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0.0002 0.0077 0.0253 0.0286 0.0212 N-1A JPMORGAN TRUST I 2026-07-01 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Academy/JPAXX</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 to provide current income while maintaining liquidity and a low volatility 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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest less than 25% of its total assets in this industry as a temporary defensive measure. </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;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures require the Fund to impose a mandatory liquidity fee if the Fund experiences total daily net redemptions (based on flow information available within a reasonable period after the last computation of the Fund’s net asset value on that day) exceeding 5% of net assets, unless the amount of the mandatory liquidity fee would be de minimis. The size of the mandatory liquidity fee to be charged will be based on a good faith estimate, supported by data, of the costs the Fund would incur if it sold a pro rata amount of each security in its portfolio to satisfy the amount of the net redemptions. If these costs cannot be determined in good faith, a 1% default fee will be applied. If the amount of the mandatory liquidity fee would be de minimis (i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to charge a mandatory liquidity fee. In addition, the Fund’s policies and procedures permit the Fund to impose a discretionary </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</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;">Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">required to reimburse 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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;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 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="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;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.58pt;">1.41%</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;">4th quarter, 2020</span><span style="color:#000000;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;">0.89%</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> 2023-12-31 0.0141 <span style="color:#000000;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 0.0089 <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> 0.0433 0.0330 0.0230 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Academy/JACXX</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 to provide current income while maintaining 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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;">1-646-341-6869</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 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;">1-646-341-6869</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:x_632a4c95-befc-4232-a168-17890bc1ed49">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;">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:cb4fd8c3-0fb6-4661-8b2c-6f6a8ec112b0">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> 0.0133 <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 0.0088 <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> 0.0416 0.0312 0.0205 2026-07-01 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Agency/VMIXX</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 to provide current income while maintaining liquidity and a low volatility 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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies in the banking industry.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest less than 25% of its total assets in this industry as a temporary defensive measure. </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;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures require the Fund to impose a mandatory liquidity fee if the Fund experiences total daily net redemptions (based on flow information available within a reasonable period after the last computation of the Fund’s net asset value on that day) exceeding 5% of net assets, unless the amount of the mandatory liquidity fee would be de minimis. The size of the mandatory liquidity fee to be charged will be based on a good faith estimate, supported by data, of the costs the Fund would incur if it sold a pro rata amount of each security in its portfolio to satisfy the amount of the net redemptions. If these costs cannot be determined in good faith, a 1% default fee will be applied. If the amount of the mandatory liquidity fee would be de minimis (i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to charge a mandatory liquidity fee. In addition, 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;">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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies in the banking industry.</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;">Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">required to reimburse 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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</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="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="color:#000000;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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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="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;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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="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:ab518180-2b18-4571-9bda-18a0d280e1d2">4Q, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.40%</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;">4Q 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">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="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:fd212f8c-4fdc-4bca-8d78-3d1e15b5c232">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;">0.87%</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> 0.0140 <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 0.0087 <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> 0.0423 0.0322 0.0222 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Agency/VPIXX</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 to provide current income while maintaining 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, 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;">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:x_01f2b9c9-8808-43f6-bc48-8b7b828fd37a">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;">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_2b510f31-da64-454c-b223-373d881b3043">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> 0.0131 <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 0.0086 <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> 0.0406 0.0305 0.0198 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Agency/VFIXX</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 to provide current income while maintaining 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 </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 that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The interest on these securities is generally exempt from state and local income taxes.</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 </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 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;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes, 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;">debt securities that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The interest on these securities is generally exempt from state and local income taxes.</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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, </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;">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;">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;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:f17340df-9b0f-4cbb-a03f-bea2827997c2">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 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:a18066a2-3e8a-4af6-9178-646f75db3919">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> 0.0408 0.0307 0.0201 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Agency/JOYXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal and California personal income taxes, while maintaining 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 0.0027 0.0015 0.0012 0.0035 -0.0009 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s operating expenses are equal to the total annual fund 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> 27 103 187 434 <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 gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to California personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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="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;">Risk of California Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of California, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California’s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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, the federal alternative minimum tax or California personal income taxes. 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. 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;">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;">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. The performance of Agency Shares is based on the performance of Premier Shares (which are not offered in this prospectus) prior to the inception of the Agency Shares. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Returns for Agency </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares would be similar to the returns shown because the Premier 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. </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 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. The performance of Agency Shares is based on the performance of Premier Shares (which are not offered in this prospectus) prior to the inception of the Agency 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;">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 - AGENCY SHARES</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_89a63734-eef0-45d2-8432-dfd07ec8949e">2Q, 2024</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.82%</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 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_0b0e992a-a115-4227-8c46-57599b659afa">3Q 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;">0.40%</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> 0.0082 <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 0.0040 <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> 0.0231 0.0180 0.0120 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Agency/JONXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal, New York State and New York City personal income taxes, while maintaining liquidity and stability of principal.</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 </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s operating expenses are equal to the total annual fund 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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to New York State and/or City personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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="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;">Risk of New York Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of New York and New York City, their political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state, the city and their municipalities. As the nation’s financial capital, New York’s and New York City’s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, the federal alternative minimum tax or New York State or New York City personal income taxes. 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;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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 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. The performance of Agency Shares is based on the performance of Premier Shares (which are not offered in this prospectus) prior to the inception of the Agency Shares. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Returns for Agency </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares would be similar to the returns shown because the Premier 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. </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 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. The performance of Agency Shares is based on the performance of Premier Shares (which are not offered in this prospectus) prior to the inception of the Agency 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;">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 - AGENCY SHARES</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_2ebd66df-f836-48f8-b0f7-3ed374ee7242">4Q, 2023</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 and 2Q 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">1Q, 2Q 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_5b298b2b-d261-4bdd-a5cd-8c8a87e79fce">3Q 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;">0.47%</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 0.0047 <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> 0.0256 0.0195 0.0128 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Agency/VTIXX</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 to provide current income that is exempt from federal personal income taxes while maintaining 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 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 invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings 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;">The remaining 20% of the Fund’s total assets may be invested in securities subject to federal income tax or the federal alternative minimum 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;">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 invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings 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;">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:de88483e-a43d-4222-9840-46b1127491f0">4Q, 2023</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;">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:fc65a1a2-ef1a-410d-aa8c-6fe21d5819a2">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;">0.48%</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 0.0048 <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> 0.0256 0.0195 0.0134 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Capital/CJPXX</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 to provide current income while maintaining liquidity and a low volatility 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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest less than 25% of its total assets in this industry as a temporary defensive measure. </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;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures require the Fund to impose a mandatory liquidity fee if the Fund experiences total daily net redemptions (based on flow information available within a reasonable period after the last computation of the Fund’s net asset value on that day) exceeding 5% of net assets, unless the amount of the mandatory liquidity fee would be de minimis. The size of the mandatory liquidity fee to be charged will be based on a good faith estimate, supported by data, of the costs the Fund would incur if it sold a pro rata amount of each security in its portfolio to satisfy the amount of the net redemptions. If these costs cannot be determined in good faith, a 1% default fee will be applied. If the amount of the mandatory liquidity fee would be de minimis (i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to charge a mandatory liquidity fee. In addition, the Fund’s policies and procedures permit the Fund to impose a discretionary </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</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;">Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">required to reimburse 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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;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;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.58pt;">1.43%</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;">4th quarter, 2020</span><span style="color:#000000;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;">0.89%</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> 2023-12-31 0.0143 <span style="color:#000000;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 0.0089 <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> 0.0434 0.0331 0.0230 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Capital/CJTXX</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 to provide current income while maintaining 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</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:f5f1587f-ae71-4624-99c9-6f580875ee14">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;">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:x_2a78ec88-4264-4329-91ac-c366acbc10c8">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> 0.0133 <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 0.0088 <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> 0.0416 0.0312 0.0205 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Capital/JFCXX* </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">* The share class currently is not offered to the public.</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 to provide current income while maintaining 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:8pt;">"Remainder of Other Expenses" is based on estimated amounts for the current fiscal year.</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 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 </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 that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The interest on these securities is generally exempt from state and local income taxes.</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;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes, 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;">debt securities that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The interest on these securities is generally exempt from state and local income taxes.</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 </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="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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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;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;">Because Capital Shares have not yet commenced </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">operations as of the date of this prospectus,</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> the bar chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">shows how the performance of the Fund’s Institutional Class Shares (which are not offered in this prospectus) 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;">Returns for Capital Shares 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.</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;">Because Capital Shares have not yet commenced </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">operations as of the date of this prospectus,</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> the bar chart </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">shows how the performance of the Fund’s Institutional Class Shares (which are not offered in this prospectus) 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;">Returns for Capital Shares 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.</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 — INSTITUTIONAL </span><span style="color:#FFFFFF;font-family:Arial Narrow;font-size:10pt;font-weight:bold;margin-left:0.0pt;">CLASS SHARES</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_47c61ba5-fa5d-478f-a1aa-b7d342748bec">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;">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_8e855457-87e2-4557-9804-b819f13ce5f5">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;">0.87%</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> 0.0413 0.0311 0.0205 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Empower/EJPXX</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 to provide current income while maintaining liquidity and a low volatility 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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest less than 25% of its total assets in this industry as a temporary defensive measure. </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;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures require the Fund to impose a mandatory liquidity fee if the Fund experiences total daily net redemptions (based on flow information available within a reasonable period after the last computation of the Fund’s net asset value on that day) exceeding 5% of net assets, unless the amount of the mandatory liquidity fee would be de minimis. The size of the mandatory liquidity fee to be charged will be based on a good faith estimate, supported by data, of the costs the Fund would incur if it sold a pro rata amount of each security in its portfolio to satisfy the amount of the net redemptions. If these costs cannot be determined in good faith, a 1% default fee will be applied. If the amount of the mandatory liquidity fee would be de minimis (i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to charge a mandatory liquidity fee. In addition, the Fund’s policies and procedures permit the Fund to impose a discretionary </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</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;">Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">required to reimburse 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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;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 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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</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;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:27.58pt;">1.41%</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;">4th quarter, 2020</span><span style="color:#000000;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="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0141 <span style="color:#000000;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> 0.0434 0.0330 0.0230 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Empower/EJTXX</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 to provide current income while maintaining 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</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:f8a6b694-d323-4ef0-b7ad-4834770ce1ac">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;">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:x_36c5aa39-8195-428e-8746-e4e8442e3025">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> 0.0133 <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 0.0088 <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> 0.0416 0.0312 0.0205 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: IM/JIMXX</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 to provide current income while maintaining liquidity and a low volatility 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;">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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest less than 25% of its total assets in this industry as a temporary defensive measure. </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;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures require the Fund to impose a mandatory liquidity fee if the Fund experiences total daily net redemptions (based on flow information available within a reasonable period after the last computation of the Fund’s net asset value on that day) exceeding 5% of net assets, unless the amount of the mandatory liquidity fee would be de minimis. The size of the mandatory liquidity fee to be charged will be based on a good faith estimate, supported by data, of the costs the Fund would incur if it sold a pro rata amount of each security in its portfolio to satisfy the amount of the net redemptions. If these costs cannot be determined in good faith, a 1% default fee will be applied. If the amount of the mandatory liquidity fee would be de minimis (i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to charge a mandatory liquidity fee. In addition, the Fund’s policies and procedures permit the Fund to impose a discretionary </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</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;">Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">required to reimburse 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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;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 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="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_12fab256-5ebc-4f09-b744-40b03113277e">4Q, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.43%</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;">4Q 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">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="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_984799b2-4665-4b01-ad9a-f30a7d1ea850">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;">0.90%</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> 0.0143 <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 0.0090 <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> 0.0438 0.0334 0.0233 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: IM/JSMXX</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 to provide current income while maintaining 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;"> The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance of IM Shares shown in the table is based on the performance of the Capital Shares (which are not offered in this prospectus) prior to the inception of IM Shares. Returns for IM Shares 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. </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_32a2370f-aea8-4922-89db-7eaf995ffa20">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;">0.00%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:b98aae36-4633-4fd0-b1bb-d2a622db6b85">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;">0.89%</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> 0.0134 <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> 0.0421 0.0315 0.0208 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Institutional/JINXX</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 to provide current income while maintaining liquidity and a low volatility 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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies in the banking industry.