J.P.MorganMoneyMarketFunds · 2017. 2. 3. · accounts; college savings plans; health savings...

Prospectus

J.P. Morgan Money Market FundsPremier Shares

July 1, 2015

JPMorgan Prime Money Market Fund Ticker: VPMXX

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

J.P. MORGAN MONEY MARKET FUNDS

JPMorgan 100% U.S. Treasury Securities Money Market FundJPMorgan California Municipal Money Market Fund

JPMorgan Federal Money Market FundJPMorgan New York Municipal Money Market Fund

JPMorgan Prime Money Market FundJPMorgan Tax Free Money Market Fund

(All Share Classes)(each a series of JPMorgan Trust I)

JPMorgan Liquid Assets Money Market FundJPMorgan Municipal Money Market Fund

JPMorgan U.S. Government Money Market FundJPMorgan U.S. Treasury Plus Money Market Fund

(All Share Classes)(each a series of JPMorgan Trust II)

(each, a “Fund,” and collectively, the “Funds”)

Supplement dated March 2, 2016to the Prospectuses, Summary Prospectuses and Statement

of Additional Information dated July 1, 2015, as supplemented

The Securities and Exchange Commission (“SEC”) has amended the rules that govern the operation of registeredmoney market funds (“MMFs”). The compliance date for certain of these amendments is October 14, 2016 (the“compliance date”). The following is a summary of the major components of these amendments, as well asinformation pertaining to certain changes that will impact the JPMorgan MMFs.

Summary of Reforms

Stable or Floating Net Asset Value (“NAV”)

Under the amendments, MMFs that qualify as “retail” (“Retail MMFs”) or “government” (“Government MMFs”) willbe permitted to utilize the amortized cost method of valuation to transact at a stable NAV of $1.00 per share.

MMFs that do not qualify as Retail MMFs or Government MMFs (collectively, “Institutional MMFs”) will be requiredto price and transact in their shares at a floating NAV reflecting current market-based values of their portfoliosecurities. The floating NAV will need to be rounded to four decimal places for a MMF utilizing a $1.00 NAV pershare (e.g., $1.0000).

Liquidity Fees on Redemptions and Redemption Gates

Additionally, as discussed below, all Retail and Institutional MMFs must adopt policies and procedures to enablethem to impose liquidity fees on redemptions and/or redemption gates in the event that the MMF’s weekly liquidassets (as defined below) were to fall below a designated threshold, subject to the actions of the MMF’s board.Government MMFs are exempt from this requirement.

SUP-MMF-316

At a February 2016 meeting, the Funds’ Board of Trustees (the “Board”) agreed with management’s recom-mendation that each of the JPMorgan MMFs be designated as set forth below:

Fund Designation

Floating NAVRequired(October 1, 2016)

Ability to Use LiquidityFees and TemporaryGates (October 14, 2016)

JPMorgan Prime MoneyMarket Fund

Institutional Yes Yes

JPMorgan Liquid AssetsMoney Market Fund

Retail No Yes

JPMorgan CaliforniaMunicipal Money MarketFund

Retail No Yes

JPMorgan New YorkMunicipal Money MarketFund

Retail No Yes

JPMorgan Municipal MoneyMarket Fund

Retail No Yes

JPMorgan Tax Free MoneyMarket Fund

Retail No Yes

JPMorgan 100% U.S.Treasury SecuritiesMoney Market Fund

Government No No1

JPMorgan Federal MoneyMarket Fund

Government No No1

JPMorgan U.S. GovernmentMoney Market Fund

Government No No1

JPMorgan U.S. TreasuryPlus Money Market Fund

Government No No1

1 The Board has no current intention to subject the Government MMFs to temporary liquidity fees and redemption gates. Please note, however,that the Board may reserve the ability to subject the Government MMFs to a liquidity fee and/or redemption gate in the future after providingappropriate prior notice to shareholders.

JPMorgan Retail MMFsAs required under the rule amendments, each Retail MMF must adopt policies and procedures reasonably designedto limit all beneficial owners of the Fund to natural persons.

In order to separate retail and non-retail investors, a Retail MMF may redeem investors that do not satisfy the eligi-bility requirements for Retail MMF investors. Each Fund that will operate as a retail MMF will provide advance writ-ten notice of its intent to make any such involuntary redemptions, which will include more specific information ontiming. Neither a Fund nor its investment adviser will be responsible for any loss in an investor’s account or taxliability resulting from an involuntary redemption.

It is currently intended that each Fund that will operate as a Retail MMF will continue to operate with its existingobjective to maintain a $1.00 stable NAV. Each Fund that will operate as a Retail MMF will be subject to the liquidityfee and redemption gate provisions described below.

The Funds listed in the table above will seek to qualify as Retail MMFs by October 1, 2016. On or before October 1,2016, investments in those Funds will be limited to accounts beneficially owned by natural persons. Natural personsmay invest in a Retail MMF through certain tax-advantaged savings accounts, trusts and other retirement andinvestment accounts, which may include, among others: participant-directed defined contribution plans; individualretirement accounts; simplified employee pension arrangements; simple retirement accounts; custodial accounts;deferred compensation plans for government or tax-exempt organization employees; Archer medical savingsaccounts; college savings plans; health savings account plans; ordinary trusts and estates of natural persons; orcertain other retirement and investment accounts with ultimate investment authority held by the natural personbeneficial owner, notwithstanding having an institutional decision maker making day to day decisions (e.g., a plansponsor in certain retirement arrangements or an investment adviser managing discretionary investment accounts).

Effective October 1, 2016, only accounts beneficially owned by natural persons will be permitted to retain theirshares. Financial intermediaries will be required to take steps to remove any shareholders on behalf of whom theyhold shares in a Retail MMF that are not eligible to be invested in the Retail MMF prior to such date and must notifythe Retail MMF of any ineligible shareholders that continue to own shares of the Retail MMF on such date. Further,financial intermediaries may only submit purchase orders following such date if they have implemented policiesand procedures reasonably designed to limit all investors on behalf of whom they submit orders to accountsbeneficially owned by natural persons. Financial intermediaries may be required by a Fund or its shareholder serv-icing agent to provide a written statement or other representation that they have in place, and operate in com-pliance with, such policies and procedures prior to submitting purchase orders. The Funds that will operate as aRetail MMF reserve the right to redeem shares in any account that they cannot confirm to their satisfaction arebeneficially owned by natural persons, after providing advance notice.

JPMorgan Institutional MMF

Under the rule amendments, both retail and non-retail investors will be able to own shares of the JPMorgan PrimeMoney Market Fund, but the Fund will be required to transition to a floating NAV calculated to four decimals (e.g.,$1.0000) on or before October 14, 2016. This transition currently is expected to occur with respect to the JPMorganPrime Money Market Fund on or about October 1, 2016. The JPMorgan Prime Money Market Fund will also be sub-ject to the liquidity fee and redemption gate provisions described below.

Effective on or about October 1, 2016, the NAV of each class of shares of the JPMorgan Prime Money Market Fundwill ordinarily be calculated as of the following times on each day the Fund accepts purchase orders andredemption requests:

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

Until such conversion date, it is currently expected that the JPMorgan Prime Money Market Fund will continue toseek to maintain a stable NAV per share of $1.00 using the amortized cost method to value its portfolio of secu-rities.

Timing of Acceptance and Processing of Trade Orders

Currently, certain financial intermediaries serve as agents for the MMFs and accept orders on their behalf. Where afinancial intermediary serves as agent, the order is priced at the MMF’s NAV next calculated after it is accepted bythe financial intermediary. In such cases, if requested by a MMF, the financial intermediary is responsible forproviding information with regard to the time that such order for purchase, redemption or exchange was received.Orders submitted through a financial intermediary that has not received authorization to accept orders on a MMF’sbehalf are priced at the MMF’s NAV next calculated after it receives the order from the financial intermediary andaccepts it, which may not occur on the day submitted to the financial intermediary.

Effective October 1, 2016, the JPMorgan Prime Money Market Fund will no longer permit financial intermediaries toserve as its agent for the receipt of orders. From that date, all trades in the JPMorgan Prime Money Market Fundwill be priced at the NAV next calculated by the Fund following its receipt of the trade in proper form from thefinancial intermediary.

Effective October 1, 2016, in order to purchase shares of the JPMorgan Prime Money Market Fund , the Fund mustreceive “federal funds” or other immediately available funds by the close of the Federal Reserve wire transfer sys-tem (normally, 6:00 p.m. ET) on the same business day the purchase order is placed. In the event that payment isnot received by the JPMorgan Prime Money Market Fund by the close of the Federal Reserve wire transfer systemor through other immediately available funds that same day, the Fund reserves the right to cancel your purchaseorder and you will be liable for any resulting losses or fees incurred by the Fund or the Fund’s transfer agent. Ashareholder that redeems shares of the JPMorgan Prime Money Market Fund will not receive a dividend on thedate of redemption, regardless of the form of payment requested.

