less than 25% appears to be in the best interest of shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may enter into lending agreements under which the Fund would lend money for temporary purposes directly to another J.P. Morgan Fund through a credit facility, subject to meeting the conditions of an SEC exemptive order granted to the Fund permitting such interfund lending. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests in high quality, short-term money market instruments which are issued and payable in U.S. dollars. The Fund principally invests in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">high quality commercial paper and other short-term debt securities, including floating and variable rate demand notes of U.S. and foreign corporations, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by qualified U.S. and foreign banks, including certificates of deposit, time deposits and other short-term securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities issued or guaranteed by the U.S. government, its agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">asset-backed securities, </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements, and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxable municipal obligations.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the financial services industry, including asset-backed commercial paper programs. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the financial services industry, which includes banks, broker-dealers, finance companies and other issuers of asset-backed securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate </span><span style="font-family:Arial Narrow;font-size:10pt;">securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments </span><span style="font-family:Arial Narrow;font-size:10pt;">when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Concentration Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund will, under ordinary circumstances, invest a significant portion of its assets in securities of companies in the financial services industry, developments affecting the financial services industry may have a disproportionate impact on the Fund. These risks generally include interest rate risk, credit risk and risk associated with regulatory changes in the financial services industry. In addition, financial services companies are highly dependent on the supply of short-term financing.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Investments in foreign issuers and foreign securities</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">(including depositary receipts) are subject to additional risks,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">including political and economic risks, unstable governments, greater volatility, decreased market liquidity, civil conflicts and war, currency fluctuations, sanctions or other measures by the United States or other governments, expropriation and nationalization risks, higher transaction costs, delayed settlement, possible foreign controls on investment and less stringent investor protection and disclosure standards of foreign markets. The securities markets of many foreign countries are relatively small, with a limited number of companies representing a small number of industries. In certain markets where securities and other instruments are not traded “delivery versus payment,” the Fund may not receive timely payment for securities or other instruments it has delivered or receive delivery of securities paid for and may be subject to increased risk that the counterparty will fail to make payments or delivery when due or default completely. Foreign market trading hours, clearance and settlement procedures, and holiday schedules may limit the Fund's ability to buy and sell securities. Events and evolving conditions in certain economies or markets may alter the risks associated with investments tied to countries or regions that historically were perceived as comparatively stable becoming riskier and more volatile.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">LIBOR Discontinuance Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The London Interbank Offering Rate (“LIBOR”) was a leading floating rate benchmark used in loans, notes, derivatives and other instruments or investments. After the global financial crisis, regulators globally determined that existing interest rate benchmarks should be reformed based on a number of factors, including that LIBOR and other interbank offering rates (“IBORs”) may no longer be representative of the underlying markets and, as a result, publication of all LIBOR settings has ceased. New or alternative reference rates have since been used in place of LIBOR.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Replacement rates that have been identified include the Secured Overnight Financing Rate (“SOFR,” which is intended to replace U.S.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">dollar LIBOR and measures the cost of U.S dollar overnight borrowings collateralized by treasuries) and the Sterling Overnight Index Average </span><span style="font-family:Arial Narrow;font-size:10pt;">rate (“SONIA,”</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">which is intended to replace pound sterling LIBOR and measures the overnight interest rate paid by banks in the sterling market). Markets are slowly developing in response to these new rates. As a result of the benchmark reforms, the Adviser, Sub-Advisers, and the Funds have generally transitioned to successor or alternative reference rates as necessary.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Although the transition process away</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">from IBORs for most instruments has been completed, there is no assurance that any such alternative reference rate will be similar to or produce the same value or economic equivalence as LIBOR or that it will have the same volume or liquidity as did LIBOR prior to its discontinuance, which may affect the value, volatility, liquidity, or return on certain of a Fund’s loans, notes, derivatives and other instruments or investments and result in costs incurred in connection with changing reference rates used for positions, closing out positions, and entering into new trades. The transition from LIBOR to alternative reference rates may result in operational issues for a Fund or its investments. Moreover,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">certain aspects of the transition from IBORs will rely on the actions of third-party market participants, such as clearing houses, trustees, administrative agents, asset servicers and certain service providers; no assurances can be given as to the impact of the transition away from LIBOR on</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">a Fund or its investments.