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest less than 25% of its total assets in this industry as a temporary defensive measure. </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;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures require the Fund to impose a mandatory liquidity fee if the Fund experiences total daily net redemptions (based on flow information available within a reasonable period after the last computation of the Fund’s net asset value on that day) exceeding 5% of net assets, unless the amount of the mandatory liquidity fee would be de minimis. The size of the mandatory liquidity fee to be charged will be based on a good faith estimate, supported by data, of the costs the Fund would incur if it sold a pro rata amount of each security in its portfolio to satisfy the amount of the net redemptions. If these costs cannot be determined in good faith, a 1% default fee will be applied. If the amount of the mandatory liquidity fee would be de minimis (i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to charge a mandatory liquidity fee. In addition, 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;">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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies in the banking industry.</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;">Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">required to reimburse 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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</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="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="color:#000000;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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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;">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;">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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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="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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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_9d96e676-e58c-47af-8fb5-7ffab6e00b5d">4Q, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">1.41%</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;">4Q 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">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="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;-sec-ix-hidden:x_1269aa06-4685-43c7-b6c8-6a06e2729341">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;">0.88%</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> 0.0141 <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 0.0088 <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> 0.0429 0.0327 0.0227 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Institutional/JTSXX</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 to provide current income while maintaining 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, 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;">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_672c9fb8-f089-4701-b9de-e43f8ac24557">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;">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_2f0f842a-4373-41b8-abc9-d49ec6774e16">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> 0.0132 <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> 0.0411 0.0309 0.0202 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Institutional/JFMXX</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 to provide current income while maintaining 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 </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 that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The interest on these securities is generally exempt from state and local income taxes.</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 </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 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;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes, 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;">debt securities that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The interest on these securities is generally exempt from state and local income taxes.</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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, </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;">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;">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;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:x_1dd19cd8-f243-4b53-bb2d-e9c84e803f04">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;">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_051901fe-2df8-41b8-a97a-0374ca8ba65d">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;">0.87%</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> 0.0413 0.0311 0.0205 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Institutional/JGCXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal and California personal income taxes, while maintaining 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 0.0022 0.0010 0.0012 0.0030 -0.0009 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund 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 87 160 372 <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 gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to California personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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="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;">Risk of California Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of California, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California’s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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, the federal alternative minimum tax or California personal income taxes. 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. 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;">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;">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 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 Institutional Shares is based on the performance of Premier Shares (which are not offered in this prospectus) prior to the inception of the Institutional Shares. 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 Institutional </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares would be similar to the returns shown because the Premier 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. </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 Institutional 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 Institutional Shares is based on the performance of Premier Shares (which are not offered in this prospectus) prior to the inception of the Institutional Shares. 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_4e014f14-d283-46a5-8eba-340c6c64fb18">2Q, 2024</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.83%</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 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_7a247937-a23c-4145-b203-480302327b45">3Q 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;">0.42%</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> 0.0083 <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 0.0042 <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> 0.0236 0.0184 0.0123 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Institutional/JGNXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal, New York State and New York City personal income taxes, while maintaining liquidity and stability of principal.</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 </span><span style="font-family:Arial Narrow;font-size:10pt;">that your investment has a 5% return each year and that the Fund’s operating expenses are equal to the total annual fund 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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to New York State and/or City personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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., </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Risk of New York Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of New York and New York City, their political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state, the city and their municipalities. As the nation’s financial capital, New York’s and New York City’s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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, the federal alternative minimum tax or New York State or New York City personal income taxes. 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;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. At times the Fund may increase the relative emphasis of its </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 Institutional Shares is based on the performance of Premier Shares (which are not offered in this prospectus) prior to the inception of the Institutional Shares. 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 Institutional </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares would be similar to the returns shown because the Premier 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. </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 Institutional 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 Institutional Shares is based on the performance of Premier Shares (which are not offered in this prospectus) prior to the inception of the Institutional Shares. 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:d87f14c2-3b37-4f22-b2aa-a81e6504a33e">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.86%</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 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_64ec4450-759e-4feb-9200-942733246db2">3Q 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;">0.48%</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> 0.0086 <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 0.0048 <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 0.0199 0.0131 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Institutional/JTFXX</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 to provide current income that is exempt from federal personal income taxes while maintaining 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 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 invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings 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;">The remaining 20% of the Fund’s total assets may be invested in securities subject to federal income tax or the federal alternative minimum 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;">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 invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings 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;">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:b276fb04-09e6-4345-ab35-b2653aa93065">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.86%</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;">2Q 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_009dd50d-2d04-4900-a917-a2279642bd5a">3Q 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> 0.0086 <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 0.0200 0.0138 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Morgan/VMVXX</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 to provide current income while maintaining liquidity and a low volatility 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 0.0043 0.0035 0.0008 0.0051 <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> 52 164 285 640 <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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest less than 25% of its total assets in this industry as a temporary defensive measure. </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;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures require the Fund to impose a mandatory