Check Writing Privileges

Effective September 1, 2016, check writing privileges will no longer be available for shareholders of the JPMorganPrime Money Market Fund.

Interfund Exchanges

Effective October 1, 2016, exchanges between the JPMorgan Prime Money Market Fund and other JPMorgan Fundswill no longer be permitted.

JPMorgan Government MMFs

A Government MMF is defined as a MMF that invests at least 99.5% of its total assets in cash, government secu-rities and/or repurchase agreements collateralized solely by cash and/or government securities. It is currentlyintended that each of the Funds that intend to qualify as Government MMFs will continue to operate with its exist-ing objective to maintain a $1.00 stable NAV. Under the rule amendments, a Government MMF is not required to besubject to liquidity fees on redemptions and redemption gates. The Funds’ Board has no current intention to sub-ject the Funds that intend to qualify as Government MMFs to temporary liquidity fees and redemption gates.

More Information on Liquidity Fees and Redemption Gates

Under the rule amendments, if a MMF’s weekly liquid assets fall below 30% of its total assets, the MMF’s board, inits discretion, may impose liquidity fees of up to 2% of the value of the shares redeemed and/or redemption gates.In addition, if a MMF’s weekly liquid assets fall below 10% of its total assets at the end of any business day, theMMF must impose a 1% liquidity fee on shareholder redemptions unless the MMF’s board determines that notdoing so is in the best interests of the MMF. “Weekly liquid assets” include (i) cash; (ii) direct obligations of the U.S.Government; (iii) Government securities issued by a person controlled or supervised by and acting as aninstrumentality of the Government of the United States pursuant to authority granted by the Congress of the UnitedStates, that are issued at a discount to the principal amount to be repaid at maturity without the provision for thepayment of interest and have a remaining maturity of 60 days or less; (iv) securities that will mature or are subjectto a demand feature that is exercisable and payable within five business days; and (v) amounts receivable and dueunconditionally within five business days on pending sales of portfolio securities.

With regard to all Funds that do not qualify as Government MMFs (as set forth above), the liquidity fee andredemption gate powers described above will be available to the Board on October 14, 2016.

Liquidity fees and redemption gates are most likely to be imposed, if at all, during times of extraordinary marketstress. The Board generally expects that a redemption gate would be imposed prior to notification to shareholdersand financial intermediaries that a gate would be imposed. Additionally, the Board generally expects that a liquidityfee would be implemented, if at all, after a Fund has notified financial intermediaries and shareholders that aliquidity fee will be imposed (generally, applied to all redemption requests processed at the first net asset valuecalculation on the next business day following the announcement that the Fund will impose a liquidity fee),although the Board, in its discretion, may elect otherwise. In the event that a liquidity fee or redemption gate isimposed, the Board expects that for the duration of its implementation and the day after which such gate or fee isterminated, the Fund would strike only one NAV per day, at the Fund’s last scheduled NAV calculation time.

The imposition and termination of a liquidity fee or redemption gate will be reported by a Fund to the SEC onForm N-CR. Such information will also be available on the Fund’s website (www.jpmorganfunds.com). In addition, aFund will communicate such action through a supplement to its registration statement and may further communi-cate such action through a press release or by other means.

If a liquidity fee is applied by the Board of a Fund, it will be charged on all redemption orders submitted after theeffective time of the imposition of the fee by the Board. Liquidity fees would reduce the amount you receive uponredemption of your shares. In the event a Fund imposes a redemption gate, the Fund or any financial intermediaryon its behalf will not accept redemption requests until the Fund provides notice that the redemption gate has beenterminated.

Redemption requests submitted while a redemption gate is imposed will be cancelled without further notice. Ifshareholders still wish to redeem their shares after a redemption gate has been lifted, they will need to submit anew redemption request.

The Board may, in its discretion, terminate a liquidity fee or redemption gate at any time if it believes such actionto be in the best interest of a Fund and its shareholders. Also, liquidity fees and redemption gates will automati-cally terminate at the beginning of the next business day once a Fund’s weekly liquid assets reach at least 30% ofits total assets. Redemption gates may only last up to 10 business days in any 90-day period. When a fee or a gate

is in place, the Fund may elect not to permit the purchase of shares or to subject the purchase of shares to certainconditions, which may include affirmation of the purchaser’s knowledge that a fee or a gate is in effect. When a feeor a gate is in place, shareholders will not be permitted to exchange into or out of a Fund.

The Board may, in its discretion, permanently suspend redemptions and liquidate if, among other things, a Fund, atthe end of a business day, has less than 10% of its total assets invested in weekly liquid assets. The Board of a Fundthat operates as a Retail or Government MMF may suspend redemptions and liquidate the Fund if the Boarddetermines that the deviation between its amortized cost price per share and its market-based NAV per share mayresult in material dilution or other unfair results to investors or existing shareholders.

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

Responsibilities of Financial Intermediaries

On or before October 1, 2016, financial intermediaries are required, to the extent that they hold investments in aFund that operates as a Retail MMF to ensure that all shareholders on behalf of whom they hold investments com-ply with the terms and conditions for investor eligibility as set forth above. Additionally, such financial inter-mediaries will be expected to have, and upon request may be asked to provide satisfactory evidence to each ofthose Funds or the shareholder servicing agent that they have policies and procedures in place that are reasonablydesigned to limit all beneficial owners of the Fund on behalf of whom they place orders to natural persons and toprovide to the Fund information or certification as to the adequacy of such procedures and the effectiveness oftheir implementation, in such form as may be reasonably requested by the Fund or the shareholder servicingagent.

Financial intermediaries are expected to promptly report to a Fund that operates as a Retail MMF or the share-holder servicing agent the identification of any shareholder of the Fund that does not qualify as a natural person ofwhom they are aware and promptly take steps to redeem any such shareholder’s shares of the Fund upon requestby the Fund or the shareholder servicing agent, in such manner as it may reasonably request.

Where, pursuant to authorization from a Fund, a financial intermediary accepts trade orders on the MMF’s behalf(which shall not include a Fund that is an Institutional MMF after October 1, 2016), upon the Fund’s reasonablerequest, the financial intermediary is expected to promptly provide the Fund or the shareholder servicing agentwith information regarding the timing of its acceptance of such trade orders for purposes of, among other things,validating which NAV calculation should be applied to such trades and determining whether the orders preceded orfollowed the effective implementation time of a liquidity fee or redemption gate, or a modification thereto.

Where a financial intermediary accepts trade orders on a Fund’s behalf (which shall not include a Fund that is anInstitutional MMF after October 1, 2016), they are required to promptly take the steps requested by the Fund or itsdesignee to impose or help to implement a liquidity fee or redemption gate as requested from time to time, includ-ing the rejection of orders due to the imposition of a fee or gate or the prompt re-confirmation of orders followinga notification regarding the implementation of a fee or gate.

With regard to such orders, a redemption request that a Fund determines in its sole discretion has been received ingood order by the Fund or its designated agent prior to the imposition of a liquidity fee or redemption gate may bepaid by the Fund despite the imposition of a redemption gate or without the deduction of a liquidity fee.

For all MMFs, where a financial intermediary serves as a Fund’s agent for the purpose of receiving orders, tradesthat are not transmitted to the Fund by the financial intermediary before the time required by the Fund or theshareholder servicing agent may, in the Fund’s discretion, be (i) rejected or (ii) processed on an as-of basis, pro-vided, however, that any cost or loss to the Fund or the shareholder servicing agent or their affiliates, from suchtransactions shall be borne exclusively by the financial intermediary.

Investment Strategy Changes For Certain Funds

Effective September 1, 2016, each of the JPMorgan California Municipal Money Market Fund, JPMorgan New YorkMunicipal Money Market Fund and JPMorgan Municipal Money Market Fund has adopted a non-fundamental policy toordinarily invest, under normal circumstances, 100% of its total assets in weekly liquid assets (as defined underRule 2a-7). The maturity restrictions applicable to weekly liquid assets may reduce these Funds’ yield and performance.

Investors should note that the historical yield and performance information for these Funds, as described in theirprospectuses, is based on the investment policies of the Funds prior to the implementation of these changes.

Distributions and Taxes

The following hereby replaces the third paragraph of the section “Distributions and Taxes” in the prospectuses:

Each Fund declares dividends of net investment income, if any, daily, so your shares can start earning divi-dends on the day you buy them. Each Fund distributes such dividends monthly in the form of additional Fundshares of the same class, unless you tell us that you want distributions in cash or as a deposit in a pre-assigned bank account. Such instruction must be received prior to the final calculation of the NAV on date ofpayment. Dividends on a dividend reinvestment begin to accrue on the date following the purchase date. Inthe event that a liquidity or redemption gate is in place at the time that dividends are distributed, all dis-tributions will be made in form of cash. The taxation of dividends will not be affected by the form in which youreceive them. For each taxable year, each Fund will distribute substantially all of its net investment incomeand short-term capital gain. However, from time to time a fund may not pay out all of the income and/orgains generated from its investments, including for the purpose of stabilizing its net asset value per share.