</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">These risks may also apply with respect to changes in connection with other IBORs (e.g., Euribor) and a wide range of other index levels, rates and values that are treated as “benchmarks” and are the subject of recent regulatory reform.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Reserve Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance is not necessarily an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_90a4194c-87ea-4e1a-8b17-f4dff325c083">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.24%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q and 3Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_2df17fb1-9cde-411d-ab11-f3dc30e21468">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.79%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0124 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0079 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0379 0.0288 0.0185 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Service/SJGXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks high current income with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0060 0.0034 0.0030 0.0004 0.0102 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses remain the same. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 104 325 563 1248 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> While the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">J.P. Morgan Funds’ Board of Trustees (the “Board”) may elect to subject the Fund to liquidity fee requirements in the future, the Board has not elected to do so at this time. A government money market fund may also include investments in other government money market funds as an eligible investment for purposes of the 99.5% requirement above. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may trade securities on a when-issued, delayed settlement or forward commitment basis. The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests its assets exclusively in: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">debt securities issued or guaranteed by the U.S. government, or by U.S. government agencies or instrumentalities or Government-Sponsored Enterprises (“GSEs”), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">repurchase agreements fully collateralized by U.S. Treasury and U.S. government securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund intends to continue to qualify as a “government money market fund,” as such term is defined in or interpreted under Rule 2a-7 under the Investment Company Act of 1940, as amended (“Investment Company Act”). “Government money market funds” are required to invest at least 99.5% of their assets in (i) cash, (ii) securities issued or guaranteed by the United States or certain U.S. government agencies or instrumentalities and/or (iii) repurchase agreements that are collateralized fully, and are exempt from requirements that permit money market funds to impose a liquidity fee.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt </span><span style="font-family:Arial Narrow;font-size:10pt;">crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asset-Backed, Mortgage-Related and Mortgage-Backed Securities Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. Mortgage-related and asset-backed securities are subject to certain other risks, including prepayment and call risks. During periods of difficult or frozen credit markets, significant changes in interest rates, or deteriorating economic conditions, mortgage-related and asset-backed securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. When mortgages and other obligations are prepaid and when securities are called, the Fund may have to reinvest in securities 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 the amount of dividends and yield. In periods of either rising or declining interest rates, the Fund may be subject to extension risk, and may receive principal later than expected. As a result, in periods of rising interest rates, the Fund may exhibit additional volatility. Additionally, asset-backed, mortgage-related and mortgage-backed securities are subject to risks associated with their structure and the nature of the assets underlying the securities and the servicing of those assets. Certain asset-backed, mortgage-related and mortgage-backed securities may face valuation difficulties and may be less liquid than other types of asset-backed, mortgage-related and mortgage-backed securities, or debt securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">When-Issued, Delayed Settlement and Forward Commitment Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may purchase or sell securities which it is eligible to purchase or sell on a when-issued basis, may purchase and sell such securities for delayed delivery and may make contracts to purchase or sell such securities for a fixed price at a future date beyond normal settlement time (forward commitments). When-issued transactions, delayed delivery purchases and forward commitments involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Repurchase Agreement Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> There is a risk that the counterparty to a repurchase agreement will default or otherwise become unable to honor a financial obligation and the value of your investment could decline as a result.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will generally hold a portion of its assets in cash, primarily to meet redemptions. Cash positions may hurt performance and may subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interfund Lending Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> A delay in repayment to the Fund from a borrowing fund could result in lost opportunity costs. Interfund loans are subject to the risk that the borrowing fund could be unable to repay the loan when due. In the case of a default by a borrowing fund and to the extent that the loan is collateralized, the Fund could take possession of collateral that the Fund is not permitted to hold and, therefore, would be required to dispose of such collateral as soon as possible, which could result in a loss to the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The issuer of certain securities may repay principal in advance, especially when yields fall. Changes in the rate at which prepayments or redemptions occur can affect the return on investment of these securities. When debt obligations are prepaid or when securities are called, the Fund may have to reinvest in securities with a lower yield. The Fund also may fail to recover additional amounts (i.e., premiums) paid for securities with higher coupons, resulting in an unexpected capital loss.