liquidity fee if the Fund experiences total daily net redemptions (based on flow information available within a reasonable period after the last computation of the Fund’s net asset value on that day) exceeding 5% of net assets, unless the amount of the mandatory liquidity fee would be de minimis. The size of the mandatory liquidity fee to be charged will be based on a good faith estimate, supported by data, of the costs the Fund would incur if it sold a pro rata amount of each security in its portfolio to satisfy the amount of the net redemptions. If these costs cannot be determined in good faith, a 1% default fee will be applied. If the amount of the mandatory liquidity fee would be de minimis (i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to charge a mandatory liquidity fee. In addition, the Fund’s policies and procedures permit the Fund to impose a discretionary </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</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;">Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">required to reimburse 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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;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 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;">1-800-480-4111</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 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;">1-800-480-4111</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 – MORGAN SHARES</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;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.48pt;">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;">1st quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.48pt;">-0.03%</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;">0.80%</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> 2023-12-31 0.0136 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0003 <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 0.0080 <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> 0.0399 0.0305 0.0202 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Morgan/HTSXX</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 to provide current income while maintaining 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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:a91abc83-3161-4d54-909c-69c6843709ab">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:e475104d-4c26-4f73-a06f-c4a635f700df">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> 0.0374 0.0281 0.0174 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Morgan/VFVXX</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 to provide current income while maintaining 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 0.0040 0.0035 0.0005 0.0058 <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> 59 186 324 726 <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 </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 that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The interest on these securities is generally exempt from state and local income taxes.</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;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes, 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;">debt securities that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The interest on these securities is generally exempt from state and local income taxes.</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;">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;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:f48289d7-78ad-41f4-b676-19a7e55171c6">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 and 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_0521e873-ee66-4840-8172-3dcbcd231b74">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> 0.0375 0.0283 0.0176 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Morgan/VCAXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal and California personal income taxes, while maintaining 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 0.0053 0.0035 0.0018 0.0071 -0.0012 0.0059 <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 </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s operating expenses are equal to the total annual fund 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> 60 215 383 871 <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 gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to California personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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="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;">Risk of California Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of California, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California’s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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, the federal alternative minimum tax or California personal income taxes. 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. 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;">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;">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 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:d9668ea6-4690-4cef-8cea-8aed509b8cef">2Q, 2024</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.74%</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 and 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;-sec-ix-hidden:d1947a26-5e09-45ef-9dbc-01b4a0d8006b">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;">0.32%</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> 0.0074 <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 0.0032 <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> 0.0197 0.0155 0.0100 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Morgan/VNYXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal, New York State and New York City personal income taxes, while maintaining liquidity and stability of principal.</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 0.0044 0.0035 0.0009 0.0062 -0.0003 0.0059 <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 </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s operating expenses are equal to the total annual fund 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> 60 196 343 771 <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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to New York State and/or City personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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="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;">Risk of New York Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of New York and New York City, their political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state, the city and their municipalities. As the nation’s financial capital, New York’s and New York City’s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, the federal alternative minimum tax or New York State or New York City personal income taxes. 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;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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 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_849bec95-7710-4735-8c4e-3ecd51a3e786">4Q, 2023</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 and 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;-sec-ix-hidden:a6aa42d9-a2f0-4c1a-9dc0-6b1700065be0">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;">0.39%</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 0.0039 <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> 0.0222 0.0170 0.0108 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Morgan/VTMXX</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 to provide current income that is exempt from federal personal income taxes while maintaining 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 0.0040 0.0035 0.0005 0.0058 <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> 59 186 324 726 <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 invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings 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;">The remaining 20% of the Fund’s total assets may be invested in securities subject to federal income tax or the federal alternative minimum 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;">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 invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings 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;">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 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_18ee19ab-4a1d-426b-9379-c2ccd02f83a2">4Q, 2023</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 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_4a1f96bb-d01d-4646-adc2-3bb38f613421">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;">0.40%</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 0.0040 <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> 0.0223 0.0171 0.0108 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Premier/VPMXX</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 to provide current income while maintaining liquidity and a low volatility 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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest less than 25% of its total assets in this industry as a temporary defensive measure. </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;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures require the Fund to impose a mandatory liquidity fee if the Fund experiences total daily net redemptions (based on flow information available within a reasonable period after the last computation of the Fund’s net asset value on that day) exceeding 5% of net assets, unless the amount of the mandatory liquidity fee would be de minimis. The size of the mandatory liquidity fee to be charged will be based on a good faith estimate, supported by data, of the costs the Fund would incur if it sold a pro rata amount of each security in its portfolio to satisfy the amount of the net redemptions. If these costs cannot be determined in good faith, a 1% default fee will be applied. If the amount of the mandatory liquidity fee would be de minimis (i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to charge a mandatory liquidity fee. In addition, the Fund’s policies and procedures permit the Fund to impose a discretionary </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by companies in the banking industry.</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;">Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">required to reimburse 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="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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="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;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.52pt;">1.35%</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;">1st quarter, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.52pt;">-0.02%</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="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0135 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2022-03-31 -0.0002 <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> 0.0408 0.0309 0.0206 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Premier/VHPXX</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 to provide current income while maintaining 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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_3e18ea9b-94a7-4703-ab7e-80a472735e57">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, 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_42f6b2a8-4e51-423d-aff3-2905cd6d3d96">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> 0.0390 0.0292 0.0184 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Premier/VFPXX</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 to provide current income while maintaining 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 </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 that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The interest on these securities is generally exempt from state and local income taxes.</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;">obligations of the U.S. Treasury, including Treasury bills, bonds and notes, 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;">debt securities that certain U.S. government agencies or instrumentalities have either issued or guaranteed as to principal and interest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The interest on these securities is generally exempt from state and local income taxes.