Legends

With regard to each Fund, the following language applies and has been added to the prospectus:

You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investmentat $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not insured or guaranteed by theFederal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor has no legal obliga-tion to provide financial support to the Fund, and you should not expect that the sponsor will provide financialsupport to the Fund at any time.

Timing and Determinations

The determinations and actions described herein, and anticipated timing of those actions, remain subject to futurechange. Shareholders will be given notice of further developments, as appropriate.

INVESTORS SHOULD RETAIN THIS SUPPLEMENTWITH THE PROSPECTUSES, SUMMARY PROSPECTUSES AND

STATEMENT OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

JPMORGAN TRUST I

J.P. MORGAN INTERNATIONAL EQUITYFUNDS

JPMorgan Asia Pacific FundJPMorgan Intrepid International Fund

JPMorgan Emerging Markets Equity FundJPMorgan International Equity Fund

JPMorgan International Opportunities FundJPMorgan International Value FundJPMorgan Intrepid European Fund

JPMorgan China Region FundJPMorgan Latin America Fund

JPMorgan Emerging Economies FundJPMorgan International Equity Income FundJPMorgan Global Unconstrained Equity FundJPMorgan International Unconstrained Equity

FundJPMorgan Global Research Enhanced Index

FundJPMorgan Emerging Markets Equity Income

FundProspectuses and Statement of Additional

Information dated March 1, 2016

J.P. MORGAN SPECIALTY FUNDSJPMorgan Research Market Neutral FundProspectuses and Statement of Additional


J.P. MORGAN TAX AWARE FUNDSJPMorgan Tax Aware Equity Fund

JPMorgan Tax Aware Real Return FundProspectuses and Statement of Additional


J.P. MORGAN FUNDSJPMorgan Global Allocation FundJPMorgan Systematic Alpha FundJPMorgan Income Builder Fund

JPMorgan Commodities Strategy FundProspectuses and Statements of Additional


J.P. MORGAN SMA FUNDSJPMorgan International Value SMA Fund

JPMorgan Tax Aware Real Return SMA FundProspectuses and Statements of Additional


J.P. MORGAN INCOME FUNDSJPMorgan Emerging Markets Local Currency

Debt FundProspectuses and Statement of Additional


J.P. MORGAN MONEY MARKET FUNDSJPMorgan 100% U.S. Treasury Securities

Money Market FundJPMorgan California Municipal Money Market

FundJPMorgan Federal Money Market Fund

JPMorgan New York Municipal Money MarketFund

JPMorgan Prime Money Market FundJPMorgan Tax Free Money Market Fund

JPMorgan Current Yield Money Market FundProspectuses and Statement of Additional

Information dated July 1, 2015, assupplemented

J.P. MORGAN U.S. EQUITY FUNDSJPMorgan Opportunistic Equity Long/Short

FundJPMorgan Research Equity Long/Short Fund

Prospectuses and Statements of AdditionalInformation dated March 1, 2016

JPMORGAN TRUST II

J.P. MORGAN INTERNATIONAL EQUITYFUNDS

JPMorgan International Research EnhancedEquity Fund

Prospectuses and Statement of AdditionalInformation dated March 1, 2016

J.P. MORGAN MONEY MARKET FUNDSJPMorgan Liquid Assets Money Market Fund

JPMorgan Municipal Money Market FundJPMorgan U.S. Government Money Market

FundJPMorgan U.S. Treasury Plus Money Market

FundProspectuses and Statement of Additional


JPMORGAN TRUST III

J.P. MORGAN ALTERNATIVE FUNDSJPMorgan Multi-Manager Alternatives Fund

Prospectuses and Statement of AdditionalInformation dated March 1, 2016

SUP-JPMFM-316

(All Share Classes)

Supplement dated March 1, 2016to the Prospectuses and Statements of Additional Information as dated above, as supplemented

Effective April 1, 2016, JPMorgan Funds Management, Inc., the Funds’ administrator, will be merged with and intoJ.P. Morgan Investment Management Inc. As a result of this action, all references to JPMorgan Funds Management,Inc. will be replaced with J.P. Morgan Investment Management Inc.

INVESTORS SHOULD RETAIN THIS SUPPLEMENT WITH THEPROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION FOR FUTURE REFERENCE

CONTENTS

Risk/Return Summary:

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

More About the Fund . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Additional Information about the Fund’s InvestmentStrategies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6

Investment Risks . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Temporary Defensive Positions . . . . . . . . . . . . . . . . . . . 9

Additional Historical Performance Information . . . . . . . 9

The Fund’s Management and Administration . . . . . . . . . . . 10

How Your Account Works . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Buying Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11

Selling Fund Shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13

Other Information Concerning the Fund . . . . . . . . . . . . . 13

Shareholder Information . . . . . . . . . . . . . . . . . . . . . . . . . . 15

Distributions and Taxes . . . . . . . . . . . . . . . . . . . . . . . . . 15

Shareholder Statements and Reports . . . . . . . . . . . . . . . 16

Availability of Proxy Voting Record . . . . . . . . . . . . . . . . 16

Portfolio Holdings Disclosure . . . . . . . . . . . . . . . . . . . . . 16

Disclosure of Market-Based Net Asset Value . . . . . . . . . 16

What the Terms Mean . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17

Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Additional Fee and Expense Information . . . . . . . . . . . . . . 20

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

JPMorgan Prime Money Market Fund

Class/Ticker: Premier/VPMXX

The Fund’s Objective

The Fund aims to provide the highest possible level of currentincome while still maintaining liquidity and preserving capital.

Fees and Expenses of the Fund

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

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

Premier

Management Fees 0.08%

Other Expenses 0.38

Shareholder Service Fees 0.30

Remainder of Other Expenses 0.08

Total Annual Fund Operating Expenses 0.46

Fee Waivers and Expense Reimbursements1 (0.01)

Total Annual Fund Operating Expenses AfterFee Waivers and Expense Reimbursements1 0.45

1 The Fund’s adviser and/or its affiliates have contractually agreed to waivefees and/or reimburse expenses to the extent Total Annual Fund OperatingExpenses of the Premier Shares (excluding acquired fund fees and expenses,dividend and interest expenses related to short sales, interest, taxes,expenses related to litigation and potential litigation, and extraordinaryexpenses) exceed 0.45% of their average daily net assets. This waiver is ineffect through 6/30/16, at which time the adviser and/or its affiliates willdetermine whether to renew or revise it. In addition, the Fund’s adviser and/or its affiliates may voluntarily waive certain of their fees and/or reimbursecertain expenses, as they may determine, from time to time. The Fund’sadviser and/or its affiliates may discontinue or modify any such voluntaryactions at any time without notice.

Example

This Example is intended to help you compare the cost of inves-ting in the Fund with the cost of investing in other mutualfunds. The Example assumes that you invest $10,000 in theFund for the time periods indicated. The Example also assumesthat your investment has a 5% return each year and that theFund’s operating expenses are equal to the total annual fundoperating expenses after fee waivers and expense reimburse-ments shown in the fee table through 6/30/16 and total annualfund operating expenses thereafter. Your actual costs may behigher or lower.

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

1 Year 3 Years 5 Years 10 Years

PREMIER SHARES ($) 46 147 257 578

The Fund’s Main Investment Strategy

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

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

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

‰ securities issued or guaranteed by the U.S. government, itsagencies or instrumentalities,

‰ asset-backed securities,

‰ repurchase agreements and reverse repurchase agreements,and

‰ taxable municipal obligations.

The Fund is a money market fund managed in the following manner:

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

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

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

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

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

The Fund may invest significantly in securities with floating orvariable rates of interest. Their yields will vary as interestrates change.

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

JULY 1, 2015 1

JPMorgan Prime Money Market Fund (continued)

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

The Fund’s Main Investment Risks

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

You could lose money by investing in the Fund. An investmentin the Fund is not insured or guaranteed by the Federal DepositInsurance Corporation or any other government agency. TheFund’s sponsor has no legal obligation to provide financialsupport to the Fund, and you should not expect that the spon-sor will provide financial support to the Fund at any time.

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

Under the recent amendments to the Securities and ExchangeCommission (“SEC”) rules that govern the operation of regis-tered money market funds (“MMFs”), MMFs that qualify as“retail” (“Retail MMFs”) or “government” (“Government MMFs”)will be permitted to continue to utilize amortized cost to valuetheir portfolio securities and to transact at their existing $1.00share price.

MMFs that do not qualify as Retail MMFs or Government MMFs(collectively, “Institutional MMFs”) will be required to price andtransact in their shares at NAV reflecting current market-basedvalues of their portfolio securities (i.e., at a “floating NAV”) byOctober 14, 2016. The floating NAV will need to be rounded tofour decimal places for a MMF with a $1.00 NAV (e.g., $1.0000).The Fund does not intend to qualify as a Retail MMF, andtherefore, is expected to operate as an Institutional MMFrequired to transact at a floating NAV.