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">State and Local Taxation Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to state and local income taxes. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or visit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_905ac055-66e8-4f66-90be-d08325987f1a">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.11%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q and 2Q 2017</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">2Q, 3Q and 4Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_5679f961-9cb1-4dbb-a8f2-9f7ed193d361">1Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.67%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0111 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0067 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0333 0.0251 0.0147 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Service/SJMXX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks as high a level of current interest income exempt from federal income tax as is consistent with liquidity and stability of principal.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following table describes the fees and expenses that you may pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;">You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and examples below.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">ANNUAL FUND OPERATING EXPENSES</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(Expenses that you pay each year as a percentage of the value</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">of your investment)</span> 0.0008 0.0060 0.0041 0.0030 0.0011 0.0109 -0.0004 0.0105 <span style="font-family:Arial Narrow;font-size:8pt;">6/30/27</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Example</span> <span style="font-family:Arial Narrow;font-size:10pt;">This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example also assumes that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund </span><span style="font-family:Arial Narrow;font-size:10pt;">operating expenses after fee waivers and expense reimbursements shown in the fee table through 6/30/27 and total annual fund operating expenses thereafter. Your actual costs may be higher or lower.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WHETHER OR NOT YOU SELL YOUR SHARES, YOUR COST </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">WOULD BE:</span> 107 343 597 1325 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Main Investment Strategy</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">In addition to purchasing municipal obligations directly, the Fund may invest in municipal obligations by (1) purchasing instruments evidencing direct ownership of interest payments or principal payments, or both, on municipal obligations, such as tender option bonds, or (2) purchasing participation interests in all or part of specific holdings of municipal obligations, provided that the applicable issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Up to 20% of the Fund’s total assets may be invested in securities subject to federal income tax, such as taxable money market instruments or repurchase agreements. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest significantly in securities with floating or variable rates of interest. Their yields will vary as interest rates change. The Fund will at times hold some of its assets in cash. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s adviser seeks to develop an appropriate portfolio by considering the differences in yields among securities of different maturities, market sectors and issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Applicable Money Market Fund Regulations </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under the Securities and Exchange Commission (“SEC”) rules that govern the operation of registered money market funds (“MMFs”), MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) are permitted to utilize amortized cost to value their portfolio securities and to transact at their existing $1.00 share price. MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) are required to price and transact in their shares at NAV reflecting current market-based values of their portfolio securities (i.e., at a “floating NAV”).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-weight:bold;"> The Fund intends to qualify as a Retail MMF. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures permit the Fund to impose a discretionary liquidity fee on redemptions of up to 2% of the value of the shares redeemed if the adviser, as the delegate of the Board, determines it is in the best interests of the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Further Developments </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may redeem investors that do not satisfy the eligibility requirements for Retail MMF investors. The Fund will provide advance written notification of its intent to make any such involuntary redemptions to the applicable shareholders, which will include more specific information about timing. Neither the Fund nor the adviser will be responsible for any loss in an investor’s account or tax liability resulting from an involuntary redemption.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal conditions, the Fund invests primarily in municipal obligations, the interest on which is excluded from federal income taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund will </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest at least 80% of its net assets in such municipal securities. For purposes of this policy, the Fund’s net assets include borrowings by the Fund for investment purposes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations are securities that are issued by or on behalf of states, territories and possessions of the United States, including the District of Columbia, and their respective authorities, agencies and other groups with authority to act for the municipalities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund generally invests in short-term money market instruments such as private activity and industrial development bonds, tax anticipation notes, municipal lease obligations and participations in pools of municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">For purposes of the 80% policy above, the Fund will only invest in municipal obligations if the issuer receives assurances from legal counsel that the interest payable on the securities is exempt from federal income tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is a money market fund managed in the following manner: </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to maintain a net asset value (“NAV”) of $1.00 per share. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The dollar-weighted average maturity of the Fund will be 60 days or less and the dollar-weighted average life to maturity will be 120 days or less. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will only buy securities that have remaining maturities of 397 days or less or securities otherwise permitted to be purchased because of maturity shortening provisions under applicable regulation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund invests only in U.S. dollar-denominated securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:7pt;">●</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to invest in securities that present minimal credit risk.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">You could lose money by investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not required to reimburse </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Interest Rate Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s investments in bonds and other debt securities will change in value based on changes in interest rates. If rates increase, the value of these investments generally declines. Securities with greater interest rate sensitivity and longer maturities generally are subject to greater fluctuations in value. The Fund may invest in variable and floating rate securities. Although these instruments are generally less sensitive to interest rate changes than fixed rate instruments, the value of variable and floating rate securities may decline if their interest rates do not rise as quickly, or as much, as general interest rates. The Fund may face a heightened level of interest rate risk due to certain changes in monetary policy. It is difficult to predict the pace at which central banks or monetary authorities may change interest rates or the timing, frequency, or magnitude of such changes. Any such changes could be sudden and could expose debt markets to significant volatility and reduced liquidity for Fund investments.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Credit Risk</span><span style="font-family:Arial Narrow;font-size:10pt;">. The Fund’s investments are subject to the risk that issuers,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">guarantors and/or counterparties will fail to make payments when due or default completely. Prices of the Fund’s investments may be adversely affected if any of the issuers or counterparties it is invested in are subject to an actual or perceived deterioration in their credit quality. Credit spreads may increase, which may reduce the market values of the Fund’s securities. Credit spread risk is the risk that economic and market conditions or any actual or perceived credit deterioration may lead to an increase in the credit spreads (i.e., the difference in yield between two securities of similar maturity but different credit quality) and a decline in price of the issuer’s securities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">General Market Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions. Securities in the Fund’s portfolio may underperform in comparison to securities in general financial markets, a particular financial market or other asset classes due to a number of factors, including inflation (or </span><span style="font-family:Arial Narrow;font-size:10pt;">expectations for inflation), deflation (or expectations for deflation), interest rates, global demand for particular products or resources, market instability, financial system instability, debt crises and downgrades, embargoes, tariffs, trade wars, retaliatory trade measures, sanctions and other trade barriers, supply chain disruptions, regulatory events, other governmental trade or market control programs and related geopolitical events. In addition, the value of the Fund’s investments may be negatively affected by the occurrence of global events such as war, terrorism, environmental disasters, natural disasters or events, country instability, and infectious disease epidemics or pandemics or the threat or potential of one or more such factors and occurrences.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Municipal Obligations and Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Because the Fund may invest in municipal obligations, including municipal securities, the Fund may be susceptible to political, legislative, economic, regulatory, tax or other factors affecting issuers of these municipal obligations, such as state and local governments and their agencies. The risk of a municipal obligation generally depends on the financial and credit status of the issuer. Changes in a municipality’s financial health may make it difficult for the municipality to make interest and principal payments when due. This could decrease the Fund’s income or hurt the ability to preserve capital and liquidity. In addition, budgetary constraints of state and local governments may lead to reduced tax revenues and may further limit their ability to service municipal obligations. Under some circumstances, municipal obligations might not pay interest unless the state legislature or municipality authorizes money for that purpose. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The amount of public information available about municipal obligations is generally less than for corporate equities or bonds, meaning that the investment performance of municipal obligations may be more dependent on the analytical abilities of the investment adviser than stock or corporate bond investments. The secondary market for municipal obligations also tends to be less well-developed and less liquid than many other securities markets, which may limit the Fund’s ability to sell its municipal obligations at attractive prices. The differences between the price at which an obligation can be purchased and the price at which it can be sold may widen during periods of market distress. Less liquid obligations can become more difficult to value and be subject to erratic price movements. In addition, changes in U.S. federal tax laws or the activity of an issuer may adversely affect the tax-exempt status of municipal obligations. Loss of tax-exempt status may result in a significant decline in the values of such municipal obligations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Municipal obligations may be more susceptible to downgrades or defaults during recessions or similar periods of economic stress. In addition, since some municipal obligations may be secured or guaranteed by banks and other institutions, the risk to the Fund could increase if the banking or financial sector suffers an economic downturn and/or if the credit ratings of the institutions issuing the guarantee are downgraded or at risk of being downgraded by a national rating organization. Such a </span><span style="font-family:Arial Narrow;font-size:10pt;">downward revision or risk of being downgraded may have an adverse effect on the market prices of the obligations and thus the value of the Fund’s investments. </span><span style="font-family:Arial Narrow;font-size:10pt;">In addition to being downgraded, an insolvent municipality may file for bankruptcy. The reorganization of a municipality’s debts may significantly affect the rights of creditors and the value of the securities issued by the municipality and the value of the Fund’s investments. There may be times that, in the opinion of the adviser, municipal money market securities of sufficient quality are not available for the Fund to be able to invest in accordance with its normal investment policies. Interest on municipal obligations, while generally exempt from federal income tax, may not be exempt from federal alternative minimum tax.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> U.S. Government securities include securities issued or guaranteed by the U.S. Government or its agencies and instrumentalities (such as securities issued by the Government National Mortgage Association (Ginnie Mae), the Federal National Mortgage Association (Fannie Mae), the Federal Home Loan Mortgage Corporation (Freddie Mac) or other Government-Sponsored Enterprises (GSEs)). U.S. Government securities are subject to market risk, interest rate risk and credit risk. Securities, such as those issued or guaranteed by Ginnie Mae or the U.S. Treasury, that are backed by the full faith and credit of the United States are guaranteed only as to the timely payment of interest and principal when held to maturity and the market prices for such securities will fluctuate. The income generated by investments may not keep pace with inflation. Actions by governments and central banking authorities could result in changes in interest rates. Periods of higher inflation could cause such authorities to raise interest rates, which may adversely affect the Fund and its investments. Notwithstanding that these securities are backed by the full faith and credit of the United States, circumstances could arise that would prevent the payment of interest or principal. This would result in losses to the Fund. Securities issued or guaranteed by U.S. Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and 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 have the 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.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Tax Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may invest in securities whose interest is subject to federal income tax or the federal alternative minimum tax. Consult your tax professional for more information.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Transactions Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund could experience a loss and its liquidity may be negatively impacted when selling securities to meet redemption requests. The risk of loss increases if the redemption requests are unusually large or frequent or occur in times of overall market turmoil or declining prices. Similarly, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">large purchases of Fund shares may adversely affect the Fund’s performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Industry and Sector Focus Risk</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. At times, the Fund may increase the relative emphasis of its investments in a particular industry or sector. The prices of securities of issuers in a particular industry or sector may be more susceptible to fluctuations due to changes in economic or business conditions, government regulations, availability of basic resources or supplies, contagion risk within a particular industry or sector or to other industries or sectors, or other events that affect that industry or sector more than securities of issuers in other industries and sectors. To the extent that the Fund increases the relative emphasis of its investments in a particular industry or sector, the value of the Fund’s shares may fluctuate in response to events affecting that industry or sector.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Floating and variable rate securities provide for a periodic adjustment in the interest rate paid on the securities. The rate adjustment intervals may be regular and range from daily up to annually, or may be based on an event, such as a change in the prime rate. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Structured Product Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Structured products, such as tender option bonds, involve structural complexities and potential risks that may not be present where a municipal security is owned directly. These enhanced risks may include additional counterparty risk (the risk that the counterparty will not fulfill its contractual obligations) and call risk (the risk that the instruments will be called and the proceeds may need to be reinvested). Additionally, an active trading market for such instruments may not exist. To the extent that a structured product provides a put, the Fund may receive a lower interest rate in return for such feature and will be subject to the risk that the put provider will be unable to honor the put feature (purchase the security). Finally, short-term municipal or tax-exempt structured products may present tax issues not presented by investments in other short-term municipal or tax-exempt securities. These issues might be resolved in a manner adverse