</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;">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;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:a81f6690-2733-430d-89fd-e608a246e99d">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;">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_3e705f00-18c7-4c3e-9860-e28fd2fa625e">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> 0.0391 0.0294 0.0186 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Premier/JCRXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal and California personal income taxes, while maintaining 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 0.0042 0.0030 0.0012 0.0050 -0.0005 0.0045 <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 </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s operating expenses are equal to the total annual fund 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> 46 155 275 623 <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 gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to California personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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="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;">Risk of California Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of California, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California’s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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, the federal alternative minimum tax or California personal income taxes. 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. 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;">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;">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 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;"> The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance of Premier Shares shown in the table is based on the performance of the Morgan Shares (which are not offered in this prospectus) before the inception of Premier Shares. The returns would differ only to the extent that the classes have different expense ratios. </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_8716d27b-8c89-4091-80c7-468a4a585a7b">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 and 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;-sec-ix-hidden:ec8b9190-190d-4ad4-b49d-71cb170e903f">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;">0.36%</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 0.0036 <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> 0.0212 0.0165 0.0110 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Premier/JNPXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal, New York State and New York City personal income taxes, while maintaining liquidity and stability of principal.</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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to New York State and/or City personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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="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;">Risk of New York Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of New York and New York City, their political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state, the city and their municipalities. As the nation’s financial capital, New York’s and New York City’s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector.</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="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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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, the federal alternative minimum tax or New York State or New York City personal income taxes. 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;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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 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;"> The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">performance of Premier Shares shown in the table is based on the performance of the Morgan Shares (which are not offered in this prospectus) before the inception of Premier Shares. The returns would differ only to the extent that the classes have different expense ratios. </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:bd516711-8798-4ec3-88ed-6186446b54e6">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.80%</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 and 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;-sec-ix-hidden:b5e1c6e6-60eb-4a4c-9bae-e7a395d4f226">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;">0.43%</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> 0.0080 <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 0.0043 <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> 0.0238 0.0181 0.0119 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Premier/VXPXX</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 to provide current income that is exempt from federal personal income taxes while maintaining 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 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 invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings 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;">The remaining 20% of the Fund’s total assets may be invested in securities subject to federal income tax or the federal alternative minimum 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;">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 invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings 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;">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_2d38de86-c7b5-40a5-9443-1eec8d33a855">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 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_9d3dd829-665b-4a28-853e-1ec4145dab55">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> 0.0239 0.0182 0.0120 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Reserve/JRVXX</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 to provide current income while maintaining liquidity and a low volatility 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 0.0131 0.0030 0.0101 0.0164 -0.0094 0.0070 <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> 72 425 803 1865 <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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies in the banking industry.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may, however, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">invest less than 25% of its total assets in this industry as a temporary defensive measure. </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;">Liquidity Fees </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s policies and procedures require the Fund to impose a mandatory liquidity fee if the Fund experiences total daily net redemptions (based on flow information available within a reasonable period after the last computation of the Fund’s net asset value on that day) exceeding 5% of net assets, unless the amount of the mandatory liquidity fee would be de minimis. The size of the mandatory liquidity fee to be charged will be based on a good faith estimate, supported by data, of the costs the Fund would incur if it sold a pro rata amount of each security in its portfolio to satisfy the amount of the net redemptions. If these costs cannot be determined in good faith, a 1% default fee will be applied. If the amount of the mandatory liquidity fee would be de minimis (i.e., less than 0.01% of the value of the shares redeemed), the Fund is not required to charge a mandatory liquidity fee. In addition, 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;">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 calculates its net asset value to four decimals (e.g., $1.0000) using market-based pricing and operates with a floating net asset value. </span><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 banking industry. Therefore, under normal conditions, the Fund will invest at least 25% of its total assets in securities issued by </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies in the banking industry.</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;">Because the share price of the Fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may impose a fee upon sale of your shares. Effective October 2, 2024, the Fund generally must impose a fee when net sales of Fund shares exceed certain levels.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s sponsor is not </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">required to reimburse 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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk. </span><span style="font-family:Arial Narrow;font-size:10pt;">The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 would provide financial support. Therefore, U.S. Government-related organizations may not have the funds to meet their payment obligations in the future.</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="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="color:#000000;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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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 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 </span><span style="font-family:Arial Narrow;font-size:10pt;">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="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;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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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 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="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;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.48pt;">1.28%</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;">3rd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.48pt;">-0.03%</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="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2023-12-31 0.0128 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-09-30 -0.0003 <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> 0.0378 0.0288 0.0186 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Reserve/RJTXX</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 to provide current income while maintaining 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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 obligations of the U.S. Treasury, including Treasury bills, bonds and notes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">These investments carry different interest rates, maturities and issue dates. The interest on these securities is generally exempt from state and local income taxes. Ordinarily, the Fund does not buy securities issued or guaranteed by agencies of the U.S. government.</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 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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:baed4853-6f64-4631-b0ea-265decc471bc">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;">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_223b4c93-ad45-4797-a780-4bdfd48a9cc7">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> 0.0364 0.0273 0.0167 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Reserve/JNYXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal, New York State and New York City personal income taxes, while maintaining liquidity and stability of principal.</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 0.0037 0.0030 0.0007 0.0070 <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 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> 72 224 390 871 <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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to New York State and/or City personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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="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;">Risk of New York Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of New York and New York City, their political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state, the city and their municipalities. As the nation’s financial capital, New York’s and New York City’s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector.</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="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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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, the federal alternative minimum tax or New York State or New York City personal income taxes. 