It is currently anticipated that the Board of Trustees willconsider the transition of the Fund to a floating NAV at a meet-ing expected to be held in the second half of 2016 and thatsuch transition will occur on, or prior to, October 14, 2016. Untilsuch time, it is currently expected that the Fund will seek tomaintain a stable NAV per share of $1.00 using the amortizedcost method to value its portfolio of securities.

It is currently anticipated that, at a meeting expected to be heldin the second half of 2016, the Board of Trustees will considerthe recently granted liquidity fee and gate authority described

herein with regard to the Fund and that such authority will bemade available to the Board on, or prior to, October 14, 2016.Prior to October 14, 2016, the Fund is required to adopt policiesand procedures to be able to impose liquidity fees onredemptions and/or redemption gates in the event that theFund’s weekly liquid assets were to fall below a designatedthreshold, subject to the actions of the Fund’s board.

Under the rule amendments, if a MMF’s weekly liquid assets fallbelow 30% of its total assets, the MMF’s board, in its discretion,may impose liquidity fees of up to 2% of the value of the sharesredeemed and/or gates on redemptions. In addition, if a MMF’sweekly liquid assets fall below 10% of its total assets at the endof any business day, the Fund must impose a 1% liquidity fee onshareholder redemptions unless the MMF’s Board of Trusteesdetermines that not doing so is in the best interests of the MMF.

The preliminary determinations and actions described above,and anticipated timing of those actions, remain subject tofuture change. Shareholders will be given notice of furtherdevelopments, as appropriate.

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

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

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

2 J.P. MORGAN MONEY MARKET FUNDS

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

Government Securities Risk. The Fund invests in securities issuedor guaranteed by the U.S. government or its agencies andinstrumentalities (such as securities issued by the GovernmentNational Mortgage Association (Ginnie Mae), the Federal NationalMortgage Association (Fannie Mae), or the Federal Home LoanMortgage Corporation (Freddie Mac)). U.S. government securitiesare subject to market risk, interest rate risk and credit risk. Secu-rities, such as those issued or guaranteed by Ginnie Mae or theU.S. Treasury, that are backed by the full faith and credit of theUnited States are guaranteed only as to the timely payment ofinterest and principal when held to maturity and the marketprices for such securities will fluctuate. Notwithstanding thatthese securities are backed by the full faith and credit of theUnited States, circumstances could arise that would prevent thepayment of interest or principal. This would result in losses to theFund. Securities issued or guaranteed by U.S. governmentrelated organizations, such as Fannie Mae and Freddie Mac, arenot backed by the full faith and credit of the U.S. governmentand no assurance can be given that the U.S. government willprovide financial support. Therefore, U.S. government relatedorganizations may not have the funds to meet their paymentobligations in the future. U.S. government securities include zerocoupon securities, which tend to be subject to greater marketrisk than interest-paying securities of similar maturities.

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

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

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

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

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

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

Concentration Risk. Because the Fund will invest a significantportion of its assets in securities of companies in the bankingindustry, developments affecting the banking industry will havea disproportionate impact on the Fund. These risks generallyinclude interest rate risk, credit risk and risk associated withregulatory changes in the banking industry. The profitability ofbanks depends largely on the availability and cost of funds,which can change depending on economic conditions.

JULY 1, 2015 3

JPMorgan Prime Money Market Fund (continued)

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

Floating and Variable Rate Securities Risk. Floating and variablerate securities provide for a periodic adjustment in the interestrate paid on the securities. The rate adjustment intervals may beregular and range from daily up to annually, or may be based onan event, such as a change in the prime rate. Floating and varia-ble rate securities may be subject to greater liquidity risk thanother debt securities, meaning that there may be limitations onthe Fund’s ability to sell the securities at any given time. Suchsecurities also may lose value.

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

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

Risk Associated with the Fund Holding Cash. The Fund will attimes hold some of its assets in cash, which may hurt theFund’s performance. Cash positions may also subject the Fundto additional risks and costs, such as increased exposure to thecustodian bank holding the assets and any fees imposed forlarge cash balances.

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

Privately Placed Securities Risk. Privately placed securitiesgenerally are less liquid than publicly traded securities and theFund may not always be able to sell such securities withoutexperiencing delays in finding buyers or reducing the sale pricefor such securities. The disposition of some of the securitiesheld by the Fund may be restricted under federal securitieslaws. As a result, the Fund may not be able to dispose of suchinvestments at a time when, or at a price at which, it desires todo so and may have to bear expenses of registering thesesecurities, if necessary. These securities may also be difficult tovalue.

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

The Fund’s Past Performance

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

To obtain current yield information, please call Devenir, LLC at(952) 446-7400. Past performance is not necessarily anindication of how the Fund will perform in the future.


YEAR-BY-YEAR RETURNS

6.00%

5.00%

4.00%

0.00%

1.00%

2.00%

3.00%

2008200720062005 2010 20112009

2.65%

4.97%4.69%

0.28%

2.88%

0.01% 0.01%

2012 2013 2014

0.01%0.01%0.01%

Best Quarter 4Q 20063Q 2007

1.25%

Worst Quarter 4Q 20091Q, 2Q, 3Q and 4Q 20101Q, 2Q, 3Q and 4Q 20111Q, 2Q, 3Q and 4Q 20121Q, 2Q, 3Q and 4Q 20131Q, 2Q, 3Q and 4Q 2014

0.00%

The Fund’s year-to-date total return as of 3/31/15 was 0.00%.

AVERAGE ANNUAL TOTAL RETURNS(For periods ended December 31, 2014)

Past1 Year

Past5 Years

Past10 Years

PREMIER SHARES 0.01% 0.01% 1.53%

Management

J.P. Morgan Investment Management Inc.

Purchase and Sale of Fund Shares

Purchase minimums

Investment minimums are waived for the OptumHealthemployee healthcare account products.

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

‰ Through OptumHealth Financial Services online atwww.optumbank.com.

Tax Information

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

Payments to Broker-Dealers and Other FinancialIntermediaries

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

JULY 1, 2015 5

More About the Fund

ADDITIONAL INFORMATION ABOUT THE FUND’SINVESTMENT STRATEGIES

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

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

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

‰ securities issued or guaranteed by the U.S. government, itsagencies or instrumentalities,

‰ asset-backed securities,

‰ repurchase agreements and reverse repurchase agreements,and

‰ taxable municipal obligations.

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

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

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

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


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

The Fund may invest significantly in securities with floating orvariable rates of interest. Their yields will vary as interest rateschange.

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

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

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

The Fund is a money market fund managed to meet therequirements of Rule 2a-7 under the Investment Company Act

of 1940. Within these requirements, the Fund is managed in thefollowing manner:

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

‰ The dollar-weighted average maturity of the Fund will be 60days or less, and the dollar-weighted average life to maturitywill be 120 days or less. For a discussion of dollar weightedaverage maturity and dollar-weighted average life tomaturity, please see page 17.

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


‰ The Fund will not acquire any security other than a daily liquidasset unless, immediately following such purchase, at least10% of its total assets would be invested in daily liquid assetsand the Fund will not acquire any security other than a weeklyliquid asset unless, immediately following such purchase, atleast 30% of its total assets would be invested in weekly liquidassets. “Daily liquid assets” include (i) cash; (ii) direct obliga-tions of the U.S. Government; (iii) securities that will mature orare subject to a demand feature that is exercisable and pay-able within one business day and (iv) amounts receivable anddue unconditionally within one business day on pending salesof portfolio securities. “Weekly liquid assets” include (i) cash;(ii) direct obligations of the U.S. Government; (iii) Governmentsecurities issued by a person controlled or supervised by andacting as an instrumentality of the Government of the UnitedStates pursuant to authority granted by the Congress of theUnited States, that are issued at a discount to the principalamount to be repaid at maturity without the provision for thepayment of interest and have a remaining maturity of 60 daysor less; (iv) securities that will mature or are subject to ademand feature that is exercisable and payable within fivebusiness days and (v) amounts receivable and dueunconditionally within five business days on pending sales ofportfolio securities.

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

‰ have one of the two highest short-term ratings from atleast two nationally recognized statistical rating orga-nizations, or one such rating if only one nationally recog-nized statistical rating organization rates that security;

‰ have an additional third party guarantee in order to meetthe rating requirements; or

‰ be considered of comparable quality by J.P. MorganInvestment Management Inc. (JPMIM), the Fund’s adviser,if the security is not rated.

The Fund may engage in repurchase agreement transactionsthat are collateralized by cash or government securities. Therepurchase agreements in which the Fund invests may be with


counterparties that are not rated “first tier” under Rule 2a-7. Inaddition, the Fund may engage in repurchase agreementtransactions that are collateralized by money market instru-ments, debt securities, loan participations or other securities,including equity securities and securities that are rated belowinvestment grade by the requisite nationally recognized stat-istical rating organizations or unrated securities of comparablequality. High yield securities (known as junk bonds) are consid-ered to be speculative and are subject to greater risk of loss,greater sensitivity to interest rate and economic changes, valu-ation difficulties and potential illiquidity.