to the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Net Asset Value Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> There is no assurance that the Fund will meet its investment objective of maintaining a NAV of $1.00 per share on a continuous basis. Furthermore, there can be no assurance that the Fund’s affiliates will purchase distressed assets from the Fund, make capital infusions, enter into capital support agreements or take other actions to ensure that the Fund maintains a NAV of $1.00 per share. In the event any money market fund fails to maintain a stable NAV, other money market funds, including the Fund, could face a universal risk of increased redemption pressures, potentially jeopardizing the stability of their NAVs. In general, certain other money market </span><span style="font-family:Arial Narrow;font-size:10pt;">funds have in the past failed to maintain stable NAVs and there can be no assurance that such failures and resulting redemption pressures will not occur in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Risk Associated with the Fund Holding Cash.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund will at times hold some of its assets in cash, which may hurt the Fund’s performance. Cash positions may also subject the Fund to additional risks and costs, such as increased exposure to the custodian bank holding the assets and any fees imposed for large cash balances.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Privately Placed Securities Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Privately placed securities generally are less liquid than publicly traded securities and the Fund may not always be able to sell such securities without experiencing delays in finding buyers or reducing the sale price for such securities. The disposition of some of the securities held by the Fund may be restricted under federal securities laws. As a result, the Fund may not be able to dispose of such investments at a time when, or at a price at which, it desires to do so and may have to bear expenses of registering these securities, if necessary. These securities may also be difficult to value.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;line-height:11pt;">Investments in the Fund are not deposits or obligations of, or guaranteed or endorsed by, any bank and are not insured or guaranteed by the FDIC, the Federal Reserve Board or any other government agency.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">To obtain current yield information call </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> or visit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s Service Shares has varied from year to year for the past ten calendar years. The table shows the average annual total returns over the past one year, five years and ten years.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">1-800-766-7722</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">www.jpmorganfunds.com</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance is not necessarily </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an indication of how the Fund will perform in the future.</span> <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">YEAR-BY-YEAR RETURNS</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_6b97f2a3-5cae-4b73-bc0f-0e7ad4bed9c8">2Q, 2024</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.66%</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q and 3Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q and 3Q 2017</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3Q 2020</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q, 3Q and 4Q 2021</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q and</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_9f74c872-3c65-4c58-a85b-647f01b230af">2Q 2022</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">through</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">3/31/26</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">was</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">0.28%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">.</span> <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 0.0066 <span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 0.0000 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">The Fund’s year-to-date total return</span> 2026-03-31 0.0028 <span style="color:#FFFFFF;font-family:Arial Narrow;font-size:11pt;font-weight:bold;margin-left:0.0pt;">AVERAGE ANNUAL TOTAL RETURNS</span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:8pt;font-weight:bold;margin-left:0.0pt;">(For periods ended December 31, 2025)</span> 0.0180 0.0140 0.0081 The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.26% of the average daily net assets of Agency Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 6/30/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.21% of the average daily net assets of Institutional Class Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 6/30/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.26% of the average daily net assets of Agency Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 6/30/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.21% of the average daily net assets of Institutional Class Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 6/30/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.26% of the average daily net assets of Agency Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 6/30/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.21% of the average daily net assets of Institutional Class Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 6/30/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 1.05% of the average daily net assets of Service Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 6/30/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.26% of the average daily net assets of Agency Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 6/30/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments. The Fund’s adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding acquired fund fees and expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.21% of the average daily net assets of Institutional Class Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund’s adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund’s investment in such money market funds. These waivers are in effect through 6/30/27, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund’s investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.