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;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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 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_0fa9d620-67ae-4f94-a163-968024b67dcf">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.74%</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;">1Q, 2Q and 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;-sec-ix-hidden:x_046fc483-73e6-43ee-b75d-f3b816a24ca8">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;">0.36%</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> 0.0074 <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 0.0036 <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> 0.0212 0.0162 0.0101 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Reserve/RTJXX</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 to provide current income that is exempt from federal personal income taxes while maintaining 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 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 invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings 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;">The remaining 20% of the Fund’s total assets may be invested in securities subject to federal income tax or the federal alternative minimum 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;">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 invest at least 80% of the value of its Assets in municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings 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;">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:e587ebac-0408-496a-86a1-c73f97f27177">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.74%</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 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:dc192de9-47db-43d4-ac27-95cc968511a2">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;">0.38%</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> 0.0074 <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 0.0038 <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> 0.0214 0.0164 0.0101 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Service/JCVXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal and California personal income taxes, while maintaining 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 0.0044 0.0030 0.0014 0.0112 -0.0007 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="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 </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s operating expenses are equal to the total annual fund 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> 107 349 610 1357 <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 gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to California personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from California personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of California, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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="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;">Risk of California Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of California, its political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state and its municipalities. Provisions of the California Constitution and state statutes that limit the taxing and spending authority of California’s governmental entities may impair the ability of California issuers to pay principal and/or interest on their obligations. While California’s economy is broad, it does have major concentrations in high technology, manufacturing, entertainment, agriculture, tourism, construction and services, and may be sensitive to economic problems affecting those industries.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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, the federal alternative minimum tax or California personal income taxes. 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;">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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. 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;">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;">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 Service 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.</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 for 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_02e62742-5824-4e13-be1f-77f90237da4d">2Q, 2024</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.62%</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 and 3Q 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_0233c175-7b88-416b-8611-cfc1cc5b2091">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;">0.20%</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> 0.0062 <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 0.0020 <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> 0.0150 0.0122 0.0070 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: Service/JNVXX </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Currently, the Fund is publicly offered on a limited basis. (See “How Your Account Works — Funds Subject to a Limited Offering” in the prospectus for more information.)</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 to provide current income that is exempt from federal, New York State and New York City personal income taxes, while maintaining liquidity and stability of principal.</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 0.0038 0.0030 0.0008 0.0106 -0.0001 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="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 </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s operating expenses are equal to the total annual fund 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> 107 336 584 1293 <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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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;">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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. </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 investments subject to New York State and/or City personal income taxes, or in securities subject to federal income tax or the federal alternative minimum 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 gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">As a fundamental policy, the Fund normally invests at least 80% of the value of its Assets in such municipal obligations. For purposes of this policy, “Assets” means net assets, plus the amount of borrowings for investment purposes. </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 excluded from gross income for federal income tax purposes, exempt from New York State and New York City personal income taxes and is not subject to the federal alternative minimum tax on individuals. Municipal obligations in which the Fund may invest are securities that are issued by the State of New York, its political subdivisions, authorities, and agencies, as well as by Puerto Rico, other U.S. territories and their political subdivisions.</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="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;">Risk of New York Obligations.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund invests primarily in municipal obligations issued by the State of New York and New York City, their political subdivisions, authorities, and agencies, its performance will be affected by the fiscal and economic health of that state, the city and their municipalities. As the nation’s financial capital, New York’s and New York City’s economy is heavily dependent on the financial sector, and may be sensitive to economic problems affecting the sector.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Municipal Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> As a single state money market fund, the Fund is less diversified than other money market funds. This is because a single state money market fund is allowed by SEC rules to invest a significantly greater portion than other money market funds of its assets in one issuer. Because of these rules and the relatively small number of issuers of a particular state’s municipal securities, the Fund’s performance is more affected by the success of one or a few issuers than is the performance of a more diversified fund.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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, the federal alternative minimum tax or New York State or New York City personal income taxes. 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;">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="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;"> The Fund may invest more than 25% of its total assets in securities which rely on similar projects for their income stream. As a result, the Fund could be more susceptible to developments which affect those projects. 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">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;">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 Service 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.</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 for 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:dd6a8fbd-37b1-43b9-aa33-7b6d9778c59c">4Q, 2023</span><span style="font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">0.65%</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 and 3Q 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_0bb75b15-8d95-43fb-8463-237623a9e9ba">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;">0.29%</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> 0.0065 <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 0.0029 <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> 0.0177 0.0138 0.0079 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: I/JMGLX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income while seeking to maintain a low volatility of principal.</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="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="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="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="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, including affiliated money market funds, other mutual funds, exchange traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="font-family:Arial Narrow;font-size:10pt;">are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="font-family:Arial Narrow;font-size:10pt;">are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</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> 0.0015 0.0034 0.0025 0.0009 0.0001 0.0050 -0.0010 0.0040 <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 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> 41 150 270 619 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">98%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.98 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund mainly invests in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities. As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities and high quality money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by supranational organizations, securities issued or guaranteed by foreign governments, repurchase agreements, and Rule 144A securities. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a foreign government or its agencies and instrumentalities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure.</span><span style="font-family:Arial Narrow;font-size:10pt;">All of the Fund’s investments will carry a minimum short-term rating of P-2, A-2 or F2 or better by Moody’s Investors Service Inc. (Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or a minimum long-term rating of Baa3, BBB–, or BBB– by Moody’s, S&amp;P, or Fitch, respectively, or the equivalent by another NRSRO at the time of investment or if such investments are unrated, deemed by J.P. Morgan Investment Management Inc. (JPMIM or the adviser) to be of comparable quality at the time of investment.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund’s duration will not exceed one year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund has flexibility to invest in derivatives and may use such instruments as substitutes for securities in which the Fund can invest. Derivatives are instruments which have a value based on another instrument, exchange rate or index. Although the use of derivatives is not a main strategy of the Fund under normal market conditions, the Fund may use futures contracts, options, swaps, and forward contracts in connection with its principal strategies in certain market conditions in order to hedge various investments, for risk management purposes and/or to increase income or gain to the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser allocates the Fund’s assets among a range of sectors based on strategic positioning that focuses on factors expected to impact returns over the long term and other tactical considerations that focus on factors that are expected to impact returns over the short to medium term. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of their characteristics including income, interest rate risk, credit risk and the complex legal and technical structure of the transaction. </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 is not a money market fund and is not subject to the special regulatory requirements (including maturity and credit quality constraints) designed to enable money market funds to maintain a stable share price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund mainly invests in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities. As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities and high quality money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by supranational organizations, securities issued or guaranteed by foreign governments, repurchase agreements, and Rule 144A securities. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a foreign government or its agencies and instrumentalities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure.</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;">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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Asset-Backed Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in asset-backed securities that are subject to certain other risks including prepayment and call risks. During periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. 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.</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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, options, swaps and forward contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</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;">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 or liquidating other investments 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;">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;font-style:italic;">Non-Money Market Fund Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is not a money market fund. Although the Fund seeks to provide low volatility of principal, the Fund’s net asset value will fluctuate every day and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the Fund will generate higher returns than money market funds. Because the Fund is not a money market fund, it does not qualify for the special money market fund tax treatment or tax accounting methods under Treasury regulations.</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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments and regulatory issues facing issuers in such foreign countries. 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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">European Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s performance will be affected by political, social and economic conditions in the various countries in which it invests in Europe and in Europe more generally, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns and fiscal and monetary controls imposed on member countries of the European Union.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asia Pacific Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The economies in the Asia Pacific region are in all stages of economic development and may be intertwined. The small size of securities markets and the low trading volume in some countries in the Asia Pacific region may lead to a lack of liquidity, and natural disasters common to the region, including floods, droughts, earthquakes, fires and tsunamis, may adversely affect the economies and markets in the region. The share prices of companies in the region tend to be volatile and there is a significant possibility of loss. Many of the countries in the region are developing, both politically and economically, and as a result companies in the region may be subject to risks like nationalization or other forms of government interference, and/or may be heavily reliant on only a few industries or commodities, and may be subject to national or regional security concerns, including terrorism, war, strained international relations, or the threat or potential of one or more such events. Investments in the region may also be subject to currency risks, such as restrictions on the flow of money in and out of the country, extreme volatility relative to the U.S. dollar, and devaluation, all of which could decrease the value of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Portfolio Turnover Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short-term capital gains that will generally be taxable to shareholders as ordinary income. The effects of high portfolio turnover may adversely affect Fund performance.</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;">Repurchase agreements involve some risk to the Fund that the counterparty does not meet its obligation under the agreement.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="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;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:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class I 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.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table </span><span style="font-family:Arial Narrow;font-size:10pt;">compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance. </span><span style="font-family:Arial Narrow;font-size:10pt;">The ICE BofA 3-Month </span><span style="font-family:Arial Narrow;font-size:10pt;">US Treasury Bill Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The performance of Class I Shares is based on </span><span style="font-family:Arial Narrow;font-size:10pt;">the performance of the Class L Shares (which are not offered in this prospectus) prior to the inception of the Class I Shares. The actual performance of Class I Shares would have been different than those shown because Class I Shares have different expenses than Class L Shares. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and </span><span style="font-family:Arial Narrow;font-size:10pt;">after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-766-7722</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class I 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The ICE BofA 3-Month </span><span style="font-family:Arial Narrow;font-size:10pt;">US Treasury Bill Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and </span><span style="font-family:Arial Narrow;font-size:10pt;">after taxes) is not necessarily an indication of how any class of the Fund will perform in the future. </span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">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="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;">2nd quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.29pt;">1.77%</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;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:29.29pt;">-0.83%</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="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Best Quarter</span> 2020-06-30 0.0177 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.0083 <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> 0.0460 0.0307 0.0235 0.0282 0.0182 0.0140 0.0270 0.0181 0.0139 0.0730 -0.0036 0.0201 0.0418 0.0318 0.0218 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Class/Ticker: L/JMGIX</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What is the goal of the Fund?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks current income while seeking to maintain a low volatility of principal.</span> <span style="font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="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="font-family:Arial Narrow;font-size:10pt;line-height:11pt;"> </span><span style="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="font-family:Arial Narrow;font-size:10pt;"> “Acquired Fund Fees and Expenses” are expenses incurred indirectly by the Fund through its ownership of shares in other investment companies, including affiliated money market funds, other mutual funds, exchange traded funds and business development companies. The impact of Acquired Fund Fees and Expenses is included in the total returns of the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="font-family:Arial Narrow;font-size:10pt;">are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</span> <span style="font-family:Arial Narrow;font-size:10pt;">Acquired Fund Fees and Expenses </span><span style="font-family:Arial Narrow;font-size:10pt;">are not direct costs of the Fund, are not used by the Fund to calculate its net asset value per share and are not included in the calculation of the ratio of expenses to average net assets shown in the Financial Highlights section of the Fund’s prospectus.</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> 0.0015 0.0019 0.0010 0.0009 0.0001 0.0035 -0.0010 0.0025 <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 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> 26 102 186 433 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund’s performance. During the Fund’s most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">98%</span><span style="font-family:Arial Narrow;font-size:10pt;"> of the average value of its portfolio.</span> 0.98 <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">What are the Fund’s main investment strategies?</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund mainly invests in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities. As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities and high quality money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by supranational organizations, securities issued or guaranteed by foreign governments, repurchase agreements, and Rule 144A securities. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a foreign government or its agencies and instrumentalities.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure.</span><span style="font-family:Arial Narrow;font-size:10pt;">All of the Fund’s investments will carry a minimum short-term rating of P-2, A-2 or F2 or better by Moody’s Investors Service Inc. (Moody’s), S&amp;P Global Ratings (S&amp;P), or Fitch Ratings (Fitch), respectively, or the equivalent by another nationally recognized statistical rating organization (NRSRO), or a minimum long-term rating of Baa3, BBB–, or BBB– by Moody’s, S&amp;P, or Fitch, respectively, or the equivalent by another NRSRO at the time of investment or if such investments are unrated, deemed by J.P. Morgan Investment Management Inc. (JPMIM or the adviser) to be of comparable quality at the time of investment.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Under normal circumstances, the Fund’s duration will not exceed one year. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund has flexibility to invest in derivatives and may use such instruments as substitutes for securities in which the Fund can invest. Derivatives are instruments which have a value based on another instrument, exchange rate or index. Although the use of derivatives is not a main strategy of the Fund under normal market conditions, the Fund may use futures contracts, options, swaps, and forward contracts in connection with its principal strategies in certain market conditions in order to hedge various investments, for risk management purposes and/or to increase income or gain to the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The adviser allocates the Fund’s assets among a range of sectors based on strategic positioning that focuses on factors expected to impact returns over the long term and other tactical considerations that focus on factors that are expected to impact returns over the short to medium term. In buying and selling investments for the Fund, the adviser looks for market sectors and individual securities that it believes will perform well over time. The adviser selects individual securities after performing a risk/reward analysis that includes an evaluation of their characteristics including income, interest rate risk, credit risk and the complex legal and technical structure of the transaction. </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 is not a money market fund and is not subject to the special regulatory requirements (including maturity and credit quality constraints) designed to enable money market funds to maintain a stable share price.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund mainly invests in investment grade, U.S. dollar denominated short-term fixed and floating rate debt securities. As part of its principal investment strategy, the Fund may invest in corporate securities, asset-backed securities and high quality money market instruments such as commercial paper, certificates of deposit, time deposits, deposit notes and bank notes. The Fund may also invest in U.S. Treasury securities (including Separate Trading of Registered Interest and Principal of Securities (STRIPS)), securities issued or guaranteed by the U.S. government or its agencies and instrumentalities, securities issued or guaranteed by supranational organizations, securities issued or guaranteed by foreign governments, repurchase agreements, and Rule 144A securities. All securities will be U.S. dollar-denominated although they may be issued by a foreign corporation or a U.S. affiliate of a foreign corporation, or a foreign government or its agencies and instrumentalities.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund will concentrate its investments in the banking industry. Therefore, under normal conditions, the Fund will invest more than 25% of its assets in securities issued by companies in the banking industry. The Fund may, however, invest less than 25% of its assets in this industry as a temporary defensive measure.</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;">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 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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;">Asset-Backed Securities Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in asset-backed securities that are subject to certain other risks including prepayment and call risks. During periods of declining asset value, difficult or frozen credit markets, swings in interest rates, or deteriorating economic conditions, such securities may decline in value, face valuation difficulties, become more volatile and/or become illiquid. 