NON-FUNDAMENTAL INVESTMENT OBJECTIVE

An investment objective is fundamental if it cannot bechanged without the consent of a majority of the outstandingshares of the Fund. The investment objective for the Fund isnon-fundamental and may be changed without the consent ofa majority of the outstanding shares of the Fund.

INVESTMENT RISKS

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

The main risks associated with investing in the Fund is summar-ized in “Risk/Return Summary” at the front of this prospectus.More detailed descriptions of the main risks and additionalrisks of the Funds are described below.

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

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

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

Mortgage-Related and Other Asset-Backed Securities Risk.Mortgage-related and asset-backed securities are subject tocertain other risks. The value of these securities will beinfluenced by the factors affecting the housing market and theassets underlying such securities. As a result, during periods ofdifficult or frozen credit markets, significant changes in interestrates, or deteriorating economic conditions, mortgage-relatedand asset-backed securities may decline in value, face valuationdifficulties, become more volatile and/or become illiquid. Addi-tionally, during such periods and also under normal conditions,these securities are also subject to prepayment and call risk.Gains and losses associated with prepayments will increase/decrease the income available for distributions by the Fund andthe Fund’s yield. When mortgages and other obligations areprepaid and when securities are called, the Fund may have toreinvest in securities with a lower yield or fail to recover addi-tional amounts (i.e., premiums) paid for securities with higherinterest rates, resulting in an unexpected capital loss and/or adecrease in the amount of dividends and yields. In periods ofrising interest rates, the Fund may be subject to extension risk,and may receive principal later than expected. As a result, inperiods of rising interest rates, the Fund may exhibit additionalvolatility. Some of these securities may receive little or no col-lateral protection from the underlying assets and are thussubject to the risk of default described under “Credit Risk”.

Government Securities Risk. The Funds invest in securitiesissued or guaranteed by the U.S. government or its agenciesand instrumentalities (such as securities issued by the Govern-ment National Mortgage Association (Ginnie Mae), the FederalNational Mortgage Association (Fannie Mae), or the FederalHome Loan Mortgage Corporation (Freddie Mac)). U.S.government securities are subject to market risk, interest raterisk and credit risk. Securities, such as those issued or guaran-teed by Ginnie Mae or the U.S. Treasury, that are backed by the

JULY 1, 2015 7

More About the Fund (continued)

full faith and credit of the United States are guaranteed only asto the timely payment of interest and principal when held tomaturity and the market prices for such securities will fluc-tuate. Notwithstanding that these securities are backed by thefull faith and credit of the United States, circumstances couldarise that would prevent the payment of interest or principal.This would result in losses to a Fund. Securities issued or guar-anteed by U.S. government related organizations, such as Fan-nie Mae and Freddie Mac, are not backed by the full faith andcredit of the U.S. government and no assurance can be giventhat the U.S. government will provide financial support. There-fore, U.S. government related organizations may not have thefunds to meet their payment obligations in the future. U.S.government securities include zero coupon securities, whichtend to be subject to greater market risk than interest-payingsecurities of similar maturities.

Transactions Risk. The Fund could experience a loss whenselling securities to meet redemption requests by shareholdersand its liquidity may be negatively impacted. The risk of lossincreases if the redemption requests are large or frequent,occur in times of overall market turmoil or declining prices forthe securities sold, or when the securities the Fund wishes to oris required to sell are illiquid. The Fund may be unable to sellilliquid securities at its desired time or price. Illiquidity can becaused by a drop in overall market trading volume, an inabilityto find a ready buyer, or legal restrictions on the securities’resale. Other market participants may be attempting to selldebt securities at the same time as the Fund, causing down-ward pricing pressure and contributing to illiquidity. Thecapacity for bond dealers to engage in trading or “make amarket” in debt securities has not kept pace with the growth ofbond markets. This could potentially lead to decreased liquidityand increased volatility in the debt markets. Certain securitiesthat were liquid when purchased may later become illiquid,particularly in times of overall economic distress. Similarly,large purchases of Fund shares may adversely affect the Fund’sperformance to the extent that the Fund is delayed in investingnew cash and is required to maintain a larger cash positionthan it ordinarily would.

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

A repurchase agreement is subject to the risk that the seller mayfail to repurchase the security. In the event of default by theseller under a repurchase agreement construed to be acollateralized loan, the underlying securities would not be ownedby the Fund, but would only constitute collateral for the seller’sobligation to pay the repurchase price. Therefore, a Fund maysuffer time delays and incur costs in connection with the dis-position of the collateral. For example, certain repurchaseagreements the Fund may enter into may or may not be subjectto an automatic stay in bankruptcy proceedings. As a result of

the automatic stay, to the extent applicable, the Fund could beprohibited from selling the collateral in the event of a counter-party’s bankruptcy unless the Fund is able to obtain the approvalof the bankruptcy court. In addition, to the extent that arepurchase agreement is secured by collateral other than cashand government securities (“Non-Traditional Collateral”), theserisks may be magnified and the value of Non-TraditionalCollateral may be more volatile or less liquid thereby increasingthe risk that the Fund will be unable to recover fully in the eventof a counterparty’s default. High yield securities (known as junkbonds) are considered to be speculative and are subject togreater risk of loss, greater sensitivity to interest rate and eco-nomic changes, valuation difficulties and potential illiquidity.

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

Floating and Variable Rate Securities Risk. Floating andvariable rate securities provide for a periodic adjustment in theinterest rate paid on the securities. The rate adjustmentintervals may be regular and range from daily up to annually,or may be based on an event, such as a change in the primerate. Floating and variable rate securities may be subject togreater liquidity risk than other debt securities, meaning thatthere may be limitations on the Fund’s ability to sell the secu-rities at any given time. Such securities also may lose value.

When-Issued, Delayed Settlement and Forward Commit-ment Transactions Risk. The Fund may purchase or sell secu-rities which it is eligible to purchase or sell on a when-issuedbasis, may purchase and sell such securities for delayed deliv-ery and may make contracts to purchase or sell such securitiesfor a fixed price at a future date beyond normal settlementtime (forward commitments). When-issued transactions,delayed delivery purchases and forward commitments involvethe risk that the security the Fund buys will lose value prior to


its delivery. There also is the risk that the security will not beissued or that the other party to the transaction will not meetits obligation. If this occurs, the Fund loses both the investmentopportunity for the assets it set aside to pay for the securityand any gain in the security’s price.

Privately Placed Securities Risk. Privately placed securitiesgenerally are less liquid than publicly traded securities and theFund may not always be able to sell such securities withoutexperiencing delays in finding buyers or reducing the saleprice for such securities. The disposition of some of the secu-rities held by the Fund may be restricted under federal secu-rities laws. As a result, the Fund may not be able to dispose ofsuch investments at a time when, or at a price at which, itdesires to do so and may have to bear expenses of registeringthese securities, if necessary. These securities may also bedifficult to value.

Municipal Obligations Risk. The risk of a municipal obligationgenerally depends on the financial and credit status of theissuer. Changes in a municipality’s financial health may make itdifficult for the municipality to make interest and principalpayments when due. A number of municipalities have had sig-nificant financial problems recently, and these and othermunicipalities could, potentially, continue to experience sig-nificant financial problems resulting from lower tax revenuesand/or decreased aid from state and local governments in theevent of an economic downturn. This could decrease the Fund’sincome or hurt the ability to preserve capital and liquidity.

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

Municipal obligations may be more susceptible to downgradesor defaults during recessions or similar periods of economicstress. Factors contributing to the economic stress onmunicipalities may include lower property tax collections as aresult of lower home values, lower sales tax revenue as a resultof consumers cutting back spending, and lower income taxrevenue as a result of a higher unemployment rate. In addition,since some municipal obligations may be secured or guaranteedby banks and other institutions, the risk to the Fund couldincrease if the banking or financial sector suffers an economicdownturn and/or if the credit ratings of the institutions issuingthe guarantee are downgraded or at risk of being downgradedby a national rating organization. If such events were to occur,the value of the security could decrease or the value could belost entirely, and it may be difficult or impossible for the Fund tosell the security at the time and the price that normally prevailsin the market. Such a downward revision or risk of being down-graded may have an adverse effect on the market prices of theobligations and thus the value of the Fund’s investments. To the

extent that the financial institutions securing the municipal obli-gations are located outside the U.S., these obligations could beriskier than those backed by U.S. institutions because of possiblepolitical, social or economic instability, higher transaction costs,currency fluctuations, and possible delayed settlement.

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

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

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

TEMPORARY DEFENSIVE POSITIONS

For liquidity and to respond to unusual market conditions, theFund may hold all or most of its total assets in cash fortemporary defensive purposes. This may result in a lower yieldand prevent the Fund from meeting its investment objectives.

Temporary Defensive Position Risk

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

ADDITIONAL HISTORICAL PERFORMANCEINFORMATION

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

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

JULY 1, 2015 9

The Fund’s Management and Administration

The Fund is a series of JPMorgan Trust I (the Trust), a Delawarestatutory trust. The Trust is governed by Trustees who areresponsible for overseeing all business activities of the Fund. Inaddition to the Fund, the Trust consists of other series represent-ing separate investment funds (each, a “J.P. Morgan Fund”).

The Fund operates in a multiple class structure. A multiple classfund is an open-end investment company that issues two ormore classes of shares representing interests in the sameinvestment portfolio.

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

The Fund may issue other classes of shares that have differentexpense levels and different requirements for who may invest.Call 1-800-766-7722 to obtain more information concerning allof the Fund’s other share classes. A Financial Intermediary (asdescribed below) who receives compensation for selling Fundshares may receive a different amount of compensation forsales of different classes of shares.

The Fund’s Investment AdviserJ.P. Morgan Investment Management Inc. (JPMIM) is the invest-ment adviser to the Fund and makes the day-to-day investmentdecisions for the Fund.

JPMIM is a wholly-owned subsidiary of JPMorgan Asset Manage-ment Holdings Inc., which is a wholly-owned subsidiary ofJPMorgan Chase & Co. (JPMorgan Chase), a bank holding com-pany. JPMIM is located at 270 Park Avenue, New York, NY 10017.

During the most recent fiscal period ended 2/28/15, JPMIM waspaid management fees (net of waivers, if any), as shown below,as a percentage of average daily net assets:

Prime Money Market Fund 0.08%

A discussion of the basis the Board of Trustees of the Trustused in reapproving the investment advisory agreement for theFund is available in the semi-annual report for the most recentfiscal period ended August 31.

The Fund’s AdministratorJPMorgan Funds Management, Inc. (the Administrator) providesadministrative services and oversees the other service providersof the Fund. The Administrator receives a pro-rata portion of thefollowing annual fee on behalf of the Fund for administrativeservices: 0.10% of the first $100 billion of average daily netassets of all money market funds in the J.P. Morgan FundsComplex plus 0.05% of average daily net assets of such Fundsover $100 billion.

The Fund’s Shareholder Servicing Agent

The Trust, on behalf of the Fund, has entered into a share-holder servicing agreement with JPMorgan Distribution Serv-ices, Inc. (JPMDS) under which JPMDS has agreed to providecertain support services to the Funds’ shareholders. For per-forming these services, JPMDS, as shareholder servicing agent,receives an annual fee of 0.30% of the average daily net assetsof Premier Shares of the Fund. JPMDS may enter into serviceagreements with Financial Intermediaries under which it willpay all or a portion of the annual fees described above to suchentities for performing shareholder and administrative serv-ices. The amount payable for “service fees” (as defined by theFinancial Industry Regulatory Authority (FINRA)) does notexceed 0.25% of the average annual net assets attributable tothe Premier Shares of each Fund.

The Fund’s Distributor

JPMDS (the Distributor) is the distributor for the Fund. The Dis-tributor is an affiliate of JPMIM and the Administrator.

Additional Compensation to Financial Intermediaries

JPMIM, JPMDS and, from time to time, other affiliates ofJPMorgan Chase may also, at their own expense and out of theirown legitimate profits, provide additional cash payments toFinancial Intermediaries whose customers invest in shares of theJ.P. Morgan Funds. For this purpose, Financial Intermediariesinclude financial advisors, investment advisers, brokers, financialplanners, banks, insurance companies, retirement or 401(k) planadministrators and others, including various affiliates ofJPMorgan Chase, that have entered into agreements with JPMDS.These additional cash payments are payments over and aboveany sales charges (including Rule 12b-1 fees), shareholder servic-ing, sub-transfer agency and/or networking fees that are paid tosuch Financial Intermediaries, as described elsewhere in thisprospectus. These additional cash payments are generally madeto Financial Intermediaries that provide shareholder,sub-transfer agency or administrative services or marketingsupport. Marketing support may include access to sales meet-ings, sales representatives and Financial Intermediary manage-ment representatives, inclusion of the J.P. Morgan Funds on asales list, or other sales programs and/or for training andeducating a Financial Intermediary’s employees. These additionalcash payments also may be made as an expense reimbursementin cases where the Financial Intermediary provides shareholderservices to J.P. Morgan Fund shareholders. JPMIM and JPMDSmay also pay cash compensation in the form of finders’ fees thatvary depending on the J.P. Morgan Fund and the dollar amountof shares sold. Such additional compensation may provide suchFinancial Intermediaries with an incentive to favor sales ofshares of the J.P. Morgan Funds over other investment optionsthey make available to their customers. See the Statement ofAdditional Information for more information.


How Your Account Works

BUYING FUND SHARES

To purchase shares, please contact OptumHealth FinancialServices (the “Financial Intermediary”).

You do not pay any sales charge (sometimes called a load)when you buy Premier Shares of this Fund.

The price you pay for your shares is the net asset value (NAV)per share of the class. NAV is the value of everything a class ofthe Fund owns, minus everything the class owes, divided by thenumber of shares of that class held by investors. The Fundseeks to maintain a stable NAV per share of $1.00. The Funduses the amortized cost method to value its portfolio of secu-rities provided that certain conditions are met, including thatthe Fund’s Board of Trustees continues to believe that theamortized cost valuation fairly reflects the market-based netasset value per share of the Fund. This method provides morestability in valuations. However, it may also result in periodsduring which the stated value of a security is different than theprice the Fund would receive if it sold the investment.

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

The Financial Intermediary may impose eligibility requirementsfor each of their clients or customers investing in the Fund,including investment minimum requirements, which may be thesame as or different from the requirements for investors pur-chasing directly from the Fund.

Shares are available on any business day that the Federal ReserveBank of New York (Federal Reserve) is open, except as notedbelow. In addition to weekends, the Federal Reserve is closed onthe following national holidays: New Year’s Day, Martin LutherKing, Jr. Day, Presidents’ Day, Memorial Day, Independence Day,Labor Day, Columbus Day, Veterans Day, Thanksgiving Day andChristmas Day. The Fund may also close on days when theFederal Reserve is open and the New York Stock Exchange (NYSE)is closed, such as Good Friday. On any business day when theSecurities Industry and Financial Markets Association (SIFMA)recommends that the securities markets close trading early, theFund may close early.

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

after the Fund’s final calculation of NAV for the day will beeffective the following business day.

The NAV of each class of shares is generally calculated as of thefollowing times each day the Fund is accepting purchase ordersand redemption requests (each such time, including the final ofsuch times each day, a cut-off time): for Prime Money MarketFund 8:00 a.m., 9:00 a.m., 10:00 a.m., 11:00 a.m., 12:00 p.m.,1:00 p.m., 2:00 p.m., 3:00 p.m., 4:00 p.m. and 5:00 p.m. ET;

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

The Fund has the right to refuse any purchase order or to stopoffering shares for sale at any time. In addition, in its dis-cretion, the Board of Trustees of the Fund may elect to calcu-late the price of the Fund’s shares once per day. Under certaincircumstances, the Board of Trustees has delegated tomanagement the ability to temporarily suspend one or morecut-off times for the Fund, other than the last cut-off time ofthe day.

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

Shares purchased will typically be held for you by the FinancialIntermediary. If the Financial Intermediary holds your shares, itis the responsibility of the Financial Intermediary to send yourpurchase order and payment to the Fund by the applicabledeadlines. Your Financial Intermediary may have an earliercut-off time for purchase orders. In addition, your FinancialIntermediary may be closed at times when the Fund is open.Your order through a Financial Intermediary will be processedat the NAV next calculated following receipt of the order fromthe Financial Intermediary and acceptance by the Fund. In theevent that the order is accepted by a Financial Intermediary thatthe Fund has authorized to accept orders on its behalf, asdescribed herein, the order will be priced at the Fund’s NAVnext calculated after it is accepted by the Financial Interme-diary. In such cases, if requested by the Fund, a Financial Inter-mediary will be responsible for providing information withregard to the time that such order for purchase, redemption orexchange was received. Orders submitted through a FinancialIntermediary that has not received such authorization will bepriced at the Fund’s NAV next calculated after it receives theorder from the Financial Intermediary and accepts it, which maynot occur on the day submitted to the Financial Intermediary.