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Prepayment Risk. </span><span style="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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Government Securities Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund invests in 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) or the Federal Home Loan Mortgage Corporation (Freddie Mac)). 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Derivatives Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> Derivatives, including futures contracts, options, swaps and forward contracts, may be riskier than other types of investments and may increase the volatility of the Fund. Derivatives may be sensitive to changes in economic and market conditions and may create leverage, which could result in losses that significantly exceed the Fund’s original investment. Certain derivatives expose the Fund to counterparty risk, which is the risk that the derivative counterparty will not fulfill its contractual obligations (and includes credit risk associated with the counterparty). Certain derivatives are synthetic instruments that attempt to replicate the performance of certain reference assets. With regard to such derivatives, the Fund does not have a claim on the reference assets and is subject to enhanced counterparty risk. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. In addition, given their complexity, derivatives expose the Fund to risks of mispricing or improper valuation. Derivatives also can expose the Fund to derivative liquidity risk, which includes risks involving the liquidity demands that derivatives can create to make payments of margin, collateral, or settlement payments to counterparties, legal risk, which includes the risk of loss resulting from insufficient or unenforceable contractual documentation, insufficient capacity or authority of the Fund’s counterparty and operational risk, which includes documentation or settlement issues, system failures, inadequate controls and human error. Certain of the Fund’s transactions in foreign currency derivatives and other derivatives could also affect the amount, timing and character of distributions to shareholders which may result in the Fund realizing more ordinary income and short-term capital gain subject to tax at ordinary income tax rates than it would if it did not engage in such transactions, which may adversely impact the Fund’s after-tax returns.</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;">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 or liquidating other investments 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;">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;font-style:italic;">Non-Money Market Fund Risk. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund is not a money market fund. Although the Fund seeks to provide low volatility of principal, the Fund’s net asset value will fluctuate every day and these fluctuations may be significant on certain days. Also, the Fund is not subject to the liquidity requirements and investment and credit quality restrictions applicable to money market funds. There can be no guarantee that the Fund will generate higher returns than money market funds. Because the Fund is not a money market fund, it does not qualify for the special money market fund tax treatment or tax accounting methods under Treasury regulations.</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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Foreign Issuer Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> U.S. dollar-denominated securities of foreign issuers or U.S. affiliates of foreign issuers may be subject to additional risks not faced by domestic issuers. These risks include political and economic risks, civil conflicts and war, greater volatility, expropriation and nationalization risks, sanctions or other measures by the United States or other governments and regulatory issues facing issuers in such foreign countries. 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. Foreign issuers may not be subject to uniform accounting, auditing and financial reporting standards and there may be less reliable and publicly available financial and other information about such issuers as compared to domestic issuers.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">Geographic Focus Risk.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> The Fund may focus its investments in one or more regions or small groups of countries. As a result, the Fund’s performance may be subject to greater volatility than a more geographically diversified fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">European Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund’s performance will be affected by political, social and economic conditions in the various countries in which it invests in Europe and in Europe more generally, such as growth of the economic output (the gross national product), the rate of inflation, the rate at which capital is reinvested into European economies, the success of governmental actions to reduce budget deficits, the resource self-sufficiency of European countries and interest and monetary exchange rates between European countries. European financial markets may experience volatility due to concerns about high government debt levels, credit rating downgrades, rising unemployment, the future of the euro as a common currency, possible restructuring of government debt and other government measures responding to those concerns and fiscal and monetary controls imposed on member countries of the European Union.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Asia Pacific Market Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The economies in the Asia Pacific region are in all stages of economic development and may be intertwined. The small size of securities markets and the low trading volume in some countries in the Asia Pacific region may lead to a lack of liquidity, and natural disasters common to the region, including floods, droughts, earthquakes, fires and tsunamis, may adversely affect the economies and markets in the region. The share prices of companies in the region tend to be volatile and there is a significant possibility of loss. Many of the countries in the region are developing, both politically and economically, and as a result companies in the region may be subject to risks like nationalization or other forms of government interference, and/or may be heavily reliant on only a few industries or commodities, and may be subject to national or regional security concerns, including terrorism, war, strained international relations, or the threat or potential of one or more such events. Investments in the region may also be subject to currency risks, such as restrictions on the flow of money in and out of the country, extreme volatility relative to the U.S. dollar, and devaluation, all of which could decrease the value of the Fund.</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">High Portfolio Turnover Risk.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The Fund may engage in active and frequent trading leading to increased portfolio turnover, higher transaction costs, and the possibility that the recognition of capital gains will be accelerated, including short-term capital gains that will generally be taxable to shareholders as ordinary income. The effects of high portfolio turnover may adversely affect Fund performance.</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;">Repurchase agreements involve some risk to the Fund that the counterparty does not meet its obligation under the agreement.</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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Floating and Variable Rate Securities Risk.</span><span style="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;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:10pt;">You could lose money investing in the Fund.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:11pt;font-weight:bold;">The Fund’s Past Performance</span> <span style="font-family:Arial Narrow;font-size:10pt;">This section provides some indication of the risks of investing in the Fund. </span><span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class L 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.</span><span style="font-family:Arial Narrow;font-size:10pt;"> The table </span><span style="font-family:Arial Narrow;font-size:10pt;">compares the Fund’s performance to the performance of the Bloomberg US Aggregate Index. The Bloomberg US Aggregate Index serves as the Fund’s regulatory index and provides a broad measure of market performance.</span><span style="font-family:Arial Narrow;font-size:10pt;">The ICE BofA 3-Month US Treasury Bill Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span><span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">Updated performance information is available by visiting </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;"> or by calling </span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">1-800-766-7722</span><span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">SOURCE ICE DATA INDICES, LLC (“ICE DATA”), IS USED WITH PERMISSION. ICE® IS A REGISTERED TRADEMARK OF ICE DATA OR ITS AFFILIATES AND BOFA® IS A REGISTERED TRADEMARK OF BANK OF AMERICA CORPORATION LICENSED BY BANK OF AMERICA CORPORATION AND ITS AFFILIATES (“BOFA”) AND MAY NOT BE USED WITHOUT BOFA’S PRIOR WRITTEN APPROVAL. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DISCLAIM ANY AND ALL WARRANTIES AND REPRESENTATIONS, EXPRESS AND/OR IMPLIED, INCLUDING ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, INCLUDING THE INDICES, INDEX DATA AND ANY DATA INCLUDED IN, RELATED TO, OR DERIVED THEREFROM. NEITHER ICE DATA, ITS AFFILIATES NOR THEIR RESPECTIVE THIRD PARTY SUPPLIERS SHALL BE SUBJECT TO ANY DAMAGES OR LIABILITY WITH RESPECT TO THE ADEQUACY, ACCURACY, TIMELINESS OR COMPLETENESS OF THE INDICES OR THE INDEX DATA OR ANY COMPONENT THEREOF, AND THE </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">INDICES AND INDEX DATA AND ALL COMPONENTS THEREOF ARE PROVIDED ON AN “AS IS” BASIS AND YOUR USE IS AT YOUR OWN RISK. ICE DATA, ITS AFFILIATES AND THEIR RESPECTIVE THIRD PARTY SUPPLIERS DO NOT SPONSOR, ENDORSE, OR RECOMMEND THE ADVISER, OR ANY OF ITS PRODUCTS OR SERVICES.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The bar chart shows how the performance of the </span><span style="font-family:Arial Narrow;font-size:10pt;">Fund’s Class L 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.</span> <span style="font-family:Arial Narrow;font-size:10pt;">The ICE BofA 3-Month US Treasury Bill Index is the Fund’s additional index and is more representative of the Fund’s investment universe than the regulatory index. </span> <span style="font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is </span><span style="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="font-family:Arial Narrow;font-size:10pt;font-style:italic;">www.jpmorganfunds.com</span> <span style="font-family:Arial Narrow;font-size:10pt;font-style:italic;">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="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;">4th quarter, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:30.24pt;">1.84%</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;">1st quarter, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;width:30.24pt;">-0.80%</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;">0.69%</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> 2023-12-31 0.0184 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Worst Quarter</span> 2020-03-31 -0.0080 <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 0.0069 <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> 0.0486 0.0325 0.0250 0.0302 0.0193 0.0149 0.0285 0.0192 0.0148 0.0730 -0.0036 0.0201 0.0418 0.0318 0.0218 <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Actual after-tax returns </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">depend on the investor’s tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts.</span> 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 0.40% of the average daily net assets of Class I 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 for this Share Class. 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 0.25% of the average daily net assets of Class L 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 for this Share Class. 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. "Remainder of Other Expenses" is based on estimated amounts for the current fiscal year. 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. 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 0.59% of the average daily net assets of Morgan 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 0.70% of the average daily net assets of Reserve 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. 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 0.59% of the average daily net assets of Morgan 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 0.45% of the average daily net assets of Premier 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.