JULY 1, 2015 11

How Your Account Works (continued)

In order to receive a dividend on the day that you submit yourorder, the Fund must receive “federal funds” or other immedi-ately available funds by the close of the Federal Reserve wiretransfer system (normally, 6:00 p.m. ET) on the same businessday the purchase order is placed. In the event that an order isplaced by a cut-off time specified above and payment throughfederal funds or other immediately available funds is notreceived by the Fund by the close of the Federal Reserve wiretransfer system or other immediately available funds that sameday, you will not accrue a dividend on that day and the Fundreserves the right to cancel your purchase order and you willbe liable for any resulting losses or fees incurred by the Fundor the Fund’s transfer agent. If you pay by other acceptablemethods, before the final cut-off time on a day, we will processyour order that day, but you will not receive any dividendsdeclared on that day. Payments received electronically fromFinancial Intermediaries on your behalf for trades accepted bythe Fund will begin to receive dividends the day payment isreceived by the Fund.

Minimum InvestmentsInvestment minimums are waived for the OptumHealthemployee healthcare account products.

GeneralThe J.P. Morgan money market funds (including the Fund in thisprospectus) are intended for short-term investment horizons,and do not monitor for market timers or prohibit short-termtrading activity. Although these Funds are managed in a man-ner that is consistent with their investment objectives, frequenttrading by shareholders may disrupt their management andincrease their expenses.

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

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

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

You can buy shares:

Through Your Financial Intermediary

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

Your purchase through a Financial Intermediary will be proc-essed at the NAV next calculated following receipt of the orderfrom the Financial Intermediary and acceptance by the Fund,which may not occur on the day submitted to the FinancialIntermediary. In addition, orders placed through a FinancialIntermediary are subject to the timing requirements relating topayment for shares described above. Your Financial Interme-diary may impose different minimum investments and earliercut-off times for the submission of orders.

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

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

‰ Maintaining account records for customers.

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

‰ Responding to inquiries from shareholders.

‰ Assisting customers with investment procedures.

The Fund has authorized one or more Financial Intermediariesto accept purchase and redemption orders on its behalf. SuchFinancial Intermediaries are authorized to designate otherintermediaries to accept purchase and redemption orders onthe Fund’s behalf. The Fund will be deemed to have received apurchase order when such Financial Intermediary or, if appli-cable, such Financial Intermediary’s authorized designee,accepts the order. Such orders will be priced at the Fund’s NAVnext calculated after it is accepted by the Financial Interme-diary. In such cases, if requested by the Fund, a Financial


Intermediary will be responsible for providing information withregard to the time that such order for purchase was received.

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

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

The Fund reserves the right to change the manner in whichshares are offered at any time.

SELLING FUND SHARES

To sell or redeem shares, please contact OptumHealth FinancialServices.

You can sell your shares on any day that the Fund is open forbusiness. You will receive the NAV per share calculated at thenext cut-off time after the Fund receives your order.

A redemption order must be in good order and supported by allappropriate documentation and information in proper form,including the name of the registered shareholder and youraccount number. The Fund may refuse to honor incompleteorders.

Under normal circumstances, if the Fund receives your orderbefore the Fund’s final daily cut-off time, the Fund will makeavailable to you the proceeds that same business day by wire.Proceeds may be made available throughout the day followingthe calculation of NAVs. For trades submitted through a Finan-cial Intermediary, it is the responsibility of each FinancialIntermediary to submit orders to the Fund by the final dailycut-off time in order to receive proceeds that same businessday by wire. Otherwise, except as set forth in the section“Suspension of Redemptions” below, your redemption pro-ceeds will be paid within one day after the Fund receives theredemption order. Shareholders that redeem shares and pur-chase additional shares on the same day will receive dividendsas set forth above under ‘‘Buying Fund Shares’’. Dividends willnot accrue on shares that are redeemed and paid on a sameday basis. Other redeeming shareholders will accrue dividendson the redemption date.

If you have changed your address of record within the previous30 days, the Fund will not mail your proceeds, but rather will

wire them or send them by Automated Clearing House (ACH) toa pre-existing bank account on record with the Funds.

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

You can sell your shares:

Through Your Financial Intermediary

Tell your Financial Intermediary you want to sell your shares.Once the Fund accepts your order, which must be submitted ingood order from your Financial Intermediary the Fund willprocess it at the NAV calculated at the next cut-off time. YourFinancial Intermediary will send the necessary documents tothe J.P. Morgan Institutional Funds Service Center. This may notoccur on the day that an order is submitted to a FinancialIntermediary. Your Financial Intermediary may charge you forthis service.

Your Financial Intermediary may have an earlier cut-off timefor redemption orders.

The Fund has authorized one or more Financial Intermediariesto accept purchase and redemption orders on its behalf. SuchFinancial Intermediaries are authorized to designate otherintermediaries to accept purchase and redemption orders onthe Fund’s behalf. The Fund will be deemed to have received aredemption order when a Financial Intermediary or, if appli-cable, that Financial Intermediary’s authorized designee,accepts the order. These orders will be priced at the Fund’sNAV next calculated after they are so accepted. Since not allFinancial Intermediaries have received such authorization, youmay contact your Financial Intermediary to determine if it hasreceived such authorization.

Redemptions-In-Kind

Generally, all redemptions will be for cash. However, if youredeem shares worth $250,000 or more, the Fund reserves theright to pay part or all of your redemption proceeds in readilymarketable securities instead of cash. If payment is made insecurities, the Fund will value the securities selected in thesame manner in which it computes its NAV. This process mini-mizes the effect of large redemptions on the Fund and itsremaining shareholders.

The Fund reserves the right to change the manner in whichshares are offered at any time.

OTHER INFORMATION CONCERNING THE FUND

The Fund uses reasonable procedures to confirm thatinstructions given by telephone are genuine. These proceduresinclude recording telephone instructions and asking forpersonal identification. If these procedures are followed, theFund will not be responsible for any loss, liability, cost or

JULY 1, 2015 13

How Your Account Works (continued)

expense of acting upon unauthorized or fraudulent instructions;you bear the risk of loss.

Suspension of Redemptions

The Fund may suspend your ability to redeem or may postponepayment for more than one day when:

1. Trading on the NYSE is restricted;

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

3. Federal securities laws permit (with regard to JPMorganPrime Money Market Fund, upon the occurrence of any ofthe conditions set forth under Section 22(e) of the Invest-ment Company Act of 1940);

4. The SEC has permitted a suspension; or

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

If the Board of Trustees, including a majority of theIndependent Trustees, determines that the deviation between aFund’s amortized cost price per share and the market-basedNAV per share may result in material dilution or other unfairresults, the Board of Trustees, subject to certain conditions,may suspend redemptions and payments in order to facilitatethe permanent termination of the Fund in an orderly manner. Ifthis were to occur, it would likely result in a delay in yourreceipt of your redemption proceeds.

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


Shareholder Information

DISTRIBUTIONS AND TAXES

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

The Fund can earn income and realize capital gain. The Funddeducts any expenses and then pays out these earnings, if any,to shareholders as distributions.

The Fund declares dividends of net investment income, if any,daily, so your shares can start earning dividends on the day youbuy them. The Fund distributes such dividends monthly in theform of additional Fund shares of the same class, unless youtell us that you want distributions in cash or as a deposit in apre-assigned bank account. The taxation of dividends will notbe affected by the form in which you receive them. For eachtaxable year, the Fund will distribute substantially all of its netinvestment income and short-term capital gain.

For federal income tax purposes, dividends of net investmentincome and any net short-term capital gain generally are tax-able as ordinary income.

An additional 3.8% Medicare tax is imposed on certain netinvestment income (including ordinary dividends and capitalgain distributions received from the Fund and net gains fromredemptions or other taxable dispositions of Fund shares) ofU.S. individuals, estates and trusts to the extent that such per-son’s “modified adjusted gross income” (in the case of anindividual) or “adjusted gross income” (in the case of an estateor trust) exceed certain threshold amounts.

Dividends of interest earned on bonds issued by the U.S. gov-ernment and its agencies may also be exempt from some typesof state and local taxes. You should consult your tax advisorconcerning your own tax situation and the state and local taxconsequences of investing in the Fund.

It is unlikely that dividends from the Fund will qualify to anysignificant extent for the reduced tax rate applicable to quali-fied dividend income.

The Fund’s investment in foreign securities may be subject toforeign withholding or other taxes. In that case, the Fund’syield would be decreased.

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

The Fund’s investments in certain debt obligations and assetbacked securities may require the Fund to accrue and distrib-ute income not yet received. In order to generate sufficientcash to make the requisite distributions, the Fund may berequired to liquidate other investments in its portfolio that itotherwise would have continued to hold, including when it isnot advantageous to do so.

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

The dates on which dividends and capital gain, if any, will bedistributed are available online at www.jpmorganfunds.com.

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

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

The Fund is not intended for foreign shareholders. Any foreignshareholders would generally be subject to U.S. tax withholdingon distributions by the Fund, as discussed in the Statement ofAdditional Information.

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

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

IMPORTANT TAX REPORTING CONSIDERATIONS

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

JULY 1, 2015 15

Shareholder Information (continued)

SHAREHOLDER STATEMENTS AND REPORTS

Your Financial Intermediary will send you transaction con-firmation statements and monthly account statements. Pleasereview these statements carefully and notify your FinancialIntermediary of any errors. Please retain all of your statements,as they could be needed for tax purposes.

After each fiscal year, you will receive a financial report fromthe Fund. In addition, the Fund will periodically send you proxystatements and other reports.

AVAILABILITY OF PROXY VOTING RECORD

The Trustees have delegated the authority to vote proxies forsecurities owned by the Fund to JPMIM. A copy of the Fund’s vot-ing record for the most recent 12-month period ended June 30 isavailable on the SEC’s website at www.sec.gov or on theJPMorgan Funds’ website at www.jpmorganfunds.com no laterthan August 31 of each year. The Fund’s proxy voting record willinclude, among other things, a brief description of the mattervoted on for each portfolio security, and will state how each votewas cast, for example, for or against the proposal.

PORTFOLIO HOLDINGS DISCLOSURE

Each business day, the Fund will make available upon request anuncertified complete schedule of its portfolio holdings as of theprior business day.

Not later than 60 days after the end of each fiscal quarter, theFund will make available, upon request, a complete schedule ofits portfolio holdings as of the last day of that quarter. In additionto providing hard copies upon request, the Fund will post thesequarterly schedules on the JPMorgan Funds’ website atwww.jpmorganfunds.com and on the SEC’s website atwww.sec.gov.

Not later than five business days after the end of each calendarmonth, the Fund will post detailed information regarding itsportfolio holdings, as well as its dollar-weighted averagematurity and dollar-weighted average life, as of the last day ofthat month on the J.P. Morgan Funds’ website and provide a link

to the SEC website where the most recent twelve months of pub-licly available information filed by the Fund may be obtained.

In addition, not later than five business days after the end ofeach calendar month, the Fund will file a schedule of detailedinformation regarding its portfolio holdings as of the last day ofthat month with the SEC. These filings will be publicly availableon a delayed basis on the J.P. Morgan Funds’ website atwww.jpmorganfunds.com and, until April 2016, the SEC’s website 60 days after the end of each calendar month and there-after, upon filing.

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

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

On each business day, the Fund will post its level of weekly liq-uid assets as of the prior business day and the Fund will post itslevel of daily liquid assets as of the prior business day on theJ.P. Morgan Funds’ website at www.jpmorganfunds.com.

DISCLOSURE OF MARKET-BASED NET ASSET VALUE

On each business day, the Fund will post its market-based NAVper share (Market-Based NAV) for the prior business day, ascalculated using current market quotations (or an appropriatesubstitute that reflects current market conditions) to value itsNAV per share to four decimal places on the J.P. Morgan Funds’website at www.jpmorganfunds.com.

The Market-Based NAV will be provided for informational pur-poses only. For purposes of transactions in the shares of theFund, in accordance with Rule 2a-7, the price for shares willcontinue to be the NAV per share of the applicable share class,calculated using the amortized cost method to two decimals, asdescribed under “How Your Account Works.”


What the Terms Mean

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

Commercial paper: Short-term securities with maturities of 1 to270 days which are issued by banks, corporations and others.

Daily liquid assets: These include (i) cash; (ii) direct obligationsof the U.S. Government; (iii) securities that will mature or aresubject to a demand feature that is exercisable and payablewithin one business day and (iv) amounts receivable and dueunconditionally within one business day on pending sales ofportfolio securities.

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

Dollar-weighted average maturity: The average maturity ofthe Fund is the average amount of time until theorganization(s) that issued the debt securities in the Fund’sportfolio must pay off the principal amount of the debt. Thiscalculation may utilize maturity shortening provisions underapplicable law. “Dollar-weighted” means the larger the dollarvalue of debt security in the Fund, the more weight it gets incalculating this average. To calculate the dollar-weighted aver-age maturity, the Fund may treat a variable or floating ratesecurity as having a maturity equal to the time remaining to thesecurity’s next interest rate reset date rather than the secur-ity’s actual maturity date.

Dollar-weighted average life: The dollar weighted average port-folio maturity without reference to the exceptions used for varia-ble or floating rate securities regarding the use of the date ofinterest rate resets in lieu of the security’s actual maturity date.

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

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

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

Municipal obligations: Debt securities issued by or on behalfof states, territories and possessions or by their agencies orother groups with authority to act for them. Interest on certainmunicipal obligations, generally issued as general obligation

and revenue bonds, is exempt from federal taxation and stateand/or local taxes in the state where issued.

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

Qualified banks: These include (i) U.S. banks with more than $1billion in total assets, and foreign branches of these banks; or(ii) foreign banks with the equivalent of more than $1 billion intotal assets and which have branches or agencies in the U.S. or(iii) other U.S. or foreign commercial banks which the Fund’sadviser judges to have comparable credit standing.

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

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

Shareholder service fee: A fee to cover the cost of payingFinancial Intermediaries to provide certain support services foryour account.

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

Variable rate securities: Securities whose interest rates areperiodically adjusted.

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

JULY 1, 2015 17

Financial Highlights

The financial highlights tables are intended to help you understand the Fund’s financial performance for each of the past one throughfive fiscal years. Certain information reflects financial results for a single Fund share. The total returns in the table represents therate that an investor would have earned (or lost) on an investment in the Fund (assuming reinvestment of all dividends anddistributions). This information has been audited by PricewaterhouseCoopers LLP, whose reports, along with the Fund’s financialstatements, are included in the Fund’s annual report, which is available upon request.

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

PremierPer share operating performance

Investment operations Distributions

Net assetvalue,

beginningof period

Netinvestment

income(loss)

Net realizedand unrealized

gains(losses) oninvestments

Total frominvestmentoperations

Netinvestment

income

Netrealized

gainTotal

distributions

Prime Money Market FundYear Ended February 28, 2015 $1.00 $—(b) $—(b) $—(b) $—(b) $—(b) $—(b)Year Ended February 28, 2014 1.00 —(b) —(b) —(b) —(b) —(b) —(b)Year Ended February 28, 2013 1.00 —(b) —(b) —(b) —(b) —(b) —(b)Year Ended February 29, 2012 1.00 —(b) —(b) —(b) —(b) —(b) —(b)Year Ended February 28, 2011 1.00 —(b) —(b) —(b) —(b) —(b) —(b)

(a) Includes earnings credits and interest expense, if applicable, each of which is less than 0.01% unless otherwise noted.(b) Amount rounds to less than $0.01.


Ratios/Supplemental data

Ratios to average net assets

Net assetvalue, endof period

Totalreturn

Net assetsend ofperiod

(000’s)Net

expenses (a)

Netinvestment

income(loss)

Expenseswithout waivers,reimbursements

and earnings credits

$1.00 0.01% $1,589,780 0.22% 0.01% 0.46%1.00 0.01 2,021,372 0.23 0.01 0.461.00 0.01 2,540,125 0.33 0.01 0.461.00 0.01 3,338,000 0.29 0.01 0.461.00 0.01 5,021,450 0.31 0.01 0.46

JULY 1, 2015 19

Additional Fee and Expense Information

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

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

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

ClassNet

Expense RatioGross

Expense Ratio

JPMorgan Prime Money Market Fund Premier 0.45% 0.46%

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

‰ On July 1, 2015, you invest $10,000 in the Fund and you will hold the shares for the entire 10 year period;

‰ Your investment has a 5% return each year;

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

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

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

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

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

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


JPMorgan Prime Money Market FundPremier Shares

Period EndedAnnualCosts

GrossCumulative

Return

NetCumulative

Return

NetAnnualReturn

June 30, 2016 $46 5.00% 4.55% 4.55%June 30, 2017 49 10.25 9.30 4.54June 30, 2018 51 15.76 14.26 4.54June 30, 2019 54 21.55 19.45 4.54June 30, 2020 56 27.63 24.87 4.54June 30, 2021 59 34.01 30.54 4.54June 30, 2022 61 40.71 36.46 4.54June 30, 2023 64 47.75 42.66 4.54June 30, 2024 67 55.13 49.14 4.54June 30, 2025 70 62.89 55.91 4.54

JULY 1, 2015 21

HOW TO REACH US

FOR SHAREHOLDER INQUIRIES:

By telephoneCall us at (952) 446-7400

By mailDevenir, LLC8500 Normandale Lake Blvd.Suite 2160Minneapolis, MN 55437

By e-mail

[email protected]

MORE INFORMATIONFor investors who want more information on this Fund the follow-ing documents are available free upon request:

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

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

You can get a free copy of these documents and otherinformation by calling us at (952) 446-7400, e-mailing us [email protected] or writing to:

Devenir, LLC8500 Normandale Lake Blvd.Suite 2160Minneapolis, MN 55437

You can also find information online at www.optumbank.com.

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

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

Reports, a copy of the SAI and other information about the Fundare also available on the EDGAR Database on the SEC’s website athttp://www.sec.gov.Investment Company Act File No. is 811-21295

©JPMorgan Chase & Co., 2015. All rights reserved. July 2015.

PR-MMP-OPTUM-715

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